| Debt Disclosure [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Debt Disclosure [Abstract] | |
Schedule of Debt |
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At
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At
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December 31, 2016
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December 31, 2015
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Weighted-Average
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Weighted-Average
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Carrying
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Effective Interest
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Carrying
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Effective Interest
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(dollars in thousands)
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Value
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Rate
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Value
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Rate
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Asset Related Debt (1)
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Notes payable and other debt – bond related (2)
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Due within one year
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$
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2,892
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2.2
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%
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$
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1,137
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1.5
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%
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Due after one year
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79,137
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2.1
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88,131
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1.4
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Notes payable and other debt – non-bond related
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Due within one year
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─
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─
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7,564
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13.0
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Due after one year
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─
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─
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3,126
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10.4
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Total asset related debt
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$
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82,029
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2.1
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$
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99,958
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2.6
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Other Debt (1)
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Subordinated debt (3)
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Due within one year
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$
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3,297
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3.9
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$
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3,069
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3.0
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Due after one year
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125,899
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3.4
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129,185
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3.0
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Notes payable and other debt
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Due within one year
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1,948
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3.9
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─
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─
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Due after one year
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16,869
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2.3
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─
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─
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Total other debt
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$
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148,013
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3.3
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$
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132,254
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3.0
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Total asset related debt and other debt
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$
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230,042
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2.8
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$
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232,212
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2.8
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Debt related to CFVs
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Due within one year
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$
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6,885
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5.7
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$
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6,802
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5.5
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Due after one year
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6,144
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4.0
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3,081
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4.3
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Total debt related to CFVs
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$
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13,029
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4.9
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$
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9,883
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5.1
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Total debt
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$
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243,071
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3.0
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$
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242,095
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2.9
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(1)
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Asset related debt is debt that finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the Consolidated Statements of Operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the Consolidated Statements of Operations. |
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(2)
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Included in notes payable and other debt – bond related were unamortized debt issuance costs of $0.1 million at December 31, 2016 and 2015. |
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(3)
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The subordinated debt balances include net cost basis adjustments of $8.7 million and $9.2 million at December 31, 2016 and 2015, respectively, that pertain to premiums and debt issuance costs. |
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Schedule of Maturities of Long-term Debt |
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Asset Related Debt
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CFVs
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(in thousands)
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and Other Debt
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Related Debt
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Total Debt
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2017
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$
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7,704
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$
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6,807
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$
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14,511
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2018
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60,665
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102
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60,767
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2019
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14,075
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109
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14,184
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2020
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30,037
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116
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30,153
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2021
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3,031
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124
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3,155
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Thereafter
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105,935
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4,867
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110,802
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Net premium and debt issue costs
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8,595
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904
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9,499
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Total
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$
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230,042
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$
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13,029
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$
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243,071
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Schedule of Subordinate Debt |
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(dollars in thousands)
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Net Premium
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Interim
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and Debt
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Principal
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Issuer
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Principal
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Issuance Costs
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Carrying Value
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Payments
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Maturity Date
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Coupon
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MFI
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$
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27,008
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$
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(150)
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$
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26,858
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Amortizing
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December 2027 and December 2033
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8.00%
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MFH
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27,611
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2,692
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30,303
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Amortizing
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March 30, 2035
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3-month LIBOR plus 2.0%
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MFH
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25,107
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2,459
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27,566
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Amortizing
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April 30, 2035
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3-month LIBOR plus 2.0%
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MFH
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14,472
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1,307
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15,779
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Amortizing
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July 30, 2035
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3-month LIBOR plus 2.0%
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MFH
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26,314
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2,376
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28,690
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Amortizing
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July 30, 2035
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3-month LIBOR plus 2.0%
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Total
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$
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120,512
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$
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8,684
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$
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129,196
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