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, 2022

Information Relating To Bluegreen's Notes Receivable



	As of
	March 31,		December 31,
	2022		2021
Notes receivable secured by VOIs:
VOI notes receivable - non-securitized	$	294,661	$	275,163
VOI notes receivable - securitized		326,359		334,266
Gross VOI notes receivable		621,020		609,429
Allowance for loan losses - non-securitized		(82,504)		(77,714)
Allowance for loan losses - securitized		(84,899)		(85,393)
Allowance for loan losses		(167,403)		(163,107)
VOI notes receivable, net	$	453,617	$	446,322
Allowance as a % of Gross VOI notes receivable		27%		27%

Activity In The Allowance For Loan Losses



	For the Three Months Ended
	March 31,
		2022		2021
Balance, beginning of period	$	163,107	$	142,044
Provision for loan losses		16,579		12,319
Less: Write-offs of uncollectible receivables		(12,283)		(11,121)
Balance, end of period	$	167,403	$	143,242

Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination

Additional information about the Company’s VOI notes receivable by year of origination is as follows as of March 31, 2022 (in thousands):


	Year of Origination
	2022		2021		2020		2019		2018		2017 and Prior		Total

701+	$	39,722	$	117,094	$	44,535	$	55,081	$	36,536	$	60,572	$	353,540
601-700		18,111		81,328		31,597		31,779		23,900		50,505		237,220
<601⁽¹⁾		1,453		4,056		2,912		3,464		2,274		5,095		19,254
Other ⁽²⁾		491		2,668		1,234		1,017		1,596		4,000		11,006
Total by FICO score	$	59,777	$	205,146	$	80,278	$	91,341	$	64,306	$	120,172	$	621,020

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

(2)Includes $7.0 million related to VOI notes receivable that, as of March 31, 2022, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses.

Additional information about the Company’s VOI notes receivable by year of origination is as follows as of December 31, 2021 (in thousands):


	Year of Origination
	2021		2020		2019		2018		2017		2016 and Prior		Total

701+	$	129,960	$	49,102	$	60,037	$	39,760	$	26,711	$	40,872	$	346,442
601-700		82,664		34,185		34,072		25,732		18,132		37,777		232,562
<601⁽¹⁾		4,623		3,149		3,690		2,473		1,551		4,175		19,661
Other⁽²⁾		2,279		996		1,201		1,876		1,429		2,983		10,764
Total by FICO score	$	219,526	$	87,432	$	99,000	$	69,841	$	47,823	$	85,807	$	609,429

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

(2)Includes $7.0 million related to VOI notes receivable that, as of December 31, 2021, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain 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


	As of
	March 31,		December 31,
	2022		2021
FICO Score
700+	58	%	58	%
601-699	39		39
<600	2		2
No Score⁽¹⁾	1		1
Total	100	%	100	%

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

Delinquency Status Of VOI Notes Receivable


		As of
		March 31,		December 31,
	2022		2021
Current	$	592,907	$	581,719
31-60 days		6,429		6,290
61-90 days		4,372		5,084
Over 91 days ⁽¹⁾		17,312		16,336
Total	$	621,020	$	609,429