Bluegreen Vacations Holding Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Notes Receivable (Tables)

Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2021

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).