Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 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 | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,860,618 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,423,543 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - Unaudited - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 95,022 | $ 127,581 |
Restricted cash | 11,265 | 750 |
Securities available for sale, at fair value | 47,737 | 18,548 |
Accounts receivable, net | 21,376 | 19,665 |
Construction contracts receivable, net | 11,137 | 0 |
Trade inventory | 46,274 | 48,866 |
Real estate ($3,612 in 2023 and $4,443 in 2022 held for sale and $28,809 in 2023 in VIEs) | 44,470 | 12,345 |
Real Estate Investments | 56,130 | 49,415 |
Property and equipment, net | 38,460 | 35,140 |
Goodwill | 51,315 | 18,414 |
Intangible assets, net | 28,761 | 29,405 |
Operating lease assets | 120,039 | 110,082 |
Deferred tax asset, net | 2,401 | 4,259 |
Contract assets | 36,195 | 16,918 |
Other assets | 24,343 | 21,453 |
Total assets | 684,925 | 562,841 |
Liabilities: | ||
Accounts payable | 30,258 | 17,371 |
Accrued expenses | 31,288 | 34,985 |
Contract liabilities | 31,776 | 861 |
Other liabilities | 3,478 | 5,297 |
Operating lease liabilities | 137,514 | 126,842 |
Notes payable and other borrowings | 38,382 | 38,543 |
Total liabilities | 272,696 | 223,899 |
Commitments and contingencies (See Note 14) | ||
Redeemable noncontrolling interest | 10,148 | 4,414 |
Equity: | ||
Additional paid-in capital | 313,995 | 312,978 |
Accumulated earnings | 27,361 | 20,358 |
Accumulated other comprehensive income | 861 | 823 |
Total shareholders' equity | 342,360 | 334,302 |
Noncontrolling interests | 59,721 | 226 |
Total equity | 402,081 | 334,528 |
Total liabilities and equity | 684,925 | 562,841 |
Common Class A [Member] | ||
Equity: | ||
Common stock | 106 | 106 |
Common Class B [Member] | ||
Equity: | ||
Common stock | 37 | 37 |
Bluegreen Vacations Holding Corporation [Member] | ||
ASSETS | ||
Note receivable from Bluegreen Vacations Holding Corporation | $ 50,000 | $ 50,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition - Unaudited (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 95,022 | $ 127,581 |
Restricted cash | 11,265 | 750 |
Real estate, held for sale | 3,612 | 4,443 |
Real Estate Investments | 56,130 | 49,415 |
Other assets | 24,343 | 21,453 |
Accounts payable | $ 30,258 | $ 17,371 |
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 | 10,629,613 |
Common stock, shares outstanding (in shares) | 10,629,613 | 10,629,613 |
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 | 3,723,932 |
Common stock, shares outstanding (in shares) | 3,723,932 | 3,723,932 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | $ 18,507 | |
Restricted cash | 10,128 | |
Real estate, held for sale | 28,809 | |
Real Estate Investments | 39,014 | |
Other assets | 539 | |
Accounts payable | $ 2,835 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations and Comprehensive Income - Unaudited - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Revenues: | |||
Sales | $ 92,134 | $ 72,219 | |
Real estate development and property management fees | 1,611 | 0 | |
Interest income | 2,517 | 1,149 | |
Net gains on sales of real estate assets | 0 | 1,329 | |
Other revenue | 347 | 779 | |
Total revenues | 94,998 | 75,476 | |
Costs and expenses: | |||
Interest expense | 735 | 536 | |
Recoveries from loan losses, net | (600) | (648) | |
Impairment losses | 0 | 64 | |
Selling, general and administrative expenses | 33,778 | 27,364 | |
Total costs and expenses | 106,087 | 80,557 | |
Operating losses | (11,089) | (5,081) | |
Equity in net earnings of unconsolidated real estate joint ventures | 1,104 | 1,532 | |
Other (loss) income | 2,171 | 984 | |
Foreign exchange loss | (46) | (189) | |
Income (loss) before income taxes | 9,190 | (2,754) | |
(Provision) benefit for income taxes | (1,667) | 828 | |
Net income (loss) | 7,523 | (1,926) | |
Net loss attributable to noncontrolling interests | 380 | 110 | |
Net income (loss) attributable to shareholders | $ 7,903 | $ (1,816) | |
Basic earnings (loss) per share (in dollars per share) | $ 0.55 | $ (0.12) | |
Diluted earnings (loss) per share (in dollars per share) | $ 0.55 | $ (0.12) | |
Basic weighted average number of common shares outstanding (in shares) | [1] | 14,354 | 15,475 |
Diluted weighted average number of common shares outstanding (in shares) | [1] | 14,377 | 15,475 |
Net income (loss) | $ 7,523 | $ (1,926) | |
Other comprehensive income, net of tax: | |||
Unrealized gain (loss) on securities available for sale | 27 | (46) | |
Foreign currency translation adjustments | 11 | 164 | |
Other comprehensive income, net | 38 | 118 | |
Comprehensive income (loss), net of tax | 7,561 | (1,808) | |
Comprehensive loss attributable to noncontrolling interests | 380 | 110 | |
Comprehensive income (loss) attributable to shareholders | 7,941 | (1,698) | |
The Altman Companies, LLC [Member] | |||
Costs and expenses: | |||
Gain on consolidation | 6,195 | 0 | |
Other Investments in Real Estate Joint Ventures [Member] | |||
Costs and expenses: | |||
Gain on consolidation | 10,855 | 0 | |
Trade [Member] | |||
Revenues: | |||
Sales | 63,714 | 65,749 | |
Costs and expenses: | |||
Cost of sales | 47,407 | 51,006 | |
Real Estate [Member] | |||
Revenues: | |||
Sales | 1,772 | 6,470 | |
Costs and expenses: | |||
Cost of sales | 578 | 2,235 | |
Construction [Member] | |||
Revenues: | |||
Sales | 25,037 | 0 | |
Costs and expenses: | |||
Cost of sales | $ 24,189 | $ 0 | |
[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. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity - Unaudited - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
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 |
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 0 | 0 | 0 | (1,816) | 0 | (39) | (1,855) |
Other comprehensive income | 0 | 0 | 0 | 0 | 118 | 0 | 118 |
Accretion of redeemable noncontrolling interest | 0 | 0 | 0 | (53) | 0 | 0 | (53) |
Contributions from noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 25 | 25 |
Distributions to noncontrolling interests | $ 0 | $ 0 | 0 | 0 | 0 | (231) | (231) |
Conversion of common stock from Class B to Class A (in shares) | 4 | 4 | |||||
Conversion of common stock from Class B to Class A (in shares) | (4) | (4) | |||||
Conversion of common stock from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Share-based compensation | $ 0 | $ 0 | 756 | 0 | 0 | 0 | 756 |
Balance (in shares) at Mar. 31, 2022 | 11,808 | 3,667 | |||||
Balance at Mar. 31, 2022 | $ 118 | $ 37 | 311,344 | 7,357 | 1,954 | 898 | 321,708 |
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 |
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 0 | 0 | 0 | 7,903 | 0 | (175) | 7,728 |
Other comprehensive income | 0 | 0 | 0 | 0 | 38 | 0 | 38 |
Accretion of redeemable noncontrolling interest | 0 | 0 | 0 | (900) | 0 | 0 | (900) |
Contributions from noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 3,729 | 3,729 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (159) | (159) |
Share-based compensation | 0 | 0 | 1,017 | 0 | 0 | 110 | 1,127 |
Consolidation of real estate joint venture managing members | $ 0 | $ 0 | 0 | 0 | 0 | 55,990 | 55,990 |
Balance (in shares) at Mar. 31, 2023 | 10,629 | 3,724 | |||||
Balance at Mar. 31, 2023 | $ 106 | $ 37 | $ 313,995 | $ 27,361 | $ 861 | $ 59,721 | $ 402,081 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity - Unaudited (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) attributable to redeeming noncontrolling interest | $ 205 | $ 71 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Net income (loss) | $ 7,523 | $ (1,926) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Recoveries from loan losses, net | (600) | (648) |
Depreciation, amortization and accretion | 2,688 | 2,487 |
Net loss (gain) on sales of real estate and property and equipment | 74 | (2,131) |
Equity in net earnings of unconsolidated real estate joint ventures | (1,104) | (1,532) |
Return on investment in unconsolidated real estate joint ventures | 2,464 | 2,612 |
Impairment losses | 0 | 64 |
Share-based compensation expense | 1,139 | 767 |
Provision (recovery) for excess and obsolete inventory | 192 | (376) |
Changes in operating assets and liabilities: | ||
Deferred income tax asset, net | 1,858 | (280) |
Trade accounts receivable | (966) | (774) |
Construction contracts receivable | 3,647 | 0 |
Trade inventory | 2,400 | (6,082) |
Real estate | (472) | 481 |
Operating lease assets and operating lease liabilities | 386 | 525 |
Contract assets | 2,906 | 642 |
Other assets | 1,090 | (236) |
Accounts payable | (6,729) | 249 |
Accrued expenses | (10,442) | (2,835) |
Contract liabilities | (1,572) | 0 |
Other liabilities | (1,089) | 641 |
Net cash used in operating activities | (13,657) | (8,352) |
Investing activities: | ||
Return of investment in unconsolidated real estate joint ventures | 1,303 | 402 |
Investments in unconsolidated real estate joint ventures | (804) | (2,182) |
Purchases of securities available for sale | (44,400) | 0 |
Redemptions of securities available for sale | 15,451 | 0 |
Proceeds from repayment of loans receivable | 931 | 761 |
Proceeds from sales of real estate held-for-sale | 0 | 3,937 |
Proceeds from sales of property and equipment | 0 | 2,741 |
Additions to real estate held-for-sale and held-for-investment | (2,174) | (66) |
Purchases of property and equipment | (5,414) | (1,884) |
Cash acquired in the consolidation of real estate joint ventures | 29,146 | 0 |
Cash paid for The Altman Companies acquisition, net of cash received | (3,945) | 0 |
Decrease in cash from other investing activities | (4) | (3) |
Net cash (used in) provided by investing activities | (9,910) | 3,706 |
Financing activities: | ||
Repayments of notes payable and other borrowings | (4,723) | (3,247) |
Proceeds from notes payable and other borrowings | 2,783 | 4,686 |
Payments for debt issuance costs | (107) | 0 |
Contributions from noncontrolling interests | 3,729 | 25 |
Distribution to noncontrolling interests | (159) | (231) |
Net cash provided by financing activities | 1,523 | 1,233 |
Decrease in cash, cash equivalents and restricted cash | (22,044) | (3,413) |
Cash, cash equivalents and restricted cash at beginning of period | 128,331 | 119,045 |
Cash, cash equivalents and restricted cash at end of period | 106,287 | 115,632 |
Supplemental cash flow information: | ||
Interest paid on borrowings, net of amounts capitalized | 702 | 472 |
Income taxes paid | 664 | 492 |
Supplementary disclosure of non-cash investing and financing activities: | ||
Construction funds receivable transferred to real estate | 0 | 34 |
Assumption of Community Development District Bonds by homebuilders | 357 | 811 |
Operating lease assets obtained in exchange for new operating lease liabilities | 15,760 | 4,851 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 95,022 | 114,632 |
Restricted cash | 11,265 | 1,000 |
Cash, cash equivalents and restricted cash at end of period | 106,287 | 115,632 |
Other Investments in Real Estate Joint Ventures [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Gain on the consolidation | (10,855) | 0 |
The Altman Companies, LLC [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Gain on the consolidation | $ (6,195) | $ 0 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization 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.” Principal Holdings BBX Capital’s principal holdings are BBX Capital Real Estate, LLC (“BBX Capital Real Estate” or “BBXRE”), BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), and Renin Holdings, LLC (“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, 2, 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 which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations throughout the United States and Canada, 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. 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 also sources various products and raw materials from China, Brazil, and certain other countries. 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, Basis of Financial Statement Presentation The condensed consolidated financial statements of the Company include the consolidated financial statements of BBX Capital and its wholly-owned subsidiaries, other entities in which BBX Capital or its wholly-owned subsidiaries hold controlling financial interests, and any variable interest entities (“VIEs”) in which BBX Capital or one The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not 10 10 December 31, 2022 ( 2022 March 15, 2023. Use of Estimates The preparation of financial statements prepared in conformity with GAAP require the Company to make estimates and assumptions, including assumptions about current and future economic and market conditions which affect reported amounts and related disclosures in the Company’s financial statements. 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 Significant Accounting Policies Construction Contracts Receivable Contracts receivable include billed and unbilled amounts for services provided to customers for which the Company has an unconditional right to payment. Billed and unbilled amounts for which payment is contingent on anything other than the passage of time are included in contract assets and contract liabilities on a contract-by-contract basis. When payment of the retainage is contingent upon the Company fulfilling its obligations under the contract, it does not 30 Contract Assets and Contract Liabilities The timing of when the Company bills its customers on construction and development contracts is generally dependent upon agreed-upon contractual terms, which may may not not not Revenue from Construction Contracts Revenue from construction contracts represents revenue earned from providing general contractor services to affiliated joint venture entities for the construction of multifamily apartment communities. Revenue from construction contracts with these customers is recognized over time as work is completed due to the continuous transfer of control to the customer. The Company measures contract progress using the input method which recognizes revenue based on costs incurred to date relative to total estimated costs to complete the contract, subject to adjustments to exclude certain costs that do not Cost of revenue from construction contracts earned include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, and repairs. Costs related of significant uninstalled materials, re-work, or scrap are generally excluded from the cost-to-cost measure of progress, as they are not The Company’s construction contracts generally include retention provisions to provide assurance to customers that the Company will perform in accordance with the terms of the contracts. The amounts billed but not not The Company’s construction contracts give rise to several types of variable consideration, including contract modifications (unapproved change orders and claims), cost overruns, shared savings, and other terms that can either increase or decrease the transaction price for the contracts. The determination of the transaction price for contracts requires the Company to evaluate and include variable consideration to which the Company has an enforceable right to compensation or an obligation for a reduction in compensation, which can result in increases or decreases to a contract’s transaction price. The Company estimates variable consideration for its construction contracts as the most likely amount to which it expects to be entitled, or to pay in the case of cost overruns. The Company includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not Contract modifications can result from changes in contract specifications or requirements that either creates new or changes existing enforceable rights and obligations of the parties to the contract. The Company considers unapproved change orders to be contract modifications for which customers have agreed to changes in the scope of the contract but have not Real Estate Development and Management Fees Development management fees represent revenue earned from providing oversight and consultation services to affiliated entities related to the development of multifamily apartment communities, while management fees represent revenue earned from the management of multifamily apartment communities for affiliate joint venture entities and third The Company recognizes development management fees for the performance of oversight and consultation services related to the development and construction of multifamily apartment communities from the inception of the development project to the completion of the construction, including securing construction financing, performing pre-development activities such as sourcing of land for acquisition, permitting and feasibility studies, overseeing construction activities, and managing the costs to complete the construction of the project. The Company’s development contracts are generally each accounted for as a single performance obligation, as the services performed are highly interrelated and not not The Company recognizes property management fees for the performance of management services related to the day-to-day operations of multifamily apartment communities for affiliated joint venture entities and third one thirty Impact of Current Economic Issues and the COVID- 19 The Company and the industries in which it operates have been impacted by economic trends in the U.S. and global economies, including (i) decreased consumer demand, (ii) disruptions in global supply chains, (iii) a general labor shortage and increases in wages, (iv) increased economic uncertainty, and (v) inflationary pressures and higher costs to operate the Company’s businesses, including insurance costs. In light of the uncertain duration and impact of current economic trends, the Company has focused on maintaining significant liquidity. As of March 31, 2023, one 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 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 April 2023, not Recently Adopted and Future Adoption of Recently Issued Accounting Pronouncements The Financial Accounting Standards Board ("FASB") has issued the following accounting pronouncements and guidance relevant to the Company's operations which were adopted as of January 1, 2023: ASU No. 2021 08, 805 805 January 1, 2023, not There were no March 31, 2023 |
Note 2 - Acquisition of The Alt
Note 2 - Acquisition of The Altman Companies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. In November 2018, January 2023 no On January 31, 2023 ( may In connection with the acquisition of the 40% interest from Mr. Altman, BBXRE also 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 that commence prior to the Final Payment Date, Mr. Altman will be entitled to invest in the managing member of any joint venture formed to invest in such projects as if he still held a 10% ownership interest in the Altman Companies. ● 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 he still held a 10% ownership interest in the Altman Companies. 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 date 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 the managing member of 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 the development joint ventures that were originated prior to the Acquisition Date. Accounting for the Acquisition of the Altman Companies 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. As a result of BBXRE’s acquisition of control and decision-making authority over the Altman Companies, the Company consolidated 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, the Company remeasured the carrying value of its existing 50% equity interest in the Altman Companies at fair value as of the Acquisition Date, with the resulting remeasurement adjustment recognized in the Company’s statement of operations and comprehensive income during the three March 31, 2023. Accounting for the Altman Companies Investment in Altman-Glenewinkel Construction As of the Acquisition Date, the Altman Companies owned 60% of the equity interests in Altman-Glenewinkel Construction LLC (“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 and was determined by the Company to be a VIE. Pursuant to the operating agreement of AGC, the Altman Companies had the right to acquire the 40% equity interests in AGC that were not April 2023, 2026 December 31, 2025. As a result of BBXRE’s acquisition of control and decision-making authority over the Altman Companies on the Acquisition Date and its right to acquire the remaining 40% equity interests in AGC for nominal cash consideration as of the Acquisition Date, the Company determined that it had a controlling financial interest in AGC as of Acquisition Date and should consolidate the assets and liabilities associated with AGC in connection with the consolidation of the Altman Companies on the Acquisition Date. The Company will account for the closing on the acquisition of the remaining 40% 40% Provisional Purchase Price Allocation for the Altman Companies The following table summarizes the provisional fair values of the identifiable assets acquired and liabilities assumed of the Altman Companies as of the Acquisition Date (including the assets and liabilities of ADC, AMC and AGC), the consideration transferred, and the fair values of the Company’s existing equity interests and any noncontrolling interests in the Altman Companies at the Acquisition Date (in thousands): Cash $ 4,095 Restricted cash 113 Construction contracts receivable 14,784 Trade receivables 745 Real estate 3,867 Due from related parties 2,315 Property and equipment 94 Contract assets 22,183 Other assets 2,553 Total assets acquired 50,749 Accounts payable (14,470 ) Accrued expenses (5,183 ) Due to related parties (175 ) Contract liabilities (32,259 ) Notes payable and other borrowings (2,100 ) Total liabilities assumed (54,187 ) Fair value of identifiable net assets (3,438 ) Cash consideration paid to seller 8,153 Consideration payable to seller 1,562 Writeoff of Altman Companies receivable 1,780 Fair value of previously held equity interest in the Altman Companies 17,968 Goodwill $ 32,901 Gain on the consolidation of the Altman Companies (1) $ 6,195 ( 1 The provisional gain is comprised of the remeasurement of the Company’s previously held 50% equity interest in the Altman Companies at fair value at the Acquisition Date. The provisional 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 provisional fair values presented above are not As management is still in the process of completing its accounting for the acquisition of the Altman Companies and valuation analysis, the Company’s accounting for the business combination is not three March 31, 2023, may The following summarizes the Company’s methodologies for estimating the values of certain assets and liabilities associated with the consolidation of the Altman Companies and the fair value of BBX Capital’s existing investment in the Altman Companies: Net Working Capital Contract Assets and Liabilities Consideration Transferred $2.4 November 2028. Noncontrolling Interest not Remeasurement of Existing Investment in the Altman Companies Goodwill Operating Results for the Altman Companies The results of operations of the Altman Companies are included in the Company’s condensed consolidated statement of operations and comprehensive income for the two March 31, 2023 one January 31, 2023 three March 31, 2022. For the Three Months Ended March 31, 2023 2022 Total revenue $ 31,107 — Equity in net losses from unconsolidated real estate joint ventures $ (73 ) (652 ) Loss before income taxes $ (1,034 ) (652 ) Pro Forma Information (unaudited) The following unaudited pro forma financial data presents the Company’s revenues and earnings for the three March 31, 2023 2022 January 1, 2022 For the Three Months Ended Pro Forma March 31, March 31, 2023 2022 Total revenues $ 96,109 77,763 Equity in net losses from unconsolidated real estate joint ventures $ 1,318 2,164 Loss before income taxes $ (7,914 ) (3,752 ) Net loss $ (7,486 ) (2,674 ) The unaudited pro forma financial data reported in the above table does not January 1, 2022, three March 31, 2023 2022 |
Note 3 - Securities Available f
Note 3 - Securities Available for Sale | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. The following table summarizes the amortized cost and fair value of securities available-for-sale at March 31, 2023 December 31, 2022 As of March 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 44,579 18 — 44,597 Community Development District bonds 820 3 — 823 Corporate bonds 2,324 (7 ) 2,317 Total available-for-sale 47,723 21 (7 ) 47,737 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 All U.S. Treasury and federal agency securities and corporate bonds available-for-sale have maturities of less than one ten |
Note 4 - Trade Receivables and
Note 4 - Trade Receivables and Construction Contract Receivables | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Accounts and Nontrade Receivable [Text Block] | 4. The Company’s trade receivables consisted of the following (in thousands): March 31, December 31, 2023 2022 Trade accounts receivable $ 21,495 19,735 Allowance for expected credit losses (119 ) (70 ) Total trade accounts receivables $ 21,376 19,665 The Company’s construction contract receivables consisted of the following (in thousands): March 31, December 31, 2023 2022 Construction contracts receivable $ 11,137 — Allowance for expected credit losses — — Total construction contracts receivable $ 11,137 — Included in construction contracts receivable is As of March 31, 2023, 2024 |
Note 5 - Trade Inventory
Note 5 - Trade Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. The Company’s trade inventory consisted of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 8,736 9,130 Paper goods and packaging materials 2,401 2,185 Work in process 1,434 1,736 Finished goods 35,187 37,108 Total trade inventory 47,758 50,159 Inventory reserve (1,484 ) (1,293 ) Total trade inventory, net $ 46,274 $ 48,866 |
Note 6 - Real Estate
Note 6 - Real Estate | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 6. The Company’s real estate consisted of the following (in thousands): March 31, December 31, 2023 2022 Real estate held-for-sale $ 3,612 4,443 Real estate held-for-investment 1,787 6,723 Real estate inventory 3,586 1,179 Rental properties under development 28,809 — Predevelopment costs 6,676 — Total real estate $ 44,470 12,345 Rental property represents $16.2 million of land and $12.6 million of construction in progress associated with the Altra Kendall joint venture. The Altra Kendall joint venture is a consolidated variable interest entity as further described in Note 7. |
Note 7 - Investments in and Adv
Note 7 - Investments in and Advances to Consolidated and Unconsolidated Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7. Consolidated Variable Interest Entities Real Estate Joint Ventures Related to the Altman Companies As described in Note 2, not As a result of the acquisition of the Altman Companies, the Company reevaluated whether BBXRE was the primary beneficiary of the managing members entities in which it had previously invested prior to the Acquisition Date and continued to hold such investments. In particular, while the governance structures related to these entities were not ● Altis Ludlam Trail ● Altis Lake Willis Phase 1 ● Altis Lake Willis Phase 2 ● Altis Grand at Suncoast ● Altis Blue Lake ● Altis Santa Barbara ● Altra Kendall Further, due to the consolidation of the managing members of the above real estate joint ventures, the Company also evaluated the managing members' investments in each respective real estate joint venture to determine if such joint ventures are VIEs and, to the extent that such entities are VIEs, if the applicable managing member entity is the primary beneficiary of the underlying real estate joint venture. Based on an analysis of the structure of these ventures, including the respective operating agreements governing these entities and any relevant financial agreements, such as financing arrangements, the Company determined that, other than with respect to the Altra Kendall joint venture, the real estate joint ventures in which the managing member entities held investments are VIEs in which the managing member entities are not not not not In addition to the above real estate joint ventures, BBXRE and Mr. Altman had also previously formed ABBX Guaranty, LLC (“ABBX”), a joint venture established to provide guarantees on the indebtedness and construction cost overruns of development joint ventures sponsored 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 not 14 As the managing members and ABBX are not not The following table summarizes the estimated provisional fair values of identifiable assets and liabilities of the consolidated VIEs and any noncontrolling interests in such VIEs as of the Acquisition Date (in thousands): January 31, 2023 Cash $ 19,083 Restricted cash 10,064 Real estate 24,410 Investment in and advances to unconsolidated real estate joint ventures 38,673 Other assets 818 Total consolidated VIE assets 93,048 Accounts payable (2,365 ) Contract liabilities (228 ) Fair value of identifiable net assets 90,455 Fair value of noncontrolling interests 61,017 Fair value of net assets attributable to the Company 29,438 Carrying amount of previously held investments 18,583 Gain on the consolidation of VIEs $ 10,855 The estimated 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 provisional fair values presented above are not Although these VIEs are not not three March 31, 2023, may The following summarizes the Company’s methodologies for estimating the fair values of certain assets and liabilities and noncontrolling interests associated with the consolidation of the VIEs. Real Estate The estimated fair value of the real estate, which consists of land and construction in progress associated with Altra Kendall, was estimated primarily using the cost approach, as the land was recently acquired prior to the Acquisition Date and the construction in progress reflects recent improvements to the land since the acquisition. Investment in Unconsolidated Real Estate Joint Ventures The Company applied an income approach to estimate the fair value of the investments in unconsolidated real estate joint ventures owned by the VIEs as of the remeasurement date. As part of its estimates for each joint venture, the Company utilized an income capitalization approach to calculate the expected sales value of the multifamily apartment community under the development based on the expected stabilized net operating income of the community and an estimated market capitalization rate and then deducted, among other things, remaining development and construction costs, as well as downtime and lease-up costs, expected to be incurred between the remeasurement date and the expected sale date of the community, as well as any outstanding indebtedness on the community. To determine the value of the investment owned by the managing member, the Company then allocated the resulting value to the members of the applicable real estate joint venture through the application of an option pricing model to each tier of the profit-sharing arrangement contemplated in the operating agreement of such joint venture. The most significant assumptions used in the methodology to estimate the preliminary fair value of the investments in unconsolidated real estate joint ventures were the forecasted net operating income for the communities and the expected capitalization rates upon the sale of the communities, as well as the estimated volatility and option terms applied in the option pricing models. Guarantee Liabilities As of the Acquisition Date, the Company assigned nominal values to the financial guarantees issued by ABBX as the Company believes that the estimated fair values of these guarantees is minimal at the current time based on various factors, including the collateral values securing the loans, the status of the applicable development projects, current expectations regarding the probability of payments being made pursuant to such guarantees, and the prior history of payments made on repayments guarantees issued by ABBX or affiliates of the Altman Companies that previously provided such guarantees. Noncontrolling Interests The estimated fair values of the noncontrolling interests in the VIEs, which included the equity interests in the VIEs owned by Mr. Altman, were primarily determined based on the application of the percentage of ownership in the applicable VIE to the estimated fair values of the net assets owned by the applicable VIE, which primarily included the real estate and investments in unconsolidated real estate joint ventures described above. Altman Management, LLC Altman Management Company ("AMC"), which provides property management services to the owners of multifamily apartment communities pursuant to property management agreements, including affiliates of the Altman Companies and unrelated third March 2023, first Summary of Financial Information Related to Consolidated Variable Interest Entities The assets and liabilities of the Company's consolidated VIEs as of March 31, 2023 March 31, 2023 Cash $ 18,507 Restricted cash 10,128 Real estate 28,809 Investment in and advances to unconsolidated real estate joint ventures 39,014 Other assets 539 Total assets $ 96,997 Total liabilities 2,835 The assets in the above table can be used only to settle obligations of the respective VIE and have no March 31, 2023, Unconsolidated Variable Interest Entities As of March 31, 2023 March 31, 2023 not December 31, 2022 Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated VIEs under the equity method of accounting. The Company’s investments in and advances to unconsolidated real estate joint ventures consisted of the following (in thousands): March 31, December 31, 2023 Ownership (1) 2022 Ownership (1) Altis Grand Central $ 687 1.49 % 687 1.49 % Altis Ludlam Trail (2) 20,332 48.13 12,216 33.30 Altis Lake Willis Phase 1 6,503 1.68 850 1.23 Altis Lake Willis Phase 2 2,360 5.10 601 3.50 Altis Grand at Suncoast 12,058 12.31 4,579 11.00 Altis Blue Lake 3,672 1.68 647 1.22 Altis Santa Barbara 6,033 5.10 433 3.50 Altra Kendall (3) — — 5,670 13.70 The Altman Companies(3) — — 11,992 50.00 ABBX Guaranty (3) — — 5,978 50.00 Marbella 1,047 70.00 1,064 70.00 The Main Las Olas 804 3.41 1,117 3.41 Sky Cove 112 26.25 24 26.25 Sky Cove South 2,213 26.25 3,241 26.25 Other 309 316 Total $ 56,130 49,415 ( 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 The carrying value of BBXRE’s investment at March 31, 2023 December 31, 2022 ( 3 The entities are consolidated in the Company's financial statements as of January 31, 2023. See Note 7 December 31, 2022 2022 not 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 $22.7 million as of March 31, 2023, January 31, 2023 two March 31, 2023, 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 Marbella joint venture (in thousands): March 31, December 31, 2023 2022 Assets Cash $ 1,801 3,508 Real estate inventory 1,706 1,706 Other assets 496 526 Total assets $ 4,003 5,740 Liabilities and Equity Other liabilities $ 1,910 3,611 Total liabilities 1,910 3,611 Total equity 2,093 2,129 Total liabilities and equity $ 4,003 5,740 For the Three Months Ended March 31, 2023 2022 Total revenues $ 1,183 $ 15,792 Cost of real estate inventory sold — (11,289 ) Other expenses (19 ) (727 ) Net earnings 1,164 3,776 Equity in net earnings (losses) of unconsolidated real estate joint venture - Marbella $ 582 $ 1,849 |
Note 8 - Notes Payable and Othe
Note 8 - Notes Payable and Other Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): March 31, 2023 December 31, 2022 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 1,673 2.40 - 3.75 % (5 ) $ 2,031 2.40 - 3.75 % (5 ) TD Bank Term Loan and Line of Credit 30,188 9.04 % (1 ) 34,509 8.95 % (1 ) Regions Bank Revolving Line of Credit 2,502 6.25 % (6 ) — 0.00 % — IberiaBank Revolving Line of Credit (2) 2,500 8.25 % (4 ) 2,250 8.00 % (4 ) Comerica Letters of Credit (3)(7) 1,700 N/A — — — — Other 40 4.22 % — 9 4.22 % — Unamortized debt issuance costs (221 ) (256 ) Total notes payable and other borrowings $ 38,382 $ 38,543 ( 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 of the line of credit. ( 3 ABBX is the guarantor under the facility. ( 4 The collateral is a blanket lien on BBX Sweet Holdings' assets. ( 5 Pledged assets consist of 70 85 3 March 31, 2023 December 31, 2012, ( 6 The collateral is a BBXRE $5.0 million certificate of deposit included in restricted cash in the Company's statement of financial condition as of March 31, 2023. ( 7 The Company pays an annual two See Note 12 2022 Toronto-Dominion Bank ( TD Bank ) Term Loan and Revolving Line of Credit In connection with the acquisition of Colonial Elegance in 2020, October 2025. December 31, 2021 2022, December 31, 2022, ( December 2022, ( 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, February 2023, As of March 31, 2023, April 2023, not April 2023 not Regions Bank Revolving Line of Credit - IT'SUGAR Credit Facility In January 2023, June 2024. Iberiabank Revolving Line of Credit - LOCS Credit Facility In July 2021, July 2023. March 2023, July 2023 March 2025. and the amended facility requires monthly payments of interest only, with any outstanding principal and accrued interest due at the maturity date in March 2025. zero thirty March 31, 2023, Comerica Letter of Credit Facility - Altman LOC Facility The Altman Companies posts letters of credit instead of making cash deposits for contracts to acquire land for future development joint ventures. The Company recognizes real estate predevelopment costs and a letter of credit obligation upon the issuance of letters of credit for deposits. The letters of credit are issued through a credit facility with Comerica Bank (the “Altman LOC Facility") to provide letters of credit on behalf of the Altman Companies of up to an aggregate amount of $4.0 million. The Altman LOC Facility expires in April 2024 no one may April 2024 one one April 2024. March 31, 2023, seven |
Note 9 - Common Stock
Note 9 - Common Stock | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 9. BBX Capital has two one March 31, 2023 BBX Capital 2021 2021 ) On January 18, 2022, 2021 January 2022 three October 1, 2022. On October 1, 2022, September 30, 2022. October 2022, On January 17, 2023, 2021 January 2023 three October 1, 2023. As of March 31, 2023, March 31, 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. Share Repurchase Program In January 2022, The timing, price, and number of shares which may may not may During the three March 31, 2023 2022, not |
Note 10 - Revenue Recognition
Note 10 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Three Months Ended March 31, 2023 2022 Trade sales - wholesale $ 34,676 37,587 Trade sales - retail 29,038 28,162 Construction contract revenue 25,037 — Real estate development management fees 867 — Real estate property management fees 744 — Sales of real estate inventory 1,772 6,470 Revenue from customers 92,134 72,219 Interest income 2,517 1,149 Net gain on sales of real estate assets — 1,329 Other revenue 347 779 Total revenues $ 94,998 75,476 The table below sets forth information about the Company's contract assets and contract liabilities associated with contracts with customers: For the Three Months Ended March 31, Contract Assets 2023 2022 Contingent purchase price receivable $ 13,967 16,918 Cost and estimated earnings in excess of billings on uncompleted contracts 640 — Retainage receivable 13,138 — Uninstalled materials and deposits to purchase materials 8,450 — Total contract assets $ 36,195 16,918 Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts $ 21,320 — Retainage payable 9,535 — Contingent purchase price due to homebuilders 625 625 Other 296 236 $ 31,776 861 Contract Assets Contingent purchase price receivables represent estimated variable consideration related to the contingent purchase price due from homebuilders in connection with the sale of real estate inventory to homebuilders at BBXRE’s Beacon Lake Community Development. Cost and estimated earnings in excess of billings on uncompleted construction or development contracts represents revenues recognized in excess of amounts billed to customers. Retainage receivable is an amount, generally ten Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts represents the Company's obligation to perform on uncompleted contracts with customers for which the Company has received payment or for which the contract receivable is outstanding. Retainage payable is the amount withheld by the Company payable to subcontractors when certain milestones are reached or when the contract is completed. The contingent purchase price to homebuilders is variable consideration recognition in connection with the sale of real estate inventory at the Beacon Lake Community Development to a homebuilder. Concentration of Revenues with Major Customers During the three March 31, 2023 three three three March 31, 2023 three March 31, 2023 During the three March 31, 2022 three three three March 31, 2022 three March 31, 2022 During the three March 31, 2023, six |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. BBX Capital and its subsidiaries file a consolidated U.S. federal income tax return and income tax returns in various state and foreign jurisdictions. Effective income tax rates for interim periods are based upon the Company’s then current estimated annual rate, which varies based upon the Company’s estimate of taxable income or loss and the mix of taxable income or loss in the various states and foreign jurisdictions in which the Company operates. The Company’s effective tax rate was applied to income or loss before income taxes reduced by net income or losses attributable to noncontrolling interests in consolidated entities taxed as partnerships and net losses in foreign jurisdictions in which no The Company’s effective income tax rate for the three March 31, 2023 not The Company’s effective income tax rate for the three March 31, 2022 Bluegreen Vacations’ federal tax filings, as well as certain of its state filings, covering tax periods prior to and including the spin-off of the Company from Bluegreen Vacations are under examination, and accordingly, such examinations include an audit of the Company, including our subsidiaries. The Company has received requests for information in connection with at least one no no |
Note 12 - Earnings Per Common S
Note 12 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Basic earnings per share is computed by dividing net income available to BBX Capital’s shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share but also reflects potential dilution that could occur if restricted stock awards issued by BBX Capital were vested. Restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. The table below sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data): For the Three Months Ended March 31, 2023 2022 Basic earnings per share Numerator: Net income (loss) $ 7,523 $ (1,926 ) Net loss attributable to noncontrolling interests 380 110 Net income available to shareholders $ 7,903 (1,816 ) Denominator: Basic weighted average number of common shares outstanding 14,354 15,475 Basic earnings (loss) per share $ 0.55 (0.12 ) Diluted earnings (loss) per share Numerator: Net income available to shareholders 7,903 (1,816 ) Denominator: Basic weighted average number of common shares outstanding 14,354 15,475 Effect of dilutive restricted stock awards 23 — Diluted weighted average number of common shares outstanding 14,377 15,475 Diluted earnings (loss) per share $ 0.55 (0.12 ) During the three March 31, 2023 three March 31, 2022, not |
Note 13 - Noncontrolling Intere
Note 13 - Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 13. Redeemable Noncontrolling Interest As of March 31, 2023 December 31, 2022, may March 31, 2023, may During the three March 31, 2023 2022 Other Noncontrolling Interests The Company's other noncontrolling interests consisted of the following (in thousands): March 31, December 31, 2023 2022 Consolidated real estate VIEs $ 59,554 (4 ) Restaurant 167 230 Total other noncontrolling interests $ 59,721 226 Income (loss) attributable to noncontrolling interests, including redeemable noncontrolling interests, consisted of the following (in thousands): For the Three Months Ended March 31, 2023 2022 Consolidated real estate VIEs $ (272 ) (8 ) Restaurant 97 92 IT'SUGAR FL II, LLC — (123 ) IT'SUGAR (205 ) (71 ) Net loss attributable to noncontrolling interests $ (380 ) (110 ) ( 1 December 2022, |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 14. Litigation 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 March 31, 2023 Other Commitments and Guarantees BBX Capital has guaranteed certain obligations of its subsidiaries and unconsolidated real estate joint ventures, including the following: ● 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 8 ● As described in Note 7, third two March 31, 2023, March 31, 2023 March 31, 2023, not |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15. 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 The input fair value hierarchy is summarized below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not Level 3: Unobservable inputs for the asset and liability There were no March 31, 2023 December 31, 2022. Financial Disclosures about Fair Value of Financial Instruments The tables below set forth information regarding 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 March 31, March 31, Assets Inputs Inputs 2023 2023 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 95,022 95,022 95,022 — — Restricted cash 11,265 11,265 11,265 — — Certificate of deposit 5,000 5,000 — 5,000 — Securities available for sale 47,737 47,737 44,597 3,140 — Note receivable from Bluegreen Vacations 50,000 47,210 — — 47,210 Interest rate caps 536 536 — 536 — Financial liabilities: Notes payable and other borrowings 38,382 37,967 — — 37,967 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 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 condensed 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 the Community Development Bonds above) were measured using the income approach with Level 3 The fair value of an interest rate cap derivative is included in other assets in the Company's statement of financial condition as of March 31, 2023. 2 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 primarily of accounts receivable balances and corporate bonds. |
Note 16 - Certain Relationships
Note 16 - Certain Relationships and Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. The Company may may During the three March 31, 2023 2022, During the three March 31, 2023 2022, The Company provides management services to the Altman Companies for which the Company recognized $0 three March 31, 2023 2022 January 31, 2023, The Company earns property management and development management fees from property management agreements and development service contracts with certain real estate joint venture entities in which the Company is the managing member and other affiliated entities, including entities in which Mr. Altman holds investments. Property management and development management fees included in the Company's condensed consolidated statement of operations and comprehensive income from these affiliates during the two March 31, 2023 two March 31, 2023. March 31, 2023 Certain of the Company's executive officers have made investments with their personal funds as non-managing members in the Altra Kendall joint venture that is consolidated in the Company's financial statements and may may two The Altman Companies has established an employee incentive program that provides loans to employees to invest in the managing members of real estate joint ventures sponsored by the Altman Companies. The loans generally accrue interest at the Prime Rate plus a specified spread and are secured by the employees' membership interests in the managing member entities. The membership interests vest upon the achievement of certain project milestones related to the development and sale of multifamily apartment communities, and employees must be employed by the Altman Companies upon the achievement of such milestones. Further, the loans are payable upon the sale of the applicable multifamily apartment community. Membership interests in the managing members of real estate joint ventures to employees that are funded by non-recourse loans provided by the Altman Companies are treated as equity options for accounting purposes. The Company recognizes the fair value of the arrangements at the grant date as compensation expense on a straight-line basis over the estimated service period, including the implied service period related to the applicable milestones. The compensation expense for these awards was $110,000 for the two March 31, 2023, In connection with the spin-off of the Company from Bluegreen Vacations, 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, May 2023, May 2023, three March 31, 2023 2022 |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. 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 The amounts set forth in the column entitled “Other” include the Company’s investments in various operating businesses, including a controlling financial interest in a restaurant acquired in connection with a loan receivable default, and the amounts set forth in the column entitled “Reconciling Items and Eliminations” include unallocated corporate general and administrative expenses, interest income on the $50.0 million note receivable from Bluegreen Vacations, and elimination adjustments related to transactions between consolidated subsidiaries that are required to be eliminated in consolidation. 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 three March 31, 2023 Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 32,725 27,976 3,016 (3 ) 63,714 Sales of real estate inventory 1,772 — — — — 1,772 Revenue from construction contracts 25,037 — — — — 25,037 Real estate development and management fees 1,611 — — — — 1,611 Interest income 1,974 — — — 543 2,517 Other revenue 51 — — 436 (140 ) 347 Total revenues 30,445 32,725 27,976 3,452 400 94,998 Costs and expenses: Cost of trade sales — 20,546 26,007 857 (3 ) 47,407 Cost of real estate inventory sold 578 — — — — 578 Cost of revenue from construction contracts 24,189 — — — — 24,189 Interest expense 11 332 1,121 1 (730 ) 735 Recoveries from loan losses, net (600 ) — — — — (600 ) Selling, general and administrative expenses 6,240 14,541 3,848 2,158 6,991 33,778 Total costs and expenses 30,418 35,419 30,976 3,016 6,258 106,087 Operating income (losses) 27 (2,694 ) (3,000 ) 436 (5,858 ) (11,089 ) Equity in net earnings of unconsolidated real estate joint ventures 1,104 — — — — 1,104 Gain on the consolidation of The Altman Companies 6,195 — — — — 6,195 Gain on the consolidation of investment in real estate joint ventures 10,855 — — — — 10,855 Other (loss) income (305 ) 200 1 2,256 19 2,171 Foreign exchange loss — (14 ) (32 ) — — (46 ) Income (loss) before income taxes $ 17,876 (2,508 ) (3,031 ) 2,692 (5,839 ) 9,190 Total assets $ 350,458 172,958 97,344 8,720 55,445 684,925 Expenditures for property and equipment $ — 5,069 284 48 13 5,414 Depreciation and amortization $ (196 ) 1,802 867 39 108 2,620 Debt accretion and amortization $ 20 6 42 — — 68 Cash and cash equivalents $ 83,434 3,686 603 4,136 3,163 95,022 Real estate equity method investments $ 56,130 — — — — 56,130 Goodwill $ 32,901 14,274 4,140 — — 51,315 Notes payable and other borrowings $ 3,308 19,927 43,532 40 (28,425 ) 38,382 The table below sets forth the Company’s segment information as of and for the three March 31, 2022 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 29,357 33,488 2,905 (1 ) 65,749 Sales of real estate inventory 6,470 — — — — 6,470 Interest income 545 — — — 604 1,149 Net gains on sales of real estate assets 1,329 — — — — 1,329 Other revenue 516 — — 445 (182 ) 779 Total revenues 8,860 29,357 33,488 3,350 421 75,476 Costs and expenses: Cost of trade sales — 18,373 31,774 859 — 51,006 Cost of real estate inventory sold 2,235 — — — — 2,235 Interest expense — 247 566 1 (278 ) 536 Recoveries from loan losses, net (648 ) — — — — (648 ) Impairment losses — 64 — — — 64 Selling, general and administrative expenses 2,398 12,675 4,660 1,999 5,632 27,364 Total costs and expenses 3,985 31,359 37,000 2,859 5,354 80,557 Operating income (losses) 4,875 (2,002 ) (3,512 ) 491 (4,933 ) (5,081 ) Equity in net earnings of unconsolidated real estate joint ventures 1,532 — — — — 1,532 Other (loss) income (13 ) 872 — 2 123 984 Foreign exchange loss — — (189 ) — — (189 ) Income (loss) before income taxes $ 6,394 (1,130 ) (3,701 ) 493 (4,810 ) (2,754 ) Total assets $ 186,617 139,991 108,952 6,809 90,003 532,372 Expenditures for property and equipment $ — 1,357 270 26 231 1,884 Depreciation and amortization $ — 1,493 819 33 57 2,402 Debt accretion and amortization $ 9 44 32 — — 85 Cash and cash equivalents $ 74,412 7,713 523 2,009 29,975 114,632 Real estate equity method investments $ 53,666 — — — — 53,666 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 5,535 15,966 48,077 22 (14,025 ) 55,575 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, there were no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Organization 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.” Principal Holdings BBX Capital’s principal holdings are BBX Capital Real Estate, LLC (“BBX Capital Real Estate” or “BBXRE”), BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), and Renin Holdings, LLC (“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, 2, 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 which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations throughout the United States and Canada, 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. 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 also sources various products and raw materials from China, Brazil, and certain other countries. 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, |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Statement Presentation The condensed consolidated financial statements of the Company include the consolidated financial statements of BBX Capital and its wholly-owned subsidiaries, other entities in which BBX Capital or its wholly-owned subsidiaries hold controlling financial interests, and any variable interest entities (“VIEs”) in which BBX Capital or one The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not 10 10 December 31, 2022 ( 2022 March 15, 2023. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements prepared in conformity with GAAP require the Company to make estimates and assumptions, including assumptions about current and future economic and market conditions which affect reported amounts and related disclosures in the Company’s financial statements. 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 |
Accounts Receivable [Policy Text Block] | Construction Contracts Receivable Contracts receivable include billed and unbilled amounts for services provided to customers for which the Company has an unconditional right to payment. Billed and unbilled amounts for which payment is contingent on anything other than the passage of time are included in contract assets and contract liabilities on a contract-by-contract basis. When payment of the retainage is contingent upon the Company fulfilling its obligations under the contract, it does not 30 Contract Assets and Contract Liabilities The timing of when the Company bills its customers on construction and development contracts is generally dependent upon agreed-upon contractual terms, which may may not not not |
Revenue [Policy Text Block] | Revenue from Construction Contracts Revenue from construction contracts represents revenue earned from providing general contractor services to affiliated joint venture entities for the construction of multifamily apartment communities. Revenue from construction contracts with these customers is recognized over time as work is completed due to the continuous transfer of control to the customer. The Company measures contract progress using the input method which recognizes revenue based on costs incurred to date relative to total estimated costs to complete the contract, subject to adjustments to exclude certain costs that do not Cost of revenue from construction contracts earned include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, and repairs. Costs related of significant uninstalled materials, re-work, or scrap are generally excluded from the cost-to-cost measure of progress, as they are not The Company’s construction contracts generally include retention provisions to provide assurance to customers that the Company will perform in accordance with the terms of the contracts. The amounts billed but not not The Company’s construction contracts give rise to several types of variable consideration, including contract modifications (unapproved change orders and claims), cost overruns, shared savings, and other terms that can either increase or decrease the transaction price for the contracts. The determination of the transaction price for contracts requires the Company to evaluate and include variable consideration to which the Company has an enforceable right to compensation or an obligation for a reduction in compensation, which can result in increases or decreases to a contract’s transaction price. The Company estimates variable consideration for its construction contracts as the most likely amount to which it expects to be entitled, or to pay in the case of cost overruns. The Company includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not Contract modifications can result from changes in contract specifications or requirements that either creates new or changes existing enforceable rights and obligations of the parties to the contract. The Company considers unapproved change orders to be contract modifications for which customers have agreed to changes in the scope of the contract but have not Real Estate Development and Management Fees Development management fees represent revenue earned from providing oversight and consultation services to affiliated entities related to the development of multifamily apartment communities, while management fees represent revenue earned from the management of multifamily apartment communities for affiliate joint venture entities and third The Company recognizes development management fees for the performance of oversight and consultation services related to the development and construction of multifamily apartment communities from the inception of the development project to the completion of the construction, including securing construction financing, performing pre-development activities such as sourcing of land for acquisition, permitting and feasibility studies, overseeing construction activities, and managing the costs to complete the construction of the project. The Company’s development contracts are generally each accounted for as a single performance obligation, as the services performed are highly interrelated and not not The Company recognizes property management fees for the performance of management services related to the day-to-day operations of multifamily apartment communities for affiliated joint venture entities and third one thirty |
Impact of the COVID-19 Pandemic and Current Economic Issues, Policy [Policy Text Block] | Impact of Current Economic Issues and the COVID- 19 The Company and the industries in which it operates have been impacted by economic trends in the U.S. and global economies, including (i) decreased consumer demand, (ii) disruptions in global supply chains, (iii) a general labor shortage and increases in wages, (iv) increased economic uncertainty, and (v) inflationary pressures and higher costs to operate the Company’s businesses, including insurance costs. In light of the uncertain duration and impact of current economic trends, the Company has focused on maintaining significant liquidity. As of March 31, 2023, one 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 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 April 2023, not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted and Future Adoption of Recently Issued Accounting Pronouncements The Financial Accounting Standards Board ("FASB") has issued the following accounting pronouncements and guidance relevant to the Company's operations which were adopted as of January 1, 2023: ASU No. 2021 08, 805 805 January 1, 2023, not There were no March 31, 2023 |
Note 2 - Acquisition of The A_2
Note 2 - Acquisition of The Altman Companies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 4,095 Restricted cash 113 Construction contracts receivable 14,784 Trade receivables 745 Real estate 3,867 Due from related parties 2,315 Property and equipment 94 Contract assets 22,183 Other assets 2,553 Total assets acquired 50,749 Accounts payable (14,470 ) Accrued expenses (5,183 ) Due to related parties (175 ) Contract liabilities (32,259 ) Notes payable and other borrowings (2,100 ) Total liabilities assumed (54,187 ) Fair value of identifiable net assets (3,438 ) Cash consideration paid to seller 8,153 Consideration payable to seller 1,562 Writeoff of Altman Companies receivable 1,780 Fair value of previously held equity interest in the Altman Companies 17,968 Goodwill $ 32,901 Gain on the consolidation of the Altman Companies (1) $ 6,195 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Total revenue $ 31,107 — Equity in net losses from unconsolidated real estate joint ventures $ (73 ) (652 ) Loss before income taxes $ (1,034 ) (652 ) For the Three Months Ended Pro Forma March 31, March 31, 2023 2022 Total revenues $ 96,109 77,763 Equity in net losses from unconsolidated real estate joint ventures $ 1,318 2,164 Loss before income taxes $ (7,914 ) (3,752 ) Net loss $ (7,486 ) (2,674 ) |
Note 3 - Securities Available_2
Note 3 - Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | As of March 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 44,579 18 — 44,597 Community Development District bonds 820 3 — 823 Corporate bonds 2,324 (7 ) 2,317 Total available-for-sale 47,723 21 (7 ) 47,737 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 |
Note 4 - Trade Receivables an_2
Note 4 - Trade Receivables and Construction Contract Receivables (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2023 2022 Trade accounts receivable $ 21,495 19,735 Allowance for expected credit losses (119 ) (70 ) Total trade accounts receivables $ 21,376 19,665 |
Contract with Customer, Asset, Allowance for Credit Loss [Table Text Block] | March 31, December 31, 2023 2022 Construction contracts receivable $ 11,137 — Allowance for expected credit losses — — Total construction contracts receivable $ 11,137 — |
Note 5 - Trade Inventory (Table
Note 5 - Trade Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2023 2022 Raw materials $ 8,736 9,130 Paper goods and packaging materials 2,401 2,185 Work in process 1,434 1,736 Finished goods 35,187 37,108 Total trade inventory 47,758 50,159 Inventory reserve (1,484 ) (1,293 ) Total trade inventory, net $ 46,274 $ 48,866 |
Note 6 - Real Estate (Tables)
Note 6 - Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | March 31, December 31, 2023 2022 Real estate held-for-sale $ 3,612 4,443 Real estate held-for-investment 1,787 6,723 Real estate inventory 3,586 1,179 Rental properties under development 28,809 — Predevelopment costs 6,676 — Total real estate $ 44,470 12,345 |
Note 7 - Investments in and A_2
Note 7 - Investments in and Advances to Consolidated and Unconsolidated Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | January 31, 2023 Cash $ 19,083 Restricted cash 10,064 Real estate 24,410 Investment in and advances to unconsolidated real estate joint ventures 38,673 Other assets 818 Total consolidated VIE assets 93,048 Accounts payable (2,365 ) Contract liabilities (228 ) Fair value of identifiable net assets 90,455 Fair value of noncontrolling interests 61,017 Fair value of net assets attributable to the Company 29,438 Carrying amount of previously held investments 18,583 Gain on the consolidation of VIEs $ 10,855 March 31, 2023 Cash $ 18,507 Restricted cash 10,128 Real estate 28,809 Investment in and advances to unconsolidated real estate joint ventures 39,014 Other assets 539 Total assets $ 96,997 Total liabilities 2,835 |
Schedule of Variable Interest Entities [Table Text Block] | March 31, December 31, 2023 Ownership (1) 2022 Ownership (1) Altis Grand Central $ 687 1.49 % 687 1.49 % Altis Ludlam Trail (2) 20,332 48.13 12,216 33.30 Altis Lake Willis Phase 1 6,503 1.68 850 1.23 Altis Lake Willis Phase 2 2,360 5.10 601 3.50 Altis Grand at Suncoast 12,058 12.31 4,579 11.00 Altis Blue Lake 3,672 1.68 647 1.22 Altis Santa Barbara 6,033 5.10 433 3.50 Altra Kendall (3) — — 5,670 13.70 The Altman Companies(3) — — 11,992 50.00 ABBX Guaranty (3) — — 5,978 50.00 Marbella 1,047 70.00 1,064 70.00 The Main Las Olas 804 3.41 1,117 3.41 Sky Cove 112 26.25 24 26.25 Sky Cove South 2,213 26.25 3,241 26.25 Other 309 316 Total $ 56,130 49,415 |
Marbella [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | March 31, December 31, 2023 2022 Assets Cash $ 1,801 3,508 Real estate inventory 1,706 1,706 Other assets 496 526 Total assets $ 4,003 5,740 Liabilities and Equity Other liabilities $ 1,910 3,611 Total liabilities 1,910 3,611 Total equity 2,093 2,129 Total liabilities and equity $ 4,003 5,740 For the Three Months Ended March 31, 2023 2022 Total revenues $ 1,183 $ 15,792 Cost of real estate inventory sold — (11,289 ) Other expenses (19 ) (727 ) Net earnings 1,164 3,776 Equity in net earnings (losses) of unconsolidated real estate joint venture - Marbella $ 582 $ 1,849 |
Note 8 - Notes Payable and Ot_2
Note 8 - Notes Payable and Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2023 December 31, 2022 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 1,673 2.40 - 3.75 % (5 ) $ 2,031 2.40 - 3.75 % (5 ) TD Bank Term Loan and Line of Credit 30,188 9.04 % (1 ) 34,509 8.95 % (1 ) Regions Bank Revolving Line of Credit 2,502 6.25 % (6 ) — 0.00 % — IberiaBank Revolving Line of Credit (2) 2,500 8.25 % (4 ) 2,250 8.00 % (4 ) Comerica Letters of Credit (3)(7) 1,700 N/A — — — — Other 40 4.22 % — 9 4.22 % — Unamortized debt issuance costs (221 ) (256 ) Total notes payable and other borrowings $ 38,382 $ 38,543 |
Note 10 - Revenue Recognition (
Note 10 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Trade sales - wholesale $ 34,676 37,587 Trade sales - retail 29,038 28,162 Construction contract revenue 25,037 — Real estate development management fees 867 — Real estate property management fees 744 — Sales of real estate inventory 1,772 6,470 Revenue from customers 92,134 72,219 Interest income 2,517 1,149 Net gain on sales of real estate assets — 1,329 Other revenue 347 779 Total revenues $ 94,998 75,476 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | For the Three Months Ended March 31, Contract Assets 2023 2022 Contingent purchase price receivable $ 13,967 16,918 Cost and estimated earnings in excess of billings on uncompleted contracts 640 — Retainage receivable 13,138 — Uninstalled materials and deposits to purchase materials 8,450 — Total contract assets $ 36,195 16,918 Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts $ 21,320 — Retainage payable 9,535 — Contingent purchase price due to homebuilders 625 625 Other 296 236 $ 31,776 861 |
Note 12 - Earnings Per Common_2
Note 12 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Basic earnings per share Numerator: Net income (loss) $ 7,523 $ (1,926 ) Net loss attributable to noncontrolling interests 380 110 Net income available to shareholders $ 7,903 (1,816 ) Denominator: Basic weighted average number of common shares outstanding 14,354 15,475 Basic earnings (loss) per share $ 0.55 (0.12 ) Diluted earnings (loss) per share Numerator: Net income available to shareholders 7,903 (1,816 ) Denominator: Basic weighted average number of common shares outstanding 14,354 15,475 Effect of dilutive restricted stock awards 23 — Diluted weighted average number of common shares outstanding 14,377 15,475 Diluted earnings (loss) per share $ 0.55 (0.12 ) |
Note 13 - Noncontrolling Inte_2
Note 13 - Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Noncontrolling Interests [Table Text Block] | March 31, December 31, 2023 2022 Consolidated real estate VIEs $ 59,554 (4 ) Restaurant 167 230 Total other noncontrolling interests $ 59,721 226 For the Three Months Ended March 31, 2023 2022 Consolidated real estate VIEs $ (272 ) (8 ) Restaurant 97 92 IT'SUGAR FL II, LLC — (123 ) IT'SUGAR (205 ) (71 ) Net loss attributable to noncontrolling interests $ (380 ) (110 ) |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, March 31, Assets Inputs Inputs 2023 2023 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 95,022 95,022 95,022 — — Restricted cash 11,265 11,265 11,265 — — Certificate of deposit 5,000 5,000 — 5,000 — Securities available for sale 47,737 47,737 44,597 3,140 — Note receivable from Bluegreen Vacations 50,000 47,210 — — 47,210 Interest rate caps 536 536 — 536 — Financial liabilities: Notes payable and other borrowings 38,382 37,967 — — 37,967 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 |
Note 17 - Segment Reporting (Ta
Note 17 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 32,725 27,976 3,016 (3 ) 63,714 Sales of real estate inventory 1,772 — — — — 1,772 Revenue from construction contracts 25,037 — — — — 25,037 Real estate development and management fees 1,611 — — — — 1,611 Interest income 1,974 — — — 543 2,517 Other revenue 51 — — 436 (140 ) 347 Total revenues 30,445 32,725 27,976 3,452 400 94,998 Costs and expenses: Cost of trade sales — 20,546 26,007 857 (3 ) 47,407 Cost of real estate inventory sold 578 — — — — 578 Cost of revenue from construction contracts 24,189 — — — — 24,189 Interest expense 11 332 1,121 1 (730 ) 735 Recoveries from loan losses, net (600 ) — — — — (600 ) Selling, general and administrative expenses 6,240 14,541 3,848 2,158 6,991 33,778 Total costs and expenses 30,418 35,419 30,976 3,016 6,258 106,087 Operating income (losses) 27 (2,694 ) (3,000 ) 436 (5,858 ) (11,089 ) Equity in net earnings of unconsolidated real estate joint ventures 1,104 — — — — 1,104 Gain on the consolidation of The Altman Companies 6,195 — — — — 6,195 Gain on the consolidation of investment in real estate joint ventures 10,855 — — — — 10,855 Other (loss) income (305 ) 200 1 2,256 19 2,171 Foreign exchange loss — (14 ) (32 ) — — (46 ) Income (loss) before income taxes $ 17,876 (2,508 ) (3,031 ) 2,692 (5,839 ) 9,190 Total assets $ 350,458 172,958 97,344 8,720 55,445 684,925 Expenditures for property and equipment $ — 5,069 284 48 13 5,414 Depreciation and amortization $ (196 ) 1,802 867 39 108 2,620 Debt accretion and amortization $ 20 6 42 — — 68 Cash and cash equivalents $ 83,434 3,686 603 4,136 3,163 95,022 Real estate equity method investments $ 56,130 — — — — 56,130 Goodwill $ 32,901 14,274 4,140 — — 51,315 Notes payable and other borrowings $ 3,308 19,927 43,532 40 (28,425 ) 38,382 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 29,357 33,488 2,905 (1 ) 65,749 Sales of real estate inventory 6,470 — — — — 6,470 Interest income 545 — — — 604 1,149 Net gains on sales of real estate assets 1,329 — — — — 1,329 Other revenue 516 — — 445 (182 ) 779 Total revenues 8,860 29,357 33,488 3,350 421 75,476 Costs and expenses: Cost of trade sales — 18,373 31,774 859 — 51,006 Cost of real estate inventory sold 2,235 — — — — 2,235 Interest expense — 247 566 1 (278 ) 536 Recoveries from loan losses, net (648 ) — — — — (648 ) Impairment losses — 64 — — — 64 Selling, general and administrative expenses 2,398 12,675 4,660 1,999 5,632 27,364 Total costs and expenses 3,985 31,359 37,000 2,859 5,354 80,557 Operating income (losses) 4,875 (2,002 ) (3,512 ) 491 (4,933 ) (5,081 ) Equity in net earnings of unconsolidated real estate joint ventures 1,532 — — — — 1,532 Other (loss) income (13 ) 872 — 2 123 984 Foreign exchange loss — — (189 ) — — (189 ) Income (loss) before income taxes $ 6,394 (1,130 ) (3,701 ) 493 (4,810 ) (2,754 ) Total assets $ 186,617 139,991 108,952 6,809 90,003 532,372 Expenditures for property and equipment $ — 1,357 270 26 231 1,884 Depreciation and amortization $ — 1,493 819 33 57 2,402 Debt accretion and amortization $ 9 44 32 — — 85 Cash and cash equivalents $ 74,412 7,713 523 2,009 29,975 114,632 Real estate equity method investments $ 53,666 — — — — 53,666 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 5,535 15,966 48,077 22 (14,025 ) 55,575 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Financial Statement Presentation (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Nov. 30, 2018 |
Cash and Cash Equivalents, at Carrying Value | $ 95,022 | $ 127,581 | $ 114,632 | ||
Debt Securities, Available-for-Sale | $ 47,737 | $ 18,548 | |||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | 50% | 40% | 50% | 50% |
Note 2 - Acquisition of The A_3
Note 2 - Acquisition of The Altman Companies (Details Textual) - USD ($) | 1 Months Ended | ||||||
Jan. 31, 2023 | Apr. 30, 2023 | Apr. 01, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2018 | Nov. 01, 2018 | |
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 8,100,000 | ||||||
Business Combination, Reimbursement of Expenses | 100,000 | ||||||
Business Combination, Consideration Transferred, Excess Working Capital | $ 1,400,000 | ||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | |||||||
Equity Method Investment, Ownership Percentage | 40% | 50% | 50% | 50% | |||
Payments to Acquire Equity Method Investments | $ 9,400,000 | ||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | Mr. Joel Altman [Member] | |||||||
Equity Method Investment, Ownership Percentage | 50% | ||||||
Joel Altman [Member] | The Altman Companies, LLC [Member] | |||||||
Equity Method Investment, Ownership Percentage | 10% | ||||||
Payments to Acquire Equity Method Investments | $ 2,400,000 | ||||||
Business Combination, Consideration Transferred, Excess Working Capital | $ 1,600,000 | ||||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | |||||||
Subsidiary, Ownership Percentage, Parent | 60% | 50% | |||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | Noncontrolling Interest Holders [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40% | 40% | |||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | Subsequent Event [Member] | |||||||
Payments to Acquire Equity Method Investments | $ 1,000 | ||||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | |||||||
Equity Method Investment, Ownership Percentage | 40% | ||||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | Subsequent Event [Member] | |||||||
Equity Method Investment, Ownership Percentage | 40% |
Note 2 - Acquisition - Summary
Note 2 - Acquisition - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Goodwill | $ 51,315 | $ 18,414 | $ 18,414 | ||
The Altman Companies [Member] | |||||
Cash | $ 4,095 | ||||
Restricted cash | 113 | ||||
Construction contracts receivable | 14,784 | ||||
Real estate | 3,867 | ||||
Property and equipment | 94 | ||||
Contract assets | 22,183 | ||||
Other assets | 2,553 | ||||
Total assets acquired | 50,749 | ||||
Accounts payable | (14,470) | ||||
Accrued expenses | (5,183) | ||||
Due to related parties | (175) | ||||
Contract liabilities | (32,259) | ||||
Notes payable and other borrowings | (2,100) | ||||
Total liabilities assumed | (54,187) | ||||
Fair value of identifiable net assets | (3,438) | ||||
Payments to Acquire Businesses, Gross | 8,153 | ||||
Consideration payable to seller | 1,562 | ||||
Fair value of previously held equity interest in the Altman Companies | 17,968 | ||||
Goodwill | 32,901 | ||||
Gain on the consolidation of the Altman Companies (1) | [1] | 6,195 | |||
The Altman Companies [Member] | Altman Companies [Member] | |||||
Writeoff of Altman Companies receivable | 1,780 | ||||
The Altman Companies [Member] | Trade Accounts Receivable [Member] | |||||
Receivables | 745 | ||||
The Altman Companies [Member] | Receivables Due From Related Party [Member] | |||||
Receivables | $ 2,315 | ||||
[1]The gain is comprised of the remeasurement of the Company’s previously held 50% equity interest in the Altman Companies at fair value at the Acquisition Date. |
Note 2 - Acquisition of The A_4
Note 2 - Acquisition of The Altman Companies - Pro Forma Information (Details) - The Altman Companies [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenue | $ 31,107 | $ 0 |
Loss before income taxes | (1,034) | (652) |
Total revenues | 96,109 | 77,763 |
Equity in net losses from unconsolidated real estate joint ventures | 1,318 | 2,164 |
Loss before income taxes | (7,914) | (3,752) |
Net loss | (7,486) | (2,674) |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Loss before income taxes | $ (73) | $ (652) |
Note 3 - Securities Available_3
Note 3 - Securities Available for Sale - Debt Securities, Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available for sale securities, amortized cost | $ 47,723 | $ 18,570 |
Available for sale securities, gross unrealized gains | 21 | 11 |
Available for sale securities, gross unrealized losses | (7) | (33) |
Securities available for sale, at fair value | 47,737 | 18,548 |
US Treasury and Government [Member] | ||
Available for sale securities, amortized cost | 44,579 | 13,080 |
Available for sale securities, gross unrealized gains | 18 | 11 |
Available for sale securities, gross unrealized losses | 0 | 0 |
Securities available for sale, at fair value | 44,597 | 13,091 |
Community Development District Bonds [Member] | ||
Available for sale securities, amortized cost | 820 | 820 |
Available for sale securities, gross unrealized gains | 3 | 0 |
Available for sale securities, gross unrealized losses | 0 | (7) |
Securities available for sale, at fair value | 823 | 813 |
Corporate Debt Securities [Member] | ||
Available for sale securities, amortized cost | 2,324 | 4,670 |
Available for sale securities, gross unrealized gains | 0 | |
Available for sale securities, gross unrealized losses | (7) | (26) |
Securities available for sale, at fair value | $ 2,317 | $ 4,644 |
Note 4 - Trade Receivables an_3
Note 4 - Trade Receivables and Construction Contract Receivables (Details Textual) $ in Millions | Mar. 31, 2023 USD ($) |
Receivables to Real Estate Joint Ventures | $ 11.1 |
Revenue, Remaining Performance Obligation, Amount | $ 191.7 |
Note 4 - Trade Receivables an_4
Note 4 - Trade Receivables and Construction Contract Receivables - Schedule of Trade Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Trade accounts receivable | $ 21,495 | $ 19,735 |
Allowance for expected credit losses | (119) | (70) |
Total trade accounts receivables | $ 21,376 | $ 19,665 |
Note 4 - Trade Receivables an_5
Note 4 - Trade Receivables and Construction Contract Receivables- Contract Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Construction contracts receivable | $ 11,137 | $ 0 |
Allowance for expected credit losses | 0 | 0 |
Total construction contracts receivable | $ 11,137 | $ 0 |
Note 5 - Trade Inventory - Trad
Note 5 - Trade Inventory - Trade Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 8,736 | $ 9,130 |
Paper goods and packaging materials | 2,401 | 2,185 |
Work in process | 1,434 | 1,736 |
Finished goods | 35,187 | 37,108 |
Total trade inventory | 47,758 | 50,159 |
Inventory reserve | (1,484) | (1,293) |
Total trade inventory, net | $ 46,274 | $ 48,866 |
Note 6 - Real Estate (Details T
Note 6 - Real Estate (Details Textual) - Altra Kendal [Member] $ in Millions | Mar. 31, 2023 USD ($) |
Land | $ 16.2 |
Construction in Progress, Gross | $ 12.6 |
Note 6 - Real Estate - Schedule
Note 6 - Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Real estate, held for sale | $ 3,612 | $ 4,443 |
Real estate held-for-investment | 1,787 | 6,723 |
Real estate inventory | 3,586 | 1,179 |
Rental properties under development | 28,809 | 0 |
Predevelopment costs | 6,676 | 0 |
Total real estate | $ 44,470 | $ 12,345 |
Note 7 - Investments in and A_3
Note 7 - Investments in and Advances to Consolidated and Unconsolidated Variable Interest Entities (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jan. 31, 2023 | Dec. 31, 2022 | Feb. 28, 2022 | Nov. 30, 2018 | |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 56,130 | $ 56,130 | $ 49,415 | ||||
Revenues | 94,998 | $ 75,476 | |||||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | Consolidation, Eliminations [Member] | |||||||
Revenues | 3,000 | ||||||
Cost of Revenue | 2,800 | ||||||
The Altman Companies, LLC [Member] | |||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 22,700 | 22,700 | |||||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | |||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 22,800 | 22,800 | |||||
Real Estate Inventory, Capitalized Interest Costs | $ 100 | 100 | |||||
Real Estate Inventory, Capitalized Interest Costs, Period Increase (Decrease) | $ (200) | ||||||
BBX Capital Real Estate (BBXRE) [Member] | Bayview [Member] | Mortgages [Member] | |||||||
Debt Instrument, Percentage Guaranty | 50% | ||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | |||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 40% | 50% | 50% | ||
Joint Venture, Termination Penalty | $ 200 | ||||||
BBXRE [Member] | |||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 11,900 | $ 11,900 | $ 11,600 |
Note 7 - Investments in and A_4
Note 7 - Investments in and Advances to Consolidated and Unconsolidated Variable Interest Entities - Summary of Financial Information for VIEs (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Cash and cash equivalents | $ 95,022 | $ 127,581 | $ 114,632 | |
Real estate ($3,612 in 2023 and $4,443 in 2022 held for sale and $28,809 in 2023 in VIEs) | 44,470 | 12,345 | ||
Other assets | 24,343 | 21,453 | ||
Total assets | 684,925 | 562,841 | 532,372 | |
Accounts payable | (30,258) | (17,371) | ||
Contract liabilities | (31,776) | (861) | $ (861) | |
Fair value of noncontrolling interests | 59,554 | (4) | ||
Total liabilities | 272,696 | $ 223,899 | ||
Real Estate Joint Ventures [Member] | ||||
Total assets | $ 29,438 | |||
Real Estate Joint Ventures [Member] | ||||
Fair value of noncontrolling interests | 61,017 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash and cash equivalents | 19,083 | 18,507 | ||
Restricted cash | 10,064 | 10,128 | ||
Real estate ($3,612 in 2023 and $4,443 in 2022 held for sale and $28,809 in 2023 in VIEs) | 24,410 | 28,809 | ||
Investment in and advances to unconsolidated real estate joint ventures | 38,673 | 39,014 | ||
Other assets | 818 | 539 | ||
Total assets | 93,048 | 96,997 | ||
Accounts payable | (2,365) | (2,835) | ||
Contract liabilities | (228) | |||
Fair value of identifiable net assets | 90,455 | |||
Carrying amount of previously held investments | 18,583 | |||
Gain on the consolidation of VIEs | $ 10,855 | |||
Total liabilities | $ 2,835 |
Note 7 - Investments in and A_5
Note 7 - Investments in and Advances to Consolidated and Unconsolidated Variable Interest Entities - Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Real Estate Investments | $ 56,130 | $ 49,415 | |
Altis Grand Central [Member] | |||
Real Estate Investments | $ 687 | $ 687 | |
Ownership | [1] | 1.49% | 1.49% |
Altis Ludlam Trail [Member] | |||
Real Estate Investments | [2] | $ 20,332 | $ 12,216 |
Ownership | [1],[2] | 48.13% | 33.30% |
Altis Lake Willis Phase 1 [Member] | |||
Real Estate Investments | $ 6,503 | $ 850 | |
Ownership | [1] | 1.68% | 1.23% |
Altis Lake Willis Phase 2 [Member] | |||
Real Estate Investments | $ 2,360 | $ 601 | |
Ownership | [1] | 5.10% | 3.50% |
Altis Grand at Suncoast [Member] | |||
Real Estate Investments | $ 12,058 | $ 4,579 | |
Ownership | [1] | 12.31% | 11% |
Altis Blue Lake [Member] | |||
Real Estate Investments | $ 3,672 | $ 647 | |
Ownership | [1] | 1.68% | 1.22% |
Altis Santa Barbara [Member] | |||
Real Estate Investments | $ 6,033 | $ 433 | |
Ownership | [1] | 5.10% | 3.50% |
Altra Kendal [Member] | |||
Real Estate Investments | [3] | $ 0 | $ 5,670 |
Ownership | [1],[3] | 0% | 13.70% |
The Altman Companies [Member] | |||
Real Estate Investments | [3] | $ 0 | $ 11,992 |
Ownership | [1],[3] | 0% | 50% |
ABBX Guaranty, LLC [Member} | |||
Real Estate Investments | [3] | $ 0 | $ 5,978 |
Ownership | [1],[3] | 0% | 50% |
Marbella [Member] | |||
Real Estate Investments | $ 1,047 | $ 1,064 | |
Ownership | [1] | 70% | 70% |
The Main Las Olas [Member] | |||
Real Estate Investments | $ 804 | $ 1,117 | |
Ownership | [1] | 3.41% | 3.41% |
Sky Cove [Member] | |||
Real Estate Investments | $ 112 | $ 24 | |
Ownership | [1] | 26.25% | 26.25% |
Sky Cove South [Member] | |||
Real Estate Investments | $ 2,213 | $ 3,241 | |
Ownership | [1] | 26.25% | 26.25% |
Other Investments in Real Estate Joint Ventures [Member] | |||
Real Estate Investments | $ 309 | $ 316 | |
[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]The carrying value of BBXRE’s investment at March 31, 2023 and 2022 includes $11.9 million and $11.6 million, respectively, related to BBXRE’s investment in the preferred equity associated with the Altis Ludlam Trail project, which is accounted for as a loan receivable.[3]The entities are consolidated in the Company's financial statements as of January 31, 2023. |
Note 7 - Investments in and A_6
Note 7 - Investments in and Advances to Consolidated and Unconsolidated Real Estate Joint Ventures - Summary of Financial Information for Marbella Joint Venture (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | $ 95,022 | $ 114,632 | $ 127,581 | |
Real estate inventory | 3,586 | 1,179 | ||
Other assets | 24,343 | 21,453 | ||
Total assets | 684,925 | 532,372 | 562,841 | |
Other liabilities | 3,478 | 5,297 | ||
Total liabilities | 272,696 | 223,899 | ||
Total equity | 402,081 | 321,708 | 334,528 | $ 322,948 |
Total liabilities and equity | 684,925 | 562,841 | ||
Total revenues | 94,998 | 75,476 | ||
Net income (loss) | 7,523 | (1,926) | ||
Equity in net earnings of unconsolidated real estate joint ventures | 1,104 | 1,532 | ||
Marbella [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 582 | 1,849 | ||
Marbella [Member] | ||||
Cash and cash equivalents | 1,801 | 3,508 | ||
Real estate inventory | 1,706 | 1,706 | ||
Other assets | 496 | 526 | ||
Total assets | 4,003 | 5,740 | ||
Other liabilities | 1,910 | 3,611 | ||
Total liabilities | 1,910 | 3,611 | ||
Total equity | 2,093 | 2,129 | ||
Total liabilities and equity | 4,003 | $ 5,740 | ||
Total revenues | 1,183 | 15,792 | ||
Cost of real estate inventory sold | 0 | (11,289) | ||
Other expenses | (19) | (727) | ||
Net income (loss) | $ 1,164 | $ 3,776 |
Note 8 - Notes Payable and Ot_3
Note 8 - Notes Payable and Other Borrowings (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||||
Feb. 03, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Jul. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 23, 2023 | Sep. 30, 2021 | Oct. 31, 2020 | ||
Repayments of Long-Term Debt, Total | $ 4,723 | $ 3,247 | ||||||||
TD Bank [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.95% | 9.04% | ||||||||
IberiaBank [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 8% | 8.25% | |||||||
Comerica Letter of Credit Facility [Member] | Letter of Credit [Member] | Altman LOC Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000 | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 2% | |||||||||
Long-Term Line of Credit | $ 1,700 | |||||||||
Renin Holdings LLC[Member] | ||||||||||
Proceeds from Contributions from Parent | $ 1,000 | |||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | ||||||||||
Proceeds from Contributions from Parent | $ 8,000 | 7,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | |||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,000 | $ 20,000 | $ 24,000 | $ 20,000 | ||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Canadian Prime Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.875% | |||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.375% | |||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||
Renin Holdings LLC[Member] | Term Loan [Member] | TD Bank [Member] | ||||||||||
Debt Instrument, Face Amount | $ 30,000 | |||||||||
Repayments of Long-Term Debt, Total | $ 2,500 | |||||||||
Renin Holdings LLC[Member] | Term Loan [Member] | TD Bank [Member] | Minimum [Member] | ||||||||||
Debt Instrument, Prepay Amount | $ 1,500 | |||||||||
BBX Sweet Holdings [Member] | IberiaBank [Member] | LOCS Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500 | 5,000 | ||||||||
Debt Instrument, Covenant, Balance for Thirty Consecutive Days During Year | $ 0 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | |||||||||
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] | IT'SUGAR Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||||||||
IT’SUGAR [Member] | IT'SUGAR Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | |||||||||
IT’SUGAR [Member] | IT'SUGAR Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
Asset Pledged as Collateral [Member] | IT’SUGAR [Member] | IT'SUGAR Credit Facility [Member] | ||||||||||
Certificates of Deposit, at Carrying Value | $ 5,000 | |||||||||
Asset Pledged as Collateral [Member] | Restricted Cash [Member] | ||||||||||
Certificates of Deposit, at Carrying Value | $ 5,000 | |||||||||
[1]BBX Capital is the guarantor of the line of credit. |
Note 8 - Notes Payable and Ot_4
Note 8 - Notes Payable and Other Borrowings - Schedule of Notes Payable and Other Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Unamortized debt issuance costs | $ (221) | $ (256) | ||
Notes payable and other borrowings | 38,382 | 38,543 | $ 55,575 | |
TD Bank [Member] | ||||
Debt balance, gross | $ 30,188 | $ 34,509 | ||
Interest rate | 9.04% | 8.95% | ||
Regions Bank Revolving Line of Credit [Member] | ||||
Debt balance, gross | $ 2,502 | $ 0 | ||
Interest rate | 6.25% | 0% | ||
IberiaBank [Member] | Revolving Credit Facility [Member] | ||||
Debt balance, gross | [1] | $ 2,500 | $ 2,250 | |
Interest rate | [1] | 8.25% | 8% | |
Comerica Letter of Credit Facility [Member] | ||||
Debt balance, gross | [2],[3] | $ 1,700 | $ 0 | |
Community Development District Bonds [Member] | ||||
Debt balance, gross | $ 1,673 | $ 2,031 | ||
Community Development District Bonds [Member] | Minimum [Member] | ||||
Interest rate | 2.40% | 2.40% | ||
Community Development District Bonds [Member] | Maximum [Member] | ||||
Interest rate | 3.75% | 3.75% | ||
Other Borrowings [Member] | ||||
Debt balance, gross | $ 40 | $ 9 | ||
Interest rate | 4.22% | 4.22% | ||
[1]BBX Capital is the guarantor of the line of credit.[2]ABBX is the guarantor under the facility.[3]The Company pays an annual two percent fee in advance based on the amount of each letter of credit. |
Note 9 - Common Stock (Details
Note 9 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Jan. 17, 2023 | Oct. 01, 2022 | Jan. 18, 2022 | Oct. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jan. 31, 2022 | |
Share Repurchase Program [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 15 | ||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 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 | ||||||
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 | ||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 0.5 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 7.4 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (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 | ||||||
Common Class A [Member] | |||||||
Voting Power Percentage | 22% | ||||||
Common Stock, Percentage of Total Equity Between Classes | 75% | ||||||
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) | 412,912 | 571,523 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 3.8 | ||||||
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 | ||||||
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 | $ 1.5 | ||||||
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 (in shares) | 793,930 | ||||||
Common Class A [Member] | 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, Grants in Period (in shares) | 137,637 | ||||||
Common Class B [Member] | |||||||
Voting Power Percentage | 78% | ||||||
Common Stock, Percentage of Total Equity Between Classes | 25% | ||||||
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 | $ 0.5 | ||||||
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 (in shares) | 136,686 |
Note 10 - Revenue Recognition_2
Note 10 - Revenue Recognition (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Revenues | $ 94,998 | $ 75,476 |
Real Estate Development Projects Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Real Estate Development Projects | 6 | |
Real Estate Development Projects Concentration Risk [Member] | Revenue Benchmark [Member] | Six Real Estate Development Projects [Member] | ||
Concentration Risk, Percentage | 27% | |
Renin Holdings LLC[Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | ||
Revenues | $ 4,100 | $ 5,400 |
Concentration Risk, Percentage | 4.30% | 7.20% |
Renin Holdings LLC[Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] | ||
Revenues | $ 9,200 | $ 11,500 |
Concentration Risk, Percentage | 9.70% | 15.30% |
Renin Holdings LLC[Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Three [Member] | ||
Revenues | $ 8,700 | $ 9,800 |
Concentration Risk, Percentage | 9.10% | 12.90% |
Renin Holdings LLC[Member] | Trade Sales [Member] | ||
Revenues | $ 22,000 | $ 26,700 |
Number of Major Customers | 3 | 3 |
Renin Holdings LLC[Member] | Trade Sales [Member] | Non-US [Member] | ||
Revenues | $ 15,600 | $ 13,100 |
Note 10 - Revenue Recognition -
Note 10 - Revenue Recognition - Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Sales | $ 92,134 | $ 72,219 |
Interest income | 2,517 | 1,149 |
Net gains on sales of real estate assets | 0 | 1,329 |
Other revenue | 347 | 779 |
Total revenues | 94,998 | 75,476 |
Trade [Member] | ||
Sales | 63,714 | 65,749 |
Trade [Member] | Sales Channel, Through Intermediary [Member] | ||
Sales | 34,676 | 37,587 |
Trade [Member] | Sales Channel, Directly to Consumer [Member] | ||
Sales | 29,038 | 28,162 |
Construction [Member] | ||
Sales | 25,037 | 0 |
Development Management Service [Member] | ||
Sales | 867 | 0 |
Management Service [Member] | ||
Sales | 1,611 | |
Revenue from customers | 744 | 0 |
Real Estate [Member] | ||
Sales | $ 1,772 | $ 6,470 |
Note 10 - Revenue Recognition_3
Note 10 - Revenue Recognition - Contracts with Customers (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Contract assets | $ 36,195 | $ 16,918 | $ 16,918 |
Contract liabilities | 31,776 | $ 861 | 861 |
Contingent Purchase Price Receivable [Member] | |||
Contract assets | 13,967 | 16,918 | |
Cost and Estimated Earnings in Excess of Billings [Member] | |||
Contract assets | 640 | 0 | |
Contract liabilities | 21,320 | 0 | |
Retainage Receivable [Member] | |||
Contract assets | 13,138 | 0 | |
Uninstalled Materials and Deposits to Purchase Materials [Member] | |||
Contract assets | 8,450 | 0 | |
Retainage Payable [Member] | |||
Contract liabilities | 9,535 | 0 | |
Contingent Purchase Price Due to Homebuilders [Member] | |||
Contract liabilities | 625 | 625 | |
Other Contract Liabilities [Member] | |||
Contract liabilities | $ 296 | $ 236 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 8% | 32% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |
Goodwill | $ 51,315 | $ 18,414 | $ 18,414 |
Altman Companies [Member] | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 22,200 | ||
Goodwill | $ 32,900 |
Note 12 - Earnings Per Common_3
Note 12 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 517,702 | 776,552 |
Note 12 - Earnings Per Common_4
Note 12 - Earnings Per Common Share - Computations of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Net income (loss) | $ 7,523 | $ (1,926) | |
Net loss attributable to noncontrolling interests | 380 | 110 | |
Net income (loss) attributable to shareholders | $ 7,903 | $ (1,816) | |
Basic weighted average number of common shares outstanding (in shares) | [1] | 14,354 | 15,475 |
Basic earnings (loss) per share (in dollars per share) | $ 0.55 | $ (0.12) | |
Net income available to shareholders | $ 7,903 | $ (1,816) | |
Effect of dilutive restricted stock awards (in shares) | 23 | 0 | |
Diluted weighted average number of common shares outstanding (in shares) | [1] | 14,377 | 15,475 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.55 | $ (0.12) | |
[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 13 - Noncontrolling Inte_3
Note 13 - Noncontrolling Interests (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 10,148 | $ 4,414 |
IT’SUGAR [Member] | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 5,100 | 4,400 |
IT’SUGAR [Member] | Capital Unit, Class B [Member] | ||
Subsidiary, Ownership Percentage, Parent | 90% | |
ABBX Guaranty, LLC [Member} | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 5,000 | |
Subsidiary, Ownership Percentage, Parent | 50% | |
Noncontrolling Interests [Member] | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 200 | $ 100 |
Note 13 - Noncontrolling Inte_4
Note 13 - Noncontrolling Interests - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair value of noncontrolling interests | $ 59,554 | $ (4) | |
Restaurant | 167 | 230 | |
Total other noncontrolling interests | 59,721 | $ 226 | |
Net loss attributable to noncontrolling interests | (380) | $ (110) | |
Restaurant [Member] | |||
Net loss attributable to noncontrolling interests | 97 | 92 | |
IT’SUGAR [Member] | |||
Net loss attributable to noncontrolling interests | (205) | (71) | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Net loss attributable to noncontrolling interests | (272) | (8) | |
IT'SUGAR FL II, LLC [Member] | |||
Net loss attributable to noncontrolling interests | $ 0 | $ (123) |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2023 USD ($) |
ABBX Guaranty, LLC [Member} | Financial Guarantee [Member] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 94.8 |
Guarantor Obligations, Current Carrying Value | 315.9 |
Restricted Cash | 10 |
Property Lease Guarantee [Member] | Renin Holdings LLC[Member] | |
Lease Agreement, Guarantee of Rent | $ 7.7 |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurement - Financial Disclosures About Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities available for sale, at fair value | $ 47,737 | $ 18,548 |
Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 95,022 | 127,581 |
Restricted cash | 11,265 | 750 |
Securities available for sale, at fair value | 47,737 | 18,548 |
Note receivable from Bluegreen Vacations | 50,000 | 50,000 |
Notes payable and other borrowings | 38,382 | 38,543 |
Reported Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 536 | |
Reported Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 95,022 | 127,581 |
Restricted cash | 11,265 | 750 |
Securities available for sale, at fair value | 47,737 | 18,548 |
Note receivable from Bluegreen Vacations | 47,210 | 46,635 |
Notes payable and other borrowings | 37,967 | 37,997 |
Estimate of Fair Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 536 | |
Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | 5,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 95,022 | 127,581 |
Restricted cash | 11,265 | 750 |
Securities available for sale, at fair value | 44,597 | 13,091 |
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] | Interest Rate Cap [Member] | ||
Interest rate caps | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 0 | 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 | 3,140 | 5,457 |
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] | Interest Rate Cap [Member] | ||
Interest rate caps | 536 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | 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 | 47,210 | 46,635 |
Notes payable and other borrowings | 37,967 | 37,997 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | $ 0 | $ 0 |
Note 16 - Certain Relationshi_2
Note 16 - Certain Relationships and Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||||
Sep. 30, 2020 | May 31, 2023 | Dec. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Selling, General and Administrative Expense | $ 33,778,000 | $ 27,364,000 | |||||
Revenues | 94,998,000 | 75,476,000 | |||||
Contract with Customer, Receivable, after Allowance for Credit Loss | $ 11,137,000 | 11,137,000 | $ 0 | ||||
Contract with Customer, Asset, after Allowance for Credit Loss | 36,195,000 | 36,195,000 | 16,918,000 | 16,918,000 | |||
Contract with Customer, Liability | 31,776,000 | 31,776,000 | 861,000 | 861,000 | |||
Interest and Dividend Income, Operating | $ 2,517,000 | 1,149,000 | |||||
The Chairman, the Vice Chairman, the Chief Executive Officer and President, and the Executive Vice President [Member] | |||||||
Voting Power Percentage | 83% | ||||||
Bluegreen Vacations [Member] | Notes Receivable [Member] | |||||||
Financing Receivable, after Allowance for Credit Loss | $ 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 and Dividend Income, Operating | $ 800,000 | 800,000 | |||||
Bluegreen Vacations [Member] | Notes Receivable [Member] | Subsequent Event [Member] | |||||||
Financing Receivable, after Allowance for Credit Loss | $ 35,000,000 | ||||||
Repayment of Notes Receivable from Related Parties | 14,100,000 | ||||||
Financing Receivable, Prepayment Discount | 15,000,000 | ||||||
Increase (Decrease) in Notes Receivables | $ (15,000,000) | ||||||
Bluegreen Vacations [Member] | Office Space, Risk Management, and Management Advisory Services [Member] | |||||||
Selling, General and Administrative Expense | 500,000 | 500,000 | |||||
Abdo Companies, Inc [Member] | Management Services and Rent [Member] | |||||||
Related Party Transaction, Amounts of Transaction | 45,000 | 44,000 | |||||
The Altman Companies, LLC [Member] | |||||||
Contract with Customer, Receivable, after Allowance for Credit Loss | 11,100,000 | 11,100,000 | |||||
Contract with Customer, Asset, after Allowance for Credit Loss | 36,200,000 | 36,200,000 | |||||
Contract with Customer, Liability | 31,800,000 | 31,800,000 | |||||
Share-Based Payment Arrangement, Expense | 110,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 900,000 | 900,000 | |||||
The Altman Companies, LLC [Member] | Management Services [Member] | |||||||
Selling, General and Administrative Expense | $ 0 | $ 163,000 | |||||
Revenues | 1,600,000 | ||||||
The Altman Companies, LLC [Member] | Construction Services [Member] | |||||||
Revenues | $ 25,000,000 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Number of Reportable Segments | 3 |
Notes Receivable From Parent | $ 50 |
Note 17 - Segment Reporting - S
Note 17 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Sales | $ 92,134 | $ 72,219 | ||
Interest income | 2,517 | 1,149 | ||
Other revenue | 347 | 779 | ||
Total revenues | 94,998 | 75,476 | ||
Interest expense | 735 | 536 | ||
Recoveries from loan losses, net | (600) | (648) | ||
Selling, general and administrative expenses | 33,778 | 27,364 | ||
Total costs and expenses | 106,087 | 80,557 | ||
Operating income (losses) | (11,089) | (5,081) | ||
Equity in net earnings of unconsolidated real estate joint ventures | 1,104 | 1,532 | ||
Other (loss) income | 2,171 | 984 | ||
Foreign exchange loss | (46) | (189) | ||
Income (loss) before income taxes | 9,190 | (2,754) | ||
Total assets | 684,925 | 532,372 | $ 562,841 | |
Expenditures for property and equipment | 5,414 | 1,884 | ||
Depreciation and amortization | 2,620 | 2,402 | ||
Debt accretion and amortization | 68 | 85 | [1] | |
Cash and cash equivalents | 95,022 | 114,632 | 127,581 | |
Real estate equity method investments | 56,130 | 53,666 | ||
Goodwill | 51,315 | 18,414 | 18,414 | |
Notes payable and other borrowings | 38,382 | 55,575 | $ 38,543 | |
Net gains on sales of real estate assets | 0 | 1,329 | ||
Impairment losses | 0 | 64 | ||
The Altman Companies, LLC [Member] | ||||
Gain on consolidation | 6,195 | 0 | ||
Other Investments in Real Estate Joint Ventures [Member] | ||||
Gain on consolidation | 10,855 | 0 | ||
Trade [Member] | ||||
Sales | 63,714 | 65,749 | ||
Cost of sales | 47,407 | 51,006 | ||
Real Estate [Member] | ||||
Sales | 1,772 | 6,470 | ||
Cost of sales | 578 | 2,235 | ||
Construction [Member] | ||||
Sales | 25,037 | 0 | ||
Cost of sales | 24,189 | 0 | ||
Management Service [Member] | ||||
Sales | 1,611 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | ||||
Interest income | 1,974 | 545 | ||
Other revenue | 51 | 516 | ||
Total revenues | 30,445 | 8,860 | ||
Interest expense | 11 | 0 | ||
Recoveries from loan losses, net | (600) | (648) | ||
Selling, general and administrative expenses | 6,240 | 2,398 | ||
Total costs and expenses | 30,418 | 3,985 | ||
Operating income (losses) | 27 | 4,875 | ||
Equity in net earnings of unconsolidated real estate joint ventures | 1,104 | 1,532 | ||
Other (loss) income | (305) | (13) | ||
Foreign exchange loss | 0 | 0 | ||
Income (loss) before income taxes | 17,876 | 6,394 | ||
Total assets | 350,458 | 186,617 | ||
Expenditures for property and equipment | 0 | 0 | ||
Depreciation and amortization | (196) | 0 | ||
Debt accretion and amortization | 20 | 9 | [1] | |
Cash and cash equivalents | 83,434 | 74,412 | ||
Real estate equity method investments | 56,130 | 53,666 | ||
Goodwill | 32,901 | |||
Notes payable and other borrowings | 3,308 | 5,535 | ||
Net gains on sales of real estate assets | 1,329 | |||
Impairment losses | 0 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | ||||
Gain on consolidation | 6,195 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Other Investments in Real Estate Joint Ventures [Member] | ||||
Gain on consolidation | 10,855 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Trade [Member] | ||||
Sales | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Real Estate [Member] | ||||
Sales | 1,772 | 6,470 | ||
Cost of sales | 578 | 2,235 | ||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Construction [Member] | ||||
Sales | 25,037 | |||
Cost of sales | 24,189 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Management Service [Member] | ||||
Sales | 1,611 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | ||||
Interest income | 0 | 0 | ||
Other revenue | 0 | 0 | ||
Total revenues | 32,725 | 29,357 | ||
Interest expense | 332 | 247 | ||
Recoveries from loan losses, net | 0 | 0 | ||
Selling, general and administrative expenses | 14,541 | 12,675 | ||
Total costs and expenses | 35,419 | 31,359 | ||
Operating income (losses) | (2,694) | (2,002) | ||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | ||
Other (loss) income | 200 | 872 | ||
Foreign exchange loss | (14) | 0 | ||
Income (loss) before income taxes | (2,508) | (1,130) | ||
Total assets | 172,958 | 139,991 | ||
Expenditures for property and equipment | 5,069 | 1,357 | ||
Depreciation and amortization | 1,802 | 1,493 | ||
Debt accretion and amortization | 6 | 44 | [1] | |
Cash and cash equivalents | 3,686 | 7,713 | ||
Real estate equity method investments | 0 | 0 | ||
Goodwill | 14,274 | 14,274 | ||
Notes payable and other borrowings | 19,927 | 15,966 | ||
Net gains on sales of real estate assets | 0 | |||
Impairment losses | 64 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | The Altman Companies, LLC [Member] | ||||
Gain on consolidation | 0 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Other Investments in Real Estate Joint Ventures [Member] | ||||
Gain on consolidation | 0 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Trade [Member] | ||||
Sales | 32,725 | 29,357 | ||
Cost of sales | 20,546 | 18,373 | ||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Real Estate [Member] | ||||
Sales | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Construction [Member] | ||||
Sales | 0 | |||
Cost of sales | 0 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Management Service [Member] | ||||
Sales | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | ||||
Interest income | 0 | 0 | ||
Other revenue | 0 | 0 | ||
Total revenues | 27,976 | 33,488 | ||
Interest expense | 1,121 | 566 | ||
Recoveries from loan losses, net | 0 | 0 | ||
Selling, general and administrative expenses | 3,848 | 4,660 | ||
Total costs and expenses | 30,976 | 37,000 | ||
Operating income (losses) | (3,000) | (3,512) | ||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | ||
Other (loss) income | 1 | 0 | ||
Foreign exchange loss | (32) | (189) | ||
Income (loss) before income taxes | (3,031) | (3,701) | ||
Total assets | 97,344 | 108,952 | ||
Expenditures for property and equipment | 284 | 270 | ||
Depreciation and amortization | 867 | 819 | ||
Debt accretion and amortization | 42 | 32 | [1] | |
Cash and cash equivalents | 603 | 523 | ||
Real estate equity method investments | 0 | 0 | ||
Goodwill | 4,140 | 4,140 | ||
Notes payable and other borrowings | 43,532 | 48,077 | ||
Net gains on sales of real estate assets | 0 | |||
Impairment losses | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | The Altman Companies, LLC [Member] | ||||
Gain on consolidation | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | Other Investments in Real Estate Joint Ventures [Member] | ||||
Gain on consolidation | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | Trade [Member] | ||||
Sales | 27,976 | 33,488 | ||
Cost of sales | 26,007 | 31,774 | ||
Operating Segments [Member] | Renin Holdings LLC[Member] | Real Estate [Member] | ||||
Sales | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
Operating Segments [Member] | Renin Holdings LLC[Member] | Construction [Member] | ||||
Sales | 0 | |||
Cost of sales | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | Management Service [Member] | ||||
Sales | 0 | |||
Corporate, Non-Segment [Member] | ||||
Interest income | 0 | 0 | ||
Other revenue | 436 | 445 | ||
Total revenues | 3,452 | 3,350 | ||
Interest expense | 1 | 1 | ||
Recoveries from loan losses, net | 0 | 0 | ||
Selling, general and administrative expenses | 2,158 | 1,999 | ||
Total costs and expenses | 3,016 | 2,859 | ||
Operating income (losses) | 436 | 491 | ||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | ||
Other (loss) income | 2,256 | 2 | ||
Foreign exchange loss | 0 | 0 | ||
Income (loss) before income taxes | 2,692 | 493 | ||
Total assets | 8,720 | 6,809 | ||
Expenditures for property and equipment | 48 | 26 | ||
Depreciation and amortization | 39 | 33 | ||
Debt accretion and amortization | 0 | 0 | [1] | |
Cash and cash equivalents | 4,136 | 2,009 | ||
Real estate equity method investments | 0 | 0 | ||
Goodwill | 0 | |||
Notes payable and other borrowings | 40 | 22 | ||
Net gains on sales of real estate assets | 0 | |||
Impairment losses | 0 | |||
Corporate, Non-Segment [Member] | The Altman Companies, LLC [Member] | ||||
Gain on consolidation | 0 | |||
Corporate, Non-Segment [Member] | Other Investments in Real Estate Joint Ventures [Member] | ||||
Gain on consolidation | 0 | |||
Corporate, Non-Segment [Member] | Trade [Member] | ||||
Sales | 3,016 | 2,905 | ||
Cost of sales | 857 | 859 | ||
Corporate, Non-Segment [Member] | Real Estate [Member] | ||||
Sales | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
Corporate, Non-Segment [Member] | Construction [Member] | ||||
Sales | 0 | |||
Cost of sales | 0 | |||
Corporate, Non-Segment [Member] | Management Service [Member] | ||||
Sales | 0 | |||
Segment Reconciling Items [Member] | ||||
Interest income | 543 | 604 | ||
Other revenue | (140) | (182) | ||
Total revenues | 400 | 421 | ||
Interest expense | (730) | (278) | ||
Recoveries from loan losses, net | 0 | 0 | ||
Selling, general and administrative expenses | 6,991 | 5,632 | ||
Total costs and expenses | 6,258 | 5,354 | ||
Operating income (losses) | (5,858) | (4,933) | ||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | ||
Other (loss) income | 19 | 123 | ||
Foreign exchange loss | 0 | 0 | ||
Income (loss) before income taxes | (5,839) | (4,810) | ||
Total assets | 55,445 | 90,003 | ||
Expenditures for property and equipment | 13 | 231 | ||
Depreciation and amortization | 108 | 57 | ||
Debt accretion and amortization | 0 | 0 | [1] | |
Cash and cash equivalents | 3,163 | 29,975 | ||
Real estate equity method investments | 0 | 0 | ||
Goodwill | 0 | |||
Notes payable and other borrowings | (28,425) | (14,025) | ||
Net gains on sales of real estate assets | 0 | |||
Impairment losses | 0 | |||
Segment Reconciling Items [Member] | The Altman Companies, LLC [Member] | ||||
Gain on consolidation | 0 | |||
Segment Reconciling Items [Member] | Other Investments in Real Estate Joint Ventures [Member] | ||||
Gain on consolidation | 0 | |||
Segment Reconciling Items [Member] | Trade [Member] | ||||
Sales | (3) | (1) | ||
Cost of sales | (3) | 0 | ||
Segment Reconciling Items [Member] | Real Estate [Member] | ||||
Sales | 0 | 0 | ||
Cost of sales | 0 | $ 0 | ||
Segment Reconciling Items [Member] | Construction [Member] | ||||
Sales | 0 | |||
Cost of sales | 0 | |||
Segment Reconciling Items [Member] | Management Service [Member] | ||||
Sales | $ 0 | |||
[1]The above segment information includes the operations of IT’SUGAR as of June 17, 2021, the date the Company reconsolidated IT’SUGAR. |