Quarterly report pursuant to Section 13 or 15(d)

Notes Receivable (Tables)

v3.21.1
Notes Receivable (Tables)
3 Months Ended
Mar. 31, 2021
Notes Receivable [Abstract]  
Information Relating To Bluegreen's Notes Receivable

As of

March 31,

December 31,

2021

2020

Notes receivable secured by VOIs:

VOI notes receivable - non-securitized

$

179,389

$

156,078

VOI notes receivable - securitized

365,417

395,315

Gross VOI notes receivable

544,806

551,393

Allowance for loan losses - non-securitized

(46,907)

(38,750)

Allowance for loan losses - securitized

(96,335)

(103,294)

Allowance for loan losses

(143,242)

(142,044)

VOI notes receivable, net

$

401,564

$

409,349

Allowance as a % of Gross VOI notes receivable

26%

26%

Activity In The Allowance For Loan Losses

For the Three Months Ended

March 31,

2021

2020

Balance, beginning of period

$

142,044

$

140,630

Provision for loan losses

12,319

30,353

Less: Write-offs of uncollectible receivables

(11,121)

(15,817)

Balance, end of period

$

143,242

$

155,166

Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination Additional information about Bluegreen’s VOI notes receivable by year of origination is as follows as of March 31, 2021 (in thousands):

Year of Origination

2021

2020

2019

2018

2017

2016 and Prior

Total

701+

$

20,054

$

64,272

$

77,853

$

51,834

$

34,447

$

56,733

$

305,193

601-700

13,783

41,385

42,192

31,643

22,725

51,915

203,643

<601 (1)

718

3,744

4,272

2,821

1,996

5,602

19,153

Other (2)

605

1,179

3,678

3,620

7,735

16,817

Total by FICO score

$

34,555

$

110,006

$

125,496

$

89,976

$

62,788

$

121,985

$

544,806

Defaults

$

$

2,054

3,272

$

2,780

$

1,909

$

1,106

$

11,121

Allowance for loan loss

$

9,036

$

33,497

$

36,001

$

25,168

$

15,308

$

24,232

$

143,242

Delinquency status:

Current

$

34,485

$

105,915

$

119,847

$

83,452

$

57,110

$

110,863

$

511,672

31-60 days

70

1,118

1,245

890

402

865

4,590

61-90 days

1,015

1,302

667

738

912

4,634

Over 91 days (2)

1,958

3,102

4,967

4,538

9,345

23,910

Total

$

34,555

$

110,006

$

125,496

$

89,976

$

62,788

$

121,985

$

544,806

(1)Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers).

(2)Includes $13.1 million related to VOI notes receivable that, as of March 31, 2021, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen’s receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses.


Additional information about Bluegreen’s VOI notes receivable by year of origination is as follows as of December 31, 2020 (in thousands):

Year of Origination

2020

2019

2018

2017

2016

2015 and Prior

Total

701+

$

70,874

$

85,294

$

56,490

$

37,371

$

27,638

$

35,693

$

313,360

601-700

42,095

44,672

34,181

24,700

22,656

34,779

203,083

<601 (1)

3,737

4,491

3,003

2,113

2,188

3,954

19,486

Other (2)

29

567

3,805

3,476

2,336

5,251

15,464

Total by FICO score

$

116,735

$

135,024

$

97,479

$

67,660

$

54,818

$

79,677

$

551,393

Defaults

$

1,678

$

13,678

14,297

$

9,331

$

7,299

$

9,244

$

55,527

Allowance for loan loss

$

33,441

$

37,845

$

27,552

$

16,794

$

12,097

$

14,315

$

142,044

Delinquency status:

Current

$

113,954

$

129,817

$

89,744

$

61,279

$

50,671

$

71,646

$

517,111

31-60 days

1,040

1,531

1,093

925

547

642

5,778

61-90 days

807

1,137

931

777

365

524

4,541

Over 91 days (2)

934

2,539

5,711

4,679

3,235

6,865

23,963

Total

$

116,735

$

135,024

$

97,479

$

67,660

$

54,818

$

79,677

$

551,393

(1)Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers).

(2)Includes $11.4 million related to VOI notes receivable that, as of December 31,2020, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen’s receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses.

Percentage Of Gross Notes Receivable Outstanding By FICO Score At Origination The percentage of gross notes receivable outstanding by FICO score of the borrower at the time of origination were as follows:

As of

March 31,

December 31,

2021

2020

FICO Score

No Score (1)

1

%

1

%

<600

3

3

601-699

38

37

700+

58

59

100

%

100

%

(1)VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers).