| Schedule of receivables and secured loans |
Below is a summary of the carrying-value of our secured loans as of June 30, 2015 and June 30, 2014:
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
June 30, |
|
2015 |
|
2014 |
|
|
|
|
|
Secured loans originated |
|
$ |
36,778 |
|
|
$ |
32,577 |
|
Secured loans originated - with a related party |
|
— |
|
|
2,562 |
|
|
|
36,778 |
|
|
35,139 |
|
Secured loans acquired |
|
12,538 |
|
|
6,122 |
|
Secured loans, total |
|
$ |
49,316 |
|
|
$ |
41,261 |
|
Receivables and secured loans consist of the following as of June 30, 2015 and June 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
June 30, |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
Customer trade receivables |
|
$ |
11,835 |
|
|
$ |
1,744 |
|
|
Wholesale trade advances |
|
12,164 |
|
|
4,586 |
|
|
Due from brokers |
|
6,056 |
|
|
33,079 |
|
|
Subtotal |
|
30,055 |
|
|
39,409 |
|
|
Secured loans |
|
48,666 |
|
|
41,261 |
|
|
Secured loans (long-term portion) |
|
650 |
|
|
— |
|
|
Subtotal |
|
79,371 |
|
|
80,670 |
|
|
Less: allowance for doubtful accounts |
|
(30 |
) |
|
(30 |
) |
|
Subtotal |
|
79,341 |
|
|
80,640 |
|
|
Derivative assets — open sale and purchase commitments, net |
|
1,722 |
|
|
22,170 |
|
|
Derivative assets — futures contracts |
|
5,363 |
|
|
— |
|
|
Derivative assets — forward contracts |
|
4,279 |
|
|
14 |
|
|
Receivables, net |
|
$ |
90,705 |
|
|
$ |
102,824 |
|
|
|
| Schedule of classes for financing receivables |
The Company's secured loans by portfolio class, which align with management reporting, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
June 30, |
|
2015 |
|
2014 |
|
Bullion |
|
$ |
16,250 |
|
|
33.0 |
% |
|
$ |
17,361 |
|
|
42.1 |
% |
|
Numismatic and semi numismatic |
|
32,216 |
|
|
65.3 |
|
|
23,900 |
|
|
57.9 |
|
|
Subtotal |
|
48,466 |
|
|
98.3 |
|
|
41,261 |
|
|
100.0 |
|
|
Other pledged assets(1)
|
|
850 |
|
|
1.7 |
|
|
— |
|
|
— |
|
|
Total secured loans |
|
$ |
49,316 |
|
|
100.0 |
% |
|
$ |
41,261 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
_________________________________ |
(1 |
) |
|
Includes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. |
|
|
| Financing receivable credit quality indicators |
The Company disaggregates its secured loans that are collateralized by precious metal products, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
June 30, |
|
2015 |
|
2014 |
Loan-to-value of 75% or more (1)
|
|
$ |
17,153 |
|
|
35.4 |
% |
|
$ |
11,950 |
|
|
29.0 |
% |
Loan-to-value of less than 75% (1)
|
|
31,313 |
|
|
64.6 |
|
|
29,311 |
|
|
71.0 |
|
Secured loans collateralized by precious metal products (1)
|
|
$ |
48,466 |
|
|
100.0 |
% |
|
$ |
41,261 |
|
|
100.0 |
% |
|
|
|
|
|
|
_________________________________ |
(1 |
) |
|
Excludes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. |
|
|