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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended March 31, 2021

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
VECTOR GROUP LTD.
(Exact name of registrant as specified in its charter)
Delaware1-575965-0949535
(State or other jurisdiction of incorporationCommission File Number(I.R.S. Employer Identification No.)
incorporation or organization)
4400 Biscayne Boulevard
Miami, Florida 33137
305-579-8000
(Address, including zip code and telephone number, including area code,
of the principal executive offices)
Securities Registered Pursuant to 12(b) of the Act:
Title of each class:TradingName of each exchange
Symbol(s)on which registered:
Common stock, par value $0.10 per shareVGRNew York Stock Exchange
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
x Yes o No
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
x Yes o No
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging Growth Company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes x No
    At May 3, 2021, Vector Group Ltd. had 154,194,629 shares of common stock outstanding.



VECTOR GROUP LTD.

FORM 10-Q

TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1. Vector Group Ltd. Condensed Consolidated Financial Statements (Unaudited):
Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020
Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020
Condensed Consolidated Statements of Stockholders' Deficiency for the three months ended March 31, 2021 and 2020
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020
Notes to Condensed Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
SIGNATURE

1

VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
March 31,
2021
December 31,
2020
ASSETS:
Current assets:
Cash and cash equivalents$382,387 $352,842 
Investment securities at fair value149,087 135,585 
Accounts receivable - trade, net45,905 40,711 
Inventories100,945 97,545 
Other current assets46,906 37,220 
Total current assets725,230 663,903 
Property, plant and equipment, net75,678 77,988 
Investments in real estate, net15,802 15,631 
Long-term investments (includes $38,108 and $34,218 at fair value)
56,995 52,528 
Investments in real estate ventures83,984 85,400 
Operating lease right-of-use assets140,777 145,356 
Goodwill and other intangible assets, net207,536 207,577 
Other assets97,585 95,026 
Total assets$1,403,587 $1,343,409 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY:
Current liabilities:
   Current portion of notes payable and long-term debt$12,556 $12,557 
 Current payments due under the Master Settlement Agreement
73,036 38,767 
Income taxes payable, net16,458 5,847 
Current operating lease liability27,207 27,207 
Other current liabilities203,641 198,937 
Total current liabilities332,898 283,315 
Notes payable, long-term debt and other obligations, less current portion1,405,399 1,393,729 
Non-current employee benefits66,722 66,616 
Deferred income taxes, net34,854 32,456 
Non-current operating lease liability148,417 154,199 
Payments due under the Master Settlement Agreement17,933 17,933 
Other liabilities53,863 54,848 
Total liabilities2,060,086 2,003,096 
Commitments and contingencies (Note 9)
Stockholders' deficiency:
Preferred stock, par value $1 per share, 10,000,000 shares authorized
  
Common stock, par value $0.1 per share, 250,000,000 shares authorized, 154,194,629 and 153,324,629 shares issued and outstanding
15,419 15,332 
Additional paid-in capital2,573  
Accumulated deficit(653,606)(653,945)
Accumulated other comprehensive loss(20,885)(21,074)
Total Vector Group Ltd. stockholders' deficiency(656,499)(659,687)
Non-controlling interest  
Total stockholders' deficiency(656,499)(659,687)
Total liabilities and stockholders' deficiency$1,403,587 $1,343,409 

The accompanying notes are an integral part of the condensed consolidated financial statements.
2


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
Three Months Ended
March 31,
20212020
Revenues:
   Tobacco*$268,463 $287,069 
   Real estate275,301 167,419 
       Total revenues543,764 454,488 
Expenses:
 Cost of sales:
   Tobacco*164,031 197,290 
   Real estate199,511 113,333 
       Total cost of sales363,542 310,623 
Operating, selling, administrative and general expenses90,014 90,517 
Litigation settlement and judgment expense5  
Impairments of goodwill and other intangible assets 58,252 
Operating income (loss)90,203 (4,904)
Other income (expenses):
Interest expense(28,751)(35,627)
Loss on extinguishment of debt(21,362) 
Change in fair value of derivatives embedded within convertible debt 3,330 
Equity in earnings from investments577 50,152 
Equity in earnings (losses) from real estate ventures1,589 (6,505)
Other, net2,754 (10,655)
Income (loss) before provision for income taxes45,010 (4,209)
Income tax expense (benefit)13,053 (978)
Net income (loss)31,957 (3,231)
Net income attributed to non-controlling interest  
Net income (loss) attributed to Vector Group Ltd.$31,957 $(3,231)
Per basic common share:
Net income (loss) applicable to common shares attributed to Vector Group Ltd.$0.20 $(0.03)
Per diluted common share:
Net income (loss) applicable to common shares attributed to Vector Group Ltd.$0.20 $(0.03)
                                      

* Revenues and cost of sales include federal excise taxes of $97,714, and $113,139 for the three months ended March 31, 2021 and 2020, respectively.


The accompanying notes are an integral part of the condensed consolidated financial statements.
3



VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
Unaudited
 Three Months Ended
March 31,
 20212020
 
Net income (loss)$31,957 $(3,231)
Net unrealized losses on investment securities available for sale:
Change in net unrealized losses(182)(664)
Net unrealized (gains) losses reclassified into net income (loss)(41)503 
Net unrealized losses on investment securities available for sale(223)(161)
Net change in pension-related amounts:
Amortization of loss482 464 
Net change in pension-related amounts482 464 
Other comprehensive income259 303 
Income tax effect on:
Change in net unrealized losses on investment securities49 180 
Net unrealized (gains) losses reclassified into net income (loss) on investment securities11 (136)
Pension-related amounts(130)(125)
Income tax provision on other comprehensive income(70)(81)
Other comprehensive income, net of tax189 222 
Comprehensive income (loss)32,146 (3,009)
Comprehensive income attributed to non-controlling interest  
Comprehensive income (loss) attributed to Vector Group Ltd.$32,146 $(3,009)

The accompanying notes are an integral part of the condensed consolidated financial statements.
4


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY
(Dollars in Thousands, Except Share Amounts)
Unaudited
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of January 1, 2021153,324,629 $15,332 $ $(653,945)$(21,074)$ $(659,687)
Net income— — — 31,957 — — 31,957 
Total other comprehensive income— — — — 189 — 189 
Dividends on common stock ($0.20 per share)
— —  (31,618)— — (31,618)
Restricted stock grants870,000 87 (87)— — —  
Stock-based compensation— — 2,660 — — — 2,660 
Balance as of March 31, 2021154,194,629 $15,419 $2,573 $(653,606)$(20,885)$ $(656,499)
Vector Group Ltd. Stockholders' Deficiency
Additional Paid-InAccumulated
Other Comprehensive
Non-controlling
Common StockAccumulated
SharesAmountCapitalDeficitLossInterestTotal
Balance as of January 1, 2020148,084,900 $14,808 $ $(678,464)$(21,808)$448 $(685,016)
Impact of adoption of new accounting standards— — — (2,263)— — (2,263)
Net loss— — — (3,231)—  (3,231)
Total other comprehensive income— — — — 222 — 222 
Distributions and dividends on common stock ($0.20 per share)
— — (2,258)(28,263)— — (30,521)
Stock-based compensation— — 2,258 — — — 2,258 
Distributions to non-controlling interest— — — — — (448)(448)
Balance as of March 31, 2020148,084,900 $14,808 $ $(712,221)$(21,586)$ $(718,999)
The accompanying notes are an integral part of the condensed consolidated financial statements.
5


VECTOR GROUP LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Unaudited
Three Months EndedThree Months Ended
March 31,
2021
March 31,
2020
Net cash provided by operating activities$78,364 $115,309 
Cash flows from investing activities:
Sale of investment securities10,228 16,672 
Maturities of investment securities13,968 15,616 
Purchase of investment securities(38,441)(15,798)
Proceeds from sale or liquidation of long-term investments4,389 19,544 
Purchase of long-term investments(5,813)(5,238)
Investments in real estate ventures(8,087)(673)
Distributions from investments in real estate ventures7,577 1,036 
Increase in cash surrender value of life insurance policies(564)(258)
(Increase) decrease in restricted assets(3)93 
Capital expenditures(1,931)(4,888)
Paydowns of investment securities172 202 
Investments in real estate, net (340)
Net cash (used in) provided by investing activities(18,505)25,968 
Cash flows from financing activities:
Proceeds from issuance of debt875,000 36 
Deferred financing costs(20,000) 
Repayments of debt(853,158)(2,638)
Borrowings under revolver259 126,603 
Repayments on revolver(259)(137,056)
Dividends and distributions on common stock(32,273)(32,074)
Distributions to non-controlling interest (448)
Other(21) 
Net cash used in financing activities(30,452)(45,577)
Net increase in cash, cash equivalents and restricted cash29,407 95,700 
Cash, cash equivalents and restricted cash, beginning of period365,677 379,476 
Cash, cash equivalents and restricted cash, end of period$395,084 $475,176 

The accompanying notes are an integral part of the condensed consolidated financial statements.
6

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

1.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of Presentation:
The condensed consolidated financial statements of Vector Group Ltd. (the “Company” or “Vector”) include the accounts of Liggett Group LLC (“Liggett”), Vector Tobacco Inc. (“Vector Tobacco”), Liggett Vector Brands LLC (“Liggett Vector Brands”), New Valley LLC (“New Valley”) and other less significant subsidiaries. New Valley includes the accounts of Douglas Elliman Realty, LLC (“Douglas Elliman”) and other less significant subsidiaries. All significant intercompany balances and transactions have been eliminated.
Liggett and Vector Tobacco are engaged in the manufacture and sale of cigarettes in the United States. Liggett Vector Brands coordinates Liggett and Vector Tobacco’s sales and marketing efforts. Certain references to “Liggett” refer to the Company’s tobacco operations, including the business of Liggett and Vector Tobacco, unless otherwise specified. New Valley is engaged in the real estate business.
The unaudited, interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in management’s opinion, contain all adjustments, consisting only of normal recurring items, necessary for a fair statement of the results for the periods presented. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”). The consolidated results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the entire year.
Certain reclassifications have been made to the 2020 financial information to conform to the 2021 presentation. Credit loss expense has been reclassified from Other (expense) income as components of Other, net.

(b)Distributions and Dividends on Common Stock:

The Company records distributions on its common stock as dividends in its condensed consolidated statement of stockholders’ deficiency to the extent of retained earnings. Any amounts exceeding retained earnings are recorded as a reduction to additional paid-in capital to the extent paid-in-capital is available and then to accumulated deficit.

(c)Earnings Per Share (“EPS”):

Net income (loss) for purposes of determining basic and diluted EPS was as follows:
Three Months Ended
March 31,
20212020
Net income (loss) attributed to Vector Group Ltd.$31,957 $(3,231)
Income attributed to participating securities(756)(561)
Net income (loss) applicable to common shares attributed to Vector Group Ltd.$31,201 $(3,792)


7

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

Basic and diluted EPS were calculated using the following common shares:
Three Months Ended
March 31,
20212020
Weighted-average shares for basic EPS152,249,440 147,000,114 
Plus incremental shares related to stock options and non-vested restricted stock134,650 83,603 
Weighted-average shares for diluted EPS152,384,090 147,083,717 

The following non-vested restricted stock and shares issuable upon the conversion of convertible debt were outstanding during the three months ended March 31, 2021 and 2020, but were not included in the computation of diluted EPS because the impact of the per share expense associated with the restricted stock was greater than the average market price of the common shares during the respective periods and the common shares issuable under the convertible debt were anti-dilutive to EPS.
Three Months Ended
March 31,
20212020
  Weighted-average shares of non-vested restricted stock97,222 625,122 
  Weighted-average expense per share$14.31 $19.54 
  Weighted-average number of shares issuable upon conversion of debt 8,368,690 
  Weighted-average conversion price$ $20.27 

(d)Investments in Real Estate Ventures:

In accounting for its investments in real estate ventures, the Company identified its participation in Variable Interest Entities (“VIE”), which are defined as (a) entities in which the equity investment at risk is not sufficient to finance its activities without additional subordinated financial support; (b) as a group, the equity investors at risk lack 1) the power to direct the activities of a legal entity that most significantly impact the entity’s economic performance, 2) the obligation to absorb the expected losses of the entity, or 3) the right to receive the expected residual returns of the entity; or (c) as a group, the equity investors have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest.
The Company’s interest in VIEs is primarily in the form of equity ownership. The Company examines specific criteria and uses judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights exclusive of protective rights or voting rights and level of economic disproportionality between the Company and its other partner(s).
Accounting guidance requires the consolidation of VIEs in which the Company is the primary beneficiary. The guidance requires consolidation of VIEs that an enterprise has a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.
The Company’s maximum exposure to loss in its investments in unconsolidated VIEs is limited to its investment in the VIE, any unfunded capital commitments to the VIE, and, in some cases, guarantees in connection with debt on the specific project. The Company’s maximum exposure to loss in its investment in consolidated VIEs is limited to its investment, which is the carrying value of the investment net of the non-controlling interest. Creditors of the consolidated VIEs have no recourse to the general credit of the primary beneficiary.
On a quarterly basis, the Company evaluates its investments in real estate ventures to determine if there are indicators of impairment. If so, the Company further investigates to determine if an impairment has occurred and whether such impairment is considered temporary or other than temporary. The Company believes that the assessment of temporary or other-than-temporary impairment is facts-and-circumstances driven.
8

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

(e)Other, net:

Other, net consisted of:
Three Months Ended
March 31,
20212020
Interest and dividend income$611 $2,680 
Net gains (losses) recognized on investment securities2,449 (12,240)
Net periodic benefit cost other than the service costs(244)(455)
Credit loss expense (1,560)
Other (expense) income(62)920 
Other, net$2,754 $(10,655)

(f)Other Assets:

Other assets consisted of:
March 31,
2021
December 31, 2020
Restricted assets$4,529 $3,456 
Prepaid pension costs35,480 35,209 
Contract assets, net24,183 24,002 
Other assets33,393 32,359 
Total other assets$97,585 $95,026 

(g)Other Current Liabilities:

Other current liabilities consisted of:
March 31,
2021
December 31, 2020
Accounts payable$15,170 $12,846 
Accrued promotional expenses40,697 45,579 
Accrued excise and payroll taxes payable, net23,359 13,849 
Accrued interest32,974 31,624 
Commissions payable33,077 25,615 
Accrued salaries and benefits13,253 27,104 
Contract liabilities7,758 7,633 
Allowance for sales returns7,340 7,356 
Other current liabilities30,013 27,331 
Total other current liabilities$203,641 $198,937 

9

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

(h)Reconciliation of Cash, Cash Equivalents and Restricted Cash:

The components of “Cash, cash equivalents and restricted cash” in the condensed consolidated statements of cash flows were as follows:
March 31,
2021
December 31,
2020
Cash and cash equivalents
$382,387 $352,842 
Restricted cash and cash equivalents included in other current assets10,790 10,374 
Restricted cash and cash equivalents included in other assets1,907 2,461 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows
$395,084 $365,677 

Amounts included in current restricted assets and non-current restricted assets represent cash and cash equivalents required to be deposited into escrow for bonds required to appeal adverse product liability judgments, amounts required for letters of credit related to office leases, and certain deposit requirements for banking arrangements. The restrictions related to the appellate bonds will remain in place until the appeal process has been completed. The restrictions related to the letters of credit will remain in place for the duration of the respective lease. The restrictions related to the banking arrangements will remain in place for the duration of the arrangement.

(i)New Accounting Pronouncements:

Accounting Standards Updates (“ASU”) adopted in 2021:
In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This update simplifies various aspects related to accounting for income taxes, removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740, and clarifies and amends existing guidance to improve consistent application. ASU No. 2019-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements.
In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (“ASU 2020-01”). The new standard clarifies the interaction of accounting for the transition into and out of the equity method. The new standard also clarifies the accounting for measuring certain purchased options and forward contracts to acquire investments. The ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements.

ASUs to be adopted in future periods:
In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance is effective for all entities for contract modifications beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to clarify the scope of the guidance and allow certain aspects of Topic 848 to be applied to all derivative instruments that undergo a modification of the interest rate used for discounting, margining or contract price alignment as a result of the reference reform. The Company has not yet determined the extent to which it will utilize these expedients and exceptions should a modification occur. The Company does not anticipate an impact on its condensed consolidated financial statements.

10

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

2.    REVENUE RECOGNITION

Disaggregation of Revenue
In the following table, revenue is disaggregated by major product line for the Tobacco segment:
Three Months Ended
March 31,
20212020
Tobacco Segment Revenues:
Core Discount Brands - Eagle 20’s, Pyramid, Montego, Grand Prix, Liggett Select, and Eve
$253,256 $269,005 
Other Brands15,207 18,064 
Total tobacco revenues
$268,463 $287,069 
In the following table, revenue is disaggregated by major services line and primary geographical market for the Real Estate segment:
Three Months Ended March 31, 2021
New York CityNortheastSoutheastWestTotal
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales$70,135 $56,250 $75,553 $41,078 $243,016 
Commission and other brokerage income - development marketing8,444  7,307 333 16,084 
Property management revenue9,095 173   9,268 
Escrow and title fees466 417  3,525 4,408 
Total Douglas Elliman revenue88,140 56,840 82,860 44,936 272,776 
Other real estate revenues   2,525 2,525 
  Total real estate revenues$88,140 $56,840 $82,860 $47,461 $275,301 
Three Months Ended March 31, 2020
New York CityNortheastSoutheastWestTotal
Real Estate Segment Revenues:
Commission and other brokerage income - existing home sales$50,109 $34,724 $30,178 $25,700 $140,711 
Commission and other brokerage income - development marketing8,451  6,722 82 15,255 
Property management revenue8,562 217   8,779 
Escrow and title fees593 263   856 
Total Douglas Elliman revenue67,715 35,204 36,900 25,782 165,601 
Other real estate revenues   1,818 1,818 
  Total real estate revenues$67,715 $35,204 $36,900 $27,600 $167,419 
11

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

Contract Balances
The following table provides information about contract assets and contract liabilities from development marketing and commercial leasing contracts with customers:
March 31, 2021December 31, 2020
Receivables, which are included in accounts receivable - trade, net$1,715 $1,520 
Contract assets, net, which are included in other current assets6,609 6,529 
Payables, which are included in other current liabilities1,245 1,113 
Contract liabilities, which are included in other current liabilities7,758 7,633 
Contract assets, net, which are included in other assets24,183 24,002 
Contract liabilities, which are included in other liabilities33,730 32,104 

The Company recognized revenue of $932 for the three months ended March 31, 2021, that were included in the contract liabilities balances at December 31, 2020. The Company recognized revenue of $2,737 for the three months ended March 31, 2020, that were included in the contract liabilities balances at December 31, 2019.

3.    CURRENT EXPECTED CREDIT LOSSES
Tobacco receivables: Average collection terms for Tobacco sales range between three and twelve days from the time that the cigarettes are shipped to the customer. Based on Tobacco historical and ongoing cash collections from customers, an estimated credit loss in accordance with ASU 2016-13 was not recorded for these trade receivables as of March 31, 2021 and December 31, 2020.
Real estate broker agent receivables: Douglas Elliman Realty is exposed to credit losses for various amounts due from real estate agents, which are included in Other current assets on the condensed consolidated balance sheets, net of an allowance for credit losses. The Company estimates its allowance for credit losses on receivables from agents based on an evaluation of aging, agent sales in pipeline, any security, specific exposures, historical experience of collections from the individual agents, and current and expected future market trends (such as the current and expected impact of COVID-19 on the real estate market). The Company estimated that the credit losses for these receivables were $7,314 and $7,038 at March 31, 2021 and December 31, 2020, respectively.
Term loan receivables: New Valley periodically provides term loans to commercial real estate developers, which are included in Other assets on the condensed consolidated balance sheets. New Valley had two loans with a total amortized cost basis of $15,928, including accrued interest receivable of $6,428 at both March 31, 2021 and December 31, 2020, and have maturities in 2021 and beyond. The loans are secured by guarantees and given their risk profiles are evaluated individually. As New Valley does not have internal historical loss information by which to evaluate the risk of credit losses, external market data measuring default risks on high yield loans as of each measurement date was utilized to estimate reserves for credit losses on these loans. Pursuant to the requirements of ASU 2016-13, New Valley’s expected credit loss estimate was $15,928 at both March 31, 2021 and December 31, 2020.


12

VECTOR GROUP LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Dollars in Thousands, Except Per Share Amounts)
Unaudited

The following is the rollforward of the allowance for credit losses for the three months ended March 31, 2021:
January 1,
2021
Current Period ProvisionWrite-offsRecoveriesMarch 31,
2021
Allowance for credit losses: