Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 11, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-56177 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 82-4669146 | ||
Entity Address, Address Line One | 201 East Las Olas Boulevard, Suite 1900 | ||
Entity Address, City or Town | Fort Lauderdale | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33301 | ||
City Area Code | 954 | ||
Local Phone Number | 940-4900 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 57,000,000 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Fort Lauderdale, Florida | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 3,854,194 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 10,991,111 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 90,277 | $ 127,581 |
Restricted cash | 21,307 | 750 |
Securities available for sale, at fair value | 44,576 | 18,548 |
Trade accounts receivable, net | 18,341 | 19,665 |
Construction contracts receivable, net | 13,525 | 0 |
Trade inventory, net | 33,836 | 48,866 |
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 80,654 | 12,345 |
Real Estate Investments | 44,076 | 49,415 |
Note receivable from Bluegreen Vacations Holding Corporation | 2,176 | 2,909 |
Property and equipment, net | 40,688 | 35,140 |
Goodwill | 49,647 | 18,414 |
Intangible assets, net | 26,839 | 29,405 |
Operating lease assets | 117,894 | 110,082 |
Deferred tax asset, net | 7,192 | 4,259 |
Contract assets | 30,799 | 16,918 |
Other assets | 19,591 | 21,453 |
Total assets | 674,242 | 562,841 |
Liabilities: | ||
Accounts payable | 31,012 | 17,371 |
Accrued expenses | 40,700 | 34,985 |
Contract liabilities | 28,641 | 861 |
Other liabilities | 4,774 | 5,297 |
Operating lease liabilities | 136,758 | 126,842 |
Notes payable and other borrowings | 60,805 | 38,543 |
Total liabilities | 302,690 | 223,899 |
Commitments and contingencies (See Note 16) | ||
Redeemable noncontrolling interest | 5,040 | 4,414 |
Equity: | ||
Additional paid-in capital | 311,847 | 312,978 |
Accumulated deficit | (1,755) | 20,358 |
Accumulated other comprehensive income | 1,313 | 823 |
Total shareholders' equity | 311,544 | 334,302 |
Noncontrolling interests | 54,968 | 226 |
Total equity | 366,512 | 334,528 |
Total liabilities and equity | 674,242 | 562,841 |
Common Class A [Member] | ||
Equity: | ||
Common stock | 101 | 106 |
Common Class B [Member] | ||
Equity: | ||
Common stock | 38 | 37 |
Bluegreen Vacations Holding Corporation [Member] | ||
ASSETS | ||
Note receivable from Bluegreen Vacations Holding Corporation | $ 35,000 | $ 50,000 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 90,277 | $ 127,581 |
Restricted cash | 21,307 | 750 |
Trade accounts receivable, net | 18,341 | 19,665 |
Real estate, held for sale | 2,688 | 4,443 |
Real Estate Investments | 44,076 | 49,415 |
Other assets | 19,591 | 21,453 |
Accounts payable | 31,012 | 17,371 |
Accrued expenses | 40,700 | 34,985 |
Other liabilities | 4,774 | 5,297 |
Notes payable and other borrowings | $ 60,805 | $ 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) | 10,110,336 | 10,629,613 |
Common stock, shares outstanding (in shares) | 10,110,336 | 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) | 3,785,851 | 3,723,932 |
Common stock, shares outstanding (in shares) | 3,785,851 | 3,723,932 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | $ 4,521 | $ 0 |
Restricted cash | 10,089 | 0 |
Trade accounts receivable, net | 385 | 0 |
Real estate, held for sale | 64,055 | 0 |
Real Estate Investments | 39,821 | 0 |
Other assets | 990 | 0 |
Accounts payable | 16 | 0 |
Accrued expenses | 349 | 0 |
Other liabilities | 1,833 | 0 |
Notes payable and other borrowings | $ 27,321 | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues: | ||||
Sales | $ 388,721 | $ 307,919 | $ 303,557 | |
Real estate development and property management fees | 11,186 | 0 | 0 | |
Interest income | 9,180 | 5,993 | 6,413 | |
Net gains on sales of real estate assets | 2,210 | 24,289 | 643 | |
Other revenue | 1,146 | 3,844 | 2,984 | |
Total revenues | 401,257 | 342,045 | 313,597 | |
Costs and expenses: | ||||
Interest expense | 3,142 | 2,399 | 1,439 | |
Recoveries from loan losses, net | (3,594) | (4,835) | (7,774) | |
Impairment losses | 615 | 549 | 38 | |
Selling, general and administrative expenses | 136,113 | 116,215 | 76,014 | |
Total costs and expenses | 446,474 | 339,512 | 284,553 | |
Operating (losses) income | (45,217) | 2,533 | 29,044 | |
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |
Gain on the consolidation of The Altman Companies | 3,746 | 0 | 0 | |
Gain on the consolidation of investment in real estate joint ventures | 12,017 | 0 | 0 | |
Gain on the consolidation of IT'SUGAR | 0 | 0 | 15,890 | |
Other income | 4,027 | 964 | 341 | |
Foreign exchange (loss) gain | (515) | 880 | 812 | |
(Loss) income before income taxes | (21,723) | 42,791 | 64,241 | |
Benefit (provision) for income taxes | 2,060 | (15,149) | (17,175) | |
Net (loss) income | (19,663) | 27,642 | 47,066 | |
Net (income) loss attributable to noncontrolling interests | (1,135) | 378 | (155) | |
Net (loss) income attributable to shareholders | $ (20,798) | $ 28,020 | $ 46,911 | |
Basic (loss) earnings per share (in dollars per share) | $ (1.44) | $ 1.81 | $ 2.63 | |
Diluted (loss) earnings per share (in dollars per share) | $ (1.44) | $ 1.81 | $ 2.63 | |
Basic weighted average number of common shares outstanding (in shares) | [1] | 14,411 | 15,471 | 17,840 |
Diluted weighted average number of common shares outstanding (in shares) | [1] | 14,411 | 15,508 | 17,840 |
Net (loss) income | $ (19,663) | $ 27,642 | $ 47,066 | |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain (loss) on securities available for sale | 29 | (103) | 3 | |
Foreign currency translation adjustments | 461 | (911) | 3 | |
Other comprehensive income (loss), net | 490 | (1,014) | 6 | |
Comprehensive (loss) income, net of tax | (19,173) | 26,628 | 47,072 | |
Comprehensive (income) loss attributable to noncontrolling interests | (1,135) | 378 | (155) | |
Comprehensive (loss) income attributable to shareholders | (20,308) | 27,006 | 46,917 | |
Trade [Member] | ||||
Revenues: | ||||
Sales | 250,436 | 280,125 | 238,078 | |
Costs and expenses: | ||||
Cost of sales | 184,767 | 213,721 | 185,146 | |
Real Estate [Member] | ||||
Revenues: | ||||
Sales | 12,912 | 27,794 | 65,479 | |
Costs and expenses: | ||||
Cost of sales | 3,071 | 11,463 | 29,690 | |
Construction [Member] | ||||
Revenues: | ||||
Sales | 114,187 | 0 | 0 | |
Costs and expenses: | ||||
Cost of sales | $ 122,360 | $ 0 | $ 0 | |
[1]For periods prior to the spin-off on September 30, 2020, the number of shares is based on the shares issued in connection with the spin-off. See Note 1 for further discussion. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Tender Offer [Member] Common Stock [Member] Common Class A [Member] | Tender Offer [Member] Common Stock [Member] Common Class B [Member] | Tender Offer [Member] Additional Paid-in Capital [Member] | Tender Offer [Member] Retained Earnings [Member] | Tender Offer [Member] AOCI Attributable to Parent [Member] | Tender Offer [Member] Noncontrolling Interest [Member] | Tender Offer [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Common Stock [Member] Common Class A [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Common Stock [Member] Common Class B [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Additional Paid-in Capital [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Retained Earnings [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] AOCI Attributable to Parent [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] Noncontrolling Interest [Member] | Withholding Taxes on Vesting of Restricted Stock [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 15,624 | 3,694 | |||||||||||||||||||
Balance at Dec. 31, 2020 | $ 156 | $ 37 | $ 310,588 | $ (3,457) | $ 1,830 | $ 99 | $ 309,253 | ||||||||||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 0 | 0 | 0 | 46,911 | 0 | 14 | 46,925 | ||||||||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 1,030 | 1,030 | ||||||||||||||
Other comprehensive income | $ 0 | $ 0 | 0 | 0 | 6 | 0 | 6 | ||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | 8 | ||||||||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | (8) | ||||||||||||||||||||
Conversion of common stock from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Purchase and retirement of common stock (in shares) | (1,403) | 0 | (2,425) | (15) | |||||||||||||||||
Purchase and retirement of common stock | $ (14) | $ 0 | $ 0 | $ (11,417) | $ 0 | $ 0 | $ (11,431) | $ (24) | $ 0 | 0 | (22,811) | 0 | 0 | (22,835) | |||||||
Balance (in shares) at Dec. 31, 2021 | 11,804 | 3,671 | |||||||||||||||||||
Balance at Dec. 31, 2021 | $ 118 | $ 37 | 310,588 | 9,226 | 1,836 | 1,143 | 322,948 | ||||||||||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 0 | 0 | 0 | 28,020 | 0 | (398) | 27,622 | ||||||||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 52 | 52 | ||||||||||||||
Other comprehensive income | $ 0 | $ 0 | 0 | 0 | (1,013) | (1) | (1,014) | ||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | 4 | ||||||||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | (4) | ||||||||||||||||||||
Conversion of common stock from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Purchase and retirement of common stock (in shares) | (1,200) | 0 | (54) | (11) | (116) | 0 | |||||||||||||||
Purchase and retirement of common stock | $ (12) | $ 0 | 0 | (12,132) | 0 | 0 | (12,144) | $ (1) | $ 0 | $ (1) | $ (517) | $ 0 | $ 0 | $ (519) | $ (1) | $ 0 | 0 | (1,073) | 0 | 0 | (1,074) |
Acquisition of noncontrolling interests | 0 | 0 | (958) | 0 | 0 | (282) | (1,240) | ||||||||||||||
Distribution to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | (288) | (288) | ||||||||||||||
Accretion of redeemable noncontrolling interest | $ 0 | $ 0 | 0 | (3,166) | 0 | 0 | (3,166) | ||||||||||||||
Issuance of common stock from vesting of restricted stock awards (in shares) | 191 | 68 | |||||||||||||||||||
Issuance of common stock from vesting of restricted stock awards | $ 2 | $ 0 | (2) | 0 | 0 | 0 | 0 | ||||||||||||||
Share-based compensation | $ 0 | $ 0 | 3,351 | 0 | 0 | 0 | 3,351 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 10,629 | 3,724 | |||||||||||||||||||
Balance at Dec. 31, 2022 | $ 106 | $ 37 | 312,978 | 20,358 | 823 | 226 | 334,528 | ||||||||||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 0 | 0 | 0 | (20,798) | 0 | 979 | (19,819) | ||||||||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 2,601 | 2,601 | ||||||||||||||
Other comprehensive income | $ 0 | $ 0 | 0 | 0 | 490 | 0 | 490 | ||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | 7 | ||||||||||||||||||||
Conversion of common stock from Class B to Class A (in shares) | (7) | ||||||||||||||||||||
Conversion of common stock from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Purchase and retirement of common stock (in shares) | (726) | 0 | (128) | 0 | |||||||||||||||||
Purchase and retirement of common stock | $ (7) | $ 0 | $ (5,902) | $ 0 | $ 0 | $ 0 | $ (5,909) | $ (1) | $ 0 | $ 0 | $ (919) | $ 0 | $ 0 | $ (920) | |||||||
Distribution to noncontrolling interest | 0 | 0 | 0 | 0 | (5,473) | (5,670) | |||||||||||||||
Accretion of redeemable noncontrolling interest | $ 0 | $ 0 | 0 | (900) | 0 | 0 | (900) | ||||||||||||||
Issuance of common stock from vesting of restricted stock awards (in shares) | 328 | 69 | |||||||||||||||||||
Issuance of common stock from vesting of restricted stock awards | $ 3 | $ 1 | (4) | 0 | 0 | 0 | 0 | ||||||||||||||
Share-based compensation | 0 | 0 | 4,242 | 0 | 0 | 5,321 | |||||||||||||||
Distributions to noncontrolling interests | (197) | ||||||||||||||||||||
Acquisition of redeemable noncontrolling interest | 0 | 0 | 730 | 0 | 0 | 0 | 730 | ||||||||||||||
Reversal of accretion of redeemable noncontrolling interest | 0 | 0 | 0 | 504 | 0 | 0 | 504 | ||||||||||||||
Consolidation of real estate joint ventures | $ 0 | $ 0 | 0 | 0 | 0 | 55,556 | 55,556 | ||||||||||||||
Share-based compensation | 1,079 | ||||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 10,110 | 3,786 | |||||||||||||||||||
Balance at Dec. 31, 2023 | $ 101 | $ 38 | $ 311,847 | $ (1,755) | $ 1,313 | $ 54,968 | $ 366,512 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) attributable to redeeming noncontrolling interest | $ 156 | $ 20 | $ 141 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Net (loss) income | $ (19,663) | $ 27,642 | $ 47,066 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Recoveries from loan losses, net | (3,594) | (4,835) | (7,774) |
Depreciation, amortization and accretion | 11,024 | 10,663 | 7,329 |
Net gains on sales of real estate and property and equipment | (2,210) | (24,401) | (696) |
Equity in net earnings of unconsolidated real estate joint ventures | (4,219) | (38,414) | (18,154) |
Return on investment in unconsolidated real estate joint ventures | 7,806 | 45,107 | 20,573 |
Gain on the consolidation | (12,017) | 0 | 0 |
Impairment losses | 615 | 549 | 38 |
Share-based compensation expense | 5,389 | 3,397 | 0 |
(Recovery) provision for excess and obsolete inventory | (15) | (2,389) | 2,340 |
Changes in operating assets and liabilities: | |||
Deferred income tax asset, net | (2,514) | (483) | 3,648 |
Trade accounts receivable | 2,108 | 10,234 | 192 |
Construction contracts receivable | 1,196 | 0 | 0 |
Trade inventory | 15,045 | (4,582) | (9,838) |
Real estate inventory | (1,009) | 4,068 | 25,879 |
Operating lease asset | 20,953 | 18,454 | 8,665 |
Operating lease liability | (19,619) | (16,634) | (6,721) |
Contract assets | 8,313 | 3,007 | (16,990) |
Other assets | 2,274 | (1,018) | 4,701 |
Accounts payable | (3,635) | 4,093 | (51) |
Accrued expenses | (10,145) | 1,849 | (6,161) |
Contract liabilities | (2,779) | 0 | 0 |
Other liabilities | (787) | 29 | (328) |
Net cash (used in) provided by operating activities | (11,229) | 36,336 | 37,828 |
Investing activities: | |||
Return of investment in unconsolidated real estate joint ventures | 21,446 | 11,727 | 19,243 |
Investments in unconsolidated real estate joint ventures | (11,325) | (12,982) | (16,618) |
Loan funding to IT'SUGAR, net | 0 | 0 | 222 |
Purchases of securities available for sale, at fair value | (124,375) | (34,032) | 0 |
Redemptions of securities available for sale | 100,529 | 21,172 | 0 |
Proceeds from repayment of loans receivable | 3,951 | 5,079 | 8,844 |
Proceeds from repayment of Bluegreen Vacations note receivable | 14,070 | 0 | 25,000 |
Proceeds from sales of real estate held-for-sale | 3,176 | 27,282 | 2,439 |
Proceeds from sales of property and equipment | 0 | 2,741 | 0 |
Additions to real estate held-for-sale and held-for-investment | (37,391) | (656) | (565) |
Purchases of property and equipment | (15,101) | (14,739) | (8,526) |
Cash acquired in the consolidation of real estate joint ventures | 29,147 | 0 | 0 |
Increase (decrease) in cash from other investing activities | 5,005 | (5,014) | (163) |
Net cash (used in) provided by investing activities | (15,120) | 578 | 36,785 |
Financing activities: | |||
Repayments of notes payable and other borrowings | (9,568) | (15,804) | (22,096) |
Proceeds from notes payable and other borrowings | 32,779 | 3,355 | 9,359 |
Purchase and retirement of stock | 0 | (1,074) | (22,835) |
Purchase and retirement of common stock for withholding taxes on vesting of restricted stock awards | (920) | (519) | 0 |
Payments for debt issuance costs | (245) | 0 | 0 |
Acquisition of redeemable noncontrolling interest in IT'SUGAR | (3,279) | 0 | 0 |
Contributions from noncontrolling interests | 2,619 | 86 | 1,048 |
Acquisition of noncontrolling interests | 0 | (1,240) | 0 |
Distribution to noncontrolling interests | (5,875) | (288) | 0 |
Net cash provided by (used in) financing activities | 9,602 | (27,628) | (45,955) |
(Decrease) increase in cash, cash equivalents and restricted cash | (16,747) | 9,286 | 28,658 |
Cash, cash equivalents and restricted cash at beginning of period | 128,331 | 119,045 | 90,387 |
Cash, cash equivalents and restricted cash at end of period | 111,584 | 128,331 | 119,045 |
Supplemental cash flow information: | |||
Interest paid on borrowings, net of amounts capitalized | 2,457 | 2,025 | 2,503 |
Income taxes paid | 7,932 | 14,953 | 10,628 |
Supplementary disclosure of non-cash investing and financing activities: | |||
Construction funds receivable transferred to real estate | 7 | 450 | 861 |
Assumption of Community Development District Bonds by homebuilders | 1,888 | 4,257 | 6,684 |
Increase in accrued expenses for the acquisition of redeemable noncontrolling interest in IT'SUGAR | 1,244 | 0 | 0 |
Operating lease assets obtained in exchange for new operating lease liabilities | 29,835 | 40,046 | 32,867 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 90,277 | 127,581 | 118,045 |
Restricted cash | 21,307 | 750 | 1,000 |
Cash, cash equivalents and restricted cash at end of period | 111,584 | 128,331 | 119,045 |
The Altman Companies [Member] | |||
Investing activities: | |||
Cash paid for the acquisition of the Altman Companies, net of cash received | (4,252) | 0 | 0 |
Real Estate Held for Investment [Member] | |||
Supplementary disclosure of non-cash investing and financing activities: | |||
Accrued additions to fixed assets | 5,753 | 0 | 0 |
Property and Equipment [Member] | |||
Supplementary disclosure of non-cash investing and financing activities: | |||
Accrued additions to fixed assets | 496 | 534 | 0 |
Other Investments in Real Estate Joint Ventures [Member] | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Gain on the consolidation | (12,017) | 0 | 0 |
The Altman Companies, LLC [Member] | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Gain on the consolidation | (3,746) | 0 | 0 |
IT’SUGAR [Member] | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Gain on the consolidation | 0 | 0 | (15,890) |
Investing activities: | |||
Cash acquired in the consolidation of IT'SUGAR | 0 | 0 | 6,909 |
Tender Offer [Member] | |||
Financing activities: | |||
Purchase and retirement of stock | $ (5,909) | $ (12,144) | $ (11,431) |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. BBX Capital, Inc. (referred to together with its subsidiaries as the “Company,” “we,” “us,” or “our,” and without its subsidiaries as “BBX Capital”) is a Florida-based diversified holding company whose principal holdings are BBX Capital Real Estate LLC (“BBX Capital Real Estate” or “BBXRE”), BBX Sweet Holdings, LLC (“BBX Sweet Holdings” or “BBXSH”), and Renin Holdings, LLC (“Renin”). Spin-Off from Bluegreen Vacations Prior to September 30, 2020, September 30, 2020, September 30, 2020 one one In connection with the spin-off, BVH issued a $75.0 million note payable to the Company that accrued interest at a rate of 6% per annum and required payments of interest on a quarterly basis. All outstanding amounts under the note were scheduled to become due and payable on September 30, 2025 December 2021, May 2023, January 2024, In October 2020, Principal Holdings The Company’s principal holdings are BBX Capital Real Estate, BBX Sweet Holdings, and Renin. BBX Capital Real Estate BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, warehouse and logistics facilities, and commercial properties located primarily in Florida. Since November 2018, 3, January 2023, 2012, BBX Sweet Holdings BBX Sweet Holdings is engaged in the ownership and management of operating businesses in the confectionery industry, including (i) IT’SUGAR, a specialty candy retailer whose products include bulk candy, candy in giant packaging, and licensed and novelty items and which operates in retail locations that include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations throughout the United States, and (ii) Las Olas Confections and Snacks, a manufacturer and wholesaler of chocolate and other confectionery products. BBX Sweet Holdings currently owns 100% of the equity interests in IT’SUGAR. Prior to September 22, 2020, 19 September 22, 2020, 11 11 September 22, 2020. June 16, 2021, June 17, 2021 ( 24 August 2023, not Renin Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing activities, Renin sources various products and materials from China, Brazil, and certain other countries. Other In addition to its principal holdings, the Company has investments in other operating businesses, including (i) a restaurant located in South Florida that was acquired in 2018 third February 2023, January 2024, not 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) higher interest rates. In light of the uncertain duration and impact of current economic trends, the Company maintained significant liquidity. BBXRE real estate assets are located in Florida and economic conditions in the Florida real estate market could adversely affect our earnings and financial condition. As of December 31, 2023, one Current inflationary and economic trends have and may 525 March 2022 2023 In light of these conditions, we have taken steps to increase the prices of our products; however, such increases may not may not no 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. Higher rates have also 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 experienced 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 could meet consumer demand. However, in light of current economic conditions, including a slowdown in consumer demand, the 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 Basis of Presentation The accompanying consolidated financial statements of the Company include the consolidated financial statements of BBX Capital and its subsidiaries, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin. Due to the deconsolidation of IT’SUGAR in September 2020 June 2021, December 31, 2021 not January 1, 2021 June 16, 2021. December 31, 2023 2022 December 31, 2023 2022 Due to the consolidation of the Altman Companies in January 2023 not December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 2021 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Consolidation Policy - one Use of Estimates not may Due to, among other things, the impact and potential future impact of the current inflationary and geopolitical environment, higher interest rates, labor shortages, supply chain issues, ongoing economic uncertainty, and a possible recession, 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 Reclassifications - 2023. December 31, 2022 2023 no Cash, Cash Equivalents, and Restricted Cash 90 three $250,000 Revenue Recognition Trade sales ● Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 30 60 ● Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. ● Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. ● Shipping and handling activities that occur after the control of goods is transferred to a customer are accounted for as fulfillment activities instead of a separate performance obligation. ● Revenue is not one Sales of real estate inventory - not may not Revenue from construction contracts - not may not not not eleven December 31, 2023 not Revenue from development management fees - not not Revenue from property management fees - third one thirty Interest income Net gains on sales of real estate assets Other revenue Marketable Investment Securities 90 Debt securities not Securities acquired for short-term appreciation or other trading purposes are classified as trading securities and are recorded at fair value. Realized and unrealized gains and losses resulting from such fair value adjustments and from recording the results of sales are recorded in the consolidated statements of operations in other income. For securities classified as held to maturity, management must estimate expected credit losses over the remaining expected life and recognize this estimate as an allowance for credit losses. Debt securities that are available for sale are analyzed quarterly for credit losses. The analysis is performed on an individual security basis for all securities where fair value has declined below amortized cost. Gains and losses on the sale of securities are recorded on the trade date and recognized using the specific identification method. Trade Accounts Receivables and Allowance for Expected Credit Losses one 30 60 30 Construction Contracts Receivable c not 30 Contract Assets and Contract Liabilities may may not not not Trade Inventory not first first In valuing inventory, the Company makes assumptions regarding write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration, and write-downs are recorded where appropriate. Because the value of inventory that will ultimately be realized cannot be known with exact certainty, we rely upon both past sales history and future sales forecasts to provide a basis for the determination of the write-down. Inventory is considered potentially obsolete if we have withdrawn those products from the market or had no 12 no 12 12 100% Real Estate may Investments in and Advances to Unconsolidated Real Estate Joint Ventures not not The Company recognizes its share of earnings or losses from certain equity method investments based on the hypothetical liquidation at book value method. Under this method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. This method is used to calculate the Company’s share of earnings or losses from equity method investments when the contractual cash disbursements to the investors are different than the investors’ stated ownership percentage. The Company capitalizes interest expense on investments in and advances to or loans to real estate joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. Interest capitalized on investments and advances to real estate joint ventures was $0.9 million, $0.5 million and $0.5 million during the years ended December 31, 2023, 2022 2021, The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of its investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment loss is recorded to reduce the investment to its fair value, and a new cost basis in the investment is established. Property and Equipment, net Goodwill December 31 first not not not not The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not The Company generally applies an income approach utilizing a discounted cash flow methodology and a market approach utilizing a guideline public company and transaction methodology to estimate the fair value of its reporting units. The estimated fair values obtained from the income and market approaches are compared and reviewed for reasonableness to determine a best estimate of fair value. The Company’s discounted cash flow methodology establishes an estimate of fair value by estimating the present value of the projected future cash flows to be generated from a reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company generally uses a five ten may Inherent in the Company’s determinations of fair value are certain judgments and estimates relating to future cash flows, including the Company’s assessment of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operating businesses. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. Intangible Asset, net Operating Lease Assets and Operating Lease Liabilities 12 12 not not not not Impairment of Long-Lived Assets may not may not not not not To the extent that impairment testing is required, the Company generally estimates the fair values of its long-lived assets utilizing a discounted cash flow methodology which estimates the present value of the projected future cash flows expected to be generated from the applicable assets or asset groups. When estimating the fair value of asset groups related to a retail location, the Company’s estimated fair value considers the relevant market participants and the highest and best use for the location, including whether the value of the location would be maximized by operating the location in its current use or by permanently closing the location and subleasing it. To the extent applicable, the Company estimates the fair value of right-of-use assets associated with its retail locations using a discounted cash flow methodology which estimates the present value of market rental rates applicable to such right-of-use assets. When estimating the fair value of intangible assets, the Company uses a form of the income approach relevant to the applicable asset or asset group. The Company uses the relief from royalty valuation method, a form of the income approach, to estimate the fair value of trademarks. Under this method, the fair value of trademarks is determined by calculating the present value using a risk-adjusted discount rate of the estimated future royalty payments that would have to be paid if the trademarks were not As the carrying amounts of the Company’s long-lived assets are dependent upon estimates of future cash flows that they are expected to generate, these assets may not Deferred Financing Costs third Income Taxes 80% 80% not The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Income tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not may not 50% not December 31, 2023 Noncontrolling Interests 100% A change in the ownership interests of a subsidiary is accounted for as an equity transaction if the Company retains its controlling financial interest in the subsidiary. The amounts of consolidated net income and comprehensive (loss) income attributable to BBX Capital’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated statements of operations and comprehensive (loss) income. Cost of Trade Sales Cost of Revenue from Construction Contracts not Advertising December 31, 2023 2022 2021 Accounting for Loss Contingencies Accounting for Guarantees - Earnings Per Share 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 The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which had not December 31, 20 23: ASU No. 2023 09, 740 5 five December 31, 2024, not not ASU No. 2023 07, 280 not December 31, 2023 December 31, 2024. not ASU No. 2023 05, 805 60 not January 1, 2025. January 1, 2025 may not not |
Note 3 - Acquisition
Note 3 - Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Acquisition of The Altman Companies In November 2018, January 2023 no November 2018, third On January 31, 2023 ( 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 and (ii) November 30, 2028 ( ● 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 is entitled to 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% December 31, 2023. Accounting for the Altman Companies Investment in Altman Builders As of the Acquisition Date, the Altman Companies owned 60% of the equity interests in Altman Builders, which was at the time named Altman-Glenewinkel Construction. Altman Builders 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 prior operating agreement of Altman Builders, the Altman Companies had the right to acquire the 40% equity interests in Altman Builders 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 Altman Builders for nominal cash consideration as of the Acquisition Date, the Company determined that it had a controlling financial interest in Altman Builders as of Acquisition Date and should consolidate the assets and liabilities associated with Altman Builders 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 equity interests in Altman Builders as a transaction between equity holders. Further, based on the Company’s evaluation of the facts and circumstances surrounding the arrangement, the Company is accounting for the contingent amount payable to the former owner of the remaining 40% equity interests in Altman Builders as an expense for Altman Builders in return for ongoing services being provided by the former owner subsequent to the transaction. Purchase Price Allocation for the Altman Companies The following table summarizes the 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 Altman Development, Altman Management, and Altman Builders, 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 784 Real estate 3,495 Due from related parties 2,081 Property and equipment 64 Contract assets 22,194 Other assets 2,590 Total assets acquired 50,107 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 (3,392 ) Cash consideration paid to seller 8,430 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 15,519 Goodwill $ 31,233 Gain on the consolidation of the Altman Companies (1) $ 3,746 ( 1 The gain is comprised of the remeasurement of the Company’s previously held 50% equity interest in the Altman Companies at fair value at the Acquisition Date. The fair values reported in the above table were estimated by the Company using available market information and applicable valuation methods. As considerable judgment is involved in estimates of fair value, the not Goodwill recognized in connection with the consolidation of the Altman Companies reflected the difference between (i) the fair values of the Altman Companies’ identifiable assets and liabilities at the Acquisition Date and (ii) the aggregate of the consideration transferred and the fair values of the Company’s existing equity interest and any noncontrolling interests in the Altman Companies at the Acquisition Date. The Company believes that the recognized goodwill of $31.2 million related to the Altman Companies primarily relates to the estimated value attributable to profits expected to be generated by the Altman Companies from future development projects as part of its ongoing future operations, including profits from investments in the managing member of real estate joint ventures sponsored by the Altman Companies and general contractor and development management from such ventures. 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 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 consolidated statement of operations and comprehensive (loss) income for the eleven December 31, 2023 January 31, 2023 December 31, 2022 2021. For the Years Ended December 31, 2023 2022 2021 Total revenue $ 177,597 — — Loss before income taxes $ (9,014 ) (5,491 ) (1,438 ) Pro Forma Information (unaudited) The following unaudited pro forma financial data presents the Company’s revenues and earnings for the years ended December 31, 2023 2022 January 1, 2022 Pro Forma - Unaudited Actual For the Year Ended December 31, For the Year Ended December 31, 2023 2022 2023 2022 Total revenues $ 415,436 434,273 401,257 342,045 Net (loss) income attributable to shareholders $ (34,250 ) 23,839 (20,798 ) 28,020 The unaudited pro forma financial data reported in the above table does not January 1, 2022, December 31, 2023 2022 2022. January 1, 2022 |
Note 4 - Securities Available f
Note 4 - Securities Available for Sale, at Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. The following table summarizes the amortized cost and fair value of securities available-for-sale at December 31, 2023 2022 As of December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 43,738 13 — 43,751 Community Development District bonds 820 5 — 825 Corporate bonds — — — — Total available-for-sale $ 44,558 18 — 44,576 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 Accrued interest receivable as of December 31, 2023 2022 one ten |
Note 5 - Trade Accounts Receiva
Note 5 - Trade Accounts Receivables, Net, and Construction Contracts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts and Nontrade Receivable [Text Block] | 5. The Company’s trade accounts receivables consisted of the following (in thousands): December 31, December 31, 2023 2022 Trade accounts receivables $ 18,563 19,735 Allowance for expected credit losses (222 ) (70 ) Total trade accounts receivables $ 18,341 19,665 The Company's construction contract receivables consisted of the following (in thousands): December 31, December 31, 2023 2022 Construction contracts receivable $ 13,525 — Allowance for expected credit losses — — Total construction contracts receivable $ 13,525 — The entire balance of construction contracts receivable reflects receivables from affiliated real estate joint ventures in which the Company is the managing member. |
Note 6 - Trade Inventory
Note 6 - Trade Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. The Company’s trade inventory consisted of the following (in thousands): December 31, December 31, 2023 2022 Raw materials $ 5,569 9,130 Paper goods and packaging materials 1,571 2,185 Work in process 618 1,736 Finished goods 27,356 37,108 Total trade inventory 35,114 50,159 Inventory reserve (1,278 ) (1,293 ) Total trade inventory, net $ 33,836 48,866 The Company reviews its slow-moving and obsolete inventory for potential write-downs on a quarterly basis. During the fourth 2021, December 31, 2021, no December 31, 2023 2022. |
Note 7 - Real Estate
Note 7 - Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 7. The Company’s real estate consisted of the following (in thousands): December 31, December 31, 2023 2022 Real estate held-for-sale $ 2,688 4,443 Real estate held-for-investment 2,981 6,723 Real estate inventory 6,117 1,179 Rental properties under development 64,055 — Predevelopment costs 4,813 — Total real estate $ 80,654 12,345 Rental properties under development is comprised of $17.8 million of land and $46.3 million of construction in progress associated with the Altra Kendall joint venture. As further described in Note 8, December 31, 2023, During the years ended December 31, 2023, 2022, 2021, December 31, 2022 December 2022. The Company’s real estate inventory includes land and development costs related to BBXRE’s Beacon Lake Community development. During the year ended December 31, 2023, December 31, 2022, December 31, 2021. December 31, 2023, 2022, 2021, December 31, 2023, six January 2024. During the year ended December 31, 2023, Impairment Testing As a result of economic and market conditions, including disruptions and uncertainty in the U.S. and global economies and disruptions in global supply chains, as well as the rise in interest rates and inflationary pressures, the Company evaluated various factors, including asset-specific factors and overall economic and market conditions, and concluded that there had not December 31, 2023, 2022, 2021, no December 31, 2023, 2022 2021. |
Note 8 - Investments in and Adv
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Consolidated VIEs Real Estate Joint Ventures Related to the Altman Companies In addition to the performance of development management, property management, and general contractor services related to the development and sale multifamily rental apartment communities, the Altman Companies sponsors the formation of real estate joint ventures to investment in such developments and is entitled to invest in the managing member of such ventures. As described in Note 3, 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% no no not 16 As the managing members of the real estate joint ventures and ABBX are not not The following table summarizes the estimated 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 Fair value of identifiable net 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 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 fair values presented above are not 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 - Investment in Unconsolidated Real Estate Joint Ventures - Guarantee Liabilities - Noncontrolling Interests - Altman Management Altman Management ("AMC"), which previously provided 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 established BBX Industrial Guaranty, LLC ("BIG") to provide guarantees on the indebtedness and construction cost overruns of development joint ventures sponsored by BBX Logistics and contributed $5.0 million of cash and cash equivalents to BIG. Although the BBX Park at Delray joint venture does not not December 31, 2023. Summary of Financial Information Related to Consolidated VIEs The assets and liabilities of the Company's consolidated VIEs as of December 31, 2023 Real Estate Joint Ventures (1) ABBX AMC Total Cash $ 4,045 — 476 4,521 Restricted cash — 10,089 — 10,089 Trade accounts receivable, net — — 385 385 Real estate 64,055 — — 64,055 Investment in and advances to unconsolidated real estate joint ventures 39,821 — — 39,821 Other assets 698 — 292 990 Total assets $ 108,619 10,089 1,153 119,861 Accounts payable $ — — 16 16 Accrued expenses 140 9 200 349 Other liabilities — — 1,833 1,833 Notes payable and other borrowings 27,321 — — 27,321 Total liabilities $ 27,461 9 2,049 29,519 Noncontrolling interest $ 54,707 5,045 137 59,889 ( 1 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 non recourse to the Company (except to the extent of guarantees provided by ABBX and BIG). The Company's aggregate maximum loss exposure in consolidated VIEs is the amount of its equity investment as of December 31, 2023, Unconsolidated VIEs As of December 31, 2023 3, 50% December 31, 2023 not December 31, 2022 Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated VIEs under the equity method of accounting. The Company's investments in and advances to unconsolidated real estate joint ventures consisted of the following (in thousands): December 31, December 31, 2023 Ownership (1) 2022 Ownership (1) Altis Grand Central $ 636 1.49 % 687 1.49 % Altis Ludlam Trail (2) — — 12,216 33.30 Altis Lake Willis Phase 1 7,126 1.68 850 1.23 Altis Lake Willis Phase 2 3,398 5.10 601 3.50 Altis Grand at Suncoast 12,195 12.31 4,579 11.00 Altis Blue Lake 4,736 1.68 647 1.22 Altis Santa Barbara 6,425 5.10 433 3.50 Altis Twin Lakes 3,961 11.39 — — Altra Kendall (3) — — 5,670 13.70 The Altman Companies (3) — — 11,992 50.00 ABBX Guaranty (3) — — 5,978 50.00 BBX Park at Delray 2,800 10.00 — — Marbella 1,043 70.00 1,064 70.00 The Main Las Olas 479 3.41 1,117 3.41 Sky Cove 118 26.25 24 26.50 Sky Cove South 1,001 26.25 3,241 26.25 Other 158 316 Total $ 44,076 49,415 ( 1 The Company’s ownership percentage in each real estate joint venture represents the Company's percentage of the contributed capital in each venture, 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, Unconsolidated Variable Interest Entities In accordance with the applicable accounting guidance for the consolidation of VIEs, the Company analyzes its investments in real estate joint ventures to determine if such entities are VIEs, and to the extent that such entities are VIEs, if the Company is the primary beneficiary and should consolidate the VIE. Based on the Company’s analysis of the forecasted cash flows and structure of these ventures, including the respective operating agreements governing these entities and any relevant financial agreements, such as financing arrangements, the Company has determined that the real estate joint ventures included in the table above are VIEs and the Company had variable interests in the VIEs in the form of equity securities. The Company concluded that the entities were VIEs due to the entities not not not not not As of December 31, 2023 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 $16.8 million December 31, 2023 one The aggregate difference between the Company’s investments in unconsolidated real estate joint ventures and its underlying equity in the net assets of such ventures was $2.0 million as of December 31, 2022, Equity in Net Earnings and Distributions of Certain Unconsolidated Real Estate Joint Ventures For the years ended December 31, 2023 2022 2021 , Equity earnings for the year ended December 31, 2023 Equity earnings for the year ended December 31, 2022 December 31, 2022 Equity earnings for the year ended December 31, 2021 Altis Ludlam Trail Joint Venture As of December 31, 2019, June 2020, July 2023, The Altman Companies, LLC From November 2018 January 2023, 3 Impairment Testing As described in Note 2, may During the years ended December 31, 2023, 2022 2021, not Summarized Financial Information of Certain Unconsolidated Real Estate Joint Ventures The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Marbella joint venture (in thousands): December 31, 2023 2022 Assets Cash $ 536 3,508 Real estate inventory 1,706 1,706 Other assets 458 526 Total assets $ 2,700 5,740 Liabilities and Equity Total liabilities 612 3,611 Total equity 2,088 2,129 Total liabilities and equity $ 2,700 5,740 For the Years Ended December 31, 2023 2022 2021 Total revenues $ 1,192 110,914 24,676 Cost of real estate inventory sold — (81,610 ) (18,732 ) Other expenses (34 ) (3,601 ) (2,187 ) Net earnings (loss) $ 1,158 25,703 3,757 Equity in net earnings of unconsolidated real estate joint venture - Marbella $ 579 12,594 2,558 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): December 31, 2023 2022 Assets Cash $ 5,063 2,056 Real estate inventory 2,840 22,921 Other assets 16 19 Total assets $ 7,919 24,996 Liabilities and Equity Notes payable $ — 6,760 Other liabilities 1,739 5,800 Total liabilities 1,739 12,560 Total equity 6,180 12,436 Total liabilities and equity $ 7,919 24,996 For the Years Ended December 31, 2023 2022 2021 Total revenues $ 63,056 36,239 3 Cost of real estate inventory sold (47,685 ) (32,149 ) — Other expenses (1,406 ) (1,547 ) (1,038 ) Net earnings 13,965 2,543 (1,035 ) Equity in net earnings of unconsolidated real estate joint venture - Sky Cove South $ 2,394 633 (272 ) The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Little Havana joint venture (in thousands): December 31, 2023 2022 Assets Cash $ — 718 Other assets — 411 Total assets $ — 1,129 Liabilities and Equity Other liabilities $ — 270 Total liabilities — 270 Total equity — 859 Total liabilities and equity $ — 1,129 For the Years Ended December 31, 2023 2022 2021 Total revenues $ — 255 — Gain on sale of real estate — 59,023 — Other expenses — (2,369 ) (82 ) Net earnings (loss) $ — 56,909 (82 ) Equity in net earnings of unconsolidated real estate joint venture - Altis Little Havana $ — 8,689 — The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Miramar East/West joint venture (in thousands): December 31, 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 Years Ended December 31, 2023 2022 2021 Total revenues $ — 5,049 1,269 Gain on sale of real estate — 143,217 — Other expenses — (7,101 ) (532 ) Net earnings $ — 141,165 737 Equity in net earnings (loss) of unconsolidated real estate joint venture - Altis Miramar East/West $ 47 13,950 (34 ) The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Promenade joint venture (in thousands): December 31, 2023 2022 Assets Cash $ — — Other assets — — Total assets $ — — Liabilities and Equity Other liabilities — — Total liabilities — — Total equity — — Total liabilities and equity $ — — For the Years Ended December 31, 2023 2022 2021 Total revenues $ — — 2,589 Gain on sale of real estate — — 40,010 Other expenses — — (2,635 ) Net earnings $ — — 39,964 Equity in net earnings of unconsolidated real estate joint venture - Altis Promenade $ 147 230 5,178 The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Grand Central joint venture (in thousands): December 31, 2023 2022 Assets Cash $ — — Real estate — — Investment in Altis Grand Central JV — 4,589 Other assets — — Total assets $ — 4,589 Liabilities and Equity Notes payable $ — — Other liabilities — — Total liabilities — — Total equity — 4,589 Total liabilities and equity $ — 4,589 For the Years Ended December 31, 2023 2022 2021 Total revenues $ — — 5,735 Gain on sale of equity interest in joint venture — — 53,537 Total expenses — — (7,180 ) Net earnings — — 52,092 Equity in net earnings of unconsolidated real estate joint venture - Altis Grand Central $ — — 6,182 The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Grand at the Preserve joint venture (in thousands): December 31, 2023 2022 Assets Cash $ — — Real estate — — Other assets — — Total assets $ — — Liabilities and Equity Notes payable $ — — Other liabilities — — Total liabilities — — Total equity — — Total liabilities and equity $ — — For the Years Ended December 31, 2023 2022 2021 Total revenues $ — — 1,965 Gain on sale of real estate — — 37,675 Other expenses — — (3,476 ) Net earnings — — 36,164 Equity in net earnings of unconsolidated real estate joint venture - Altis Grand at the Preserve $ — 114 4,977 |
Note 9 - Property and Equipment
Note 9 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. The Company’s property and equipment consisted of the following (in thousands): December 31, 2023 2022 Leasehold improvements $ 35,732 29,001 Construction in progress 4,009 1,039 Office equipment, furniture, fixtures and software 32,535 27,722 Transportation 405 366 72,681 58,128 Accumulated depreciation (31,993 ) (22,988 ) Property and equipment, net $ 40,688 35,140 During the years ended December 31, 2023 2022 2021 During the year ended December 31, 2022, Renin's long-lived assets located outside the United States, which includes properties and equipment and right of use assets, had a carrying amount of $14.1 million as of December 31, 2023. As described in Note 2, may not December 31, 2023 2022, |
Note 10 - Goodwill and Intangib
Note 10 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 10. Goodwill The activity in the balance of the Company’s goodwill was as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Balance, beginning of period $ 18,414 18,414 8,277 Acquisition of the Altman Companies 31,233 — — IT'SUGAR emergence from bankruptcy — — 14,274 Purchase accounting adjustments relating to the acquisition of Colonial Elegance — — (4,137 ) Balance, end of period $ 49,647 18,414 18,414 As described in Note 3, In June 2021, 11 24 In connection with Renin's acquisition of Colonial Elegance as of December 31, 2020, December 31, 2021, Impairment Testing As described in Note 2, December 31 may During the years ended December 31, 2023, 2022 2021, not December 31, 2023 2022, December 31, 2023 December 31, 2023 2022 2024 not may may may not Intangible Assets The Company’s intangible assets consisted of the following (in thousands): December 31, 2023 2022 Trademarks $ 16,762 16,762 Customer relationships 18,752 18,752 Other 269 269 35,783 35,783 Accumulated amortization (8,944 ) (6,378 ) Total intangible assets $ 26,839 29,405 Trademarks and customer relationships are amortized using the straight-line method over their expected useful lives, which range from 12 to 20 years. The weighted average amortization period for trademarks, customer relationships and other was 10.7 years, 9.8 years and 1.9 years, respectively, with an overall weighted average amortization period of 10.1 years. Amortization Expense During the years ended December 31, 2023 2022 2021 The table below sets forth the estimated aggregate amortization expense of intangible assets during each of the five December 31, 2023 Years Ending December 31, Total 2024 $ 2,575 2025 2,575 2026 2,575 2027 2,569 2028 2,569 Impairment Testing As described in Note 2, may not December 31, 2023 2022 2021 not December 31, 2023 2022 2021 |
Note 11 - Leases
Note 11 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11. BBX Capital and its subsidiaries are lessees under various operating leases for retail stores, office space, equipment, and vehicles. Many of the Company’s lease agreements include one one seven not The Company recognizes right-of-use assets and lease liabilities associated with lease agreements with an initial term of 12 12 not not not 12 As of As of December 31, 2023 December 31, 2022 Operating lease assets $ 117,894 110,082 Operating lease liabilities $ 136,758 126,842 Weighted average remaining lease term (years) 7.0 6.3 Weighted average discount rate (1) 5.5 % 4.9 % ( 1 As most of the Company’s lease agreements do not The Company generally recognizes lease costs associated with its operating leases on a straight-line basis over the lease term, while variable lease payments that do not For the Years Ended December 31, 2023 December 31, 2022 Fixed lease costs $ 27,732 22,909 Short-term lease costs 410 1,459 Variable lease costs 7,930 9,103 Total operating lease costs $ 36,072 18,846 Included in the Company’s statement of cash flows under operating activities for the years ended December 31, 2023, 2022 2021 December 31, 2023 2022 The table below sets forth information regarding the maturity of the Company’s operating lease liabilities as of December 31, 2023 Period Ending December 31, 2024 $ 27,289 2025 26,009 2026 22,734 2027 20,227 2028 17,643 After 2027 53,138 Total lease payments 167,040 Less: interest 30,282 Present value of lease liabilities $ 136,758 The above operating lease payments exclude $6.9 million of legally binding minimum lease payments for lease agreements executed but not not Impairment Testing As described in Note 2, may not not December 31, 2023, 2022 2021. |
Note 12 - Other Assets
Note 12 - Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 12. The Company’s other assets consisted of the following (in thousands): December 31, December 31, 2023 2022 Prepaid assets $ 9,509 5,941 Equity investments - cost method 2,439 2,886 Loans receivable 2,176 2,909 Interest rate cap 697 - Certificate of deposit - 5,000 Receivables from related parties 2,209 1,609 Other 2,561 3,108 Total other assets $ 19,591 21,453 Equity Investments Cost Method The Company has equity investments in limited partnerships that are accounted for under the cost method of accounting. The fair values of these equity investments are not not Loans Receivable The Company is an investor in portfolios of residential loans collateralized by mortgages serviced by financial institutions. The following table presents the carrying value of the Company’s loans receivable by loan type (in thousands): December 31, December 31, 2023 2022 First mortgage residential loans $ 2,005 2,654 Second mortgage residential loans 171 255 Total residential loans $ 2,176 2,909 As of December 31, 2023 2022, 90 December 31, 2023, Pursuant to the servicing agreements for these loans, the financial institutions are required to advance principal and interest on delinquent loans to the Company up to the collateral value of the delinquent loans as determined by the financial institutions. Included in other liabilities as of December 31, 2023 2022 Interest Rate Cap The Altra Kendall real estate joint venture entered into an interest rate cap contract as an economic hedge for which hedge accounting was not December 31, 2023. |
Note 13 - Notes Payable and Oth
Note 13 - Notes Payable and Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 13. The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): December 31, 2023 December 31, 2022 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 143 2.40 - 3.75 % (1 ) $ 2,031 2.40 - 3.75 % (1 ) TD Bank Term Loan and Line of Credit 24,950 12.83 % (2 ) 34,509 8.95 % (2 ) Regions Bank Revolving Line of Credit 4,716 7.00 % (3 ) — — — First Horizon Bank Revolving Line of Credit (5) 2,750 9.00 % (4 ) 2,250 8.00 % (4 ) Comerica Letters of Credit (6)(7) 800 N/A — — — — TD Bank Construction Loan (6) 27,321 7.59 % 64,055 — — — Other 241 7.59 % — 9 4.22 % — Unamortized debt issuance costs (116 ) (256 ) Total notes payable and other borrowings $ 60,805 $ 38,543 ( 1 Pledged assets consist of 6 85 3 December 31, 2023 2022, ( 2 The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin. ( 3 The collateral is $5.9 December 31, 2023. ( 4 The collateral is a blanket lien on BBX Sweet Holdings’ assets. ( 5 BBX Capital is the guarantor on the line of credit. ( 6 ABBX is the guarantor on the facility. ( 7 The Company pays an annual two Community Development District Obligations A community development district or similar development authority (“CDD”) is a unit of local government created under various state and/or local statutes to encourage planned community development and allow for the construction of infrastructure improvements through alternative financing sources, including the tax-exempt bond markets. A CDD is generally created through the approval of the local city or county in which the CDD is located and is controlled by a board of supervisors representing the landowners within the CDD. In connection with BBXRE’s development of the Beacon Lakes Community, The Meadow View at Twin Creeks CDD (the “Beacon Lakes CDD”) was formed by St. Johns County, Florida to use bond financing to fund the construction of infrastructure improvements at the Beacon Lakes Community. The Beacon Lakes CDD issues bonds periodically to fund ongoing construction of the Beacon Lakes Community, and in November 2021, May 2020, February 2019, November 2018, November 2016, The obligation to pay principal and interest on the bonds issued by the Beacon Lakes CDD is assigned to each parcel within the CDD, and the Beacon Lakes CDD has a lien on each parcel. If the owner of the parcel does not The CDD bond obligations outstanding as of December 31, 2023 2026 2052. Upon the issuance of CDD bond obligations by the Beacon Lakes CDD, the Company records an obligation for the CDD bond obligations with a corresponding increase in other assets. The CDD bonds are secured by a lien on the Beacon Lakes property. The Company relieves the CDD bond obligation associated with a particular parcel when the purchaser of the property assumes the obligation, which occurs automatically upon such purchaser’s acquisition of the property, or upon the repayment of the obligation by the Company. Included in other assets in the Company’s consolidated statements of financial condition as of December 31, 2023 2022 not Toronto-Dominion Bank ( TD Bank ) Since May 2017, October 2020, Under the terms and conditions of the initial credit facility, TD Bank provided loans under a revolving operating loan for up to approximately $16.3 million based on available collateral, as defined in the facility, and subject to Renin’s compliance with the terms and conditions of the facility, including certain specific financial covenants. Through February 2020, February 2020, July 2020, September 2020 September 2022. In connection with the acquisition of Colonial Elegance in 2020, October 2025. In July 2021, June 30, 2021 December 31, 2021. July 1, 2022, In November 2021, September 30, 2021 December 31, 2022, December 31, 2022, ( November 2021 December 2022. December 31, 2022. January 1, 2023, 2021. However, as Renin was not January March 2022, May 9, 2022 December 31, 2022, ( January March 2022, ( December 31, 2022 April 2022, December 31, 2022 one six May 9, 2022, May 2022. As of June 30, 2022 January 2023, not August 2022 January 2023. On February 3, 2023, January 31, 2023 January 1, 2023 December 31, 2023, ( December 2022 no January 2023 December 2023, ( January 1, 2024, ( January 1, 2024, December 31, 2023 one six In December 2022, In October 2023, November 2023. not not December 31, 2023, not As of December 31, 2023, On March 13, 2024, March 13, 2026, May 31, 2024, August 30, 2024, November 30, 2024, February 28, 2025. January 2025, ( December 2024. .50% one six In connection with the closing of the amended and restated credit facility, BBX Capital contributed $3.3 million of capital to Renin, and Renin used the funds to pay down a portion of the term loan under the prior facility and for working capital purposes. In addition, BBX Capital Real Estate agreed to maintain a restricted deposit account with TD Bank in the amount of the outstanding balance under the term loan of the amended and restated facility. During the period between closing and December 31, 2024, not may one may not no If Renin is unable to maintain compliance with the covenants under the amended and restated facility, Renin may may may Regions Bank Revolving Line of Credit - IT'SUGAR Credit Facility In January 2023, June 2024. June 2023, First Horizon Bank Revolving Line of Credit - LOCS Credit Facility In July 2021, July 2023. March 2023, July 2023 March 2025. March 2025. zero thirty December 31, 2023 Comerica Letter of Credit Facility - Altman LOC Facility The Altman Companies posts letters of credit instead of making cash deposits for contracts to acquire land for future development joint ventures, 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. December 31, 2023, one TD Bank Construction Loan - Altra Kendall Construction Loan Facility In November 2022, November 29, 2026 may two twelve one December 31, 2023, As described in Note 8, January 31, 2023, Scheduled Minimum Principal Payments on Notes Payable and Other Borrowings The table below sets forth the contractual minimum principal payments of the Company’s notes payable and other borrowings during each of the five December 31, 2023 Notes Payable and Other Borrowings 2024 $ 10,257 2025 23,200 2026 27,321 2027 — 2028 — Thereafter 143 Total $ 60,921 The minimum contractual payments set forth in the table above may |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. The Company’s United States and foreign components of (loss) income before income taxes are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 U.S. $ (15,703 ) 51,437 66,575 Foreign (6,020 ) (8,646 ) (2,334 ) Total $ (21,723 ) 42,791 64,241 The Company’s (benefit) provision for income taxes consisted of the following (in thousands): For the Years Ended December 31, 2023 2022 2021 Current: Federal $ 454 12,117 10,672 State — 3,630 2,855 454 15,747 13,527 Deferred: Federal (2,407 ) (251 ) 3,234 State (107 ) (347 ) 414 (2,514 ) (598 ) 3,648 (Benefit) provision for income taxes $ (2,060 ) 15,149 17,175 The table below sets forth a reconciliation of the difference between the (benefit) provision for income taxes and the amount that results from applying the federal statutory tax rate of 21% to income (loss) before income taxes (dollars in thousands): For the Years Ended December 31, 2023 2022 2021 Income tax (benefit) provision at expected federal income tax rate (1) $ (4,562 ) 21.00 % 8,986 21.00 % 13,491 21.00 % Increase (decrease) resulting from: Nondeductible executive and share-based compensation 2,239 -10.31 % 1,451 3.39 % — 0.00 % Increase in valuation allowance 1,704 -7.84 % 2,048 4.79 % 427 0.66 % Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes 21 -0.10 % 72 0.17 % 31 0.05 % Nondeductible bankruptcy costs incurred by IT'SUGAR — 0.00 % 460 1.07 % 248 0.39 % Provision for state taxes, net of federal effect (107 ) 0.49 % 2,521 5.89 % 2,670 4.16 % Nondeductible gains on the consolidation of The Altman Companies and real estate joint ventures (1,252 ) 5.76 % — 0.00 % — 0.00 % Other (103 ) 0.47 % (389 ) -0.91 % 308 0.48 % (Benefit) provision for income taxes $ (2,060 ) 9.48 % 15,149 35.40 % 17,175 26.74 % ( 1 Expected tax is computed based upon income (loss) before income taxes. The Company’s deferred income taxes consisted of the following significant components (in thousands): As of December 31, 2023 2022 2021 Deferred federal and state tax assets: Net operating loss carryforwards $ 18,222 10,570 7,943 Book reserves for credit losses, inventory, real estate and property and equipment 1,169 1,257 1,450 Expenses recognized for books and deferred for tax 4,071 3,439 1,288 Operating lease liabilities 34,311 8,156 2,407 Investment in IT'SUGAR, LLC — 458 2,060 Goodwill 1,111 — — Intangible assets — — 180 Other assets 111 334 332 Total gross federal and state deferred tax assets 58,995 24,214 15,660 Less deferred tax asset valuation allowance (11,412 ) (9,248 ) (7,199 ) Total deferred tax assets 47,583 14,966 8,461 Deferred federal and state tax liabilities: Tax over book depreciation (6,304 ) (1,735 ) (1,727 ) Investment in partnerships (2,468 ) (335 ) — Operating lease assets (29,655 ) (7,965 ) (2,610 ) Intangible assets (1,473 ) (231 ) — Other liabilities (491 ) (441 ) (348 ) Total gross deferred federal and state tax liabilities (40,391 ) (10,707 ) (4,685 ) Net federal and state deferred tax assets $ 7,192 4,259 3,776 In August 2023, August 2023 no In January 2023, 50% no The Company’s effective income tax rate was approximately 9%, 35%, and 27% during the years ended December 31, 2023, 2022, 2021, December 31, 2023, December 31, 2022, December 31, 2021, The Company evaluates its deferred tax assets to determine if valuation allowances are required. In the evaluation, management considers expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not December 31, 2023 As of December 31, 2023 December 31, 2023 2022 one 50% not 2026 2034, 2033 2042. As of December 31, 2023, not 2038 2043. The Company recognizes liabilities for uncertain tax positions. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not may not 50% not December 31, 2023 The Company is subject to federal or state income tax examinations by tax authorities for the tax period from October 1, 2020 December 31, 2020 2020. The Company was previously a party to an Agreement to Allocate Consolidated Income Tax Liability and Benefits with BVH. Under this tax sharing agreement, the parties calculated their respective income tax liabilities and attributes as if each of them was a separate filer. If any tax attributes were used by another party to the agreement to offset its tax liability, the party providing the benefit would receive an amount for the tax benefits realized. However, this tax sharing agreement was terminated with respect to the Company upon the consummation of the spin-off. As of December 31, 2023, 2022 2021, BVH's 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 BVH 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 15 - Revenue Recognition
Note 15 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 15. The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Years Ended December 31, 2023 2022 2021 Revenue recognized at a point in time Trade sales - wholesale $ 118,449 149,129 164,315 Trade sales - retail 131,987 130,996 73,763 Sales of real estate inventory 12,912 27,794 65,479 Total revenue recognized at a point in time 263,348 307,919 303,557 Revenue recognized over time Construction contract revenue 114,187 — — Real estate development management fees 7,586 — — Real estate property management fees 3,600 — — Total revenue recognized over time 125,373 — — Total revenue from customers 388,721 307,919 303,557 Interest income 9,180 5,993 6,413 Net gains on sales of real estate assets 2,210 24,289 643 Other revenue 1,146 3,844 2,984 Total revenues $ 401,257 342,045 313,597 As of December 31, 2023, December 31, 2024 2025, As of December 31, December 31, December 31, Contract Assets 2023 2022 2021 Contingent purchase price receivable $ 10,044 16,918 19,925 Cost and estimated earnings in excess of billings on uncompleted contracts (1) 1,031 — — Retainage receivable (1) 14,651 — — Uninstalled materials and deposits to purchase materials (1) 5,073 — — Total contract assets $ 30,799 16,918 19,925 Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts (1) $ 10,733 — — Retainage payable (1) 16,859 — — Contingent purchase price due to homebuilders 625 625 625 Other 424 236 244 Total contract liabilities $ 28,641 861 869 ( 1 January 31, 2023 3. 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. A contingent purchase price receivable and revenue from the sale of real estate inventory is recognized at the closing of the lot sale with the homebuilder. The contingent purchase price receivable is reversed when BBXRE receives payment from the homebuilder upon the closing of the sale of the home by the homebuilder. The timing of the receipt of the payment from the homebuilder is approximately six two Cost and estimated earnings in excess of billings on uncompleted construction or development contracts, which are associated with the Altman Companies, which was acquired in January 2023, not Retainage receivable is an amount, generally ten December 31, 2024 2025, Uninstalled materials and deposits to purchase materials represent funds received from the customer to purchase materials for the project or to provide deposits for items that range from lumber and other construction materials to appliances and fixtures. Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts, which areassociated with the Altman Companies, which was acquired in January 2023, January 31, 2023 eleven December 31, 2023. Retainage payable was associated with the acquisition of the Altman Companies in January 2023 The contingent purchase price due to homebuilders is variable consideration recognition in connection with the sale of real estate inventory at the Beacon Lake Community Development to a homebuilder. The amount is reversed when BBXRE pays the homebuilders or the estimated amount is reversed due to lower construction costs than projected. Concentration of Revenues with Major Customers During the year ended December 31, 2023, three one December 31, 2023, 2022 2021, second December 31, 2023, 2022 2021, third December 31, 2023, December 31, 2022, December 31, 2021, During the year ended December 31, 2023 During the year ended December 31, 2023, six |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 16. Litigation Matters In the ordinary course of business, the Company is party to lawsuits as plaintiff or defendant involving its operations and activities. Additionally, from time to time in the ordinary course of business, the Company is involved in disputes with existing and former employees, vendors, taxing jurisdictions, and various other parties and also receives individual consumer complaints as well as complaints received through regulatory and consumer agencies. The Company takes these matters seriously and attempts to resolve any such issues as they arise. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Management does not may may Adverse judgments and the costs of defending or resolving legal claims may may not not There were no December 31, 2023 Renin Supplier Dispute In October 2020, one December 2021, two December 2021 June 2022. December 31, 2022, December 31, 2021 December 31, 2022. December 2021 June 2022 Other Commitments, Contingencies, and Guarantees BBX Capital guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures, including the following: ● BBX Capital is a guarantor on a lease agreement executed by Renin which expires November 2029 ● BBX Capital is a guarantor on certain notes payable by its wholly-owned subsidiaries. See Note 13 ● As described in Note 8, third two December 31, 2023, December 31, 2023 December 31, 2023, not ● As described in Note 8, not not not December 31, 2023. |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans and Incentive Compensation Program | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 17. Defined Contribution 401 The sponsorship of three 401 September 30, 2020 401 401 December 31, 2023 50 first December 31, 2023, 2022 2021, , 401 |
Note 18 - Common Stock
Note 18 - Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 18. Common Stock BBX Capital’s Articles of Incorporation authorize BBX Capital to issue both Class A Common Stock, par value $.01 $.01 one one one December 31, 2023 Tender Offers In May 2021, June 2021, July 2021, In November 2022, two In December 2023, two Share Repurchase Programs In October 2020, September 2021, November 19, 2021, November 2021, December 31, 2021. December 31, 2021, In January 2022, The timing, price, and number of shares which may may not may December 31, 2022, December 31, 2023, not BBX Capital 2021 In May 2021, 2021 “2021 2021 May 2022, 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. On October 1, 2023, September 30, 2022 October 2023, BBX Capital had 465,789 and 68,343 of unvested restricted shares of Class A Common Stock and Class B Common Stock outstanding at December 31, 2023. 12 December 31, 2023. December 31, 2023 2021 December 31, 2023. On January 16, 2024, 2021 January 2024 three October 1, 2024. Compensation cost for restricted stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The fair value of restricted stock awards is generally based on the market price of the Company’s common stock on the grant date. For awards that are subject only to service conditions, the Company recognizes compensation costs on a straight-line basis over the requisite service period of the awards, and the impact of forfeitures are recognized when they occur. |
Note 19 - Noncontrolling Intere
Note 19 - Noncontrolling Interests and Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 19. Redeemable Noncontrolling Interest The Company's redeemable noncontrolling interests consisted of the following (in thousands): December 31, December 31, 2023 2022 IT'SUGAR $ — 4,414 ABBX 5,040 — Total other noncontrolling interests $ 5,040 4,414 IT SUGAR As of December 31, 2022, August 2023, Prior to June 30, 2023, not June 2023, June 2017. June 30, 2023, In August 2023, July 2024 July 2025. no June 2023, 15 ABBX As of December 31, 2023, may Other Noncontrolling Interests The Company's other noncontrolling interests consisted of the following (in thousands): December 31, December 31, 2023 2022 Consolidated real estate VIEs $ 54,707 (4 ) AMC 138 — Restaurant 123 230 Total other noncontrolling interests $ 54,968 226 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 Years Ended December 31, 2023 2022 2021 IT'SUGAR $ (64 ) 20 141 ABBX 220 — — Consolidated real estate VIEs 841 (51 ) (31 ) Altman Management Company 84 — — IT'SUGAR FL II, LLC (1) — (461 ) (185 ) Restaurant 54 114 230 Net income (loss) attributable to noncontrolling interests $ 1,135 (378 ) 155 (1) IT’SUGAR FL II, LLC operates IT’SUGAR’s retail location in Hawaii and was a VIE through December 2022. IT'SUGAR acquired the noncontrolling interests in IT’SUGAR FL II, LLC, and it became a wholly owned subsidiary of IT'SUGAR as of December 31, 2022. |
Note 20 - Earnings Per Common S
Note 20 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 20. The table below sets forth the computations of basic and diluted earnings per common share (in thousands, except per share data): For the Years Ended December 31, 2023 2022 2021 Basic (loss) earnings per common share Numerator: Net (loss) income $ (19,663 ) 27,642 47,066 Net (income) loss attributable to noncontrolling interests (1,135 ) 378 (155 ) Net (loss) income available to shareholders $ (20,798 ) 28,020 46,911 Denominator: Weighted average number of common shares outstanding 14,411 15,471 17,840 Basic (loss) earnings per share $ (1.44 ) 1.81 2.63 Diluted (loss) earnings per share Numerator: Net (loss) income available to shareholders (20,798 ) 28,020 46,911 Allocation of income to options on noncontrolling interests in real estate joint ventures (103 ) — — Diluted net (loss) income available to shareholders $ (20,901 ) $ 28,020 $ 46,911 Denominator: Basic weighted average number of common shares outstanding 14,411 15,471 17,840 Effect of dilutive restricted stock awards — 37 — Diluted weighted average number of common shares outstanding 14,411 15,508 17,840 Diluted (loss) earnings per share $ (1.44 ) 1.81 2.63 During the year ended December 31, 2023, not December 31, 2022, December 31, 2021. |
Note 21 - Fair Value Measuremen
Note 21 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 21. Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three The accounting guidance for fair value measurements defines an input fair value hierarchy that has three 1 3 Level 1: Level 2: not Level 3: There were no December 31, 2023 2022 4. Financial Disclosures about Fair Value of Financial Instruments The tables below set forth information related to the Company’s consolidated financial instruments (in thousands): Fair Value Measurements Using Quoted Prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2023 2023 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 90,277 90,277 90,277 — — Restricted cash 21,307 21,307 21,307 — — Securities available for sale 44,576 44,576 43,751 825 — Note receivable from BVH 35,000 35,000 — — 35,000 Interest rate caps 697 697 — 697 — Financial liabilities: Notes payable and other borrowings 60,805 60,771 — — 60,771 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 BVH 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 consolidated statements of financial condition for cash and cash equivalents and restricted cash approximate fair value. The estimated fair values of the Company’s securities available for sale and certificate of deposit were measured using the market approach with Level 2 1 The estimated fair value of the Company’s note receivable from BVH was measured using the income approach with Level 3 January 2024. The fair values of the Company’s Community Development Bonds, which are included in notes payable and other borrowings above, were measured using the market approach with Level 3 The fair values of the Company’s notes payable and other borrowings (other than Community Development Bonds above) were measured using the income approach with Level 3 The fair value of an interest rate cap derivative is included in other assets in the Company's statement of financial condition as of December 31, 2023. 2 The Company’s financial instruments also include trade accounts receivable, accounts payable, and accrued liabilities. The carrying amount of these financial instruments approximate their fair values due to their short-term maturities. The Company is exposed to credit related losses in the event of non-performance by counterparties to the financial instruments with a maximum exposure equal to the carrying amount of the assets. The Company’s exposure to credit risk consists of accounts receivable balances and its BVH note receivable. |
Note 22 - Certain Relationships
Note 22 - Certain Relationships and Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 22. The Company may may January 17, 2024, 2022 December 31, 2023 2022, During the years ended December 31, 2023, 2022 2021 December 31, 2021, March 2021, November 2021. The Company provides management services to the Altman Companies for which the Company recognized $0.3 million net of services provided to the Company by the Altman Companies for each of the years ended December 31, 2022 2021 June 2022 December 31, 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 consolidated statement of operations and comprehensive (loss) income from these affiliates during the year ended December 31, 2023 December 31, 2023. December 31, 2023 During the years ended December 31, 2023, 2022 2021, A subsidiary of BBXRE recognized $0.3 million interest income on loans receivable from IT’SUGAR for the year ended December 31, 2021, January 1, 2021 June 16, 2021 not not 24 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 $1.1 million, for the year ended December 31, 2023, Upon the consummation of the spin-off, all agreements with BVH were terminated and replaced with a Transition Services Agreement, Tax Matters Agreement, and Employee Matters Agreement. The Transition Services Agreement which was effective as of September 30, 2020 one January 17, 2024. The Tax Matters Agreement generally set out the respective rights, responsibilities, and obligations of BVH and BBX Capital with respect to taxes (including taxes arising in the ordinary course of business and taxes incurred as a result of the spin-off), tax attributes, tax returns, tax contests, and certain other related tax matters. The Tax Matters Agreement allocated responsibility for the preparation and filing of certain tax returns (and the payment of taxes reflected thereon). Under the Tax Matters Agreement, BVH was generally liable for its own taxes and taxes of all of its subsidiaries (other than the taxes of BBX Capital and its subsidiaries, for which BBX Capital was responsible) for all tax periods (or portion thereof) ending on September 30, 2020, 336 1986, one January 17, 2024. As further described in Note 1, September 30, 2025 December 2021, May 2023, December 31, 2023. December 31, 2023, 2022 2021 January 17, 2024 |
Note 23 - Segment Reporting
Note 23 - Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 23. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in assessing performance and deciding how to allocate resources. Reportable segments consist of one The information provided for segment reporting is obtained from internal reports utilized by the Company’s CODM, and the presentation and allocation of assets and results of operations may not not The Company’s three 1 In the segment information for the years ended December 31, 2023 2022 2021 The Company evaluates segment performance based on segment income or loss before income taxes. The table below sets forth the Company’s segment information as of and for the year ended December 31, 2023 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 141,328 101,073 8,062 (27 ) 250,436 Sales of real estate inventory 12,912 — — — — 12,912 Revenue from construction contracts 114,187 — — — — 114,187 Real estate development and property management fees 11,186 — — — — 11,186 Interest income 8,017 — — — 1,163 9,180 Net gains on sales of real estate assets 2,210 — — — — 2,210 Other revenue 203 2 — 1,630 (689 ) 1,146 Total revenues 148,715 141,330 101,073 9,692 447 401,257 Costs and expenses: Cost of trade sales — 91,026 91,145 2,623 (27 ) 184,767 Cost of real estate inventory sold 3,071 — — — — 3,071 Cost of revenue from construction contracts 122,360 — — — — 122,360 Interest expense 104 1,564 4,596 4 (3,126 ) 3,142 Recoveries from loan losses, net (3,594 ) — — — — (3,594 ) Impairment losses — 615 — — — 615 Selling, general and administrative expenses 25,279 60,144 15,038 7,878 27,774 136,113 Total costs and expenses 147,220 153,349 110,779 10,505 24,621 446,474 Operating income (losses) 1,495 (12,019 ) (9,706 ) (813 ) (24,174 ) (45,217 ) Equity in net earnings of unconsolidated real estate joint ventures 4,219 — — — — 4,219 Gain on the consolidation of The Altman Companies 3,746 — — — — 3,746 Gain on the consolidation of investment in real estate joint ventures 12,017 — — — — 12,017 Other income (expense) 923 333 (5 ) 2,272 504 4,027 Foreign exchange (loss) gain — (20 ) (495 ) — — (515 ) Income (loss) before income taxes $ 22,400 (11,706 ) (10,206 ) 1,459 (23,670 ) (21,723 ) Total assets $ 354,815 173,190 84,483 6,079 55,675 674,242 Expenditures for property and equipment $ 59 13,519 1,331 167 25 15,101 Depreciation, amortization and accretion $ (2,111 ) 7,953 3,484 172 1,350 10,848 Debt accretion and amortization $ 80 37 59 — — 176 Cash and cash equivalents $ 66,383 3,934 1,966 1,839 16,155 90,277 Investments in and advances to unconsolidated real estate joint ventures $ 44,076 — — — — 44,076 Goodwill $ 31,233 14,274 4,140 — — 49,647 Notes payable and other borrowings $ 28,259 21,283 24,839 — (13,576 ) 60,805 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2022 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 139,718 131,951 8,470 (14 ) 280,125 Sales of real estate inventory 27,794 — — — — 27,794 Interest income 3,617 — — — 2,376 5,993 Net gains on sales of real estate assets 24,289 — — — — 24,289 Other revenue 1,835 — — 2,572 (563 ) 3,844 Total revenues 57,535 139,718 131,951 11,042 1,799 342,045 Costs and expenses: Cost of trade sales — 83,307 127,623 2,805 (14 ) 213,721 Cost of real estate inventory sold 11,463 — — — — 11,463 Interest expense — 1,015 3,588 2 (2,206 ) 2,399 Recoveries from loan losses, net (4,835 ) — — — — (4,835 ) Impairment losses 311 238 — — — 549 Selling, general and administrative expenses 13,772 55,617 17,077 7,224 22,525 116,215 Total costs and expenses 20,711 140,177 148,288 10,031 20,305 339,512 Operating income (losses) 36,824 (459 ) (16,337 ) 1,011 (18,506 ) 2,533 Equity in net earnings of unconsolidated real estate joint ventures 38,414 — — — — 38,414 Other (expense) income (7 ) 718 (57 ) 4 306 964 Foreign exchange gain — (70 ) 950 — — 880 Income (loss) before income taxes $ 75,231 189 (15,444 ) 1,015 (18,200 ) 42,791 Total assets $ 225,786 161,337 102,601 7,134 65,983 562,841 Expenditures for property and equipment $ — 11,383 1,653 110 1,593 14,739 Depreciation and amortization $ (271 ) 6,629 3,344 140 371 10,213 Debt accretion and amortization $ 261 61 128 — — 450 Cash and cash equivalents $ 107,069 7,246 1,060 2,643 9,563 127,581 Investments in and advances to unconsolidated real estate joint ventures $ 49,415 — — — — 49,415 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 1,946 18,150 47,838 9 (29,400 ) 38,543 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2021 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 84,215 146,255 7,616 (8 ) 238,078 Sales of real estate inventory 65,479 — — — — 65,479 Interest income 2,048 36 — — 4,329 6,413 Net gains on sales of real estate assets 643 — — — — 643 Other revenue 1,504 — — 2,045 (565 ) 2,984 Total revenues 69,674 84,251 146,255 9,661 3,756 313,597 Costs and expenses: Cost of trade sales — 52,497 130,366 2,291 (8 ) 185,146 Cost of real estate inventory sold 29,690 — — — — 29,690 Interest expense — 429 1,830 2 (822 ) 1,439 Recoveries from loan losses, net (7,774 ) — — — — (7,774 ) Impairment losses — 38 — — — 38 Selling, general and administrative expenses 7,587 31,524 15,857 5,978 15,068 76,014 Total costs and expenses 29,503 84,488 148,053 8,271 14,238 284,553 Operating income (losses) 40,171 (237 ) (1,798 ) 1,390 (10,482 ) 29,044 Equity in net earnings of unconsolidated real estate joint ventures 18,154 — — — — 18,154 Gain on the consolidation of IT'SUGAR, LLC — 15,890 — — — 15,890 Other (expense) income (14 ) 131 — — 224 341 Foreign exchange gain — — 812 — — 812 Income (loss) before income taxes $ 58,311 15,784 (986 ) 1,390 (10,258 ) 64,241 Total assets $ 179,619 143,916 101,647 7,745 100,428 533,355 Expenditures for property and equipment $ — 4,283 3,099 185 959 8,526 Depreciation and amortization $ — 3,181 3,037 118 122 6,458 Debt accretion and amortization $ 737 21 113 — — 871 Cash and cash equivalents $ 66,558 9,792 1,369 2,937 37,389 118,045 Real estate equity method investments $ 52,966 — — — — 52,966 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 7,312 14,421 44,124 26 (11,000 ) 54,883 ( 1 The above segment information includes the operations of IT’SUGAR as of June 17, 2021, |
Note 24 - IT'SUGAR Bankruptcy
Note 24 - IT'SUGAR Bankruptcy | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] | 24. SUGAR Bankruptcy As a result of various factors, including government-mandated closures and Center for Disease Control and the World Health Organization advisories in connection with the COVID- 19 September 22, 2020, 11 not April 2021, June 16, 2021 June 17, 2021 Ownership and Reconsolidation of IT SUGAR Pursuant to the terms of the Plan, the Company’s equity interests in IT’SUGAR were revested on the Effective Date, and all organizational documents of IT’SUGAR were assumed, ratified, and reinstated. As a result of the confirmation and effectiveness of the Plan and the revesting of its equity interests in IT’SUGAR, the Company was deemed to have reacquired a controlling financial interest in IT’SUGAR and consolidated the results of IT’SUGAR into its consolidated financial statements as of the Effective Date, the date that the Company reacquired control of IT’SUGAR. Allocation of IT SUGAR s Fair Value upon Consolidation The Company accounted for the consolidation of IT’SUGAR upon the revesting of its equity interests under the acquisition method of accounting, which requires that the assets acquired and liabilities assumed associated with an acquiree be recognized at their fair values at the consolidation date. As a result, the Company remeasured the carrying value of its equity interests in IT’SUGAR at fair value as of the Effective Date, with the remeasurement adjustment recognized in the Company’s statement of operations, and recognized goodwill based on the difference between (i) the fair values of IT’SUGAR’s identifiable assets and liabilities at the consolidation date and (ii) the fair values of the Company’s interests in IT’SUGAR and the noncontrolling interests in IT’SUGAR. The following table summarizes the fair value of the assets acquired and liabilities assumed of IT’SUGAR at the consolidation date (in thousands): Cash $ 6,909 Trade accounts receivable 584 Trade inventory 5,337 Property and equipment 19,291 Identifiable intangible assets (1) 9,670 Operating lease assets (2) 54,253 Other assets 3,323 Total assets acquired 99,367 Accounts payable (2,517 ) Accrued expenses (8,445 ) Other liabilities (124 ) Operating lease liabilities (62,975 ) Notes payable and other borrowings (3) (10,054 ) Total liabilities assumed (84,115 ) Fair value of identifiable net assets 15,252 Fair value of net assets acquired 28,590 Fair value of redeemable noncontrolling interest 936 Fair value of IT'SUGAR 29,526 Goodwill $ 14,274 Gain on the consolidation of IT'SUGAR (4) $ 15,890 ( 1 Identifiable intangible assets primarily represents the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years. ( 2 Includes a net intangible liability of $8.7 million related to off market rents related to certain of IT’SUGAR’s retail locations that is expected to be recognized over a weighted average lease term of approximately 8 years. ( 3 Notes payable and other borrowings reflects amounts due to the Company’s wholly-owned subsidiary that have been eliminated in consolidation as of and subsequent to the consolidation date. ( 4 The gain is comprised of the remeasurement of the Company’s equity interest in IT’SUGAR at fair value. The fair values reported in the above table were estimated by the Company using available market information and applicable valuation methods. As considerable judgment is involved in estimates of fair value, the fair values presented above are not The following summarizes the Company’s methodologies for estimating the fair values of certain assets and liabilities associated with the consolidation of IT’SUGAR and the fair value of BBX Capital’s existing investment in IT’SUGAR. Property and Equipment Identifiable Intangible Assets not Operating Lease Assets and Lease Liabilities 842, Leases Goodwill Remeasurement of Existing Investment in IT SUGAR Redeemable Noncontrolling Interest The results of operations of IT’SUGAR are included in the Company’s consolidated statement of operations and comprehensive (loss) income for the years ended December 31, 2023 2022, not December 31, 2021 January 1, 2021 June 16, 2021. For the Years Ended December 31, 2023 2022 2021 Trade sales $ 122,155 119,302 62,161 (Loss) Income before income taxes $ (7,273 ) 2,307 2,516 The following unaudited financial data presents the Company's actual revenues and earnings for the years ended December 31, 2023 2022 December 31, 2021 January 1, 2020 Actual Pro Forma For the Years Ended December 31, 2023 2022 2021 Trade sales $ 250,436 $ 280,125 277,769 Income (loss) before income taxes $ (21,723 ) $ 42,791 52,788 Income (loss) $ (19,663 ) $ 27,642 39,690 Net income (loss) income attributable to shareholders $ (20,798 ) $ 28,020 39,146 The unaudited pro forma financial data for the year ended December 31, 2021 The unaudited pro forma financial data reported in the above table does not January 1, 2020, |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 25. Subsequent events have been evaluated through the date the financial statements were issued. As of such date, other than described elsewhere herein, there were no |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Amendment and Restatement of TD Bank Credit Facility As described in further detail in Item 8 13 October 2020, six On March 13, 2024, $30.0 $3.4 $3.3 March 13, 2026, $0.8 May 31, 2024, August 30, 2024, November 30, 2024, February 28, 2025. January 2025, ( $3.0 December 2024. 1.00% 1.50% 0.50% 1.00% 2.00% 2.50%, 2.00% 2.50% .50% one six 10 25 In connection with the closing of the amended and restated credit facility, BBX Capital contributed $3.3 December 31, 2024, not may one $3.0 may not no If Renin is unable to maintain compliance with the covenants under the amended and restated facility, Renin may may may The foregoing description of the amendment to the TD Bank Credit Facility is a summary only, does not 15 10.64 Executive Employment Agreements On March 14, 2024, Under the terms of their respective amended employment agreements, each Executive Officer will continue to receive an annual base salary and be entitled to receive bonus payments under bonus plans established from time to time by the Compensation Committee or otherwise at the discretion of the Compensation Committee. In addition to the base salary and annual bonus opportunities, each Executive Officer is also entitled to receive long-term incentive compensation awards, including restricted stock and cash-based long-term incentive awards subject to ongoing vesting conditions, under the Company's 2021 may $750,000, $900,000, $412,500. 100% 150% 60% Under the prior employment agreements, each agreement would terminate upon the Executive Officer’s death, and the Executive Officer’s estate would be entitled to receive (i) his base salary through the date of his death and (ii) for Mr. Alan Levan, Mr. Abdo, Mr. Jarett Levan and Mr. Wise, the prorated portion of the Executive Officer’s Annual Bonus through the date of his death and a death benefit equal to his annual base salary. In addition, pursuant to the terms of restricted stock awards previously granted to the Executive Officers, any unvested restricted stock awards previously granted to an Executive Officer would immediately accelerate and fully vest upon his death. Under the terms of the amended employment agreements, upon their death, the respective estates of Mr. Alan Levan, Mr. Abdo, Mr. Jarett Levan and Mr. Wise will no not The foregoing description of the amended employment agreements for Mr. Alan Levan, Mr. Abdo, Mr. Jarett Levan, Mr. Wise, and Mr. Sheppard is a summary only and is qualified in its entirety by reference to the full text of the amended employment agreements, copies of which are attached in Item 15 10.13, 10.14, 10.15, 10.16 10.17 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation Policy - one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates not may Due to, among other things, the impact and potential future impact of the current inflationary and geopolitical environment, higher interest rates, labor shortages, supply chain issues, ongoing economic uncertainty, and a possible recession, 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 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications - 2023. December 31, 2022 2023 no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents, and Restricted Cash 90 three $250,000 |
Revenue [Policy Text Block] | Revenue Recognition Trade sales ● Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 30 60 ● Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. ● Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. ● Shipping and handling activities that occur after the control of goods is transferred to a customer are accounted for as fulfillment activities instead of a separate performance obligation. ● Revenue is not one Sales of real estate inventory - not may not Revenue from construction contracts - not may not not not eleven December 31, 2023 not Revenue from development management fees - not not Revenue from property management fees - third one thirty Interest income Net gains on sales of real estate assets Other revenue |
Marketable Securities, Policy [Policy Text Block] | Marketable Investment Securities 90 Debt securities not Securities acquired for short-term appreciation or other trading purposes are classified as trading securities and are recorded at fair value. Realized and unrealized gains and losses resulting from such fair value adjustments and from recording the results of sales are recorded in the consolidated statements of operations in other income. For securities classified as held to maturity, management must estimate expected credit losses over the remaining expected life and recognize this estimate as an allowance for credit losses. Debt securities that are available for sale are analyzed quarterly for credit losses. The analysis is performed on an individual security basis for all securities where fair value has declined below amortized cost. Gains and losses on the sale of securities are recorded on the trade date and recognized using the specific identification method. |
Accounts Receivable [Policy Text Block] | Trade Accounts Receivables and Allowance for Expected Credit Losses one 30 60 30 |
Construction Contracts Receivable [Policy Text Block] | Construction Contracts Receivable c not 30 |
Revenue from Contract with Customer [Policy Text Block] | Contract Assets and Contract Liabilities may may not not not |
Inventory, Policy [Policy Text Block] | Trade Inventory not first first In valuing inventory, the Company makes assumptions regarding write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration, and write-downs are recorded where appropriate. Because the value of inventory that will ultimately be realized cannot be known with exact certainty, we rely upon both past sales history and future sales forecasts to provide a basis for the determination of the write-down. Inventory is considered potentially obsolete if we have withdrawn those products from the market or had no 12 no 12 12 100% |
Real Estate, Policy [Policy Text Block] | Real Estate may |
Equity Method Investments [Policy Text Block] | Investments in and Advances to Unconsolidated Real Estate Joint Ventures not not The Company recognizes its share of earnings or losses from certain equity method investments based on the hypothetical liquidation at book value method. Under this method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. This method is used to calculate the Company’s share of earnings or losses from equity method investments when the contractual cash disbursements to the investors are different than the investors’ stated ownership percentage. The Company capitalizes interest expense on investments in and advances to or loans to real estate joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. Interest capitalized on investments and advances to real estate joint ventures was $0.9 million, $0.5 million and $0.5 million during the years ended December 31, 2023, 2022 2021, The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of its investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment loss is recorded to reduce the investment to its fair value, and a new cost basis in the investment is established. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill December 31 first not not not not The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not The Company generally applies an income approach utilizing a discounted cash flow methodology and a market approach utilizing a guideline public company and transaction methodology to estimate the fair value of its reporting units. The estimated fair values obtained from the income and market approaches are compared and reviewed for reasonableness to determine a best estimate of fair value. The Company’s discounted cash flow methodology establishes an estimate of fair value by estimating the present value of the projected future cash flows to be generated from a reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company generally uses a five ten may Inherent in the Company’s determinations of fair value are certain judgments and estimates relating to future cash flows, including the Company’s assessment of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operating businesses. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Asset, net |
Lessee, Leases [Policy Text Block] | Operating Lease Assets and Operating Lease Liabilities 12 12 not not not not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may not may not not not not To the extent that impairment testing is required, the Company generally estimates the fair values of its long-lived assets utilizing a discounted cash flow methodology which estimates the present value of the projected future cash flows expected to be generated from the applicable assets or asset groups. When estimating the fair value of asset groups related to a retail location, the Company’s estimated fair value considers the relevant market participants and the highest and best use for the location, including whether the value of the location would be maximized by operating the location in its current use or by permanently closing the location and subleasing it. To the extent applicable, the Company estimates the fair value of right-of-use assets associated with its retail locations using a discounted cash flow methodology which estimates the present value of market rental rates applicable to such right-of-use assets. When estimating the fair value of intangible assets, the Company uses a form of the income approach relevant to the applicable asset or asset group. The Company uses the relief from royalty valuation method, a form of the income approach, to estimate the fair value of trademarks. Under this method, the fair value of trademarks is determined by calculating the present value using a risk-adjusted discount rate of the estimated future royalty payments that would have to be paid if the trademarks were not As the carrying amounts of the Company’s long-lived assets are dependent upon estimates of future cash flows that they are expected to generate, these assets may not |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs third |
Income Tax, Policy [Policy Text Block] | Income Taxes 80% 80% not The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Income tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not may not 50% not December 31, 2023 |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Noncontrolling Interests 100% A change in the ownership interests of a subsidiary is accounted for as an equity transaction if the Company retains its controlling financial interest in the subsidiary. The amounts of consolidated net income and comprehensive (loss) income attributable to BBX Capital’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated statements of operations and comprehensive (loss) income. |
Cost of Goods and Service [Policy Text Block] | Cost of Trade Sales Cost of Revenue from Construction Contracts not |
Advertising Cost [Policy Text Block] | Advertising December 31, 2023 2022 2021 |
Commitments and Contingencies, Policy [Policy Text Block] | Accounting for Loss Contingencies Accounting for Guarantees - |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share |
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 The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which had not December 31, 20 23: ASU No. 2023 09, 740 5 five December 31, 2024, not not ASU No. 2023 07, 280 not December 31, 2023 December 31, 2024. not ASU No. 2023 05, 805 60 not January 1, 2025. January 1, 2025 may not not |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 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 784 Real estate 3,495 Due from related parties 2,081 Property and equipment 64 Contract assets 22,194 Other assets 2,590 Total assets acquired 50,107 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 (3,392 ) Cash consideration paid to seller 8,430 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 15,519 Goodwill $ 31,233 Gain on the consolidation of the Altman Companies (1) $ 3,746 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Years Ended December 31, 2023 2022 2021 Total revenue $ 177,597 — — Loss before income taxes $ (9,014 ) (5,491 ) (1,438 ) Pro Forma - Unaudited Actual For the Year Ended December 31, For the Year Ended December 31, 2023 2022 2023 2022 Total revenues $ 415,436 434,273 401,257 342,045 Net (loss) income attributable to shareholders $ (34,250 ) 23,839 (20,798 ) 28,020 |
Note 4 - Securities Available_2
Note 4 - Securities Available for Sale, at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | As of December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 43,738 13 — 43,751 Community Development District bonds 820 5 — 825 Corporate bonds — — — — Total available-for-sale $ 44,558 18 — 44,576 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 5 - Trade Accounts Recei_2
Note 5 - Trade Accounts Receivables, Net, and Construction Contracts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, December 31, 2023 2022 Trade accounts receivables $ 18,563 19,735 Allowance for expected credit losses (222 ) (70 ) Total trade accounts receivables $ 18,341 19,665 |
Contract with Customer, Asset, Allowance for Credit Loss [Table Text Block] | December 31, December 31, 2023 2022 Construction contracts receivable $ 13,525 — Allowance for expected credit losses — — Total construction contracts receivable $ 13,525 — |
Note 6 - Trade Inventory (Table
Note 6 - Trade Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, 2023 2022 Raw materials $ 5,569 9,130 Paper goods and packaging materials 1,571 2,185 Work in process 618 1,736 Finished goods 27,356 37,108 Total trade inventory 35,114 50,159 Inventory reserve (1,278 ) (1,293 ) Total trade inventory, net $ 33,836 48,866 |
Note 7 - Real Estate (Tables)
Note 7 - Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | December 31, December 31, 2023 2022 Real estate held-for-sale $ 2,688 4,443 Real estate held-for-investment 2,981 6,723 Real estate inventory 6,117 1,179 Rental properties under development 64,055 — Predevelopment costs 4,813 — Total real estate $ 80,654 12,345 |
Note 8 - Investments in and A_2
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs (Tables) | 12 Months Ended |
Dec. 31, 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 Fair value of identifiable net 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 Real Estate Joint Ventures (1) ABBX AMC Total Cash $ 4,045 — 476 4,521 Restricted cash — 10,089 — 10,089 Trade accounts receivable, net — — 385 385 Real estate 64,055 — — 64,055 Investment in and advances to unconsolidated real estate joint ventures 39,821 — — 39,821 Other assets 698 — 292 990 Total assets $ 108,619 10,089 1,153 119,861 Accounts payable $ — — 16 16 Accrued expenses 140 9 200 349 Other liabilities — — 1,833 1,833 Notes payable and other borrowings 27,321 — — 27,321 Total liabilities $ 27,461 9 2,049 29,519 Noncontrolling interest $ 54,707 5,045 137 59,889 |
Schedule of Variable Interest Entities [Table Text Block] | December 31, December 31, 2023 Ownership (1) 2022 Ownership (1) Altis Grand Central $ 636 1.49 % 687 1.49 % Altis Ludlam Trail (2) — — 12,216 33.30 Altis Lake Willis Phase 1 7,126 1.68 850 1.23 Altis Lake Willis Phase 2 3,398 5.10 601 3.50 Altis Grand at Suncoast 12,195 12.31 4,579 11.00 Altis Blue Lake 4,736 1.68 647 1.22 Altis Santa Barbara 6,425 5.10 433 3.50 Altis Twin Lakes 3,961 11.39 — — Altra Kendall (3) — — 5,670 13.70 The Altman Companies (3) — — 11,992 50.00 ABBX Guaranty (3) — — 5,978 50.00 BBX Park at Delray 2,800 10.00 — — Marbella 1,043 70.00 1,064 70.00 The Main Las Olas 479 3.41 1,117 3.41 Sky Cove 118 26.25 24 26.50 Sky Cove South 1,001 26.25 3,241 26.25 Other 158 316 Total $ 44,076 49,415 |
Altis Grand at Preserve [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2023 2022 Assets Cash $ — — Real estate — — Other assets — — Total assets $ — — Liabilities and Equity Notes payable $ — — Other liabilities — — Total liabilities — — Total equity — — Total liabilities and equity $ — — For the Years Ended December 31, 2023 2022 2021 Total revenues $ — — 1,965 Gain on sale of real estate — — 37,675 Other expenses — — (3,476 ) Net earnings — — 36,164 Equity in net earnings of unconsolidated real estate joint venture - Altis Grand at the Preserve $ — 114 4,977 |
Altis Grand Central [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2023 2022 Assets Cash $ — — Real estate — — Investment in Altis Grand Central JV — 4,589 Other assets — — Total assets $ — 4,589 Liabilities and Equity Notes payable $ — — Other liabilities — — Total liabilities — — Total equity — 4,589 Total liabilities and equity $ — 4,589 For the Years Ended December 31, 2023 2022 2021 Total revenues $ — — 5,735 Gain on sale of equity interest in joint venture — — 53,537 Total expenses — — (7,180 ) Net earnings — — 52,092 Equity in net earnings of unconsolidated real estate joint venture - Altis Grand Central $ — — 6,182 |
Altis Promenade [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2023 2022 Assets Cash $ — — Other assets — — Total assets $ — — Liabilities and Equity Other liabilities — — Total liabilities — — Total equity — — Total liabilities and equity $ — — For the Years Ended December 31, 2023 2022 2021 Total revenues $ — — 2,589 Gain on sale of real estate — — 40,010 Other expenses — — (2,635 ) Net earnings $ — — 39,964 Equity in net earnings of unconsolidated real estate joint venture - Altis Promenade $ 147 230 5,178 |
Altis Miramar East/West [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | 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 Years Ended December 31, 2023 2022 2021 Total revenues $ — 5,049 1,269 Gain on sale of real estate — 143,217 — Other expenses — (7,101 ) (532 ) Net earnings $ — 141,165 737 Equity in net earnings (loss) of unconsolidated real estate joint venture - Altis Miramar East/West $ 47 13,950 (34 ) |
Altis Little Havana [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2023 2022 Assets Cash $ — 718 Other assets — 411 Total assets $ — 1,129 Liabilities and Equity Other liabilities $ — 270 Total liabilities — 270 Total equity — 859 Total liabilities and equity $ — 1,129 For the Years Ended December 31, 2023 2022 2021 Total revenues $ — 255 — Gain on sale of real estate — 59,023 — Other expenses — (2,369 ) (82 ) Net earnings (loss) $ — 56,909 (82 ) Equity in net earnings of unconsolidated real estate joint venture - Altis Little Havana $ — 8,689 — |
Sky Cove South [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2023 2022 Assets Cash $ 5,063 2,056 Real estate inventory 2,840 22,921 Other assets 16 19 Total assets $ 7,919 24,996 Liabilities and Equity Notes payable $ — 6,760 Other liabilities 1,739 5,800 Total liabilities 1,739 12,560 Total equity 6,180 12,436 Total liabilities and equity $ 7,919 24,996 For the Years Ended December 31, 2023 2022 2021 Total revenues $ 63,056 36,239 3 Cost of real estate inventory sold (47,685 ) (32,149 ) — Other expenses (1,406 ) (1,547 ) (1,038 ) Net earnings 13,965 2,543 (1,035 ) Equity in net earnings of unconsolidated real estate joint venture - Sky Cove South $ 2,394 633 (272 ) |
Marbella [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2023 2022 Assets Cash $ 536 3,508 Real estate inventory 1,706 1,706 Other assets 458 526 Total assets $ 2,700 5,740 Liabilities and Equity Total liabilities 612 3,611 Total equity 2,088 2,129 Total liabilities and equity $ 2,700 5,740 For the Years Ended December 31, 2023 2022 2021 Total revenues $ 1,192 110,914 24,676 Cost of real estate inventory sold — (81,610 ) (18,732 ) Other expenses (34 ) (3,601 ) (2,187 ) Net earnings (loss) $ 1,158 25,703 3,757 Equity in net earnings of unconsolidated real estate joint venture - Marbella $ 579 12,594 2,558 |
Note 9 - Property and Equipme_2
Note 9 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Leasehold improvements $ 35,732 29,001 Construction in progress 4,009 1,039 Office equipment, furniture, fixtures and software 32,535 27,722 Transportation 405 366 72,681 58,128 Accumulated depreciation (31,993 ) (22,988 ) Property and equipment, net $ 40,688 35,140 |
Note 10 - Goodwill and Intang_2
Note 10 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | For the Years Ended December 31, 2023 2022 2021 Balance, beginning of period $ 18,414 18,414 8,277 Acquisition of the Altman Companies 31,233 — — IT'SUGAR emergence from bankruptcy — — 14,274 Purchase accounting adjustments relating to the acquisition of Colonial Elegance — — (4,137 ) Balance, end of period $ 49,647 18,414 18,414 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2023 2022 Trademarks $ 16,762 16,762 Customer relationships 18,752 18,752 Other 269 269 35,783 35,783 Accumulated amortization (8,944 ) (6,378 ) Total intangible assets $ 26,839 29,405 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending December 31, Total 2024 $ 2,575 2025 2,575 2026 2,575 2027 2,569 2028 2,569 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | As of As of December 31, 2023 December 31, 2022 Operating lease assets $ 117,894 110,082 Operating lease liabilities $ 136,758 126,842 Weighted average remaining lease term (years) 7.0 6.3 Weighted average discount rate (1) 5.5 % 4.9 % |
Lease, Cost [Table Text Block] | For the Years Ended December 31, 2023 December 31, 2022 Fixed lease costs $ 27,732 22,909 Short-term lease costs 410 1,459 Variable lease costs 7,930 9,103 Total operating lease costs $ 36,072 18,846 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Period Ending December 31, 2024 $ 27,289 2025 26,009 2026 22,734 2027 20,227 2028 17,643 After 2027 53,138 Total lease payments 167,040 Less: interest 30,282 Present value of lease liabilities $ 136,758 |
Note 12 - Other Assets (Tables)
Note 12 - Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, December 31, 2023 2022 Prepaid assets $ 9,509 5,941 Equity investments - cost method 2,439 2,886 Loans receivable 2,176 2,909 Interest rate cap 697 - Certificate of deposit - 5,000 Receivables from related parties 2,209 1,609 Other 2,561 3,108 Total other assets $ 19,591 21,453 |
Schedule of Financing Receivables [Table Text Block] | December 31, December 31, 2023 2022 First mortgage residential loans $ 2,005 2,654 Second mortgage residential loans 171 255 Total residential loans $ 2,176 2,909 |
Note 13 - Notes Payable and O_2
Note 13 - Notes Payable and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2023 December 31, 2022 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 143 2.40 - 3.75 % (1 ) $ 2,031 2.40 - 3.75 % (1 ) TD Bank Term Loan and Line of Credit 24,950 12.83 % (2 ) 34,509 8.95 % (2 ) Regions Bank Revolving Line of Credit 4,716 7.00 % (3 ) — — — First Horizon Bank Revolving Line of Credit (5) 2,750 9.00 % (4 ) 2,250 8.00 % (4 ) Comerica Letters of Credit (6)(7) 800 N/A — — — — TD Bank Construction Loan (6) 27,321 7.59 % 64,055 — — — Other 241 7.59 % — 9 4.22 % — Unamortized debt issuance costs (116 ) (256 ) Total notes payable and other borrowings $ 60,805 $ 38,543 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Notes Payable and Other Borrowings 2024 $ 10,257 2025 23,200 2026 27,321 2027 — 2028 — Thereafter 143 Total $ 60,921 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the Years Ended December 31, 2023 2022 2021 U.S. $ (15,703 ) 51,437 66,575 Foreign (6,020 ) (8,646 ) (2,334 ) Total $ (21,723 ) 42,791 64,241 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, 2023 2022 2021 Current: Federal $ 454 12,117 10,672 State — 3,630 2,855 454 15,747 13,527 Deferred: Federal (2,407 ) (251 ) 3,234 State (107 ) (347 ) 414 (2,514 ) (598 ) 3,648 (Benefit) provision for income taxes $ (2,060 ) 15,149 17,175 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, 2023 2022 2021 Income tax (benefit) provision at expected federal income tax rate (1) $ (4,562 ) 21.00 % 8,986 21.00 % 13,491 21.00 % Increase (decrease) resulting from: Nondeductible executive and share-based compensation 2,239 -10.31 % 1,451 3.39 % — 0.00 % Increase in valuation allowance 1,704 -7.84 % 2,048 4.79 % 427 0.66 % Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes 21 -0.10 % 72 0.17 % 31 0.05 % Nondeductible bankruptcy costs incurred by IT'SUGAR — 0.00 % 460 1.07 % 248 0.39 % Provision for state taxes, net of federal effect (107 ) 0.49 % 2,521 5.89 % 2,670 4.16 % Nondeductible gains on the consolidation of The Altman Companies and real estate joint ventures (1,252 ) 5.76 % — 0.00 % — 0.00 % Other (103 ) 0.47 % (389 ) -0.91 % 308 0.48 % (Benefit) provision for income taxes $ (2,060 ) 9.48 % 15,149 35.40 % 17,175 26.74 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2023 2022 2021 Deferred federal and state tax assets: Net operating loss carryforwards $ 18,222 10,570 7,943 Book reserves for credit losses, inventory, real estate and property and equipment 1,169 1,257 1,450 Expenses recognized for books and deferred for tax 4,071 3,439 1,288 Operating lease liabilities 34,311 8,156 2,407 Investment in IT'SUGAR, LLC — 458 2,060 Goodwill 1,111 — — Intangible assets — — 180 Other assets 111 334 332 Total gross federal and state deferred tax assets 58,995 24,214 15,660 Less deferred tax asset valuation allowance (11,412 ) (9,248 ) (7,199 ) Total deferred tax assets 47,583 14,966 8,461 Deferred federal and state tax liabilities: Tax over book depreciation (6,304 ) (1,735 ) (1,727 ) Investment in partnerships (2,468 ) (335 ) — Operating lease assets (29,655 ) (7,965 ) (2,610 ) Intangible assets (1,473 ) (231 ) — Other liabilities (491 ) (441 ) (348 ) Total gross deferred federal and state tax liabilities (40,391 ) (10,707 ) (4,685 ) Net federal and state deferred tax assets $ 7,192 4,259 3,776 |
Note 15 - Revenue Recognition (
Note 15 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Years Ended December 31, 2023 2022 2021 Revenue recognized at a point in time Trade sales - wholesale $ 118,449 149,129 164,315 Trade sales - retail 131,987 130,996 73,763 Sales of real estate inventory 12,912 27,794 65,479 Total revenue recognized at a point in time 263,348 307,919 303,557 Revenue recognized over time Construction contract revenue 114,187 — — Real estate development management fees 7,586 — — Real estate property management fees 3,600 — — Total revenue recognized over time 125,373 — — Total revenue from customers 388,721 307,919 303,557 Interest income 9,180 5,993 6,413 Net gains on sales of real estate assets 2,210 24,289 643 Other revenue 1,146 3,844 2,984 Total revenues $ 401,257 342,045 313,597 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | As of December 31, December 31, December 31, Contract Assets 2023 2022 2021 Contingent purchase price receivable $ 10,044 16,918 19,925 Cost and estimated earnings in excess of billings on uncompleted contracts (1) 1,031 — — Retainage receivable (1) 14,651 — — Uninstalled materials and deposits to purchase materials (1) 5,073 — — Total contract assets $ 30,799 16,918 19,925 Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts (1) $ 10,733 — — Retainage payable (1) 16,859 — — Contingent purchase price due to homebuilders 625 625 625 Other 424 236 244 Total contract liabilities $ 28,641 861 869 |
Note 19 - Noncontrolling Inte_2
Note 19 - Noncontrolling Interests and Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | December 31, December 31, 2023 2022 IT'SUGAR $ — 4,414 ABBX 5,040 — Total other noncontrolling interests $ 5,040 4,414 |
Schedule of Noncontrolling Interests [Table Text Block] | December 31, December 31, 2023 2022 Consolidated real estate VIEs $ 54,707 (4 ) AMC 138 — Restaurant 123 230 Total other noncontrolling interests $ 54,968 226 For the Years Ended December 31, 2023 2022 2021 IT'SUGAR $ (64 ) 20 141 ABBX 220 — — Consolidated real estate VIEs 841 (51 ) (31 ) Altman Management Company 84 — — IT'SUGAR FL II, LLC (1) — (461 ) (185 ) Restaurant 54 114 230 Net income (loss) attributable to noncontrolling interests $ 1,135 (378 ) 155 (1) IT’SUGAR FL II, LLC operates IT’SUGAR’s retail location in Hawaii and was a VIE through December 2022. IT'SUGAR acquired the noncontrolling interests in IT’SUGAR FL II, LLC, and it became a wholly owned subsidiary of IT'SUGAR as of December 31, 2022. |
Note 20 - Earnings Per Common_2
Note 20 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended December 31, 2023 2022 2021 Basic (loss) earnings per common share Numerator: Net (loss) income $ (19,663 ) 27,642 47,066 Net (income) loss attributable to noncontrolling interests (1,135 ) 378 (155 ) Net (loss) income available to shareholders $ (20,798 ) 28,020 46,911 Denominator: Weighted average number of common shares outstanding 14,411 15,471 17,840 Basic (loss) earnings per share $ (1.44 ) 1.81 2.63 Diluted (loss) earnings per share Numerator: Net (loss) income available to shareholders (20,798 ) 28,020 46,911 Allocation of income to options on noncontrolling interests in real estate joint ventures (103 ) — — Diluted net (loss) income available to shareholders $ (20,901 ) $ 28,020 $ 46,911 Denominator: Basic weighted average number of common shares outstanding 14,411 15,471 17,840 Effect of dilutive restricted stock awards — 37 — Diluted weighted average number of common shares outstanding 14,411 15,508 17,840 Diluted (loss) earnings per share $ (1.44 ) 1.81 2.63 |
Note 21 - Fair Value Measurem_2
Note 21 - Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Using Quoted Prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2023 2023 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 90,277 90,277 90,277 — — Restricted cash 21,307 21,307 21,307 — — Securities available for sale 44,576 44,576 43,751 825 — Note receivable from BVH 35,000 35,000 — — 35,000 Interest rate caps 697 697 — 697 — Financial liabilities: Notes payable and other borrowings 60,805 60,771 — — 60,771 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 BVH 50,000 46,635 — — 46,635 Financial liabilities: Notes payable and other borrowings 38,543 37,997 — — 37,997 |
Note 23 - Segment Reporting (Ta
Note 23 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 141,328 101,073 8,062 (27 ) 250,436 Sales of real estate inventory 12,912 — — — — 12,912 Revenue from construction contracts 114,187 — — — — 114,187 Real estate development and property management fees 11,186 — — — — 11,186 Interest income 8,017 — — — 1,163 9,180 Net gains on sales of real estate assets 2,210 — — — — 2,210 Other revenue 203 2 — 1,630 (689 ) 1,146 Total revenues 148,715 141,330 101,073 9,692 447 401,257 Costs and expenses: Cost of trade sales — 91,026 91,145 2,623 (27 ) 184,767 Cost of real estate inventory sold 3,071 — — — — 3,071 Cost of revenue from construction contracts 122,360 — — — — 122,360 Interest expense 104 1,564 4,596 4 (3,126 ) 3,142 Recoveries from loan losses, net (3,594 ) — — — — (3,594 ) Impairment losses — 615 — — — 615 Selling, general and administrative expenses 25,279 60,144 15,038 7,878 27,774 136,113 Total costs and expenses 147,220 153,349 110,779 10,505 24,621 446,474 Operating income (losses) 1,495 (12,019 ) (9,706 ) (813 ) (24,174 ) (45,217 ) Equity in net earnings of unconsolidated real estate joint ventures 4,219 — — — — 4,219 Gain on the consolidation of The Altman Companies 3,746 — — — — 3,746 Gain on the consolidation of investment in real estate joint ventures 12,017 — — — — 12,017 Other income (expense) 923 333 (5 ) 2,272 504 4,027 Foreign exchange (loss) gain — (20 ) (495 ) — — (515 ) Income (loss) before income taxes $ 22,400 (11,706 ) (10,206 ) 1,459 (23,670 ) (21,723 ) Total assets $ 354,815 173,190 84,483 6,079 55,675 674,242 Expenditures for property and equipment $ 59 13,519 1,331 167 25 15,101 Depreciation, amortization and accretion $ (2,111 ) 7,953 3,484 172 1,350 10,848 Debt accretion and amortization $ 80 37 59 — — 176 Cash and cash equivalents $ 66,383 3,934 1,966 1,839 16,155 90,277 Investments in and advances to unconsolidated real estate joint ventures $ 44,076 — — — — 44,076 Goodwill $ 31,233 14,274 4,140 — — 49,647 Notes payable and other borrowings $ 28,259 21,283 24,839 — (13,576 ) 60,805 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 139,718 131,951 8,470 (14 ) 280,125 Sales of real estate inventory 27,794 — — — — 27,794 Interest income 3,617 — — — 2,376 5,993 Net gains on sales of real estate assets 24,289 — — — — 24,289 Other revenue 1,835 — — 2,572 (563 ) 3,844 Total revenues 57,535 139,718 131,951 11,042 1,799 342,045 Costs and expenses: Cost of trade sales — 83,307 127,623 2,805 (14 ) 213,721 Cost of real estate inventory sold 11,463 — — — — 11,463 Interest expense — 1,015 3,588 2 (2,206 ) 2,399 Recoveries from loan losses, net (4,835 ) — — — — (4,835 ) Impairment losses 311 238 — — — 549 Selling, general and administrative expenses 13,772 55,617 17,077 7,224 22,525 116,215 Total costs and expenses 20,711 140,177 148,288 10,031 20,305 339,512 Operating income (losses) 36,824 (459 ) (16,337 ) 1,011 (18,506 ) 2,533 Equity in net earnings of unconsolidated real estate joint ventures 38,414 — — — — 38,414 Other (expense) income (7 ) 718 (57 ) 4 306 964 Foreign exchange gain — (70 ) 950 — — 880 Income (loss) before income taxes $ 75,231 189 (15,444 ) 1,015 (18,200 ) 42,791 Total assets $ 225,786 161,337 102,601 7,134 65,983 562,841 Expenditures for property and equipment $ — 11,383 1,653 110 1,593 14,739 Depreciation and amortization $ (271 ) 6,629 3,344 140 371 10,213 Debt accretion and amortization $ 261 61 128 — — 450 Cash and cash equivalents $ 107,069 7,246 1,060 2,643 9,563 127,581 Investments in and advances to unconsolidated real estate joint ventures $ 49,415 — — — — 49,415 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 1,946 18,150 47,838 9 (29,400 ) 38,543 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 84,215 146,255 7,616 (8 ) 238,078 Sales of real estate inventory 65,479 — — — — 65,479 Interest income 2,048 36 — — 4,329 6,413 Net gains on sales of real estate assets 643 — — — — 643 Other revenue 1,504 — — 2,045 (565 ) 2,984 Total revenues 69,674 84,251 146,255 9,661 3,756 313,597 Costs and expenses: Cost of trade sales — 52,497 130,366 2,291 (8 ) 185,146 Cost of real estate inventory sold 29,690 — — — — 29,690 Interest expense — 429 1,830 2 (822 ) 1,439 Recoveries from loan losses, net (7,774 ) — — — — (7,774 ) Impairment losses — 38 — — — 38 Selling, general and administrative expenses 7,587 31,524 15,857 5,978 15,068 76,014 Total costs and expenses 29,503 84,488 148,053 8,271 14,238 284,553 Operating income (losses) 40,171 (237 ) (1,798 ) 1,390 (10,482 ) 29,044 Equity in net earnings of unconsolidated real estate joint ventures 18,154 — — — — 18,154 Gain on the consolidation of IT'SUGAR, LLC — 15,890 — — — 15,890 Other (expense) income (14 ) 131 — — 224 341 Foreign exchange gain — — 812 — — 812 Income (loss) before income taxes $ 58,311 15,784 (986 ) 1,390 (10,258 ) 64,241 Total assets $ 179,619 143,916 101,647 7,745 100,428 533,355 Expenditures for property and equipment $ — 4,283 3,099 185 959 8,526 Depreciation and amortization $ — 3,181 3,037 118 122 6,458 Debt accretion and amortization $ 737 21 113 — — 871 Cash and cash equivalents $ 66,558 9,792 1,369 2,937 37,389 118,045 Real estate equity method investments $ 52,966 — — — — 52,966 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 7,312 14,421 44,124 26 (11,000 ) 54,883 |
Note 24 - IT'SUGAR Bankruptcy (
Note 24 - IT'SUGAR Bankruptcy (Tables) | 12 Months Ended |
Dec. 31, 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 784 Real estate 3,495 Due from related parties 2,081 Property and equipment 64 Contract assets 22,194 Other assets 2,590 Total assets acquired 50,107 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 (3,392 ) Cash consideration paid to seller 8,430 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 15,519 Goodwill $ 31,233 Gain on the consolidation of the Altman Companies (1) $ 3,746 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] | Actual Pro Forma For the Years Ended December 31, 2023 2022 2021 Trade sales $ 250,436 $ 280,125 277,769 Income (loss) before income taxes $ (21,723 ) $ 42,791 52,788 Income (loss) $ (19,663 ) $ 27,642 39,690 Net income (loss) income attributable to shareholders $ (20,798 ) $ 28,020 39,146 |
IT’SUGAR [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 6,909 Trade accounts receivable 584 Trade inventory 5,337 Property and equipment 19,291 Identifiable intangible assets (1) 9,670 Operating lease assets (2) 54,253 Other assets 3,323 Total assets acquired 99,367 Accounts payable (2,517 ) Accrued expenses (8,445 ) Other liabilities (124 ) Operating lease liabilities (62,975 ) Notes payable and other borrowings (3) (10,054 ) Total liabilities assumed (84,115 ) Fair value of identifiable net assets 15,252 Fair value of net assets acquired 28,590 Fair value of redeemable noncontrolling interest 936 Fair value of IT'SUGAR 29,526 Goodwill $ 14,274 Gain on the consolidation of IT'SUGAR (4) $ 15,890 |
Business Acquisition, Consolidated Information Since Acquisition [Table Text Block] | For the Years Ended December 31, 2023 2022 2021 Trade sales $ 122,155 119,302 62,161 (Loss) Income before income taxes $ (7,273 ) 2,307 2,516 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2020 USD ($) | May 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 31, 2023 | Oct. 01, 2020 | Sep. 22, 2020 | Dec. 01, 2018 | Nov. 30, 2018 | |||
Number of Publicly-traded Companies After Spin-off | 2 | ||||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 2,176 | $ 2,909 | |||||||||||
Repayment of Notes Receivable from Related Parties | 14,070 | 0 | $ 25,000 | ||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 118,045 | 90,277 | 127,581 | 118,045 | |||||||||
Debt Securities, Available-for-Sale | $ 44,576 | $ 18,548 | |||||||||||
The Altman Companies, LLC [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 0% | [1] | 50% | [2] | |||||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 50% | 50% | |||||||||
BBX Sweet Holdings [Member] | IT’SUGAR [Member] | |||||||||||||
Subsidiary, Ownership Percentage, Parent | 100% | ||||||||||||
BBX Sweet Holdings [Member] | IT’SUGAR [Member] | Minimum [Member] | |||||||||||||
Subsidiary, Ownership Percentage, Parent | 90% | ||||||||||||
Bluegreen Vacations [Member] | Notes Receivable [Member] | |||||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 75,000 | $ 35,000 | 50,000 | $ 50,000 | |||||||||
Financing Receivable, Interest Rate, Stated Percentage | 6% | ||||||||||||
Repayment of Notes Receivable from Related Parties | 14,100 | $ 25,000 | |||||||||||
Financing Receivable, Prepayment Discount | 15,000 | ||||||||||||
Interest Receivable | $ 100 | ||||||||||||
[1]The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures.[2]As of January 31, 2023, these entities are consolidated in the Company's financial statements. |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price | $ 6,500 | |||
Interest Expense | $ 3,142 | $ 2,399 | $ 1,439 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | 0 | ||
Advertising Expense | $ 2,000 | 1,600 | 1,400 | |
Minimum [Member] | ||||
Period Used to Calculate Discounted Cash Flows (Year) | 5 years | |||
Maximum [Member] | ||||
Period Used to Calculate Discounted Cash Flows (Year) | 10 years | |||
Computer Equipment and Software [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | ||
Computer Equipment and Software [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | ||
Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | ||
Manufacturing Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | 7 years | ||
Manufacturing Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | 10 years | ||
Investments and Advances to Real Estate Joint Ventures [Member] | ||||
Interest Expense | $ 900 | $ 500 | $ 500 |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | May 31, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 01, 2018 | Nov. 30, 2018 | |||
Goodwill | $ 18,414,000 | $ 49,647,000 | $ 18,414,000 | $ 8,277,000 | ||||||||
The Altman Companies, LLC [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50% | [1] | 0% | [2] | ||||||||
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, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 300,000 | |||||||||||
Business Combination, Reimbursement of Predevelopment Expenditures, Liability | $ 600,000 | |||||||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | Unconsolidated Joint Ventures That Sold Multifamily Apartments [Member] | ||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 22,600,000 | |||||||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | ||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 6,800,000 | |||||||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 50% | 50% | 50% | |||||||
Payments to Acquire Equity Method Investments | $ 9,400,000 | |||||||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | Mr. Joel Altman [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50% | |||||||||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | ||||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 50% | 50% | ||||||||||
Payments to Acquire Equity Method Investments | $ 1,000 | |||||||||||
Payments to Acquire Businesses, Gross | $ 8,100,000 | |||||||||||
Subsidiary, Ownership Percentage, Parent | 60% | 60% | ||||||||||
Goodwill | $ 31,200,000 | $ 31,200,000 | ||||||||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | Noncontrolling Interest Holders [Member] | ||||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 40% | 40% | 40% | |||||||||
Joel Altman [Member] | Altman-Glenewinkel Construction [Member] | ||||||||||||
Payments to Acquire Equity Method Investments | $ 2,400,000 | |||||||||||
Business Combination, Consideration Transferred, Excess Working Capital | $ 1,600,000 | |||||||||||
Joel Altman [Member] | The Altman Companies, LLC [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 10% | 10% | ||||||||||
Payments to Acquire Equity Method Investments | $ 2,400,000 | |||||||||||
[1]As of January 31, 2023, these entities are consolidated in the Company's financial statements.[2]The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. |
Note 3 - Acquisition - Summary
Note 3 - Acquisition - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill | $ 49,647 | $ 18,414 | $ 18,414 | $ 8,277 | ||
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 | 50,107 | |||||
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 | (3,392) | |||||
Payments to Acquire Businesses, Gross | 8,430 | |||||
Consideration payable to seller | 1,562 | |||||
Predevelopment costs payable to seller | 550 | |||||
Fair value of previously held equity interest in the Altman Companies | 15,519 | |||||
Goodwill | 31,233 | |||||
Gain on the consolidation of the Altman Companies (1) | [1] | 3,746 | ||||
The Altman Companies [Member] | Altman Companies [Member] | ||||||
Writeoff of Altman Companies receivable | 1,780 | |||||
The Altman Companies [Member] | Trade Accounts Receivable [Member] | ||||||
Receivables | 784 | |||||
The Altman Companies [Member] | Receivables Due From Related Party [Member] | ||||||
Receivables | $ 2,081 | |||||
[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 3 - Acquisition - Pro Form
Note 3 - Acquisition - Pro Forma Information (Details) - The Altman Companies [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total revenue | $ 401,257 | $ 342,045 | |
(Loss) income before income taxes | (20,798) | 28,020 | |
Total revenues, pro forma | 415,436 | 434,273 | |
Business Acquisition, Pro Forma Net Income (Loss) | (34,250) | 23,839 | |
The Altman Companies, LLC [Member] | |||
Total revenue | 177,597 | 0 | $ 0 |
(Loss) income before income taxes | $ (9,014) | $ (5,491) | $ (1,438) |
Note 4 - Securities Available_3
Note 4 - Securities Available for Sale, at Fair Value (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 8,000 | $ 49,000 |
Note 4 - Securities Available_4
Note 4 - Securities Available for Sale, at Fair Value - Debt Securities, Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available for sale securities, amortized cost | $ 44,558 | $ 18,570 |
Available for sale securities, gross unrealized gains | 18 | 11 |
Available for sale securities, gross unrealized losses | 0 | (33) |
Securities available for sale, at fair value | 44,576 | 18,548 |
US Treasury and Government [Member] | ||
Available for sale securities, amortized cost | 43,738 | 13,080 |
Available for sale securities, gross unrealized gains | 13 | 11 |
Available for sale securities, gross unrealized losses | 0 | 0 |
Securities available for sale, at fair value | 43,751 | 13,091 |
Community Development District Bonds [Member] | ||
Available for sale securities, amortized cost | 820 | 820 |
Available for sale securities, gross unrealized gains | 5 | 0 |
Available for sale securities, gross unrealized losses | 0 | (7) |
Securities available for sale, at fair value | 825 | 813 |
Corporate Debt Securities [Member] | ||
Available for sale securities, amortized cost | 0 | 4,670 |
Available for sale securities, gross unrealized gains | 0 | 0 |
Available for sale securities, gross unrealized losses | 0 | (26) |
Securities available for sale, at fair value | $ 0 | $ 4,644 |
Note 5 - Trade Accounts Recei_3
Note 5 - Trade Accounts Receivables, Net, and Construction Contracts Receivable - Schedule of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade accounts receivables | $ 18,563 | $ 19,735 |
Allowance for expected credit losses | (222) | (70) |
Total trade accounts receivables | $ 18,341 | $ 19,665 |
Note 5 - Trade Accounts Recei_4
Note 5 - Trade Accounts Receivables, Net, and Construction Contracts Receivable - Contract Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Construction contracts receivable | $ 13,525 | $ 0 |
Allowance for expected credit losses | 0 | 0 |
Total construction contracts receivable | $ 13,525 | $ 0 |
Note 6 - Trade Inventory (Detai
Note 6 - Trade Inventory (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Renin Holdings LLC[Member] | |
Production Related Impairments or Charges, Total | $ 2.4 |
Note 6 - Trade Inventory (Det_2
Note 6 - Trade Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 5,569 | $ 9,130 |
Paper goods and packaging materials | 1,571 | 2,185 |
Work in process | 618 | 1,736 |
Finished goods | 27,356 | 37,108 |
Total trade inventory | 35,114 | 50,159 |
Inventory reserve | (1,278) | (1,293) |
Total trade inventory, net | $ 33,836 | $ 48,866 |
Note 7 - Real Estate (Details T
Note 7 - Real Estate (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) a | Dec. 31, 2021 USD ($) | |
Interest Expense | $ 3,142 | $ 2,399 | $ 1,439 |
Gain (Loss) on Sale of Properties | 2,210 | 24,289 | 643 |
Proceeds from Sale, Property, Held-for-Sale | 2,600 | 27,300 | 2,400 |
Real Estate, Held-for-Sale | 2,688 | 4,443 | |
Transferred from Held for Investment to Real Estate Inventory [Member] | |||
Land | 3,900 | ||
Land in St. Lucie County, Florida [member] | |||
Gain (Loss) on Sale of Properties | $ 23,000 | ||
Area of Real Estate Property (Acre) | a | 119 | ||
Real Estate, Held-for-Sale | $ 400 | ||
Altra Kendal [Member] | |||
Land | 17,800 | ||
Construction in Progress, Gross | 46,300 | ||
Interest Expense | $ 300 | ||
BBX Capital Real Estate (BBXRE) [Member] | |||
Number of Real Estate Property Sold | 79 | ||
Proceeds from Sale of Real Estate | $ 9,700 | $ 16,300 | $ 35,800 |
BBX Capital Real Estate (BBXRE) [Member] | Single Family [Member] | |||
Number of Real Estate Property Sold | 146 | 291 | |
BBX Capital Real Estate (BBXRE) [Member] | Townhome [Member] | |||
Number of Real Estate Property Sold | 32 | 94 | |
BBX Capital Real Estate (BBXRE) [Member] | Undeveloped Lots [Member] | |||
Number of Real Estate Property Sold | 299 |
Note 7 - Real Estate - Schedule
Note 7 - Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real estate, held for sale | $ 2,688 | $ 4,443 |
Real estate held-for-investment | 2,981 | 6,723 |
Real estate inventory | 6,117 | 1,179 |
Rental properties under development | 64,055 | 0 |
Predevelopment costs | 4,813 | 0 |
Total real estate | $ 80,654 | $ 12,345 |
Note 8 - Investments in and A_3
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2023 USD ($) | Jun. 30, 2020 USD ($) ft² | Dec. 31, 2019 USD ($) | Sep. 30, 2023 USD ($) a ft² | Jul. 31, 2023 USD ($) | May 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2023 | Dec. 01, 2018 | Nov. 30, 2018 | ||||
Payments to Acquire Interest in Joint Venture | $ 11,325 | $ 12,982 | $ 16,618 | ||||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 44,076 | 49,415 | 52,966 | ||||||||||||
Income (Loss) from Equity Method Investments | 4,219 | 38,414 | 18,154 | ||||||||||||
Proceeds from Equity Method Investment, Distribution | 7,806 | 45,107 | 20,573 | ||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||||||
Restricted Cash | $ 10,064 | 10,089 | |||||||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 38,800 | ||||||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 39,821 | 0 | |||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Corporate Joint Venture [Member] | |||||||||||||||
Restricted Cash | 0 | ||||||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 59,000 | ||||||||||||||
BBX Capital Real Estate (BBXRE) [Member] | Bayview [Member] | Mortgages [Member] | |||||||||||||||
Debt Instrument, Percentage Guaranty | 50% | ||||||||||||||
BBX Logistics Properties, LLC [Member] | BBX Industrial Guaranty, LLC [Member] | |||||||||||||||
Proceeds from Contributions from Parent | $ 5,000 | ||||||||||||||
Restricted Cash | 5,000 | 5,000 | |||||||||||||
BBX Logistics Properties, LLC [Member] | BBX Industrial Guaranty, LLC [Member] | Minimum [Member] | |||||||||||||||
Net Assets | $ 5,000 | $ 5,000 | |||||||||||||
BBX Logistics Properties, LLC [Member] | BBX Park at Delray [Member] | |||||||||||||||
Area of Land (Acre) | a | 40 | ||||||||||||||
Area of Real Estate Property (Acre) | ft² | 673,000 | ||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 2,900 | ||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 10% | ||||||||||||||
BBXRE [Member] | |||||||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 11,600 | ||||||||||||||
The Altman Companies, LLC [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 0% | [1] | 50% | [2] | |||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | [2] | $ 0 | $ 11,992 | ||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 2,300 | ||||||||||||||
The Altman Companies, LLC [Member] | BBX Capital Real Estate (BBXRE) [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 50% | 50% | |||||||||||
Joint Venture, Termination Penalty | $ 200 | ||||||||||||||
Payments to Acquire Equity Method Investments | $ 9,400 | ||||||||||||||
Altis Twin Lakes [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 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 | $ 3,961 | $ 0 | |||||||||||||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | |||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 16,800 | 2,000 | |||||||||||||
Equity Method Investment, Other than Temporary Impairment | 16,800 | ||||||||||||||
Real Estate Inventory, Capitalized Interest Costs | 1,100 | 800 | |||||||||||||
Real Estate Inventory, Capitalized Interest Costs, Period Increase (Decrease) | 100 | ||||||||||||||
Impairment of Real Estate | 1,000 | ||||||||||||||
Income (Loss) from Equity Method Investments | 4,200 | $ 38,400 | 18,200 | ||||||||||||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | Corporate Joint Venture [Member] | |||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 1,000 | ||||||||||||||
Sky Cove [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 26.25% | [1] | 26.50% | ||||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 118 | $ 24 | |||||||||||||
Income (Loss) from Equity Method Investments | $ 2,400 | ||||||||||||||
Marbella [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 70% | [1] | 70% | ||||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 1,043 | $ 1,064 | |||||||||||||
Income (Loss) from Equity Method Investments | $ 579 | 12,594 | 2,558 | ||||||||||||
Income (Loss) from Equity Method Investments, Recapitalization of Ownership Interest | $ 12,600 | ||||||||||||||
Altis Ludlam Trail [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 0% | [1] | 33.30% | [3] | |||||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | [3] | $ 0 | $ 12,216 | ||||||||||||
Income (Loss) from Equity Method Investments, Recapitalization of Ownership Interest | 1,400 | ||||||||||||||
Altis Ludlam Trail [Member] | BBX Capital Real Estate (BBXRE) [Member] | |||||||||||||||
Number of Multifamily Apartment Developments | 312 | 312 | |||||||||||||
Payments to Acquire Equity Method Investments | $ 8,500 | $ 1,100 | |||||||||||||
Area of Real Estate Property (Acre) | ft² | 7,500 | ||||||||||||||
Proceeds from Equity Method Investment, Distribution | $ 500 | $ 9,000 | |||||||||||||
Equity Method Investments | $ 8,500 | ||||||||||||||
Investment Interest Rate | 11.90% | ||||||||||||||
Equity Method Investment, Minimum Return | $ 11,900 | ||||||||||||||
Altis Ludlam Trail [Member] | BBX Capital Real Estate (BBXRE) [Member] | Mandatorily Redeemable Preferred Stock [Member] | |||||||||||||||
Proceeds from Equity Method Investment, Distribution | $ 12,300 | ||||||||||||||
Altis Little Havana [Member] | |||||||||||||||
Income (Loss) from Equity Method Investments | 0 | 8,689 | 0 | ||||||||||||
Altis Miramar East/West [Member] | |||||||||||||||
Income (Loss) from Equity Method Investments | 47 | 13,950 | (34) | ||||||||||||
Bayview [Member] | |||||||||||||||
Income (Loss) from Equity Method Investments, Recapitalization of Ownership Interest | 7,300 | ||||||||||||||
Altis Promenade [Member] | |||||||||||||||
Income (Loss) from Equity Method Investments | 147 | 230 | 5,178 | ||||||||||||
Altis Grand at Preserve [Member] | |||||||||||||||
Income (Loss) from Equity Method Investments | $ 0 | $ 114 | 4,977 | ||||||||||||
Income (Loss) from Equity Method Investments, Recapitalization of Ownership Interest | $ 6,200 | ||||||||||||||
[1]The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures.[2]As of January 31, 2023, these entities are consolidated in the Company's financial statements.[3]Ownership percentage represents the Company's ownership of the managing member of the joint venture and excludes its preferred interest accounted for as a loan receivable from the joint venture. |
Note 8 - Investments in and A_4
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for VIEs (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents | $ 90,277 | $ 127,581 | $ 118,045 | |
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 80,654 | 12,345 | ||
Other assets | 19,591 | 21,453 | ||
Fair value of identifiable net assets | 674,242 | 562,841 | 533,355 | |
Gain on the consolidation of The Altman Companies | 3,746 | 0 | 0 | |
Trade accounts receivable, net | 18,341 | 19,665 | ||
Accounts payable | 31,012 | 17,371 | ||
Accrued expenses | 40,700 | 34,985 | ||
Other liabilities | 4,774 | 5,297 | ||
Notes payable and other borrowings | 60,805 | 38,543 | $ 54,883 | |
Total liabilities | 302,690 | 223,899 | ||
Noncontrolling interests | 54,968 | 226 | ||
Real Estate Joint Ventures [Member] | ||||
Fair value of identifiable net 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 | 4,521 | 0 | |
Restricted cash | 10,064 | 10,089 | ||
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 24,447 | 64,055 | ||
Investment in and advances to unconsolidated real estate joint ventures | 38,162 | 39,821 | ||
Other assets | 486 | 990 | 0 | |
Fair value of identifiable net assets | 92,242 | 119,861 | ||
Fair value of noncontrolling interests | 54,707 | (4) | ||
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 | |||
Trade accounts receivable, net | 385 | 0 | ||
Accounts payable | 16 | 0 | ||
Accrued expenses | 349 | 0 | ||
Other liabilities | 1,833 | 0 | ||
Notes payable and other borrowings | 27,321 | $ 0 | ||
Total liabilities | 29,519 | |||
Noncontrolling interests | 59,889 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Corporate Joint Venture [Member] | ||||
Cash and cash equivalents | 4,045 | |||
Restricted cash | 0 | |||
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 64,055 | |||
Investment in and advances to unconsolidated real estate joint ventures | 39,821 | |||
Other assets | 698 | |||
Fair value of identifiable net assets | 108,619 | |||
Trade accounts receivable, net | 0 | |||
Accounts payable | 0 | |||
Accrued expenses | 140 | |||
Other liabilities | 0 | |||
Notes payable and other borrowings | 27,321 | |||
Total liabilities | 27,461 | |||
Noncontrolling interests | 54,707 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ABBX Guaranty, LLC [Member} | ||||
Cash and cash equivalents | 0 | |||
Restricted cash | 10,089 | |||
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 0 | |||
Investment in and advances to unconsolidated real estate joint ventures | 0 | |||
Other assets | 0 | |||
Fair value of identifiable net assets | 10,089 | |||
Trade accounts receivable, net | 0 | |||
Accounts payable | 0 | |||
Accrued expenses | 9 | |||
Other liabilities | 0 | |||
Notes payable and other borrowings | 0 | |||
Total liabilities | 9 | |||
Noncontrolling interests | 5,045 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Altman Management Company [Member] | ||||
Cash and cash equivalents | 476 | |||
Restricted cash | 0 | |||
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 0 | |||
Investment in and advances to unconsolidated real estate joint ventures | 0 | |||
Other assets | 292 | |||
Fair value of identifiable net assets | 1,153 | |||
Trade accounts receivable, net | 385 | |||
Accounts payable | 16 | |||
Accrued expenses | 200 | |||
Other liabilities | 1,833 | |||
Notes payable and other borrowings | 0 | |||
Total liabilities | 2,049 | |||
Noncontrolling interests | $ 137 |
Note 8 - Investments in and A_5
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Real Estate Investments | $ 44,076 | $ 49,415 | $ 52,966 | |||
Altis Grand Central [Member] | ||||||
Real Estate Investments | $ 636 | $ 687 | ||||
Ownership | 1.49% | [1] | 1.49% | |||
Altis Ludlam Trail [Member] | ||||||
Real Estate Investments | [2] | $ 0 | $ 12,216 | |||
Ownership | 0% | [1] | 33.30% | [2] | ||
Altis Lake Willis Phase 1 [Member] | ||||||
Real Estate Investments | $ 7,126 | $ 850 | ||||
Ownership | 1.68% | [1] | 1.23% | |||
Altis Lake Willis Phase 2 [Member] | ||||||
Real Estate Investments | $ 3,398 | $ 601 | ||||
Ownership | 5.10% | [1] | 3.50% | |||
Altis Grand at Suncoast [Member] | ||||||
Real Estate Investments | $ 12,195 | $ 4,579 | ||||
Ownership | 12.31% | [1] | 11% | |||
Altis Blue Lake [Member] | ||||||
Real Estate Investments | $ 4,736 | $ 647 | ||||
Ownership | 1.68% | [1] | 1.22% | |||
Altis Santa Barbara [Member] | ||||||
Real Estate Investments | $ 6,425 | $ 433 | ||||
Ownership | 5.10% | 3.50% | ||||
Altis Twin Lakes [Member] | ||||||
Real Estate Investments | $ 3,961 | $ 0 | ||||
Ownership | 11.39% | 0% | ||||
Altra Kendal [Member] | ||||||
Real Estate Investments | [3] | $ 0 | $ 5,670 | |||
Ownership | 0% | 13.70% | [3] | |||
The Altman Companies, LLC [Member] | ||||||
Real Estate Investments | [3] | $ 0 | $ 11,992 | |||
Ownership | 0% | [1] | 50% | [3] | ||
ABBX Guaranty, LLC [Member} | ||||||
Real Estate Investments | [3] | $ 0 | $ 5,978 | |||
Ownership | 0% | [1] | 50% | [3] | ||
BBX Park at Delray [Member] | ||||||
Real Estate Investments | $ 2,800 | $ 0 | ||||
Ownership | 10% | 0% | ||||
Marbella [Member] | ||||||
Real Estate Investments | $ 1,043 | $ 1,064 | ||||
Ownership | 70% | [1] | 70% | |||
The Main Las Olas [Member] | ||||||
Real Estate Investments | $ 479 | $ 1,117 | ||||
Ownership | 3.41% | [1] | 3.41% | |||
Sky Cove [Member] | ||||||
Real Estate Investments | $ 118 | $ 24 | ||||
Ownership | 26.25% | [1] | 26.50% | |||
Sky Cove South [Member] | ||||||
Real Estate Investments | $ 1,001 | $ 3,241 | ||||
Ownership | 26.25% | [1] | 26.25% | |||
Other Investments in Real Estate Joint Ventures [Member] | ||||||
Real Estate Investments | $ 158 | $ 316 | ||||
[1]The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures.[2]Ownership percentage represents the Company's ownership of the managing member of the joint venture and excludes its preferred interest accounted for as a loan receivable from the joint venture.[3]As of January 31, 2023, these entities are consolidated in the Company's financial statements. |
Note 8 - Investments in and A_6
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for Marbella Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | $ 90,277 | $ 127,581 | $ 118,045 | |
Real estate inventory | 6,117 | 1,179 | ||
Other assets | 19,591 | 21,453 | ||
Fair value of identifiable net assets | 674,242 | 562,841 | 533,355 | |
Total liabilities | 302,690 | 223,899 | ||
Total equity | 366,512 | 334,528 | 322,948 | $ 309,253 |
Total liabilities and equity | 674,242 | 562,841 | ||
Total revenues | 401,257 | 342,045 | 313,597 | |
Net (loss) income | (19,663) | 27,642 | 47,066 | |
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |
Marbella [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 579 | 12,594 | 2,558 | |
Marbella [Member] | ||||
Cash and cash equivalents | 536 | 3,508 | ||
Real estate inventory | 1,706 | 1,706 | ||
Other assets | 458 | 526 | ||
Fair value of identifiable net assets | 2,700 | 5,740 | ||
Total liabilities | 612 | 3,611 | ||
Total equity | 2,088 | 2,129 | ||
Total liabilities and equity | 2,700 | 5,740 | ||
Total revenues | 1,192 | 110,914 | 24,676 | |
Cost of real estate inventory sold | 0 | (81,610) | (18,732) | |
Other expenses | (34) | (3,601) | (2,187) | |
Net (loss) income | $ 1,158 | $ 25,703 | $ 3,757 |
Note 8 - Investments in and A_7
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for Sky Cove South (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | $ 90,277 | $ 127,581 | $ 118,045 | |
Real estate inventory | 6,117 | 1,179 | ||
Other assets | 19,591 | 21,453 | ||
Fair value of identifiable net assets | 674,242 | 562,841 | 533,355 | |
Other liabilities | 4,774 | 5,297 | ||
Total liabilities | 302,690 | 223,899 | ||
Total equity | 366,512 | 334,528 | 322,948 | $ 309,253 |
Total liabilities and equity | 674,242 | 562,841 | ||
Total revenues | 401,257 | 342,045 | 313,597 | |
Net (loss) income | (19,663) | 27,642 | 47,066 | |
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |
Sky Cove South [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 2,394 | 633 | (272) | |
Sky Cove South [Member] | ||||
Cash and cash equivalents | 5,063 | 2,056 | ||
Real estate inventory | 2,840 | 22,921 | ||
Other assets | 16 | 19 | ||
Fair value of identifiable net assets | 7,919 | 24,996 | ||
Notes payable | 0 | 6,760 | ||
Other liabilities | 1,739 | 5,800 | ||
Total liabilities | 1,739 | 12,560 | ||
Total equity | 6,180 | 12,436 | ||
Total liabilities and equity | 7,919 | 24,996 | ||
Total revenues | 63,056 | 36,239 | 3 | |
Cost of real estate inventory sold | (47,685) | (32,149) | 0 | |
Other expenses | (1,406) | (1,547) | (1,038) | |
Net (loss) income | $ 13,965 | $ 2,543 | $ (1,035) |
Note 8 - Investments in and A_8
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for Altis Little Havana (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | $ 90,277 | $ 127,581 | $ 118,045 | |
Other assets | 19,591 | 21,453 | ||
Fair value of identifiable net assets | 674,242 | 562,841 | 533,355 | |
Other liabilities | 4,774 | 5,297 | ||
Total liabilities | 302,690 | 223,899 | ||
Total equity | 366,512 | 334,528 | 322,948 | $ 309,253 |
Total liabilities and equity | 674,242 | 562,841 | ||
Total revenues | 401,257 | 342,045 | 313,597 | |
Net gains on sales of real estate assets | 2,210 | 24,289 | 643 | |
Net (loss) income | (19,663) | 27,642 | 47,066 | |
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |
Altis Little Havana [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 8,689 | 0 | |
Altis Little Havana [Member] | ||||
Cash and cash equivalents | 0 | 718 | ||
Other assets | 0 | 411 | ||
Fair value of identifiable net assets | 0 | 1,129 | ||
Other liabilities | 0 | 270 | ||
Total liabilities | 0 | 270 | ||
Total equity | 0 | 859 | ||
Total liabilities and equity | 0 | 1,129 | ||
Total revenues | 0 | 255 | 0 | |
Net gains on sales of real estate assets | 0 | 59,023 | 0 | |
Other expenses | 0 | (2,369) | (82) | |
Net (loss) income | $ 0 | $ 56,909 | $ (82) |
Note 8 - Investments in and A_9
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for Altis Miramar East/West (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | $ 90,277 | $ 127,581 | $ 118,045 | |
Other assets | 19,591 | 21,453 | ||
Fair value of identifiable net assets | 674,242 | 562,841 | 533,355 | |
Other liabilities | 4,774 | 5,297 | ||
Total liabilities | 302,690 | 223,899 | ||
Total equity | 366,512 | 334,528 | 322,948 | $ 309,253 |
Total liabilities and equity | 674,242 | 562,841 | ||
Total revenues | 401,257 | 342,045 | 313,597 | |
Net gains on sales of real estate assets | 2,210 | 24,289 | 643 | |
Net (loss) income | (19,663) | 27,642 | 47,066 | |
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |
Altis Miramar East/West [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 47 | 13,950 | (34) | |
Altis Miramar East/West [Member] | ||||
Cash and cash equivalents | 0 | 433 | ||
Other assets | 0 | 438 | ||
Fair value of identifiable net assets | 0 | 871 | ||
Other liabilities | 0 | 118 | ||
Total liabilities | 0 | 118 | ||
Total equity | 0 | 753 | ||
Total liabilities and equity | 0 | 871 | ||
Total revenues | 0 | 5,049 | 1,269 | |
Net gains on sales of real estate assets | 0 | 143,217 | 0 | |
Other expenses | 0 | (7,101) | (532) | |
Net (loss) income | $ 0 | $ 141,165 | $ 737 |
Note 8 - Investments in and _10
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for Altis Promenade (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | $ 90,277 | $ 127,581 | $ 118,045 | |
Other assets | 19,591 | 21,453 | ||
Fair value of identifiable net assets | 674,242 | 562,841 | 533,355 | |
Other liabilities | 4,774 | 5,297 | ||
Total liabilities | 302,690 | 223,899 | ||
Total equity | 366,512 | 334,528 | 322,948 | $ 309,253 |
Total liabilities and equity | 674,242 | 562,841 | ||
Total revenues | 401,257 | 342,045 | 313,597 | |
Net gains on sales of real estate assets | 2,210 | 24,289 | 643 | |
Net (loss) income | (19,663) | 27,642 | 47,066 | |
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |
Altis Promenade [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 147 | 230 | 5,178 | |
Altis Promenade [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Other assets | 0 | 0 | ||
Fair value of identifiable net assets | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Total equity | 0 | 0 | ||
Total liabilities and equity | 0 | 0 | ||
Total revenues | 0 | 0 | 2,589 | |
Net gains on sales of real estate assets | 0 | 0 | 40,010 | |
Other expenses | 0 | 0 | (2,635) | |
Net (loss) income | $ 0 | $ 0 | $ 39,964 |
Note 8 - Investments in and _11
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information in Altis Grand Central (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | $ 90,277 | $ 127,581 | $ 118,045 | |
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 80,654 | 12,345 | ||
Other assets | 19,591 | 21,453 | ||
Fair value of identifiable net assets | 674,242 | 562,841 | 533,355 | |
Other liabilities | 4,774 | 5,297 | ||
Total liabilities | 302,690 | 223,899 | ||
Total equity | 366,512 | 334,528 | 322,948 | $ 309,253 |
Total liabilities and equity | 674,242 | 562,841 | ||
Total revenues | 401,257 | 342,045 | 313,597 | |
Net (loss) income | (19,663) | 27,642 | 47,066 | |
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |
Altis Grand Central [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 6,182 | |
Altis Grand Central [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 0 | 0 | ||
Investment in and advances to unconsolidated real estate joint ventures | 0 | 4,589 | ||
Other assets | 0 | 0 | ||
Fair value of identifiable net assets | 0 | 4,589 | ||
Notes payable | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Total equity | 0 | 4,589 | ||
Total liabilities and equity | 0 | 4,589 | ||
Total revenues | 0 | 0 | 5,735 | |
Gain on sale of equity interest in joint venture | 0 | 0 | 53,537 | |
Total expenses | 0 | 0 | (7,180) | |
Net (loss) income | $ 0 | $ 0 | $ 52,092 |
Note 8 - Investments in and _12
Note 8 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information in Altis Grand at the Preserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | $ 90,277 | $ 127,581 | $ 118,045 | |
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 80,654 | 12,345 | ||
Other assets | 19,591 | 21,453 | ||
Fair value of identifiable net assets | 674,242 | 562,841 | 533,355 | |
Other liabilities | 4,774 | 5,297 | ||
Total liabilities | 302,690 | 223,899 | ||
Total equity | 366,512 | 334,528 | 322,948 | $ 309,253 |
Total liabilities and equity | 674,242 | 562,841 | ||
Total revenues | 401,257 | 342,045 | 313,597 | |
Net gains on sales of real estate assets | 2,210 | 24,289 | 643 | |
Net (loss) income | (19,663) | 27,642 | 47,066 | |
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |
Altis Grand at Preserve [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 114 | 4,977 | |
Altis Grand at Preserve [Member] | ||||
Cash and cash equivalents | 0 | 0 | ||
Real estate ($2,688 in 2023 and $4,443 in 2022 held for sale and $64,055 in 2023 and $0 in 2022 in VIEs) | 0 | 0 | ||
Other assets | 0 | 0 | ||
Fair value of identifiable net assets | 0 | 0 | ||
Notes payable | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Total equity | 0 | 0 | ||
Total liabilities and equity | 0 | 0 | ||
Total revenues | 0 | 0 | 1,965 | |
Net gains on sales of real estate assets | 0 | 0 | 37,675 | |
Other expenses | 0 | 0 | (3,476) | |
Net (loss) income | $ 0 | $ 0 | $ 36,164 |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation | $ 9,400,000 | $ 7,900,000 | $ 4,100,000 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | 2,210,000 | 24,401,000 | $ 696,000 |
Property, Plant and Equipment, Net | 40,688,000 | 35,140,000 | |
Impairment, Long-Lived Asset, Held-for-Use | 615,000 | 238,000 | |
Renin Holdings LLC[Member] | Non-US [Member] | |||
Property, Plant and Equipment, Net | $ 14,100,000 | ||
Hoffman’s Chocolates [Member] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 900,000 |
Note 9 - Property and Equipme_4
Note 9 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 72,681 | $ 58,128 |
Accumulated depreciation | (31,993) | (22,988) |
Property and equipment, net | 40,688 | 35,140 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 35,732 | 29,001 |
Construction in Progress [Member] | ||
Property and equipment, gross | 4,009 | 1,039 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 32,535 | 27,722 |
Transportation Equipment [Member] | ||
Property and equipment, gross | $ 405 | $ 366 |
Note 10 - Goodwill and Intang_3
Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2023 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 17, 2021 | |
Goodwill, Acquired During Period | $ 31,233 | $ 0 | $ 0 | ||||
Goodwill, Purchase Accounting Adjustments | 0 | 0 | (4,137) | ||||
Amortization of Intangible Assets | 2,600 | 2,600 | 2,300 | ||||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 0 | 0 | ||||
Weighted Average [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years 1 month 6 days | ||||||
Trademarks [Member] | Minimum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | ||||||
Trademarks [Member] | Maximum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||||
Trademarks [Member] | Weighted Average [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years 8 months 12 days | ||||||
Customer Relationships [Member] | Minimum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years | ||||||
Customer Relationships [Member] | Maximum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||||
Customer Relationships [Member] | Weighted Average [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 9 years 9 months 18 days | ||||||
Other Intangible Assets [Member] | Weighted Average [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year 10 months 24 days | ||||||
The Altman Companies, LLC [Member] | |||||||
Goodwill, Acquired During Period | $ 31,200 | ||||||
IT’SUGAR [Member] | |||||||
Goodwill, Acquired During Period | $ 14,300 | ||||||
IT’SUGAR [Member] | Trademarks [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||
Colonial Elegance, Inc [Member] | |||||||
Goodwill, Acquired During Period | $ 8,300 | ||||||
Goodwill, Purchase Accounting Adjustments | $ (4,100) |
Note 10 - Goodwill and Intang_4
Note 10 - Goodwill and Intangible Assets - Activity in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, beginning of period | $ 18,414 | $ 18,414 | $ 8,277 |
Acquisition of the Altman Companies | 31,233 | 0 | 0 |
IT'SUGAR emergence from bankruptcy | 0 | 0 | 14,274 |
Purchase accounting adjustments relating to the acquisition of Colonial Elegance | 0 | 0 | (4,137) |
Balance, end of period | $ 49,647 | $ 18,414 | $ 18,414 |
Note 10 - Goodwill and Intang_5
Note 10 - Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible assets, gross | $ 35,783 | $ 35,783 |
Accumulated amortization | (8,944) | (6,378) |
Total intangible assets | 26,839 | 29,405 |
Trademarks [Member] | ||
Intangible assets, gross | 16,762 | 16,762 |
Customer Relationships [Member] | ||
Intangible assets, gross | 18,752 | 18,752 |
Other Intangible Assets [Member] | ||
Intangible assets, gross | $ 269 | $ 269 |
Note 10 - Goodwill and Intang_6
Note 10 - Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 2,575 |
2025 | 2,575 |
2026 | 2,575 |
2027 | 2,569 |
2028 | $ 2,569 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Payments | $ 26,600 | $ 20,700 | $ 9,200 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 29,835 | $ 40,046 | $ 32,867 |
Lessee, Operating Lease, Lease Not yet Commenced, Minimum Future Payments | $ 6,900 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 7 years |
Note 11 - Leases - Information
Note 11 - Leases - Information on Lease Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease assets | $ 117,894 | $ 110,082 | |
Operating lease liabilities | $ 136,758 | $ 126,842 | |
Weighted average remaining lease term (years) (Year) | 7 years | 6 years 3 months 18 days | |
Weighted average discount rate (1) | [1] | 5.50% | 4.90% |
[1]As most of the Company’s lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. |
Note 11 - Leases - Lease Costs
Note 11 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fixed lease costs | $ 27,732 | $ 22,909 |
Short-term lease costs | 410 | 1,459 |
Variable lease costs | 7,930 | 9,103 |
Total operating lease costs | $ 36,072 | $ 18,846 |
Note 11 - Leases - Maturity of
Note 11 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 27,289 | |
2025 | 26,009 | |
2026 | 22,734 | |
2027 | 20,227 | |
2028 | 17,643 | |
After 2027 | 53,138 | |
Total lease payments | 167,040 | |
Less: interest | 30,282 | |
Present value of lease liabilities | $ 136,758 | $ 126,842 |
Note 12 - Other Assets (Details
Note 12 - Other Assets (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 1.5 | $ 2.3 |
Mortgage Loans in Process of Foreclosure, Amount | 1.3 | |
Other Liabilities [Member] | ||
Financing Receivable, Collateral Held | $ 2.4 | $ 3 |
Note 12 - Other Assets - Other
Note 12 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid assets | $ 9,509 | $ 5,941 |
Equity investments - cost method | 2,439 | 2,886 |
Financing Receivable, after Allowance for Credit Loss | 2,176 | 2,909 |
Trade accounts receivable, net | 18,341 | 19,665 |
Other | 2,561 | 3,108 |
Total other assets | 19,591 | 21,453 |
Related Party [Member] | ||
Trade accounts receivable, net | 2,209 | 1,609 |
Certificates of Deposit [Member] | ||
Certificate of deposit | 0 | 5,000 |
Interest Rate Cap [Member] | ||
Interest rate cap | $ 697 | $ 0 |
Note 12 - Other Assets - Schedu
Note 12 - Other Assets - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total residential loans | $ 2,176 | $ 2,909 |
Residential Portfolio Segment [Member] | ||
Total residential loans | 2,176 | 2,909 |
Residential Portfolio Segment [Member] | First Mortgage Loans [Member] | ||
Total residential loans | 2,005 | 2,654 |
Residential Portfolio Segment [Member] | Second Mortgage Loans [Member] | ||
Total residential loans | $ 171 | $ 255 |
Note 13 - Notes Payable and O_3
Note 13 - Notes Payable and Other Borrowings (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Mar. 13, 2024 | Feb. 03, 2023 | May 09, 2022 | Nov. 30, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | May 31, 2022 | Nov. 30, 2021 | Jul. 31, 2021 | Oct. 31, 2020 | May 31, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2016 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2023 | Mar. 31, 2023 | Feb. 23, 2023 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Feb. 28, 2020 | May 31, 2017 | |
Proceeds from Issuance of Long-Term Debt, Total | $ 32,779 | $ 3,355 | $ 9,359 | |||||||||||||||||||||||
Other Assets, Total | $ 21,453 | 19,591 | 21,453 | |||||||||||||||||||||||
Repayments of Long-Term Debt, Total | $ 9,568 | $ 15,804 | $ 22,096 | |||||||||||||||||||||||
TD Bank [Member] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.95% | 12.83% | 8.95% | |||||||||||||||||||||||
Letter of Credit [Member] | Comerica Letter of Credit Facility [Member] | Altman LOC Facility [Member] | ||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000 | |||||||||||||||||||||||||
Long-Term Line of Credit | $ 800 | |||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 2% | |||||||||||||||||||||||||
Line of Credit [Member] | Altra Kendall Construction Loan Facility [Member] | ||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |||||||||||||||||||||||||
Long-Term Line of Credit | $ 27,300 | |||||||||||||||||||||||||
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Altra Kendall Construction Loan Facility [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | ||||||||||||||||||||||||||
Proceeds from Contributions from Parent | $ 1,300 | $ 1,000 | ||||||||||||||||||||||||
Renin Holdings LLC[Member] | Promissory Note [Member] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 13,500 | |||||||||||||||||||||||||
Proceeds from Contributions from Parent | $ 13,500 | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | ||||||||||||||||||||||||||
Proceeds from Contributions from Parent | $ 8,000 | $ 7,000 | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | |||||||||||||||||||||||||
Debt Instrument, Covenant, Required Excess Availability | $ 3,000 | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Covenant, Required Excess Availability | 3,000 | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Canadian Prime Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.375% | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Base Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.875% | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | ||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,000 | $ 20,000 | $ 24,500 | $ 20,000 | $ 24,000 | $ 24,000 | $ 16,300 | |||||||||||||||||||
Proceeds from Lines of Credit, Total | 8,000 | |||||||||||||||||||||||||
Proceeds from Contributions from Parent | 3,300 | |||||||||||||||||||||||||
Long-Term Line of Credit | 17,700 | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000 | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Canadian Prime Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.875% | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Base Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.375% | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | Term Loan [Member] | TD Bank [Member] | ||||||||||||||||||||||||||
Long-Term Line of Credit | 7,300 | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | Term Loan [Member] | TD Bank [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | 3,400 | |||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 800 | |||||||||||||||||||||||||
Renin Holdings LLC[Member] | Term Loan [Member] | TD Bank [Member] | Applicable Variable Rates [Member] | Subsequent Event [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 | |||||||||||||||||||||||||
BBX Sweet Holdings [Member] | IberiaBank [Member] | LOCS Credit Facility [Member] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | |||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500 | $ 5,000 | ||||||||||||||||||||||||
BBX Sweet Holdings [Member] | IberiaBank [Member] | Prime Rate [Member] | LOCS Credit Facility [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||||||||||||||
Minimum [Member] | Renin Holdings LLC[Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||||||||||||||||||
Minimum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Base Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||||||||||||||
Minimum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||||||||||||||||||
Minimum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||||||||||||||||||||||||
Minimum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Prime Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||||||||||||||||||
Minimum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Canadian Overnight Repo Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||||||||||||||||||||||||
Minimum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | One to Six Month Term SOFR [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||||||||||||||||||
Minimum [Member] | IT’SUGAR [Member] | IT'SUGAR Credit Facility [Member] | Base Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | |||||||||||||||||||||||||
Maximum [Member] | Renin Holdings LLC[Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||||||||||||||||||
Maximum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Base Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||||||||||||||||||
Maximum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||||||||||||||||||
Maximum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||||||||||||||
Maximum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Prime Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||||||||||||||||
Maximum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | Canadian Overnight Repo Rate [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||||||||||||||
Maximum [Member] | Renin Holdings LLC[Member] | Revolving Credit Facility [Member] | TD Bank [Member] | One to Six Month Term SOFR [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||||||||||||||||||
Maximum [Member] | IT’SUGAR [Member] | IT'SUGAR Credit Facility [Member] | Base Rate [Member] | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||||||||||||||||
Community Development District Bonds [Member] | ||||||||||||||||||||||||||
Proceeds from Issuance of Long-Term Debt, Total | $ 5,100 | $ 8,600 | $ 8,100 | $ 16,500 | $ 21,400 | |||||||||||||||||||||
Other Assets, Total | $ 100 | |||||||||||||||||||||||||
Community Development District Bonds [Member] | Minimum [Member] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | 2.40% | 2.40% | |||||||||||||||||||||||
Community Development District Bonds [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | 3.75% | |||||||||||||||||||||||
Term Loan [Member] | Renin Holdings LLC[Member] | TD Bank [Member] | ||||||||||||||||||||||||||
Proceeds from Issuance of Long-Term Debt, Total | 30,000 | |||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 30,000 | $ 1,700 | ||||||||||||||||||||||||
Debt Instrument Contribution Required to Prepay | $ 13,500 | |||||||||||||||||||||||||
Debt Instrument, Prepay Amount | 10,000 | |||||||||||||||||||||||||
Subsidiaries, Additional Working Capital Provided | $ 3,500 | |||||||||||||||||||||||||
Repayments of Long-Term Debt, Total | $ 2,500 | |||||||||||||||||||||||||
Term Loan [Member] | Minimum [Member] | Renin Holdings LLC[Member] | TD Bank [Member] | ||||||||||||||||||||||||||
Debt Instrument, Prepay Amount | $ 1,500 | |||||||||||||||||||||||||
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 | $ 5,900 |
Note 13 - Notes Payable and O_4
Note 13 - Notes Payable and Other Borrowings - Schedule of Notes Payable and Other Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Debt balance, gross | $ 60,921 | ||||
Unamortized debt issuance costs | (116) | $ (256) | |||
Notes payable and other borrowings | 60,805 | 38,543 | $ 54,883 | ||
TD Bank [Member] | |||||
Debt balance, gross | $ 24,950 | [1] | $ 34,509 | ||
Interest rate | 12.83% | 8.95% | |||
Regions Bank Revolving Line of Credit [Member] | |||||
Debt balance, gross | $ 4,716 | [2] | $ 0 | ||
Interest rate | 7% | 0% | |||
First Horizon Bank Revolving Line of Credit [Member] | |||||
Debt balance, gross | $ 2,750 | [3],[4] | $ 2,250 | ||
Interest rate | 9% | 8% | |||
Comerica Letter of Credit Facility [Member] | |||||
Debt balance, gross | [5],[6] | $ 800 | |||
Altra Kendall Construction Loan Facility [Member] | |||||
Debt balance, gross | [5] | $ 27,321 | |||
Interest rate | 7.59% | ||||
Carrying amount of pledged assets | $ 64,055 | ||||
Community Development District Bonds [Member] | |||||
Debt balance, gross | $ 143 | [7] | $ 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 | $ 241 | $ 9 | |||
Interest rate | 7.59% | 4.22% | |||
[1]The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin.[2]The collateral is $5.9 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 December 31, 2023.[3]BBX Capital is the guarantor on the line of credit.[4]The collateral is a blanket lien on BBX Sweet Holdings’ assets.[5]ABBX is the guarantor on the facility.[6]The Company pays an annual two percent fee in advance based on the amount of each letter of credit.[7]Pledged assets consist of 6 and 85 lots in Phase 3 of the Beacon Lake Community Development as of December 31, 2023 and 2022, respectively. |
Note 13 - Notes Payable and O_5
Note 13 - Notes Payable and Other Borrowings - Scheduled Minimum Principal Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 10,257 |
2025 | 23,200 |
2026 | 27,321 |
2027 | 0 |
2028 | 0 |
Thereafter | 143 |
Total | $ 60,921 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2023 | Jun. 17, 2021 | Dec. 31, 2020 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | [1] | 21% | 21% | 21% | |||
Additional Paid in Capital | $ 311,847 | $ 312,978 | |||||
Effective Income Tax Rate Reconciliation, Percent | 9.48% | 35.40% | 26.74% | ||||
Goodwill | $ 49,647 | $ 18,414 | $ 18,414 | $ 8,277 | |||
Deferred Tax Assets, Valuation Allowance | 11,412 | 9,248 | 7,199 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,200 | ||||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | ||||||
Open Tax Year | 2020 2021 2022 2023 | ||||||
Bluegreen Vacations [Member] | Agreement to Allocate Consolidated Income Tax Liability [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 | $ 0 | ||||
Domestic and State Authority [Member] | |||||||
Deferred Tax Assets, Valuation Allowance | 6,200 | ||||||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||||||
Deferred Tax Assets, Valuation Allowance | 5,200 | ||||||
Domestic Tax Authority [Member] | |||||||
Operating Loss Carryforwards | 23,500 | ||||||
State and Local Jurisdiction [Member] | |||||||
Operating Loss Carryforwards | 21,000 | ||||||
Altman Companies [Member] | |||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 16,800 | ||||||
Goodwill | $ 31,200 | ||||||
IT’SUGAR [Member] | |||||||
Additional Paid in Capital | $ 400 | ||||||
Goodwill | $ 14,274 | ||||||
[1]Expected tax is computed based upon income (loss) before income taxes. |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. | $ (15,703) | $ 51,437 | $ 66,575 |
Foreign | (6,020) | (8,646) | (2,334) |
(Loss) income before income taxes | $ (21,723) | $ 42,791 | $ 64,241 |
Note 14 - Income Taxes - Provis
Note 14 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 454 | $ 12,117 | $ 10,672 |
State | 0 | 3,630 | 2,855 |
Current Income Tax Expense (Benefit) | 454 | 15,747 | 13,527 |
Federal | (2,407) | (251) | 3,234 |
State | (107) | (347) | 414 |
Deferred Income Tax Expense (Benefit) | (2,514) | (598) | 3,648 |
(Benefit) provision for income taxes | $ (2,060) | $ 15,149 | $ 17,175 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income tax (benefit) provision at expected federal income tax rate (1) | [1] | $ (4,562) | $ 8,986 | $ 13,491 |
Income tax (benefit) provision at expected federal income tax rate, percent | [1] | 21% | 21% | 21% |
Nondeductible executive and share-based compensation | $ 2,239 | $ 1,451 | $ 0 | |
Nondeductible executive and share-based compensation, percent | (10.31%) | 3.39% | 0% | |
Increase in valuation allowance | $ 1,704 | $ 2,048 | $ 427 | |
Increase in valuation allowance, percent | (7.84%) | 4.79% | 0.66% | |
Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes | $ 21 | $ 72 | $ 31 | |
Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes, percent | (0.10%) | 0.17% | 0.05% | |
Nondeductible bankruptcy costs incurred by IT'SUGAR | $ 0 | $ 460 | $ 248 | |
Nondeductible bankruptcy costs incurred by IT'SUGAR, percent | 0% | 1.07% | 0.39% | |
Provision for state taxes, net of federal effect | $ (107) | $ 2,521 | $ 2,670 | |
Provision for state taxes, net of federal effect, percent | 0.49% | 5.89% | 4.16% | |
Nondeductible gains on the consolidation of The Altman Companies and real estate joint ventures | $ (1,252) | $ 0 | $ 0 | |
Nondeductible gains on the consolidation of The Altman Companies and real estate joint ventures, percent | 5.76% | 0% | 0% | |
Other | $ (103) | $ (389) | $ 308 | |
Other, percent | 0.47% | (0.91%) | 0.48% | |
(Benefit) provision for income taxes | $ (2,060) | $ 15,149 | $ 17,175 | |
(Benefit) provision for income taxes, percent | 9.48% | 35.40% | 26.74% | |
[1]Expected tax is computed based upon income (loss) before income taxes. |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss carryforwards | $ 18,222 | $ 10,570 | $ 7,943 |
Book reserves for credit losses, inventory, real estate and property and equipment | 1,169 | 1,257 | 1,450 |
Expenses recognized for books and deferred for tax | 4,071 | 3,439 | 1,288 |
Operating lease liabilities | 34,311 | 8,156 | 2,407 |
Investment in IT'SUGAR, LLC | 0 | 458 | 2,060 |
Goodwill | 1,111 | 0 | 0 |
Intangible assets | 0 | 0 | 180 |
Other assets | 111 | 334 | 332 |
Total gross federal and state deferred tax assets | 58,995 | 24,214 | 15,660 |
Less deferred tax asset valuation allowance | (11,412) | (9,248) | (7,199) |
Total deferred tax assets | 47,583 | 14,966 | 8,461 |
Tax over book depreciation | (6,304) | (1,735) | (1,727) |
Investment in partnerships | (2,468) | (335) | 0 |
Operating lease assets | (29,655) | (7,965) | (2,610) |
Intangible assets | (1,473) | (231) | 0 |
Other liabilities | (491) | (441) | (348) |
Total gross deferred federal and state tax liabilities | (40,391) | (10,707) | (4,685) |
Net federal and state deferred tax assets | $ 7,192 | $ 4,259 | $ 3,776 |
Note 15 - Revenue Recognition 1
Note 15 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract Wtih Customer Receivable Retainage, Next 12 Months | $ 14,200 | $ 14,200 | ||
Contract With Customer Receivable Retainage, Year Two | 500 | 500 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 388,721 | $ 307,919 | $ 303,557 | |
Revenues | $ 401,257 | 342,045 | 313,597 | |
Real Estate Development Projects Concentration Risk [Member] | Revenue Benchmark [Member] | Six Real Estate Development Projects [Member] | ||||
Concentration Risk, Percentage | 30.30% | |||
CANADA | ||||
Revenues | $ 44,000 | |||
Renin Holdings LLC[Member] | Customer One [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Revenues | $ 21,300 | $ 49,600 | $ 50,300 | |
Concentration Risk, Percentage | 5.30% | 14.50% | 16% | |
Renin Holdings LLC[Member] | Customer Two [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Revenues | $ 32,300 | $ 37,900 | $ 42,800 | |
Concentration Risk, Percentage | 8% | 11.10% | 13.60% | |
Renin Holdings LLC[Member] | Customer Three [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Revenues | $ 17,200 | $ 19,600 | $ 30,400 | |
Concentration Risk, Percentage | 4.30% | 5.70% | 9.70% | |
Billings in Excess in Cost [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 18,800 | |||
Trade Sales [Member] | Renin Holdings LLC[Member] | ||||
Revenues | $ 70,800 | |||
Trade Sales [Member] | Renin Holdings LLC[Member] | Non-US [Member] | ||||
Revenues | $ 42,500 |
Note 15 - Revenue Recognition 2
Note 15 - Revenue Recognition 2 (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 30,799 | $ 16,918 | $ 19,925 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-31 | |||
Contract with Customer, Asset, after Allowance for Credit Loss | 63,000 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-31 | |||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 30,500 |
Note 15 - Revenue Recognition -
Note 15 - Revenue Recognition - Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales | $ 388,721 | $ 307,919 | $ 303,557 |
Interest income | 9,180 | 5,993 | 6,413 |
Net gains on sales of real estate assets | 2,210 | 24,289 | 643 |
Other revenue | 1,146 | 3,844 | 2,984 |
Total revenues | 401,257 | 342,045 | 313,597 |
Transferred at Point in Time [Member] | |||
Sales | 263,348 | 307,919 | 303,557 |
Trade [Member] | |||
Sales | 250,436 | 280,125 | 238,078 |
Trade [Member] | Sales Channel, Through Intermediary [Member] | Transferred at Point in Time [Member] | |||
Sales | 118,449 | 149,129 | 164,315 |
Trade [Member] | Sales Channel, Directly to Consumer [Member] | Transferred at Point in Time [Member] | |||
Sales | 131,987 | 130,996 | 73,763 |
Real Estate [Member] | |||
Sales | 12,912 | 27,794 | 65,479 |
Real Estate [Member] | Transferred at Point in Time [Member] | |||
Sales | 12,912 | 27,794 | 65,479 |
Real Estate [Member] | Transferred over Time [Member] | |||
Sales | 125,373 | 0 | 0 |
Construction [Member] | |||
Sales | 114,187 | 0 | 0 |
Construction [Member] | Transferred over Time [Member] | |||
Sales | 114,187 | 0 | 0 |
Development Management Service [Member] | Transferred over Time [Member] | |||
Sales | 7,586 | 0 | 0 |
Management Service [Member] | Transferred over Time [Member] | |||
Sales | $ 3,600 | $ 0 | $ 0 |
Note 15 - Revenue Recognition_2
Note 15 - Revenue Recognition - Contracts with Customers (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract assets | $ 30,799 | $ 16,918 | $ 19,925 | |
Contract liabilities | 28,641 | 861 | 869 | |
Contingent Purchase Price Receivable [Member] | ||||
Contract assets | 10,044 | 16,918 | 19,925 | |
Cost and Estimated Earnings in Excess of Billings [Member] | ||||
Contract assets | [1] | 1,031 | 0 | 0 |
Contract liabilities | [1] | 10,733 | 0 | 0 |
Retainage Receivable [Member] | ||||
Contract assets | [1] | 14,651 | 0 | 0 |
Uninstalled Materials and Deposits to Purchase Materials [Member] | ||||
Contract assets | [1] | 5,073 | 0 | 0 |
Retainage Payable [Member] | ||||
Contract liabilities | [1] | 16,859 | 0 | 0 |
Contingent Purchase Price Due to Homebuilders [Member] | ||||
Contract liabilities | 625 | 625 | 625 | |
Other Contract Liabilities [Member] | ||||
Contract liabilities | $ 424 | $ 236 | $ 244 | |
[1]The change in the contract asset and contract liabilities balances was due to the January 31, 2023 acquisition of the Altman Companies as further described in Note 3. |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 7 Months Ended | 12 Months Ended | 18 Months Ended | ||||
Nov. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Oct. 31, 2020 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2023 | |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 16,918 | $ 19,925 | $ 30,799 | |||||
Renin Holdings LLC[Member] | ||||||||
Proceeds from Contributions from Parent | $ 1,300 | $ 1,000 | ||||||
Renin Holdings LLC[Member] | Property Lease Guarantee [Member] | ||||||||
Lease Agreement, Guarantee of Rent | 7,000 | |||||||
ABBX Guaranty, LLC [Member} | Financial Guarantee [Member] | ||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 120,000 | |||||||
Guarantor Obligations, Current Carrying Value | 322,700 | |||||||
Restricted Cash | 10,000 | |||||||
BBX Industrial Guaranty, LLC [Member] | BBX Logistics Properties, LLC [Member] | ||||||||
Restricted Cash | $ 5,000 | 5,000 | ||||||
Proceeds from Contributions from Parent | 5,000 | |||||||
BBX Industrial Guaranty, LLC [Member] | BBX Logistics Properties, LLC [Member] | Minimum [Member] | ||||||||
Net Assets | $ 5,000 | $ 5,000 | ||||||
Renin Supplier Dispute [Member] | ||||||||
Payments for Advance to Affiliate | $ 4,000 | |||||||
Renin Supplier Dispute [Member] | Renin Holdings LLC[Member] | ||||||||
Expedited Shipping Costs Incurred for Products | $ 6,000 | |||||||
Expedited Shipping Costs for Product Displays | $ 2,000 | |||||||
Litigation Settlement, Amount Awarded from Other Party | $ 4,200 | |||||||
Loss Contingency, Estimate of Possible Loss | 8,100 | |||||||
Renin Supplier Dispute [Member] | Renin Holdings LLC[Member] | Scenario, Adjustment [Member] | ||||||||
Cost of Goods and Services Sold, Total | 2,900 | |||||||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 1,000 |
Note 17 - Employee Benefit Pl_2
Note 17 - Employee Benefit Plans and Incentive Compensation Program (Details Textual) - The 401(k) Plans [Member] | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Contribution Plan, Minimum Days of Service (Day) | 90 days | ||
Defined Contribution Plan, Minimum Age to Participate | 21 | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 22,500 | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Over 50 Years Age, Amount | $ 30,000 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, One | 100% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay, One | 3% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Two | 50% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay, Two | 2% | ||
Defined Contribution Plan, Cost | $ 1,000,000 | $ 500,000 | $ 400,000 |
Note 18 - Common Stock (Details
Note 18 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Jan. 16, 2024 | Oct. 01, 2023 | Jan. 17, 2023 | Oct. 01, 2022 | Jan. 18, 2022 | Dec. 31, 2023 | Nov. 30, 2022 | Oct. 31, 2022 | Jul. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | May 31, 2022 | Jan. 31, 2022 | Nov. 19, 2021 | Sep. 30, 2021 | Oct. 31, 2020 | |
Stock Repurchased and Retired During Period, Value | $ 1,074 | $ 22,835 | ||||||||||||||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 920 | $ 519 | $ 0 | |||||||||||||||||
BBX Capital 2021 Incentive Plan [Member] | ||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 0 | |||||||||||||||||||
BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 181,246 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 8,000 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 7.2 | $ 10.34 | ||||||||||||||||||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 1,100 | $ 500 | ||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 4,200 | $ 4,200 | ||||||||||||||||||
BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | Vesting in Three Periods [Member] | ||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 258,850 | |||||||||||||||||||
Tender Offer [Member] | ||||||||||||||||||||
Stock Repurchased During Period, Percentage of Total Outstanding Stock | 4.80% | 7.50% | 7.50% | |||||||||||||||||
Share Repurchase Program [Member] | ||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,300,000 | |||||||||||||||||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 9.36 | |||||||||||||||||||
Stock Repurchased During Period, Value | $ 22,800 | |||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 15,000 | $ 14,500 | $ 20,000 | $ 10,000 | ||||||||||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 0 | |||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Voting Power Percentage | 22% | |||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 10,110,336 | 10,110,336 | 10,629,613 | |||||||||||||||||
Common Stock, Percentage of Total Equity Between Classes | 73% | 73% | ||||||||||||||||||
Share Price (in dollars per share) | $ 7.99 | |||||||||||||||||||
Common Class A [Member] | BBX Capital 2021 Incentive Plan [Member] | ||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,700,000 | |||||||||||||||||||
Common Class A [Member] | BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 328,141 | 412,912 | 571,523 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 2,400 | $ 3,800 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.1 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 137,637 | 190,505 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,500 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 53,552 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 465,789 | 465,789 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 715,565 | 715,565 | ||||||||||||||||||
Common Class A [Member] | BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 414,986 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 3,800 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.11 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 138,328 | |||||||||||||||||||
Common Class A [Member] | Tender Offer [Member] | ||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 500,000 | 1,000,000 | 3,500,000 | 4,000,000 | 500,000 | |||||||||||||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 8 | $ 10 | $ 8 | $ 8 | $ 6.75 | |||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 726,043 | 1,200,000 | 1,402,785 | |||||||||||||||||
Stock Repurchased During Period, Value | $ 5,900 | $ 12,100 | $ 11,400 | |||||||||||||||||
Stock Repurchased During Period, Percentage of Total Outstanding Stock | 6.40% | 9.80% | 9.30% | |||||||||||||||||
Stock Repurchased, Tender Offer, Right to Purchase Additional Shares | 2% | 2% | ||||||||||||||||||
Common Class A [Member] | Share Repurchase Program [Member] | ||||||||||||||||||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 9.27 | |||||||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 2,425,229 | |||||||||||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 115,782 | ||||||||||||||||||
Stock Repurchased and Retired During Period, Value | $ 1,100 | |||||||||||||||||||
Common Class A [Member] | Decrease in Class B Common Stock, Scenario One [Member] | ||||||||||||||||||||
Voting Power Percentage | 40% | |||||||||||||||||||
Common Class A [Member] | Decrease in Class B Common Stock, Scenario Two [Member] | ||||||||||||||||||||
Voting Power Percentage | 53% | |||||||||||||||||||
Common Class B [Member] | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Voting Power Percentage | 78% | |||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 3,785,851 | 3,785,851 | 3,723,932 | |||||||||||||||||
Common Stock, Percentage of Total Equity Between Classes | 27% | 27% | ||||||||||||||||||
Common Class B [Member] | BBX Capital 2021 Incentive Plan [Member] | ||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 300,000 | |||||||||||||||||||
Common Class B [Member] | BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 68,343 | 205,029 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 500 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 68,343 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 500 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 11,248 | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 68,343 | 68,343 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 94,971 | 94,971 | ||||||||||||||||||
Common Class B [Member] | Share Repurchase Program [Member] | ||||||||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 14,394 | |||||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario One [Member] | ||||||||||||||||||||
Voting Power Percentage | 60% | |||||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario One [Member] | Maximum [Member] | ||||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 360,000 | 360,000 | ||||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario One [Member] | Minimum [Member] | ||||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 280,000 | 280,000 | ||||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario Two [Member] | ||||||||||||||||||||
Voting Power Percentage | 47% | |||||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario Two [Member] | Maximum [Member] | ||||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 280,000 | 280,000 | ||||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario Two [Member] | Minimum [Member] | ||||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 100,000 | 100,000 | ||||||||||||||||||
Common Class B [Member] | Decrease in Class B Common Stock, Scenario Three [Member] | Maximum [Member] | ||||||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 100,000 | 100,000 |
Note 19 - Noncontrolling Inte_3
Note 19 - Noncontrolling Interests and Redeemable Noncontrolling Interest (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||
Aug. 31, 2023 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 5,040 | $ 4,414 | ||
IT’SUGAR [Member] | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | 0 | $ 4,414 | ||
IT’SUGAR [Member] | Capital Unit, Class B [Member] | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 4,700 | |||
Subsidiary, Ownership Percentage, Parent | 90% | |||
Business Combination, Consideration Transferred | $ 4,700 | |||
Payments to Acquire Businesses, Gross | $ 3,300 | |||
IT’SUGAR [Member] | Capital Unit, Class B [Member] | Executive Officer [Member] | ||||
Deferred Compensation Liability, Current and Noncurrent | $ 800 | |||
ABBX Guaranty, LLC [Member} | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 5,040 | $ 0 | ||
Subsidiary, Ownership Percentage, Parent | 50% |
Note 19 - Noncontrolling Inte_4
Note 19 - Noncontrolling Interests - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Redeemable noncontrolling interest | $ 5,040 | $ 4,414 |
IT’SUGAR [Member] | ||
Redeemable noncontrolling interest | 0 | 4,414 |
ABBX Guaranty, LLC [Member} | ||
Redeemable noncontrolling interest | $ 5,040 | $ 0 |
Note 19 - Noncontrolling Inte_5
Note 19 - Noncontrolling Interests - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Restaurant | $ 123 | $ 230 | ||
Total other noncontrolling interests | 54,968 | 226 | ||
Net income (loss) attributable to noncontrolling interests | 1,135 | (378) | $ 155 | |
IT’SUGAR [Member] | ||||
Net income (loss) attributable to noncontrolling interests | (64) | 20 | 141 | |
ABBX Guaranty, LLC [Member} | ||||
Net income (loss) attributable to noncontrolling interests | 220 | 0 | 0 | |
Restaurant [Member] | ||||
Net income (loss) attributable to noncontrolling interests | 54 | 114 | 230 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Fair value of noncontrolling interests | 54,707 | (4) | ||
Total other noncontrolling interests | 59,889 | |||
Net income (loss) attributable to noncontrolling interests | 841 | (51) | (31) | |
Altman Management Company [Member] | ||||
Fair value of noncontrolling interests | 138 | 0 | ||
Net income (loss) attributable to noncontrolling interests | 84 | 0 | 0 | |
IT'SUGAR FL II, LLC [Member] | ||||
Net income (loss) attributable to noncontrolling interests | [1] | $ 0 | $ (461) | $ (185) |
[1]In December 2022, the Company acquired the noncontrolling interest in IT'SUGAR II, LLC. |
Note 20 - Earnings Per Common_3
Note 20 - Earnings Per Common Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 534,132 | 0 | 0 |
Note 20 - Earnings Per Common_4
Note 20 - Earnings Per Common Share - Computations of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net (loss) income | $ (19,663) | $ 27,642 | $ 47,066 | |
Net (income) loss attributable to noncontrolling interests | (1,135) | 378 | (155) | |
Net (loss) income attributable to shareholders | $ (20,798) | $ 28,020 | $ 46,911 | |
Basic weighted average number of common shares outstanding (in shares) | [1] | 14,411 | 15,471 | 17,840 |
Basic (loss) earnings per share (in dollars per share) | $ (1.44) | $ 1.81 | $ 2.63 | |
Net (loss) income available to shareholders | $ (20,798) | $ 28,020 | $ 46,911 | |
Allocation of income to options on noncontrolling interests in real estate joint ventures | (103) | 0 | 0 | |
Diluted net (loss) income available to shareholders | $ (20,901) | $ 28,020 | $ 46,911 | |
Effect of dilutive restricted stock awards (in shares) | 0 | 37 | 0 | |
Diluted weighted average number of common shares outstanding (in shares) | [1] | 14,411 | 15,508 | 17,840 |
Diluted (loss) earnings per share (in dollars per share) | $ (1.44) | $ 1.81 | $ 2.63 | |
[1]For periods prior to the spin-off on September 30, 2020, the number of shares is based on the shares issued in connection with the spin-off. See Note 1 for further discussion. |
Note 21 - Fair Value Measurem_3
Note 21 - Fair Value Measurement - Financial Disclosures About Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available for sale, at fair value | $ 44,576 | $ 18,548 |
Interest Rate Cap [Member] | ||
Interest rate cap | 697 | 0 |
Certificates of Deposit [Member] | ||
Certificate of deposit | 0 | 5,000 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 90,277 | 127,581 |
Restricted cash | 21,307 | 750 |
Securities available for sale, at fair value | 44,576 | 18,548 |
Note receivable from BVH | 35,000 | 50,000 |
Notes payable and other borrowings | 60,805 | 38,543 |
Reported Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate cap | 697 | |
Reported Value Measurement [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 90,277 | 127,581 |
Restricted cash | 21,307 | 750 |
Securities available for sale, at fair value | 44,576 | 18,548 |
Note receivable from BVH | 35,000 | 46,635 |
Notes payable and other borrowings | 60,771 | 37,997 |
Estimate of Fair Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate cap | 697 | |
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 | 90,277 | 127,581 |
Restricted cash | 21,307 | 750 |
Securities available for sale, at fair value | 43,751 | 13,091 |
Note receivable from BVH | 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 cap | 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 | 825 | 5,457 |
Note receivable from BVH | 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 cap | 697 | |
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 BVH | 35,000 | 46,635 |
Notes payable and other borrowings | 60,771 | 37,997 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Cap [Member] | ||
Interest rate cap | $ 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Certificate of deposit | $ 0 |
Note 22 - Certain Relationshi_2
Note 22 - Certain Relationships and Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jan. 17, 2024 | Sep. 30, 2020 | May 31, 2023 | Dec. 31, 2021 | Jun. 16, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, after Allowance for Credit Loss | $ 18,341,000 | $ 19,665,000 | ||||||
Selling, General and Administrative Expense | 136,113,000 | 116,215,000 | $ 76,014,000 | |||||
Revenues | 401,257,000 | 342,045,000 | 313,597,000 | |||||
Financing Receivable, after Allowance for Credit Loss | 2,176,000 | 2,909,000 | ||||||
Contract with Customer, Receivable, after Allowance for Credit Loss | 13,525,000 | 0 | ||||||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 19,925,000 | 30,799,000 | 16,918,000 | 19,925,000 | ||||
Contract with Customer, Liability | 869,000 | 28,641,000 | 861,000 | 869,000 | ||||
Repayment of Notes Receivable from Related Parties | 14,070,000 | 0 | 25,000,000 | |||||
Interest and Dividend Income, Operating | $ 9,180,000 | 5,993,000 | 6,413,000 | |||||
The Chairman, the Vice Chairman, the Chief Executive Officer and President, and the Executive Vice President [Member] | ||||||||
Voting Power Percentage | 84% | |||||||
Accounts Receivable, after Allowance for Credit Loss | $ 300,000 | 400,000 | ||||||
Bluegreen Vacations [Member] | Notes Receivable [Member] | ||||||||
Financing Receivable, after Allowance for Credit Loss | $ 75,000,000 | $ 35,000,000 | 50,000,000 | 50,000,000 | ||||
Financing Receivable, Interest Rate, Stated Percentage | 6% | |||||||
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 | 2,400,000 | 3,000,000 | 4,500,000 | |||||
Bluegreen Vacations [Member] | Notes Receivable [Member] | Subsequent Event [Member] | ||||||||
Repayment of Notes Receivable from Related Parties | $ 35,000,000 | |||||||
Bluegreen Vacations [Member] | Office Space, Risk Management, and Management Advisory Services [Member] | ||||||||
Selling, General and Administrative Expense | 1,800,000 | 2,000,000 | ||||||
Bluegreen Vacations [Member] | Rent for Office Space [Member] | ||||||||
Financing Receivable, after Allowance for Credit Loss | $ 158,000 | 158,000 | ||||||
The Altman Companies, LLC [Member] | ||||||||
Contract with Customer, Receivable, after Allowance for Credit Loss | 13,500,000 | |||||||
Contract with Customer, Asset, after Allowance for Credit Loss | 30,800,000 | |||||||
Contract with Customer, Liability | 28,600,000 | |||||||
Share-Based Payment Arrangement, Expense | 1,100,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 1,500,000 | |||||||
The Altman Companies, LLC [Member] | Management Services and Rent [Member] | ||||||||
Revenues | 11,200,000 | 1,200,000 | ||||||
The Altman Companies, LLC [Member] | Rent for Office Space [Member] | ||||||||
Related Party Transaction, Amounts of Transaction | 210,000 | |||||||
The Altman Companies, LLC [Member] | Management Services [Member] | ||||||||
Selling, General and Administrative Expense | 300,000 | |||||||
The Altman Companies, LLC [Member] | Construction Services [Member] | ||||||||
Revenues | 114,200,000 | |||||||
Abdo Companies, Inc [Member] | Management Services and Rent [Member] | ||||||||
Related Party Transaction, Amounts of Transaction | $ 179,000 | $ 175,000 | 160,000 | |||||
IT’SUGAR [Member] | ||||||||
Interest Income (Expense), Net, Total | $ 100,000 | $ 300,000 |
Note 23 - Segment Reporting (De
Note 23 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Reportable Segments | 3 |
Note 23 - Segment Reporting - S
Note 23 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Sales | $ 388,721 | $ 307,919 | $ 303,557 | |||
Real estate development and property management fees | 11,186 | 0 | 0 | |||
Interest income | 9,180 | 5,993 | 6,413 | |||
Net gains on sales of real estate assets | 2,210 | 24,289 | 643 | |||
Other revenue | 1,146 | 3,844 | 2,984 | |||
Total revenues | 401,257 | 342,045 | 313,597 | |||
Interest expense | 3,142 | 2,399 | 1,439 | |||
Recoveries from loan losses, net | (3,594) | (4,835) | (7,774) | |||
Impairment losses | 615 | 549 | 38 | |||
Selling, general and administrative expenses | 136,113 | 116,215 | 76,014 | |||
Total costs and expenses | 446,474 | 339,512 | 284,553 | |||
Operating income (losses) | (45,217) | 2,533 | 29,044 | |||
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |||
Gain on the consolidation of The Altman Companies | 3,746 | 0 | 0 | |||
Gain on the consolidation of investment in real estate joint ventures | 12,017 | 0 | 0 | |||
Other income | 4,027 | 964 | 341 | |||
Foreign exchange (loss) gain | (515) | 880 | 812 | |||
Income (loss) before income taxes | (21,723) | 42,791 | 64,241 | |||
Fair value of identifiable net assets | 674,242 | 562,841 | 533,355 | |||
Expenditures for property and equipment | 15,101 | 14,739 | 8,526 | [1] | ||
Depreciation, amortization and accretion | 10,848 | 10,213 | 6,458 | |||
Debt accretion and amortization | 176 | 450 | [2] | 871 | ||
Cash and cash equivalents | 90,277 | 127,581 | 118,045 | |||
Real Estate Investments | 44,076 | 49,415 | 52,966 | |||
Goodwill | 49,647 | 18,414 | 18,414 | $ 8,277 | ||
Notes payable and other borrowings | 60,805 | 38,543 | 54,883 | |||
Gain on the consolidation of IT'SUGAR, LLC | 0 | 0 | 15,890 | |||
The Altman Companies [Member] | ||||||
Gain on the consolidation of The Altman Companies | 3,746 | |||||
Other Investments in Real Estate Joint Ventures [Member] | ||||||
Gain on the consolidation of investment in real estate joint ventures | 12,017 | 0 | 0 | |||
Trade [Member] | ||||||
Sales | 250,436 | 280,125 | 238,078 | |||
Cost of sales | 184,767 | 213,721 | 185,146 | |||
Real Estate [Member] | ||||||
Sales | 12,912 | 27,794 | 65,479 | |||
Cost of sales | 3,071 | 11,463 | 29,690 | |||
Construction [Member] | ||||||
Sales | 114,187 | 0 | 0 | |||
Cost of sales | 122,360 | 0 | 0 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | ||||||
Real estate development and property management fees | 11,186 | |||||
Interest income | 8,017 | 3,617 | 2,048 | |||
Net gains on sales of real estate assets | 2,210 | 24,289 | 643 | |||
Other revenue | 203 | 1,835 | 1,504 | |||
Total revenues | 148,715 | 57,535 | 69,674 | |||
Interest expense | 104 | 0 | 0 | |||
Recoveries from loan losses, net | (3,594) | (4,835) | (7,774) | |||
Impairment losses | 0 | 311 | 0 | |||
Selling, general and administrative expenses | 25,279 | 13,772 | 7,587 | |||
Total costs and expenses | 147,220 | 20,711 | 29,503 | |||
Operating income (losses) | 1,495 | 36,824 | 40,171 | |||
Equity in net earnings of unconsolidated real estate joint ventures | 4,219 | 38,414 | 18,154 | |||
Other income | 923 | (7) | (14) | |||
Foreign exchange (loss) gain | 0 | 0 | 0 | |||
Income (loss) before income taxes | 22,400 | 75,231 | 58,311 | |||
Fair value of identifiable net assets | 354,815 | 225,786 | 179,619 | |||
Expenditures for property and equipment | 59 | 0 | 0 | [1] | ||
Depreciation, amortization and accretion | (2,111) | (271) | 0 | |||
Debt accretion and amortization | 80 | 261 | [2] | 737 | ||
Cash and cash equivalents | 66,383 | 107,069 | 66,558 | |||
Real Estate Investments | 44,076 | 49,415 | 52,966 | |||
Goodwill | 31,233 | 0 | 0 | |||
Notes payable and other borrowings | 28,259 | 1,946 | 7,312 | |||
Gain on the consolidation of IT'SUGAR, LLC | 0 | |||||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies [Member] | ||||||
Gain on the consolidation of The Altman Companies | 3,746 | |||||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Other Investments in Real Estate Joint Ventures [Member] | ||||||
Gain on the consolidation of investment in real estate joint ventures | 12,017 | |||||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Trade [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Real Estate [Member] | ||||||
Sales | 12,912 | 27,794 | 65,479 | |||
Cost of sales | 3,071 | 11,463 | 29,690 | |||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Construction [Member] | ||||||
Sales | 114,187 | |||||
Cost of sales | 122,360 | |||||
Operating Segments [Member] | BBX Sweet Holdings [Member] | ||||||
Real estate development and property management fees | 0 | |||||
Interest income | 0 | 0 | 36 | |||
Net gains on sales of real estate assets | 0 | 0 | 0 | |||
Other revenue | 2 | 0 | 0 | |||
Total revenues | 141,330 | 139,718 | 84,251 | |||
Interest expense | 1,564 | 1,015 | 429 | |||
Recoveries from loan losses, net | 0 | 0 | 0 | |||
Impairment losses | 615 | 238 | 38 | |||
Selling, general and administrative expenses | 60,144 | 55,617 | 31,524 | |||
Total costs and expenses | 153,349 | 140,177 | 84,488 | |||
Operating income (losses) | (12,019) | (459) | (237) | |||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Other income | 333 | 718 | 131 | |||
Foreign exchange (loss) gain | (20) | (70) | 0 | |||
Income (loss) before income taxes | (11,706) | 189 | 15,784 | |||
Fair value of identifiable net assets | 173,190 | 161,337 | 143,916 | |||
Expenditures for property and equipment | 13,519 | 11,383 | 4,283 | [1] | ||
Depreciation, amortization and accretion | 7,953 | 6,629 | 3,181 | |||
Debt accretion and amortization | 37 | 61 | [2] | 21 | ||
Cash and cash equivalents | 3,934 | 7,246 | 9,792 | |||
Real Estate Investments | 0 | 0 | 0 | |||
Goodwill | 14,274 | 14,274 | 14,274 | |||
Notes payable and other borrowings | 21,283 | 18,150 | 14,421 | |||
Gain on the consolidation of IT'SUGAR, LLC | 15,890 | |||||
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] | Other Investments in Real Estate Joint Ventures [Member] | ||||||
Gain on the consolidation of investment in real estate joint ventures | 0 | |||||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Trade [Member] | ||||||
Sales | 141,328 | 139,718 | 84,215 | |||
Cost of sales | 91,026 | 83,307 | 52,497 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Real Estate [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | |||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Construction [Member] | ||||||
Sales | 0 | |||||
Cost of sales | 0 | |||||
Operating Segments [Member] | Renin Holdings LLC[Member] | ||||||
Real estate development and property management fees | 0 | |||||
Interest income | 0 | 0 | 0 | |||
Net gains on sales of real estate assets | 0 | 0 | 0 | |||
Other revenue | 0 | 0 | 0 | |||
Total revenues | 101,073 | 131,951 | 146,255 | |||
Interest expense | 4,596 | 3,588 | 1,830 | |||
Recoveries from loan losses, net | 0 | 0 | 0 | |||
Impairment losses | 0 | 0 | 0 | |||
Selling, general and administrative expenses | 15,038 | 17,077 | 15,857 | |||
Total costs and expenses | 110,779 | 148,288 | 148,053 | |||
Operating income (losses) | (9,706) | (16,337) | (1,798) | |||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Other income | (5) | (57) | 0 | |||
Foreign exchange (loss) gain | (495) | 950 | 812 | |||
Income (loss) before income taxes | (10,206) | (15,444) | (986) | |||
Fair value of identifiable net assets | 84,483 | 102,601 | 101,647 | |||
Expenditures for property and equipment | 1,331 | 1,653 | 3,099 | [1] | ||
Depreciation, amortization and accretion | 3,484 | 3,344 | 3,037 | |||
Debt accretion and amortization | 59 | 128 | [2] | 113 | ||
Cash and cash equivalents | 1,966 | 1,060 | 1,369 | |||
Real Estate Investments | 0 | 0 | 0 | |||
Goodwill | 4,140 | 4,140 | 4,140 | |||
Notes payable and other borrowings | 24,839 | 47,838 | 44,124 | |||
Gain on the consolidation of IT'SUGAR, LLC | 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] | Other Investments in Real Estate Joint Ventures [Member] | ||||||
Gain on the consolidation of investment in real estate joint ventures | 0 | |||||
Operating Segments [Member] | Renin Holdings LLC[Member] | Trade [Member] | ||||||
Sales | 101,073 | 131,951 | 146,255 | |||
Cost of sales | 91,145 | 127,623 | 130,366 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | Real Estate [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | |||
Operating Segments [Member] | Renin Holdings LLC[Member] | Construction [Member] | ||||||
Sales | 0 | |||||
Cost of sales | 0 | |||||
Corporate, Non-Segment [Member] | ||||||
Real estate development and property management fees | 0 | |||||
Interest income | 0 | 0 | 0 | |||
Net gains on sales of real estate assets | 0 | 0 | 0 | |||
Other revenue | 1,630 | 2,572 | 2,045 | |||
Total revenues | 9,692 | 11,042 | 9,661 | |||
Interest expense | 4 | 2 | 2 | |||
Recoveries from loan losses, net | 0 | 0 | 0 | |||
Impairment losses | 0 | 0 | 0 | |||
Selling, general and administrative expenses | 7,878 | 7,224 | 5,978 | |||
Total costs and expenses | 10,505 | 10,031 | 8,271 | |||
Operating income (losses) | (813) | 1,011 | 1,390 | |||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Other income | 2,272 | 4 | 0 | |||
Foreign exchange (loss) gain | 0 | 0 | 0 | |||
Income (loss) before income taxes | 1,459 | 1,015 | 1,390 | |||
Fair value of identifiable net assets | 6,079 | 7,134 | 7,745 | |||
Expenditures for property and equipment | 167 | 110 | 185 | [1] | ||
Depreciation, amortization and accretion | 172 | 140 | 118 | |||
Debt accretion and amortization | 0 | 0 | [2] | 0 | ||
Cash and cash equivalents | 1,839 | 2,643 | 2,937 | |||
Real Estate Investments | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Notes payable and other borrowings | 0 | 9 | 26 | |||
Gain on the consolidation of IT'SUGAR, LLC | 0 | |||||
Corporate, Non-Segment [Member] | The Altman Companies [Member] | ||||||
Gain on the consolidation of The Altman Companies | 0 | |||||
Corporate, Non-Segment [Member] | Other Investments in Real Estate Joint Ventures [Member] | ||||||
Gain on the consolidation of investment in real estate joint ventures | 0 | |||||
Corporate, Non-Segment [Member] | Trade [Member] | ||||||
Sales | 8,062 | 8,470 | 7,616 | |||
Cost of sales | 2,623 | 2,805 | 2,291 | |||
Corporate, Non-Segment [Member] | Real Estate [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | |||
Corporate, Non-Segment [Member] | Construction [Member] | ||||||
Sales | 0 | |||||
Cost of sales | 0 | |||||
Segment Reconciling Items [Member] | ||||||
Real estate development and property management fees | 0 | |||||
Interest income | 1,163 | 2,376 | 4,329 | |||
Net gains on sales of real estate assets | 0 | 0 | 0 | |||
Other revenue | (689) | (563) | (565) | |||
Total revenues | 447 | 1,799 | 3,756 | |||
Interest expense | (3,126) | (2,206) | (822) | |||
Recoveries from loan losses, net | 0 | 0 | 0 | |||
Impairment losses | 0 | 0 | 0 | |||
Selling, general and administrative expenses | 27,774 | 22,525 | 15,068 | |||
Total costs and expenses | 24,621 | 20,305 | 14,238 | |||
Operating income (losses) | (24,174) | (18,506) | (10,482) | |||
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | 0 | |||
Other income | 504 | 306 | 224 | |||
Foreign exchange (loss) gain | 0 | 0 | 0 | |||
Income (loss) before income taxes | (23,670) | (18,200) | (10,258) | |||
Fair value of identifiable net assets | 55,675 | 65,983 | 100,428 | |||
Expenditures for property and equipment | 25 | 1,593 | 959 | [1] | ||
Depreciation, amortization and accretion | 1,350 | 371 | 122 | |||
Debt accretion and amortization | 0 | 0 | [2] | 0 | ||
Cash and cash equivalents | 16,155 | 9,563 | 37,389 | |||
Real Estate Investments | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Notes payable and other borrowings | (13,576) | (29,400) | (11,000) | |||
Gain on the consolidation of IT'SUGAR, LLC | 0 | |||||
Segment Reconciling Items [Member] | The Altman Companies [Member] | ||||||
Gain on the consolidation of The Altman Companies | 0 | |||||
Segment Reconciling Items [Member] | Other Investments in Real Estate Joint Ventures [Member] | ||||||
Gain on the consolidation of investment in real estate joint ventures | 0 | |||||
Segment Reconciling Items [Member] | Trade [Member] | ||||||
Sales | (27) | (14) | (8) | |||
Cost of sales | (27) | (14) | (8) | |||
Segment Reconciling Items [Member] | Real Estate [Member] | ||||||
Sales | 0 | 0 | 0 | |||
Cost of sales | 0 | $ 0 | $ 0 | |||
Segment Reconciling Items [Member] | Construction [Member] | ||||||
Sales | 0 | |||||
Cost of sales | $ 0 | |||||
[1]The above segment information excludes the operations of IT’SUGAR as of September 22, 2020, the date the Company deconsolidated IT’SUGAR.[2]The above segment information includes the operations of IT’SUGAR as of June 17, 2021, the date the Company reconsolidated IT’SUGAR. |
Note 24 - IT'SUGAR Bankruptcy_2
Note 24 - IT'SUGAR Bankruptcy (Details Textual) - USD ($) $ in Thousands | Jul. 17, 2021 | Jun. 17, 2021 | |
IT’SUGAR [Member] | |||
Redeemable Noncontrolling Interest, Percent | 9.65% | ||
IT’SUGAR [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | $ 9,670 | |
IT’SUGAR [Member] | Trademarks [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||
IT’SUGAR [Member] | Lease Agreements [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 8 years | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 8,700 | ||
[1]Identifiable intangible assets primarily represents the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years. |
Note 24 - IT'SUGAR Bankruptcy -
Note 24 - IT'SUGAR Bankruptcy - Assets Acquired and Liabilities Assumed at Consolidation (Details) - USD ($) $ in Thousands | Jun. 17, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill | $ 49,647 | $ 18,414 | $ 18,414 | $ 8,277 | ||
IT’SUGAR [Member] | ||||||
Cash | $ 6,909 | |||||
Trade accounts receivable | 584 | |||||
Trade inventory | 5,337 | |||||
Property and equipment | 19,291 | |||||
Identifiable intangible assets (1) | [1] | 9,670 | ||||
Operating lease assets (2) | [2] | 54,253 | ||||
Other assets | 3,323 | |||||
Total assets acquired | 99,367 | |||||
Accounts payable | (2,517) | |||||
Accrued expenses | (8,445) | |||||
Other liabilities | (124) | |||||
Operating lease liabilities | (62,975) | |||||
Notes payable and other borrowings(3) | [3] | (10,054) | ||||
Total liabilities assumed | (84,115) | |||||
Fair value of identifiable net assets | 15,252 | |||||
Fair value of net assets acquired | 28,590 | |||||
Fair value of redeemable noncontrolling interest | 936 | |||||
Fair value of IT'SUGAR | 29,526 | |||||
Goodwill | 14,274 | |||||
Gain on the consolidation of IT'SUGAR(4) | [4] | $ 15,890 | ||||
[1]Identifiable intangible assets primarily represents the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years.[2]Includes a net intangible liability of $8.7 million related to off market rents related to certain of IT’SUGAR’s retail locations that is expected to be recognized over a weighted average lease term of approximately 8 years.[3]Notes payable and other borrowings reflects amounts due to the Company’s wholly-owned subsidiary that have been eliminated in consolidation as of and subsequent to the consolidation date.[4]The gain is comprised of the remeasurement of the Company’s equity interest in IT’SUGAR at fair value. |
Note 24 - IT'SUGAR Bankruptcy_3
Note 24 - IT'SUGAR Bankruptcy - Consolidated Net Assets and Results of Operations (Details) - IT’SUGAR [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade sales | $ 122,155 | $ 119,302 | $ 62,161 |
(Loss) Income before income taxes | $ (7,273) | $ 2,307 | $ 2,516 |
Note 24 - IT'SUGAR Bankruptcy_4
Note 24 - IT'SUGAR Bankruptcy - Pro Forma Information (Details) - IT’SUGAR [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade sales | $ 250,436 | $ 280,125 | $ 277,769 |
Income (loss) before income taxes | (21,723) | 42,791 | 52,788 |
Income (loss) | (19,663) | 27,642 | 39,690 |
Net income (loss) income attributable to shareholders | $ (20,798) | $ 28,020 | $ 39,146 |