Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 3,860,055 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,296,307 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - Unaudited - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 102,490 | $ 127,581 |
Restricted cash | 22,072 | 750 |
Securities available for sale, at fair value | 44,899 | 18,548 |
Trade accounts receivable, net | 20,098 | 19,665 |
Construction contracts receivable, net | 13,743 | 0 |
Trade inventory, net | 40,336 | 48,866 |
Real estate ($3,874 in 2023 and $4,443 in 2022 held for sale and $53,605 in 2023 in VIEs) | 70,101 | 12,345 |
Real Estate Investments | 43,610 | 49,415 |
Property and equipment, net | 38,564 | 35,140 |
Goodwill | 49,614 | 18,414 |
Intangible assets, net | 27,476 | 29,405 |
Operating lease assets | 116,759 | 110,082 |
Deferred tax asset, net | 2,734 | 4,259 |
Contract assets | 32,719 | 16,918 |
Other assets | 20,790 | 21,453 |
Total assets | 681,005 | 562,841 |
Liabilities: | ||
Accounts payable | 43,920 | 17,371 |
Accrued expenses | 34,177 | 34,985 |
Contract liabilities | 30,457 | 861 |
Other liabilities | 3,600 | 5,297 |
Operating lease liabilities | 134,719 | 126,842 |
Notes payable and other borrowings | 44,847 | 38,543 |
Total liabilities | 291,720 | 223,899 |
Commitments and contingencies (See Note 14) | ||
Redeemable noncontrolling interest | 5,180 | 4,414 |
Equity: | ||
Additional paid-in capital | 316,346 | 312,978 |
Accumulated earnings | 12,039 | 20,358 |
Accumulated other comprehensive income | 851 | 823 |
Total shareholders' equity | 329,379 | 334,302 |
Noncontrolling interests | 54,726 | 226 |
Total equity | 384,105 | 334,528 |
Total liabilities and equity | 681,005 | 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 | $ 35,000 | $ 50,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition - Unaudited (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 102,490 | $ 127,581 |
Restricted cash | 22,072 | 750 |
Real estate, held for sale | 3,874 | 4,443 |
Real Estate Investments | 43,610 | 49,415 |
Other assets | 20,790 | 21,453 |
Accrued expenses | 34,177 | 34,985 |
Notes payable and other borrowings | $ 44,847 | $ 38,543 |
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) | 10,630,176 | 10,629,613 |
Common stock, shares outstanding (in shares) | 10,630,176 | 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) | 3,723,369 | 3,723,932 |
Common stock, shares outstanding (in shares) | 3,723,369 | 3,723,932 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | $ 3,550 | |
Restricted cash | 10,369 | |
Real estate, held for sale | 53,605 | |
Real Estate Investments | 39,453 | |
Other assets | 1,223 | |
Accrued expenses | $ 301 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - Unaudited - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Sales | $ 98,243 | $ 72,703 | $ 295,235 | $ 226,244 |
Real estate development and property management fees | 5,002 | 0 | 9,249 | 0 |
Interest income | 2,545 | 1,576 | 6,736 | 3,968 |
Net gains on sales of real estate assets | 2,271 | 0 | 2,210 | 1,329 |
Other revenue | 280 | 955 | 939 | 2,862 |
Total revenues | 103,339 | 75,234 | 305,120 | 234,403 |
Costs and expenses: | ||||
Interest expense | 810 | 615 | 2,245 | 1,660 |
Recoveries from loan losses, net | (177) | (278) | (3,284) | (4,215) |
Impairment losses | 349 | 311 | 349 | 375 |
Selling, general and administrative expenses | 34,120 | 29,073 | 102,143 | 86,498 |
Total costs and expenses | 112,924 | 84,334 | 335,464 | 251,648 |
Operating losses | (9,585) | (9,100) | (30,344) | (17,245) |
Equity in net earnings of unconsolidated real estate joint ventures | 2,126 | 15,026 | 3,958 | 35,712 |
Other income (expense) | 1,155 | (310) | 4,042 | 777 |
Foreign exchange gain (loss) | 421 | 903 | (113) | 1,071 |
(Loss) income before income taxes | (7,141) | 6,519 | (6,638) | 20,315 |
Benefit (provision) for income taxes | 606 | (2,519) | 231 | (7,852) |
Net (loss) income | (6,535) | 4,000 | (6,407) | 12,463 |
Net (income) loss attributable to noncontrolling interests | (1,290) | 24 | (1,516) | 200 |
Net (loss) income attributable to shareholders | $ (7,825) | $ 4,024 | $ (7,923) | $ 12,663 |
Basic (loss) earnings per share (in dollars per share) | $ (0.55) | $ 0.26 | $ (0.55) | $ 0.82 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.55) | $ 0.26 | $ (0.56) | $ 0.82 |
Basic weighted average number of common shares outstanding (in shares) | 14,354 | 15,409 | 14,354 | 15,452 |
Diluted weighted average number of common shares outstanding (in shares) | 14,354 | 15,494 | 14,354 | 15,491 |
Net (loss) income | $ (6,535) | $ 4,000 | $ (6,407) | $ 12,463 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized loss on securities available for sale | (12) | (61) | (8) | (152) |
Foreign currency translation adjustments | (338) | (838) | 36 | (1,052) |
Other comprehensive (loss) income, net | (350) | (899) | 28 | (1,204) |
Comprehensive (loss) income, net of tax | (6,885) | 3,101 | (6,379) | 11,259 |
Comprehensive (income) loss attributable to noncontrolling interests | (1,290) | 24 | (1,516) | 200 |
Comprehensive (loss) income attributable to shareholders | (8,175) | 3,125 | (7,895) | 11,459 |
The Altman Companies, LLC [Member] | ||||
Costs and expenses: | ||||
Gain on the consolidation of The Altman Companies | (2,393) | 0 | 3,802 | 0 |
Gain (loss) on consolidation | 3,802 | 0 | ||
Other Investments in Real Estate Joint Ventures [Member] | ||||
Costs and expenses: | ||||
Gain (loss) on consolidation | 1,135 | 0 | 12,017 | 0 |
Trade [Member] | ||||
Revenues: | ||||
Sales | 61,462 | 71,097 | 186,379 | 209,431 |
Costs and expenses: | ||||
Cost of sales | 45,307 | 54,057 | 137,641 | 160,661 |
Real Estate [Member] | ||||
Revenues: | ||||
Sales | 2,712 | 1,606 | 8,929 | 16,813 |
Costs and expenses: | ||||
Cost of sales | 570 | 556 | 2,107 | 6,669 |
Construction [Member] | ||||
Revenues: | ||||
Sales | 29,067 | 0 | 90,678 | 0 |
Costs and expenses: | ||||
Cost of sales | $ 31,945 | $ 0 | $ 94,263 | $ 0 |
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 | 12,663 | 0 | (295) | 12,368 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (1,204) | 0 | (1,204) |
Accretion of redeemable noncontrolling interest | 0 | 0 | 0 | (575) | 0 | 0 | (575) |
Contributions from noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 50 | 50 |
Distributions to noncontrolling interests | $ 0 | $ 0 | 0 | 0 | 0 | (269) | (269) |
Purchase and retirement of common stock (in shares) | (116) | 0 | |||||
Purchase and retirement of common stock | $ (1) | $ 0 | 0 | (1,073) | 0 | 0 | (1,074) |
Share-based compensation | $ 0 | $ 0 | 2,676 | 0 | 0 | 0 | 2,676 |
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 |
Balance (in shares) at Sep. 30, 2022 | 11,692 | 3,667 | |||||
Balance at Sep. 30, 2022 | $ 117 | $ 37 | 313,264 | 20,241 | 632 | 629 | 334,920 |
Balance (in shares) at Jun. 30, 2022 | 11,792 | 3,667 | |||||
Balance at Jun. 30, 2022 | $ 118 | $ 37 | 312,299 | 17,439 | 1,531 | 730 | 332,154 |
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 0 | 0 | 0 | 4,024 | 0 | (108) | 3,916 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (899) | 0 | (899) |
Accretion of redeemable noncontrolling interest | 0 | 0 | 0 | (270) | 0 | 0 | (270) |
Contributions from noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 25 | 25 |
Distributions to noncontrolling interests | $ 0 | $ 0 | 0 | 0 | 0 | (18) | (18) |
Purchase and retirement of common stock (in shares) | (100) | 0 | |||||
Purchase and retirement of common stock | $ (1) | $ 0 | 0 | (952) | 0 | 0 | (953) |
Share-based compensation | $ 0 | $ 0 | 965 | 0 | 0 | 0 | 965 |
Balance (in shares) at Sep. 30, 2022 | 11,692 | 3,667 | |||||
Balance at Sep. 30, 2022 | $ 117 | $ 37 | 313,264 | 20,241 | 632 | 629 | 334,920 |
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 | (7,923) | 0 | 1,426 | (6,497) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 28 | 0 | 28 |
Accretion of redeemable noncontrolling interest | 0 | 0 | 0 | (900) | 0 | 0 | (900) |
Contributions from noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 2,337 | 2,337 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (5,473) | (5,670) | |
Share-based compensation | 0 | 0 | 3,254 | 0 | 0 | 3,908 | |
Buyout of redeemable noncontrolling interest | 0 | 0 | 311 | 0 | 0 | 0 | 311 |
Consolidation of real estate joint venture managing members | $ 0 | $ 0 | 0 | 0 | 0 | (55,556) | (55,556) |
Distributions to noncontrolling interests | (197) | ||||||
Conversion of common stock from Class B to Class A (in shares) | 1 | 1 | |||||
Conversion of common stock from Class B to Class A (in shares) | (1) | (1) | |||||
Conversion of common stock from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Share-based compensation | 654 | ||||||
Reversal of accretion of redeemable noncontrolling interest | 0 | 0 | 0 | 504 | 0 | 0 | 504 |
Consolidation of real estate joint venture managing members | $ 0 | $ 0 | 0 | 0 | 0 | 55,556 | 55,556 |
Balance (in shares) at Sep. 30, 2023 | 10,630 | 3,723 | |||||
Balance at Sep. 30, 2023 | $ 106 | $ 37 | 316,346 | 12,039 | 851 | 54,726 | 384,105 |
Balance (in shares) at Jun. 30, 2023 | 10,629 | 3,724 | |||||
Balance at Jun. 30, 2023 | $ 106 | $ 37 | 315,108 | 19,864 | 1,201 | 58,762 | 395,078 |
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 0 | 0 | 0 | (7,825) | 0 | 1,117 | (6,708) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (350) | 0 | (350) |
Contributions from noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 190 | 190 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (5,314) | (5,511) | |
Share-based compensation | 0 | 0 | 1,124 | 0 | 0 | 1,529 | |
Buyout of redeemable noncontrolling interest | 0 | 0 | 311 | 0 | 0 | 0 | 311 |
Consolidation of real estate joint venture managing members | $ 0 | $ 0 | 0 | 0 | 0 | (434) | (434) |
Distributions to noncontrolling interests | (197) | ||||||
Conversion of common stock from Class B to Class A (in shares) | 1 | 1 | |||||
Conversion of common stock from Class B to Class A (in shares) | (1) | (1) | |||||
Conversion of common stock from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Share-based compensation | 405 | ||||||
Consolidation of real estate joint venture managing members | $ 0 | $ 0 | 0 | 0 | 0 | 434 | 434 |
Balance (in shares) at Sep. 30, 2023 | 10,630 | 3,723 | |||||
Balance at Sep. 30, 2023 | $ 106 | $ 37 | $ 316,346 | $ 12,039 | $ 851 | $ 54,726 | $ 384,105 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity - Unaudited (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | |
Net income (loss) attributable to redeeming noncontrolling interest | $ 173 | $ 84 | $ 90 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net (loss) income | $ (6,407) | $ 12,463 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Recoveries from loan losses, net | (3,284) | (4,215) |
Depreciation, amortization and accretion | 8,542 | 7,705 |
Net gain on sales of real estate and property and equipment | (2,209) | (1,592) |
Equity in net earnings of unconsolidated real estate joint ventures | (3,958) | (35,712) |
Return on investment in unconsolidated real estate joint ventures | 7,455 | 38,197 |
Impairment losses | 349 | 375 |
Share-based compensation expense | 3,976 | 2,712 |
Recovery for excess and obsolete inventory | (392) | (1,012) |
Changes in operating assets and liabilities: | ||
Deferred income tax asset, net | 1,525 | (870) |
Trade accounts receivable | 283 | 6,373 |
Construction contracts receivable | 978 | 0 |
Trade inventory | 8,922 | (11,589) |
Real estate | (2,995) | 580 |
Operating lease assets and operating lease liabilities | 734 | 964 |
Contract assets | 6,393 | 5,277 |
Other assets | 5,569 | (561) |
Accounts payable | 9,769 | 5,517 |
Accrued expenses | (10,915) | (7,166) |
Contract liabilities | (963) | 0 |
Other liabilities | (2,129) | (525) |
Net cash provided by operating activities | 5,424 | 16,921 |
Investing activities: | ||
Return of investment in and advances to unconsolidated real estate joint ventures | 21,188 | 10,648 |
Investments in unconsolidated real estate joint ventures | (10,752) | (5,623) |
Purchases of securities available for sale | (95,008) | (32,809) |
Redemptions of securities available for sale | 70,229 | 230 |
Proceeds from repayment of loans receivable | 3,622 | 4,442 |
Proceeds from sales of real estate held-for-sale | 3,176 | 3,937 |
Proceeds from sales of property and equipment | 0 | 2,741 |
Proceeds from the repayment of Bluegreen Vacations note receivable | 14,070 | 0 |
Additions to real estate held-for-sale and held-for-investment | (29,345) | (382) |
Purchases of property and equipment | (10,925) | (10,061) |
Cash acquired in the consolidation of real estate joint ventures | 29,147 | 0 |
Cash paid for The Altman Companies acquisition, net of cash received | (3,975) | 0 |
Decrease in cash from other investing activities | (14) | (10) |
Net cash used in investing activities | (8,587) | (26,887) |
Financing activities: | ||
Repayments of notes payable and other borrowings | (5,317) | (15,049) |
Proceeds from notes payable and other borrowings | 11,334 | 6,528 |
Purchase and retirement of Class A and Class B Common Stock | 0 | (1,074) |
Payments for debt issuance costs | (30) | 0 |
Buyout of IT'SUGAR redeemable noncontrolling interest | (3,278) | 0 |
Contributions from noncontrolling interests | 2,355 | 68 |
Distribution to noncontrolling interests | (5,670) | (269) |
Net cash used in financing activities | (606) | (9,796) |
Decrease in cash, cash equivalents and restricted cash | (3,769) | (19,762) |
Cash, cash equivalents and restricted cash at beginning of period | 128,331 | 119,045 |
Cash, cash equivalents and restricted cash at end of period | 124,562 | 99,283 |
Supplemental cash flow information: | ||
Interest paid on borrowings, net of amounts capitalized | 2,128 | 1,397 |
Income taxes paid | 7,503 | 11,763 |
Supplementary disclosure of non-cash investing and financing activities: | ||
Construction funds receivable transferred to real estate | 0 | 349 |
Assumption of Community Development District Bonds by homebuilders | 1,286 | 2,391 |
Increase in accrued expenses for the buyout of IT'SUGAR redeemable noncontrolling interest | 1,244 | 0 |
Operating lease assets obtained in exchange for new operating lease liabilities | 23,133 | 23,646 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 102,490 | 98,533 |
Restricted cash | 22,072 | 750 |
Cash, cash equivalents and restricted cash at end of period | 124,562 | 99,283 |
Other Investments in Real Estate Joint Ventures [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on the consolidation | (12,017) | 0 |
The Altman Companies, LLC [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on the consolidation | $ (3,802) | $ 0 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 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 February 2023, third February 2023, third 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 In the Company’s opinion, the financial information furnished herein reflects all adjustments consisting of normal recurring items necessary for a fair presentation of its financial position, results of operations, and cash flows for the interim periods reported in this Quarterly Report on Form 10 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 pandemic and public health issues, actual conditions could materially differ from the Company’s expectations and estimates, which could materially affect the Company’s results of operations and financial condition. The severity, magnitude, and duration, as well as the economic consequences, of the above conditions are uncertain, rapidly changing, and difficult to predict. As a result, the Company’s accounting estimates and assumptions 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 to 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 affiliated 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 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, (v) inflationary pressures and higher costs to operate the Company’s businesses, including higher insurance costs, and (vi) rising interest rates. In light of the uncertain duration and impact of current economic trends, the Company has focused on maintaining significant liquidity. As of September 30, 2023 one Current inflationary and economic trends have and may 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 financing for new development projects. Increased rates has had an adverse impact on the availability of financing and the anticipated profitability of development projects, as (i) a majority of development costs are financed with third Similarly, as a result of inflationary pressures and ongoing disruptions in global supply chains, IT’SUGAR was experiencing significant increases in the cost of inventory and freight, as well as delays in its supply chain that were impacting its ability to maintain historical inventory levels at its retail locations. While IT’SUGAR was previously able to partially mitigate the impact of increased costs through increases in the prices of its products, IT’SUGAR has been required to slow the pace of increases in the prices of its products due to the recent decline in consumer demand, which has resulted in declines in its selling margins. Further, as a result of issues relating to maintaining appropriate inventory levels, IT’SUGAR increased the inventory levels at its retail locations in an effort to ensure that it can meet consumer demand. However, in light of current economic conditions, including a slowdown in consumer demand, increased inventory levels have increased the risk that IT’SUGAR 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 flow due to increased inventory in transit, a prolonged period between when it is required to pay its suppliers and when it is paid by its customers, and an overall decline in its gross margin. While Renin has increased the price of 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 may not October 2023, November 2023, October 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 ASU No. 2023 05, 805 60 not January 1, 2025. January 1, 2025 may not not |
Note 2 - Acquisition of The Alt
Note 2 - Acquisition of The Altman Companies (Provisional) | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. In November 2018, January 2023 no On January 31, 2023 ( may May 2023, 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, Mr. Altman is remaining employed by the Altman Companies, and the $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 nine September 30, 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 accounted 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 83 Construction contracts receivable 14,721 Trade receivables 716 Real estate 3,495 Due from related parties 1,961 Property and equipment 64 Contract assets 22,194 Other assets 2,590 Total assets acquired 49,919 Accounts payable (14,413 ) Accrued expenses (4,971 ) Due to related parties (175 ) Contract liabilities (31,840 ) Notes payable and other borrowings (2,100 ) Total liabilities assumed (53,499 ) Fair value of identifiable net assets (3,580 ) Cash consideration paid to seller 8,153 Consideration payable to seller 1,562 Predevelopment costs payable to seller 550 Writeoff of Altman Companies receivable 1,780 Fair value of previously held equity interest in the Altman Companies 15,575 Goodwill $ 31,200 Gain on the consolidation of the Altman Companies (1) $ 3,802 ( 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 not As management is still in the process of completing its accounting for the acquisition of the Altman Companies and related valuation analyses, the Company’s accounting for the business combination is not nine September 30, 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 no 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 three eight September 30, 2023 one January 31, 2023 three nine September 30, 2022. For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenue $ 54,765 — 137,773 — Equity in net losses from unconsolidated real estate joint ventures $ — (1,676 ) (73 ) (2,972 ) Loss before income taxes $ (1,733 ) (1,676 ) (4,593 ) (2,972 ) Pro Forma Information (unaudited) The following unaudited pro forma financial data presents the Company’s revenues and earnings for the three nine September 30, 2023 2022 January 1, 2022 For the Three Months Ended For the Nine Months Ended Pro Forma Pro Forma September 30, September 30, 2023 2022 2023 2022 Total revenues $ 103,278 77,178 319,299 278,192 Equity in net earnings from unconsolidated real estate joint ventures $ 2,126 13,751 4,172 35,712 (Loss) income before income taxes $ (5,535 ) 6,758 (22,584 ) 16,047 Net (loss) income $ (4,620 ) 4,179 (19,782 ) 9,262 The unaudited pro forma financial data reported in the above table does not January 1, 2022, three nine September 30, 2023 2022 |
Note 3 - Securities Available-f
Note 3 - Securities Available-for-sale | 9 Months Ended |
Sep. 30, 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 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (in thousands): As of September 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 43,812 3 — 43,815 Community Development District bonds 820 — (34 ) 786 Corporate bonds 299 — (1 ) 298 Total available-for-sale $ 44,931 3 (35 ) 44,899 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 Accounts Receiva
Note 4 - Trade Accounts Receivable and Construction Contracts Receivable | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounts and Nontrade Receivable [Text Block] | 4. The Company’s trade receivables consisted of the following (in thousands): September 30, December 31, 2023 2022 Trade accounts receivable $ 20,295 19,735 Allowance for expected credit losses (197 ) (70 ) Total trade accounts receivables $ 20,098 19,665 The Company’s construction contract receivables consisted of the following (in thousands): September 30, December 31, 2023 2022 Construction contracts receivable $ 13,743 — Allowance for expected credit losses — — Total construction contracts receivable $ 13,743 — Included in construction contracts receivable is $13.7 million As of September 30, 2023 2024 |
Note 5 - Trade Inventory
Note 5 - Trade Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. The Company’s trade inventory consisted of the following (in thousands): September 30, December 31, 2023 2022 Raw materials $ 7,343 9,130 Paper goods and packaging materials 2,021 2,185 Work in process 1,047 1,736 Finished goods 30,826 37,108 Total trade inventory 41,237 50,159 Inventory reserve (901 ) (1,293 ) Total trade inventory, net $ 40,336 48,866 |
Note 6 - Real Estate
Note 6 - Real Estate | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 6. The Company’s real estate consisted of the following (in thousands): September 30, December 31, 2023 2022 Real estate held-for-sale $ 3,874 4,443 Real estate held-for-investment 1,788 6,723 Real estate inventory 5,825 1,179 Rental properties under development 53,605 — Predevelopment costs 5,009 — Total real estate $ 70,101 12,345 Rental properties under development is comprised of $16.2 million of land and $37.4 million of construction in progress associated with the Altra Kendall joint venture. The Altra Kendall joint venture is a consolidated VIE as further described in Note 7. |
Note 7 - Investments in and Adv
Note 7 - Investments in and Advances to Consolidated and Unconsolidated VIEs | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7. Consolidated VIEs 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 member entities in which it had previously invested prior to the Acquisition Date and in which it 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 hold 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 of the real estate joint ventures 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 24,447 Investment in and advances to unconsolidated real estate joint ventures 38,162 Other assets 486 Total consolidated VIE assets 92,242 Fair value of noncontrolling interests 60,583 Fair value of net assets attributable to the Company 31,659 Settlement of net assets upon consolidation (1,086 ) Carrying amount of previously held investments 18,556 Gain on the consolidation of VIEs $ 12,017 The provisional 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 nine September 30, 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 used 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 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 provisional fair values of these guarantees is minimal as of the Acquisition Date 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 the 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 Altis Twin Lakes In May 2023, not not not BBX Park at Delray In September 2023, three not not not In connection with the formation of the BBX Park at Delray joint venture, BBX Logistics Properties established BBX Industrial Guaranty, LLC ("BIG") to provide guarantees on the indebtedness and construction cost overruns of development joint ventures sponsored by BBX Logistics Properties and contributed $5.0 million of cash and cash equivalents to BIG. Although the BBX Park at Delray joint venture does not not September 30, 2023. Summary of Financial Information Related to Consolidated VIEs The assets and liabilities of the Company's consolidated VIEs as of September 30, 2023 September 30, 2023 Cash 3,550 Restricted cash 10,369 Real estate 53,605 Investment in and advances to unconsolidated real estate joint ventures 39,453 Other assets 1,223 Total assets $ 108,200 Notes payable $ 5,358 Accrued expenses 301 Total liabilities $ 5,659 Noncontrolling interest $ 59,604 The assets held by the consolidated VIEs in the above table are owned by the respective VIEs and can only be used to settle obligations of such VIEs, and the liabilities in the above table are not September 30, 2023 Unconsolidated VIEs As of September 30, 2023 September 30, 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): September 30, December 31, 2023 Ownership (1) 2022 Ownership (1) Altis Grand Central $ 666 1.49 % 687 1.49 % Altis Ludlam Trail (2) — 48.13 12,216 33.30 Altis Lake Willis Phase 1 6,953 1.68 850 1.23 Altis Lake Willis Phase 2 3,364 5.10 601 3.50 Altis Grand at Suncoast 12,279 12.31 4,579 11.00 Altis Blue Lake 4,496 1.68 647 1.22 Altis Santa Barbara 6,177 5.10 433 3.50 Altra Kendall (3) — — 5,670 13.70 Altis Twin Lakes 3,722 11.39 — — The Altman Companies (3) — — 11,992 50.00 ABBX Guaranty (3) — — 5,978 50.00 BBX Park at Delray 2,900 10.00 — — Marbella 1,044 70.00 1,064 70.00 The Main Las Olas 697 3.41 1,117 3.41 Sky Cove 117 26.25 24 26.25 Sky Cove South 1,061 26.25 3,241 26.25 Other 134 316 Total $ 43,610 49,415 ( 1 The Company’s ownership percentage in each real estate joint venture represents BBX Capital Real Estate's percentage of the contributed capital in each venture, excluding amounts attributable to noncontrolling interests. 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 December 31, 2022 ( 3 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 $16.4 September 30, 2023, January 31, 2023 one three eight September 30, 2023, Altis Ludlum Trail In July 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): September 30, December 31, 2023 2022 Assets Cash $ 1,254 3,508 Real estate inventory 1,706 1,706 Other assets 457 526 Total assets $ 3,417 5,740 Liabilities and Equity Other liabilities $ 1,329 3,611 Total liabilities 1,329 3,611 Total equity 2,088 2,129 Total liabilities and equity $ 3,417 5,740 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenues $ — 32,571 1,192 80,591 Cost of real estate inventory sold — (24,702 ) — (60,351 ) Other expenses (4 ) (994 ) (31 ) (2,710 ) Net (loss) earnings $ (4 ) 6,875 1,161 17,530 Equity in net (loss) earnings of unconsolidated real estate joint venture - Marbella $ (3 ) 3,363 580 8,574 The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Little Havana joint venture (in thousands): September 30, December 31, 2023 2022 Assets Cash $ — 718 Real estate — — Other assets — 411 Total assets $ — 1,129 Liabilities and Equity Notes payable $ — — Other liabilities — 270 Total liabilities — 270 Total equity — 859 Total liabilities and equity $ — 1,129 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenues $ — 55 — 255 Gain on sale of real estate — 711 — 56,547 Other expenses — (683 ) — (1,044 ) Net earnings $ — 83 — 55,758 Equity in net earnings of unconsolidated real estate joint venture - Altis Little Havana $ — — — 8,398 The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Miramar East/West joint venture (in thousands): September 30, December 31, 2023 2022 Assets Cash $ — 433 Other assets — 438 Total assets $ — 871 Liabilities and Equity Other liabilities — 118 Total liabilities — 118 Total equity — 753 Total liabilities and equity $ — 871 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenues $ — $ 1,905 $ — $ 5,049 Gain on sale of real estate — 142,673 — 143,310 Other expenses — (2,305 ) — (6,890 ) Net earnings — 142,273 — 141,469 Equity in net earnings of unconsolidated real estate joint venture - Altis Miramar East/West $ — $ 14,012 $ — $ 13,954 The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Sky Cove South joint venture (in thousands): September 30, December 31, 2023 2022 Assets Cash $ 7,407 2,056 Real estate inventory 4,902 22,921 Other assets 17 19 Total assets $ 12,326 24,996 Liabilities and Equity Notes payable $ — 6,760 Other liabilities 2,316 5,800 Total liabilities 2,316 12,560 Total equity 10,010 12,436 Total liabilities and equity $ 12,326 24,996 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenues $ 19,766 13,484 55,093 19,492 Cost of real estate inventory sold (14,745 ) (12,444 ) (41,696 ) (17,911 ) Other expenses (311 ) (432 ) (3,685 ) (1,175 ) Net earnings 4,710 608 9,712 406 Equity in net earnings of unconsolidated real estate joint venture - Sky Cove South $ 739 156 2,133 91 |
Note 8 - Notes Payable and Othe
Note 8 - Notes Payable and Other Borrowings | 9 Months Ended |
Sep. 30, 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): September 30, 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 $ 741 2.40 - 3.75 % (1 ) $ 2,031 2.40 - 3.75 % (1 ) TD Bank Term Loan and Line of Credit 29,970 10.94 % (2 ) 34,509 8.95 % (2 ) Regions Bank Revolving Line of Credit 4,691 7.00 % (3 ) — — — IberiaBank Revolving Line of Credit (5) 2,750 9.00 % (4 ) 2,250 8.00 % (4 ) Comerica Letters of Credit (6)(7) 1,455 N/A — — — — TD Bank Construction Loan (6) 5,358 7.57 % 58,238 — — — Other 21 4.22 % — 9 4.22 % — Unamortized debt issuance costs (139 ) (256 ) Total notes payable and other borrowings $ 44,847 $ 38,543 ( 1 Pledged assets consist of 31 85 3 September 30, 2023 December 31, 2022, ( 2 The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin. ( 3 The collateral is $5.8 million of cash and cash equivalents held by BBXRE that is included in restricted cash in the Company's statement of financial condition as of September 30, 2023 ( 4 The collateral is a blanket lien on BBX Sweet Holdings' assets. ( 5 BBX Capital is the guarantor of the line of credit. ( 6 ABBX is the guarantor of the facility. ( 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 September 30, 2023, not not 2023. not July 13, 2023 September 13, 2023, not may In October 2023, November 2023. not not If Renin is unable to obtain a waiver in relation to its covenants or amend the covenants under the facility to reflect its expected operating results, Renin may may may Regions Bank Revolving Line of Credit - IT'SUGAR Credit Facility In January 2023, June 2024. June 2023, IberiaBank Revolving Line of Credit - LOCS Credit Facility In July 2021, July 2023. March 2023, July 2023 March 2025. March 2025. zero thirty September 30, 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, and the Company recognizes real estate predevelopment costs and a letter of credit obligation upon the issuance of letters of credit for such 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 April 2024 no one may April 2024 one one April 2024. September 30, 2023 four TD Bank Construction Loan - Altra Kendall Construction Loan Facility In November 2022, November 29, 2026 may two twelve one September 30, 2023 As described in Note 7, January 31, 2023, |
Note 9 - Common Stock
Note 9 - Common Stock | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 9. BBX Capital has two one September 30, 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 September 30, 2023 September 30, 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 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. On October 1, 2023, September 29, 2023. October 2023, Share Repurchase Program In January 2022, The timing, price, and number of shares which may may not may During the nine September 30, 2023 not nine September 30, 2022, |
Note 10 - Revenue Recognition
Note 10 - Revenue Recognition | 9 Months Ended |
Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Trade sales - wholesale $ 27,952 36,617 87,091 113,082 Trade sales - retail 33,510 34,480 99,288 96,349 Construction contract revenue 29,067 — 90,678 — Real estate development management fees 4,040 — 6,578 — Real estate property management fees 962 — 2,671 — Sales of real estate inventory 2,712 1,606 8,929 16,813 Revenue from customers 98,243 72,703 295,235 226,244 Interest income 2,545 1,576 6,736 3,968 Net gain on sales of real estate assets 2,271 — 2,210 1,329 Other revenue 280 955 939 2,862 Total revenues $ 103,339 75,234 305,120 234,403 The table below sets forth information about the Company's contract assets and contract liabilities associated with contracts with customers: As of September 30, December 31, Contract Assets 2023 2022 Contingent purchase price receivable $ 11,128 16,918 Cost and estimated earnings in excess of billings on uncompleted contracts 891 — Retainage receivable 14,161 — Uninstalled materials and deposits to purchase materials 6,539 — Total contract assets $ 32,719 16,918 Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts $ 13,715 — Retainage payable 15,761 — Contingent purchase price due to homebuilders 625 625 Other 356 236 Total contract liabilities $ 30,457 861 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 represent 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 represent 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 nine September 30, 2023 three three September 30, 2023 three September 30, 2023 nine September 30, 2023 nine September 30, 2023 During the three nine September 30, 2022 three September 30, 2022 three September 30, 2022 nine September 30, 2022 nine September 30, 2022 During the three nine September 30, 2023 six |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Sep. 30, 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 income tax rate, inclusive of the effect of certain discrete items, for the three nine September 30, 2023 not The Company’s effective income tax rate for the three nine September 30, 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 Share
Note 12 - Earnings Per Share | 9 Months Ended |
Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic earnings per share Numerator: Net (loss) income $ (6,535 ) 4,000 (6,407 ) 12,463 Net (income) loss attributable to noncontrolling interests (1,290 ) 24 (1,516 ) 200 Net (loss) income available to shareholders $ (7,825 ) 4,024 (7,923 ) 12,663 Denominator: Basic weighted average number of common shares outstanding 14,354 15,409 14,354 15,452 Basic (loss) earnings per share $ (0.55 ) 0.26 (0.55 ) 0.82 Diluted (loss) earnings per share Numerator: Net (loss) income available to shareholders $ (7,825 ) 4,024 (7,923 ) 12,663 Allocation of income to options on noncontrolling interests in real estate joint ventures (115 ) — (112 ) — Diluted net (loss) income available to shareholders $ (7,940 ) 4,024 (8,035 ) 12,663 Denominator: Basic weighted average number of common shares outstanding 14,354 15,409 14,354 15,452 Effect of dilutive restricted stock awards — 85 — 39 Diluted weighted average number of common shares outstanding 14,354 15,494 14,354 15,491 Diluted (loss) earnings per share $ (0.55 ) 0.26 (0.56 ) 0.82 During the three nine September 30, 2023 not three nine September 30, 2022, not |
Note 13 - Noncontrolling Intere
Note 13 - Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 13. Redeemable Noncontrolling Interest The Company's redeemable noncontrolling interests consisted of the following (in thousands): September 30, December 31, 2023 2022 IT'SUGAR $ — 4,414 ABBX 5,180 — Total other noncontrolling interests $ 5,180 4,414 IT’SUGAR As of December 31, 2022, August 2023, Prior to June 30, 2023, not June 2023, June 2017. three June 30, 2023, June 30, 2023. In August 2023, July 2024 July 2025. June 2023, ABBX September 30, 2023, may Other Noncontrolling Interests The Company's other noncontrolling interests consisted of the following (in thousands): September 30, December 31, 2023 2022 Consolidated real estate VIEs $ 54,602 (4 ) Restaurant 124 230 Total other noncontrolling interests $ 54,726 226 I ncome/(Loss) Attributable to Noncontrolling Interests Income (loss) attributable to noncontrolling interests, including redeemable noncontrolling interests, consisted of the following (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Consolidated real estate VIEs $ 1,164 (8 ) 1,372 (25 ) Restaurant (47 ) (14 ) 54 84 IT'SUGAR FL II, LLC (1) — (86 ) — (354 ) ABBX Guaranty, LLC 65 — 153 — IT'SUGAR 108 84 (63 ) 95 Net income (loss) attributable to noncontrolling interests $ 1,290 (24 ) 1,516 (200 ) ( 1 December 2022, |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 September 30, 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 executed by Renin which expires in 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 September 30, 2023, September 30, 2023 September 30, 2023, not ● As described in Note 7, not not not September 30, 2023. |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 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 September 30, 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 September 30, September 30, Assets Inputs Inputs 2023 2023 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 102,490 102,490 102,490 — — Restricted cash 22,072 22,072 22,072 — — Securities available for sale 44,899 44,899 43,815 1,084 — Note receivable from Bluegreen Vacations 35,000 33,250 — — 33,250 Interest rate caps 1,223 1,223 — 1,223 — Financial liabilities: Notes payable and other borrowings 44,847 44,596 — — 44,596 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 value of the Company’s certificate of deposit was measured using the market approach with Level 2 1 The estimated fair values of the Company’s securities available for sale 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 Company's Community Development Bonds) 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 September 30, 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 | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. The Company may may During the three nine September 30, 2023 2022, , 2020. November 5, 2023, During the three nine September 30, 2023 three nine September 30, 2022, The Company provides management services to the Altman Companies for which the Company recognized $47,000 and $247,000, respectively, net of services provided to the Company by the Altman Companies, during the three nine September 30, 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 three nine September 30, 2023 , three nine September 30, 2023 September 30, 2023 Certain of the Company's executive officers (i) 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 (ii) may may two The Altman Companies and BBX Logistics Properties have each 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 or BBX Logistics Properties, as applicable. 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 the applicable projects, and employees must be employed by the Altman Companies or BBX Logistics Properties, as applicable, upon the achievement of such milestones. Further, the loans are payable upon the sale of the applicable projects. Membership interests in the managing members of real estate joint ventures to employees that are funded by loans provided by the Altman Companies or BBX Logistics Properties that are non-recourse either in whole or in part, 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 $0.4 million and $0.7 million, respectively, for the three nine September 30, 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, nine September 30, 2023. three nine September 30, 2023 three nine September 30, 2022. November 5, 2023, |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 9 Months Ended |
Sep. 30, 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 reportable segments are its principal holdings: BBX Capital Real Estate, BBX Sweet Holdings, and Renin. See Note 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 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 September 30, 2023 Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 35,822 24,391 1,251 (2 ) 61,462 Sales of real estate inventory 2,712 — — — — 2,712 Revenue from construction contracts 29,067 — — — — 29,067 Real estate development and property management fees 5,002 — — — — 5,002 Interest income 1,973 — — — 572 2,545 Net gains on sales of real estate assets 2,271 — — — — 2,271 Other revenue 51 — — 452 (223 ) 280 Total revenues 41,076 35,822 24,391 1,703 347 103,339 Costs and expenses: Cost of trade sales — 23,234 21,569 506 (2 ) 45,307 Cost of real estate inventory sold 570 — — — — 570 Cost of revenue from construction contracts 31,945 — — — — 31,945 Interest expense 28 382 1,229 1 (830 ) 810 Recoveries from loan losses, net (177 ) — — — — (177 ) Impairment losses — 349 — — — 349 Selling, general and administrative expenses 7,337 14,208 3,496 2,252 6,827 34,120 Total costs and expenses 39,703 38,173 26,294 2,759 5,995 112,924 Operating income (losses) 1,373 (2,351 ) (1,903 ) (1,056 ) (5,648 ) (9,585 ) Equity in net earnings of unconsolidated real estate joint ventures 2,126 — — — — 2,126 Gain on the consolidation of The Altman Companies (2,393 ) — — — — (2,393 ) Gain on the consolidation of investment in real estate joint ventures 1,135 — — — — 1,135 Other income (loss) 829 (67 ) (1 ) 6 388 1,155 Foreign exchange gain — 30 391 — — 421 Income (loss) before income taxes $ 3,070 (2,388 ) (1,513 ) (1,050 ) (5,260 ) (7,141 ) Total assets $ 355,384 169,317 89,298 6,326 60,680 681,005 Expenditures for property and equipment $ 48 1,504 273 33 7 1,865 Depreciation and amortization $ (757 ) 1,984 878 45 107 2,257 Debt accretion and amortization $ 19 (11 ) (5 ) — — 3 Cash and cash equivalents $ 75,121 2,516 613 1,912 22,328 102,490 Real estate equity method investments $ 43,610 — — — — 43,610 Goodwill $ 31,200 14,274 4,140 — — 49,614 Notes payable and other borrowings $ 7,541 20,416 43,344 21 (26,475 ) 44,847 The table below sets forth the Company’s segment information as of and for the three September 30, 2022 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 37,053 32,535 1,510 (1 ) 71,097 Sales of real estate inventory 1,606 — — — — 1,606 Interest income 970 — — — 606 1,576 Other revenue 442 — — 587 (74 ) 955 Total revenues 3,018 37,053 32,535 2,097 531 75,234 Costs and expenses: Cost of trade sales — 21,939 31,539 580 (1 ) 54,057 Cost of real estate inventory sold 556 — — — — 556 Interest expense — 228 1,063 1 (677 ) 615 Recoveries from loan losses, net (278 ) — — — — (278 ) Impairment losses 311 — — — — 311 Selling, general and administrative expenses 3,196 14,444 4,166 1,547 5,720 29,073 Total costs and expenses 3,785 36,611 36,768 2,128 5,042 84,334 Operating (losses) income (767 ) 442 (4,233 ) (31 ) (4,511 ) (9,100 ) Equity in net earnings of unconsolidated real estate joint ventures 15,026 — — — — 15,026 Other (expense) income — (360 ) 1 — 49 (310 ) Foreign exchange (loss) gain — (2 ) 905 — — 903 Income (loss) before income taxes $ 14,259 80 (3,327 ) (31 ) (4,462 ) 6,519 Total assets $ 208,652 150,619 103,781 6,483 76,231 545,766 Expenditures for property and equipment $ — 3,788 233 25 65 4,111 Depreciation and amortization $ (157 ) 1,627 846 35 102 2,453 Debt accretion and amortization $ 13 6 32 — — 51 Cash and cash equivalents $ 78,535 3,698 692 1,878 13,730 98,533 Real estate equity method investments $ 46,640 — — — — 46,640 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 3,709 14,325 51,745 14 (25,575 ) 44,218 The table below sets forth the Company’s segment information as of and for the nine September 30, 2023 Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 103,560 76,711 6,127 (19 ) 186,379 Sales of real estate inventory 8,929 — — — — 8,929 Revenue from construction contracts 90,678 — — — — 90,678 Real estate development and property management fees 9,249 — — — — 9,249 Interest income 6,058 — — — 678 6,736 Net gain on sales of real estate assets 2,210 — — — — 2,210 Other revenue 152 — — 1,341 (554 ) 939 Total revenues 117,276 103,560 76,711 7,468 105 305,120 Costs and expenses: Cost of trade sales — 65,682 69,991 1,987 (19 ) 137,641 Cost of real estate inventory sold 2,107 — — — — 2,107 Cost of revenue from construction contracts 94,263 — — — — 94,263 Interest expense 74 1,089 3,502 3 (2,423 ) 2,245 Recoveries from loan losses, net (3,284 ) — — — — (3,284 ) Impairment losses — 349 — — — 349 Selling, general and administrative expenses 19,842 43,966 11,335 6,090 20,910 102,143 Total costs and expenses 113,002 111,086 84,828 8,080 18,468 335,464 Operating income (losses) 4,274 (7,526 ) (8,117 ) (612 ) (18,363 ) (30,344 ) Equity in net earnings of unconsolidated real estate joint ventures 3,958 — — — — 3,958 Gain on the consolidation of The Altman Companies 3,802 — — — — 3,802 Gain on the consolidation of investment in real estate joint ventures 12,017 — — — — 12,017 Other income (expense) 1,173 157 (5 ) 2,268 449 4,042 Foreign exchange loss — (2 ) (111 ) — — (113 ) Income (loss) before income taxes $ 25,224 (7,371 ) (8,233 ) 1,656 (17,914 ) (6,638 ) Expenditures for property and equipment $ 57 9,671 1,014 161 22 10,925 Depreciation, amortization and accretion of securities available for sale $ (1,563 ) 6,068 2,623 126 1,252 8,506 Debt accretion and amortization $ 72 (22 ) (14 ) — — 36 The table below sets forth the Company’s segment information as of and for the nine September 30, 2022 Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 102,012 101,116 6,310 (7 ) 209,431 Sales of real estate inventory 16,813 — — — — 16,813 Interest income 2,165 — — — 1,803 3,968 Net gains on sales of real estate assets 1,329 — — — — 1,329 Other revenue 1,443 — — 1,880 (461 ) 2,862 Total revenues 21,750 102,012 101,116 8,190 1,335 234,403 Costs and expenses: Cost of trade sales — 60,934 97,618 2,115 (6 ) 160,661 Cost of real estate inventory sold 6,669 — — — — 6,669 Interest expense — 697 2,405 2 (1,444 ) 1,660 Recoveries from loan losses, net (4,215 ) — — — — (4,215 ) Impairment losses 311 64 — — — 375 Selling, general and administrative expenses 8,956 42,101 13,099 5,204 17,138 86,498 Total costs and expenses 11,721 103,796 113,122 7,321 15,688 251,648 Operating income (losses) 10,029 (1,784 ) (12,006 ) 869 (14,353 ) (17,245 ) Equity in net earnings of unconsolidated real estate joint ventures 35,712 — — — — 35,712 Other (expense) income (8 ) 518 1 2 264 777 Foreign exchange (loss) gain — (2 ) 1,073 — — 1,071 Income (loss) before income taxes $ 45,733 (1,268 ) (10,932 ) 871 (14,089 ) 20,315 Expenditures for property and equipment $ — 7,733 757 73 1,498 10,061 Depreciation and amortization $ (157 ) 4,732 2,497 103 232 7,407 Debt accretion and amortization $ 158 55 85 — — 298 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 9 Months Ended |
Sep. 30, 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) | 9 Months Ended |
Sep. 30, 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 February 2023, third February 2023, third |
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 In the Company’s opinion, the financial information furnished herein reflects all adjustments consisting of normal recurring items necessary for a fair presentation of its financial position, results of operations, and cash flows for the interim periods reported in this Quarterly Report on Form 10 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 pandemic and public health issues, actual conditions could materially differ from the Company’s expectations and estimates, which could materially affect the Company’s results of operations and financial condition. The severity, magnitude, and duration, as well as the economic consequences, of the above conditions are uncertain, rapidly changing, and difficult to predict. As a result, the Company’s accounting estimates and assumptions 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 to 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 affiliated 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 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, (v) inflationary pressures and higher costs to operate the Company’s businesses, including higher insurance costs, and (vi) rising interest rates. In light of the uncertain duration and impact of current economic trends, the Company has focused on maintaining significant liquidity. As of September 30, 2023 one Current inflationary and economic trends have and may 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 financing for new development projects. Increased rates has had an adverse impact on the availability of financing and the anticipated profitability of development projects, as (i) a majority of development costs are financed with third Similarly, as a result of inflationary pressures and ongoing disruptions in global supply chains, IT’SUGAR was experiencing significant increases in the cost of inventory and freight, as well as delays in its supply chain that were impacting its ability to maintain historical inventory levels at its retail locations. While IT’SUGAR was previously able to partially mitigate the impact of increased costs through increases in the prices of its products, IT’SUGAR has been required to slow the pace of increases in the prices of its products due to the recent decline in consumer demand, which has resulted in declines in its selling margins. Further, as a result of issues relating to maintaining appropriate inventory levels, IT’SUGAR increased the inventory levels at its retail locations in an effort to ensure that it can meet consumer demand. However, in light of current economic conditions, including a slowdown in consumer demand, increased inventory levels have increased the risk that IT’SUGAR 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 flow due to increased inventory in transit, a prolonged period between when it is required to pay its suppliers and when it is paid by its customers, and an overall decline in its gross margin. While Renin has increased the price of 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 may not October 2023, November 2023, October 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 ASU No. 2023 05, 805 60 not January 1, 2025. January 1, 2025 may not not |
Note 2 - Acquisition of The A_2
Note 2 - Acquisition of The Altman Companies (Provisional) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 4,095 Restricted cash 83 Construction contracts receivable 14,721 Trade receivables 716 Real estate 3,495 Due from related parties 1,961 Property and equipment 64 Contract assets 22,194 Other assets 2,590 Total assets acquired 49,919 Accounts payable (14,413 ) Accrued expenses (4,971 ) Due to related parties (175 ) Contract liabilities (31,840 ) Notes payable and other borrowings (2,100 ) Total liabilities assumed (53,499 ) Fair value of identifiable net assets (3,580 ) Cash consideration paid to seller 8,153 Consideration payable to seller 1,562 Predevelopment costs payable to seller 550 Writeoff of Altman Companies receivable 1,780 Fair value of previously held equity interest in the Altman Companies 15,575 Goodwill $ 31,200 Gain on the consolidation of the Altman Companies (1) $ 3,802 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenue $ 54,765 — 137,773 — Equity in net losses from unconsolidated real estate joint ventures $ — (1,676 ) (73 ) (2,972 ) Loss before income taxes $ (1,733 ) (1,676 ) (4,593 ) (2,972 ) For the Three Months Ended For the Nine Months Ended Pro Forma Pro Forma September 30, September 30, 2023 2022 2023 2022 Total revenues $ 103,278 77,178 319,299 278,192 Equity in net earnings from unconsolidated real estate joint ventures $ 2,126 13,751 4,172 35,712 (Loss) income before income taxes $ (5,535 ) 6,758 (22,584 ) 16,047 Net (loss) income $ (4,620 ) 4,179 (19,782 ) 9,262 |
Note 3 - Securities Available_2
Note 3 - Securities Available-for-sale (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | As of September 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 43,812 3 — 43,815 Community Development District bonds 820 — (34 ) 786 Corporate bonds 299 — (1 ) 298 Total available-for-sale $ 44,931 3 (35 ) 44,899 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 Accounts Recei_2
Note 4 - Trade Accounts Receivable and Construction Contracts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2023 2022 Trade accounts receivable $ 20,295 19,735 Allowance for expected credit losses (197 ) (70 ) Total trade accounts receivables $ 20,098 19,665 |
Contract with Customer, Asset, Allowance for Credit Loss [Table Text Block] | September 30, December 31, 2023 2022 Construction contracts receivable $ 13,743 — Allowance for expected credit losses — — Total construction contracts receivable $ 13,743 — |
Note 5 - Trade Inventory (Table
Note 5 - Trade Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2023 2022 Raw materials $ 7,343 9,130 Paper goods and packaging materials 2,021 2,185 Work in process 1,047 1,736 Finished goods 30,826 37,108 Total trade inventory 41,237 50,159 Inventory reserve (901 ) (1,293 ) Total trade inventory, net $ 40,336 48,866 |
Note 6 - Real Estate (Tables)
Note 6 - Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | September 30, December 31, 2023 2022 Real estate held-for-sale $ 3,874 4,443 Real estate held-for-investment 1,788 6,723 Real estate inventory 5,825 1,179 Rental properties under development 53,605 — Predevelopment costs 5,009 — Total real estate $ 70,101 12,345 |
Note 7 - Investments in and A_2
Note 7 - Investments in and Advances to Consolidated and Unconsolidated VIEs (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | January 31, 2023 Cash $ 19,083 Restricted cash 10,064 Real estate 24,447 Investment in and advances to unconsolidated real estate joint ventures 38,162 Other assets 486 Total consolidated VIE assets 92,242 Fair value of noncontrolling interests 60,583 Fair value of net assets attributable to the Company 31,659 Settlement of net assets upon consolidation (1,086 ) Carrying amount of previously held investments 18,556 Gain on the consolidation of VIEs $ 12,017 September 30, 2023 Cash 3,550 Restricted cash 10,369 Real estate 53,605 Investment in and advances to unconsolidated real estate joint ventures 39,453 Other assets 1,223 Total assets $ 108,200 Notes payable $ 5,358 Accrued expenses 301 Total liabilities $ 5,659 Noncontrolling interest $ 59,604 |
Schedule of Variable Interest Entities [Table Text Block] | September 30, December 31, 2023 Ownership (1) 2022 Ownership (1) Altis Grand Central $ 666 1.49 % 687 1.49 % Altis Ludlam Trail (2) — 48.13 12,216 33.30 Altis Lake Willis Phase 1 6,953 1.68 850 1.23 Altis Lake Willis Phase 2 3,364 5.10 601 3.50 Altis Grand at Suncoast 12,279 12.31 4,579 11.00 Altis Blue Lake 4,496 1.68 647 1.22 Altis Santa Barbara 6,177 5.10 433 3.50 Altra Kendall (3) — — 5,670 13.70 Altis Twin Lakes 3,722 11.39 — — The Altman Companies (3) — — 11,992 50.00 ABBX Guaranty (3) — — 5,978 50.00 BBX Park at Delray 2,900 10.00 — — Marbella 1,044 70.00 1,064 70.00 The Main Las Olas 697 3.41 1,117 3.41 Sky Cove 117 26.25 24 26.25 Sky Cove South 1,061 26.25 3,241 26.25 Other 134 316 Total $ 43,610 49,415 |
Sky Cove South [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | September 30, December 31, 2023 2022 Assets Cash $ 7,407 2,056 Real estate inventory 4,902 22,921 Other assets 17 19 Total assets $ 12,326 24,996 Liabilities and Equity Notes payable $ — 6,760 Other liabilities 2,316 5,800 Total liabilities 2,316 12,560 Total equity 10,010 12,436 Total liabilities and equity $ 12,326 24,996 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenues $ 19,766 13,484 55,093 19,492 Cost of real estate inventory sold (14,745 ) (12,444 ) (41,696 ) (17,911 ) Other expenses (311 ) (432 ) (3,685 ) (1,175 ) Net earnings 4,710 608 9,712 406 Equity in net earnings of unconsolidated real estate joint venture - Sky Cove South $ 739 156 2,133 91 |
Altis Miramar East/West [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | September 30, December 31, 2023 2022 Assets Cash $ — 433 Other assets — 438 Total assets $ — 871 Liabilities and Equity Other liabilities — 118 Total liabilities — 118 Total equity — 753 Total liabilities and equity $ — 871 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenues $ — $ 1,905 $ — $ 5,049 Gain on sale of real estate — 142,673 — 143,310 Other expenses — (2,305 ) — (6,890 ) Net earnings — 142,273 — 141,469 Equity in net earnings of unconsolidated real estate joint venture - Altis Miramar East/West $ — $ 14,012 $ — $ 13,954 The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Sky Cove South joint venture (in thousands): |
Altis Little Havana [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | September 30, December 31, 2023 2022 Assets Cash $ — 718 Real estate — — Other assets — 411 Total assets $ — 1,129 Liabilities and Equity Notes payable $ — — Other liabilities — 270 Total liabilities — 270 Total equity — 859 Total liabilities and equity $ — 1,129 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenues $ — 55 — 255 Gain on sale of real estate — 711 — 56,547 Other expenses — (683 ) — (1,044 ) Net earnings $ — 83 — 55,758 Equity in net earnings of unconsolidated real estate joint venture - Altis Little Havana $ — — — 8,398 |
Marbella [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | September 30, December 31, 2023 2022 Assets Cash $ 1,254 3,508 Real estate inventory 1,706 1,706 Other assets 457 526 Total assets $ 3,417 5,740 Liabilities and Equity Other liabilities $ 1,329 3,611 Total liabilities 1,329 3,611 Total equity 2,088 2,129 Total liabilities and equity $ 3,417 5,740 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Total revenues $ — 32,571 1,192 80,591 Cost of real estate inventory sold — (24,702 ) — (60,351 ) Other expenses (4 ) (994 ) (31 ) (2,710 ) Net (loss) earnings $ (4 ) 6,875 1,161 17,530 Equity in net (loss) earnings of unconsolidated real estate joint venture - Marbella $ (3 ) 3,363 580 8,574 |
Note 8 - Notes Payable and Ot_2
Note 8 - Notes Payable and Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, 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 $ 741 2.40 - 3.75 % (1 ) $ 2,031 2.40 - 3.75 % (1 ) TD Bank Term Loan and Line of Credit 29,970 10.94 % (2 ) 34,509 8.95 % (2 ) Regions Bank Revolving Line of Credit 4,691 7.00 % (3 ) — — — IberiaBank Revolving Line of Credit (5) 2,750 9.00 % (4 ) 2,250 8.00 % (4 ) Comerica Letters of Credit (6)(7) 1,455 N/A — — — — TD Bank Construction Loan (6) 5,358 7.57 % 58,238 — — — Other 21 4.22 % — 9 4.22 % — Unamortized debt issuance costs (139 ) (256 ) Total notes payable and other borrowings $ 44,847 $ 38,543 |
Note 10 - Revenue Recognition (
Note 10 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Trade sales - wholesale $ 27,952 36,617 87,091 113,082 Trade sales - retail 33,510 34,480 99,288 96,349 Construction contract revenue 29,067 — 90,678 — Real estate development management fees 4,040 — 6,578 — Real estate property management fees 962 — 2,671 — Sales of real estate inventory 2,712 1,606 8,929 16,813 Revenue from customers 98,243 72,703 295,235 226,244 Interest income 2,545 1,576 6,736 3,968 Net gain on sales of real estate assets 2,271 — 2,210 1,329 Other revenue 280 955 939 2,862 Total revenues $ 103,339 75,234 305,120 234,403 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | As of September 30, December 31, Contract Assets 2023 2022 Contingent purchase price receivable $ 11,128 16,918 Cost and estimated earnings in excess of billings on uncompleted contracts 891 — Retainage receivable 14,161 — Uninstalled materials and deposits to purchase materials 6,539 — Total contract assets $ 32,719 16,918 Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts $ 13,715 — Retainage payable 15,761 — Contingent purchase price due to homebuilders 625 625 Other 356 236 Total contract liabilities $ 30,457 861 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Basic earnings per share Numerator: Net (loss) income $ (6,535 ) 4,000 (6,407 ) 12,463 Net (income) loss attributable to noncontrolling interests (1,290 ) 24 (1,516 ) 200 Net (loss) income available to shareholders $ (7,825 ) 4,024 (7,923 ) 12,663 Denominator: Basic weighted average number of common shares outstanding 14,354 15,409 14,354 15,452 Basic (loss) earnings per share $ (0.55 ) 0.26 (0.55 ) 0.82 Diluted (loss) earnings per share Numerator: Net (loss) income available to shareholders $ (7,825 ) 4,024 (7,923 ) 12,663 Allocation of income to options on noncontrolling interests in real estate joint ventures (115 ) — (112 ) — Diluted net (loss) income available to shareholders $ (7,940 ) 4,024 (8,035 ) 12,663 Denominator: Basic weighted average number of common shares outstanding 14,354 15,409 14,354 15,452 Effect of dilutive restricted stock awards — 85 — 39 Diluted weighted average number of common shares outstanding 14,354 15,494 14,354 15,491 Diluted (loss) earnings per share $ (0.55 ) 0.26 (0.56 ) 0.82 |
Note 13 - Noncontrolling Inte_2
Note 13 - Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | September 30, December 31, 2023 2022 IT'SUGAR $ — 4,414 ABBX 5,180 — Total other noncontrolling interests $ 5,180 4,414 |
Schedule of Noncontrolling Interests [Table Text Block] | September 30, December 31, 2023 2022 Consolidated real estate VIEs $ 54,602 (4 ) Restaurant 124 230 Total other noncontrolling interests $ 54,726 226 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Consolidated real estate VIEs $ 1,164 (8 ) 1,372 (25 ) Restaurant (47 ) (14 ) 54 84 IT'SUGAR FL II, LLC (1) — (86 ) — (354 ) ABBX Guaranty, LLC 65 — 153 — IT'SUGAR 108 84 (63 ) 95 Net income (loss) attributable to noncontrolling interests $ 1,290 (24 ) 1,516 (200 ) |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, September 30, Assets Inputs Inputs 2023 2023 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 102,490 102,490 102,490 — — Restricted cash 22,072 22,072 22,072 — — Securities available for sale 44,899 44,899 43,815 1,084 — Note receivable from Bluegreen Vacations 35,000 33,250 — — 33,250 Interest rate caps 1,223 1,223 — 1,223 — Financial liabilities: Notes payable and other borrowings 44,847 44,596 — — 44,596 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) | 9 Months Ended |
Sep. 30, 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 $ — 35,822 24,391 1,251 (2 ) 61,462 Sales of real estate inventory 2,712 — — — — 2,712 Revenue from construction contracts 29,067 — — — — 29,067 Real estate development and property management fees 5,002 — — — — 5,002 Interest income 1,973 — — — 572 2,545 Net gains on sales of real estate assets 2,271 — — — — 2,271 Other revenue 51 — — 452 (223 ) 280 Total revenues 41,076 35,822 24,391 1,703 347 103,339 Costs and expenses: Cost of trade sales — 23,234 21,569 506 (2 ) 45,307 Cost of real estate inventory sold 570 — — — — 570 Cost of revenue from construction contracts 31,945 — — — — 31,945 Interest expense 28 382 1,229 1 (830 ) 810 Recoveries from loan losses, net (177 ) — — — — (177 ) Impairment losses — 349 — — — 349 Selling, general and administrative expenses 7,337 14,208 3,496 2,252 6,827 34,120 Total costs and expenses 39,703 38,173 26,294 2,759 5,995 112,924 Operating income (losses) 1,373 (2,351 ) (1,903 ) (1,056 ) (5,648 ) (9,585 ) Equity in net earnings of unconsolidated real estate joint ventures 2,126 — — — — 2,126 Gain on the consolidation of The Altman Companies (2,393 ) — — — — (2,393 ) Gain on the consolidation of investment in real estate joint ventures 1,135 — — — — 1,135 Other income (loss) 829 (67 ) (1 ) 6 388 1,155 Foreign exchange gain — 30 391 — — 421 Income (loss) before income taxes $ 3,070 (2,388 ) (1,513 ) (1,050 ) (5,260 ) (7,141 ) Total assets $ 355,384 169,317 89,298 6,326 60,680 681,005 Expenditures for property and equipment $ 48 1,504 273 33 7 1,865 Depreciation and amortization $ (757 ) 1,984 878 45 107 2,257 Debt accretion and amortization $ 19 (11 ) (5 ) — — 3 Cash and cash equivalents $ 75,121 2,516 613 1,912 22,328 102,490 Real estate equity method investments $ 43,610 — — — — 43,610 Goodwill $ 31,200 14,274 4,140 — — 49,614 Notes payable and other borrowings $ 7,541 20,416 43,344 21 (26,475 ) 44,847 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 37,053 32,535 1,510 (1 ) 71,097 Sales of real estate inventory 1,606 — — — — 1,606 Interest income 970 — — — 606 1,576 Other revenue 442 — — 587 (74 ) 955 Total revenues 3,018 37,053 32,535 2,097 531 75,234 Costs and expenses: Cost of trade sales — 21,939 31,539 580 (1 ) 54,057 Cost of real estate inventory sold 556 — — — — 556 Interest expense — 228 1,063 1 (677 ) 615 Recoveries from loan losses, net (278 ) — — — — (278 ) Impairment losses 311 — — — — 311 Selling, general and administrative expenses 3,196 14,444 4,166 1,547 5,720 29,073 Total costs and expenses 3,785 36,611 36,768 2,128 5,042 84,334 Operating (losses) income (767 ) 442 (4,233 ) (31 ) (4,511 ) (9,100 ) Equity in net earnings of unconsolidated real estate joint ventures 15,026 — — — — 15,026 Other (expense) income — (360 ) 1 — 49 (310 ) Foreign exchange (loss) gain — (2 ) 905 — — 903 Income (loss) before income taxes $ 14,259 80 (3,327 ) (31 ) (4,462 ) 6,519 Total assets $ 208,652 150,619 103,781 6,483 76,231 545,766 Expenditures for property and equipment $ — 3,788 233 25 65 4,111 Depreciation and amortization $ (157 ) 1,627 846 35 102 2,453 Debt accretion and amortization $ 13 6 32 — — 51 Cash and cash equivalents $ 78,535 3,698 692 1,878 13,730 98,533 Real estate equity method investments $ 46,640 — — — — 46,640 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 3,709 14,325 51,745 14 (25,575 ) 44,218 Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 103,560 76,711 6,127 (19 ) 186,379 Sales of real estate inventory 8,929 — — — — 8,929 Revenue from construction contracts 90,678 — — — — 90,678 Real estate development and property management fees 9,249 — — — — 9,249 Interest income 6,058 — — — 678 6,736 Net gain on sales of real estate assets 2,210 — — — — 2,210 Other revenue 152 — — 1,341 (554 ) 939 Total revenues 117,276 103,560 76,711 7,468 105 305,120 Costs and expenses: Cost of trade sales — 65,682 69,991 1,987 (19 ) 137,641 Cost of real estate inventory sold 2,107 — — — — 2,107 Cost of revenue from construction contracts 94,263 — — — — 94,263 Interest expense 74 1,089 3,502 3 (2,423 ) 2,245 Recoveries from loan losses, net (3,284 ) — — — — (3,284 ) Impairment losses — 349 — — — 349 Selling, general and administrative expenses 19,842 43,966 11,335 6,090 20,910 102,143 Total costs and expenses 113,002 111,086 84,828 8,080 18,468 335,464 Operating income (losses) 4,274 (7,526 ) (8,117 ) (612 ) (18,363 ) (30,344 ) Equity in net earnings of unconsolidated real estate joint ventures 3,958 — — — — 3,958 Gain on the consolidation of The Altman Companies 3,802 — — — — 3,802 Gain on the consolidation of investment in real estate joint ventures 12,017 — — — — 12,017 Other income (expense) 1,173 157 (5 ) 2,268 449 4,042 Foreign exchange loss — (2 ) (111 ) — — (113 ) Income (loss) before income taxes $ 25,224 (7,371 ) (8,233 ) 1,656 (17,914 ) (6,638 ) Expenditures for property and equipment $ 57 9,671 1,014 161 22 10,925 Depreciation, amortization and accretion of securities available for sale $ (1,563 ) 6,068 2,623 126 1,252 8,506 Debt accretion and amortization $ 72 (22 ) (14 ) — — 36 Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 102,012 101,116 6,310 (7 ) 209,431 Sales of real estate inventory 16,813 — — — — 16,813 Interest income 2,165 — — — 1,803 3,968 Net gains on sales of real estate assets 1,329 — — — — 1,329 Other revenue 1,443 — — 1,880 (461 ) 2,862 Total revenues 21,750 102,012 101,116 8,190 1,335 234,403 Costs and expenses: Cost of trade sales — 60,934 97,618 2,115 (6 ) 160,661 Cost of real estate inventory sold 6,669 — — — — 6,669 Interest expense — 697 2,405 2 (1,444 ) 1,660 Recoveries from loan losses, net (4,215 ) — — — — (4,215 ) Impairment losses 311 64 — — — 375 Selling, general and administrative expenses 8,956 42,101 13,099 5,204 17,138 86,498 Total costs and expenses 11,721 103,796 113,122 7,321 15,688 251,648 Operating income (losses) 10,029 (1,784 ) (12,006 ) 869 (14,353 ) (17,245 ) Equity in net earnings of unconsolidated real estate joint ventures 35,712 — — — — 35,712 Other (expense) income (8 ) 518 1 2 264 777 Foreign exchange (loss) gain — (2 ) 1,073 — — 1,071 Income (loss) before income taxes $ 45,733 (1,268 ) (10,932 ) 871 (14,089 ) 20,315 Expenditures for property and equipment $ — 7,733 757 73 1,498 10,061 Depreciation and amortization $ (157 ) 4,732 2,497 103 232 7,407 Debt accretion and amortization $ 158 55 85 — — 298 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Financial Statement Presentation (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||||||||
Feb. 03, 2023 | Oct. 31, 2023 | Dec. 31, 2022 | Oct. 01, 2023 | Sep. 30, 2023 | Jan. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Oct. 31, 2020 | Nov. 30, 2018 | |
Cash and Cash Equivalents, at Carrying Value | $ 127,581 | $ 102,490 | $ 98,533 | |||||||
Debt Securities, Available-for-Sale | 18,548 | 44,899 | ||||||||
Renin Holdings LLC[Member] | ||||||||||
Proceeds from Contributions from Parent | 1,000 | |||||||||
Renin Holdings LLC[Member] | Subsequent Event [Member] | ||||||||||
Proceeds from Contributions from Parent | $ 1,300 | |||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | ||||||||||
Proceeds from Contributions from Parent | $ 8,000 | 7,000 | ||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Subsequent Event [Member] | ||||||||||
Proceeds from Contributions from Parent | 1,250 | |||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,000 | $ 24,000 | $ 22,000 | $ 20,000 | $ 20,000 | |||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Subsequent Event [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 24,500 | $ 24,500 | ||||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 50% | 40% | 50% |
Note 2 - Acquisition of The A_3
Note 2 - Acquisition of The Altman Companies (Provisional) (Details Textual) - USD ($) | 1 Months Ended | |||||||
Jan. 31, 2023 | Apr. 30, 2023 | Sep. 30, 2023 | May 31, 2023 | Apr. 01, 2023 | Mar. 31, 2023 | 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 | |||||||
Business Combination, Reimbursement of Predevelopment Expenditures, Liability | $ 600,000 | |||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 40% | 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] | ||||||||
Payments to Acquire Equity Method Investments | $ 1,000 | |||||||
Subsidiary, Ownership Percentage, Parent | 50% | 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] | ||||||||
Equity Method Investment, Ownership Percentage | 40% | 40% |
Note 2 - Acquisition of The A_4
Note 2 - Acquisition of The Altman Companies (Provisional) - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Goodwill | $ 49,614 | $ 18,414 | $ 18,414 | ||
The Altman Companies [Member] | |||||
Cash | $ 4,095 | ||||
Restricted cash | 83 | ||||
Construction contracts receivable | 14,721 | ||||
Real estate | 3,495 | ||||
Property and equipment | 64 | ||||
Contract assets | 22,194 | ||||
Other assets | 2,590 | ||||
Total assets acquired | 49,919 | ||||
Accounts payable | (14,413) | ||||
Accrued expenses | (4,971) | ||||
Due to related parties | (175) | ||||
Contract liabilities | (31,840) | ||||
Notes payable and other borrowings | (2,100) | ||||
Total liabilities assumed | (53,499) | ||||
Fair value of identifiable net assets | (3,580) | ||||
Payments to Acquire Businesses, Gross | 8,153 | ||||
Consideration payable to seller | 1,562 | ||||
Predevelopment costs payable to seller | 550 | ||||
Fair value of previously held equity interest in the Altman Companies | 15,575 | ||||
Goodwill | 31,200 | ||||
Gain on the consolidation of the Altman Companies (1) | [1] | 3,802 | |||
The Altman Companies [Member] | Altman Companies [Member] | |||||
Writeoff of Altman Companies receivable | 1,780 | ||||
The Altman Companies [Member] | Trade Accounts Receivable [Member] | |||||
Receivables | 716 | ||||
The Altman Companies [Member] | Receivables Due From Related Party [Member] | |||||
Receivables | $ 1,961 | ||||
[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. |
Note 2 - Acquisition of The A_5
Note 2 - Acquisition of The Altman Companies (Provisional) - Pro Forma Information (Details) - The Altman Companies [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total revenue | $ 54,765 | $ 0 | $ 137,773 | $ 0 |
Equity in net losses from unconsolidated real estate joint ventures | 2,126 | 13,751 | 4,172 | 35,712 |
(Loss) income before income taxes | (1,733) | (1,676) | (4,593) | (2,972) |
Total revenues | 103,278 | 77,178 | 319,299 | 278,192 |
(Loss) income before income taxes | (5,535) | 6,758 | (22,584) | 16,047 |
Net (loss) income | (4,620) | 4,179 | (19,782) | 9,262 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Equity in net losses from unconsolidated real estate joint ventures | $ 0 | $ (1,676) | $ (73) | $ (2,972) |
Note 3 - Securities Available_3
Note 3 - Securities Available-for-sale - Debt Securities, Available for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available for sale securities, amortized cost | $ 44,931 | $ 18,570 |
Available for sale securities, gross unrealized gains | 3 | 11 |
Available for sale securities, gross unrealized losses | (35) | (33) |
Securities available for sale, at fair value | 44,899 | 18,548 |
US Treasury and Government [Member] | ||
Available for sale securities, amortized cost | 43,812 | 13,080 |
Available for sale securities, gross unrealized gains | 3 | 11 |
Available for sale securities, gross unrealized losses | 0 | 0 |
Securities available for sale, at fair value | 43,815 | 13,091 |
Community Development District Bonds [Member] | ||
Available for sale securities, amortized cost | 820 | 820 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (34) | (7) |
Securities available for sale, at fair value | 786 | 813 |
Corporate Debt Securities [Member] | ||
Available for sale securities, amortized cost | 299 | 4,670 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | (1) | (26) |
Securities available for sale, at fair value | $ 298 | $ 4,644 |
Note 4 - Trade Accounts Recei_3
Note 4 - Trade Accounts Receivable and Construction Contracts Receivable (Details Textual) $ in Millions | Sep. 30, 2023 USD ($) |
Receivables to Real Estate Joint Ventures | $ 13.7 |
Revenue, Remaining Performance Obligation, Amount | $ 164.9 |
Note 4 - Trade Accounts Recei_4
Note 4 - Trade Accounts Receivable and Construction Contracts Receivable - Schedule of Trade Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Trade accounts receivable | $ 20,295 | $ 19,735 |
Allowance for expected credit losses | (197) | (70) |
Total trade accounts receivables | $ 20,098 | $ 19,665 |
Note 4 - Trade Accounts Recei_5
Note 4 - Trade Accounts Receivable and Construction Contracts Receivable - Contract Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Construction contracts receivable | $ 13,743 | $ 0 |
Allowance for expected credit losses | 0 | 0 |
Total construction contracts receivable | $ 13,743 | $ 0 |
Note 5 - Trade Inventory - Trad
Note 5 - Trade Inventory - Trade Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Raw materials | $ 7,343 | $ 9,130 |
Paper goods and packaging materials | 2,021 | 2,185 |
Work in process | 1,047 | 1,736 |
Finished goods | 30,826 | 37,108 |
Total trade inventory | 41,237 | 50,159 |
Inventory reserve | (901) | (1,293) |
Total trade inventory, net | $ 40,336 | $ 48,866 |
Note 6 - Real Estate (Details T
Note 6 - Real Estate (Details Textual) - Altra Kendal [Member] $ in Millions | Sep. 30, 2023 USD ($) |
Land | $ 16.2 |
Construction in Progress, Gross | $ 37.4 |
Note 6 - Real Estate - Schedule
Note 6 - Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Real estate, held for sale | $ 3,874 | $ 4,443 |
Real estate held-for-investment | 1,788 | 6,723 |
Real estate inventory | 5,825 | 1,179 |
Rental properties under development | 53,605 | 0 |
Predevelopment costs | 5,009 | 0 |
Total real estate | $ 70,101 | $ 12,345 |
Note 7 - Investments in and A_3
Note 7 - Investments in and Advances to Consolidated and Unconsolidated VIEs (Details Textual) $ in Thousands, a in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Jan. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) a ft² | Jul. 31, 2023 USD ($) | May 31, 2023 USD ($) | Sep. 30, 2023 USD ($) a ft² | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) a ft² | Sep. 30, 2022 USD ($) | Mar. 31, 2023 | Dec. 31, 2022 USD ($) | Nov. 30, 2018 | ||
Payments to Acquire Interest in Joint Venture | $ 10,752 | $ 5,623 | ||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 43,610 | $ 43,610 | 43,610 | $ 49,415 | ||||||||
Revenues | $ 103,339 | $ 75,234 | 305,120 | 234,403 | ||||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 21,188 | $ 10,648 | ||||||||||
BBX Park at Delray [Member] | ||||||||||||
Area of Land (Acre) | a | 40 | 40 | 40 | |||||||||
Area of Real Estate Property (Square Foot) | ft² | 673,000 | 673,000 | 673,000 | |||||||||
Payments to Acquire Interest in Joint Venture | $ 2,900 | |||||||||||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | Intersegment Eliminations [Member] | ||||||||||||
Revenues | $ (3,400) | (10,500) | ||||||||||
Cost of Revenue | $ (3,500) | $ (10,200) | ||||||||||
Altis Twin Lakes [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | [1] | 11.39% | 11.39% | 11.39% | 0% | |||||||
Number of Multifamily Apartment Developments | 346 | |||||||||||
Payments to Acquire Equity Method Investments | $ 3,700 | |||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 3,722 | $ 3,722 | $ 3,722 | $ 0 | ||||||||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | ||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 16,400 | 16,400 | 16,400 | |||||||||
Equity Method Investment, Other than Temporary Impairment | 16,800 | |||||||||||
Real Estate Inventory, Capitalized Interest Costs | $ 900 | $ 900 | 900 | |||||||||
Real Estate Inventory, Capitalized Interest Costs, Period Increase (Decrease) | 300 | |||||||||||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | Corporate Joint Venture [Member] | ||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 1,000 | |||||||||||
Altis Ludlam Trail [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | [1],[2] | 48.13% | 48.13% | 48.13% | 33.30% | |||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | [2] | $ 0 | $ 0 | $ 0 | $ 12,216 | |||||||
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 | 40% | 50% | 50% | 50% | 50% | |||||||
Joint Venture, Termination Penalty | $ 200 | $ 200 | $ 200 | |||||||||
Payments to Acquire Equity Method Investments | $ 9,400 | |||||||||||
BBX Logistics Properties, LLC [Member] | PCCP, LLC [Member] | ||||||||||||
Payments to Acquire Interest in Joint Venture | 10,000 | |||||||||||
BBX Logistics Properties, LLC [Member] | BBX Industrial Guaranty, LLC [Member] | ||||||||||||
Proceeds from Contributions from Parent | 5,000 | |||||||||||
Restricted Cash | 5,000 | 5,000 | 5,000 | |||||||||
BBX Logistics Properties, LLC [Member] | BBX Industrial Guaranty, LLC [Member] | Minimum [Member] | ||||||||||||
Net Assets | $ 5,000 | $ 5,000 | $ 5,000 | |||||||||
BBX Logistics Properties, LLC [Member] | BBX Park at Delray [Member] | ||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 10% | |||||||||||
BBXRE [Member] | ||||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 11,600 | |||||||||||
BBXRE [Member] | Altis Ludlam Trail [Member] | ||||||||||||
Number of Multifamily Apartment Developments | 312 | |||||||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 9,000 | |||||||||||
BBXRE [Member] | Altis Ludlam Trail [Member] | Preferred Stock [Member] | ||||||||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 12,300 | |||||||||||
[1]The Company’s ownership percentage in each real estate joint venture represents BBX Capital Real Estate's percentage of the contributed capital in each venture, excluding amounts attributable to noncontrolling interests. 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 December 31, 2022 includes $11.6 million related to BBXRE’s investment in the preferred equity associated with the Altis Ludlam Trail project, which is accounted for as a loan receivable. |
Note 7 - Investments in and A_4
Note 7 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for VIEs (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Cash and cash equivalents | $ 102,490 | $ 127,581 | $ 98,533 | |
Real estate ($3,874 in 2023 and $4,443 in 2022 held for sale and $53,605 in 2023 in VIEs) | 70,101 | 12,345 | ||
Other assets | 20,790 | 21,453 | ||
Total assets | 681,005 | 562,841 | $ 545,766 | |
Fair value of noncontrolling interests | 54,602 | (4) | ||
Accrued expenses | 34,177 | 34,985 | ||
Total liabilities | 291,720 | 223,899 | ||
Noncontrolling interests | 54,726 | $ 226 | ||
Real Estate Joint Ventures [Member] | ||||
Total assets | $ 31,659 | |||
Real Estate Joint Ventures [Member] | ||||
Fair value of noncontrolling interests | 60,583 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash and cash equivalents | 19,083 | 3,550 | ||
Restricted cash | 10,064 | 10,369 | ||
Real estate ($3,874 in 2023 and $4,443 in 2022 held for sale and $53,605 in 2023 in VIEs) | 24,447 | 53,605 | ||
Investment in and advances to unconsolidated real estate joint ventures | 38,162 | 39,453 | ||
Other assets | 486 | 1,223 | ||
Total assets | 92,242 | 108,200 | ||
Settlement of net assets upon consolidation | (1,086) | |||
Carrying amount of previously held investments | 18,556 | |||
Gain on the consolidation of The Altman Companies | $ 12,017 | |||
Notes payable | 5,358 | |||
Accrued expenses | 301 | |||
Total liabilities | 5,659 | |||
Noncontrolling interests | $ 59,604 |
Note 7 - Investments in and A_5
Note 7 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Real Estate Investments | $ 43,610 | $ 49,415 | |
Altis Grand Central [Member] | |||
Real Estate Investments | $ 666 | $ 687 | |
Ownership | [1] | 1.49% | 1.49% |
Altis Ludlam Trail [Member] | |||
Real Estate Investments | [2] | $ 0 | $ 12,216 |
Ownership | [1],[2] | 48.13% | 33.30% |
Altis Lake Willis Phase 1 [Member] | |||
Real Estate Investments | $ 6,953 | $ 850 | |
Ownership | [1] | 1.68% | 1.23% |
Altis Lake Willis Phase 2 [Member] | |||
Real Estate Investments | $ 3,364 | $ 601 | |
Ownership | [1] | 5.10% | 3.50% |
Altis Grand at Suncoast [Member] | |||
Real Estate Investments | $ 12,279 | $ 4,579 | |
Ownership | [1] | 12.31% | 11% |
Altis Blue Lake [Member] | |||
Real Estate Investments | $ 4,496 | $ 647 | |
Ownership | [1] | 1.68% | 1.22% |
Altis Santa Barbara [Member] | |||
Real Estate Investments | $ 6,177 | $ 433 | |
Ownership | [1] | 5.10% | 3.50% |
Altra Kendal [Member] | |||
Real Estate Investments | [3] | $ 0 | $ 5,670 |
Ownership | [1],[3] | 0% | 13.70% |
Altis Twin Lakes [Member] | |||
Real Estate Investments | $ 3,722 | $ 0 | |
Ownership | [1] | 11.39% | 0% |
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% |
BBX Park at Delray [Member] | |||
Real Estate Investments | $ 2,900 | $ 0 | |
Ownership | 10% | 0% | |
Marbella [Member] | |||
Real Estate Investments | $ 1,044 | $ 1,064 | |
Ownership | [1] | 70% | 70% |
The Main Las Olas [Member] | |||
Real Estate Investments | $ 697 | $ 1,117 | |
Ownership | [1] | 3.41% | 3.41% |
Sky Cove [Member] | |||
Real Estate Investments | $ 117 | $ 24 | |
Ownership | [1] | 26.25% | 26.25% |
Sky Cove South [Member] | |||
Real Estate Investments | $ 1,061 | $ 3,241 | |
Ownership | [1] | 26.25% | 26.25% |
Other Investments in Real Estate Joint Ventures [Member] | |||
Real Estate Investments | $ 134 | $ 316 | |
[1]The Company’s ownership percentage in each real estate joint venture represents BBX Capital Real Estate's percentage of the contributed capital in each venture, excluding amounts attributable to noncontrolling interests. 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 December 31, 2022 includes $11.6 million related to BBXRE’s investment in the preferred equity associated with the Altis Ludlam Trail project, which is accounted for as a loan receivable.[3]As of January 31, 2023, these entities are consolidated in the Company's financial statements. |
Note 7 - Investments in and A_6
Note 7 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for Marbella Joint Venture (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | $ 102,490 | $ 98,533 | $ 102,490 | $ 98,533 | $ 127,581 | |||
Real estate inventory | 5,825 | 5,825 | 1,179 | |||||
Other assets | 20,790 | 20,790 | 21,453 | |||||
Total assets | 681,005 | 545,766 | 681,005 | 545,766 | 562,841 | |||
Other liabilities | 3,600 | 3,600 | 5,297 | |||||
Total liabilities | 291,720 | 291,720 | 223,899 | |||||
Total equity | 384,105 | 334,920 | 384,105 | 334,920 | $ 395,078 | 334,528 | $ 332,154 | $ 322,948 |
Total liabilities and equity | 681,005 | 681,005 | 562,841 | |||||
Total revenues | 103,339 | 75,234 | 305,120 | 234,403 | ||||
Net (loss) income | (6,535) | 4,000 | (6,407) | 12,463 | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 2,126 | 15,026 | 3,958 | 35,712 | ||||
Marbella [Member] | ||||||||
Equity in net earnings of unconsolidated real estate joint ventures | (3) | 3,363 | 580 | 8,574 | ||||
Marbella [Member] | ||||||||
Cash and cash equivalents | 1,254 | 1,254 | 3,508 | |||||
Real estate inventory | 1,706 | 1,706 | 1,706 | |||||
Other assets | 457 | 457 | 526 | |||||
Total assets | 3,417 | 3,417 | 5,740 | |||||
Other liabilities | 1,329 | 1,329 | 3,611 | |||||
Total liabilities | 1,329 | 1,329 | 3,611 | |||||
Total equity | 2,088 | 2,088 | 2,129 | |||||
Total liabilities and equity | 3,417 | 3,417 | $ 5,740 | |||||
Total revenues | 0 | 32,571 | 1,192 | 80,591 | ||||
Cost of real estate inventory sold | 0 | (24,702) | 0 | (60,351) | ||||
Other expenses | (4) | (994) | (31) | (2,710) | ||||
Net (loss) income | $ (4) | $ 6,875 | $ 1,161 | $ 17,530 |
Note 7 - Investments in and A_7
Note 7 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for Altis Little Havana (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | $ 102,490 | $ 98,533 | $ 102,490 | $ 98,533 | $ 127,581 | |||
Real estate ($3,874 in 2023 and $4,443 in 2022 held for sale and $53,605 in 2023 in VIEs) | 70,101 | 70,101 | 12,345 | |||||
Other assets | 20,790 | 20,790 | 21,453 | |||||
Total assets | 681,005 | 545,766 | 681,005 | 545,766 | 562,841 | |||
Other liabilities | 3,600 | 3,600 | 5,297 | |||||
Total liabilities | 291,720 | 291,720 | 223,899 | |||||
Total equity | 384,105 | 334,920 | 384,105 | 334,920 | $ 395,078 | 334,528 | $ 332,154 | $ 322,948 |
Total liabilities and equity | 681,005 | 681,005 | 562,841 | |||||
Total revenues | 103,339 | 75,234 | 305,120 | 234,403 | ||||
Net gains on sales of real estate assets | 2,271 | 0 | 2,210 | 1,329 | ||||
Net (loss) income | (6,535) | 4,000 | (6,407) | 12,463 | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 2,126 | 15,026 | 3,958 | 35,712 | ||||
Altis Little Havana [Member] | ||||||||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | 8,398 | ||||
Altis Little Havana [Member] | ||||||||
Cash and cash equivalents | 0 | 0 | 718 | |||||
Real estate ($3,874 in 2023 and $4,443 in 2022 held for sale and $53,605 in 2023 in VIEs) | 0 | 0 | 0 | |||||
Other assets | 0 | 0 | 411 | |||||
Total assets | 0 | 0 | 1,129 | |||||
Notes payable | 0 | 0 | 0 | |||||
Other liabilities | 0 | 0 | 270 | |||||
Total liabilities | 0 | 0 | 270 | |||||
Total equity | 0 | 0 | 859 | |||||
Total liabilities and equity | 0 | 0 | $ 1,129 | |||||
Total revenues | 0 | 55 | 0 | 255 | ||||
Net gains on sales of real estate assets | 0 | 711 | 0 | 56,547 | ||||
Other expenses | 0 | (683) | 0 | (1,044) | ||||
Net (loss) income | $ 0 | $ 83 | $ 0 | $ 55,758 |
Note 7 - Investments in and A_8
Note 7 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Summary of Financial Information for Altis Miramar East/West (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | $ 102,490 | $ 98,533 | $ 102,490 | $ 98,533 | $ 127,581 | |||
Other assets | 20,790 | 20,790 | 21,453 | |||||
Total assets | 681,005 | 545,766 | 681,005 | 545,766 | 562,841 | |||
Other liabilities | 3,600 | 3,600 | 5,297 | |||||
Total liabilities | 291,720 | 291,720 | 223,899 | |||||
Total equity | 384,105 | 334,920 | 384,105 | 334,920 | $ 395,078 | 334,528 | $ 332,154 | $ 322,948 |
Total liabilities and equity | 681,005 | 681,005 | 562,841 | |||||
Total revenues | 103,339 | 75,234 | 305,120 | 234,403 | ||||
Net gains on sales of real estate assets | 2,271 | 0 | 2,210 | 1,329 | ||||
Net (loss) income | (6,535) | 4,000 | (6,407) | 12,463 | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 2,126 | 15,026 | 3,958 | 35,712 | ||||
Altis Miramar East/West [Member] | ||||||||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 14,012 | 0 | 13,954 | ||||
Altis Miramar East/West [Member] | ||||||||
Cash and cash equivalents | 0 | 0 | 433 | |||||
Other assets | 0 | 0 | 438 | |||||
Total assets | 0 | 0 | 871 | |||||
Other liabilities | 0 | 0 | 118 | |||||
Total liabilities | 0 | 0 | 118 | |||||
Total equity | 0 | 0 | 753 | |||||
Total liabilities and equity | 0 | 0 | $ 871 | |||||
Total revenues | 0 | 1,905 | 0 | 5,049 | ||||
Net gains on sales of real estate assets | 0 | 142,673 | 0 | 143,310 | ||||
Other expenses | 0 | (2,305) | 0 | (6,890) | ||||
Net (loss) income | $ 0 | $ 142,273 | $ 0 | $ 141,469 |
Note 7 - Investments in and A_9
Note 7 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures - Summary of Financial Information for Sky Cove South (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | $ 102,490 | $ 98,533 | $ 102,490 | $ 98,533 | $ 127,581 | |||
Real estate inventory | 5,825 | 5,825 | 1,179 | |||||
Other assets | 20,790 | 20,790 | 21,453 | |||||
Total assets | 681,005 | 545,766 | 681,005 | 545,766 | 562,841 | |||
Other liabilities | 3,600 | 3,600 | 5,297 | |||||
Total liabilities | 291,720 | 291,720 | 223,899 | |||||
Total equity | 384,105 | 334,920 | 384,105 | 334,920 | $ 395,078 | 334,528 | $ 332,154 | $ 322,948 |
Total liabilities and equity | 681,005 | 681,005 | 562,841 | |||||
Total revenues | 103,339 | 75,234 | 305,120 | 234,403 | ||||
Net (loss) income | (6,535) | 4,000 | (6,407) | 12,463 | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 2,126 | 15,026 | 3,958 | 35,712 | ||||
Sky Cove South [Member] | ||||||||
Net (loss) income | 4,710 | 608 | 9,712 | 406 | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 739 | 156 | 2,133 | 91 | ||||
Sky Cove South [Member] | ||||||||
Cash and cash equivalents | 7,407 | 7,407 | 2,056 | |||||
Real estate inventory | 4,902 | 4,902 | 22,921 | |||||
Other assets | 17 | 17 | 19 | |||||
Total assets | 12,326 | 12,326 | 24,996 | |||||
Notes payable | 0 | 0 | 6,760 | |||||
Other liabilities | 2,316 | 2,316 | 5,800 | |||||
Total liabilities | 2,316 | 2,316 | 12,560 | |||||
Total equity | 10,010 | 10,010 | 12,436 | |||||
Total liabilities and equity | 12,326 | 12,326 | $ 24,996 | |||||
Total revenues | 19,766 | 13,484 | 55,093 | 19,492 | ||||
Cost of real estate inventory sold | (14,745) | (12,444) | (41,696) | (17,911) | ||||
Other expenses | $ (311) | $ (432) | $ (3,685) | $ (1,175) |
Note 8 - Notes Payable and Ot_3
Note 8 - Notes Payable and Other Borrowings (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||||||||
Feb. 03, 2023 | Oct. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Jul. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Oct. 01, 2023 | Jun. 30, 2023 | Feb. 23, 2023 | Mar. 31, 2022 | Oct. 31, 2020 | ||
Repayments of Long-Term Debt, Total | $ 5,317 | $ 15,049 | ||||||||||||
Altra Kendall Construction Loan Facility [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 0% | 7.57% | |||||||||||
Line of Credit [Member] | Altra Kendall Construction Loan Facility [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |||||||||||||
Long-Term Line of Credit | $ 5,400 | |||||||||||||
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Altra Kendall Construction Loan Facility [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||||
TD Bank [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.95% | 10.94% | ||||||||||||
IberiaBank [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 8% | 9% | |||||||||||
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 | $ 1,500 | |||||||||||||
Renin Holdings LLC[Member] | ||||||||||||||
Proceeds from Contributions from Parent | $ 1,000 | |||||||||||||
Renin Holdings LLC[Member] | Subsequent Event [Member] | ||||||||||||||
Proceeds from Contributions from Parent | $ 1,300 | |||||||||||||
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] | Subsequent Event [Member] | ||||||||||||||
Proceeds from Contributions from Parent | 1,250 | |||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,000 | 24,000 | 22,000 | $ 20,000 | $ 20,000 | |||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 24,500 | $ 24,500 | ||||||||||||
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 | $ 5,800 | |||||||||||||
[1]ABBX is the guarantor of the facility.[2]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 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Unamortized debt issuance costs | $ (139) | $ (256) | ||
Notes payable and other borrowings | 44,847 | 38,543 | $ 44,218 | |
Altra Kendall Construction Loan Facility [Member] | ||||
Debt balance, gross | [1] | $ 5,358 | $ 0 | |
Interest rate | [1] | 7.57% | 0% | |
Carrying amount of pledged assets | [1] | $ 58,238 | $ 0 | |
TD Bank [Member] | ||||
Debt balance, gross | $ 29,970 | $ 34,509 | ||
Interest rate | 10.94% | 8.95% | ||
Regions Bank Revolving Line of Credit [Member] | ||||
Debt balance, gross | $ 4,691 | $ 0 | ||
Interest rate | 7% | 0% | ||
IberiaBank [Member] | Revolving Credit Facility [Member] | ||||
Debt balance, gross | [2] | $ 2,750 | $ 2,250 | |
Interest rate | [2] | 9% | 8% | |
Comerica Letter of Credit Facility [Member] | ||||
Debt balance, gross | [1],[3] | $ 1,455 | $ 0 | |
Community Development District Bonds [Member] | ||||
Debt balance, gross | $ 741 | $ 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 | $ 21 | $ 9 | ||
Interest rate | 4.22% | 4.22% | ||
[1]ABBX is the guarantor of the facility.[2]BBX Capital is the guarantor of the line of credit.[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 | 9 Months Ended | ||||||
Oct. 01, 2023 | Jan. 17, 2023 | Oct. 01, 2022 | Jan. 18, 2022 | Oct. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 31, 2022 | |
Share Repurchase Program [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 15 | |||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 115,782 | ||||||
Stock Repurchased During Period, Value | $ 1.1 | |||||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 9.27 | |||||||
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 | |||||||
BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 0.9 | |||||||
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) | $ 9.1 | |||||||
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 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 5.2 | |||||||
Common Class A [Member] | BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 328,141 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.4 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 127,799 | |||||||
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 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 15 years | |||||||
Common Class B [Member] | BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, 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 |
Note 10 - Revenue Recognition_2
Note 10 - Revenue Recognition (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Revenues | $ 103,339 | $ 75,234 | $ 305,120 | $ 234,403 |
Real Estate Development Projects Concentration Risk [Member] | Revenue Benchmark [Member] | Six Real Estate Development Projects [Member] | ||||
Concentration Risk, Percentage | 32% | 31.90% | ||
Renin Holdings LLC[Member] | Customer Concentration Risk [Member] | Customer One [Member] | Revenue Benchmark [Member] | ||||
Revenues | $ 4,200 | $ 5,000 | $ 13,200 | $ 15,100 |
Concentration Risk, Percentage | 4.10% | 6.60% | 4.30% | 6.40% |
Renin Holdings LLC[Member] | Customer Concentration Risk [Member] | Customer Two [Member] | Revenue Benchmark [Member] | ||||
Revenues | $ 5,400 | $ 12,200 | $ 21,400 | $ 36,400 |
Concentration Risk, Percentage | 5.20% | 16.30% | 7% | 15.50% |
Renin Holdings LLC[Member] | Customer Concentration Risk [Member] | Customer Three [Member] | Revenue Benchmark [Member] | ||||
Revenues | $ 8,400 | $ 9,700 | $ 24,500 | $ 28,900 |
Concentration Risk, Percentage | 8.10% | 12.80% | 8% | 12.30% |
Renin Holdings LLC[Member] | Trade Sales [Member] | ||||
Revenues | $ 18,000 | $ 26,900 | $ 59,100 | $ 80,400 |
Number of Major Customers | 3 | 3 | 3 | 3 |
Renin Holdings LLC[Member] | Trade Sales [Member] | Non-US [Member] | ||||
Revenues | $ 11,300 | $ 11,600 | $ 32,000 | $ 38,100 |
Note 10 - Revenue Recognition -
Note 10 - Revenue Recognition - Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Sales | $ 98,243 | $ 72,703 | $ 295,235 | $ 226,244 |
Interest income | 2,545 | 1,576 | 6,736 | 3,968 |
Net gains on sales of real estate assets | 2,271 | 0 | 2,210 | 1,329 |
Other revenue | 280 | 955 | 939 | 2,862 |
Total revenues | 103,339 | 75,234 | 305,120 | 234,403 |
Trade [Member] | ||||
Sales | 61,462 | 71,097 | 186,379 | 209,431 |
Trade [Member] | Sales Channel, Through Intermediary [Member] | ||||
Sales | 27,952 | 36,617 | 87,091 | 113,082 |
Trade [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Sales | 33,510 | 34,480 | 99,288 | 96,349 |
Construction [Member] | ||||
Sales | 29,067 | 0 | 90,678 | 0 |
Development Management Service [Member] | ||||
Sales | 4,040 | 0 | 6,578 | 0 |
Management Service [Member] | ||||
Sales | 5,002 | 9,249 | ||
Revenue from customers | 962 | 0 | 2,671 | 0 |
Real Estate [Member] | ||||
Sales | $ 2,712 | $ 1,606 | $ 8,929 | $ 16,813 |
Note 10 - Revenue Recognition_3
Note 10 - Revenue Recognition - Contracts with Customers (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Contract assets | $ 32,719 | $ 16,918 |
Contract liabilities | 30,457 | 861 |
Contingent Purchase Price Receivable [Member] | ||
Contract assets | 11,128 | 16,918 |
Cost and Estimated Earnings in Excess of Billings [Member] | ||
Contract assets | 891 | 0 |
Contract liabilities | 13,715 | 0 |
Retainage Receivable [Member] | ||
Contract assets | 14,161 | 0 |
Uninstalled Materials and Deposits to Purchase Materials [Member] | ||
Contract assets | 6,539 | 0 |
Retainage Payable [Member] | ||
Contract liabilities | 15,761 | 0 |
Contingent Purchase Price Due to Homebuilders [Member] | ||
Contract liabilities | 625 | 625 |
Other Contract Liabilities [Member] | ||
Contract liabilities | $ 356 | $ 236 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 8% | 39% | 3% | 39% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | ||||
Goodwill | $ 49,614 | $ 18,414 | $ 49,614 | $ 18,414 | $ 18,414 | |
Altman Companies [Member] | ||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 22,800 | 22,800 | ||||
Goodwill | $ 31,200 | $ 31,200 | ||||
Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 15% |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 930,614 | 776,552 | 930,614 | 776,552 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Computations of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss) income | $ (6,535) | $ 4,000 | $ (6,407) | $ 12,463 |
Net (income) loss attributable to noncontrolling interests | (1,290) | 24 | (1,516) | 200 |
Net (loss) income attributable to shareholders | $ (7,825) | $ 4,024 | $ (7,923) | $ 12,663 |
Basic weighted average number of common shares outstanding (in shares) | 14,354 | 15,409 | 14,354 | 15,452 |
Basic (loss) earnings per share (in dollars per share) | $ (0.55) | $ 0.26 | $ (0.55) | $ 0.82 |
Net (loss) income available to shareholders | $ (7,825) | $ 4,024 | $ (7,923) | $ 12,663 |
Allocation of income to options on noncontrolling interests in real estate joint ventures | (115) | 0 | (112) | 0 |
Diluted net (loss) income available to shareholders | $ (7,940) | $ 4,024 | $ (8,035) | $ 12,663 |
Effect of dilutive restricted stock awards (in shares) | 0 | 85 | 0 | 39 |
Diluted weighted average number of common shares outstanding (in shares) | 14,354 | 15,494 | 14,354 | 15,491 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.55) | $ 0.26 | $ (0.56) | $ 0.82 |
Note 13 - Noncontrolling Inte_3
Note 13 - Noncontrolling Interests (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||||
Aug. 31, 2023 | Sep. 30, 2023 | Aug. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 5,180 | $ 4,414 | |||
Capital Unit, Class B [Member] | IT’SUGAR [Member] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 4,700 | ||||
Business Combination, Consideration Transferred | $ 4,700 | ||||
Payments to Acquire Businesses, Gross | $ 3,300 | ||||
Capital Unit, Class B [Member] | IT’SUGAR [Member] | Executive Officer [Member] | |||||
Deferred Compensation Liability, Current and Noncurrent | $ 800 | ||||
Term of Employment (Month) | 15 months | ||||
IT’SUGAR [Member] | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 4,414 | |||
IT’SUGAR [Member] | Capital Unit, Class B [Member] | |||||
Subsidiary, Ownership Percentage, Parent | 90% | ||||
ABBX Guaranty, LLC [Member} | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 5,180 | $ 0 | |||
Subsidiary, Ownership Percentage, Parent | 50% |
Note 13 - Noncontrolling Inte_4
Note 13 - Noncontrolling Interests - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Redeemable noncontrolling interest | $ 5,180 | $ 4,414 |
IT’SUGAR [Member] | ||
Redeemable noncontrolling interest | 0 | 4,414 |
ABBX Guaranty, LLC [Member} | ||
Redeemable noncontrolling interest | $ 5,180 | $ 0 |
Note 13 - Noncontrolling Inte_5
Note 13 - Noncontrolling Interests - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Fair value of noncontrolling interests | $ 54,602 | $ 54,602 | $ (4) | |||
Restaurant | 124 | 124 | 230 | |||
Total other noncontrolling interests | 54,726 | 54,726 | $ 226 | |||
Net loss attributable to noncontrolling interests | 1,290 | $ (24) | 1,516 | $ (200) | ||
Restaurant [Member] | ||||||
Net loss attributable to noncontrolling interests | (47) | (14) | 54 | 84 | ||
ABBX Guaranty, LLC [Member} | ||||||
Net loss attributable to noncontrolling interests | 65 | 0 | 153 | 0 | ||
IT’SUGAR [Member] | ||||||
Net loss attributable to noncontrolling interests | 108 | 84 | (63) | 95 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Total other noncontrolling interests | 59,604 | 59,604 | ||||
Net loss attributable to noncontrolling interests | 1,164 | (8) | 1,372 | (25) | ||
IT'SUGAR FL II, LLC [Member] | ||||||
Net loss attributable to noncontrolling interests | [1] | $ 0 | $ (86) | $ 0 | $ (354) | |
[1]In December 2022, the Company acquired the noncontrolling interest in IT'SUGAR II, LLC. |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | 1 Months Ended |
Sep. 30, 2023 USD ($) | |
ABBX Guaranty, LLC [Member} | Financial Guarantee [Member] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 120 |
Guarantor Obligations, Current Carrying Value | 322.7 |
Restricted Cash | 10 |
ABBX Guaranty, LLC [Member} | Property Lease Guarantee [Member] | |
Lease Agreement, Guarantee of Rent | 7.1 |
BBX Industrial Guaranty, LLC [Member] | BBX Logistics Properties, LLC [Member] | |
Restricted Cash | 5 |
Proceeds from Contributions from Parent | 5 |
BBX Industrial Guaranty, LLC [Member] | BBX Logistics Properties, LLC [Member] | Minimum [Member] | |
Net Assets | $ 5 |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurement - Financial Disclosures About Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available for sale, at fair value | $ 44,899 | $ 18,548 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 102,490 | 127,581 |
Restricted cash | 22,072 | 750 |
Securities available for sale, at fair value | 44,899 | 18,548 |
Note receivable from Bluegreen Vacations | 35,000 | 50,000 |
Notes payable and other borrowings | 44,847 | 38,543 |
Reported Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 1,223 | |
Reported Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 102,490 | 127,581 |
Restricted cash | 22,072 | 750 |
Securities available for sale, at fair value | 44,899 | 18,548 |
Note receivable from Bluegreen Vacations | 33,250 | 46,635 |
Notes payable and other borrowings | 44,596 | 37,997 |
Estimate of Fair Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate caps | 1,223 | |
Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 102,490 | 127,581 |
Restricted cash | 22,072 | 750 |
Securities available for sale, at fair value | 43,815 | 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 | |
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 | 1,084 | 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 | 1,223 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
Note receivable from Bluegreen Vacations | 33,250 | 46,635 |
Notes payable and other borrowings | 44,596 | 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 |
Note 16 - Certain Relationshi_2
Note 16 - Certain Relationships and Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | May 31, 2023 | Dec. 31, 2021 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Selling, General and Administrative Expense | $ 34,120,000 | $ 29,073,000 | $ 102,143,000 | $ 86,498,000 | ||||||
Revenues | 103,339,000 | 75,234,000 | 305,120,000 | 234,403,000 | ||||||
Contract with Customer, Receivable, after Allowance for Credit Loss | 13,743,000 | $ 13,743,000 | 13,743,000 | $ 0 | ||||||
Contract with Customer, Asset, after Allowance for Credit Loss | 32,719,000 | 32,719,000 | 32,719,000 | 16,918,000 | ||||||
Contract with Customer, Liability | 30,457,000 | 30,457,000 | 30,457,000 | 861,000 | ||||||
Repayment of Notes Receivable from Related Parties | 14,070,000 | 0 | ||||||||
Interest and Dividend Income, Operating | 2,545,000 | 1,576,000 | 6,736,000 | 3,968,000 | ||||||
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 | $ 35,000,000 | $ 50,000,000 | |||||||
Financing Receivable, Interest Rate, Stated Percentage | 6% | |||||||||
Financing Receivable, Deferred Interest Rate | 8% | |||||||||
Repayment of Notes Receivable from Related Parties | 14,100,000 | $ 25,000,000 | ||||||||
Financing Receivable, Prepayment Discount | 15,000,000 | |||||||||
Increase (Decrease) in Notes Receivables | $ (15,000,000) | |||||||||
Amortization of Deferred Loan Origination Fees, Net | 900,000 | |||||||||
Interest and Dividend Income, Operating | 500,000 | 800,000 | 1,900,000 | 2,300,000 | ||||||
Bluegreen Vacations [Member] | Office Space, Risk Management, and Management Advisory Services [Member] | ||||||||||
Selling, General and Administrative Expense | 500,000 | 1,500,000 | 500,000 | 1,500,000 | ||||||
Abdo Companies, Inc [Member] | Management Services and Rent [Member] | ||||||||||
Related Party Transaction, Amounts of Transaction | 44,000 | 44,000 | 135,000 | 131,000 | ||||||
The Altman Companies, LLC [Member] | ||||||||||
Contract with Customer, Receivable, after Allowance for Credit Loss | 13,800,000 | 13,800,000 | 13,800,000 | |||||||
Contract with Customer, Asset, after Allowance for Credit Loss | 21,600,000 | 21,600,000 | 21,600,000 | |||||||
Contract with Customer, Liability | 29,500,000 | 29,500,000 | 29,500,000 | |||||||
Share-Based Payment Arrangement, Expense | 400,000 | 700,000 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 700,000 | $ 700,000 | 700,000 | |||||||
The Altman Companies, LLC [Member] | Management Services and Rent [Member] | ||||||||||
Selling, General and Administrative Expense | $ 47,000 | $ 247,000 | ||||||||
Revenues | 1,200,000 | 4,500,000 | ||||||||
The Altman Companies, LLC [Member] | Construction Services [Member] | ||||||||||
Revenues | $ 29,100,000 | $ 90,700,000 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Reportable Segments | 3 |
Note 17 - Segment Reporting - S
Note 17 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Sales | $ 98,243 | $ 72,703 | $ 295,235 | $ 226,244 | |
Interest income | 2,545 | 1,576 | 6,736 | 3,968 | |
Net gains on sales of real estate assets | 2,271 | 0 | 2,210 | 1,329 | |
Other revenue | 280 | 955 | 939 | 2,862 | |
Total revenues | 103,339 | 75,234 | 305,120 | 234,403 | |
Interest expense | 810 | 615 | 2,245 | 1,660 | |
Recoveries from loan losses, net | (177) | (278) | (3,284) | (4,215) | |
Impairment losses | 349 | 311 | 349 | 375 | |
Selling, general and administrative expenses | 34,120 | 29,073 | 102,143 | 86,498 | |
Total costs and expenses | 112,924 | 84,334 | 335,464 | 251,648 | |
Operating income (losses) | (9,585) | (9,100) | (30,344) | (17,245) | |
Equity in net earnings of unconsolidated real estate joint ventures | 2,126 | 15,026 | 3,958 | 35,712 | |
Other income (loss) | 1,155 | (310) | 4,042 | 777 | |
Foreign exchange gain | 421 | 903 | (113) | 1,071 | |
Income (loss) before income taxes | (7,141) | 6,519 | (6,638) | 20,315 | |
Total assets | 681,005 | 545,766 | 681,005 | 545,766 | $ 562,841 |
Expenditures for property and equipment | 1,865 | 4,111 | 10,925 | 10,061 | |
Depreciation and amortization | 2,257 | 2,453 | 8,506 | 7,407 | |
Debt accretion and amortization | 3 | 51 | 36 | 298 | |
Cash and cash equivalents | 102,490 | 98,533 | 102,490 | 98,533 | 127,581 |
Real estate equity method investments | 43,610 | 46,640 | 43,610 | 46,640 | |
Goodwill | 49,614 | 18,414 | 49,614 | 18,414 | 18,414 |
Notes payable and other borrowings | 44,847 | 44,218 | 44,847 | 44,218 | $ 38,543 |
Impairment losses | 311 | 349 | 375 | ||
The Altman Companies [Member] | |||||
Gain on the consolidation of The Altman Companies | (2,393) | ||||
The Altman Companies, LLC [Member] | |||||
Gain on the consolidation of The Altman Companies | (2,393) | 0 | 3,802 | 0 | |
Gain (loss) on consolidation | 3,802 | 0 | |||
Other Investments in Real Estate Joint Ventures [Member] | |||||
Gain (loss) on consolidation | 1,135 | 0 | 12,017 | 0 | |
Trade [Member] | |||||
Sales | 61,462 | 71,097 | 186,379 | 209,431 | |
Cost of sales | 45,307 | 54,057 | 137,641 | 160,661 | |
Real Estate [Member] | |||||
Sales | 2,712 | 1,606 | 8,929 | 16,813 | |
Cost of sales | 570 | 556 | 2,107 | 6,669 | |
Construction [Member] | |||||
Sales | 29,067 | 0 | 90,678 | 0 | |
Cost of sales | 31,945 | 0 | 94,263 | 0 | |
Management Service [Member] | |||||
Sales | 5,002 | 9,249 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | |||||
Interest income | 1,973 | 970 | 6,058 | 2,165 | |
Net gains on sales of real estate assets | 2,271 | 2,210 | 1,329 | ||
Other revenue | 51 | 442 | 152 | 1,443 | |
Total revenues | 41,076 | 3,018 | 117,276 | 21,750 | |
Interest expense | 28 | 0 | 74 | 0 | |
Recoveries from loan losses, net | (177) | (278) | (3,284) | (4,215) | |
Impairment losses | 0 | ||||
Selling, general and administrative expenses | 7,337 | 3,196 | 19,842 | 8,956 | |
Total costs and expenses | 39,703 | 3,785 | 113,002 | 11,721 | |
Operating income (losses) | 1,373 | (767) | 4,274 | 10,029 | |
Equity in net earnings of unconsolidated real estate joint ventures | 2,126 | 15,026 | 3,958 | 35,712 | |
Other income (loss) | 829 | 0 | 1,173 | (8) | |
Foreign exchange gain | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | 3,070 | 14,259 | 25,224 | 45,733 | |
Total assets | 355,384 | 208,652 | 355,384 | 208,652 | |
Expenditures for property and equipment | 48 | 0 | 57 | 0 | |
Depreciation and amortization | (757) | (157) | (1,563) | (157) | |
Debt accretion and amortization | 19 | 13 | 72 | 158 | |
Cash and cash equivalents | 75,121 | 78,535 | 75,121 | 78,535 | |
Real estate equity method investments | 43,610 | 46,640 | 43,610 | 46,640 | |
Goodwill | 31,200 | 31,200 | |||
Notes payable and other borrowings | 7,541 | 3,709 | 7,541 | 3,709 | |
Impairment losses | 311 | 0 | 311 | ||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies [Member] | |||||
Gain on the consolidation of The Altman Companies | (2,393) | ||||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | |||||
Gain (loss) on consolidation | 3,802 | ||||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Other Investments in Real Estate Joint Ventures [Member] | |||||
Gain (loss) on consolidation | 1,135 | 12,017 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Trade [Member] | |||||
Sales | 0 | 0 | 0 | 0 | |
Cost of sales | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Real Estate [Member] | |||||
Sales | 2,712 | 1,606 | 8,929 | 16,813 | |
Cost of sales | 570 | 556 | 2,107 | 6,669 | |
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Construction [Member] | |||||
Sales | 29,067 | 90,678 | |||
Cost of sales | 31,945 | 94,263 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Management Service [Member] | |||||
Sales | 5,002 | 9,249 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | |||||
Interest income | 0 | 0 | 0 | 0 | |
Net gains on sales of real estate assets | 0 | 0 | 0 | ||
Other revenue | 0 | 0 | 0 | 0 | |
Total revenues | 35,822 | 37,053 | 103,560 | 102,012 | |
Interest expense | 382 | 228 | 1,089 | 697 | |
Recoveries from loan losses, net | 0 | 0 | 0 | 0 | |
Impairment losses | 349 | ||||
Selling, general and administrative expenses | 14,208 | 14,444 | 43,966 | 42,101 | |
Total costs and expenses | 38,173 | 36,611 | 111,086 | 103,796 | |
Operating income (losses) | (2,351) | 442 | (7,526) | (1,784) | |
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | 0 | |
Other income (loss) | (67) | (360) | 157 | 518 | |
Foreign exchange gain | 30 | (2) | (2) | (2) | |
Income (loss) before income taxes | (2,388) | 80 | (7,371) | (1,268) | |
Total assets | 169,317 | 150,619 | 169,317 | 150,619 | |
Expenditures for property and equipment | 1,504 | 3,788 | 9,671 | 7,733 | |
Depreciation and amortization | 1,984 | 1,627 | 6,068 | 4,732 | |
Debt accretion and amortization | (11) | 6 | (22) | 55 | |
Cash and cash equivalents | 2,516 | 3,698 | 2,516 | 3,698 | |
Real estate equity method investments | 0 | 0 | 0 | 0 | |
Goodwill | 14,274 | 14,274 | 14,274 | 14,274 | |
Notes payable and other borrowings | 20,416 | 14,325 | 20,416 | 14,325 | |
Impairment losses | 0 | 349 | 64 | ||
Operating Segments [Member] | BBX Sweet Holdings [Member] | The Altman Companies [Member] | |||||
Gain on the consolidation of The Altman Companies | 0 | ||||
Operating Segments [Member] | BBX Sweet Holdings [Member] | The Altman Companies, LLC [Member] | |||||
Gain (loss) on consolidation | 0 | ||||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Other Investments in Real Estate Joint Ventures [Member] | |||||
Gain (loss) on consolidation | 0 | 0 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Trade [Member] | |||||
Sales | 35,822 | 37,053 | 103,560 | 102,012 | |
Cost of sales | 23,234 | 21,939 | 65,682 | 60,934 | |
Operating Segments [Member] | BBX Sweet Holdings [Member] | Real Estate [Member] | |||||
Sales | 0 | 0 | 0 | 0 | |
Cost of sales | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | BBX Sweet Holdings [Member] | Construction [Member] | |||||
Sales | 0 | 0 | |||
Cost of sales | 0 | 0 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Management Service [Member] | |||||
Sales | 0 | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | |||||
Interest income | 0 | 0 | 0 | 0 | |
Net gains on sales of real estate assets | 0 | 0 | 0 | ||
Other revenue | 0 | 0 | 0 | 0 | |
Total revenues | 24,391 | 32,535 | 76,711 | 101,116 | |
Interest expense | 1,229 | 1,063 | 3,502 | 2,405 | |
Recoveries from loan losses, net | 0 | 0 | 0 | 0 | |
Impairment losses | 0 | ||||
Selling, general and administrative expenses | 3,496 | 4,166 | 11,335 | 13,099 | |
Total costs and expenses | 26,294 | 36,768 | 84,828 | 113,122 | |
Operating income (losses) | (1,903) | (4,233) | (8,117) | (12,006) | |
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | 0 | |
Other income (loss) | (1) | 1 | (5) | 1 | |
Foreign exchange gain | 391 | 905 | (111) | 1,073 | |
Income (loss) before income taxes | (1,513) | (3,327) | (8,233) | (10,932) | |
Total assets | 89,298 | 103,781 | 89,298 | 103,781 | |
Expenditures for property and equipment | 273 | 233 | 1,014 | 757 | |
Depreciation and amortization | 878 | 846 | 2,623 | 2,497 | |
Debt accretion and amortization | (5) | 32 | (14) | 85 | |
Cash and cash equivalents | 613 | 692 | 613 | 692 | |
Real estate equity method investments | 0 | 0 | 0 | 0 | |
Goodwill | 4,140 | 4,140 | 4,140 | 4,140 | |
Notes payable and other borrowings | 43,344 | 51,745 | 43,344 | 51,745 | |
Impairment losses | 0 | 0 | 0 | ||
Operating Segments [Member] | Renin Holdings LLC[Member] | The Altman Companies [Member] | |||||
Gain on the consolidation of The Altman Companies | 0 | ||||
Operating Segments [Member] | Renin Holdings LLC[Member] | The Altman Companies, LLC [Member] | |||||
Gain (loss) on consolidation | 0 | ||||
Operating Segments [Member] | Renin Holdings LLC[Member] | Other Investments in Real Estate Joint Ventures [Member] | |||||
Gain (loss) on consolidation | 0 | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | Trade [Member] | |||||
Sales | 24,391 | 32,535 | 76,711 | 101,116 | |
Cost of sales | 21,569 | 31,539 | 69,991 | 97,618 | |
Operating Segments [Member] | Renin Holdings LLC[Member] | Real Estate [Member] | |||||
Sales | 0 | 0 | 0 | 0 | |
Cost of sales | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Renin Holdings LLC[Member] | Construction [Member] | |||||
Sales | 0 | 0 | |||
Cost of sales | 0 | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | Management Service [Member] | |||||
Sales | 0 | 0 | |||
Corporate, Non-Segment [Member] | |||||
Interest income | 0 | 0 | 0 | 0 | |
Net gains on sales of real estate assets | 0 | 0 | 0 | ||
Other revenue | 452 | 587 | 1,341 | 1,880 | |
Total revenues | 1,703 | 2,097 | 7,468 | 8,190 | |
Interest expense | 1 | 1 | 3 | 2 | |
Recoveries from loan losses, net | 0 | 0 | 0 | 0 | |
Impairment losses | 0 | ||||
Selling, general and administrative expenses | 2,252 | 1,547 | 6,090 | 5,204 | |
Total costs and expenses | 2,759 | 2,128 | 8,080 | 7,321 | |
Operating income (losses) | (1,056) | (31) | (612) | 869 | |
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | 0 | |
Other income (loss) | 6 | 0 | 2,268 | 2 | |
Foreign exchange gain | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | (1,050) | (31) | 1,656 | 871 | |
Total assets | 6,326 | 6,483 | 6,326 | 6,483 | |
Expenditures for property and equipment | 33 | 25 | 161 | 73 | |
Depreciation and amortization | 45 | 35 | 126 | 103 | |
Debt accretion and amortization | 0 | 0 | 0 | 0 | |
Cash and cash equivalents | 1,912 | 1,878 | 1,912 | 1,878 | |
Real estate equity method investments | 0 | 0 | 0 | 0 | |
Goodwill | 0 | 0 | |||
Notes payable and other borrowings | 21 | 14 | 21 | 14 | |
Impairment losses | 0 | 0 | 0 | ||
Corporate, Non-Segment [Member] | The Altman Companies [Member] | |||||
Gain on the consolidation of The Altman Companies | 0 | ||||
Corporate, Non-Segment [Member] | The Altman Companies, LLC [Member] | |||||
Gain (loss) on consolidation | 0 | ||||
Corporate, Non-Segment [Member] | Other Investments in Real Estate Joint Ventures [Member] | |||||
Gain (loss) on consolidation | 0 | 0 | |||
Corporate, Non-Segment [Member] | Trade [Member] | |||||
Sales | 1,251 | 1,510 | 6,127 | 6,310 | |
Cost of sales | 506 | 580 | 1,987 | 2,115 | |
Corporate, Non-Segment [Member] | Real Estate [Member] | |||||
Sales | 0 | 0 | 0 | 0 | |
Cost of sales | 0 | 0 | 0 | 0 | |
Corporate, Non-Segment [Member] | Construction [Member] | |||||
Sales | 0 | 0 | |||
Cost of sales | 0 | 0 | |||
Corporate, Non-Segment [Member] | Management Service [Member] | |||||
Sales | 0 | 0 | |||
Segment Reconciling Items [Member] | |||||
Interest income | 572 | 606 | 678 | 1,803 | |
Net gains on sales of real estate assets | 0 | 0 | 0 | ||
Other revenue | (223) | (74) | (554) | (461) | |
Total revenues | 347 | 531 | 105 | 1,335 | |
Interest expense | (830) | (677) | (2,423) | (1,444) | |
Recoveries from loan losses, net | 0 | 0 | 0 | 0 | |
Impairment losses | 0 | ||||
Selling, general and administrative expenses | 6,827 | 5,720 | 20,910 | 17,138 | |
Total costs and expenses | 5,995 | 5,042 | 18,468 | 15,688 | |
Operating income (losses) | (5,648) | (4,511) | (18,363) | (14,353) | |
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | 0 | |
Other income (loss) | 388 | 49 | 449 | 264 | |
Foreign exchange gain | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | (5,260) | (4,462) | (17,914) | (14,089) | |
Total assets | 60,680 | 76,231 | 60,680 | 76,231 | |
Expenditures for property and equipment | 7 | 65 | 22 | 1,498 | |
Depreciation and amortization | 107 | 102 | 1,252 | 232 | |
Debt accretion and amortization | 0 | 0 | 0 | 0 | |
Cash and cash equivalents | 22,328 | 13,730 | 22,328 | 13,730 | |
Real estate equity method investments | 0 | 0 | 0 | 0 | |
Goodwill | 0 | 0 | |||
Notes payable and other borrowings | (26,475) | (25,575) | (26,475) | (25,575) | |
Impairment losses | 0 | 0 | 0 | ||
Segment Reconciling Items [Member] | The Altman Companies [Member] | |||||
Gain on the consolidation of The Altman Companies | 0 | ||||
Segment Reconciling Items [Member] | The Altman Companies, LLC [Member] | |||||
Gain (loss) on consolidation | 0 | ||||
Segment Reconciling Items [Member] | Other Investments in Real Estate Joint Ventures [Member] | |||||
Gain (loss) on consolidation | 0 | 0 | |||
Segment Reconciling Items [Member] | Trade [Member] | |||||
Sales | (2) | (1) | (19) | (7) | |
Cost of sales | (2) | (1) | (19) | (6) | |
Segment Reconciling Items [Member] | Real Estate [Member] | |||||
Sales | 0 | 0 | 0 | 0 | |
Cost of sales | 0 | $ 0 | 0 | $ 0 | |
Segment Reconciling Items [Member] | Construction [Member] | |||||
Sales | 0 | 0 | |||
Cost of sales | 0 | 0 | |||
Segment Reconciling Items [Member] | Management Service [Member] | |||||
Sales | $ 0 | $ 0 |