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)

9 Months Ended

Sep. 30, 2022

Information Relating To Bluegreen's Notes Receivable


	As of
	September 30,		December 31,
	2022		2021
Notes receivable secured by VOIs:
VOI notes receivable - non-securitized	$	332,029	$	275,163
VOI notes receivable - securitized		386,262		334,266
Gross VOI notes receivable		718,291		609,429
Allowance for loan losses - non-securitized		(93,425)		(77,714)
Allowance for loan losses - securitized		(102,456)		(85,393)
Allowance for loan losses		(195,881)		(163,107)
VOI notes receivable, net	$	522,410	$	446,322
Allowance as a % of Gross VOI notes receivable		27%		27%

Activity In The Allowance For Loan Losses


	For the Nine Months Ended
	September 30,
		2022		2021
Balance, beginning of period	$	163,107	$	142,044
Provision for loan losses		73,789		51,514
Less: Write-offs of uncollectible receivables		(41,015)		(41,018)
Balance, end of period	$	195,881	$	152,540

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

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Additional information about the Company’s VOI notes receivable by year of origination was as follows as of September 30, 2022 (in thousands):


	Year of Origination
	2022		2021		2020		2019		2018		2017 and Prior		Total
701+	$	152,916		96,758		37,621		47,430		30,733		48,378	$	413,836
601-700		88,310		69,698		27,276		27,733		20,092		40,346		273,455
<601⁽¹⁾		7,186		4,774		1,438		2,162		2,417		5,146		23,123
Other ⁽²⁾		80		1,369		974		1,257		1,559		2,638		7,877
Total by FICO score	$	248,492	$	172,599	$	67,309	$	78,581	$	54,801	$	96,509	$	718,291

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

(2)Includes $7.9 million related to VOI notes receivable that, as of September 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⁽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
	September 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
		September 30,		December 31,
	2022		2021
Current	$	686,790	$	581,719
31-60 days		8,772		6,290
61-90 days		6,643		5,084
Over 91 days ⁽¹⁾		16,086		16,336
Total	$	718,291	$	609,429

(1)Includes $7.9 million and $7.0 million related to VOI notes receivable that, as of September 30, 2022 and December 31, 2021, respectively, 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.