Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 08, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001814974 | ||
Entity Registrant Name | BBX Capital, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-56177 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 82-4669146 | ||
Entity Address, Address Line One | 201 East Las Olas Boulevard, Suite 1900 | ||
Entity Address, City or Town | Fort Lauderdale | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33301 | ||
City Area Code | 954 | ||
Local Phone Number | 940-4900 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 57,000,000 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Fort Lauderdale, Florida | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 3,860,618 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 11,423,543 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 127,581 | $ 118,045 |
Restricted cash | 750 | 1,000 |
Securities available for sale, at fair value | 18,548 | 5,552 |
Trade accounts receivable, net | 19,665 | 29,899 |
Trade inventory | 48,866 | 41,895 |
Real estate ($4,443 in 2022 and $7,679 in 2021 held for sale) | 12,345 | 22,868 |
Investments in and advances to unconsolidated real estate joint ventures | 49,415 | 52,966 |
Note receivable from Bluegreen Vacations Holding Corporation | 50,000 | 50,000 |
Property and equipment, net | 35,140 | 30,611 |
Goodwill | 18,414 | 18,414 |
Intangible assets, net | 29,405 | 31,982 |
Operating lease assets | 110,082 | 90,639 |
Deferred tax asset, net | 4,259 | 3,776 |
Contingent purchase price receivable | 16,918 | 19,925 |
Other assets | 21,453 | 15,783 |
Total assets | 562,841 | 533,355 |
Liabilities: | ||
Accounts payable | 17,607 | 12,980 |
Accrued expenses | 34,985 | 33,136 |
Other liabilities | 5,922 | 5,002 |
Operating lease liabilities | 126,842 | 103,262 |
Notes payable and other borrowings | 38,543 | 54,883 |
Total liabilities | 223,899 | 209,263 |
Commitments and contingencies (See Note 15) | ||
Redeemable noncontrolling interest | 4,414 | 1,144 |
Equity: | ||
Additional paid-in capital | 312,978 | 310,588 |
Accumulated earnings | 20,358 | 9,226 |
Accumulated other comprehensive income | 823 | 1,836 |
Total shareholders' equity | 334,302 | 321,805 |
Noncontrolling interests | 226 | 1,143 |
Total equity | 334,528 | 322,948 |
Total liabilities and equity | 562,841 | 533,355 |
Common Class A [Member] | ||
Equity: | ||
Common stock | 106 | 118 |
Common Class B [Member] | ||
Equity: | ||
Common stock | $ 37 | $ 37 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate, held for sale | $ 4,443 | $ 7,679 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 10,629,613 | 11,803,842 |
Common stock, shares outstanding (in shares) | 10,629,613 | 11,803,842 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Common stock, shares issued (in shares) | 3,723,932 | 3,671,437 |
Common stock, shares outstanding (in shares) | 3,723,932 | 3,671,437 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenues: | ||||
Sales | $ 307,919 | $ 303,557 | $ 167,573 | |
Interest income | 5,993 | 6,413 | 2,399 | |
Net gains on sales of real estate assets | 24,289 | 643 | 255 | |
Other revenue | 3,844 | 2,984 | 3,002 | |
Total revenues | 342,045 | 313,597 | 173,229 | |
Costs and expenses: | ||||
Interest expense | 2,399 | 1,439 | 237 | |
Recoveries from loan losses, net | (4,835) | (7,774) | (8,876) | |
Impairment losses | 549 | 38 | 30,772 | |
Selling, general and administrative expenses | 116,215 | 76,014 | 65,972 | |
Total costs and expenses | 339,512 | 284,553 | 228,304 | |
Operating income (losses) | 2,533 | 29,044 | (55,075) | |
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |
Loss on the deconsolidation of IT'SUGAR, LLC | 0 | 0 | (3,326) | |
Gain on the consolidation of IT'SUGAR, LLC | 0 | 15,890 | 0 | |
Other income | 964 | 341 | 290 | |
Foreign exchange gain (loss) | 880 | 812 | (692) | |
Income (loss) before income taxes | 42,791 | 64,241 | (58,338) | |
(Provision) benefit for income taxes | (15,149) | (17,175) | 11,248 | |
Net income (loss) | 27,642 | 47,066 | (47,090) | |
Net loss (income) attributable to noncontrolling interests | 378 | (155) | 4,803 | |
Net income (loss) attributable to shareholders | $ 28,020 | $ 46,911 | $ (42,287) | |
Basic earnings (loss) per share (in dollars per share) | $ 1.81 | $ 2.63 | $ (2.19) | |
Diluted earnings (loss) per share (in dollars per share) | $ 1.81 | $ 2.63 | $ (2.19) | |
Basic weighted average number of common shares outstanding (1) (in shares) | [1] | 15,471 | 17,840 | 19,318 |
Diluted weighted average number of common shares outstanding (1) (in shares) | [1] | 15,508 | 17,840 | 19,318 |
Net income (loss) | $ 27,642 | $ 47,066 | $ (47,090) | |
Other comprehensive income, net of tax: | ||||
Unrealized (loss) gain on securities available for sale | (103) | 3 | 35 | |
Foreign currency translation adjustments | (911) | 3 | 241 | |
Other comprehensive (loss) income, net | (1,014) | 6 | 276 | |
Comprehensive income (loss), net of tax | 26,628 | 47,072 | (46,814) | |
Comprehensive loss (income) attributable to noncontrolling interests | 378 | (155) | 4,803 | |
Comprehensive income (loss) attributable to shareholders | 27,006 | 46,917 | (42,011) | |
Trade [Member] | ||||
Revenues: | ||||
Sales | 280,125 | 238,078 | 147,210 | |
Costs and expenses: | ||||
Cost of sales | 213,721 | 185,146 | 127,028 | |
Real Estate [Member] | ||||
Revenues: | ||||
Sales | 27,794 | 65,479 | 20,363 | |
Costs and expenses: | ||||
Cost of sales | $ 11,463 | $ 29,690 | $ 13,171 | |
[1]For periods prior to the spin-off on September 30, 2020, the number of shares is based on the shares issued in connection with the spin-off. See Note 1 for further discussion. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Tender Offer [Member] Common Stock [Member] Common Class A [Member] | Tender Offer [Member] Common Stock [Member] Common Class B [Member] | Tender Offer [Member] Additional Paid-in Capital [Member] | Tender Offer [Member] Retained Earnings [Member] | Tender Offer [Member] AOCI Attributable to Parent [Member] | Tender Offer [Member] Noncontrolling Interest [Member] | Tender Offer [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Common Stock [Member] Common Class A [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Common Stock [Member] Common Class B [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Additional Paid-in Capital [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Retained Earnings [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] AOCI Attributable to Parent [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Noncontrolling Interest [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Parent [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) | 0 | 0 | ||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 0 | 0 | ||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 0 | $ 179,681 | $ 0 | $ 0 | $ 1,554 | $ 1,001 | $ 182,236 | ||||||||||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 0 | 0 | (38,830) | 0 | (3,457) | 0 | (730) | (43,017) | ||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 276 | 0 | 276 | ||||||||||||||
Distributions to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (54) | (54) | ||||||||||||||
Accretion of redeemable noncontrolling interest | 0 | 0 | (1,248) | 0 | 0 | 0 | 0 | (1,248) | ||||||||||||||
Reversal of accretion of redeemable noncontrolling interest | 0 | 0 | 3,150 | 0 | 0 | 0 | 0 | 3,150 | ||||||||||||||
Acquisition of noncontrolling interest | 0 | 0 | 0 | 118 | 0 | (118) | 0 | |||||||||||||||
Net transfers from Bluegreen Vacations | $ 0 | $ 0 | 167,910 | 0 | 0 | 0 | 0 | 167,910 | ||||||||||||||
Issuance of common stock (in shares) | 15,624 | 3,694 | ||||||||||||||||||||
Issuance of common stock | $ 156 | $ 37 | (193) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Transfer to additional paid in capital | $ 0 | $ 0 | (310,470) | 310,470 | 0 | 0 | 0 | 0 | ||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 15,624 | 3,694 | ||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 156 | $ 37 | $ 0 | 310,588 | (3,457) | 1,830 | 99 | 309,253 | ||||||||||||||
Balance (in shares) | 15,624 | 3,694 | ||||||||||||||||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | $ 0 | $ 0 | 0 | 46,911 | 0 | 14 | 46,925 | |||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 6 | 0 | 6 | |||||||||||||||
Contributions from noncontrolling interests | $ 0 | $ 0 | 0 | 0 | 0 | 1,030 | 1,030 | |||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | 8 | |||||||||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | (8) | |||||||||||||||||||||
Conversion of common stock from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Purchase and retirement of common stock (in shares) | (1,403) | 0 | (2,425) | (15) | ||||||||||||||||||
Purchase and retirement of common stock | $ (14) | $ 0 | $ 0 | $ (11,417) | $ 0 | $ 0 | $ (11,431) | $ (24) | $ 0 | 0 | (22,811) | 0 | 0 | (22,835) | ||||||||
Balance (in shares) at Dec. 31, 2021 | 11,804 | 3,671 | ||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 118 | $ 37 | 310,588 | 9,226 | 1,836 | 1,143 | 322,948 | |||||||||||||||
Balance (in shares) | 11,804 | 3,671 | ||||||||||||||||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | $ 0 | $ 0 | 0 | 28,020 | 0 | (398) | 27,622 | |||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | (1,013) | (1) | (1,014) | |||||||||||||||
Distributions to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (288) | (288) | |||||||||||||||
Accretion of redeemable noncontrolling interest | 0 | 0 | 0 | (3,166) | 0 | 0 | (3,166) | |||||||||||||||
Acquisition of noncontrolling interest | 0 | 0 | (958) | 0 | 0 | (282) | (1,240) | |||||||||||||||
Contributions from noncontrolling interests | $ 0 | $ 0 | 0 | 0 | 0 | 52 | 52 | |||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | 4 | |||||||||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | (4) | |||||||||||||||||||||
Conversion of common stock from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Purchase and retirement of common stock (in shares) | (1,200) | 0 | (54) | (11) | (116) | 0 | ||||||||||||||||
Purchase and retirement of common stock | $ (12) | $ 0 | $ 0 | $ (12,132) | $ 0 | $ 0 | $ (12,144) | $ (1) | $ 0 | $ (1) | $ (517) | $ 0 | $ 0 | $ (519) | $ (1) | $ 0 | 0 | (1,073) | 0 | 0 | (1,074) | |
Issuance of common stock from vesting of restricted stock awards (in shares) | 191 | 68 | ||||||||||||||||||||
Issuance of common stock from vesting of restricted stock awards | $ 2 | $ 0 | (2) | 0 | 0 | 0 | 0 | |||||||||||||||
Share-based compensation | $ 0 | $ 0 | 3,351 | 0 | 0 | 0 | 3,351 | |||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 10,629 | 3,724 | ||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 106 | $ 37 | $ 312,978 | $ 20,358 | $ 823 | $ 226 | $ 334,528 | |||||||||||||||
Balance (in shares) | 10,629 | 3,724 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) attributable to redeeming noncontrolling interest | $ 20 | $ 141 | $ 4,073 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income (loss) | $ 27,642 | $ 47,066 | $ (47,090) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Recoveries from loan losses, net | (4,835) | (7,774) | (8,876) |
Depreciation, amortization and accretion | 10,663 | 7,329 | 6,532 |
Net gains on sales of real estate and property and equipment | (24,401) | (696) | (255) |
Equity in net earnings of unconsolidated real estate joint ventures | (38,414) | (18,154) | (465) |
Return on investment in unconsolidated real estate joint ventures | 45,107 | 20,573 | 4,910 |
Loss on the deconsolidation of IT'SUGAR, LLC | 0 | 0 | 3,326 |
Gain on the consolidation of IT'SUGAR, LLC | 0 | (15,890) | 0 |
Impairment losses | 549 | 38 | 30,772 |
Share-based compensation expense | 3,397 | 0 | 0 |
(Recovery) provision for excess and obsolete inventory | (2,389) | 2,340 | 712 |
Changes in operating assets and liabilities: | |||
Deferred income tax asset, net | (483) | 3,648 | (4,737) |
Trade receivables | 10,234 | 192 | (7,975) |
Trade inventory | (4,582) | (9,838) | (3,957) |
Real estate inventory | 4,068 | 25,879 | 3,482 |
Operating lease asset and operating lease liability | 1,820 | 1,944 | (621) |
Contingent purchase price receivable | 3,007 | (16,990) | (1,658) |
Other assets | (1,018) | 4,701 | (5,144) |
Accounts payable | 4,093 | (51) | (1,253) |
Due/from to Bluegreen Vacations | 0 | 0 | (1,362) |
Accrued expenses | 1,849 | (6,161) | 27,668 |
Other liabilities | 29 | (328) | (192) |
Net cash provided by (used in) operating activities | 36,336 | 37,828 | (6,183) |
Investing activities: | |||
Return of investment in unconsolidated real estate joint ventures | 11,727 | 19,243 | 7,567 |
Investments in unconsolidated real estate joint ventures | (12,982) | (16,618) | (14,276) |
Loan funding to IT'SUGAR, LLC, net | 0 | 222 | (3,947) |
Purchases of securities available for sale, at fair value | (34,032) | 0 | (5,000) |
Redemptions of securities available for sale | 21,172 | 0 | 0 |
Proceeds from repayment of loans receivable | 5,079 | 8,844 | 9,296 |
Proceeds from repayment of Bluegreen Vacations note receivable | 0 | 25,000 | 0 |
Proceeds from sales of real estate held-for-sale | 27,282 | 2,439 | 2,608 |
Proceeds from sales of property and equipment | 2,741 | 0 | 0 |
Additions to real estate held-for-sale and held-for-investment | (656) | (565) | (91) |
Purchases of property and equipment | (14,739) | (8,526) | (5,345) |
Decrease in cash from other investing activities | (5,014) | (163) | (1,078) |
Net cash provided by (used in) investing activities | 578 | 36,785 | (52,399) |
Financing activities: | |||
Repayments of notes payable and other borrowings | (15,804) | (22,096) | (16,459) |
Proceeds from notes payable and other borrowings | 3,355 | 9,359 | 50,136 |
Purchase and retirement of stock | (1,074) | (22,835) | 0 |
Purchase and retirement of common stock for withholding taxes on vesting of restricted stock awards | (519) | ||
Payments for debt issuance costs | 0 | 0 | (216) |
Contributions from noncontrolling interests | 86 | 1,048 | 0 |
Acquisition of noncontrolling interests | (1,240) | 0 | 0 |
Distribution to noncontrolling interests | (288) | 0 | (54) |
Net transfers from Bluegreen Vacations | 0 | 0 | 94,275 |
Net cash (used in) provided by financing activities | (27,628) | (45,955) | 127,682 |
Increase (decrease) in cash, cash equivalents and restricted cash | 9,286 | 28,658 | 69,100 |
Cash, cash equivalents and restricted cash at beginning of period | 119,045 | 90,387 | 21,287 |
Cash, cash equivalents and restricted cash at end of period | 128,331 | 119,045 | 90,387 |
Supplemental cash flow information: | |||
Interest paid on borrowings, net of amounts capitalized | 2,025 | 2,503 | 0 |
Income taxes paid | 14,953 | 10,628 | 330 |
Supplementary disclosure of non-cash investing and financing activities: | |||
Bluegreen Vacations Holding Corporation note receivable | 0 | 0 | 75,000 |
Construction funds receivable transferred to real estate | 450 | 861 | 0 |
Increase in other assets upon issuance of Community Development District Bonds | 0 | 0 | 827 |
Assumption of Community Development District Bonds by homebuilders | 4,257 | 6,684 | 4,170 |
Operating lease assets obtained in exchange for new operating lease liabilities | 40,046 | 32,867 | 4,721 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 127,581 | 118,045 | 90,037 |
Restricted cash | 750 | 1,000 | 350 |
Cash, cash equivalents and restricted cash at end of period | 128,331 | 119,045 | 90,387 |
IT’SUGAR [Member] | |||
Investing activities: | |||
Less: cash acquired | 0 | (6,909) | 0 |
Colonial Elegance, Inc [Member] | |||
Investing activities: | |||
Cash paid for acquisition, net of cash received | 0 | 0 | (42,133) |
Tender Offer [Member] | |||
Financing activities: | |||
Purchase and retirement of stock | $ (12,144) | $ (11,431) | $ 0 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. BBX Capital, Inc. and its subsidiaries (the “Company” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” or “our”) is a Florida-based diversified holding company. BBX Capital, Inc. as a standalone entity without its subsidiaries is referred to as “BBX Capital.” Spin-Off from Bluegreen Vacations Prior to September 30, 2020, September 30, 2020, September 30, 2020 one one In connection with the spin-off, BBX Capital was converted from a Florida limited liability company into a Florida corporation and changed its name from BBX Capital Florida LLC to BBX Capital, Inc. In addition, in connection with the spin-off, Bluegreen Vacations issued a $75.0 million note payable to the Company that accrues interest at a rate of 6% per annum and requires payments of interest on a quarterly basis. Under the terms of the note, Bluegreen Vacations has the option in its discretion to defer interest payments under the note, with interest on the entire outstanding balance thereafter to accrue at a cumulative, compounded rate of 8% per annum until such time as Bluegreen Vacations is current on all accrued payments under the note, including deferred interest. All outstanding amounts under the note will become due and payable on September 30, 2025 December 2021, In October 2020, Principal Investments The Company’s principal holdings are BBX Capital Real Estate, BBX Sweet Holdings, and Renin. BBX Capital Real Estate BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, and commercial properties located primarily in Florida. Since November 2018, 3, January 2023, 2012, BBX Sweet Holdings BBX Sweet Holdings is engaged in the ownership and management of operating businesses in the confectionery industry, including (i) IT’SUGAR, a specialty candy retailer whose products include bulk candy, candy in giant packaging, and licensed and novelty items and which operates in retail locations that include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations throughout the United States, and (ii) Las Olas Confections and Snacks, a manufacturer and wholesaler of chocolate and other confectionery products which also operates several Hoffman’s Chocolates retail locations in South Florida. BBX Sweet Holdings owns over 90% of the equity interests in IT’SUGAR. Prior to September 22, 2020, September 22, 2020, 11 11 September 22, 2020. June 16, 2021, June 17, 2021 ( 23 Renin Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing activities, Renin sources various products and materials from China, Brazil, and certain other countries. In October 2020, Other In addition to its principal holdings, the Company has investments in other operating businesses, including (i) a restaurant located in South Florida that was acquired in 2018 third February 2023, Impact of Current Economic Issues and the COVID- 19 Economic trends in the U.S. and global economies and the industries in which the Company operates, have impacted the Company by contributing to (i) decreased consumer demand, (ii) disruptions in global supply chains, (iii) employee absenteeism and a general labor shortage, and (iv) increased economic uncertainty. In light of the uncertain duration and impact of current economic trends, the Company has focused on maintaining significant cash balances. As of December 31, 2022, Current inflationary and economic trends have and may 19 BBXRE has experienced a significant increase in commodity and labor prices, which has resulted in higher development and construction costs, and disruptions in the supply chain for certain commodities and equipment have resulted in ongoing supply shortages of building materials, equipment, and appliances. These factors have impacted the timing of certain projects currently under construction and the commencement of construction of new projects. Furthermore, homebuilders have seen a general softening of demand, and the increase in mortgage rates have had an adverse impact on residential home sales. In addition, rising interest rates have increased the cost of the Company’s outstanding indebtedness and any financing for new development projects. Increased rates have also had an adverse impact on the availability of financing, and the anticipated profitability of development projects, as a majority of development costs are financed with third not may Similarly, as a result of inflationary pressures and ongoing disruptions in global supply chains, IT’SUGAR experienced an increase in the cost of inventory and freight, as well as delays in its supply chain. While IT’SUGAR has generally been able to mitigate the impact of increased costs through increases in the prices of its products, supply chain disruptions have impacted its ability to maintain historical inventory levels at its retail locations. To the extent that costs continue to increase, there is no 2021, 2022 may may Global supply chain disruptions and increases in commodity prices have also contributed to a significant increase in Renin’s costs related to shipping and raw materials, as well as delays in its supply chains, which have: (i) negatively impacted Renin’s product costs and gross margin, (ii) increased the risk that Renin will be unable to fulfill customer orders, and (iii) negatively impacted Renin’s working capital and cash flows due to increased inventory in transit, a prolonged period between when it is required to pay its suppliers and it is paid by its customers, and an overall decline in its gross margin. While Renin has obtained price increases for many of its products, Renin’s gross margin has nonetheless been negatively impacted by these cost pressures. Additionally, the negotiation of increased prices with customers increases the risk that customers will pursue alternative sources for Renin’s products, which may 2021, Basis of Presentation The accompanying consolidated financial statements of the Company include the consolidated financial statements of BBX Capital and its subsidiaries, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin. Due to the deconsolidation of IT’SUGAR in September 2020 June 2021, December 31, 2020 2021, not September 22, 2020 December 31, 2020 January 1, 2021 June 16, 2021, December 31, 2022 December 31, 2022 2021 The Company’s consolidated statement of operations and comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year ended December 31, 2020 January 1, 2020 September 30, 2020 ( not For the period from January 1, 2020 September 30, 2020 may not September 30, 2020, not |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Consolidation Policy - one Use of Estimates not may Due to, among other things, the impact and potential future impact of the current inflationary and geopolitical environment, rising interest rates, labor shortages, supply chain issues, ongoing economic uncertainty, a possible recession, and the COVID- 19 may Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2022. December 31, 2021 2022. no Cash, Cash Equivalents, and Restricted Cash 90 three $250,000 Revenue Recognition Trade sales ● Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 30 60 ● Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. ● Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. ● Shipping and handling activities that occur after the control of goods is transferred to a customer are accounted for as fulfillment activities instead of a separate performance obligation. ● Revenue is not one Sales of real estate inventory - not may not Interest income Net gains on sales of real estate assets Other revenue Marketable Investment Securities 90 Debt securities not Securities acquired for short-term appreciation or other trading purposes are classified as trading securities and are recorded at fair value. Realized and unrealized gains and losses resulting from such fair value adjustments and from recording the results of sales are recorded in the consolidated statements of operations in other income. For securities classified as held to maturity, management must estimate expected credit losses over the remaining expected life and recognize this estimate as an allowance for credit losses. Debt securities that are available for sale are analyzed quarterly for credit losses. The analysis is performed on an individual security basis for all securities where fair value has declined below amortized cost. Interest on securities, including the amortization of premiums and the accretion of discounts, is reported in interest income using the interest method over the lives of the securities, adjusted for actual prepayments. Gains and losses on the sale of securities are recorded on the trade date and recognized using the specific identification method. Trade Accounts Receivables and Allowance for Expected Credit Losses one 30 60 30 Trade Inventory not first first In valuing inventory, the Company makes assumptions regarding write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration, and write-downs are recorded where appropriate. Because the value of inventory that will ultimately be realized cannot be known with exact certainty, we rely upon both past sales history and future sales forecasts to provide a basis for the determination of the write-down. Inventory is considered potentially obsolete if we have withdrawn those products from the market or had no 12 no 12 12 100% Real Estate Investments in and Advances to Unconsolidated Real Estate Joint Ventures - not not The Company recognizes its share of earnings or losses from certain equity method investments based on the hypothetical liquidation at book value method. Under this method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. This method is used to calculate the Company’s share of earnings or losses from equity method investments when the contractual cash disbursements to the investors are different than the investors’ stated ownership percentage. The Company capitalizes interest expense on investments in and advances to or loans to real estate joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of its investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment loss is recorded to reduce the investment to its fair value, and a new cost basis in the investment is established. Property and Equipment, net Goodwill December 31 first not not not not The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not The Company generally applies an income approach utilizing a discounted cash flow methodology and a market approach utilizing a guideline public company and transaction methodology to estimate the fair value of its reporting units. The estimated fair values obtained from the income and market approaches are compared and reviewed for reasonableness to determine a best estimate of fair value. The Company’s discounted cash flow methodology establishes an estimate of fair value by estimating the present value of the projected future cash flows to be generated from a reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company generally uses a five ten may Inherent in the Company’s determinations of fair value are certain judgments and estimates relating to future cash flows, including the Company’s assessment of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operating businesses. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. Intangible Asset, net Operating Lease Assets and Operating Lease Liabilities 12 12 not not not not Impairment of Long-Lived Assets may not may not not not not To the extent that impairment testing is required, the Company generally estimates the fair values of its long-lived assets utilizing a discounted cash flow methodology which estimates the present value of the projected future cash flows expected to be generated from the applicable assets or asset groups. When estimating the fair value of asset groups related to a retail location, the Company’s estimated fair value considers the relevant market participants and the highest and best use for the location, including whether the value of the location would be maximized by operating the location in its current use or by permanently closing the location and subleasing it. To the extent applicable, the Company estimates the fair value of right-of-use assets associated with its retail locations using a discounted cash flow methodology which estimates the present value of market rental rates applicable to such right-of-use assets. When estimating the fair value of intangible assets, the Company uses a form of the income approach relevant to the applicable asset or asset group. The Company uses the relief from royalty valuation method, a form of the income approach, to estimate the fair value of trademarks. Under this method, the fair value of trademarks is determined by calculating the present value using a risk-adjusted discount rate of the estimated future royalty payments that would have to be paid if the trademarks were not As the carrying amounts of the Company’s long-lived assets are dependent upon estimates of future cash flows that they are expected to generate, these assets may not Deferred Financing Costs third Income Taxes September 30, 2020, 80% 80% not September 30, 2020, The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Income tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not may not 50% not December 31, 2022 Noncontrolling Interests third 100% A change in the ownership interests of a subsidiary is accounted for as an equity transaction if the Company retains its controlling financial interest in the subsidiary. The amounts of consolidated net income and comprehensive income attributable to BBX Capital’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated statements of operations and comprehensive income. Cost of Trade Sales Advertising December 31, 2022 2021 2020 Accounting for Loss Contingencies Earnings Per Share September 30, 2020, Recently Adopted and Future Adoption of Recently Issued Accounting Pronouncements There were no December 31, 2022 no December 31, 2022 |
Note 3 - Acquisition
Note 3 - Acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Acquisition of Colonial Elegance On October 22, 2020, The base purchase price for the acquisition was $38.8 million. In addition to the base purchase price, Renin acquired excess working capital for $4.3 million, which resulted in total purchase consideration of $43.1 million. Renin paid substantially all of the purchase consideration in cash at closing, which was funded by Renin with proceeds from its amended and restated credit facility with TD Bank and a $5.0 million capital contribution from BBX Capital. The consolidated net assets and results of operations of Colonial Elegance are included in the Company’s consolidated financial statements commencing on October 22, 2020 December 31, 2020 October 22, 2020 to December 31, 2020 Trade sales $ 12,393 Income before income taxes $ 722 Purchase Price Allocation The Company accounted for the acquisition of Colonial Elegance using the acquisition method of accounting, which requires that the assets acquired and liabilities assumed associated with an acquiree be recognized at their fair values at the acquisition date. The following table summarizes fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash $ 557 Trade accounts receivable 10,244 Trade inventory 12,133 Property and equipment 1,007 Identifiable intangible assets (1) 21,795 Operating lease asset (2) 3,919 Other assets 650 Total assets acquired 50,305 Accounts payable (5,619 ) Other liabilities (3,524 ) Operating lease liability (2,213 ) Total liabilities assumed (11,356 ) Fair value of identifiable net assets 38,949 Goodwill 4,140 Purchase consideration 43,089 Less: cash acquired (557 ) Less: consideration payable (194 ) Cash paid for acquisition less cash acquired $ 42,338 Acquisition-related costs included in selling, general and administrative expenses $ 441 ( 1 Identifiable intangible assets were comprised of $2.9 million, $18.7 million and $0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships. ( 2 Includes an intangible asset of $1.7 million related to below market rents associated with the lease for a distribution facility that is expected to be recognized over the lease term of approximately seven The fair values reported in the above table were estimated by the Company using available market information and applicable valuation methods. As considerable judgment is involved in estimates of fair value, the fair values presented above are not The following summarizes the Company’s methodologies for estimating the fair value of certain assets and liabilities associated with Colonial Elegance: Trade Accounts Receivables Trade accounts receivables were recorded at fair value using the cost approach. The inputs used were trade receivable balances, allowances, charge-offs, sales discounts and volume of returned merchandise. The cost approach was used for the valuation of trade accounts receivables due to their short maturities. Trade Inventories Raw materials were fair valued using the cost approach. Raw material items replaced on a regular basis were recorded at fair value based on historical costs. Finished goods inventory was recorded at fair value by adding a gross margin based on earnings before income taxes from building product distributors to the finished goods historical cost amounts in order to estimate a reasonable profit margin for selling finished goods. Identifiable Intangible Assets and Liabilities The fair value of the acquired trademark was estimated using the relief-from-royalty method, a form of the income approach. Under this approach, the fair value was estimated by calculating the present value using a risk-adjusted discount rate of the expected future royalty payments that would have to be paid if the Colonial Elegance trademark was not The fair value of the acquired customer relationships was estimated using the multi-period excess earnings method. The multi-period excess earnings method isolates the expected cash flows attributable to Colonial Elegance’s customer relationships and discounts these cash flows at a risk-adjusted discount rate. Goodwill The goodwill recognized in connection with the acquisition reflects the difference between the estimated fair value of the net assets acquired and the consideration paid by Renin to acquire Colonial Elegance. The goodwill recognized in the acquisition is deductible for income tax purposes. Pro Forma Information (unaudited) The following unaudited pro forma financial data presents the Company’s revenues and earnings for the year ended December 31, 2020 January 1, 2019 For the Year Ended December 31, 2020 Unaudited Pro Forma Actual Trade sales $ 188,146 147,210 (Loss) income from continuing operations before income taxes $ (55,619 ) (57,947 ) (Loss) income from continuing operations $ (45,035 ) (46,703 ) Net (loss) income attributable to shareholders $ (40,306 ) (41,974 ) The unaudited pro forma financial data for the year ended December 31, 2020 includes estimated interest expense of $1.5 million associated with borrowings used to fund the acquisition of Colonial Elegance. The pro forma financial data reported in the above table does not January 1, 2019, Acquisition of The Altman Companies In November 2018, January 2023 no no On January 31, 2023 ( may In connection with the acquisition of the 40% interest from Mr. Altman, BBXRE acquired the remaining 10% equity interest owned by Mr. Altman. Pursuant to the terms of the modified arrangement for the acquisition of the remaining 10% equity interest, the parties agreed that Mr. Altman will remain employed by the Altman Companies and that the remaining $2.4 million payment for the interest will be deferred until the earlier of (i) the termination of Mr. Altman’s employment from the Altman Companies or (ii) November 30, 2028 ( ● With respect to certain proposed development projects in predevelopment, Mr. Altman will be entitled to invest in the managing member of any joint venture formed to invest in such projects as if his ownership percentage in the Altman Companies was still 10% if the projects commence prior to the Final Payment Date. ● With respect to certain proposed development projects that were determined to be unlikely to proceed and for which Mr. Altman did not ● With respect to all other projects that commence prior to the Final Payment Date, Mr. Altman will be required to invest in the managing member of any joint venture formed to invest in such projects as if his relative ownership percentage in the Altman Companies was 10%. However, in such case, his investment in the ventures will be entitled to profits similar to those earned by non-managing members rather than the profits to which BBXRE will be entitled as the managing member. If Mr. Altman does not As a result of the transaction, BBXRE is now entitled to nominate all members of the executive committee responsible for the management of the Altman Companies (although BBXRE has continued to nominate Mr. Altman as a member of the committee) and is deemed to have acquired control and decision-making authority for all significant operating and financing decisions related to the Altman Companies. Further, BBXRE will have decision-making authority for all significant operating and financing decisions for any development joint venture that is sponsored and formed by the Altman Companies subsequent to the Acquisition Date. However, as discussed above, Mr. Altman has retained his membership interests, including his decision-making rights, in the managing member of all development joint ventures that were originated prior to the Acquisition Date. Accounting for BBXRE s Investment in the Altman Companies and Related Investments Through the Acquisition Date, the Company accounted for its investment in the Altman Companies under the equity method of accounting, as BBXRE and Mr. Altman jointly managed the Altman Companies and shared decision-making authority for all significant operating and financing decisions through such date. Further, the Company has accounted for its investments in the managing member of development joint ventures that were originated prior to the Acquisition Date under the equity method of accounting, as BBXRE and Mr. Altman similarly shared decision-making authority for all significant operating and financing decisions related to the managing member of such joint ventures. As a result of BBXRE’s acquisition of control and decision-making authority over the Altman Companies, the Company will now consolidate the Altman Companies in its financial statements as of the Acquisition Date using the acquisition method of accounting, which requires that the assets acquired and liabilities assumed associated with an acquiree be recognized at their fair values at the acquisition date. As a result, during the three March 31, 2023, Further, as a result of the acquisition, the Company expects that it will also consolidate the managing member of any new development joint ventures that are sponsored and formed by the Altman Companies commencing as of and subsequent to the Acquisition Date. Further, while Joel Altman will generally retain his decision-making rights in the managing member of development joint ventures that were originated prior to the Acquisition Date, the Company is continuing to evaluate its accounting for its investments in such joint ventures as of and subsequent to the Acquisition Date under the applicable accounting guidance. In addition, the Altman Companies owns 60% of the membership interests in Altman-Glenewinkel Construction (“AGC”), which generates revenues from the performance of general contractor services to joint ventures that are formed to invest in development projects originated by the Altman Companies. Pursuant to the operating agreement of AGC, the Altman Companies may not one not not The initial accounting for BBXRE's acquisition of financial control of the Altman Companies was incomplete at the time the financial statements for the year ended December 31, 2022 805, three March 31, 2023, |
Note 4 - Securities Available f
Note 4 - Securities Available for Sale, at Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. The following table summarizes the amortized cost and fair value of securities available-for-sale at December 31, 2022 2021 As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 13,080 11 — 13,091 Community Development District bonds 820 — (7 ) 813 Corporate bonds 4,670 — (26 ) 4,644 Total available-for-sale 18,570 11 (33 ) 18,548 As of December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ — — — — Community Development District bonds 820 94 — 914 Corporate bonds 4,671 — (33 ) 4,638 Total available-for-sale 5,491 94 (33 ) 5,552 All U.S. Treasury and federal agency securities and corporate bonds available-for-sale have maturities of less than one ten |
Note 5 - Trade Accounts Receiva
Note 5 - Trade Accounts Receivables, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts and Nontrade Receivable [Text Block] | 5. The Company’s trade accounts receivables consisted of the following (in thousands): December 31, December 31, 2022 2021 Trade accounts receivables $ 19,735 30,124 Allowance for expected credit losses (70 ) (225 ) Total trade accounts receivables $ 19,665 29,899 |
Note 6 - Trade Inventory
Note 6 - Trade Inventory | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. The Company’s trade inventory consisted of the following (in thousands): December 31, December 31, 2022 2021 Raw materials $ 9,130 8,545 Paper goods and packaging materials 2,185 1,777 Work in process 1,736 955 Finished goods 37,108 34,300 Total trade inventory 50,159 45,577 Inventory reserve (1,293 ) (3,682 ) Total trade inventory, net $ 48,866 $ 41,895 Renin reviews its slow-moving and obsolete inventory for potential write-downs on a quarterly basis. During the fourth 2021, December 31, 2021 |
Note 7 - Real Estate
Note 7 - Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 7. The Company’s real estate consisted of the following (in thousands): December 31, December 31, 2022 2021 Real estate held-for-sale $ 4,443 7,679 Real estate held-for-investment 6,723 6,113 Real estate inventory 1,179 9,076 Total real estate $ 12,345 22,868 During the years ended December 31, 2022, 2021, 2020, December 31, 2022 December 2022. The Company’s real estate inventory is primarily comprised of land and development costs related to BBXRE’s Beacon Lake Community development. During the year ended December 31, 2022, December 31, 2021 December 31, 2020. December 31, 2022, 2021, 2020, Impairment Testing As a result of economic and market conditions, including disruptions and uncertainty in the U.S. and global economies that arose in 2020 19 not December 31, 2022, 2021, 2020, |
Note 8 - Investments in and Adv
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. As of December 31, 2022 Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated VIEs under the equity method of accounting. Investments in and advances to unconsolidated real estate joint ventures consisted of the following (in thousands): December 31, December 31, 2022 Ownership (1) 2021 Altis Grand Central 687 1.49 % 730 Altis Ludlam Trail (2) 12,216 33.30 10,831 Altis Grand at The Preserve — 33.30 194 Altis Little Havana — 3.43 1,021 Altis Lake Willis Phase 1 850 1.23 437 Altis Lake Willis Phase 2 601 3.50 — Altis Vineland Pointe 151 50.00 2,538 Altis Miramar East/West — 5.00 2,878 Altis Grand at Suncoast 4,579 11.00 2,780 Altis Blue Lake 647 1.22 260 Altis Santa Barbara 433 3.50 — Altra Kendall 5,670 13.70 — The Altman Companies (3) 11,992 50.00 16,716 ABBX Guaranty 5,978 50.00 3,750 Bayview — 50.00 1,308 Marbella 1,064 70.00 974 The Main Las Olas 1,117 3.41 1,990 Sky Cove 24 26.25 1,686 Sky Cove South 3,241 26.25 4,708 Other 165 165 Total $ 49,415 $ 52,966 ( 1 The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not ( 2 Ownership percentage represents the Company's ownership of the managing member of the joint venture and excludes its preferred interest accounted for as a loan receivable from the joint venture. ( 3 The investment in the Altman Companies includes $2.3 million of transaction costs that were incurred in connection with the formation of the joint venture. See additional information below in this Note 8 3 50% January 2023. Unconsolidated Variable Interest Entities In accordance with the applicable accounting guidance for the consolidation of VIEs, the Company analyzes its investments in real estate joint ventures to determine if such entities are VIEs, and to the extent that such entities are VIEs, if the Company is the primary beneficiary. Based on the Company’s analysis of the forecasted cash flows and structure of these ventures, including the respective operating agreements governing these entities and any relevant financial agreements, such as financing arrangements, the Company has determined that its real estate joint ventures are VIEs in which the Company is not not not not The Company’s maximum exposure to loss in its unconsolidated real estate joint ventures was $49.4 million as of December 31, 2022 Basis Differences The aggregate difference between the Company’s investments in unconsolidated real estate joint ventures and its underlying equity in the net assets of such ventures was $2.0 million and $2.5 million as of December 31, 2022 2021 Equity in Net Earnings and Distributions of Certain Unconsolidated Real Estate Joint Ventures For the years ended December 31, 2022 2021 2020 Equity earnings for the year ended December 31, 2022 December 31, 2022 Equity earnings for the year ended December 31, 2021 Equity earnings for the year ended December 31, 2020 Altis Ludlam Trail Joint Venture As of December 31, 2019, June 2020, December 2023, three one December 31, 2022 2021 The Altman Companies, LLC In November 2018, The Altman Companies owns 100% of the membership interests in Altman Development Company and Altman Management Company and 60% of the membership interests in Altman-Glenewinkel Construction and generates revenues from the performance of development, general contractor, leasing, and property management services to joint ventures that are formed to invest in development projects originated by the Altman Companies. Further, pursuant to the operating agreement between BBXRE and Mr. Altman, the parties invested in the managing member of such joint ventures based on their relative ownership percentages in the Altman Companies. Under the terms of the operating agreement between BBXRE and Mr. Altman, the venture was being jointly managed by BBXRE and Mr. Altman, with the partners sharing decision making authority for all significant operating and financing decisions. To the extent that the parties could not third not From November 2018 January 2023, 3 BBXRE and Mr. Altman have also each contributed $4.8 million to ABBX Guaranty, LLC ("ABBX"), a joint venture established to provide guarantees on the indebtedness and construction cost overruns of new real estate joint ventures formed by the Altman Companies. Under the terms of the operating agreement of ABBX, BBXRE and Mr. Altman will retain their respective 50% equity interests in the joint venture until such time that the joint venture is no no Impairment Testing As described in Note 2, may During the years ended December 31, 2022, 2021 2020, 2020 19 not December 2022, December 31, 2022 During the year ended December 31, 2020, December 31, 2020 19 19 December 31, 2022 2021, not Summarized Financial Information of Certain Unconsolidated Real Estate Joint Ventures The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altman Companies joint venture (in thousands): December 31, 2022 2021 Assets Cash $ 968 995 Properties and equipment 20 387 Investment in unconsolidated subsidiaries 5,020 7,153 Goodwill 16,683 16,683 Due from related parties 7,089 4,462 Predevelopment costs 4,253 6,036 Other assets 1,393 2,626 Total assets $ 35,426 38,342 Liabilities and Equity Notes payable $ 2,500 3,250 Due to related parties 643 — Other liabilities 10,769 5,213 Total liabilities 13,912 8,463 Total equity 21,514 29,879 Total liabilities and equity $ 35,426 38,342 For the Years Ended December 31, 2022 2021 2020 Total revenues $ 9,106 8,577 8,700 Other expenses (18,555 ) (11,755 ) (10,670 ) Operating loss (9,449 ) (3,178 ) (1,970 ) Gain from forgiveness of related party loan 2,026 — — Equity in (losses) earnings from unconsolidated investment in Altman Glenewinkel Construction, LLC (2,318 ) 321 1,737 Net loss (9,741 ) (2,857 ) (233 ) Equity in net loss of unconsolidated real estate joint venture - The Altman Companies $ (5,491 ) (1,429 ) (117 ) The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Marbella joint venture (in thousands): December 31, 2022 2021 Assets Cash $ 3,508 4,371 Real estate inventory 1,706 49,928 Other assets 526 1,673 Total assets $ 5,740 55,972 Liabilities and Equity Notes payable $ — 30,987 Customer deposits — 21,255 Other liabilities 3,611 2,698 Total liabilities 3,611 54,940 Total equity 2,129 1,032 Total liabilities and equity $ 5,740 55,972 For the Years Ended December 31, 2022 2021 2020 Total revenues $ 110,914 24,676 — Cost of real estate inventory sold (81,610 ) (18,732 ) — Other expenses (3,601 ) (2,187 ) (858 ) Net earnings (loss) $ 25,703 3,757 (858 ) Equity in net earnings of unconsolidated real estate joint venture - Marbella $ 12,594 2,558 601 The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Little Havana joint venture (in thousands): December 31, 2022 2021 Assets Cash $ 718 40 Real estate — 58,254 Other assets 411 610 Total assets $ 1,129 58,904 Liabilities and Equity Notes payable $ — 32,536 Other liabilities 270 3,116 Total liabilities 270 35,652 Total equity 859 23,252 Total liabilities and equity $ 1,129 58,904 For the Years Ended December 31, 2022 2021 2020 Total revenues $ 255 — — Gain on sale of real estate 59,023 — — Other expenses (2,369 ) (82 ) — Net earnings (loss) $ 56,909 (82 ) — Equity in net earnings of unconsolidated real estate joint venture - Altis Little Havana $ 8,689 — — The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Miramar East/West joint venture (in thousands): December 31, 2022 2021 Assets Cash $ 433 138 Real estate — 42,613 Construction in progress — 103,413 Other assets 438 1,773 Total assets $ 871 147,937 Liabilities and Equity Notes payable $ — 88,077 Other liabilities 118 6,785 Total liabilities 118 94,862 Total equity 753 53,075 Total liabilities and equity $ 871 147,937 For the Years Ended December 31, 2022 2021 2020 Total revenues $ 5,049 1,269 — Gain on sale of real estate 143,217 — — Other expenses (7,101 ) (532 ) — Net earnings $ 141,165 737 — Equity in net earnings of unconsolidated real estate joint venture - Altis Miramar East/West $ 13,950 (34 ) — The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Promenade joint venture (in thousands): December 31, 2022 2021 Assets Cash $ — 1,197 Other assets — 208 Total assets $ — 1,405 Liabilities and Equity Other liabilities — 1,405 Total liabilities — 1,405 Total equity — — Total liabilities and equity $ — 1,405 For the Years Ended December 31, 2022 2021 2020 Total revenues $ — 2,589 3,795 Gain on sale of real estate — 40,010 — Other expenses — (2,635 ) (6,238 ) Net earnings (loss) $ — 39,964 (2,443 ) Equity in net earnings of unconsolidated real estate joint venture - Altis Promenade $ 230 5,178 (161 ) The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Grand Central joint venture (in thousands): December 31, 2022 2021 Assets Cash $ — — Real estate — — Investment in Altis Grand Central JV 4,589 4,879 Other assets — — Total assets $ 4,589 4,879 Liabilities and Equity Notes payable $ — — Other liabilities — — Total liabilities — — Total equity 4,589 4,879 Total liabilities and equity $ 4,589 4,879 For the Years Ended December 31, 2022 2021 2020 Total revenues $ — 5,735 2,630 Gain on sale of equity interest in joint venture — 53,537 — Total expenses — (7,180 ) (6,294 ) Net earnings (loss) — 52,092 (3,664 ) Equity in net earnings of unconsolidated real estate joint venture - Altis Grand Central $ — 6,182 (406 ) The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Grand at the Preserve joint venture (in thousands): December 31, 2022 2021 Assets Cash $ — 1,400 Real estate — — Other assets — — Total assets $ — 1,400 Liabilities and Equity Notes payable $ — — Other liabilities — 100 Total liabilities — 100 Total equity — 1,300 Total liabilities and equity $ — 1,400 For the Years Ended December 31, 2022 2021 2020 Total revenues $ — 1,965 399 Gain on sale of real estate — 37,675 — Other expenses — (3,476 ) (1,645 ) Net earnings (loss) — 36,164 (1,246 ) Equity in net earnings of unconsolidated real estate joint venture - Altis Grand at the Preserve $ 114 4,977 (35 ) |
Note 9 - Property and Equipment
Note 9 - Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. The Company’s property and equipment consisted of the following (in thousands): December 31, 2022 2021 Land, building and building improvements $ — 2,286 Leasehold improvements 29,001 22,523 Construction in progress 1,039 367 Office equipment, furniture, fixtures and software 27,722 22,075 Transportation 366 407 58,128 47,658 Accumulated depreciation (22,988 ) (17,047 ) Property and equipment, net $ 35,140 30,611 During the years ended December 31, 2022 2021 2020 During the year ended December 31, 2022, Renin's long-lived assets located outside the United States, which includes properties and equipment and right of use assets, had a carrying amount of $16.1 million as of December 31, 2022. As described in Note 2, may not During the year ended December 31, 2020, 19 may not As a result of the Company’s testing of its property and equipment for impairment, the Company recognized impairment losses of $1.3 million during the year ended December 31, 2020 19 During the year ended December 31, 2022, |
Note 10 - Goodwill and Intangib
Note 10 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 10. Goodwill The activity in the balance of the Company’s goodwill was as follows (in thousands): For the Years Ended December 31, 2022 2021 2020 Balance, beginning of period $ 18,414 8,277 37,248 Acquisitions — — 8,277 Deconsolidation of IT'SUGAR — — (14,864 ) IT'SUGAR emergence from bankruptcy — 14,274 — Impairment losses — — (22,384 ) Colonial Elegance acquisition adjustments to goodwill — (4,137 ) — Balance, end of period $ 18,414 18,414 8,277 In June 2021, 11 23 In connection with the Colonial Elegance acquisition, as of December 31, 2020, December 31, 2021, Impairment Testing As described in Note 2, December 31 may 2020 19 During the three June 30, 2022, June 30, 2022. June 30, 2022 not During the years ended December 31, 2022 2021, not December 31, 2022, December 31, 2022 2023 2020 not may may may not During the year ended December 31, 2020, 19 not March 31, 2020. March 31, 2020 September 22, 2020, The decline in the estimated fair values of these reporting units from December 31, 2019 19 December 31, 2020 March 2020, 19 2020. Intangible Assets The Company’s intangible assets consisted of the following (in thousands): December 31, 2022 2021 Trademarks $ 16,762 16,762 Customer relationships 18,752 18,752 Other 269 379 35,783 35,893 Accumulated amortization (6,378 ) (3,911 ) Total intangible assets $ 29,405 31,982 Trademarks and customer relationships are amortized using the straight-line method over their expected useful lives, which range from 12 to 20 years. Amortization Expense During the years ended December 31, 2022 2021 2020 The table below sets forth the estimated aggregate amortization expense of intangible assets during each of the five December 31, 2022 Years Ending December 31, Total 2023 $ 2,575 2024 2,575 2025 2,565 2026 2,528 2027 2,528 Impairment Testing As described in Note 2, may not December 31, 2022, 2021 2020, not December 31, 2022, 2021 2020. |
Note 11 - Leases
Note 11 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11. BBX Capital and its subsidiaries are lessees under various operating leases for retail stores, office space, equipment, and vehicles. Many of the Company’s lease agreements include one one seven not The Company recognizes right-of-use assets and lease liabilities associated with lease agreements with an initial term of 12 12 not not not 12 As of As of December 31, 2022 December 31, 2021 Operating lease assets $ 110,082 90,639 Operating lease liabilities $ 126,842 103,262 Weighted average remaining lease term (years) 6.3 7.2 Weighted average discount rate (1) 4.9 % 4.2 % ( 1 As most of the Company’s lease agreements do not The Company generally recognizes lease costs associated with its operating leases on a straight-line basis over the lease term, while variable lease payments that do not For the Years Ended December 31, 2022 December 31, 2021 Fixed lease costs $ 22,909 10,973 Short-term lease costs 1,459 1,582 Variable lease costs 9,103 6,291 Total operating lease costs $ 33,471 18,846 Included in the Company’s statement of cash flows under operating activities for the years ended December 31, 2022, 2021 2020 December 31, 2022 2021 The table below sets forth information regarding the maturity of the Company’s operating lease liabilities as of December 31, 2022 Period Ending December 31, 2023 $ 24,851 2024 21,768 2025 20,343 2026 16,947 2027 14,303 After 2027 48,568 Total lease payments 146,780 Less: interest 19,938 Present value of lease liabilities $ 126,842 The above operating lease payments exclude $5.1 million of legally binding minimum lease payments for lease agreements executed but not not Impairment Testing As described in Note 2, may not December 31, 2020, 19 may not As a result of the Company’s testing of certain of its right-of-use assets for impairment, the Company recognized impairment losses of $4.1 million during the years ended December 31, 2020 19 The Company did not December 31, 2022 2021. |
Note 12 - Notes Payable and Oth
Note 12 - Notes Payable and Other Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12. The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): December 31, 2022 December 31, 2021 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 2,031 2.40 - 3.75 % (5 ) $ 7,657 2.40 - 6.00 % $ 9,669 TD Bank Term Loan and Line of Credit 34,509 8.95 % (1 ) 44,363 3.78 % (1 ) IberiaBank Revolving Line of Credit (2) 2,250 8.00 % (4 ) 2,041 3.75 % (4 ) IberiaBank Note (3) — — — 1,418 3.50 % 1,802 Other 9 4.22 % — 26 4.22 % — Unamortized debt issuance costs (256 ) (622 ) Total notes payable and other borrowings $ 38,543 $ 54,883 ( 1 The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin. ( 2 BBX Capital is the guarantor on the line of credit. ( 3 BBX Capital was the guarantor on the note. ( 4 The collateral is a blanket lien on BBX Sweet Holdings’ assets. ( 5 Pledged assets consist of 85 3 Community Development District Obligations A community development district or similar development authority (“CDD”) is a unit of local government created under various state and/or local statutes to encourage planned community development and allow for the construction of infrastructure improvements through alternative financing sources, including the tax-exempt bond markets. A CDD is generally created through the approval of the local city or county in which the CDD is located and is controlled by a board of supervisors representing the landowners within the CDD. In connection with BBXRE’s development of the Beacon Lakes Community, The Meadow View at Twin Creeks CDD (the “Beacon Lakes CDD”) was formed by St. Johns County, Florida to use bond financing to fund the construction of infrastructure improvements at the Beacon Lakes Community. The Beacon Lakes CDD issues bonds periodically to fund ongoing construction of the Beacon Lakes Community, and in November 2021, May 2020, February 2019, November 2018, November 2016, The obligation to pay principal and interest on the bonds issued by the Beacon Lakes CDD is assigned to each parcel within the CDD, and the Beacon Lakes CDD has a lien on each parcel. If the owner of the parcel does not The CDD bond obligations outstanding as of December 31, 2022 2026 2052. Upon the issuance of CDD bond obligations by the Beacon Lakes CDD, the Company records an obligation for the CDD bond obligations with a corresponding increase in other assets. The CDD bonds are secured by a lien on the Beacon Lakes property. The Company relieves the CDD bond obligation associated with a particular parcel when the purchaser of the property assumes the obligation, which occurs automatically upon such purchaser’s acquisition of the property, or upon the repayment of the obligation by the Company. Included in other assets in the Company’s consolidated statements of financial condition as of December 31, 2022 2021 not Toronto-Dominion Bank ( TD Bank ) Since May 2017, October 2020, Under the terms and conditions of the initial credit facility, TD Bank provided loans under a revolving operating loan for up to approximately $16.3 million based on available collateral, as defined in the facility, and subject to Renin’s compliance with the terms and conditions of the facility, including certain specific financial covenants. Through February 2020, February 2020, July 2020, September 2020 September 2022. In connection with the acquisition of Colonial Elegance in 2020, October 2025. In July 2021, June 30, 2021 December 31, 2021. July 1, 2022, In November 2021, September 30, 2021 December 31, 2022, December 31, 2022, ( November 2021 December 2022. December 31, 2022. January 1, 2023, 2021. However, as Renin was not January March 2022, May 9, 2022 December 31, 2022, ( January March 2022, ( December 31, 2022 April 2022, December 31, 2022 one six May 9, 2022, May 2022. As of June 30, 2022 January 2023, not August 2022 January 2023. On February 3, 2023, January 31, 2023 January 1, 2023 December 31, 2023, ( December 2022 no January 2023 December 2023, ( January 1, 2024, ( January 1, 2024, December 31, 2023 one six In December 2022, If Renin again falls out of compliance and is unable to obtain additional waivers or modifications of the credit facility, Renin may As of December 31, 2022, Renin has guaranteed the obligations of the borrowers under the credit facility, and the facility is collateralized by all of Renin’s assets. In addition, the Company entered into a Pledge Agreement pursuant to which it pledged all of its membership interests in Renin as security for the borrower’s obligations under the amended and restated credit facility. IberiaBank Revolving Line of Credit - LOCS Credit Facility In July 2021, July 2023. thirty December 31, 2022 IberiaBank Note In August 2021, March 2022, Regions Bank Revolving Line of Credit - IT'SUGAR Credit Facility In January 2023, June 2024. Scheduled Minimum Principal Payments on Notes Payable and Other Borrowings The table below sets forth the contractual minimum principal payments of the Company’s notes payable and other borrowings during each of the five December 31, 2022 Notes Payable and Other Borrowings 2023 $ 7,509 2024 4,500 2025 24,759 2026 440 2027 — Thereafter 1,591 Total $ 38,799 The minimum contractual payments set forth in the table above may |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. The Company’s United States and foreign components of income (loss) before income taxes are as follows (in thousands): For the Years Ended December 31, 2022 2021 2020 U.S. $ 51,437 66,575 (59,187 ) Foreign (8,646 ) (2,334 ) 849 Total $ 42,791 64,241 (58,338 ) The Company’s provision (benefit) for income taxes consisted of the following (in thousands): For the Years Ended December 31, 2022 2021 2020 Current: Federal $ 12,117 10,672 (5,912 ) State 3,630 2,855 (599 ) 15,747 13,527 (6,511 ) Deferred: Federal (251 ) 3,234 (3,800 ) State (347 ) 414 (937 ) (598 ) 3,648 (4,737 ) Provision (benefit) for income taxes $ 15,149 17,175 (11,248 ) The table below sets forth a reconciliation of the difference between the provision (benefit) for income taxes and the amount that results from applying the federal statutory tax rate of 21% to income (loss) before income taxes (dollars in thousands): For the Years Ended December 31, 2022 2021 2020 Income tax provision (benefit) at expected federal income tax rate (1) $ 8,986 13,491 (12,251 ) Increase (decrease) resulting from: Provision (benefit) for state taxes, net of federal effect 2,521 2,670 (1,219 ) Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes 72 31 854 Nondeductible IT'SUGAR's bankruptcy costs 460 248 — Nondeductible goodwill — — 437 Nondeductible executive compensation 1,451 — 773 Increase (decrease) in valuation allowance 2,048 427 (142 ) Other – net (389 ) 308 300 Provision (benefit) for income taxes $ 15,149 17,175 (11,248 ) ( 1 Expected tax is computed based upon income (loss) before income taxes. The Company’s deferred income taxes consisted of the following significant components (in thousands): As of December 31, 2022 2021 2020 Deferred federal and state tax assets: Net operating loss carryforwards $ 10,570 7,943 7,275 Book reserves for credit losses, inventory, real estate and property and equipment 1,257 1,450 1,324 Expenses recognized for books and deferred for tax 3,439 1,288 1,860 Operating lease liabilities 8,156 2,407 317 Investment in IT'SUGAR, LLC 458 2,060 3,510 Intangible assets — 180 226 Other assets 334 332 835 Total gross federal and state deferred tax assets 24,214 15,660 15,347 Less deferred tax asset valuation allowance (9,248 ) (7,199 ) (6,772 ) Total deferred tax assets 14,966 8,461 8,575 Deferred federal and state tax liabilities: Tax over book depreciation (1,735 ) (1,727 ) (456 ) Operating lease assets (7,965 ) (2,610 ) (288 ) Intangible assets (231 ) — — Other liabilities (776 ) (348 ) (407 ) Total gross deferred federal and state tax liabilities (10,707 ) (4,685 ) (1,151 ) Net federal and state deferred tax assets $ 4,259 3,776 7,424 The Company’s income tax provision (benefit) and current and deferred income taxes were calculated on a separate return basis through September 30, 2020, September 29, 2020. The Company’s effective income tax rate was approximately 35%, 27%, and 19% during the years ended December 31, 2022, 2021, 2020, December 31, 2022, December 31, 2021 December 31, 2020 The Company evaluates its deferred tax assets to determine if valuation allowances are required. In the evaluation, management considers expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not December 31, 2022 As of December 31, 2022 December 31, 2022 2021 one 50% not 2026 2034, 2033 2042. The Company recognizes liabilities for uncertain tax positions. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not may not 50% not December 31, 2022 The Company was previously a party to an Agreement to Allocate Consolidated Income Tax Liability and Benefits with Bluegreen Vacations. Under this tax sharing agreement, the parties calculated their respective income tax liabilities and attributes as if each of them was a separate filer. If any tax attributes were used by another party to the agreement to offset its tax liability, the party providing the benefit would receive an amount for the tax benefits realized. However, this tax sharing agreement was terminated with respect to the Company upon the consummation of the spin-off. During the years ended December 31, 2020, December 31, 2022 2021 |
Note 14 - Revenue Recognition
Note 14 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14. The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Years Ended December 31, 2022 2021 2020 Trade sales - wholesale $ 149,129 164,315 106,508 Trade sales - retail 130,996 73,763 40,702 Sales of real estate inventory 27,794 65,479 20,363 Revenue from customers 307,919 303,557 167,573 Interest income 5,993 6,413 2,399 Net gains on sales of real estate assets 24,289 643 255 Other revenue 3,844 2,984 3,002 Total revenues $ 342,045 313,597 173,229 As of December 31, 2022 2021 December 31, 2022 2021 During the year ended December 31, 2022, three one December 31, 2022, 2021 2020, second December 31, 2022, 2021 2020, third December 31, 2022 December 31, 2021, |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 15. Litigation Matters In the ordinary course of business, the Company is party to lawsuits as plaintiff or defendant involving its operations and activities. Additionally, from time to time in the ordinary course of business, the Company is involved in disputes with existing and former employees, vendors, taxing jurisdictions, and various other parties and also receives individual consumer complaints as well as complaints received through regulatory and consumer agencies. The Company takes these matters seriously and attempts to resolve any such issues as they arise. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Management does not may may Adverse judgments and the costs of defending or resolving legal claims may may not not There were no December 31, 2022 Renin Supplier Dispute In October 2020, one November 2020 Since there was no December 31, 2020, December 2021, two December 2021 June 2022. December 31, 2021 December 31, 2021 December 31, 2021 December 2021 June 2022 Other Commitments, Contingencies, and Guarantees BBX Capital guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures, including the following: ● BBX Capital is guarantor on a lease agreement executed by IT’SUGAR which expires in January 2023 ● BBX Capital is a guarantor on a lease agreement executed by Renin which expires November 2029 ● BBX Capital is a guarantor on certain notes payable by its wholly-owned subsidiaries. See Note 12 BBX Capital was previously a guarantor of 50% of the outstanding balance of a third December 31, 2021. June 2022, |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans and Incentive Compensation Program | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 16. Defined Contribution 401 The sponsorship of three 401 September 30, 2020 401 December 31, 2022 50 first December 31, 2022 2021 401 September 30, 2020, 401 |
Note 17 - Common Stock
Note 17 - Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 17. Common Stock BBX Capital’s Articles of Incorporation authorize BBX Capital to issue both Class A Common Stock, par value $.01 $.01 one one one December 31, 2022 Rights Agreement On September 25, 2020, 19 September 25, 2022. Tender Offers In May 2021, June 2021, July 2021, In November 2022, two Share Repurchase Programs In October 2020, September 2021, November 19, 2021, November 2021, December 31, 2021. December 31, 2021, In January 2022, The timing, price, and number of shares which may may not may December 31, 2022 BBX Capital 2021 In May 2021, 2021 “2021 2021 May 2022, 2021. On January 18, 2022, 2021 January 2022 three October 1, 2022. December 31, 2022 On October 1, 2022, September 30, 2022 October 2022, BBX Capital had 381,018 and 136,686 of unvested restricted shares of Class A Common Stock and Class B Common Stock outstanding at December 31, 2022. December 31, 2022. 2021 December 31, 2022. On January 17, 2023, 2021 January 2023 three October 1, 2023. Compensation cost for restricted stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The fair value of restricted stock awards is generally based on the market price of the Company’s common stock on the grant date. For awards that are subject only to service conditions, the Company recognizes compensation costs on a straight-line basis over the requisite service period of the awards, and the impact of forfeitures are recognized when they occur. |
Note 18 - Noncontrolling Intere
Note 18 - Noncontrolling Interests and Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 18. Redeemable Noncontrolling Interest The redeemable noncontrolling interest included in the Company’s consolidated statements of financial condition as of December 31, 2022 2021 may As a result of the filing of the Bankruptcy Cases by IT’SUGAR and its subsidiaries, the Company deconsolidated IT’SUGAR as of September 22, 2020 June 2021 June 17, 2021 During the period from January 1, 2020 September 22, 2020, January 1, 2020 September 22, 2020. September 22, 2020 June 2021 June 17, 2021 December 31, 2022, 2021 2020. Other Noncontrolling Interest The noncontrolling interests included in the Company’s consolidated statements of financial condition as of December 31, 2022 2021 December 31, 2021, October 2020, December 31, 2020 December 31, 2022 2021 IT’SUGAR FL II, LLC operates IT’SUGAR’s location in Hawaii and was a consolidated variable interest entity. In December 2022, December 31, 2022. During the years ended December 31, 2022, 2021 2020 |
Note 19 - Earnings Per Common S
Note 19 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. The table below sets forth the computations of basic and diluted earnings per common share (in thousands, except per share data): For the Years Ended December 31, 2022 2021 2020 Basic and diluted earnings (loss) per common share Numerator: Net income (loss) $ 27,642 47,066 (47,090 ) Net loss (income) attributable to noncontrolling interests 378 (155 ) 4,803 Net income (loss) available to shareholders $ 28,020 46,911 (42,287 ) Denominator: Weighted average number of common shares outstanding 15,471 17,840 19,318 Basic earnings (loss) per share: $ 1.81 2.63 (2.19 ) Diluted earnings (loss) per share: Numerator: Net income (loss) available to shareholders 28,020 46,911 (42,287 ) Denominator: Basic weighted average number of common shares outstanding 15,471 17,840 19,318 Effect of dilutive restricted stock awards 37 — — Diluted weighted average number of common shares outstanding 15,508 17,840 19,318 Diluted earnings (loss) per common share: $ 1.81 2.63 (2.19 ) For periods prior to the spin-off on September 30, 2020, No restricted stock awards were outstanding during the years ended December 31, 2021 2020. |
Note 20 - Fair Value Measuremen
Note 20 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 20. Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three The accounting guidance for fair value measurements defines an input fair value hierarchy that has three 1 3 Level 1: Level 2: not Level 3: There were no December 31, 2022 2021 4. Financial Disclosures about Fair Value of Financial Instruments The tables below set forth information related to the Company’s consolidated financial instruments (in thousands): Fair Value Measurements Using Quoted Prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2022 2022 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 127,581 127,581 127,581 — — Restricted cash 750 750 750 — — Certificate of deposit 5,000 5,000 — 5,000 — Securities available for sale 18,548 18,548 13,091 5,457 — Note receivable from Bluegreen Vacations 50,000 46,635 — — 46,635 Financial liabilities: Notes payable and other borrowings 38,543 37,997 — — 37,997 Fair Value Measurements Using Quoted Prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2021 2021 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 118,045 118,045 118,045 — — Restricted cash 1,000 1,000 1,000 — — Securities available for sale 5,552 5,552 — 5,552 — Note receivable from Bluegreen Vacations 50,000 50,340 — — 50,340 Financial liabilities: Notes payable and other borrowings 54,883 56,360 — — 56,360 Management has made estimates of fair value that it believes to be reasonable. However, because there is no 3 may not may not may not The amounts reported in the consolidated statements of financial condition for cash and cash equivalents and restricted cash approximate fair value. The estimated fair values of the Company’s securities available for sale and certificate of deposit were measured using the market approach with Level 2 1 The estimated fair value of the Company’s note receivable from Bluegreen Vacations was measured using the income approach with Level 3 The fair values of the Company’s Community Development Bonds, which are included in notes payable and other borrowings above, were measured using the market approach with Level 3 The fair values of the Company’s notes payable and other borrowings (other than Community Development Bonds above) were measured using the income approach with Level 3 The Company’s financial instruments also include trade accounts receivable, accounts payable, and accrued liabilities. The carrying amount of these financial instruments approximate their fair values due to their short-term maturities. The Company is exposed to credit related losses in the event of non-performance by counterparties to the financial instruments with a maximum exposure equal to the carrying amount of the assets. The Company’s exposure to credit risk consists of accounts receivable balances and its Bluegreen Vacations note receivable. |
Note 21 - Certain Relationships
Note 21 - Certain Relationships and Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 21. The Company may may During the years ended December 31, 2022, 2021 2020 December 31, 2021, March 2021, November 2021. The Company provides management services to the Altman Companies for which the Company recognized $0.3 million, $0.3 million and $0.2 million, respectively, net of services providing to the Company by the Altman Companies for the years ended December 31, 2022, 2021 2020 June 2022 December 31, 2022. During the years ended December 31, 2022 2021 three December 31, 2020, A subsidiary of BBXRE recognized $0.3 million interest income on loans receivable from IT’SUGAR for the year ended December 31, 2021, January 1, 2021 June 16, 2021 not not 23 Certain of the Company's executive officers have made investments with their own funds in real estate joint ventures in which BBXRE has invested in the managing member. The executive officers' investments in the real estate joint ventures will be entitled to profits similar to those earned by non-managing members rather than the profits to which BBXRE will be entitled as the managing member. Prior to the spin-off of BBX Capital on September 30, 2020, December 31, 2020 December 31, 2020. Upon the consummation of the spin-off, all agreements with Bluegreen Vacations were terminated and replaced with a Transition Services Agreement, Tax Matters Agreement, and Employee Matters Agreement. The Transition Services Agreement generally sets out the respective rights, responsibilities and obligations of Bluegreen Vacations and BBX Capital with respect to the support services to be provided to one may September 30, 2020 one may thirty 30 may not The Tax Matters Agreement generally sets out the respective rights, responsibilities, and obligations of Bluegreen Vacations and BBX Capital with respect to taxes (including taxes arising in the ordinary course of business and taxes incurred as a result of the spin-off), tax attributes, tax returns, tax contests, and certain other related tax matters. The Tax Matters Agreement allocates responsibility for the preparation and filing of certain tax returns (and the payment of taxes reflected thereon). Under the Tax Matters Agreement, Bluegreen Vacations will generally be liable for its own taxes and taxes of all of its subsidiaries (other than the taxes of BBX Capital and its subsidiaries, for which BBX Capital shall be liable) for all tax periods (or portion thereof) ending on September 30, 2020, 336 1986, one The Employee Matters Agreement sets out the respective rights, responsibilities, and obligations of Bluegreen Vacations and BBX Capital with respect to the transfer of certain employees of the businesses of BBX Capital and related matters, including benefit plans, terms of employment, retirement plans and other employment-related matters. Under the Employee Matters Agreement, BBX Capital or its subsidiaries will generally assume or retain responsibility as employer of employees whose duties primarily relate to their respective businesses as well as all obligations and liabilities with respect thereto. The Company was also previously a party to an Agreement to Allocate Consolidated Income Tax Liability and Benefits with Bluegreen Vacations and Bluegreen that was terminated in connection with the spin-off. See Note 13 As further described in Note 1, September 30, 2025 December 2021, December 31, 2022, 2021 2020 The components of net transfers from Bluegreen Vacations in the consolidated statements of changes in equity consisted of the following (in thousands): For the Year Ended December 31, 2020 Cash pooling $ 81,581 Corporate overhead allocations 12,694 Asset transfers 75,320 Income taxes (1,685 ) Net transfers from Bluegreen Vacations $ 167,910 |
Note 22 - Segment Reporting
Note 22 - Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 22. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in assessing performance and deciding how to allocate resources. Reportable segments consist of one The information provided for segment reporting is obtained from internal reports utilized by the Company’s CODM, and the presentation and allocation of assets and results of operations may not not The Company’s three 1 In the segment information for the years ended December 31, 2022 2021 2020 The Company evaluates segment performance based on segment income or loss before income taxes. The table below sets forth the Company’s segment information as of and for the year ended December 31, 2022 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 139,718 131,951 8,470 (14 ) 280,125 Sales of real estate inventory 27,794 — — — — 27,794 Interest income 3,617 — — — 2,376 5,993 Net gains on sales of real estate assets 24,289 — — — — 24,289 Other revenue 1,835 — — 2,572 (563 ) 3,844 Total revenues 57,535 139,718 131,951 11,042 1,799 342,045 Costs and expenses: Cost of trade sales — 83,307 127,623 2,805 (14 ) 213,721 Cost of real estate inventory sold 11,463 — — — — 11,463 Interest expense — 1,015 3,588 2 (2,206 ) 2,399 Recoveries from loan losses, net (4,835 ) — — — — (4,835 ) Impairment losses 311 238 — — — 549 Selling, general and administrative expenses 13,772 55,617 17,077 7,224 22,525 116,215 Total costs and expenses 20,711 140,177 148,288 10,031 20,305 339,512 Operating income (losses) 36,824 (459 ) (16,337 ) 1,011 (18,506 ) 2,533 Equity in net earnings of unconsolidated real estate joint ventures 38,414 — — — — 38,414 Other (expense) income (7 ) 718 (57 ) 4 306 964 Foreign exchange (loss) gain — (70 ) 950 — — 880 Income (loss) before income taxes $ 75,231 189 (15,444 ) 1,015 (18,200 ) 42,791 Total assets $ 225,786 161,337 102,601 7,134 65,983 562,841 Expenditures for property and equipment $ — 11,383 1,653 110 1,593 14,739 Depreciation and amortization $ (271 ) 6,629 3,344 140 371 10,213 Debt accretion and amortization $ 261 61 128 — — 450 Cash and cash equivalents $ 107,069 7,246 1,060 2,643 9,563 127,581 Investments in and advances to unconsolidated real estate joint ventures $ 49,415 — — — — 49,415 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 1,946 18,150 47,838 9 (29,400 ) 38,543 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2021 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 84,215 146,255 7,616 (8 ) 238,078 Sales of real estate inventory 65,479 — — — — 65,479 Interest income 2,048 36 — — 4,329 6,413 Net gains on sales of real estate assets 643 — — — — 643 Other revenue 1,504 — — 2,045 (565 ) 2,984 Total revenues 69,674 84,251 146,255 9,661 3,756 313,597 Costs and expenses: Cost of trade sales — 52,497 130,366 2,291 (8 ) 185,146 Cost of real estate inventory sold 29,690 — — — — 29,690 Interest expense — 429 1,830 2 (822 ) 1,439 Recoveries from loan losses, net (7,774 ) — — — — (7,774 ) Impairment losses — 38 — — — 38 Selling, general and administrative expenses 7,587 31,524 15,857 5,978 15,068 76,014 Total costs and expenses 29,503 84,488 148,053 8,271 14,238 284,553 Operating income (losses) 40,171 (237 ) (1,798 ) 1,390 (10,482 ) 29,044 Equity in net earnings of unconsolidated real estate joint ventures 18,154 — — — — 18,154 Other (expense) income (14 ) 131 — — 224 341 Gain on the consolidation of IT'SUGAR, LLC — 15,890 — — — 15,890 Foreign exchange gain — — 812 — — 812 Income (loss) before income taxes $ 58,311 15,784 (986 ) 1,390 (10,258 ) 64,241 Total assets $ 179,619 143,916 101,647 7,745 100,428 533,355 Expenditures for property and equipment $ — 4,283 3,099 185 959 8,526 Depreciation and amortization $ — 3,181 3,037 118 122 6,458 Debt accretion and amortization $ 737 21 113 — — 871 Cash and cash equivalents $ 66,558 9,792 1,369 2,937 37,389 118,045 Investments in and advances to unconsolidated real estate joint ventures $ 52,966 — — — — 52,966 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 7,312 14,421 44,124 26 (11,000 ) 54,883 ( 1 The above segment information includes the operations of IT’SUGAR as of June 17, 2021, The table below sets forth the Company’s segment information as of and for the year ended December 31, 2020 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 49,155 93,036 5,019 — 147,210 Sales of real estate inventory 20,363 — — — — 20,363 Interest income 1,240 29 — 1 1,129 2,399 Net gains on sales of real estate assets 255 — — — — 255 Other revenue 1,454 281 — 1,461 (194 ) 3,002 Total revenues 23,312 49,465 93,036 6,481 935 173,229 Costs and expenses: Cost of trade sales — 41,482 83,563 1,983 — 127,028 Cost of real estate inventory sold 13,171 — — — — 13,171 Interest expense — 193 615 10 (581 ) 237 Recoveries from loan losses, net (8,876 ) — — — — (8,876 ) Impairment losses 2,742 25,303 — 2,727 — 30,772 Selling, general and administrative expenses 6,758 26,855 11,735 4,684 15,940 65,972 Total costs and expenses 13,795 93,833 95,913 9,404 15,359 228,304 Operating income (losses) 9,517 (44,368 ) (2,877 ) (2,923 ) (14,424 ) (55,075 ) Equity in net earnings of unconsolidated real estate joint ventures 465 — — — — 465 Loss on the deconsolidation of IT'SUGAR, LLC — (3,326 ) — — — (3,326 ) Other income (expense) 6 221 (3 ) 8 58 290 Foreign exchange loss — — (692 ) — — (692 ) Income (loss) before income taxes $ 9,988 (47,473 ) (3,572 ) (2,915 ) (14,366 ) (58,338 ) Total assets $ 165,732 28,668 104,654 7,096 141,506 447,656 Expenditures for property and equipment $ — 3,155 2,118 72 — 5,345 Depreciation and amortization $ — 4,244 1,380 106 104 5,834 Debt accretion and amortization $ 287 168 243 — — 698 Cash and cash equivalents $ 31,133 1,163 2,438 1,539 53,764 90,037 Real estate equity method investments $ 58,010 — — — — 58,010 Goodwill $ — — 8,277 — — 8,277 Notes payable and other borrowings $ 26,762 1,417 45,261 43 — 73,483 ( 2 The above segment information excludes the operations of IT’SUGAR as of September 22, 2020, |
Note 23 - IT'SUGAR Bankruptcy
Note 23 - IT'SUGAR Bankruptcy | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] | 23. SUGAR Bankruptcy In March 2020, 19 May 2020 September 2020, IT’SUGAR ceased paying rent to the landlords of its closed locations in April 2020 Although IT’SUGAR was able to reopen its retail locations and received an advance of $2.0 million from a subsidiary of BBX Capital under an existing credit facility, IT’SUGAR was unable to maintain sufficient liquidity to sustain its operations. In particular, although a significant portion of its retail locations were reopened during the three September 30, 2020, 2019. September 22, 2020, 11 In connection with the Bankruptcy Cases, on October 7, 2020, three December 31, 2020. As a result of the filings, the uncertainties surrounding the nature, timing, and specifics of the Bankruptcy Cases, and the Company’s resulting loss of control and significant influence over IT’SUGAR, the Company determined that IT’SUGAR is a VIE in which the Company is not Following the deconsolidation of IT’SUGAR, the Company’s noncontrolling equity investment in IT’SUGAR was being accounted for at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Equity investments are accounted for at cost less impairment when the investor does not no IT’SUGAR’s results of operations, and cash flows through September 22, 2020 The following table summarizes the assets, liabilities, and net equity of IT’SUGAR as of September 22, 2020, September 22, 2020 ASSETS Cash and cash equivalents $ 1,045 Restricted cash 20 Trade accounts receivable, net 103 Trade inventory 6,213 Property and equipment, net 22,162 Goodwill 14,864 Intangible assets, net 3,222 Operating lease assets 64,889 Other assets 1,707 Total assets $ 114,225 LIABILITIES AND EQUITY Liabilities: Accrued expenses 13,441 Operating lease liabilities 80,388 Notes payable and other borrowings 6,199 Total liabilities 100,028 Equity: Additional paid-in capital 59,809 Accumulated earnings (50,102 ) Noncontrolling interests 4,490 Total equity 14,197 Total liabilities and equity $ 114,225 Included in total liabilities in the above table are approximately $11.7 million of pre-petition liabilities, of which $7.7 million are pre-petition lease payments and $4.0 million are pre-petition obligations to other creditors, including supplies and vendors. Emergence from Bankruptcy and Reconsolidation of IT SUGAR Emergence from Bankruptcy In April 2021, June 16, 2021 June 17, 2021 Pursuant to the terms of the Plan, claims against IT’SUGAR were treated as follows: ● The $4.0 million DIP credit facility and a $6.0 million pre-petition line of credit held by the Company’s wholly-owned subsidiary were repaid in full through the Exit Facility (as defined and described below); ● A secured equipment note held by the Company’s wholly-owned subsidiary was assumed, ratified, and reinstated on the Effective Date; ● Each holder of an allowed construction / mechanic’s lien claim received payment in full in cash on the Effective Date or, in some cases, received such payment as promptly as was practicable after the Effective Date; ● Each holder of an allowed general unsecured claim received, in full satisfaction of such claims, a one ● Holders of subordinated claims did not Payments of claims made pursuant to the Plan, along with the payment of administrative expenses and professional fees, were funded by IT’SUGAR’s cash on-hand and net proceeds from the Exit Facility provided by the Company. Exit Facility On the Effective Date, the Company’s wholly-owned subsidiary entered into a secured exit credit facility with IT’SUGAR (the “Exit Facility”) which provided for advances to IT’SUGAR of up to $13.0 million. The Company’s wholly-owned subsidiary advanced $13.0 million to IT’SUGAR under the Exit Facility, less the repayment of the $4.0 million DIP credit facility due from IT’SUGAR and the $6.0 million pre-petition line of credit due from IT’SUGAR (both of which were superseded and replaced by the Exit Facility). Amounts outstanding under the Exit Facility bear interest at 5% per annum. In addition to monthly payments of interest due under the facility, the Exit Facility requires monthly payments of principal of $325,000 commencing on January 1, 2022. April 1, 2025. December 31, 2022 2021 December 31, 2022 2021, Ownership and Reconsolidation of IT SUGAR Pursuant to the terms of the Plan, the Company’s equity interests in IT’SUGAR were revested on the Effective Date, and all organizational documents of IT’SUGAR were assumed, ratified, and reinstated. As a result of the confirmation and effectiveness of the Plan and the revesting of its equity interests in IT’SUGAR, the Company was deemed to have reacquired a controlling financial interest in IT’SUGAR and consolidated the results of IT’SUGAR into its consolidated financial statements as of the Effective Date, the date that the Company reacquired control of IT’SUGAR. Allocation of IT SUGAR s Fair Value upon Consolidation The Company accounted for the consolidation of IT’SUGAR upon the revesting of its equity interests under the acquisition method of accounting, which requires that the assets acquired and liabilities assumed associated with an acquiree be recognized at their fair values at the consolidation date. As a result, the Company remeasured the carrying value of its equity interests in IT’SUGAR at fair value as of the Effective Date, with the remeasurement adjustment recognized in the Company’s statement of operations, and recognized goodwill based on the difference between (i) the fair values of IT’SUGAR’s identifiable assets and liabilities at the consolidation date and (ii) the fair values of the Company’s interests in IT’SUGAR and the noncontrolling interests in IT’SUGAR. The following table summarizes the fair value of the assets acquired and liabilities assumed of IT’SUGAR at the consolidation date (in thousands): Cash $ 6,909 Trade accounts receivable 584 Trade inventory 5,337 Property and equipment 19,291 Identifiable intangible assets (1) 9,670 Operating lease assets (2) 54,253 Other assets 3,323 Total assets acquired 99,367 Accounts payable (2,517 ) Accrued expenses (8,445 ) Other liabilities (124 ) Operating lease liabilities (62,975 ) Notes payable and other borrowings (3) (10,054 ) Total liabilities assumed (84,115 ) Fair value of identifiable net assets 15,252 Fair value of net assets acquired 28,590 Fair value of redeemable noncontrolling interest 936 Fair value of IT'SUGAR 29,526 Goodwill $ 14,274 Gain on the consolidation of IT'SUGAR (4) $ 15,890 ( 1 Identifiable intangible assets primarily represents the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years. ( 2 Includes a net intangible liability of $8.7 million related to off market rents related to certain of IT’SUGAR’s retail locations that is expected to be recognized over a weighted average lease term of approximately 8 years. ( 3 Notes payable and other borrowings reflects amounts due to the Company’s wholly-owned subsidiary that have been eliminated in consolidation as of and subsequent to the consolidation date. ( 4 The gain is comprised of the remeasurement of the Company’s equity interest in IT’SUGAR at fair value. The fair values reported in the above table were estimated by the Company using available market information and applicable valuation methods. As considerable judgment is involved in estimates of fair value, the fair values presented above are not The following summarizes the Company’s methodologies for estimating the fair values of certain assets and liabilities associated with the consolidation of IT’SUGAR and the fair value of BBX Capital’s existing investment in IT’SUGAR. Property and Equipment Identifiable Intangible Assets not Operating Lease Assets and Lease Liabilities 842, Leases Goodwill Remeasurement of Existing Investment in IT SUGAR Redeemable Noncontrolling Interest The results of operations of IT’SUGAR are included in the Company’s consolidated statement of operations and comprehensive income for the year ended December 31, 2022, not December 31, 2021 January 1, 2021 June 16, 2021 not December 31, 2020 September 20, 2020 December 31, 2020. For the Years Ended December 31, 2022 2021 2020 Trade sales $ 119,302 62,161 31,794 Income (loss) before income taxes $ 2,307 2,516 (41,182 ) The following unaudited financial data presents the Company's actual revenues and earnings for the year ended December 31, 2022 December 31, 2021 2020 January 1, 2020 Actual Unaudited Pro Forma For the Years Ended December 31, 2022 2021 2020 Trade sales $ 280,125 277,769 162,056 Income (loss) before income taxes $ 42,791 52,788 (62,156 ) Income (loss) $ 27,642 39,690 (49,093 ) Net income (loss) income attributable to shareholders $ 28,020 39,146 (43,596 ) The unaudited pro forma financial data for the year ended December 31, 2020 December 31, 2021 The unaudited pro forma financial data reported in the above table does not January 1, 2020, |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 24. Subsequent events have been evaluated through the date the financial statements were issued. As of such date, other than described elsewhere herein, there were no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation Policy - one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates not may Due to, among other things, the impact and potential future impact of the current inflationary and geopolitical environment, rising interest rates, labor shortages, supply chain issues, ongoing economic uncertainty, a possible recession, and the COVID- 19 may |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2022. December 31, 2021 2022. no Cash, Cash Equivalents, and Restricted Cash 90 three $250,000 |
Revenue [Policy Text Block] | Revenue Recognition Trade sales ● Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 30 60 ● Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. ● Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. ● Shipping and handling activities that occur after the control of goods is transferred to a customer are accounted for as fulfillment activities instead of a separate performance obligation. ● Revenue is not one Sales of real estate inventory - not may not Interest income Net gains on sales of real estate assets Other revenue |
Marketable Securities, Policy [Policy Text Block] | Marketable Investment Securities 90 Debt securities not Securities acquired for short-term appreciation or other trading purposes are classified as trading securities and are recorded at fair value. Realized and unrealized gains and losses resulting from such fair value adjustments and from recording the results of sales are recorded in the consolidated statements of operations in other income. For securities classified as held to maturity, management must estimate expected credit losses over the remaining expected life and recognize this estimate as an allowance for credit losses. Debt securities that are available for sale are analyzed quarterly for credit losses. The analysis is performed on an individual security basis for all securities where fair value has declined below amortized cost. Interest on securities, including the amortization of premiums and the accretion of discounts, is reported in interest income using the interest method over the lives of the securities, adjusted for actual prepayments. Gains and losses on the sale of securities are recorded on the trade date and recognized using the specific identification method. |
Accounts Receivable [Policy Text Block] | Trade Accounts Receivables and Allowance for Expected Credit Losses one 30 60 30 |
Inventory, Policy [Policy Text Block] | Trade Inventory not first first In valuing inventory, the Company makes assumptions regarding write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration, and write-downs are recorded where appropriate. Because the value of inventory that will ultimately be realized cannot be known with exact certainty, we rely upon both past sales history and future sales forecasts to provide a basis for the determination of the write-down. Inventory is considered potentially obsolete if we have withdrawn those products from the market or had no 12 no 12 12 100% |
Real Estate, Policy [Policy Text Block] | Real Estate |
Equity Method Investments [Policy Text Block] | Investments in and Advances to Unconsolidated Real Estate Joint Ventures - not not The Company recognizes its share of earnings or losses from certain equity method investments based on the hypothetical liquidation at book value method. Under this method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. This method is used to calculate the Company’s share of earnings or losses from equity method investments when the contractual cash disbursements to the investors are different than the investors’ stated ownership percentage. The Company capitalizes interest expense on investments in and advances to or loans to real estate joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of its investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment loss is recorded to reduce the investment to its fair value, and a new cost basis in the investment is established. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill December 31 first not not not not The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not The Company generally applies an income approach utilizing a discounted cash flow methodology and a market approach utilizing a guideline public company and transaction methodology to estimate the fair value of its reporting units. The estimated fair values obtained from the income and market approaches are compared and reviewed for reasonableness to determine a best estimate of fair value. The Company’s discounted cash flow methodology establishes an estimate of fair value by estimating the present value of the projected future cash flows to be generated from a reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company generally uses a five ten may Inherent in the Company’s determinations of fair value are certain judgments and estimates relating to future cash flows, including the Company’s assessment of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operating businesses. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Asset, net |
Lessee, Leases [Policy Text Block] | Operating Lease Assets and Operating Lease Liabilities 12 12 not not not not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may not may not not not not To the extent that impairment testing is required, the Company generally estimates the fair values of its long-lived assets utilizing a discounted cash flow methodology which estimates the present value of the projected future cash flows expected to be generated from the applicable assets or asset groups. When estimating the fair value of asset groups related to a retail location, the Company’s estimated fair value considers the relevant market participants and the highest and best use for the location, including whether the value of the location would be maximized by operating the location in its current use or by permanently closing the location and subleasing it. To the extent applicable, the Company estimates the fair value of right-of-use assets associated with its retail locations using a discounted cash flow methodology which estimates the present value of market rental rates applicable to such right-of-use assets. When estimating the fair value of intangible assets, the Company uses a form of the income approach relevant to the applicable asset or asset group. The Company uses the relief from royalty valuation method, a form of the income approach, to estimate the fair value of trademarks. Under this method, the fair value of trademarks is determined by calculating the present value using a risk-adjusted discount rate of the estimated future royalty payments that would have to be paid if the trademarks were not As the carrying amounts of the Company’s long-lived assets are dependent upon estimates of future cash flows that they are expected to generate, these assets may not |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs third |
Income Tax, Policy [Policy Text Block] | Income Taxes September 30, 2020, 80% 80% not September 30, 2020, The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Income tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not may not 50% not December 31, 2022 |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Noncontrolling Interests third 100% A change in the ownership interests of a subsidiary is accounted for as an equity transaction if the Company retains its controlling financial interest in the subsidiary. The amounts of consolidated net income and comprehensive income attributable to BBX Capital’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated statements of operations and comprehensive income. |
Cost of Goods and Service [Policy Text Block] | Cost of Trade Sales |
Advertising Cost [Policy Text Block] | Advertising December 31, 2022 2021 2020 |
Commitments and Contingencies, Policy [Policy Text Block] | Accounting for Loss Contingencies |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share September 30, 2020, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted and Future Adoption of Recently Issued Accounting Pronouncements There were no December 31, 2022 no December 31, 2022 |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Actual Unaudited Pro Forma For the Years Ended December 31, 2022 2021 2020 Trade sales $ 280,125 277,769 162,056 Income (loss) before income taxes $ 42,791 52,788 (62,156 ) Income (loss) $ 27,642 39,690 (49,093 ) Net income (loss) income attributable to shareholders $ 28,020 39,146 (43,596 ) |
Colonial Elegance, Inc [Member] | |
Notes Tables | |
Business Acquisition, Consolidated Information Since Acquisition [Table Text Block] | October 22, 2020 to December 31, 2020 Trade sales $ 12,393 Income before income taxes $ 722 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 557 Trade accounts receivable 10,244 Trade inventory 12,133 Property and equipment 1,007 Identifiable intangible assets (1) 21,795 Operating lease asset (2) 3,919 Other assets 650 Total assets acquired 50,305 Accounts payable (5,619 ) Other liabilities (3,524 ) Operating lease liability (2,213 ) Total liabilities assumed (11,356 ) Fair value of identifiable net assets 38,949 Goodwill 4,140 Purchase consideration 43,089 Less: cash acquired (557 ) Less: consideration payable (194 ) Cash paid for acquisition less cash acquired $ 42,338 Acquisition-related costs included in selling, general and administrative expenses $ 441 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Year Ended December 31, 2020 Unaudited Pro Forma Actual Trade sales $ 188,146 147,210 (Loss) income from continuing operations before income taxes $ (55,619 ) (57,947 ) (Loss) income from continuing operations $ (45,035 ) (46,703 ) Net (loss) income attributable to shareholders $ (40,306 ) (41,974 ) The unaudited pro forma financial data for the year ended December 31, 2020 includes estimated interest expense of $1.5 million associated with borrowings used to fund the acquisition of Colonial Elegance. |
Note 4 - Securities Available_2
Note 4 - Securities Available for Sale, at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 13,080 11 — 13,091 Community Development District bonds 820 — (7 ) 813 Corporate bonds 4,670 — (26 ) 4,644 Total available-for-sale 18,570 11 (33 ) 18,548 As of December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ — — — — Community Development District bonds 820 94 — 914 Corporate bonds 4,671 — (33 ) 4,638 Total available-for-sale 5,491 94 (33 ) 5,552 |
Note 5 - Trade Accounts Recei_2
Note 5 - Trade Accounts Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, December 31, 2022 2021 Trade accounts receivables $ 19,735 30,124 Allowance for expected credit losses (70 ) (225 ) Total trade accounts receivables $ 19,665 29,899 |
Note 6 - Trade Inventory (Table
Note 6 - Trade Inventory (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, 2022 2021 Raw materials $ 9,130 8,545 Paper goods and packaging materials 2,185 1,777 Work in process 1,736 955 Finished goods 37,108 34,300 Total trade inventory 50,159 45,577 Inventory reserve (1,293 ) (3,682 ) Total trade inventory, net $ 48,866 $ 41,895 |
Note 7 - Real Estate (Tables)
Note 7 - Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | December 31, December 31, 2022 2021 Real estate held-for-sale $ 4,443 7,679 Real estate held-for-investment 6,723 6,113 Real estate inventory 1,179 9,076 Total real estate $ 12,345 22,868 |
Note 8 - Investments in and A_2
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, December 31, 2022 Ownership (1) 2021 Altis Grand Central 687 1.49 % 730 Altis Ludlam Trail (2) 12,216 33.30 10,831 Altis Grand at The Preserve — 33.30 194 Altis Little Havana — 3.43 1,021 Altis Lake Willis Phase 1 850 1.23 437 Altis Lake Willis Phase 2 601 3.50 — Altis Vineland Pointe 151 50.00 2,538 Altis Miramar East/West — 5.00 2,878 Altis Grand at Suncoast 4,579 11.00 2,780 Altis Blue Lake 647 1.22 260 Altis Santa Barbara 433 3.50 — Altra Kendall 5,670 13.70 — The Altman Companies (3) 11,992 50.00 16,716 ABBX Guaranty 5,978 50.00 3,750 Bayview — 50.00 1,308 Marbella 1,064 70.00 974 The Main Las Olas 1,117 3.41 1,990 Sky Cove 24 26.25 1,686 Sky Cove South 3,241 26.25 4,708 Other 165 165 Total $ 49,415 $ 52,966 |
Altis Grand at Preserve [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2022 2021 Assets Cash $ — 1,400 Real estate — — Other assets — — Total assets $ — 1,400 Liabilities and Equity Notes payable $ — — Other liabilities — 100 Total liabilities — 100 Total equity — 1,300 Total liabilities and equity $ — 1,400 For the Years Ended December 31, 2022 2021 2020 Total revenues $ — 1,965 399 Gain on sale of real estate — 37,675 — Other expenses — (3,476 ) (1,645 ) Net earnings (loss) — 36,164 (1,246 ) Equity in net earnings of unconsolidated real estate joint venture - Altis Grand at the Preserve $ 114 4,977 (35 ) |
Altis Grand Central [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2022 2021 Assets Cash $ — — Real estate — — Investment in Altis Grand Central JV 4,589 4,879 Other assets — — Total assets $ 4,589 4,879 Liabilities and Equity Notes payable $ — — Other liabilities — — Total liabilities — — Total equity 4,589 4,879 Total liabilities and equity $ 4,589 4,879 For the Years Ended December 31, 2022 2021 2020 Total revenues $ — 5,735 2,630 Gain on sale of equity interest in joint venture — 53,537 — Total expenses — (7,180 ) (6,294 ) Net earnings (loss) — 52,092 (3,664 ) Equity in net earnings of unconsolidated real estate joint venture - Altis Grand Central $ — 6,182 (406 ) |
Altis Promenade [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2022 2021 Assets Cash $ — 1,197 Other assets — 208 Total assets $ — 1,405 Liabilities and Equity Other liabilities — 1,405 Total liabilities — 1,405 Total equity — — Total liabilities and equity $ — 1,405 For the Years Ended December 31, 2022 2021 2020 Total revenues $ — 2,589 3,795 Gain on sale of real estate — 40,010 — Other expenses — (2,635 ) (6,238 ) Net earnings (loss) $ — 39,964 (2,443 ) Equity in net earnings of unconsolidated real estate joint venture - Altis Promenade $ 230 5,178 (161 ) |
Altis Miramar East/West [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2022 2021 Assets Cash $ 433 138 Real estate — 42,613 Construction in progress — 103,413 Other assets 438 1,773 Total assets $ 871 147,937 Liabilities and Equity Notes payable $ — 88,077 Other liabilities 118 6,785 Total liabilities 118 94,862 Total equity 753 53,075 Total liabilities and equity $ 871 147,937 For the Years Ended December 31, 2022 2021 2020 Total revenues $ 5,049 1,269 — Gain on sale of real estate 143,217 — — Other expenses (7,101 ) (532 ) — Net earnings $ 141,165 737 — Equity in net earnings of unconsolidated real estate joint venture - Altis Miramar East/West $ 13,950 (34 ) — |
Altis Little Havana [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2022 2021 Assets Cash $ 718 40 Real estate — 58,254 Other assets 411 610 Total assets $ 1,129 58,904 Liabilities and Equity Notes payable $ — 32,536 Other liabilities 270 3,116 Total liabilities 270 35,652 Total equity 859 23,252 Total liabilities and equity $ 1,129 58,904 For the Years Ended December 31, 2022 2021 2020 Total revenues $ 255 — — Gain on sale of real estate 59,023 — — Other expenses (2,369 ) (82 ) — Net earnings (loss) $ 56,909 (82 ) — Equity in net earnings of unconsolidated real estate joint venture - Altis Little Havana $ 8,689 — — |
Marbella [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2022 2021 Assets Cash $ 3,508 4,371 Real estate inventory 1,706 49,928 Other assets 526 1,673 Total assets $ 5,740 55,972 Liabilities and Equity Notes payable $ — 30,987 Customer deposits — 21,255 Other liabilities 3,611 2,698 Total liabilities 3,611 54,940 Total equity 2,129 1,032 Total liabilities and equity $ 5,740 55,972 For the Years Ended December 31, 2022 2021 2020 Total revenues $ 110,914 24,676 — Cost of real estate inventory sold (81,610 ) (18,732 ) — Other expenses (3,601 ) (2,187 ) (858 ) Net earnings (loss) $ 25,703 3,757 (858 ) Equity in net earnings of unconsolidated real estate joint venture - Marbella $ 12,594 2,558 601 |
The Altman Companies, LLC [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2022 2021 Assets Cash $ 968 995 Properties and equipment 20 387 Investment in unconsolidated subsidiaries 5,020 7,153 Goodwill 16,683 16,683 Due from related parties 7,089 4,462 Predevelopment costs 4,253 6,036 Other assets 1,393 2,626 Total assets $ 35,426 38,342 Liabilities and Equity Notes payable $ 2,500 3,250 Due to related parties 643 — Other liabilities 10,769 5,213 Total liabilities 13,912 8,463 Total equity 21,514 29,879 Total liabilities and equity $ 35,426 38,342 For the Years Ended December 31, 2022 2021 2020 Total revenues $ 9,106 8,577 8,700 Other expenses (18,555 ) (11,755 ) (10,670 ) Operating loss (9,449 ) (3,178 ) (1,970 ) Gain from forgiveness of related party loan 2,026 — — Equity in (losses) earnings from unconsolidated investment in Altman Glenewinkel Construction, LLC (2,318 ) 321 1,737 Net loss (9,741 ) (2,857 ) (233 ) Equity in net loss of unconsolidated real estate joint venture - The Altman Companies $ (5,491 ) (1,429 ) (117 ) |
Note 9 - Property and Equipme_2
Note 9 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 2021 Land, building and building improvements $ — 2,286 Leasehold improvements 29,001 22,523 Construction in progress 1,039 367 Office equipment, furniture, fixtures and software 27,722 22,075 Transportation 366 407 58,128 47,658 Accumulated depreciation (22,988 ) (17,047 ) Property and equipment, net $ 35,140 30,611 |
Note 10 - Goodwill and Intang_2
Note 10 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | For the Years Ended December 31, 2022 2021 2020 Balance, beginning of period $ 18,414 8,277 37,248 Acquisitions — — 8,277 Deconsolidation of IT'SUGAR — — (14,864 ) IT'SUGAR emergence from bankruptcy — 14,274 — Impairment losses — — (22,384 ) Colonial Elegance acquisition adjustments to goodwill — (4,137 ) — Balance, end of period $ 18,414 18,414 8,277 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2022 2021 Trademarks $ 16,762 16,762 Customer relationships 18,752 18,752 Other 269 379 35,783 35,893 Accumulated amortization (6,378 ) (3,911 ) Total intangible assets $ 29,405 31,982 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending December 31, Total 2023 $ 2,575 2024 2,575 2025 2,565 2026 2,528 2027 2,528 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | As of As of December 31, 2022 December 31, 2021 Operating lease assets $ 110,082 90,639 Operating lease liabilities $ 126,842 103,262 Weighted average remaining lease term (years) 6.3 7.2 Weighted average discount rate (1) 4.9 % 4.2 % |
Lease, Cost [Table Text Block] | For the Years Ended December 31, 2022 December 31, 2021 Fixed lease costs $ 22,909 10,973 Short-term lease costs 1,459 1,582 Variable lease costs 9,103 6,291 Total operating lease costs $ 33,471 18,846 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Period Ending December 31, 2023 $ 24,851 2024 21,768 2025 20,343 2026 16,947 2027 14,303 After 2027 48,568 Total lease payments 146,780 Less: interest 19,938 Present value of lease liabilities $ 126,842 |
Note 12 - Notes Payable and O_2
Note 12 - Notes Payable and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2022 December 31, 2021 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 2,031 2.40 - 3.75 % (5 ) $ 7,657 2.40 - 6.00 % $ 9,669 TD Bank Term Loan and Line of Credit 34,509 8.95 % (1 ) 44,363 3.78 % (1 ) IberiaBank Revolving Line of Credit (2) 2,250 8.00 % (4 ) 2,041 3.75 % (4 ) IberiaBank Note (3) — — — 1,418 3.50 % 1,802 Other 9 4.22 % — 26 4.22 % — Unamortized debt issuance costs (256 ) (622 ) Total notes payable and other borrowings $ 38,543 $ 54,883 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Notes Payable and Other Borrowings 2023 $ 7,509 2024 4,500 2025 24,759 2026 440 2027 — Thereafter 1,591 Total $ 38,799 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the Years Ended December 31, 2022 2021 2020 U.S. $ 51,437 66,575 (59,187 ) Foreign (8,646 ) (2,334 ) 849 Total $ 42,791 64,241 (58,338 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, 2022 2021 2020 Current: Federal $ 12,117 10,672 (5,912 ) State 3,630 2,855 (599 ) 15,747 13,527 (6,511 ) Deferred: Federal (251 ) 3,234 (3,800 ) State (347 ) 414 (937 ) (598 ) 3,648 (4,737 ) Provision (benefit) for income taxes $ 15,149 17,175 (11,248 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, 2022 2021 2020 Income tax provision (benefit) at expected federal income tax rate (1) $ 8,986 13,491 (12,251 ) Increase (decrease) resulting from: Provision (benefit) for state taxes, net of federal effect 2,521 2,670 (1,219 ) Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes 72 31 854 Nondeductible IT'SUGAR's bankruptcy costs 460 248 — Nondeductible goodwill — — 437 Nondeductible executive compensation 1,451 — 773 Increase (decrease) in valuation allowance 2,048 427 (142 ) Other – net (389 ) 308 300 Provision (benefit) for income taxes $ 15,149 17,175 (11,248 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2022 2021 2020 Deferred federal and state tax assets: Net operating loss carryforwards $ 10,570 7,943 7,275 Book reserves for credit losses, inventory, real estate and property and equipment 1,257 1,450 1,324 Expenses recognized for books and deferred for tax 3,439 1,288 1,860 Operating lease liabilities 8,156 2,407 317 Investment in IT'SUGAR, LLC 458 2,060 3,510 Intangible assets — 180 226 Other assets 334 332 835 Total gross federal and state deferred tax assets 24,214 15,660 15,347 Less deferred tax asset valuation allowance (9,248 ) (7,199 ) (6,772 ) Total deferred tax assets 14,966 8,461 8,575 Deferred federal and state tax liabilities: Tax over book depreciation (1,735 ) (1,727 ) (456 ) Operating lease assets (7,965 ) (2,610 ) (288 ) Intangible assets (231 ) — — Other liabilities (776 ) (348 ) (407 ) Total gross deferred federal and state tax liabilities (10,707 ) (4,685 ) (1,151 ) Net federal and state deferred tax assets $ 4,259 3,776 7,424 |
Note 14 - Revenue Recognition (
Note 14 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Years Ended December 31, 2022 2021 2020 Trade sales - wholesale $ 149,129 164,315 106,508 Trade sales - retail 130,996 73,763 40,702 Sales of real estate inventory 27,794 65,479 20,363 Revenue from customers 307,919 303,557 167,573 Interest income 5,993 6,413 2,399 Net gains on sales of real estate assets 24,289 643 255 Other revenue 3,844 2,984 3,002 Total revenues $ 342,045 313,597 173,229 |
Note 19 - Earnings Per Common_2
Note 19 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended December 31, 2022 2021 2020 Basic and diluted earnings (loss) per common share Numerator: Net income (loss) $ 27,642 47,066 (47,090 ) Net loss (income) attributable to noncontrolling interests 378 (155 ) 4,803 Net income (loss) available to shareholders $ 28,020 46,911 (42,287 ) Denominator: Weighted average number of common shares outstanding 15,471 17,840 19,318 Basic earnings (loss) per share: $ 1.81 2.63 (2.19 ) Diluted earnings (loss) per share: Numerator: Net income (loss) available to shareholders 28,020 46,911 (42,287 ) Denominator: Basic weighted average number of common shares outstanding 15,471 17,840 19,318 Effect of dilutive restricted stock awards 37 — — Diluted weighted average number of common shares outstanding 15,508 17,840 19,318 Diluted earnings (loss) per common share: $ 1.81 2.63 (2.19 ) |
Note 20 - Fair Value Measurem_2
Note 20 - Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Using Quoted Prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2022 2022 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 127,581 127,581 127,581 — — Restricted cash 750 750 750 — — Certificate of deposit 5,000 5,000 — 5,000 — Securities available for sale 18,548 18,548 13,091 5,457 — Note receivable from Bluegreen Vacations 50,000 46,635 — — 46,635 Financial liabilities: Notes payable and other borrowings 38,543 37,997 — — 37,997 Fair Value Measurements Using Quoted Prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2021 2021 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 118,045 118,045 118,045 — — Restricted cash 1,000 1,000 1,000 — — Securities available for sale 5,552 5,552 — 5,552 — Note receivable from Bluegreen Vacations 50,000 50,340 — — 50,340 Financial liabilities: Notes payable and other borrowings 54,883 56,360 — — 56,360 |
Note 21 - Certain Relationshi_2
Note 21 - Certain Relationships and Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Year Ended December 31, 2020 Cash pooling $ 81,581 Corporate overhead allocations 12,694 Asset transfers 75,320 Income taxes (1,685 ) Net transfers from Bluegreen Vacations $ 167,910 |
Note 22 - Segment Reporting (Ta
Note 22 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 139,718 131,951 8,470 (14 ) 280,125 Sales of real estate inventory 27,794 — — — — 27,794 Interest income 3,617 — — — 2,376 5,993 Net gains on sales of real estate assets 24,289 — — — — 24,289 Other revenue 1,835 — — 2,572 (563 ) 3,844 Total revenues 57,535 139,718 131,951 11,042 1,799 342,045 Costs and expenses: Cost of trade sales — 83,307 127,623 2,805 (14 ) 213,721 Cost of real estate inventory sold 11,463 — — — — 11,463 Interest expense — 1,015 3,588 2 (2,206 ) 2,399 Recoveries from loan losses, net (4,835 ) — — — — (4,835 ) Impairment losses 311 238 — — — 549 Selling, general and administrative expenses 13,772 55,617 17,077 7,224 22,525 116,215 Total costs and expenses 20,711 140,177 148,288 10,031 20,305 339,512 Operating income (losses) 36,824 (459 ) (16,337 ) 1,011 (18,506 ) 2,533 Equity in net earnings of unconsolidated real estate joint ventures 38,414 — — — — 38,414 Other (expense) income (7 ) 718 (57 ) 4 306 964 Foreign exchange (loss) gain — (70 ) 950 — — 880 Income (loss) before income taxes $ 75,231 189 (15,444 ) 1,015 (18,200 ) 42,791 Total assets $ 225,786 161,337 102,601 7,134 65,983 562,841 Expenditures for property and equipment $ — 11,383 1,653 110 1,593 14,739 Depreciation and amortization $ (271 ) 6,629 3,344 140 371 10,213 Debt accretion and amortization $ 261 61 128 — — 450 Cash and cash equivalents $ 107,069 7,246 1,060 2,643 9,563 127,581 Investments in and advances to unconsolidated real estate joint ventures $ 49,415 — — — — 49,415 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 1,946 18,150 47,838 9 (29,400 ) 38,543 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 84,215 146,255 7,616 (8 ) 238,078 Sales of real estate inventory 65,479 — — — — 65,479 Interest income 2,048 36 — — 4,329 6,413 Net gains on sales of real estate assets 643 — — — — 643 Other revenue 1,504 — — 2,045 (565 ) 2,984 Total revenues 69,674 84,251 146,255 9,661 3,756 313,597 Costs and expenses: Cost of trade sales — 52,497 130,366 2,291 (8 ) 185,146 Cost of real estate inventory sold 29,690 — — — — 29,690 Interest expense — 429 1,830 2 (822 ) 1,439 Recoveries from loan losses, net (7,774 ) — — — — (7,774 ) Impairment losses — 38 — — — 38 Selling, general and administrative expenses 7,587 31,524 15,857 5,978 15,068 76,014 Total costs and expenses 29,503 84,488 148,053 8,271 14,238 284,553 Operating income (losses) 40,171 (237 ) (1,798 ) 1,390 (10,482 ) 29,044 Equity in net earnings of unconsolidated real estate joint ventures 18,154 — — — — 18,154 Other (expense) income (14 ) 131 — — 224 341 Gain on the consolidation of IT'SUGAR, LLC — 15,890 — — — 15,890 Foreign exchange gain — — 812 — — 812 Income (loss) before income taxes $ 58,311 15,784 (986 ) 1,390 (10,258 ) 64,241 Total assets $ 179,619 143,916 101,647 7,745 100,428 533,355 Expenditures for property and equipment $ — 4,283 3,099 185 959 8,526 Depreciation and amortization $ — 3,181 3,037 118 122 6,458 Debt accretion and amortization $ 737 21 113 — — 871 Cash and cash equivalents $ 66,558 9,792 1,369 2,937 37,389 118,045 Investments in and advances to unconsolidated real estate joint ventures $ 52,966 — — — — 52,966 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 7,312 14,421 44,124 26 (11,000 ) 54,883 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 49,155 93,036 5,019 — 147,210 Sales of real estate inventory 20,363 — — — — 20,363 Interest income 1,240 29 — 1 1,129 2,399 Net gains on sales of real estate assets 255 — — — — 255 Other revenue 1,454 281 — 1,461 (194 ) 3,002 Total revenues 23,312 49,465 93,036 6,481 935 173,229 Costs and expenses: Cost of trade sales — 41,482 83,563 1,983 — 127,028 Cost of real estate inventory sold 13,171 — — — — 13,171 Interest expense — 193 615 10 (581 ) 237 Recoveries from loan losses, net (8,876 ) — — — — (8,876 ) Impairment losses 2,742 25,303 — 2,727 — 30,772 Selling, general and administrative expenses 6,758 26,855 11,735 4,684 15,940 65,972 Total costs and expenses 13,795 93,833 95,913 9,404 15,359 228,304 Operating income (losses) 9,517 (44,368 ) (2,877 ) (2,923 ) (14,424 ) (55,075 ) Equity in net earnings of unconsolidated real estate joint ventures 465 — — — — 465 Loss on the deconsolidation of IT'SUGAR, LLC — (3,326 ) — — — (3,326 ) Other income (expense) 6 221 (3 ) 8 58 290 Foreign exchange loss — — (692 ) — — (692 ) Income (loss) before income taxes $ 9,988 (47,473 ) (3,572 ) (2,915 ) (14,366 ) (58,338 ) Total assets $ 165,732 28,668 104,654 7,096 141,506 447,656 Expenditures for property and equipment $ — 3,155 2,118 72 — 5,345 Depreciation and amortization $ — 4,244 1,380 106 104 5,834 Debt accretion and amortization $ 287 168 243 — — 698 Cash and cash equivalents $ 31,133 1,163 2,438 1,539 53,764 90,037 Real estate equity method investments $ 58,010 — — — — 58,010 Goodwill $ — — 8,277 — — 8,277 Notes payable and other borrowings $ 26,762 1,417 45,261 43 — 73,483 |
Note 23 - IT'SUGAR Bankruptcy (
Note 23 - IT'SUGAR Bankruptcy (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Reorganization, Chapter 11 [Table Text Block] | September 22, 2020 ASSETS Cash and cash equivalents $ 1,045 Restricted cash 20 Trade accounts receivable, net 103 Trade inventory 6,213 Property and equipment, net 22,162 Goodwill 14,864 Intangible assets, net 3,222 Operating lease assets 64,889 Other assets 1,707 Total assets $ 114,225 LIABILITIES AND EQUITY Liabilities: Accrued expenses 13,441 Operating lease liabilities 80,388 Notes payable and other borrowings 6,199 Total liabilities 100,028 Equity: Additional paid-in capital 59,809 Accumulated earnings (50,102 ) Noncontrolling interests 4,490 Total equity 14,197 Total liabilities and equity $ 114,225 |
Business Acquisition, Pro Forma Information [Table Text Block] | Actual Unaudited Pro Forma For the Years Ended December 31, 2022 2021 2020 Trade sales $ 280,125 277,769 162,056 Income (loss) before income taxes $ 42,791 52,788 (62,156 ) Income (loss) $ 27,642 39,690 (49,093 ) Net income (loss) income attributable to shareholders $ 28,020 39,146 (43,596 ) |
IT’SUGAR [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 6,909 Trade accounts receivable 584 Trade inventory 5,337 Property and equipment 19,291 Identifiable intangible assets (1) 9,670 Operating lease assets (2) 54,253 Other assets 3,323 Total assets acquired 99,367 Accounts payable (2,517 ) Accrued expenses (8,445 ) Other liabilities (124 ) Operating lease liabilities (62,975 ) Notes payable and other borrowings (3) (10,054 ) Total liabilities assumed (84,115 ) Fair value of identifiable net assets 15,252 Fair value of net assets acquired 28,590 Fair value of redeemable noncontrolling interest 936 Fair value of IT'SUGAR 29,526 Goodwill $ 14,274 Gain on the consolidation of IT'SUGAR (4) $ 15,890 |
Business Acquisition, Consolidated Information Since Acquisition [Table Text Block] | For the Years Ended December 31, 2022 2021 2020 Trade sales $ 119,302 62,161 31,794 Income (loss) before income taxes $ 2,307 2,516 (41,182 ) |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2020 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 01, 2020 | Sep. 22, 2020 | Nov. 30, 2018 | ||
Number of Publicly-traded Companies After Spin-off | 2 | ||||||||
Notes Receivable, Related Parties | $ 50,000 | $ 50,000 | $ 50,000 | ||||||
Repayment of Notes Receivable from Related Parties | 0 | 25,000 | $ 0 | ||||||
Cash and Cash Equivalents, at Carrying Value, Total | 118,045 | $ 127,581 | $ 118,045 | $ 90,037 | |||||
The Altman Companies, LLC [Member] | |||||||||
Equity Method Investment, Ownership Percentage | [1] | 50% | |||||||
Bluegreen Vacations [Member] | Notes Receivable [Member] | |||||||||
Notes Receivable, Related Parties | $ 75,000 | $ 50,000 | |||||||
Financing Receivable, Interest Rate, Stated Percentage | 6% | ||||||||
Financing Receivable, Interest Rate, Deferred Interest, Compounded Rate | 8% | ||||||||
Repayment of Notes Receivable from Related Parties | $ 25,000 | ||||||||
BBX Sweet Holdings [Member] | IT’SUGAR [Member] | Minimum [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 90% | 90% | |||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | |||||||
[1]The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-Sale, Total | $ 18,548 | $ 5,552 | |
Unrecognized Tax Benefits, Ending Balance | 0 | ||
Advertising Expense | $ 1,600 | 1,400 | $ 1,100 |
Minimum [Member] | |||
Period Used to Calculate Discounted Cash Flows (Year) | 5 years | ||
Maximum [Member] | |||
Period Used to Calculate Discounted Cash Flows (Year) | 10 years | ||
Computer Equipment and Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Computer Equipment and Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Manufacturing Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||
Manufacturing Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||
Revision of Prior Period, Reclassification, Adjustment [Member] | Reclassified from Other Assets to Securities Available for Sale [Member] | |||
Debt Securities, Available-for-Sale, Total | $ 4,600 | $ 900 |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||||
Jan. 31, 2023 | Oct. 22, 2020 | Nov. 30, 2018 | Dec. 31, 2022 | ||
The Altman Companies, LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | [1] | 50% | |||
Renin Holdings LLC[Member] | |||||
Payments for Advance to Affiliate | $ 5,000 | ||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | 50% | 50% | |||
Payments to Acquire Equity Method Investments | $ 14,600 | ||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | Subsequent Event [Member] | |||||
Equity Method Investment, Ownership Percentage | 40% | ||||
Payments to Acquire Equity Method Investments | $ 9,400 | ||||
Joel Altman [Member] | The Altman Companies, LLC [Member] | Subsequent Event [Member] | |||||
Equity Method Investment, Ownership Percentage | 10% | ||||
Payments to Acquire Equity Method Investments | $ 2,400 | ||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 60% | 60% | |||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | Noncontrolling Interest Holders [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40% | ||||
Colonial Elegance, Inc [Member] | |||||
Business Combination, Consideration Transferred, Total | 43,089 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [2] | 21,795 | |||
Colonial Elegance, Inc [Member] | Renin Holdings LLC[Member] | |||||
Payments to Acquire Businesses, Gross | 38,800 | ||||
Business Combination, Consideration Transferred, Excess Working Capital | 4,300 | ||||
Business Combination, Consideration Transferred, Total | 43,100 | ||||
Colonial Elegance, Inc [Member] | Renin Holdings LLC[Member] | Trademarks [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,900 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 13 years | ||||
Colonial Elegance, Inc [Member] | Renin Holdings LLC[Member] | Customer Relationships [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 18,700 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 13 years | ||||
Colonial Elegance, Inc [Member] | Renin Holdings LLC[Member] | Noncompete Agreements [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Colonial Elegance, Inc [Member] | Renin Holdings LLC[Member] | Lease Agreements [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,700 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | ||||
The Altman Companies, LLC [Member] | BBX Capital Real Estate (BBXRE) [Member] | Subsequent Event [Member] | |||||
Payments to Acquire Businesses, Gross | 8,100 | ||||
Business Combination, Consideration Transferred, Excess Working Capital | 1,400 | ||||
Business Combination, Reimbursement of Expenses | $ 100 | ||||
[1]The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures.[2]Identifiable intangible assets were comprised of $2.9 million, $18.7 million and $0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships. |
Note 3 - Acquisition - Consolid
Note 3 - Acquisition - Consolidated Net Assets and Results of Operations (Details) - Colonial Elegance, Inc [Member] $ in Thousands | 2 Months Ended |
Dec. 31, 2020 USD ($) | |
Trade sales | $ 12,393 |
Income before income taxes | $ 722 |
Note 3 - Acquisition - Summary
Note 3 - Acquisition - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Oct. 22, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Goodwill | $ 18,414 | $ 18,414 | $ 8,277 | $ 37,248 | ||
Colonial Elegance, Inc [Member] | ||||||
Cash | $ 557 | |||||
Trade accounts receivable | 10,244 | |||||
Trade inventory | 12,133 | |||||
Property and equipment | 1,007 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | 21,795 | ||||
Operating lease asset (2) | [2] | 3,919 | ||||
Other assets | 650 | |||||
Total assets acquired | 50,305 | |||||
Accounts payable | (5,619) | |||||
Other liabilities | (3,524) | |||||
Operating lease liability | (2,213) | |||||
Total liabilities assumed | (11,356) | |||||
Fair value of identifiable net assets | 38,949 | |||||
Goodwill | 4,140 | |||||
Purchase consideration | 43,089 | |||||
Less: cash acquired | (557) | |||||
Less: consideration payable | (194) | |||||
Cash paid for acquisition less cash acquired | 42,338 | $ 0 | $ 0 | $ 42,133 | ||
Acquisition-related costs included in selling, general and administrative expenses | $ 441 | |||||
[1]Identifiable intangible assets were comprised of $2.9 million, $18.7 million and $0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships.[2]Includes an intangible asset of $1.7 million related to below market rents associated with the lease for a distribution facility that is expected to be recognized over the lease term of approximately seven years. |
Note 3 - Acquisition - Pro Form
Note 3 - Acquisition - Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Trade sales, pro forma | $ 188,146 | $ 147,210 |
(Loss) income from continuing operations before income taxes, pro forma | (55,619) | (57,947) |
(Loss) income from continuing operations, pro forma | (45,035) | (46,703) |
Net (loss) income attributable to shareholders, pro forma | $ (40,306) | $ (41,974) |
Note 4 - Securities Available_3
Note 4 - Securities Available for Sale, at Fair Value - Debt Securities, Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available for sale securities, amortized cost | $ 18,570 | $ 5,491 |
Available for sale securities, gross unrealized gains | 11 | 94 |
Available for sale securities, gross unrealized losses | (33) | (33) |
Securities available for sale, at fair value | 18,548 | 5,552 |
US Treasury and Government [Member] | ||
Available for sale securities, amortized cost | 13,080 | 0 |
Available for sale securities, gross unrealized gains | 11 | 0 |
Available for sale securities, gross unrealized losses | 0 | 0 |
Securities available for sale, at fair value | 13,091 | 0 |
Community Development District Bonds [Member] | ||
Available for sale securities, amortized cost | 820 | 820 |
Available for sale securities, gross unrealized gains | 0 | 94 |
Available for sale securities, gross unrealized losses | (7) | 0 |
Securities available for sale, at fair value | 813 | 914 |
Corporate Debt Securities [Member] | ||
Available for sale securities, amortized cost | 4,670 | 4,671 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (26) | (33) |
Securities available for sale, at fair value | $ 4,644 | $ 4,638 |
Note 5 - Trade Accounts Recei_3
Note 5 - Trade Accounts Receivables, Net - Schedule of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade accounts receivables | $ 19,735 | $ 30,124 |
Allowance for expected credit losses | (70) | (225) |
Total trade accounts receivables | $ 19,665 | $ 29,899 |
Note 6 - Trade Inventory (Detai
Note 6 - Trade Inventory (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Renin Holdings LLC[Member] | |
Production Related Impairments or Charges, Total | $ 2.4 |
Note 6 - Trade Inventory (Det_2
Note 6 - Trade Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 9,130 | $ 8,545 |
Paper goods and packaging materials | 2,185 | 1,777 |
Work in process | 1,736 | 955 |
Finished goods | 37,108 | 34,300 |
Total trade inventory | 50,159 | 45,577 |
Inventory reserve | (1,293) | (3,682) |
Total trade inventory, net | $ 48,866 | $ 41,895 |
Note 7 - Real Estate (Details T
Note 7 - Real Estate (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) a | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Gain (Loss) on Sale of Properties | $ 24,289 | $ 643 | $ 255 |
Proceeds from Sale of Property Held-for-sale | 27,300 | 2,400 | 2,600 |
Real Estate, Held-for-Sale | 4,443 | 7,679 | |
BBX Capital Real Estate (BBXRE) [Member] | |||
Proceeds from Sale of Real Estate | $ 16,300 | $ 35,800 | $ 7,200 |
BBX Capital Real Estate (BBXRE) [Member] | Single Family [Member] | |||
Number of Real Estate Property Sold | 146 | 291 | 157 |
BBX Capital Real Estate (BBXRE) [Member] | Townhome [Member] | |||
Number of Real Estate Property Sold | 32 | 94 | 70 |
BBX Capital Real Estate (BBXRE) [Member] | Undeveloped Lots [Member] | |||
Number of Real Estate Property Sold | 299 | ||
Land in St. Lucie County, Florida [member] | |||
Gain (Loss) on Sale of Properties | $ 23,000 | ||
Area of Real Estate Property (Acre) | a | 119 | ||
Real Estate, Held-for-Sale | $ 400 |
Note 7 - Real Estate - Schedule
Note 7 - Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate, held for sale | $ 4,443 | $ 7,679 |
Real estate held-for-investment | 6,723 | 6,113 |
Real estate inventory | 1,179 | 9,076 |
Total real estate | $ 12,345 | $ 22,868 |
Note 8 - Investments in and A_3
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020 USD ($) ft² | Dec. 31, 2019 USD ($) | Nov. 30, 2018 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 28, 2022 | ||
Income (Loss) from Equity Method Investments | $ 38,414 | $ 18,154 | $ 465 | |||||
Proceeds from Equity Method Investment, Distribution | $ 45,107 | 20,573 | 4,910 | |||||
BBX Capital Real Estate (BBXRE) [Member] | Bayview [Member] | Mortgages [Member] | ||||||||
Debt Instrument, Percentage Guaranty | 50% | |||||||
The Altman Companies, LLC [Member] | Altman Development Company [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |||||||
The Altman Companies, LLC [Member] | Altman Management Company [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |||||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 60% | 60% | ||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 49,400 | |||||||
The Altman Companies, LLC [Member] | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 50% | ||||||
Real Estate Investments, Unconsolidated Real Estate And Other Joint Ventures, Transaction Costs | $ 2,300 | |||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 2,300 | |||||||
Income (Loss) from Equity Method Investments | $ (5,491) | (1,429) | (117) | |||||
The Altman Companies, LLC [Member] | BBX Capital Real Estate (BBXRE) [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | ||||||
Real Estate Investments, Unconsolidated Real Estate And Other Joint Ventures, Transaction Costs | $ 2,300 | |||||||
Payments to Acquire Equity Method Investments | $ 14,600 | |||||||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | ||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 2,000 | 2,500 | ||||||
Real Estate Inventory, Capitalized Interest Costs, Ending Balance | 800 | 1,200 | ||||||
Impairment of Real Estate | 1,000 | 1,000 | ||||||
Income (Loss) from Equity Method Investments | 38,400 | 18,200 | 500 | |||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | 0 | 2,200 | |||||
Altis Little Havana [Member] | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 3.43% | ||||||
Income (Loss) from Equity Method Investments | $ 8,689 | 0 | 0 | |||||
Altis Miramar East/West [Member] | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 5% | ||||||
Income (Loss) from Equity Method Investments | $ 13,950 | (34) | 0 | |||||
Marbella [Member] | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 70% | ||||||
Income (Loss) from Equity Method Investments | $ 12,594 | 2,558 | 601 | |||||
Income (Loss) from Equity Method Investments, Recapitalization of Ownership Interest | $ 12,600 | |||||||
Bayview [Member] | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 50% | ||||||
Income (Loss) from Equity Method Investments, Recapitalization of Ownership Interest | $ 7,300 | |||||||
Altis Promenade [Member] | ||||||||
Income (Loss) from Equity Method Investments | $ 230 | 5,178 | (161) | |||||
Altis Grand at Preserve [Member] | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 33.30% | ||||||
Income (Loss) from Equity Method Investments | $ 114 | 4,977 | (35) | |||||
Income (Loss) from Equity Method Investments, Recapitalization of Ownership Interest | 6,200 | |||||||
Altis Boca Raton [Member] | ||||||||
Income (Loss) from Equity Method Investments | 1,100 | |||||||
Altis Wiregrass [Member] | ||||||||
Income (Loss) from Equity Method Investments | $ 800 | |||||||
Altis Ludlam Trail [Member] | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 33.30% | ||||||
Altis Ludlam Trail [Member] | BBX Capital Real Estate (BBXRE) [Member] | ||||||||
Payments to Acquire Equity Method Investments | $ 1,100 | |||||||
Number of Multifamily Apartment Developments | 312 | |||||||
Area of Real Estate Property (Acre) | ft² | 7,500 | |||||||
Proceeds from Equity Method Investment, Distribution | $ 500 | |||||||
Equity Method Investments | $ 11,600 | $ 10,300 | ||||||
Altis Ludlam Trail [Member] | BBX Capital Real Estate (BBXRE) [Member] | Mandatorily Redeemable Preferred Stock [Member] | ||||||||
Payments to Acquire Equity Method Investments | 8,500 | |||||||
Equity Method Investments | $ 8,500 | |||||||
Investment Interest Rate | 11.90% | |||||||
Equity Method Investment, Minimum Return | $ 11,900 | |||||||
Equity Method Investment, Redemption, Extension Period (Year) | 1 year | |||||||
Equity Method Investment, Redemption, Number of Extensions | 31 | |||||||
ABBX Guaranty, LLC [Member} | ||||||||
Equity Method Investment, Ownership Percentage | [1] | 50% | ||||||
ABBX Guaranty, LLC [Member} | BBX Capital Real Estate (BBXRE) [Member] | ||||||||
Equity Method Investments | $ 4,800 | |||||||
ABBX Guaranty, LLC [Member} | Joel Altman [Member] | ||||||||
Equity Method Investments | $ 4,800 | |||||||
[1]The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. |
Note 8 - Investments in and A_4
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in and advances to unconsolidated real estate joint ventures | $ 49,415 | $ 52,966 | $ 58,010 | |
Altis Grand Central [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 687 | 730 | ||
Ownership | [1] | 1.49% | ||
Altis Ludlam Trail [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | [2] | $ 12,216 | 10,831 | |
Ownership | [1] | 33.30% | ||
Altis Grand at Preserve [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 0 | 194 | ||
Ownership | [1] | 33.30% | ||
Altis Little Havana [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 0 | 1,021 | ||
Ownership | [1] | 3.43% | ||
Altis Lake Willis Phase 1 [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 850 | 437 | ||
Ownership | [1] | 1.23% | ||
Altis Lake Willis Phase 2 [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 601 | 0 | ||
Ownership | [1] | 3.50% | ||
Altis Vineland Pointe [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 151 | 2,538 | ||
Ownership | 50% | |||
Altis Miramar East/West [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 0 | 2,878 | ||
Ownership | [1] | 5% | ||
Altis Grand at Suncoast [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 4,579 | 2,780 | ||
Ownership | [1] | 11% | ||
Altis Blue Lake [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 647 | 260 | ||
Ownership | [1] | 1.22% | ||
Altis Santa Barbara [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 433 | 0 | ||
Ownership | 3.50% | |||
Altra Kendal [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 5,670 | 0 | ||
Ownership | 13.70% | |||
The Altman Companies, LLC [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | [3] | $ 11,992 | 16,716 | |
Ownership | [1] | 50% | ||
ABBX Guaranty, LLC [Member} | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 5,978 | 3,750 | ||
Ownership | [1] | 50% | ||
Bayview [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 0 | 1,308 | ||
Ownership | [1] | 50% | ||
Marbella [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 1,064 | 974 | ||
Ownership | [1] | 70% | ||
The Main Las Olas [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 1,117 | 1,990 | ||
Ownership | [1] | 3.41% | ||
Sky Cove [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 24 | 1,686 | ||
Ownership | [1] | 26.25% | ||
Sky Cove South [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 3,241 | 4,708 | ||
Ownership | [1] | 26.25% | ||
Other Investments in Real Estate Joint Ventures [Member] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 165 | $ 165 | ||
[1]The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures.[2]Ownership percentage represents the Company's ownership of the managing member of the joint venture and excludes its preferred interest accounted for as a loan receivable from the joint venture.[3]The investment in the Altman Companies includes $2.3 million of transaction costs that were incurred in connection with the formation of the joint venture. See additional information below in this Note 7 regarding the Company’s acquisition of its interest in the Altman Companies. |
Note 8 - Investments in and A_5
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Summary of Financial Information for Altman Companies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 127,581 | $ 118,045 | $ 90,037 | |
Property and equipment, net | 35,140 | 30,611 | ||
Goodwill | 18,414 | 18,414 | 8,277 | $ 37,248 |
Other assets | 21,453 | 15,783 | ||
Total assets | 562,841 | 533,355 | 447,656 | |
Other liabilities | 5,922 | 5,002 | ||
Total liabilities | 223,899 | 209,263 | ||
Total equity | 334,528 | 322,948 | 309,253 | $ 182,236 |
Total liabilities and equity | 562,841 | 533,355 | ||
Total revenues | 342,045 | 313,597 | 173,229 | |
Operating income (losses) | 2,533 | 29,044 | (55,075) | |
Net income (loss) | 27,642 | 47,066 | (47,090) | |
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |
The Altman Companies, LLC [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | (5,491) | (1,429) | (117) | |
The Altman Companies, LLC [Member] | ||||
Cash and cash equivalents | 968 | 995 | ||
Property and equipment, net | 20 | 387 | ||
Investment in unconsolidated subsidiaries | 5,020 | 7,153 | ||
Goodwill | 16,683 | 16,683 | ||
Due from related parties | 7,089 | 4,462 | ||
Predevelopment costs | 4,253 | 6,036 | ||
Other assets | 1,393 | 2,626 | ||
Total assets | 35,426 | 38,342 | ||
Notes payable | 2,500 | 3,250 | ||
Due to related parties | 643 | 0 | ||
Other liabilities | 10,769 | 5,213 | ||
Total liabilities | 13,912 | 8,463 | ||
Total equity | 21,514 | 29,879 | ||
Total liabilities and equity | 35,426 | 38,342 | ||
Total revenues | 9,106 | 8,577 | 8,700 | |
Other expenses | (18,555) | (11,755) | (10,670) | |
Operating income (losses) | (9,449) | (3,178) | (1,970) | |
Gain from forgiveness of related party loan | 2,026 | 0 | 0 | |
Equity in earnings (losses) from unconsolidated investment | (2,318) | 321 | 1,737 | |
Net income (loss) | $ (9,741) | $ (2,857) | $ (233) |
Note 8 - Investments in and A_6
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Summary of Financial Information for Marbella Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 127,581 | $ 118,045 | $ 90,037 | |
Real estate inventory | 1,179 | 9,076 | ||
Other assets | 21,453 | 15,783 | ||
Total assets | 562,841 | 533,355 | 447,656 | |
Customer deposits | 600 | |||
Other liabilities | 5,922 | 5,002 | ||
Total liabilities | 223,899 | 209,263 | ||
Total equity | 334,528 | 322,948 | 309,253 | $ 182,236 |
Total liabilities and equity | 562,841 | 533,355 | ||
Total revenues | 342,045 | 313,597 | 173,229 | |
Net income (loss) | 27,642 | 47,066 | (47,090) | |
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |
Marbella [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 12,594 | 2,558 | 601 | |
Marbella [Member] | ||||
Cash and cash equivalents | 3,508 | 4,371 | ||
Real estate inventory | 1,706 | 49,928 | ||
Other assets | 526 | 1,673 | ||
Total assets | 5,740 | 55,972 | ||
Notes payable | 0 | 30,987 | ||
Customer deposits | 0 | 21,255 | ||
Other liabilities | 3,611 | 2,698 | ||
Total liabilities | 3,611 | 54,940 | ||
Total equity | 2,129 | 1,032 | ||
Total liabilities and equity | 5,740 | 55,972 | ||
Total revenues | 110,914 | 24,676 | 0 | |
Cost of real estate inventory sold | (81,610) | (18,732) | 0 | |
Other expenses | (3,601) | (2,187) | (858) | |
Net income (loss) | $ 25,703 | $ 3,757 | $ (858) |
Note 8 - Investments in and A_7
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Summary of Financial Information for Altis Little Havana (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 127,581 | $ 118,045 | $ 90,037 | |
Real estate ($4,443 in 2022 and $7,679 in 2021 held for sale) | 12,345 | 22,868 | ||
Other assets | 21,453 | 15,783 | ||
Total assets | 562,841 | 533,355 | 447,656 | |
Other liabilities | 5,922 | 5,002 | ||
Total liabilities | 223,899 | 209,263 | ||
Total equity | 334,528 | 322,948 | 309,253 | $ 182,236 |
Total liabilities and equity | 562,841 | 533,355 | ||
Total revenues | 342,045 | 313,597 | 173,229 | |
Net gains on sales of real estate assets | 24,289 | 643 | 255 | |
Net income (loss) | 27,642 | 47,066 | (47,090) | |
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |
Altis Little Havana [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 8,689 | 0 | 0 | |
Altis Little Havana [Member] | ||||
Cash and cash equivalents | 718 | 40 | ||
Real estate ($4,443 in 2022 and $7,679 in 2021 held for sale) | 0 | 58,254 | ||
Other assets | 411 | 610 | ||
Total assets | 1,129 | 58,904 | ||
Notes payable | 0 | 32,536 | ||
Other liabilities | 270 | 3,116 | ||
Total liabilities | 270 | 35,652 | ||
Total equity | 859 | 23,252 | ||
Total liabilities and equity | 1,129 | 58,904 | ||
Total revenues | 255 | 0 | 0 | |
Net gains on sales of real estate assets | 59,023 | 0 | 0 | |
Other expenses | (2,369) | (82) | 0 | |
Net income (loss) | $ 56,909 | $ (82) | $ 0 |
Note 8 - Investments in and A_8
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Summary of Financial Information for Altis Miramar East/West (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 127,581 | $ 118,045 | $ 90,037 | |
Real estate ($4,443 in 2022 and $7,679 in 2021 held for sale) | 12,345 | 22,868 | ||
Other assets | 21,453 | 15,783 | ||
Total assets | 562,841 | 533,355 | 447,656 | |
Other liabilities | 5,922 | 5,002 | ||
Total liabilities | 223,899 | 209,263 | ||
Total equity | 334,528 | 322,948 | 309,253 | $ 182,236 |
Total liabilities and equity | 562,841 | 533,355 | ||
Total revenues | 342,045 | 313,597 | 173,229 | |
Net gains on sales of real estate assets | 24,289 | 643 | 255 | |
Net income (loss) | 27,642 | 47,066 | (47,090) | |
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |
Altis Miramar East/West [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 13,950 | (34) | 0 | |
Altis Miramar East/West [Member] | ||||
Cash and cash equivalents | 433 | 138 | ||
Real estate ($4,443 in 2022 and $7,679 in 2021 held for sale) | 0 | 42,613 | ||
Construction in progress | 0 | 103,413 | ||
Other assets | 438 | 1,773 | ||
Total assets | 871 | 147,937 | ||
Notes payable | 0 | 88,077 | ||
Other liabilities | 118 | 6,785 | ||
Total liabilities | 118 | 94,862 | ||
Total equity | 753 | 53,075 | ||
Total liabilities and equity | 871 | 147,937 | ||
Total revenues | 5,049 | 1,269 | 0 | |
Net gains on sales of real estate assets | 143,217 | 0 | 0 | |
Other expenses | (7,101) | (532) | 0 | |
Net income (loss) | $ 141,165 | $ 737 | $ 0 |
Note 8 - Investments in and A_9
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Summary of Financial Information for Altis Promenade (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 127,581 | $ 118,045 | $ 90,037 | |
Other assets | 21,453 | 15,783 | ||
Total assets | 562,841 | 533,355 | 447,656 | |
Other liabilities | 5,922 | 5,002 | ||
Total liabilities | 223,899 | 209,263 | ||
Total equity | 334,528 | 322,948 | 309,253 | $ 182,236 |
Total liabilities and equity | 562,841 | 533,355 | ||
Total revenues | 342,045 | 313,597 | 173,229 | |
Net gains on sales of real estate assets | 24,289 | 643 | 255 | |
Net income (loss) | 27,642 | 47,066 | (47,090) | |
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |
Altis Promenade [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 230 | 5,178 | (161) | |
Altis Promenade [Member] | ||||
Cash and cash equivalents | 0 | 1,197 | ||
Other assets | 0 | 208 | ||
Total assets | 0 | 1,405 | ||
Other liabilities | 0 | 1,405 | ||
Total liabilities | 0 | 1,405 | ||
Total equity | 0 | 0 | ||
Total liabilities and equity | 0 | 1,405 | ||
Total revenues | 0 | 2,589 | 3,795 | |
Net gains on sales of real estate assets | 0 | 40,010 | 0 | |
Other expenses | 0 | (2,635) | (6,238) | |
Net income (loss) | $ 0 | $ 39,964 | $ (2,443) |
Note 8 - Investments in and _10
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Summary of Financial Information in Altis Grand Central (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 127,581 | $ 118,045 | $ 90,037 | |
Real estate ($4,443 in 2022 and $7,679 in 2021 held for sale) | 12,345 | 22,868 | ||
Other assets | 21,453 | 15,783 | ||
Total assets | 562,841 | 533,355 | 447,656 | |
Other liabilities | 5,922 | 5,002 | ||
Total liabilities | 223,899 | 209,263 | ||
Total equity | 334,528 | 322,948 | 309,253 | $ 182,236 |
Total liabilities and equity | 562,841 | 533,355 | ||
Total revenues | 342,045 | 313,597 | 173,229 | |
Net income (loss) | 27,642 | 47,066 | (47,090) | |
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |
Altis Grand Central [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 6,182 | (406) | |
Altis Grand Central [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Real estate ($4,443 in 2022 and $7,679 in 2021 held for sale) | 0 | 0 | ||
Investment in unconsolidated subsidiaries | 4,589 | 4,879 | ||
Other assets | 0 | 0 | ||
Total assets | 4,589 | 4,879 | ||
Notes payable | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Total equity | 4,589 | 4,879 | ||
Total liabilities and equity | 4,589 | 4,879 | ||
Total revenues | 0 | 5,735 | 2,630 | |
Gain on sale of equity interest in joint venture | 0 | 53,537 | 0 | |
Total expenses | 0 | (7,180) | (6,294) | |
Net income (loss) | $ 0 | $ 52,092 | $ (3,664) |
Note 8 - Investments in and _11
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Summary of Financial Information in Altis Grand at the Preserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 127,581 | $ 118,045 | $ 90,037 | |
Real estate ($4,443 in 2022 and $7,679 in 2021 held for sale) | 12,345 | 22,868 | ||
Other assets | 21,453 | 15,783 | ||
Total assets | 562,841 | 533,355 | 447,656 | |
Other liabilities | 5,922 | 5,002 | ||
Total liabilities | 223,899 | 209,263 | ||
Total equity | 334,528 | 322,948 | 309,253 | $ 182,236 |
Total liabilities and equity | 562,841 | 533,355 | ||
Total revenues | 342,045 | 313,597 | 173,229 | |
Net gains on sales of real estate assets | 24,289 | 643 | 255 | |
Net income (loss) | 27,642 | 47,066 | (47,090) | |
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |
Altis Grand at Preserve [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 114 | 4,977 | (35) | |
Altis Grand at Preserve [Member] | ||||
Cash and cash equivalents | 0 | 1,400 | ||
Real estate ($4,443 in 2022 and $7,679 in 2021 held for sale) | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 0 | 1,400 | ||
Notes payable | 0 | 0 | ||
Other liabilities | 0 | 100 | ||
Total liabilities | 0 | 100 | ||
Total equity | 0 | 1,300 | ||
Total liabilities and equity | 0 | 1,400 | ||
Total revenues | 0 | 1,965 | 399 | |
Net gains on sales of real estate assets | 0 | 37,675 | 0 | |
Other expenses | 0 | (3,476) | (1,645) | |
Net income (loss) | $ 0 | $ 36,164 | $ (1,246) |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 7,900,000 | $ 4,100,000 | $ 5,100,000 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | 24,401,000 | 696,000 | 255,000 |
Property, Plant and Equipment, Net, Total | 35,140,000 | $ 30,611,000 | |
Impairment, Long-Lived Asset, Held-for-Use, Total | 238,000 | $ 1,300,000 | |
Non-US [Member] | Renin Holdings LLC[Member] | |||
Property, Plant and Equipment, Net, Total | 16,100,000 | ||
Hoffman’s Chocolates [Member] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 900,000 |
Note 9 - Property and Equipme_4
Note 9 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 58,128 | $ 47,658 |
Accumulated depreciation | (22,988) | (17,047) |
Property and equipment, net | 35,140 | 30,611 |
Land, Buildings and Improvements [Member] | ||
Property and equipment, gross | 0 | 2,286 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 29,001 | 22,523 |
Construction in Progress [Member] | ||
Property and equipment, gross | 1,039 | 367 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 27,722 | 22,075 |
Transportation Equipment [Member] | ||
Property and equipment, gross | $ 366 | $ 407 |
Note 10 - Goodwill and Intang_3
Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jul. 17, 2021 | Sep. 22, 2020 | Jun. 30, 2021 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill, Acquired During Period | $ 0 | $ 0 | $ 8,277 | ||||
Goodwill, Purchase Accounting Adjustments | 0 | (4,137) | 0 | ||||
Goodwill, Impairment Loss | 0 | 0 | 22,384 | ||||
Amortization of Intangible Assets | 2,600 | 2,300 | 700 | ||||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | 0 | 0 | ||||
Trademarks [Member] | Minimum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | ||||||
Trademarks [Member] | Maximum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||||
Customer Relationships [Member] | Minimum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | ||||||
Customer Relationships [Member] | Maximum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||||
IT’SUGAR [Member] | |||||||
Goodwill, Acquired During Period | $ 14,900 | ||||||
Goodwill, Impairment Loss | $ 20,300 | ||||||
Other Reporting Unit [Member] | |||||||
Goodwill, Impairment Loss | $ 2,100 | ||||||
IT’SUGAR [Member] | |||||||
Goodwill, Acquired During Period | $ 14,300 | ||||||
IT’SUGAR [Member] | Trademarks [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||
Colonial Elegance, Inc [Member] | |||||||
Goodwill, Acquired During Period | $ 8,300 | ||||||
Goodwill, Purchase Accounting Adjustments | $ (4,100) |
Note 10 - Goodwill and Intang_4
Note 10 - Goodwill and Intangible Assets - Activity in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of period | $ 18,414 | $ 8,277 | $ 37,248 |
Acquisitions | 0 | 0 | 8,277 |
Deconsolidation of IT'SUGAR | 0 | 0 | (14,864) |
IT'SUGAR emergence from bankruptcy | 0 | 14,274 | 0 |
Impairment losses | 0 | 0 | (22,384) |
Colonial Elegance acquisition adjustments to goodwill | 0 | (4,137) | 0 |
Balance, end of period | $ 18,414 | $ 18,414 | $ 8,277 |
Note 10 - Goodwill and Intang_5
Note 10 - Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible assets, gross | $ 35,783 | $ 35,893 |
Accumulated amortization | (6,378) | (3,911) |
Total intangible assets | 29,405 | 31,982 |
Trademarks [Member] | ||
Intangible assets, gross | 16,762 | 16,762 |
Customer Relationships [Member] | ||
Intangible assets, gross | 18,752 | 18,752 |
Other Intangible Assets [Member] | ||
Intangible assets, gross | $ 269 | $ 379 |
Note 10 - Goodwill and Intang_6
Note 10 - Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 2,575 |
2024 | 2,575 |
2025 | 2,565 |
2026 | 2,528 |
2027 | $ 2,528 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Payments | $ 20,700 | $ 9,200 | $ 7,600 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 40,046 | 32,867 | 4,721 |
Lessee, Operating Lease, Lease Not yet Commenced, Minimum Future Payments | 5,100 | ||
Operating Lease, Impairment Loss | $ 0 | $ 0 | $ 4,100 |
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 7 years |
Note 11 - Leases - Information
Note 11 - Leases - Information on Lease Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease assets | $ 110,082 | $ 90,639 | |
Operating lease liabilities | $ 126,842 | $ 103,262 | |
Weighted average remaining lease term (years) (Year) | 6 years 3 months 18 days | 7 years 2 months 12 days | |
Weighted average discount rate (1) | [1] | 4.90% | 4.20% |
[1]As most of the Company’s lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. |
Note 11 - Leases - Lease Costs
Note 11 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fixed lease costs | $ 22,909 | $ 10,973 |
Short-term lease costs | 1,459 | 1,582 |
Variable lease costs | 9,103 | 6,291 |
Total operating lease costs | $ 33,471 | $ 18,846 |
Note 11 - Leases - Maturity of
Note 11 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 24,851 | |
2024 | 21,768 | |
2025 | 20,343 | |
2026 | 16,947 | |
2027 | 14,303 | |
After 2027 | 48,568 | |
Total lease payments | 146,780 | |
Less: interest | 19,938 | |
Present value of lease liabilities | $ 126,842 | $ 103,262 |
Note 12 - Notes Payable and O_3
Note 12 - Notes Payable and Other Borrowings (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||
Feb. 03, 2023 | May 09, 2022 | Jan. 31, 2023 | Dec. 31, 2022 | May 31, 2022 | Nov. 30, 2021 | Jul. 31, 2021 | Oct. 31, 2020 | May 31, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 23, 2023 | Mar. 31, 2022 | Sep. 30, 2021 | Aug. 31, 2021 | Jun. 30, 2021 | Feb. 28, 2020 | May 31, 2017 | |
Proceeds from Issuance of Long-Term Debt, Total | $ 3,355 | $ 9,359 | $ 50,136 | |||||||||||||||||||
Other Assets, Total | $ 21,453 | 21,453 | 15,783 | |||||||||||||||||||
Repayments of Long-Term Debt, Total | $ 15,804 | $ 22,096 | $ 16,459 | |||||||||||||||||||
TD Bank [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.95% | 8.95% | 3.78% | |||||||||||||||||||
IberiaBank [Member] | IberiaBank Note [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0% | 0% | 3.50% | |||||||||||||||||||
Revolving Credit Facility [Member] | IberiaBank [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | 8% | 3.75% | |||||||||||||||||||
Renin Holdings LLC[Member] | ||||||||||||||||||||||
Proceeds from Contributions from Parent | $ 1,000 | |||||||||||||||||||||
Renin Holdings LLC[Member] | Promissory Note [Member] | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 13,500 | |||||||||||||||||||||
Proceeds from Contributions from Parent | $ 13,500 | |||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | ||||||||||||||||||||||
Proceeds from Contributions from Parent | 7,000 | |||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Proceeds from Contributions from Parent | $ 8,000 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | |||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Canadian Prime Rate [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.375% | |||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Base Rate [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.875% | |||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | ||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | $ 20,000 | $ 24,000 | $ 24,000 | $ 16,300 | |||||||||||||||||
Proceeds from Lines of Credit, Total | 8,000 | |||||||||||||||||||||
Long-Term Line of Credit, Total | 19,800 | $ 19,800 | ||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,000 | |||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Canadian Prime Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.875% | |||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Base Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.375% | |||||||||||||||||||||
BBX Sweet Holdings [Member] | IberiaBank [Member] | LOCS Credit Facility [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500 | |||||||||||||||||||||
Debt Instrument, Covenant, Balance for Thirty Consecutive Days During Year | $ 0 | |||||||||||||||||||||
BBX Sweet Holdings [Member] | IberiaBank [Member] | IberiaBank Note [Member] | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,400 | |||||||||||||||||||||
BBX Sweet Holdings [Member] | IberiaBank [Member] | Prime Rate [Member] | LOCS Credit Facility [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||||||||||
IT’SUGAR [Member] | Subsequent Event [Member] | IT'SUGAR Credit Facility [Member] | Asset Pledged as Collateral [Member] | ||||||||||||||||||||||
Certificates of Deposit, at Carrying Value | $ 5,000 | |||||||||||||||||||||
IT’SUGAR [Member] | IT'SUGAR Credit Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||||||||||||||||||||
Minimum [Member] | Renin Holdings LLC[Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||||||||||||||
Minimum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||||||||||||||
Minimum [Member] | IT’SUGAR [Member] | IT'SUGAR Credit Facility [Member] | Base Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | |||||||||||||||||||||
Maximum [Member] | Renin Holdings LLC[Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||||||||||||||
Maximum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||||||||||||||
Maximum [Member] | IT’SUGAR [Member] | IT'SUGAR Credit Facility [Member] | Base Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||||||||||||
Community Development District Bonds [Member] | ||||||||||||||||||||||
Proceeds from Issuance of Long-Term Debt, Total | $ 5,100 | $ 8,600 | $ 8,100 | $ 16,500 | $ 21,400 | |||||||||||||||||
Other Assets, Total | $ 100 | $ 100 | $ 600 | |||||||||||||||||||
Community Development District Bonds [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | 2.40% | 2.40% | |||||||||||||||||||
Community Development District Bonds [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | 6% | |||||||||||||||||||
Term Loan [Member] | Renin Holdings LLC[Member] | TD Bank [Member] | ||||||||||||||||||||||
Proceeds from Issuance of Long-Term Debt, Total | 30,000 | |||||||||||||||||||||
Debt Instrument, Face Amount | $ 30,000 | $ 1,700 | ||||||||||||||||||||
Debt Instrument Contribution Required to Prepay | $ 13,500 | |||||||||||||||||||||
Debt Instrument, Prepay Amount | 10,000 | |||||||||||||||||||||
Subsidiaries, Additional Working Capital Provided | $ 3,500 | |||||||||||||||||||||
Repayments of Long-Term Debt, Total | $ 2,500 | |||||||||||||||||||||
Long-Term Line of Credit, Total | $ 14,700 | $ 14,700 | ||||||||||||||||||||
Term Loan [Member] | Minimum [Member] | Renin Holdings LLC[Member] | TD Bank [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Debt Instrument, Prepay Amount | $ 1,500 |
Note 12 - Notes Payable and O_4
Note 12 - Notes Payable and Other Borrowings - Schedule of Notes Payable and Other Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt balance, gross | $ 38,799 | ||||
Unamortized debt issuance costs | (256) | $ (622) | |||
Notes payable and other borrowings | 38,543 | 54,883 | $ 73,483 | ||
TD Bank [Member] | |||||
Debt balance, gross | $ 34,509 | [1] | $ 44,363 | ||
Interest rate | 8.95% | 3.78% | |||
IberiaBank [Member] | IberiaBank Note [Member] | |||||
Debt balance, gross | $ 0 | [2] | $ 1,418 | ||
Interest rate | 0% | 3.50% | |||
Carrying amount of pledged assets | $ 1,802 | ||||
IberiaBank [Member] | Revolving Credit Facility [Member] | |||||
Debt balance, gross | $ 2,250 | [3],[4] | $ 2,041 | ||
Interest rate | 8% | 3.75% | |||
Community Development District Bonds [Member] | |||||
Debt balance, gross | $ 2,031 | [5] | $ 7,657 | ||
Carrying amount of pledged assets | [5] | $ 9,669 | |||
Community Development District Bonds [Member] | Minimum [Member] | |||||
Interest rate | 2.40% | 2.40% | |||
Community Development District Bonds [Member] | Maximum [Member] | |||||
Interest rate | 3.75% | 6% | |||
Other Borrowings [Member] | |||||
Debt balance, gross | $ 9 | $ 26 | |||
Interest rate | 4.22% | 4.22% | |||
Carrying amount of pledged assets | $ 0 | ||||
[1]The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin.[2]BBX Capital was the guarantor on the note.[3]BBX Capital is the guarantor on the line of credit.[4]The collateral is a blanket lien on BBX Sweet Holdings’ assets.[5]Pledged assets consist of 85 lots in Phase 3 of the Beacon Lake Community Development. |
Note 12 - Notes Payable and O_5
Note 12 - Notes Payable and Other Borrowings - Scheduled Minimum Principal Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 7,509 |
2024 | 4,500 |
2025 | 24,759 |
2026 | 440 |
2027 | 0 |
Thereafter | 1,591 |
Total | $ 38,799 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, Percent, Total | 35% | 27% | 19% |
Unrecognized Tax Benefits, Ending Balance | $ 0 | ||
Bluegreen Vacations [Member] | |||
Related Party Costs | $ 12,700 | ||
Bluegreen Vacations [Member] | Agreement to Allocate Consolidated Income Tax Liability [Member] | |||
Related Party Costs | $ 300 | ||
Due to Related Parties, Total | 0 | $ 0 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | 5,700 | ||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Operating Loss Carryforwards | $ 3,500 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. | $ 51,437 | $ 66,575 | $ (59,187) |
Foreign | (8,646) | (2,334) | 849 |
Income (loss) before income taxes | $ 42,791 | $ 64,241 | $ (58,338) |
Note 13 - Income Taxes - Provis
Note 13 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal | $ 12,117 | $ 10,672 | $ (5,912) |
State | 3,630 | 2,855 | (599) |
Current Income Tax Expense (Benefit), Total | 15,747 | 13,527 | (6,511) |
Federal | (251) | 3,234 | (3,800) |
State | (347) | 414 | (937) |
Deferred Income Tax Expense (Benefit), Total | (598) | 3,648 | (4,737) |
Provision (benefit) for income taxes | $ 15,149 | $ 17,175 | $ (11,248) |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income tax provision (benefit) at expected federal income tax rate (1) | [1] | $ 8,986 | $ 13,491 | $ (12,251) |
Provision (benefit) for state taxes, net of federal effect | 2,521 | 2,670 | (1,219) | |
Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes | 72 | 31 | 854 | |
Nondeductible IT'SUGAR's bankruptcy costs | 460 | 248 | 0 | |
Nondeductible goodwill | 0 | 0 | 437 | |
Nondeductible executive compensation | 1,451 | 0 | 773 | |
Increase (decrease) in valuation allowance | 2,048 | 427 | (142) | |
Other – net | (389) | 308 | 300 | |
Provision (benefit) for income taxes | $ 15,149 | $ 17,175 | $ (11,248) | |
[1]Expected tax is computed based upon income (loss) from continuing operations before income taxes. |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Net operating loss carryforwards | $ 10,570 | $ 7,943 | $ 7,275 |
Book reserves for credit losses, inventory, real estate and property and equipment | 1,257 | 1,450 | 1,324 |
Expenses recognized for books and deferred for tax | 3,439 | 1,288 | 1,860 |
Operating lease liabilities | 8,156 | 2,407 | 317 |
Investment in IT'SUGAR, LLC | 458 | 2,060 | 3,510 |
Intangible assets | 0 | 180 | 226 |
Other assets | 334 | 332 | 835 |
Total gross federal and state deferred tax assets | 24,214 | 15,660 | 15,347 |
Less deferred tax asset valuation allowance | (9,248) | (7,199) | (6,772) |
Total deferred tax assets | 14,966 | 8,461 | 8,575 |
Tax over book depreciation | (1,735) | (1,727) | (456) |
Operating lease assets | (7,965) | (2,610) | (288) |
Intangible assets | (231) | 0 | 0 |
Other liabilities | (776) | (348) | (407) |
Total gross deferred federal and state tax liabilities | (10,707) | (4,685) | (1,151) |
Net federal and state deferred tax assets | $ 4,259 | $ 3,776 | $ 7,424 |
Note 14 - Revenue Recognition_2
Note 14 - Revenue Recognition (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 16,918 | $ 19,925 | |
Contract with Customer, Liability, Total | 600 | ||
Revenues, Total | 342,045 | 313,597 | $ 173,229 |
Renin Holdings LLC[Member] | Customer One [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Revenues, Total | $ 49,600 | $ 50,300 | $ 34,200 |
Concentration Risk, Percentage | 14.50% | 16% | 19.70% |
Renin Holdings LLC[Member] | Customer Two [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Revenues, Total | $ 37,900 | $ 42,800 | $ 29,400 |
Concentration Risk, Percentage | 11.10% | 13.60% | 17% |
Renin Holdings LLC[Member] | Customer Three [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Revenues, Total | $ 19,600 | $ 30,400 | |
Concentration Risk, Percentage | 5.70% | 9.70% | |
Renin Holdings LLC[Member] | Trade Sales [Member] | |||
Revenues, Total | $ 107,100 | ||
Number of Major Customers | 3 | ||
Renin Holdings LLC[Member] | Trade Sales [Member] | Non-US [Member] | |||
Revenues, Total | $ 46,900 |
Note 14 - Revenue Recognition -
Note 14 - Revenue Recognition - Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales | $ 307,919 | $ 303,557 | $ 167,573 |
Interest income | 5,993 | 6,413 | 2,399 |
Net gains on sales of real estate assets | 24,289 | 643 | 255 |
Other revenue | 3,844 | 2,984 | 3,002 |
Total revenues | 342,045 | 313,597 | 173,229 |
Trade [Member] | |||
Sales | 280,125 | 238,078 | 147,210 |
Trade [Member] | Sales Channel, Through Intermediary [Member] | |||
Sales | 149,129 | 164,315 | 106,508 |
Trade [Member] | Sales Channel, Directly to Consumer [Member] | |||
Sales | 130,996 | 73,763 | 40,702 |
Real Estate [Member] | |||
Sales | $ 27,794 | $ 65,479 | $ 20,363 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 7 Months Ended | 12 Months Ended | 18 Months Ended | |
Oct. 31, 2020 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2022 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 19,925 | $ 16,918 | |||
Long-Term Debt, Gross | $ 38,799 | ||||
Guarantee of Indebtedness of Others [Member] | Sunrise Real Estate Joint Venture [Member] | Loans Payable [Member] | |||||
Debt Instrument, Percentage Guaranty | 50% | ||||
Long-Term Debt, Gross | 5,000 | ||||
Renin Holdings LLC[Member] | Property Lease Guarantee [Member] | |||||
Lease Agreement, Guarantee of Rent | $ 8,000 | ||||
IT’SUGAR [Member] | Property Lease Guarantee [Member] | |||||
Lease Agreement, Guarantee of Rent | $ 100 | ||||
Renin Supplier Dispute [Member] | |||||
Payments for Advance to Affiliate | $ 4,000 | ||||
Renin Supplier Dispute [Member] | Renin Holdings LLC[Member] | |||||
Expedited Shipping Costs Incurred for Products | $ 6,000 | ||||
Expedited Shipping Costs for Product Displays | 2,000 | ||||
Loss Contingency, Damages Sought, Value | $ 8,100 | ||||
Litigation Settlement, Amount Awarded from Other Party | $ 4,200 | ||||
Loss Contingency, Estimate of Possible Loss | 8,100 | ||||
Renin Supplier Dispute [Member] | Renin Holdings LLC[Member] | Scenario, Adjustment [Member] | |||||
Cost of Goods and Services Sold, Total | 2,900 | ||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 1,000 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans and Incentive Compensation Program (Details Textual) - The 401(k) Plans [Member] | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Contribution Plan, Minimum Days of Service (Day) | 90 days | |
Defined Contribution Plan, Minimum Age to Participate | 21 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 20,500 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Over 50 Years Age, Amount | $ 27,000 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, One | 100% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay, One | 3% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Two | 50% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay, Two | 2% | |
Defined Contribution Plan, Cost | $ 538,000 | $ 400,000 |
Note 17 - Common Stock (Details
Note 17 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 17, 2023 | Oct. 01, 2022 | Jan. 18, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Jul. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 25, 2022 | May 31, 2022 | Jan. 31, 2022 | Nov. 19, 2021 | Sep. 30, 2021 | Oct. 31, 2020 | |
Maximum Percent of Total Number of Outstanding Shares Per Shareholder | 5% | |||||||||||||||||
Stock Repurchased and Retired During Period, Value | $ 1,074 | $ 22,835 | ||||||||||||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | 519 | |||||||||||||||||
BBX Capital 2021 Incentive Plan [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 0 | |||||||||||||||||
BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 8,000 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 10.34 | |||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 4,700 | |||||||||||||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 500 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Month) | 15 months | |||||||||||||||||
BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | Vesting in Three Periods [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 258,850 | |||||||||||||||||
Tender Offer [Member] | ||||||||||||||||||
Stock Repurchased During Period, Percentage of Total Outstanding Stock | 7.50% | 7.50% | ||||||||||||||||
Share Repurchase Program [Member] | ||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,300,000 | |||||||||||||||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 9.36 | |||||||||||||||||
Stock Repurchased During Period, Value | $ 22,800 | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 15,000 | $ 14,500 | $ 20,000 | $ 10,000 | ||||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 0 | |||||||||||||||||
Common Class A [Member] | ||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||||||||||
Voting Power Percentage | 22% | |||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 10,629,613 | 11,803,842 | ||||||||||||||||
Common Stock, Percentage of Total Equity Between Classes | 74% | |||||||||||||||||
Share Price (in dollars per share) | $ 7.99 | |||||||||||||||||
Common Class A [Member] | BBX Capital 2021 Incentive Plan [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,700,000 | |||||||||||||||||
Common Class A [Member] | BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 571,523 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 190,505 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,500 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 53,552 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 381,018 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,128,477 | |||||||||||||||||
Common Class A [Member] | BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 412,912 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 3,800 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.10 | |||||||||||||||||
Common Class A [Member] | BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | Vesting in Three Periods [Member] | Subsequent Event [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 137,637 | |||||||||||||||||
Common Class A [Member] | Tender Offer [Member] | ||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,000,000 | 3,500,000 | 4,000,000 | |||||||||||||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 10 | $ 8 | $ 8 | $ 6.75 | ||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 1,200,000 | 1,402,785 | ||||||||||||||||
Stock Repurchased During Period, Value | $ 12,100 | $ 11,400 | ||||||||||||||||
Stock Repurchased During Period, Percentage of Total Outstanding Stock | 9.80% | 9.30% | ||||||||||||||||
Stock Repurchased, Tender Offer, Right to Purchase Additional Shares | 2% | |||||||||||||||||
Common Class A [Member] | Share Repurchase Program [Member] | ||||||||||||||||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 9.27 | |||||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 2,425,229 | |||||||||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 115,782 | |||||||||||||||||
Stock Repurchased and Retired During Period, Value | $ 1,100 | |||||||||||||||||
Common Class A [Member] | Decrease in Class B Common Stock, Scenario One [Member] | ||||||||||||||||||
Voting Power Percentage | 40% | |||||||||||||||||
Common Class A [Member] | Decrease in Class B Common Stock, Scenario Two [Member] | ||||||||||||||||||
Voting Power Percentage | 53% | |||||||||||||||||
Common Class B [Member] | ||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||||||||||
Voting Power Percentage | 78% | |||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 3,723,932 | 3,671,437 | ||||||||||||||||
Common Stock, Percentage of Total Equity Between Classes | 26% | |||||||||||||||||
Common Class B [Member] | BBX Capital 2021 Incentive Plan [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 300,000 | |||||||||||||||||
Common Class B [Member] | BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 205,029 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 68,343 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 500 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 11,248 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 136,686 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 94,971 | |||||||||||||||||
Common Class B [Member] | Share Repurchase Program [Member] | ||||||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 14,394 | |||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario One [Member] | ||||||||||||||||||
Voting Power Percentage | 60% | |||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario One [Member] | Maximum [Member] | ||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 360,000 | |||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario One [Member] | Minimum [Member] | ||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 280,000 | |||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario Two [Member] | ||||||||||||||||||
Voting Power Percentage | 47% | |||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario Two [Member] | Maximum [Member] | ||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 280,000 | |||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario Two [Member] | Minimum [Member] | ||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 100,000 | |||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario Three [Member] | Maximum [Member] | ||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 100,000 |
Note 18 - Noncontrolling Inte_2
Note 18 - Noncontrolling Interests and Redeemable Noncontrolling Interest (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 22, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2020 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 4,414,000 | $ 1,144,000 | |||
Income (Loss) Attributable to Noncontrolling Interest, before Tax | (400,000) | 14,000 | $ (700,000) | ||
IT’SUGAR [Member] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | 4,400,000 | 1,100,000 | |||
Income (Loss) Attributable to Noncontrolling Interest, before Tax | $ (4,100,000) | $ 20,000 | 100,000 | $ (4,100,000) | |
IT’SUGAR [Member] | Capital Unit, Class B [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 90% | ||||
Noncontrolling Interests [Member] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 200,000 | $ 1,100,000 | |||
Noncontrolling Interest, Ownership Percentage by Parent | 19% | 19% | 47% | ||
IT'SUGAR FL II, LLC [Member] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 800,000 | ||||
Restaurant [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 28% |
Note 19 - Earnings Per Common_3
Note 19 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 19 - Earnings Per Common_4
Note 19 - Earnings Per Common Share - Computations of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Net income (loss) | $ 27,642 | $ 47,066 | $ (47,090) | |
Net loss (income) attributable to noncontrolling interests | 378 | (155) | 4,803 | |
Net income (loss) attributable to shareholders | $ 28,020 | $ 46,911 | $ (42,287) | |
Basic weighted average number of common shares outstanding (1) (in shares) | [1] | 15,471 | 17,840 | 19,318 |
Basic earnings (loss) per share (in dollars per share) | $ 1.81 | $ 2.63 | $ (2.19) | |
Net income (loss) available to shareholders | $ 28,020 | $ 46,911 | $ (42,287) | |
Effect of dilutive restricted stock awards (in shares) | 37 | 0 | 0 | |
Diluted weighted average number of common shares outstanding (in shares) | [1] | 15,508 | 17,840 | 19,318 |
Diluted earnings (loss) per share (in dollars per share) | $ 1.81 | $ 2.63 | $ (2.19) | |
[1]For periods prior to the spin-off on September 30, 2020, the number of shares is based on the shares issued in connection with the spin-off. See Note 1 for further discussion. |
Note 20 - Fair Value Measurem_3
Note 20 - Fair Value Measurement - Financial Disclosures About Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available for sale, at fair value | $ 18,548 | $ 5,552 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 127,581 | 118,045 |
Restricted cash | 750 | 1,000 |
Securities available for sale, at fair value | 18,548 | 5,552 |
Note receivable from Bluegreen Vacations | 50,000 | 50,000 |
Notes payable and other borrowings | 38,543 | 54,883 |
Reported Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 127,581 | 118,045 |
Restricted cash | 750 | 1,000 |
Securities available for sale, at fair value | 18,548 | 5,552 |
Note receivable from Bluegreen Vacations | 46,635 | 50,340 |
Notes payable and other borrowings | 37,997 | 56,360 |
Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 127,581 | 118,045 |
Restricted cash | 750 | 1,000 |
Securities available for sale, at fair value | 13,091 | 0 |
Note receivable from Bluegreen Vacations | 0 | 0 |
Notes payable and other borrowings | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Securities available for sale, at fair value | 5,457 | 5,552 |
Note receivable from Bluegreen Vacations | 0 | 0 |
Notes payable and other borrowings | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
Note receivable from Bluegreen Vacations | 46,635 | 50,340 |
Notes payable and other borrowings | 37,997 | $ 56,360 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | $ 0 |
Note 21 - Certain Relationshi_3
Note 21 - Certain Relationships and Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 16, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Selling, General and Administrative Expense, Total | $ 116,215,000 | $ 76,014,000 | $ 65,972,000 | ||||
Notes Receivable, Related Parties | $ 50,000,000 | 50,000,000 | 50,000,000 | ||||
Repayment of Notes Receivable from Related Parties | $ 0 | 25,000,000 | 0 | ||||
The Chairman, the Vice Chairman, the Chief Executive Officer and President, and the Executive Vice President [Member] | |||||||
Voting Power Percentage | 82% | ||||||
Bluegreen Vacations [Member] | |||||||
Related Party Costs | 12,700,000 | ||||||
Bluegreen Vacations [Member] | Notes Receivable [Member] | |||||||
Notes Receivable, Related Parties | $ 75,000,000 | $ 50,000,000 | |||||
Financing Receivable, Interest Rate, Stated Percentage | 6% | ||||||
Financing Receivable, Deferred Interest Rate | 8% | ||||||
Repayment of Notes Receivable from Related Parties | $ 25,000,000 | ||||||
Interest Income, Related Party | 3,000,000 | 4,500,000 | 1,100,000 | ||||
Bluegreen Vacations [Member] | Office Space, Risk Management, and Management Advisory Services [Member] | |||||||
Selling, General and Administrative Expense, Total | 2,000,000 | 1,200,000 | 1,000,000 | ||||
Bluegreen Vacations [Member] | Rent for Office Space [Member] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 158,000 | ||||||
The Altman Companies, LLC [Member] | Rent for Office Space [Member] | |||||||
Due from Related Parties, Total | 210,000 | ||||||
The Altman Companies, LLC [Member] | Management Services [Member] | |||||||
Selling, General and Administrative Expense, Total | 300,000 | ||||||
Related Party Transaction, Amounts of Transaction | 300,000 | $ 200,000 | |||||
Abdo Companies, Inc [Member] | Management Services and Rent [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 38,000 | $ 175,000 | 160,000 | ||||
IT’SUGAR [Member] | |||||||
Interest Income (Expense), Net, Total | $ 100,000 | $ 300,000 |
Note 21 - Certain Relationshi_4
Note 21 - Certain Relationships and Related Party Transactions - Components of Net Transfers (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Net transfers from Bluegreen Vacations | $ 167,910 |
Bluegreen Vacations [Member] | |
Cash pooling | 81,581 |
Corporate overhead allocations | 12,694 |
Asset transfers | 75,320 |
Income taxes | (1,685) |
Net transfers from Bluegreen Vacations | $ 167,910 |
Note 22 - Segment Reporting (De
Note 22 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Reportable Segments | 3 |
Note 22 - Segment Reporting - S
Note 22 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Sales | $ 307,919 | $ 303,557 | $ 167,573 | |||
Interest income | 5,993 | 6,413 | 2,399 | |||
Net gains on sales of real estate assets | 24,289 | 643 | 255 | |||
Other revenue | 3,844 | 2,984 | 3,002 | |||
Total revenues | 342,045 | 313,597 | 173,229 | |||
Interest expense | 2,399 | 1,439 | 237 | |||
Recoveries from loan losses, net | (4,835) | (7,774) | (8,876) | |||
Impairment losses | 549 | 38 | 30,772 | |||
Selling, general and administrative expenses | 116,215 | 76,014 | 65,972 | |||
Total costs and expenses | 339,512 | 284,553 | 228,304 | |||
Operating income (losses) | 2,533 | 29,044 | (55,075) | |||
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |||
Other income | 964 | 341 | 290 | |||
Foreign exchange gain (loss) | 880 | 812 | (692) | |||
Income (loss) before income taxes | 42,791 | 64,241 | (58,338) | |||
Total assets | 562,841 | 533,355 | 447,656 | |||
Expenditures for property and equipment | 14,739 | 8,526 | 5,345 | [1] | ||
Depreciation and amortization | 10,213 | 6,458 | 5,834 | |||
Debt accretion and amortization | 450 | 871 | [2] | 698 | ||
Cash and cash equivalents | 127,581 | 118,045 | 90,037 | |||
Investments in and advances to unconsolidated real estate joint ventures | 49,415 | 52,966 | 58,010 | |||
Goodwill | 18,414 | 18,414 | 8,277 | $ 37,248 | ||
Notes payable and other borrowings | 38,543 | 54,883 | 73,483 | |||
Gain on the consolidation of IT'SUGAR, LLC | 15,890 | |||||
Loss on the deconsolidation of IT'SUGAR, LLC | 0 | 0 | (3,326) | |||
Trade [Member] | ||||||
Sales | 280,125 | 238,078 | 147,210 | |||
Cost of sales | 213,721 | 185,146 | 127,028 | |||
Real Estate [Member] | ||||||
Sales | 27,794 | 65,479 | 20,363 | |||
Cost of sales | 11,463 | 29,690 | 13,171 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | ||||||
Interest income | 3,617 | 2,048 | 1,240 | |||
Net gains on sales of real estate assets | 24,289 | 643 | 255 | |||
Other revenue | 1,835 | 1,504 | 1,454 | |||
Total revenues | 57,535 | 69,674 | 23,312 | |||
Interest expense | 0 | 0 | 0 | |||
Recoveries from loan losses, net | (4,835) | (7,774) | (8,876) | |||
Impairment losses | 311 | 0 | 2,742 | |||
Selling, general and administrative expenses | 13,772 | 7,587 | 6,758 | |||
Total costs and expenses | 20,711 | 29,503 | 13,795 | |||
Operating income (losses) | 36,824 | 40,171 | 9,517 | |||
Equity in net earnings of unconsolidated real estate joint ventures | 38,414 | 18,154 | 465 | |||
Other income | (7) | (14) | 6 | |||
Foreign exchange gain (loss) | 0 | 0 | 0 | |||
Income (loss) before income taxes | 75,231 | 58,311 | 9,988 | |||
Total assets | 225,786 | 179,619 | 165,732 | |||
Expenditures for property and equipment | 0 | 0 | 0 | [1] | ||
Depreciation and amortization | (271) | 0 | 0 | |||
Debt accretion and amortization | 261 | 737 | [2] | 287 | ||
Cash and cash equivalents | 107,069 | 66,558 | 31,133 | |||
Investments in and advances to unconsolidated real estate joint ventures | 49,415 | 52,966 | 58,010 | |||
Notes payable and other borrowings | 1,946 | 7,312 | 26,762 | |||
Gain on the consolidation of IT'SUGAR, LLC | 0 | |||||
Loss on the deconsolidation of IT'SUGAR, LLC | 0 | |||||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Trade [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Real Estate [Member] | ||||||
Sales | 27,794 | 65,479 | 20,363 | |||
Cost of sales | 11,463 | 29,690 | 13,171 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | ||||||
Interest income | 0 | 36 | 29 | |||
Net gains on sales of real estate assets | 0 | 0 | 0 | |||
Other revenue | 0 | 0 | 281 | |||
Total revenues | 139,718 | 84,251 | 49,465 | |||
Interest expense | 1,015 | 429 | 193 | |||
Recoveries from loan losses, net | 0 | 0 | 0 | |||
Impairment losses | 238 | 38 | 25,303 | |||
Selling, general and administrative expenses | 55,617 | 31,524 | 26,855 | |||
Total costs and expenses | 140,177 | 84,488 | 93,833 | |||
Operating income (losses) | (459) | (237) | (44,368) | |||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Other income | 718 | 131 | 221 | |||
Foreign exchange gain (loss) | (70) | 0 | 0 | |||
Income (loss) before income taxes | 189 | 15,784 | (47,473) | |||
Total assets | 161,337 | 143,916 | 28,668 | |||
Expenditures for property and equipment | 11,383 | 4,283 | 3,155 | [1] | ||
Depreciation and amortization | 6,629 | 3,181 | 4,244 | |||
Debt accretion and amortization | 61 | 21 | [2] | 168 | ||
Cash and cash equivalents | 7,246 | 9,792 | 1,163 | |||
Investments in and advances to unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Goodwill | 14,274 | 14,274 | 0 | |||
Notes payable and other borrowings | 18,150 | 14,421 | 1,417 | |||
Gain on the consolidation of IT'SUGAR, LLC | 15,890 | |||||
Loss on the deconsolidation of IT'SUGAR, LLC | (3,326) | |||||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Trade [Member] | ||||||
Sales | 139,718 | 84,215 | 49,155 | |||
Cost of sales | 83,307 | 52,497 | 41,482 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Real Estate [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | ||||||
Interest income | 0 | 0 | 0 | |||
Net gains on sales of real estate assets | 0 | 0 | 0 | |||
Other revenue | 0 | 0 | 0 | |||
Total revenues | 131,951 | 146,255 | 93,036 | |||
Interest expense | 3,588 | 1,830 | 615 | |||
Recoveries from loan losses, net | 0 | 0 | 0 | |||
Impairment losses | 0 | 0 | 0 | |||
Selling, general and administrative expenses | 17,077 | 15,857 | 11,735 | |||
Total costs and expenses | 148,288 | 148,053 | 95,913 | |||
Operating income (losses) | (16,337) | (1,798) | (2,877) | |||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Other income | (57) | 0 | (3) | |||
Foreign exchange gain (loss) | 950 | 812 | (692) | |||
Income (loss) before income taxes | (15,444) | (986) | (3,572) | |||
Total assets | 102,601 | 101,647 | 104,654 | |||
Expenditures for property and equipment | 1,653 | 3,099 | 2,118 | [1] | ||
Depreciation and amortization | 3,344 | 3,037 | 1,380 | |||
Debt accretion and amortization | 128 | 113 | [2] | 243 | ||
Cash and cash equivalents | 1,060 | 1,369 | 2,438 | |||
Investments in and advances to unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Goodwill | 4,140 | 4,140 | 8,277 | |||
Notes payable and other borrowings | 47,838 | 44,124 | 45,261 | |||
Gain on the consolidation of IT'SUGAR, LLC | 0 | |||||
Loss on the deconsolidation of IT'SUGAR, LLC | 0 | |||||
Operating Segments [Member] | Renin Holdings LLC[Member] | Trade [Member] | ||||||
Sales | 131,951 | 146,255 | 93,036 | |||
Cost of sales | 127,623 | 130,366 | 83,563 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | Real Estate [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | |||
Corporate, Non-Segment [Member] | ||||||
Interest income | 0 | 0 | 1 | |||
Net gains on sales of real estate assets | 0 | 0 | 0 | |||
Other revenue | 2,572 | 2,045 | 1,461 | |||
Total revenues | 11,042 | 9,661 | 6,481 | |||
Interest expense | 2 | 2 | 10 | |||
Recoveries from loan losses, net | 0 | 0 | 0 | |||
Impairment losses | 0 | 0 | 2,727 | |||
Selling, general and administrative expenses | 7,224 | 5,978 | 4,684 | |||
Total costs and expenses | 10,031 | 8,271 | 9,404 | |||
Operating income (losses) | 1,011 | 1,390 | (2,923) | |||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Other income | 4 | 0 | 8 | |||
Foreign exchange gain (loss) | 0 | 0 | 0 | |||
Income (loss) before income taxes | 1,015 | 1,390 | (2,915) | |||
Total assets | 7,134 | 7,745 | 7,096 | |||
Expenditures for property and equipment | 110 | 185 | 72 | [1] | ||
Depreciation and amortization | 140 | 118 | 106 | |||
Debt accretion and amortization | 0 | 0 | [2] | 0 | ||
Cash and cash equivalents | 2,643 | 2,937 | 1,539 | |||
Investments in and advances to unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Notes payable and other borrowings | 9 | 26 | 43 | |||
Gain on the consolidation of IT'SUGAR, LLC | 0 | |||||
Loss on the deconsolidation of IT'SUGAR, LLC | 0 | |||||
Corporate, Non-Segment [Member] | Trade [Member] | ||||||
Sales | 8,470 | 7,616 | 5,019 | |||
Cost of sales | 2,805 | 2,291 | 1,983 | |||
Corporate, Non-Segment [Member] | Real Estate [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | |||
Segment Reconciling Items [Member] | ||||||
Interest income | 2,376 | 4,329 | 1,129 | |||
Net gains on sales of real estate assets | 0 | 0 | 0 | |||
Other revenue | (563) | (565) | (194) | |||
Total revenues | 1,799 | 3,756 | 935 | |||
Interest expense | (2,206) | (822) | (581) | |||
Recoveries from loan losses, net | 0 | 0 | 0 | |||
Impairment losses | 0 | 0 | 0 | |||
Selling, general and administrative expenses | 22,525 | 15,068 | 15,940 | |||
Total costs and expenses | 20,305 | 14,238 | 15,359 | |||
Operating income (losses) | (18,506) | (10,482) | (14,424) | |||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Other income | 306 | 224 | 58 | |||
Foreign exchange gain (loss) | 0 | 0 | 0 | |||
Income (loss) before income taxes | (18,200) | (10,258) | (14,366) | |||
Total assets | 65,983 | 100,428 | 141,506 | |||
Expenditures for property and equipment | 1,593 | 959 | 0 | [1] | ||
Depreciation and amortization | 371 | 122 | 104 | |||
Debt accretion and amortization | 0 | 0 | [2] | 0 | ||
Cash and cash equivalents | 9,563 | 37,389 | 53,764 | |||
Investments in and advances to unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Notes payable and other borrowings | (29,400) | (11,000) | 0 | |||
Gain on the consolidation of IT'SUGAR, LLC | 0 | |||||
Loss on the deconsolidation of IT'SUGAR, LLC | 0 | |||||
Segment Reconciling Items [Member] | Trade [Member] | ||||||
Sales | (14) | (8) | 0 | |||
Cost of sales | (14) | (8) | 0 | |||
Segment Reconciling Items [Member] | Real Estate [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | $ 0 | $ 0 | $ 0 | |||
[1]The above segment information excludes the operations of IT’SUGAR as of September 22, 2020, the date the Company deconsolidated IT’SUGAR.[2]The above segment information includes the operations of IT’SUGAR as of June 17, 2021, the date the Company reconsolidated IT’SUGAR. |
Note 23 - IT'SUGAR Bankruptcy_2
Note 23 - IT'SUGAR Bankruptcy (Details Textual) | 5 Months Ended | 12 Months Ended | |||||||
Jul. 17, 2021 USD ($) | Jun. 17, 2021 USD ($) | Sep. 22, 2020 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 07, 2020 USD ($) | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 1,240,000 | $ 0 | |||||||
Proceeds from Issuance of Long-Term Debt, Total | 3,355,000 | $ 9,359,000 | 50,136,000 | ||||||
IT’SUGAR [Member] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | $ 9,670,000 | |||||||
Legal Fees | $ 3,700,000 | ||||||||
IT’SUGAR [Member] | Trademarks [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||||
IT’SUGAR [Member] | Lease Agreements [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 8 years | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 8,700,000 | ||||||||
IT’SUGAR [Member] | |||||||||
Redeemable Noncontrolling Interest, Equity, Fair Value, Total | $ 12,700,000 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 3,300,000 | ||||||||
Redeemable Noncontrolling Interest, Percent | 9.65% | ||||||||
IT’SUGAR [Member] | |||||||||
Number of Stores Open for Existing Owners | 100 | ||||||||
Decline in Revenue, Percent | 50.40% | ||||||||
Debtor-in-Possession Financing, Borrowings Outstanding | 4,000,000 | 4,000,000 | |||||||
Pre-petition Liabilities | 11,700,000 | ||||||||
Preconfirmation, Rental Obligations | $ 7,700,000 | ||||||||
Pre-petition Line of Credit | $ 6,000,000 | ||||||||
Percentage of Lump Sum Distribution to Each Holder of an Allowed General Unsecured Claim | 15% | ||||||||
IT’SUGAR [Member] | Exit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 13,000,000 | ||||||||
Proceeds from Issuance of Long-Term Debt, Total | $ 13,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 325,000 | ||||||||
Long-Term Debt, Total | $ 7,100,000 | $ 11,000,000 | |||||||
IT’SUGAR [Member] | Subsidiary of BBX Capital [Member] | |||||||||
Advance from Affiliate | $ 2,000,000 | ||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 4,000,000 | ||||||||
Debtor-in-Possession Financing, Borrowings Outstanding | $ 4,000,000 | ||||||||
[1]Identifiable intangible assets primarily represents the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years. |
Note 23 - IT'SUGAR Bankruptcy -
Note 23 - IT'SUGAR Bankruptcy - Summary of Assets, Liabilities and Net Equity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 22, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 127,581 | $ 118,045 | $ 90,037 | ||
Restricted cash | 750 | 1,000 | 350 | ||
Trade accounts receivable, net | 19,665 | 29,899 | |||
Trade inventory | 48,866 | 41,895 | |||
Property and equipment, net | 35,140 | 30,611 | |||
Goodwill | 18,414 | 18,414 | 8,277 | $ 37,248 | |
Intangible assets, net | 29,405 | 31,982 | |||
Operating lease assets | 110,082 | 90,639 | |||
Other assets | 21,453 | 15,783 | |||
Total assets | 562,841 | 533,355 | 447,656 | ||
Accrued expenses | 34,985 | 33,136 | |||
Operating lease liabilities | 126,842 | 103,262 | |||
Notes payable and other borrowings | 38,543 | 54,883 | 73,483 | ||
Total liabilities | 223,899 | 209,263 | |||
Additional paid-in capital | 312,978 | 310,588 | |||
Accumulated earnings | 20,358 | 9,226 | |||
Noncontrolling interests | 226 | 1,143 | |||
Total equity | 334,528 | 322,948 | $ 309,253 | $ 182,236 | |
Total liabilities and equity | $ 562,841 | $ 533,355 | |||
IT’SUGAR [Member] | |||||
Cash and cash equivalents | $ 1,045 | ||||
Restricted cash | 20 | ||||
Trade accounts receivable, net | 103 | ||||
Trade inventory | 6,213 | ||||
Property and equipment, net | 22,162 | ||||
Goodwill | 14,864 | ||||
Intangible assets, net | 3,222 | ||||
Operating lease assets | 64,889 | ||||
Other assets | 1,707 | ||||
Total assets | 114,225 | ||||
Accrued expenses | 13,441 | ||||
Operating lease liabilities | 80,388 | ||||
Notes payable and other borrowings | 6,199 | ||||
Total liabilities | 100,028 | ||||
Additional paid-in capital | 59,809 | ||||
Accumulated earnings | (50,102) | ||||
Noncontrolling interests | 4,490 | ||||
Total equity | 14,197 | ||||
Total liabilities and equity | $ 114,225 |
Note 23 - IT'SUGAR Bankruptcy_3
Note 23 - IT'SUGAR Bankruptcy - Assets Acquired and Liabilities Assumed at Consolidation (Details) - USD ($) $ in Thousands | Jun. 17, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | $ 18,414 | $ 18,414 | $ 8,277 | $ 37,248 | ||
IT’SUGAR [Member] | ||||||
Cash | $ 6,909 | |||||
Trade accounts receivable | 584 | |||||
Trade inventory | 5,337 | |||||
Property and equipment | 19,291 | |||||
Identifiable intangible assets (1) | [1] | 9,670 | ||||
Operating lease assets (2) | [2] | 54,253 | ||||
Other assets | 3,323 | |||||
Total assets acquired | 99,367 | |||||
Accounts payable | (2,517) | |||||
Accrued expenses | (8,445) | |||||
Other liabilities | (124) | |||||
Operating lease liability | (62,975) | |||||
Notes payable and other borrowings(3) | [3] | (10,054) | ||||
Total liabilities assumed | (84,115) | |||||
Fair value of identifiable net assets | 15,252 | |||||
Fair value of net assets acquired | 28,590 | |||||
Fair value of redeemable noncontrolling interest | 936 | |||||
Fair value of IT'SUGAR | 29,526 | |||||
Goodwill | 14,274 | |||||
Gain on the consolidation of IT'SUGAR(4) | [4] | $ 15,890 | ||||
[1]Identifiable intangible assets primarily represents the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years.[2]Includes a net intangible liability of $8.7 million related to off market rents related to certain of IT’SUGAR’s retail locations that is expected to be recognized over a weighted average lease term of approximately 8 years.[3]Notes payable and other borrowings reflects amounts due to the Company’s wholly-owned subsidiary that have been eliminated in consolidation as of and subsequent to the consolidation date.[4]The gain is comprised of the remeasurement of the Company’s equity interest in IT’SUGAR at fair value. |
Note 23 - IT'SUGAR Bankruptcy_4
Note 23 - IT'SUGAR Bankruptcy - Consolidated Net Assets and Results of Operations (Details) - IT’SUGAR [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade sales | $ 119,302 | $ 62,161 | $ 31,794 |
Income before income taxes | $ 2,307 | $ 2,516 | $ (41,182) |
Note 23 - IT'SUGAR Bankruptcy_5
Note 23 - IT'SUGAR Bankruptcy - Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade sales | $ 188,146 | $ 147,210 | ||
Income (loss) before income taxes | (55,619) | (57,947) | ||
Income (loss) | (45,035) | (46,703) | ||
Net income (loss) income attributable to shareholders | (40,306) | $ (41,974) | ||
IT’SUGAR [Member] | ||||
Trade sales | $ 280,125 | $ 277,769 | 162,056 | |
Income (loss) before income taxes | 42,791 | 52,788 | (62,156) | |
Income (loss) | 27,642 | 39,690 | (49,093) | |
Net income (loss) income attributable to shareholders | $ 28,020 | $ 39,146 | $ (43,596) |