Quarterly report pursuant to Section 13 or 15(d)

Notes Receivable (Tables)

v3.22.2
Notes Receivable (Tables)
6 Months Ended
Jun. 30, 2022
Notes Receivable [Abstract]  
Information Relating To Bluegreen's Notes Receivable

As of

June 30,

December 31,

2022

2021

Notes receivable secured by VOIs:

VOI notes receivable - non-securitized

$

245,337

$

275,163

VOI notes receivable - securitized

415,132

334,266

Gross VOI notes receivable

660,469

609,429

Allowance for loan losses - non-securitized

(66,088)

(77,714)

Allowance for loan losses - securitized

(111,734)

(85,393)

Allowance for loan losses

(177,822)

(163,107)

VOI notes receivable, net

$

482,647

$

446,322

Allowance as a % of Gross VOI notes receivable

27%

27%

Activity In The Allowance For Loan Losses

For the Six Months Ended

June 30,

2022

2021

Balance, beginning of period

$

163,107

$

142,044

Provision for loan losses

43,105

30,807

Less: Write-offs of uncollectible receivables

(28,390)

(27,133)

Balance, end of period

$

177,822

$

145,718

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 was as follows as of June 30, 2022 (in thousands):

Year of Origination

2022

2021

2020

2019

2018

2017 and Prior

Total

701+

$

94,777 

$

105,253 

$

40,627 

$

51,012 

$

33,535 

$

53,989 

$

379,193 

601-700

50,790 

75,536 

29,208 

29,641 

21,793 

45,130 

252,098 

<601 (1)

4,754 

3,841 

2,693 

3,248 

2,168 

4,583 

21,287 

Other (2)

2,824 

2,163 

98 

13 

822 

1,971 

7,891 

Total by FICO Score

$

153,145 

$

186,793 

$

72,626 

$

83,914 

$

58,318 

$

105,673 

$

660,469 

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

(2)Includes $5.0 million related to VOI notes receivable that, as of June 30, 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 (3)

4,623 

3,149 

3,690 

2,473 

1,551 

4,175 

19,661 

Other (4)

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 

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

(4)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

June 30,

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)Primarily foreign borrowers.

Delinquency Status Of VOI Notes Receivable

As of

June 30,

December 31,

2022

2021

Current

$

634,979

$

581,719

31-60 days

6,360

6,290

61-90 days

4,943

5,084

Over 91 days (1)

14,187

16,336

Total

$

660,469

$

609,429