Core Insights - America's Car-Mart, Inc. has completed a term securitization transaction, issuing $216 million in asset-backed notes with a weighted average coupon of 6.27% [1][3] Group 1: Securitization Details - ACM Auto Trust 2025-2 issued $165.18 million of Class A Notes at a coupon rate of 5.55% and $50.82 million of Class B Notes at a coupon rate of 7.25% [2] - The weighted average coupon improved by 22 basis points from the January 2025 issuance and by 107 basis points from the October 2024 issuance, indicating a positive trend in financing costs [3] Group 2: Company Overview - America's Car-Mart operates automotive dealerships in 12 states, focusing on the "Integrated Auto Sales and Finance" segment of the used car market, emphasizing customer service and strong relationships [5]

Core Viewpoint - Freddie Mac has announced the pricing of its Seasoned Loans Structured Transaction Trust (SLST) Series 2025-1, which involves a securitization of approximately $284.2 million backed by seasoned residential mortgage loans [1][2]. Group 1: Transaction Details - The transaction comprises approximately $262.9 million in guaranteed senior certificates and approximately $21.3 million in non-guaranteed subordinate certificates, with the subordinate certificates auctioned on May 19, 2025 [2]. - The expected settlement date for the transaction is May 28, 2025 [2]. Group 2: Underlying Collateral - The collateral backing the certificates consists of 1,891 seasoned loans, including fixed, adjustable, and step-rate loans, with none of the loans being more than 150 days delinquent as of the cut-off date [3]. - The loans include both modified loans to assist borrowers at risk of foreclosure and loans that were never modified [3]. - Select Portfolio Servicing, Inc. will service the loans post-closing [3]. Group 3: Advisory and Management - Advisors for this transaction include BofA Securities, Inc. and Wells Fargo Securities, LLC as co-lead managers, along with Citigroup Global Markets Inc., Nomura Securities International, Inc., Academy Securities, Inc., and StoneX Financial Inc. as co-managers [4]. Group 4: Freddie Mac's Strategy - Freddie Mac's seasoned loan offerings aim to reduce less-liquid assets in its mortgage-related investments portfolio through economically sensible transactions, including sales of Non-Performing Loans (NPLs) and securitizations of re-performing loans (RPLs) [5]. - Since 2011, Freddie Mac has sold approximately $10.4 billion of NPLs and securitized about $80.3 billion of RPLs, which includes $30.4 billion of fully guaranteed MBS, $36.9 billion through the Seasoned Credit Risk Transfer (SCRT) program, and $13.0 billion through the SLST program [5].

Financial Data and Key Metrics Changes - The core earnings for Q1 2025 were consistent with expectations, with historical core earnings showing stability [4][3] - Adjusted EBITDA for Q1 was reported at $82 million, with a forecast for EBITDA plus gains for the year between $1.25 billion and $1.5 billion, higher than previous estimates [4][51] - The company reported a net loss of $200 million for GAAP, translating to a loss of $0.73 per share, with no material one-time items affecting adjusted EPS [52] Business Line Data and Key Metrics Changes - The Jamaica sale generated $1.055 billion in gross proceeds, resulting in net proceeds of approximately $778 million after debt repayment and fees, contributing to a gain of $430 million [6][49] - The company has focused on asset sales, debt reduction, and deleveraging, with the Jamaica sale being a significant step in this direction [11][12] - The FSRU contracts signed recently are expected to contribute approximately $200 million in future earnings, with potential for additional cash flow from ongoing discussions with counterparties [50] Market Data and Key Metrics Changes - The company is positioned to register over 2 gigawatts of projects in the upcoming Brazil capacity auction, with strong market confidence reflected in third-party project requests [36] - In Puerto Rico, the energy system is described as underinvested and in need of new generation, with opportunities for temporary power and gas supply contracts [38][40] Company Strategy and Development Direction - The company aims to simplify its balance sheet by transitioning from a corporate debt structure to asset-level financing, focusing on long-duration cash flows [15][16] - Growth opportunities are identified in Brazil and Puerto Rico, with significant investments made in Brazil to establish a resilient business [23][24] - The company is committed to addressing liquidity issues and refinancing its debt structure to lower costs and extend terms [64][65] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resolution of the FEMA claim, with a high degree of reengagement with the Army Corps [7] - The company remains confident in the structural needs for power in Brazil, despite delays in the capacity auction [35][91] - In Puerto Rico, management highlighted the urgent need for new power generation and the potential for significant cost savings through conversion to natural gas [40][42] Other Important Information - The company ended Q1 with $448 million in cash and $275 million available under its revolving credit facility, totaling over $1.1 billion in pro forma liquidity [53] - The construction progress of key power plants in Brazil is reported at 95% for the Selva plant and over 54% for the Porto San plant, despite challenges from weather conditions [27][30] Q&A Session Summary Question: Can you elaborate on the restricted cash on the balance sheet? - The majority of restricted cash is related to CapEx in Brazil, specifically for the Selva and Porto San power plants, with some cash expected to be freed up post-Jamaica transaction [58] Question: Is the company considering open market repurchases of debt? - The company is evaluating opportunities to refinance its capital structure and may consider retiring debt at a discount if available [60][63] Question: What is the strategy for bidding in Puerto Rico's power opportunity? - The bidding process requires a unitary cost of power, and the company is leveraging its existing infrastructure to participate effectively [68][69] Question: What is the status of the Nicaragua project? - The company is in the final stages of restructuring the PPA with the government, aiming for a structure similar to long-term gas contracts in Brazil and Puerto Rico [78][80]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $106.9 million, a 17% increase from $91.7 million in Q1 2024 [7] - Expenses also increased by 17% to $100.1 million from $85.2 million in the previous year [8] - Net income rose to $4.7 million, a 2% increase from $4.6 million in Q1 2024, translating to diluted earnings per share of $0.19, unchanged from the prior year [9] - Shareholders' equity reached a record high of $298.4 million, up 7% from $279.1 million last year [10] - The total managed portfolio size increased to $3.45 billion, a 24% rise from $2.79 billion as of March 31, 2024 [9][12] Business Line Data and Key Metrics Changes - The company originated $451 million in new contracts in Q1 2025, a 31.5% increase from $346 million in Q1 2024 [12] - The average APR was maintained at 20.32%, with loan-to-value ratios reduced to around 117-118% [15] - Core operating expenses were $46.1 million, a 3% increase from $44.9 million last year, but as a percentage of the managed portfolio, they improved to 5.2% from 6% [11] Market Data and Key Metrics Changes - The unemployment rate is currently at 4.2%, with predictions of a slight increase to 4.6% by the end of 2026, which is viewed as a healthy indicator for the business [22] - The company reported a total delinquency rate of 12.35%, slightly improved from 12.39% in Q1 2024 [16] - Annualized net charge-offs were 7.5% of the average portfolio, down from 7.84% in the previous year [17] Company Strategy and Development Direction - The company aims to grow while maintaining credit quality, focusing on acquiring high creditworthy paper and managing expenses frugally [4][24] - There is a strategic emphasis on tightening credit terms while still expanding the dealer base and entering new territories [14] - The company is leveraging technology, such as AI voice agents, to improve operational efficiency and focus on more challenging accounts [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current economic environment, noting that while interest rates are high, they do not expect them to rise further [24] - The company is focused on navigating through the legacy issues of lower-quality paper from 2022 and early 2023, with a significant portion of the portfolio now being high-quality [27] - The industry is viewed as stable, with no new entrants and strong players remaining, which bodes well for future growth [28][29] Other Important Information - The company completed its second quarter securitization successfully, despite market uncertainties [6] - The company continues to maintain a workforce of around 950 employees, achieving a record high in managed portfolio relative to headcount [21] Q&A Session Summary - No specific questions or answers were documented in the provided content, thus this section is not applicable.

Financial Data and Key Metrics Changes - The company achieved record quarterly revenue, net effective spread, and core earnings in Q1 2025, with core earnings increasing by 6% year-over-year to $46 million [5][16] - Gross new business volume reached $1.8 billion, contributing to a net increase of $232 million in outstanding business volume, totaling $29.8 billion at the end of the quarter [6][16] - Net effective spread reached a record of $90 million or 117 basis points, with sequential and year-over-year improvements of $2.5 million and $6.9 million respectively [16][23] Business Line Data and Key Metrics Changes - The infrastructure finance line of business grew by approximately $750 million, with significant contributions from the broadband infrastructure segment, which grew 22% since year-end [8][9] - The renewable energy segment saw growth of nearly $200 million, a 14% increase since year-end [9] - Farm and ranch loan purchases increased by $86 million despite $500 million in scheduled maturities, indicating strong demand in this segment [9][10] Market Data and Key Metrics Changes - The company noted a strong demand for financing opportunities in rural telecommunication providers driven by fiber line expansion and wireless broadband deployment [8] - The overall credit profile remained strong, with a total allowance for losses of $27 million, reflecting a $1.7 million increase from year-end 2024 [19][20] - Ninety-day delinquencies increased to 54 basis points, up from 37 basis points at year-end, reflecting seasonal patterns [20] Company Strategy and Development Direction - The company continues to focus on mission-based profitable growth, emphasizing diversification of its portfolio to create opportunities in various interest rate environments [6][12] - Strategic investments and talent acquisition in infrastructure finance and renewable energy are prioritized to build expertise and capacity [9][12] - The company plans to enhance its securitization program to optimize the balance sheet and target new asset opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating broader market uncertainties stemming from interest rates, regulatory shifts, and policy changes [5][13] - The company anticipates continued growth in the farm and ranch segment due to agricultural economic tightening and potential government support programs [9][11] - Management remains optimistic about the future, focusing on fulfilling its mission efficiently and innovatively [27] Other Important Information - Operating expenses increased by 8% year-over-year due to investments in infrastructure technology and higher licensing fees [17] - The company maintains a strong capital position, with core capital of $1.5 billion exceeding statutory requirements by $601 million [20][21] - The company has approximately $1 billion in cash and short-term instruments, providing a strong liquidity position [23] Q&A Session Summary Question: Impact of tariffs on agricultural shipments to China - Management discussed historical support programs for farmers during tariff disruptions and noted current shifts in trade patterns towards Mexico [30][32] Question: Dynamics of net effective spread across business lines - Management explained that the net effective spread increase was driven by strong loan activity in the farm and ranch segment, with a robust pipeline heading into Q2 [34][36] Question: Changes in funding costs and securitization expectations - Management highlighted improved funding dynamics from Q4 to Q1 and expressed optimism about upcoming securitization transactions [48][49] Question: Renewable energy tax credits and outlook - Management confirmed no new tax credit activity in Q1 but remains optimistic about future opportunities [55] Question: Applications of AI within the company - Management indicated a focus on using AI to improve internal processes, particularly in loan document management [71][72]

Financial Data and Key Metrics Changes - The company achieved record quarterly revenue, net effective spread, and core earnings in Q1 2025, with core earnings increasing by 6% year-over-year to $46 million [4][15] - Gross new business volume reached $1.8 billion, with outstanding business volume growing by $232 million to $29.8 billion [5][15] - Net effective spread reached a record of $90 million or 117 basis points, with sequential and year-over-year improvements of $2.5 million and $6.9 million respectively [15][22] Business Line Data and Key Metrics Changes - The infrastructure finance line of business grew by approximately $750 million, with significant contributions from the power and utility segment and broadband infrastructure segment growing by 22% [6][8] - Renewable energy segment grew by nearly $200 million, a 14% increase since year-end 2024 [8] - Farm and ranch loan purchases saw a net increase of $86 million despite $500 million in scheduled maturities [9][10] Market Data and Key Metrics Changes - The company noted a strong demand for farm and ranch assets, with a focus on liquidity and working capital needs due to tightening agricultural economic conditions [60] - The overall credit profile remained strong, with 90-day delinquencies at 54 basis points, up from 37 basis points at year-end 2024 [18][19] Company Strategy and Development Direction - The company continues to focus on mission-based profitable growth, diversifying its portfolio to create opportunities in various interest rate environments [5][12] - Strategic investments and talent acquisition in infrastructure finance and renewable energy are prioritized to build expertise and capacity [8][12] - The company plans to enhance its securitization program to optimize the balance sheet and target new asset opportunities [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating broader market uncertainties related to interest rates, regulatory shifts, and government actions [5][12] - The company anticipates continued growth in the farm and ranch segment due to ongoing agricultural economic tightening and potential government support programs [10][61] - Management highlighted a strong liquidity position with 289 days of liquidity and approximately $1 billion in cash and short-term instruments [22][23] Other Important Information - Operating expenses increased by 8% year-over-year due to investments in infrastructure technology and higher licensing fees [16] - The company’s core capital of $1.5 billion exceeded statutory requirements by $601 million or 65% as of March 31, 2025 [19][20] Q&A Session Summary Question: Impact of tariffs on agricultural shipments to China - Management discussed historical support programs for farmers during tariff disruptions and noted current shifts in trade patterns towards Mexico [28][30] Question: Dynamics of net effective spread across business lines - Management explained that the net effective spread increase was driven by strong loan activity in the farm and ranch segment, while broadband and renewable energy segments experienced slight declines [34][36] Question: Changes in funding costs and upcoming securitization - Management indicated improved funding dynamics from Q4 to Q1 and expressed optimism about the upcoming securitization transaction [48][50] Question: Outlook for renewable energy and tax credits - Management confirmed no new tax credit activity in Q1 but remains optimistic about future opportunities [54][55] Question: Applications of AI within the company - Management highlighted the focus on using AI to improve internal processes, particularly in loan document management [70][72]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $0.35 per share and adjusted distributable earnings (ADE) of $0.39 per share, which continue to cover dividends [5][13] - The recourse debt to equity ratio decreased to 1.7:1 from 1.8:1 quarter over quarter, indicating improved leverage [10][18] - Book value per common share stood at $13.44, with a total economic return for the first quarter of 9.5% annualized [19] Business Line Data and Key Metrics Changes - The adjusted long credit portfolio decreased by 4% to $3.3 billion due to securitizations and a smaller residential transitional loan portfolio [17] - The Longbridge portfolio increased by 31% sequentially to $549 million, driven by proprietary reverse mortgage loan originations [17] - The agency RMBS portfolio declined by 14% to $256 million as the company rotated capital into higher yielding opportunities [17] Market Data and Key Metrics Changes - The weighted average borrowing rate on recourse borrowings decreased by 12 basis points to 6.09% [18] - The net interest margin (NIM) on the credit portfolio decreased by 12 basis points, while the NIM on agency increased by 24 basis points [18] Company Strategy and Development Direction - The company is focused on establishing joint ventures to secure consistent access to high-quality loans at attractive pricing [10] - The management emphasized the importance of dynamic hedging strategies and a diversified portfolio to protect book value during market volatility [30][32] - The company is tightening underwriting guidelines to focus on higher FICO borrowers and loans with more extensive underwriting [23] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to take advantage of heightened market volatility and recharged opportunities [34] - The company noted that the current environment is well-suited to its core strengths, with short-duration loan portfolios steadily returning principal [30] - Management highlighted the ongoing positive contributions from the mortgage servicing rights (MSR) portfolio, despite not expecting the same mark-to-market gains as in the previous quarter [20][22] Other Important Information - The company completed five new securitization deals in the first quarter, taking advantage of tight spreads [7] - The company sold a variety of credit-sensitive securities to lock in gains and enhance liquidity [9] - The company is actively developing proprietary tools to support loan origination [28] Q&A Session Summary Question: Have you been able to deploy a material amount of capital in attractive trading opportunities? - Management indicated that while there was not material growth in April, the portfolio has grown net relative to March 31, with growth in non-QM and opportunistic securities [38][39] Question: Can you provide more detail on the resolutions of commercial bridge loans? - Management explained that one was a discounted payoff, another an REO sale, and one is in active CapEx and lease-up, freeing up $20 million to $25 million for reinvestment [44][46] Question: Does the high level of spread volatility impact your near-term appetite for loan acquisitions? - Management noted that heightened volatility allows for opportunities to buy securities and loans, with a balanced market of buyers and sellers [56][58] Question: Can you share timing and size on potential joint ventures with originators? - Management stated that the investments would be under $5 million in total, aimed at diversifying sourcing channels [68][70] Question: Is the increased value on consumer relationships a reflection of the current lock-in effect? - Management believes it reflects a broader trend in the mortgage space, emphasizing the importance of maintaining customer relationships over time [75][80]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $0.35 per share and adjusted distributable earnings (ADE) of $0.39 per share, which continue to cover dividends [5][13] - The recourse debt to equity ratio decreased to 1.7:1 from 1.8:1 quarter over quarter, indicating improved leverage management [10][18] - Book value per common share stood at $13.44, with a total economic return for the first quarter of 9.5% annualized [19] Business Line Data and Key Metrics Changes - The adjusted long credit portfolio decreased by 4% to $3.3 billion due to securitizations and a smaller residential transitional loan portfolio [17] - The Longbridge portfolio increased by 31% sequentially to $549 million, driven by proprietary reverse mortgage loan originations [17] - The agency RMBS portfolio declined by 14% to $256 million as the company rotated capital into higher yielding opportunities [18] Market Data and Key Metrics Changes - The weighted average borrowing rate on recourse borrowings decreased by 12 basis points to 6.09% [18] - The net interest margin (NIM) on the credit portfolio decreased by 12 basis points, while the NIM on agency increased by 24 basis points [18] Company Strategy and Development Direction - The company is focused on establishing joint ventures to secure consistent access to high-quality loans at attractive pricing [10] - The company is tightening underwriting guidelines to focus on higher FICO borrowers and loans with more extensive underwriting [23] - The company is actively developing proprietary tools to support loan origination and enhance operational efficiency [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to take advantage of heightened market volatility and recharged opportunity sets [30][34] - The company anticipates ongoing meaningful contributions to ADE from its mortgage servicing rights (MSR) portfolio [21] - Management noted that the current high levels of volatility are creating compelling trading opportunities [30] Other Important Information - The company completed five new securitization deals in the first quarter, taking advantage of tight spreads [7] - The company sold a variety of credit-sensitive securities to lock in gains and enhance liquidity [9] - The company expects to resolve remaining significant workout assets by the end of the second quarter [10] Q&A Session Summary Question: Have you been able to deploy a material amount of capital in attractive trading opportunities? - Management indicated that while there was not material growth in April, the portfolio has grown net relative to March 31, with growth in non-QM and non-agency MBS [38][39] Question: Can you provide more detail on the resolutions of commercial bridge loans? - Management clarified that one was a discounted payoff and another was an REO sale, freeing up $20 million to $25 million for reinvestment [44][46] Question: Does the high level of spread volatility impact your near-term appetite for loan acquisitions? - Management noted that they have been diligent about hedging spread widening risk and have found opportunities to buy loans as spreads tightened [56][58] Question: Can you share timing and size on potential joint ventures with originators? - Management stated that the investments would be under $5 million in total and are expected to close in the next quarter or two [69][74] Question: Is the $0.9 earnings run rate for the Longbridge segment still achievable? - Management confirmed that the $0.9 run rate is still achievable, with seasonal trends affecting volumes [86][89] Question: Can you discuss current performance and dynamics in the CLO market? - Management indicated that CLOs represent a small part of the portfolio and recent negative performance was due to spread widening rather than underlying credit issues [91][92]

Financial Data and Key Metrics Changes - Earnings available for distribution improved by 11% and book value increased by 7.4% with an economic return of 9.2% for the quarter [6] - GAAP net income for the first quarter was $145.9 million or $1.77 per share, while GAAP book value at the end of the quarter was $21.17 per share [13] - Economic net interest income for the first quarter was $72.3 million with a yield on average interest-earning assets of 5.9% and an average cost of funds of 4.4%, resulting in a net interest spread of 1.5% [14] Business Line Data and Key Metrics Changes - Third-party loans under management by Palisades Advisory Services increased by 43% year over year, reaching nearly $24 billion [7] - The company executed impactful balance sheet moves, including cash-out refinancing that unlocked $187 million [8] - The company settled $100 million in residential transition loans during the quarter, expecting mid-teen levered returns [9] Market Data and Key Metrics Changes - National home price growth was 3.9% year over year, with varying performance across regions [22] - Existing home sales declined to a 4 million unit annualized pace, marking the slowest first quarter since 2009 [22] - Delinquency rates remained stable at 8.9% for the re-performing loan portfolio, with prepayments at 5.5% [24] Company Strategy and Development Direction - The company aims to build a hybrid mortgage REIT that is resilient and diversified, focusing on diversifying the portfolio and growing recurring fee income [11][32] - The strategy includes adding Agency RMBS assets and evaluating MSR opportunities to generate attractive returns [31] - The company is focused on disciplined risk management and thoughtful portfolio construction to support attractive risk-adjusted returns [32] Management's Comments on Operating Environment and Future Outlook - Management noted that despite market volatility, the company is holding steady and expects to continue growing third-party loans under management [10] - The current book value is estimated to be flat to slightly down, with a focus on building liquidity [10][36] - Management expressed cautious optimism regarding the growth potential of the third-party business, depending on the mortgage market [42] Other Important Information - The company ended the quarter with $697 million in total cash and unencumbered assets, enhancing liquidity [14] - The company refinanced two structured repo lines, extending maturities and lowering costs, which unlocked additional cash for investment [27] Q&A Session Summary Question: Clarification on book value performance - Management indicated that book value was down about 40 basis points as of the latest update [35] Question: Timing for deploying freed-up investment capital - Approximately 33% to 40% of the $187 million has been deployed, with a focus on building liquidity [36][37] Question: Outlook for third-party business growth - Management is bullish on growth potential, depending on the mortgage market and client acquisition [42] Question: Sensitivity to higher delinquency rates - Management noted that delinquencies in the re-performing loan portfolio are stable and not considered high for that product type [58][62] Question: Details on new loan facilities and advance rates - Management did not disclose specific advance rates but confirmed that the facilities are structured repo facilities with limited mark-to-market features [63][65]

Financial Data and Key Metrics Changes - Reported contract sales increased by 10% to $721 million, and adjusted EBITDA was $248 million with margins excluding reimbursements at 22% [13][23] - Total revenue excluding cost reimbursements grew by 11% to $1.1 billion [23] - Adjusted free cash flow for the quarter was $185 million, with a cash flow conversion rate of 75% [29][30] Business Line Data and Key Metrics Changes - Contract sales in the real estate business were $721 million, up 10% year-over-year, with VPG growing 15% to over $4,100 [24] - Rental and ancillary revenues reached $187 million, with a segment loss of $19 million due to elevated expenses [28] - Financing business revenue was $125 million, with segment profit at $70 million and margins of 56% [25] Market Data and Key Metrics Changes - Occupancy rate remained flat at 77%, with consolidated arrivals in the second quarter ahead of the prior year [14] - The marketing package pipeline was robust with over 725,000 packages, indicating solid booking growth [14] - Member count was 725,000 at the end of the quarter, with a net owner growth (NOG) of just under 1% [15][28] Company Strategy and Development Direction - The company is focused on enhancing lead generation, execution, and product enhancements to support EBITDA and cash flow goals [17][18] - Integration with Bluegreen is progressing well, achieving $89 million in cost synergies, with a target of $100 million by year-end [19] - The company maintains a disciplined approach to process and execution while adapting to macroeconomic volatility [10][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased macroeconomic volatility but emphasized the company's strong fundamentals and proactive initiatives [10][12] - The company is maintaining its EBITDA guidance for the year, expecting to navigate through potential uncertainties effectively [12][31] - Management expressed confidence in the demand for experiences over goods, which may continue to grow despite economic challenges [86] Other Important Information - The company repurchased $150 million worth of stock during the quarter, with a commitment to continue capital returns [30] - The liquidity position included $259 million in unrestricted cash and $870 million available under the revolving credit facility [32] Q&A Session Summary Question: Consumer behavior and forward bookings - Management noted no material changes in forward bookings, attributing stability to the prepaid nature of owner and package sales [35][37] Question: New owner mix versus owned mix - Management indicated that the mix is controllable and expects continued strong performance despite seasonal shifts [39][40] Question: Balance sheet optimization - Management clarified that a portion of unsecuritized receivables is not immediately securitizable but has a path for future securitization [46][50] Question: VPG performance and Bluegreen customer upgrades - Management reported strong VPG growth across all segments, particularly among Bluegreen owners, with significant outperformance [53] Question: KPIs and growth expectations - Management expects mid to higher single-digit VPG growth for the remainder of the year, despite some challenges in tour flow [60] Question: Strategic initiatives for financing and engagement - Management is standardizing financing programs and enhancing value propositions to drive engagement and performance [64][68]