Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001814974 | |
Entity Registrant Name | BBX Capital, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-56177 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 82-4669146 | |
Entity Address, Address Line One | 201 East Las Olas Boulevard, Suite 1900 | |
Entity Address, City or Town | Fort Lauderdale | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33301 | |
City Area Code | 954 | |
Local Phone Number | 940-4900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,854,194 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 10,491,111 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - Unaudited - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 108,208 | $ 90,277 |
Restricted cash | 24,788 | 21,307 |
Securities available for sale, at fair value | 30,549 | 44,576 |
Trade accounts receivable, net | 20,412 | 18,341 |
Construction contracts receivable, net | 9,205 | 13,525 |
Trade inventory, net | 32,484 | 33,836 |
Real estate ($2,706 in 2024 and $2,688 in 2023 held for sale and $77,050 in 2024 and $64,055 in 2023 rental property under development in VIEs) | 93,585 | 80,654 |
Real Estate Investments | 47,080 | 44,076 |
Note receivable from Bluegreen Vacations Holding Corporation | 2,156 | 2,176 |
Property and equipment, net | 40,654 | 40,688 |
Goodwill | 49,647 | 49,647 |
Intangible assets, net | 26,227 | 26,839 |
Operating lease assets | 118,382 | 117,894 |
Deferred tax asset, net | 7,085 | 7,192 |
Contract assets | 24,992 | 30,799 |
Other assets | 24,592 | 19,591 |
Total assets | 657,890 | 674,242 |
Liabilities: | ||
Accounts payable | 24,449 | 31,012 |
Accrued expenses | 32,902 | 40,700 |
Contract liabilities | 25,885 | 28,641 |
Other liabilities | 3,918 | 4,774 |
Operating lease liabilities | 138,065 | 136,758 |
Notes payable and other borrowings | 72,131 | 60,805 |
Total liabilities | 297,350 | 302,690 |
Commitments and contingencies (See Note 14) | ||
Redeemable noncontrolling interest | 5,027 | 5,040 |
Equity: | ||
Additional paid-in capital | 313,190 | 311,847 |
Accumulated deficit | (14,791) | (1,755) |
Accumulated other comprehensive income | 760 | 1,313 |
Total shareholders' equity | 299,298 | 311,544 |
Noncontrolling interests | 56,215 | 54,968 |
Total equity | 355,513 | 366,512 |
Total liabilities and equity | 657,890 | 674,242 |
Common Class A [Member] | ||
Equity: | ||
Common stock | 101 | 101 |
Common Class B [Member] | ||
Equity: | ||
Common stock | 38 | 38 |
Bluegreen Vacations Holding Corporation [Member] | ||
ASSETS | ||
Note receivable from Bluegreen Vacations Holding Corporation | $ 0 | $ 35,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition - Unaudited (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | $ 108,208 | $ 90,277 |
Restricted cash | 24,788 | 21,307 |
Trade accounts receivable, net | 20,412 | 18,341 |
Real estate, held for sale | 2,706 | 2,688 |
Real Estate Investments | 47,080 | 44,076 |
Other assets | 24,592 | 19,591 |
Accounts payable | 24,449 | 31,012 |
Accrued expenses | 32,902 | 40,700 |
Other liabilities | 3,918 | 4,774 |
Notes payable and other borrowings | $ 72,131 | $ 60,805 |
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 | 10,110,336 |
Common stock, shares outstanding (in shares) | 10,110,336 | 10,110,336 |
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 | 3,785,851 |
Common stock, shares outstanding (in shares) | 3,785,851 | 3,785,851 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | $ 3,054 | $ 4,521 |
Restricted cash | 10,055 | 10,089 |
Trade accounts receivable, net | 347 | 385 |
Real estate, held for sale | 77,050 | 64,055 |
Real Estate Investments | 42,684 | 39,821 |
Other assets | 2,193 | 990 |
Accounts payable | 42 | 16 |
Accrued expenses | 1,678 | 349 |
Other liabilities | 1,799 | 1,833 |
Notes payable and other borrowings | $ 41,169 | $ 27,321 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - Unaudited - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Revenues: | |||
Sales | $ 78,482 | $ 92,134 | |
Real estate development and property management fees | 2,266 | 1,611 | |
Interest income | 2,096 | 2,517 | |
Other revenue | 389 | 347 | |
Total revenues | 80,967 | 94,998 | |
Costs and expenses: | |||
Interest expense | 869 | 735 | |
Recoveries from loan losses, net | (577) | (600) | |
Selling, general and administrative expenses | 35,413 | 33,777 | |
Total costs and expenses | 97,783 | 106,086 | |
Operating losses | (16,816) | (11,088) | |
Equity in net earnings of unconsolidated real estate joint ventures | 41 | 1,104 | |
Gain on the consolidation of The Altman Companies | 0 | 6,195 | |
Gain on consolidation | 0 | 10,855 | |
Other income (loss) | 945 | 2,170 | |
Foreign exchange (loss) gain | 471 | (46) | |
(Loss) income before income taxes | (15,359) | 9,190 | |
Benefit (provision) for income taxes | 2,707 | (1,667) | |
Net (loss) income | (12,652) | 7,523 | |
Net (income) loss attributable to noncontrolling interests | (384) | 380 | |
Net (loss) income attributable to shareholders | $ (13,036) | $ 7,903 | |
Basic (loss) earnings per share (in dollars per share) | $ (0.94) | $ 0.55 | |
Diluted (loss) earnings per share (in dollars per share) | $ (0.94) | $ 0.55 | |
Basic weighted average number of common shares outstanding (in shares) | [1] | 13,896 | 14,354 |
Diluted weighted average number of common shares outstanding (in shares) | [1] | 13,896 | 14,377 |
Net (loss) income | $ (12,652) | $ 7,523 | |
Other comprehensive (loss) income, net of tax: | |||
Unrealized (loss) gain on securities available for sale | (7) | 27 | |
Foreign currency translation adjustments | (546) | 11 | |
Other comprehensive (loss) income, net | (553) | 38 | |
Comprehensive (loss) income, net of tax | (13,205) | 7,561 | |
Comprehensive (income) loss attributable to noncontrolling interests | (384) | 380 | |
Comprehensive (loss) income attributable to shareholders | (13,589) | 7,941 | |
Trade [Member] | |||
Revenues: | |||
Sales | 58,445 | 63,714 | |
Costs and expenses: | |||
Cost of sales | 41,551 | 47,407 | |
Real Estate [Member] | |||
Revenues: | |||
Sales | 1,324 | 1,772 | |
Costs and expenses: | |||
Cost of sales | 321 | 578 | |
Construction [Member] | |||
Revenues: | |||
Sales | 16,447 | 25,037 | |
Costs and expenses: | |||
Cost of sales | $ 20,206 | $ 24,189 | |
[1]For periods prior to the spin-off on September 30, 2020, the number of shares is based on the shares issued in connection with the spin-off. See Note 1 for further discussion. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity - Unaudited - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 10,629 | 3,724 | |||||
Balance at Dec. 31, 2022 | $ 106 | $ 37 | $ 312,978 | $ 20,358 | $ 823 | $ 226 | $ 334,528 |
Net income excluding $205 of loss attributable to redeemable noncontrolling interest | 0 | 0 | 0 | 7,903 | 0 | (175) | 7,728 |
Other comprehensive income | 0 | 0 | 0 | 0 | 38 | 0 | 38 |
Accretion of redeemable noncontrolling interest | 0 | 0 | 0 | (900) | 0 | 0 | (900) |
Consolidation of real estate joint venture managing members | 0 | 0 | 0 | 0 | 0 | 55,990 | 55,990 |
Contributions from noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 3,729 | 3,729 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (159) | (159) | |
Distributions to noncontrolling interests | 0 | ||||||
Share-based compensation | 0 | 0 | 1,017 | 0 | 0 | 1,127 | |
Share-based compensation | 110 | ||||||
Net loss excluding $64 of income attributable to redeemable noncontrolling interest | $ 0 | $ 0 | 0 | (7,903) | 0 | 175 | (7,728) |
Balance (in shares) at Mar. 31, 2023 | 10,629 | 3,724 | |||||
Balance at Mar. 31, 2023 | $ 106 | $ 37 | 313,995 | 27,361 | 861 | 59,721 | 402,081 |
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 |
Net income excluding $205 of loss attributable to redeemable noncontrolling interest | 0 | 0 | 0 | 13,036 | 0 | (320) | 12,716 |
Other comprehensive income | 0 | 0 | 0 | 0 | (553) | 0 | (553) |
Contributions from noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 653 | 653 |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | (69) | (69) | |
Distributions to noncontrolling interests | 0 | ||||||
Share-based compensation | 0 | 0 | 1,343 | 0 | 0 | 1,686 | |
Share-based compensation | 343 | ||||||
Net loss excluding $64 of income attributable to redeemable noncontrolling interest | $ 0 | $ 0 | 0 | (13,036) | 0 | 320 | (12,716) |
Balance (in shares) at Mar. 31, 2024 | 10,110 | 3,786 | |||||
Balance at Mar. 31, 2024 | $ 101 | $ 38 | $ 313,190 | $ (14,791) | $ 760 | $ 56,215 | $ 355,513 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity - Unaudited (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 64 | $ 205 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net (loss) income | $ (12,652) | $ 7,523 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Recoveries from loan losses, net | (577) | (600) |
Depreciation, amortization and accretion | 2,535 | 2,688 |
Net (gain) loss on sales of real estate and property and equipment | (500) | 74 |
Equity in net earnings of unconsolidated real estate joint ventures | (41) | (1,104) |
Return on investment in unconsolidated real estate joint ventures | 0 | 2,464 |
Gain on the consolidation | 0 | (10,855) |
Share-based compensation expense | 1,686 | 1,139 |
Provision for excess and obsolete inventory | 390 | 192 |
Change in deferred income tax asset, net | 107 | 1,858 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (2,071) | (966) |
Construction contracts receivable | 4,320 | 3,647 |
Trade inventory | 901 | 2,400 |
Real estate | (58) | (472) |
Operating lease assets | 5,481 | 5,174 |
Operating lease liabilities | (5,506) | (4,788) |
Contract assets | 6,062 | 2,906 |
Other assets | (3,594) | 1,090 |
Accounts payable | (9,867) | (6,729) |
Accrued expenses | (7,798) | (10,442) |
Contract liabilities | (6,273) | (1,572) |
Other liabilities | (1,400) | (1,089) |
Net cash used in operating activities | (28,855) | (13,657) |
Investing activities: | ||
Return of investment in and advances to unconsolidated real estate joint ventures | 401 | 1,303 |
Investments in unconsolidated real estate joint ventures | (3,364) | (804) |
Purchases of securities available for sale | (9,831) | (44,400) |
Redemptions of securities available for sale | 24,250 | 15,451 |
Proceeds from repayment of loans receivable | 597 | 931 |
Proceeds from the repayment of Bluegreen Vacations Holding Corporation note | 35,000 | 0 |
Proceeds from sales of assets | 306 | 0 |
Additions to real estate held-for-sale and held-for-investment | (6,591) | (2,174) |
Purchases of property and equipment | (1,753) | (5,414) |
Cash acquired in the consolidation of real estate joint ventures | 0 | 29,146 |
Cash paid for The Altman Companies acquisition, net of cash received | 0 | (3,945) |
Decrease in cash from other investing activities | (35) | (4) |
Net cash provided by (used in) investing activities | 38,980 | (9,910) |
Financing activities: | ||
Repayments of notes payable and other borrowings | (4,536) | (4,723) |
Proceeds from notes payable and other borrowings | 15,978 | 2,783 |
Payments for debt issuance costs | (662) | (107) |
Contributions from noncontrolling interests | 653 | 3,729 |
Distributions to noncontrolling interests | (146) | (159) |
Net cash provided by financing activities | 11,287 | 1,523 |
Increase (decrease) in cash, cash equivalents and restricted cash | 21,412 | (22,044) |
Cash, cash equivalents and restricted cash at beginning of period | 111,584 | 128,331 |
Cash, cash equivalents and restricted cash at end of period | 132,996 | 106,287 |
Supplemental cash flow information: | ||
Interest paid on borrowings, net of amounts capitalized | 977 | 702 |
Income taxes paid | 252 | 664 |
Supplementary disclosure of non-cash investing and financing activities: | ||
Miscellaneous receivable from sale of assets | 255 | 0 |
Inventory transferred in sale of assets | 61 | 0 |
Assumption of Community Development District Bonds by homebuilders | 139 | 357 |
Operating lease assets obtained in exchange for new operating lease liabilities | 7,177 | 15,760 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 108,208 | 95,022 |
Restricted cash | 24,788 | 11,265 |
Cash, cash equivalents and restricted cash at end of period | 132,996 | 106,287 |
Other Investments in Real Estate Joint Ventures [Member] | ||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Gain on the consolidation | 0 | (10,855) |
The Altman Companies, LLC [Member] | ||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Gain on the consolidation | $ 0 | $ (6,195) |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization 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”). 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, January 2023, 2012, BBX Sweet Holdings BBX Sweet Holdings is engaged in the ownership and management of operating businesses in the confectionery industry, including (i) IT’SUGAR, a specialty candy retailer whose products include bulk candy, candy in giant packaging, and licensed and novelty items and which operates in retail locations which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations throughout the United States, and one August 2023, August 2023, Renin Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing activities, Renin also sources certain products and raw materials from China, Brazil, and certain other countries. Other In addition to its principal holdings, the Company has investments in other operating businesses, including (i) a restaurant located in South Florida that was acquired in 2018 third February 2023, January 2024, January 2024, not Basis of Financial Statement Presentation The condensed consolidated financial statements of the Company include the consolidated financial statements of BBX Capital and its wholly-owned subsidiaries, other entities in which BBX Capital or its wholly-owned subsidiaries hold controlling financial interests, and any VIEs in which BBX Capital or one In November 2018, January 31, 2023 ( three March 31, 2023 one January 31, 2023 February 1, 2023 March 31, 2023. In the Company’s opinion, the financial information furnished herein reflects all adjustments consisting of normal recurring items necessary for a fair presentation of its financial position, results of operations, and cash flows for the interim periods reported in this Quarterly Report on Form 10 not 10 10 December 31, 2023 ( 2023 March 15, 2024. Use of Estimates The preparation of financial statements prepared in conformity with GAAP require the Company to make estimates and assumptions, including assumptions about current and future economic and market conditions which affect reported amounts and related disclosures in the Company’s financial statements, and actual results could differ materially from those estimates. Due to, among other things, the impact and potential future impact of the current inflationary and geopolitical environment, rising interest rates, labor shortages, supply chain issues, ongoing economic uncertainty, 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 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 has maintained significant liquidity. As of March 31, 2024 one Current inflationary and economic trends have and may 525 March 2022 2023 While we have taken steps to increase the prices of our products, such increases may not may not no 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. BBXRE has experienced a significant increase in commodity and labor prices, and a shortage of available labor, 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 has experienced significant increases in the cost of inventory and freight, as well as delays in its supply chain that impacted 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 had to slow the pace of price increases due to a recent decline in consumer demand, which has resulted in declines in its selling margins. Further, IT’SUGAR previously increased the inventory levels at its retail locations in an effort to ensure that it could meet consumer demand, which has increased the risk that IT’SUGAR may Higher interest rates on borrowings, 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 increases the risk that customers will pursue alternative sources for Renin’s products, which may may The impact of these factors have contributed to Renin's inability to comply with covenants under its credit facility with TD Bank. In the past Renin was required to seek waivers and amendments to its facility from TD Bank. On March 13, 2024, 8 1of may may may 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 had not January 1, 2024: Accounting Standards Update ("ASU") ASU No. 2024 1, 718 718, Stock Compensation December 15, 2024 first not ASU No. 2023 09, (Topic 740 5 five December 31, 2024, not not ASU No. 2023 07, (Topic 280 not December 31, 2023 December 31, 2024. not ASU No. 2023 05, 805 60 805, Business Combinations not January 1, 2025, January 1, 2025 may not not |
Note 2 - Securities Available f
Note 2 - Securities Available for Sale | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. The following table summarizes the amortized cost and fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (in thousands): As of March 31, 2024 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 29,720 — (1 ) 29,719 Community Development District bonds 820 10 — 830 Total available-for-sale $ 30,540 10 (1 ) 30,549 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 Total available-for-sale $ 44,558 18 — 44,576 Accrued interest receivable as of March 31, 2024 December 31, 2023 one ten |
Note 3 - Trade Accounts Receiva
Note 3 - Trade Accounts Receivable and Construction Contracts Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts and Nontrade Receivable [Text Block] | 3. The Company’s trade receivables consisted of the following (in thousands): March 31, December 31, 2024 2023 Trade accounts receivable $ 20,608 18,563 Allowance for expected credit losses (196 ) (222 ) Total trade accounts receivables $ 20,412 18,341 The Company’s construction contract receivables consisted of the following (in thousands): March 31, December 31, 2024 2023 Construction contracts receivable $ 9,205 13,525 Allowance for expected credit losses — — Total construction contracts receivable $ 9,205 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 4 - Trade Inventory
Note 4 - Trade Inventory | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. The Company’s trade inventory consisted of the following (in thousands): March 31, December 31, 2024 2023 Raw materials $ 5,605 5,569 Paper goods and packaging materials 1,564 1,571 Work in process 1,395 618 Finished goods 25,588 27,356 Total trade inventory 34,152 35,114 Inventory reserve (1,668 ) (1,278 ) Total trade inventory, net $ 32,484 33,836 |
Note 5 - Real Estate
Note 5 - Real Estate | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 5. The Company’s real estate consisted of the following (in thousands): March 31, December 31, 2024 2023 Real estate held-for-sale $ 2,706 2,688 Real estate held-for-investment 2,984 2,981 Real estate inventory 6,239 6,117 Rental properties under development 77,050 64,055 Predevelopment costs 4,606 4,813 Total real estate $ 93,585 80,654 Rental properties under development is comprised of $17.8 million of land and $59.3 million of construction in progress associated with the Altis Grand Kendall joint venture (previously referred to as the Altra Kendall joint venture), a consolidated VIE. During the three March 31, 2024 2023, |
Note 6 - Investments in and Adv
Note 6 - Investments in and Advances to Consolidated and Unconsolidated VIEs | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. Consolidated VIEs Real Estate Joint Ventures Related to the Altman Companies and BBX Logistics BBXRE invests in the managing member of real estate joint ventures sponsored by the Altman Companies and by BBX Logistics. In accordance with the applicable accounting guidance for the consolidation of VIEs, the Company analyzes its investments in the managing member of each real estate joint venture to determine if such managing member entities are VIEs and, to the extent that such entities are VIEs, if the Company is the primary beneficiary. Based on the Company’s analysis of the structure of these entities, including the respective operating agreements governing these entities and any relevant financial agreements, the Company has determined that the managing member entities are VIEs due to the entities not not As a result of the above, the Company consolidates the managing members of the following real estate joint ventures: ● Altis Lake Willis Phase 1 ● Altis Lake Willis Phase 2 ● Altis Grand at Suncoast ● Altis Blue Lake ● Altis Santa Barbara ● Altis Grand Kendall ● Altis Twin Lakes ● Altis Grand Bay ● BBX Park at Delray ● BBX Park at Lakeland ● BBX Park at Davie As further described below under Unconsolidated VIEs, although the Company consolidates the managing member of the various real estate joint ventures sponsored by the Altman Companies and by BBX Logistics, the Company has generally determined that, other than with respect to the Altis Grand 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 ABBX Guaranty, LLC (“ABBX”) In 2018, 50% no no not 14 Altman Management Altman Management ("AMC"), which provides property management services to the owners of multifamily apartment communities pursuant to property management agreements, including affiliates of the Altman Companies and unrelated third March 2023, Altis Grand Bay In January 2024, 11240 11240 third BBX Park at Lakeland and BBX Park at Davie In January 2024, March 2024, In March 2024, The Company evaluated its investment in the managing member of the BBX Park at Lakeland and BBX Park at Davie joint ventures and determined that the managing members are VIEs and that BBX Logistics Properties is the primary beneficiary. The Company then evaluated the managing member's investment in each of the BBX Park at Lakeland and BBX Park at Davie joint ventures and determined that the joint ventures are VIEs and that the managing members are not not not Summary of Financial Information Related to Consolidated VIEs The assets and liabilities of the Company's consolidated VIEs as of March 31, 2024 Real Estate Joint Ventures (1) ABBX AMC Total Cash $ 2,735 — 319 3,054 Restricted cash — 10,055 — 10,055 Trade accounts receivable, net — — 347 347 Real estate 77,050 — — 77,050 Investment in and advances to unconsolidated real estate joint ventures 42,684 — — 42,684 Other assets — — 2,193 2,193 Total assets $ 122,469 10,055 2,859 135,383 Accounts payable — — 42 42 Accrued expenses 1 — 1,677 1,678 Other liabilities — — 1,799 1,799 Notes payable and other borrowings 41,169 — — 41,169 Total liabilities $ 41,170 — 3,518 44,688 Noncontrolling interest $ 56,091 5,027 204 61,322 The assets and liabilities of the Company's consolidated VIEs as of December 31, 2023 that are included in the Company’s consolidated statement of financial position are as follows (in thousands): 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 Represents the aggregate assets, liabilities, and noncontrolling interests of the consolidated real estate joint ventures sponsored by the Altman Companies or BBX Logistics, as described above. These real estate joint ventures have similar economic characteristics, financing arrangements, and organizational structures. The assets held by the consolidated VIEs in the above tables 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 BBX Capital and its other subsidiaries. Further, guarantees issued by ABBX are limited to the assets of ABBX and are non recourse to BBX Capital and its other subsidiaries. Unconsolidated VIEs As of March 31, 2024 As a result of the consolidation of the managing members of various real estate joint ventures sponsored by the Altman Companies and by BBX Logistics, the Company’s unconsolidated real estate joint ventures as of March 31, 2024 December 31, 2023 not Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated VIEs under the equity method of accounting. The Company’s investments in and advances to unconsolidated real estate joint ventures consisted of the following (in thousands): March 31, December 31, 2024 Ownership (1) 2023 Ownership (1) Altis Grand Central 636 1.49 % 636 1.49 % Altis Lake Willis Phase 1 7,291 1.68 7,126 1.68 Altis Lake Willis Phase 2 3,448 5.10 3,398 5.10 Altis Grand at Suncoast 12,011 12.31 12,195 12.31 Altis Blue Lake 4,885 1.68 4,736 1.68 Altis Santa Barbara 6,503 5.10 6,425 5.10 Altis Twin Lakes 5,176 11.39 3,961 11.39 BBX Park at Delray 2,868 10.00 2,800 10.00 BBX Park at Lakeland 1,062 50.00 — — BBX Park at Davie 546 50.00 — — Marbella 1,040 70.00 1,043 70.00 The Main Las Olas 467 3.41 479 3.41 Sky Cove 118 26.25 118 26.25 Sky Cove South 870 26.25 1,001 26.25 Other 159 158 Total $ 47,080 44,076 ( 1 The Company’s ownership percentage in each real estate joint venture represents BBX Capital Real Estate's percentage of the contributed capital in each venture, excluding amounts attributable to noncontrolling interests. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not See Note 8 December 31, 2023 2023 not BBX Capital's aggregate maximum loss exposure in unconsolidated VIEs, which includes joint ventures sponsored by the Altman Companies and BBX Logistics, is the amount of its equity investment in these entities and the assets of ABBX as of March 31, 2024 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 $17.0 March 31, 2024, one three March 31, 2024 2023, Summarized Financial Information of Certain Unconsolidated Real Estate Joint Ventures The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Marbella joint venture (in thousands): March 31, December 31, 2024 2023 Assets Cash $ 418 536 Real estate inventory 1,706 1,706 Other assets 457 458 Total assets $ 2,581 2,700 Liabilities and Equity Total liabilities $ 501 612 Total equity 2,080 2,088 Total liabilities and equity $ 2,581 2,700 For the Three Months Ended March 31, 2024 2023 Total revenues $ — 1,183 Cost of real estate inventory sold — — Other expenses (7 ) (19 ) Net (loss) earnings $ (7 ) 1,164 Equity in net (loss) earnings of unconsolidated real estate joint venture - Marbella $ (4 ) 582 |
Note 7 - Other Assets
Note 7 - Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 7. The Company’s other assets consisted of the following (in thousands): March 31, December 31, 2024 2023 Prepaid assets $ 8,106 9,509 Equity investments - cost method 2,139 2,439 Loans receivable 2,156 2,176 Interest rate cap 1,040 697 Certificate of deposit 5,000 — Receivables from related parties 1,891 2,209 Other 4,260 2,561 Total other assets $ 24,592 19,591 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 has investments 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): March 31, December 31, 2024 2023 First mortgage residential loans $ 1,985 2,005 Second mortgage residential loans 171 171 Total residential loans $ 2,156 2,176 As of March 31, 2024 December 31, 2023, 90 March 31, 2024, 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 each of March 31, 2024 December 2023 Interest Rate Cap The Altis Grand Kendall real estate joint venture entered into an interest rate cap contract as an economic hedge for which hedge accounting was not |
Note 8 - Notes Payable and Othe
Note 8 - Notes Payable and Other Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): March 31, 2024 December 31, 2023 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 ) TD Bank Credit Facility 20,419 10.61 % 43,639 24,950 12.83 % (2 ) Regions Bank Revolving Line of Credit 4,996 7.00 % (3 ) 4,716 7.00 % (3 ) First Horizon Bank Revolving Line of Credit (5) 4,600 9.00 % (4 ) 2,750 9.00 % (4 ) Comerica Letters of Credit (6)(7) 800 N/A — 800 N/A — TD Bank Construction Loan (6) 41,169 7.58 % 77,050 27,321 7.59 % 64,055 Other 241 7.59 % — 241 7.59 % — Unamortized debt issuance costs (94 ) (116 ) Total notes payable and other borrowings $ 72,131 $ 60,805 ( 1 As of December 31, 2023, 6 3 ( 2 As of December 31, 2023, ( 3 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 March 31, 2024 December 31, 2023. ( 4 The collateral is a blanket lien on BBX Sweet Holdings' assets. ( 5 BBX Capital is the guarantor of the line of credit. ( 6 ABBX is the guarantor of the facility. ( 7 The Company pays an annual two See Note 13 2023 There were no three March 31, 2024 T D Bank Credit Facility 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 portion under the amended and restated facility. During the period between closing and December 31, 2024, not may one may not no may not As of March 31, 2024, not one not no may Comerica Letter of Credit Facility - Altman LOC Facility The Altman Companies has a credit facility with Comerica Bank (the “Altman LOC Facility") pursuant to which Comerica has committed to provide letters of credit on behalf of the Altman Companies up to an aggregate amount of $4.0 million to fund required deposits under contracts to acquire land for future development joint ventures. The Altman LOC Facility requires the Altman Companies to pay Comerica Bank an annual fee, in advance, equal to 2% per annum of the amount of each letter of credit outstanding under the facility. The facility was scheduled to expire in April 2024; March 2024, April 2026. no one may April 2026 one one April 2026. March 31, 2024, one The Company was in compliance with the financial covenants under all of its credit facilities as of March 31, 2024. |
Note 9 - Common Stock
Note 9 - Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 9. BBX Capital has two one March 31, 2024 BBX Capital 2021 2021 ) As of March 31, 2024 December 31, 2023, March 31, 2024 2021 March 31, 2024. 2021 May 21, 2024 2021 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 based on the market price of the Company’s common stock on the grant date. For awards that are subject only to service conditions, the Company recognizes compensation costs on a straight-line basis over the requisite service period of the awards, and the impact of forfeitures are recognized when they occur. Share Repurchase Program In January 2022, March 31, 2024 The timing, price, and number of shares which may may not may During the three March 31, 2024 2023, not May 2024, |
Note 10 - Revenue Recognition
Note 10 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Three Months Ended March 31, 2024 2023 Revenue recognized at a point in time Trade sales - wholesale $ 28,623 34,676 Trade sales - retail 29,822 29,038 Sales of real estate inventory 1,324 1,772 Total revenue recognized at a point in time 59,769 65,486 Revenue recognized over time Construction contract revenue 16,447 25,037 Real estate development management fees 1,187 867 Real estate property management fees 1,079 744 Total revenue recognized over time 18,713 26,648 Revenue from customers 78,482 92,134 Interest income 2,096 2,517 Other revenue 389 347 Total revenues $ 80,967 94,998 The table below sets forth information about the Company's contract assets and contract liabilities associated with contracts with customers: As of March 31, December 31, Contract Assets 2024 2023 Contingent purchase price receivable $ 7,542 10,044 Cost and estimated earnings in excess of billings on uncompleted contracts 1,739 1,031 Retainage receivable 11,752 14,651 Uninstalled materials and deposits to purchase materials 3,959 5,073 Total contract assets $ 24,992 30,799 Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts $ 8,737 10,733 Retainage payable 16,741 16,859 Contingent purchase price due to homebuilders — 625 Other 407 424 Total contract liabilities $ 25,885 28,641 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 homebuilders has historically been approximately six two Cost and estimated earnings in excess of billings on uncompleted construction or development contracts represents revenues recognized in excess of amounts billed to customers. The amount represents work performed by BBXRE and not Retainage receivable is an amount, generally ten March 31, 2024 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 represents the Company's obligation to perform on uncompleted contracts with customers for which the Company has received payment or for which the contract receivable is outstanding. The amounts are reversed when the work is performed by BBXRE. During the three March 31, 2024, December 31, 2023 Retainage payable represents amounts withheld by the Company that are payable to subcontractors when certain milestones are reached or when the contract is completed. 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 was reversed when BBXRE paid the homebuilder. Concentration of Revenues with Major Customers During the three March 31, 2024 three three three March 31, 2024 three March 31, 2024 During the three March 31, 2023 three three three March 31, 2023 three March 31, 2023 During the three March 31, 2024, During the three March 31, 2024 seven |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. BBX Capital and its subsidiaries file a consolidated U.S. federal income tax return and income tax returns in various state and foreign jurisdictions. Effective income tax rates for interim periods are based upon the Company’s then current estimated annual rate, which varies based upon the Company’s estimate of taxable income or loss and the mix of taxable income or loss in the various states and foreign jurisdictions in which the Company operates. The Company’s effective tax rate was applied to income or loss before income taxes reduced by net income or losses attributable to noncontrolling interests in consolidated entities taxed as partnerships and net losses in foreign jurisdictions in which no 2023, The Company’s effective income tax rate for the three March 31, 2024 The Company’s effective income tax rate for three March 31, 2023 not Renin's Canadian subsidiary, Renin Canada Corp., files a separate corporate tax return in Canada. The Canada Revenue Agency informed Renin that Renin Canada Corp. has been selected for audit for the years ended December 31, 2019 December 31, 2020, one no no |
Note 12 - Earnings Per Common S
Note 12 - Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Basic earnings per share is computed by dividing net income available to BBX Capital’s shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share but also reflects potential dilution that could occur if restricted stock awards issued by BBX Capital were vested. Restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. The table below sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data): For the Three Months Ended March 31, 2024 2023 Basic earnings per share Numerator: Net (loss) income $ (12,652 ) 7,523 Net (income) loss attributable to noncontrolling interests (384 ) 380 Net (loss) income available to shareholders $ (13,036 ) 7,903 Denominator: Basic weighted average number of common shares outstanding 13,896 14,354 Basic (loss) earnings per share $ (0.94 ) 0.55 Diluted (loss) earnings per share Numerator: Net (loss) income available to shareholders $ (13,036 ) 7,903 Denominator: Basic weighted average number of common shares outstanding 13,896 14,354 Effect of dilutive restricted stock awards — 23 Diluted weighted average number of common shares outstanding 13,896 14,377 Diluted (loss) earnings per share $ (0.94 ) 0.55 During the three March 31, 2024 not three March 31, 2023, |
Note 13 - Noncontrolling Intere
Note 13 - Noncontrolling Interests and Redeemable Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 13. Redeemable Noncontrolling Interest ABBX March 31, 2024 December 31, 2023, may IT'SUGAR During the three March 31, 2023, August 2023, August 2023, Other Noncontrolling Interests The Company's other noncontrolling interests consisted of the following (in thousands): March 31, December 31, 2024 2023 Consolidated real estate VIEs $ 55,879 54,707 AMC 204 138 Restaurant 132 123 Total other noncontrolling interests $ 56,215 54,968 I ncome/(Loss) Attributable to Noncontrolling Interests Income (loss) attributable to noncontrolling interests, including redeemable noncontrolling interests, consisted of the following (in thousands): For the Three Months Ended March 31, 2024 2023 IT'SUGAR $ — (205 ) ABBX 64 — Consolidated real estate VIEs 188 (272 ) AMC 67 — Restaurant 65 97 Net income (loss) attributable to noncontrolling interests $ 384 (380 ) |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments Contingencies and Guarantees [Text Block] | 14. Litigation In the ordinary course of business, the Company is party to lawsuits as plaintiff or defendant involving its operations and activities. Additionally, from time to time in the ordinary course of business, the Company is involved in disputes with existing and former employees, vendors, taxing jurisdictions, and various other parties and also receives individual consumer complaints as well as complaints received through regulatory and consumer agencies. The Company takes these matters seriously and attempts to resolve any such issues as they arise. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Management does not may may Adverse judgments and the costs of defending or resolving legal claims may may not not There were no March 31, 2024 Other Commitments and Guarantees BBX Capital has guaranteed certain obligations of its subsidiaries and unconsolidated real estate joint ventures, including the following: ● BBX Capital is a guarantor on a lease executed by Renin which expires in November 2029 ● BBX Capital is a guarantor on certain notes payable by its wholly-owned subsidiaries. See Note 8 ● As described in Note 6, third two March 31, 2024, March 31, 2024, March 31, 2024 December 31, 2023, not ● During 2023, third March 31, 2024, not third third April 2024 first not March 31, 2024. |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15. Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three The accounting guidance for fair value measurements defines an input fair value hierarchy that has three 1 3 The input fair value hierarchy is summarized below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not Level 3: Unobservable inputs for the asset and liability There were no March 31, 2024 December 31, 2023. Financial Disclosures about Fair Value of Financial Instruments The tables below set forth information regarding the Company’s consolidated financial instruments (in thousands): Fair Value Measurements Using Quoted Prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable March 31, March 31, Assets Inputs Inputs 2024 2024 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 108,208 108,208 108,208 — — Restricted cash 24,788 24,788 24,788 — — Securities available for sale 30,549 30,549 29,719 830 — Certificate of deposit 5,000 5,005 — 5,005 — Interest rate caps 1,040 1,040 — 1,040 — Financial liabilities: Notes payable and other borrowings 72,131 71,918 — — 71,918 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 Management has made estimates of fair value that it believes to be reasonable. However, because there is no 3 may not may not may not The amounts reported in the condensed consolidated statements of financial condition for cash and cash equivalents and restricted cash approximate fair value. The estimated fair values of the Company’s securities available for sale were measured using the market approach with Level 2 1 The estimated fair value of the Company’s certificate of deposit was measured using the market approach with Level 2 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 as of December 31, 2023, 3 The fair values of the Company’s notes payable and other borrowings (other than the Company's Community Development Bonds) were measured using the income approach with Level 3 The fair value of an interest rate cap derivative is included in other assets in the Company's statement of financial condition as of March 31, 2024. 2 The Company’s financial instruments also include trade accounts receivable, accounts payable, and accrued liabilities. The carrying amount of these financial instruments approximate their fair values due to their short-term maturities. The Company is exposed to credit related losses in the event of non-performance by counterparties to the financial instruments with a maximum exposure equal to the carrying amount of the assets. The Company’s exposure to credit risk consists primarily of accounts receivable balances. |
Note 16 - Certain Relationships
Note 16 - Certain Relationships and Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. The Company may may January 17, 2024, During the three March 31, 2024 2023, The Company earns property management and development management fees from property management agreements and development service contracts with certain real estate joint venture entities in which the Company is the managing member and other affiliated entities, including entities in which Mr. Altman holds investments. Property management and development management fees included in the Company's condensed consolidated statement of operations and comprehensive income from these affiliates during the three March 31, 2024 2023 , three March 31, 2024 2023. March 31, 2024 December 31, 2023 Certain of the Company's executive officers (i) have made investments with their personal funds as non-managing members in the Altis Grand Kendall joint venture that is consolidated in the Company's financial statements and (ii) may may two The Altman Companies and BBX Logistics have each established a separate 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, 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, 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 held by employees that are funded by loans provided by the Altman Companies or BBX Logistics that are non-recourse either in whole or in part, are treated as equity options for accounting purposes. The Company recognizes the fair value of the arrangements at the grant date as compensation expense on a straight-line basis over the estimated service period, including the implied service period related to the applicable milestones. The compensation expense for these awards was $0.3 million and $0.1 million for the three March 31, 2024 2023, March 31, 2024. Upon the consummation of the spin-off of the Company from BVH, all agreements with BVH were terminated and replaced with a Transition Services Agreement, Tax Matters Agreement, and Employee Matters Agreement. Upon the acquisition of BVH by HGV, these agreements were terminated. However, notwithstanding the termination of the Transition Services Agreement, the Company is temporarily providing transition services related to risk management to BVH and HGV, although the Company does not During the three March 31, 2024 2023, , January 2024. March 31, 2024 December 31, 2023, In connection with the spin-off, BVH also issued a $75.0 million note payable to BBX Capital 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 to become due and payable on September 30, 2025 December 2021, May 2023, three March 31, 2024 2023 |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in assessing performance and deciding how to allocate resources. Reportable segments consist of one The information provided for segment reporting is obtained from internal reports utilized by the Company’s CODM, and the presentation and allocation of assets and results of operations may not not The Company’s three 1 The amounts set forth in the column entitled “Other” include the Company’s investments in various operating businesses, including a controlling financial interest in a restaurant acquired in connection with a loan receivable default. The amounts set forth in the column entitled “Reconciling Items and Eliminations” include unallocated corporate general and administrative expenses, interest income on the note receivable from BVH, and elimination adjustments related to transactions between consolidated subsidiaries that are required to be eliminated in consolidation. The Company evaluates segment performance based on segment income or loss before income taxes. The table below sets forth the Company’s segment information as of and for the three March 31, 2024 Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 30,244 25,564 2,641 (4 ) 58,445 Sales of real estate inventory 1,324 — — — — 1,324 Revenue from construction contracts 16,447 — — — — 16,447 Real estate development and property management fees 2,266 — — — — 2,266 Interest income 1,877 — — — 219 2,096 Other revenue 51 — — 518 (180 ) 389 Total revenues 21,965 30,244 25,564 3,159 35 80,967 Costs and expenses: Cost of trade sales — 19,768 21,018 769 (4 ) 41,551 Cost of real estate inventory sold 321 — — — — 321 Cost of revenue from construction contracts 20,206 — — — — 20,206 Interest expense 29 470 835 1 (466 ) 869 Recoveries from loan losses, net (577 ) — — — — (577 ) Selling, general and administrative expenses 6,872 15,392 3,842 2,000 7,307 35,413 Total costs and expenses 26,851 35,630 25,695 2,770 6,837 97,783 Operating (losses) income (4,886 ) (5,386 ) (131 ) 389 (6,802 ) (16,816 ) Equity in net earnings of unconsolidated real estate joint ventures 41 — — — — 41 Other income (loss) 441 501 — 6 (3 ) 945 Foreign exchange (loss) gain — (16 ) 487 — — 471 (Loss) income before income taxes $ (4,404 ) (4,901 ) 356 395 (6,805 ) (15,359 ) Total assets $ 350,054 173,525 82,877 7,519 43,915 657,890 Expenditures for property and equipment $ — 1,539 210 4 - 1,753 Depreciation and amortization $ (396 ) 1,837 840 45 103 2,429 Debt accretion and amortization $ 5 91 10 — — 106 Cash and cash equivalents $ 57,831 3,281 — 3,479 43,617 108,208 Real estate equity method investments $ 47,080 — — — — 47,080 Goodwill $ 31,233 14,274 4,140 — — 49,647 Notes payable and other borrowings $ 41,969 24,878 20,325 — (15,041 ) 72,131 The table below sets forth the Company’s segment information as of and for the three March 31, 2023 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 32,725 27,976 3,016 (3 ) 63,714 Sales of real estate inventory 1,772 — — — — 1,772 Revenue from construction contracts 25,037 — — — — 25,037 Real estate development and management fees 1,611 — — — — 1,611 Interest income 1,974 — — — 543 2,517 Other revenue 51 — — 436 (140 ) 347 Total revenues 30,445 32,725 27,976 3,452 400 94,998 Costs and expenses: Cost of trade sales — 20,546 26,007 857 (3 ) 47,407 Cost of real estate inventory sold 578 — — — — 578 Cost of revenue from construction contracts 24,189 — — — — 24,189 Interest expense 11 332 1,121 1 (730 ) 735 Recoveries from loan losses, net (600 ) — — — — (600 ) Selling, general and administrative expenses 6,240 14,541 3,847 2,158 6,991 33,777 Total costs and expenses 30,418 35,419 30,975 3,016 6,258 106,086 Operating income (losses) 27 (2,694 ) (2,999 ) 436 (5,858 ) (11,088 ) Equity in net earnings of unconsolidated real estate joint ventures 1,104 — — — — 1,104 Gain on the consolidation of The Altman Companies 6,195 — — — — 6,195 Gain on the consolidation of investment in real estate joint ventures 10,855 — — — — 10,855 Other (expense) income (305 ) 200 — 2,256 19 2,170 Foreign exchange (loss) gain — (14 ) (32 ) — — (46 ) Income (loss) before income taxes $ 17,876 (2,508 ) (3,031 ) 2,692 (5,839 ) 9,190 Total assets $ 350,458 172,958 97,344 8,720 55,445 684,925 Expenditures for property and equipment $ — 5,069 284 48 13 5,414 Depreciation and amortization $ (196 ) 1,802 867 39 108 2,620 Debt accretion and amortization $ 20 6 42 — — 68 Cash and cash equivalents $ 83,434 3,686 603 4,136 3,163 95,022 Real estate equity method investments $ 56,130 — — — — 56,130 Goodwill $ 32,901 14,274 4,140 — — 51,315 Notes payable and other borrowings $ 3,308 19,927 43,532 40 (28,425 ) 38,382 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, there were no |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | OTHER |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Organization 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”). 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, January 2023, 2012, BBX Sweet Holdings BBX Sweet Holdings is engaged in the ownership and management of operating businesses in the confectionery industry, including (i) IT’SUGAR, a specialty candy retailer whose products include bulk candy, candy in giant packaging, and licensed and novelty items and which operates in retail locations which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations throughout the United States, and one August 2023, August 2023, Renin Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing activities, Renin also sources certain products and raw materials from China, Brazil, and certain other countries. Other In addition to its principal holdings, the Company has investments in other operating businesses, including (i) a restaurant located in South Florida that was acquired in 2018 third February 2023, January 2024, January 2024, not |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Statement Presentation The condensed consolidated financial statements of the Company include the consolidated financial statements of BBX Capital and its wholly-owned subsidiaries, other entities in which BBX Capital or its wholly-owned subsidiaries hold controlling financial interests, and any VIEs in which BBX Capital or one In November 2018, January 31, 2023 ( three March 31, 2023 one January 31, 2023 February 1, 2023 March 31, 2023. In the Company’s opinion, the financial information furnished herein reflects all adjustments consisting of normal recurring items necessary for a fair presentation of its financial position, results of operations, and cash flows for the interim periods reported in this Quarterly Report on Form 10 not 10 10 December 31, 2023 ( 2023 March 15, 2024. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements prepared in conformity with GAAP require the Company to make estimates and assumptions, including assumptions about current and future economic and market conditions which affect reported amounts and related disclosures in the Company’s financial statements, and actual results could differ materially from those estimates. Due to, among other things, the impact and potential future impact of the current inflationary and geopolitical environment, rising interest rates, labor shortages, supply chain issues, ongoing economic uncertainty, 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 |
Impact of the COVID-19 Pandemic and Current Economic Issues, Policy [Policy Text Block] | Impact of Current Economic Issues The Company and the industries in which it operates have been impacted by economic trends in the U.S. and global economies, including (i) decreased consumer demand, (ii) disruptions in global supply chains, (iii) a general labor shortage and increases in wages, (iv) increased economic uncertainty, (v) inflationary pressures and higher costs to operate the Company’s businesses, including higher insurance costs, and (vi) higher interest rates. In light of the uncertain duration and impact of current economic trends, the Company has maintained significant liquidity. As of March 31, 2024 one Current inflationary and economic trends have and may 525 March 2022 2023 While we have taken steps to increase the prices of our products, such increases may not may not no 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. BBXRE has experienced a significant increase in commodity and labor prices, and a shortage of available labor, 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 has experienced significant increases in the cost of inventory and freight, as well as delays in its supply chain that impacted 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 had to slow the pace of price increases due to a recent decline in consumer demand, which has resulted in declines in its selling margins. Further, IT’SUGAR previously increased the inventory levels at its retail locations in an effort to ensure that it could meet consumer demand, which has increased the risk that IT’SUGAR may Higher interest rates on borrowings, 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 increases the risk that customers will pursue alternative sources for Renin’s products, which may may The impact of these factors have contributed to Renin's inability to comply with covenants under its credit facility with TD Bank. In the past Renin was required to seek waivers and amendments to its facility from TD Bank. On March 13, 2024, 8 1of may may may |
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 had not January 1, 2024: Accounting Standards Update ("ASU") ASU No. 2024 1, 718 718, Stock Compensation December 15, 2024 first not ASU No. 2023 09, (Topic 740 5 five December 31, 2024, not not ASU No. 2023 07, (Topic 280 not December 31, 2023 December 31, 2024. not ASU No. 2023 05, 805 60 805, Business Combinations not January 1, 2025, January 1, 2025 may not not |
Note 2 - Securities Available_2
Note 2 - Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | As of March 31, 2024 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-sale U.S. Treasury and federal agency $ 29,720 — (1 ) 29,719 Community Development District bonds 820 10 — 830 Total available-for-sale $ 30,540 10 (1 ) 30,549 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 Total available-for-sale $ 44,558 18 — 44,576 |
Note 3 - Trade Accounts Recei_2
Note 3 - Trade Accounts Receivable and Construction Contracts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2024 2023 Trade accounts receivable $ 20,608 18,563 Allowance for expected credit losses (196 ) (222 ) Total trade accounts receivables $ 20,412 18,341 |
Contract with Customer, Asset, Allowance for Credit Loss [Table Text Block] | March 31, December 31, 2024 2023 Construction contracts receivable $ 9,205 13,525 Allowance for expected credit losses — — Total construction contracts receivable $ 9,205 13,525 |
Note 4 - Trade Inventory (Table
Note 4 - Trade Inventory (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Raw materials $ 5,605 5,569 Paper goods and packaging materials 1,564 1,571 Work in process 1,395 618 Finished goods 25,588 27,356 Total trade inventory 34,152 35,114 Inventory reserve (1,668 ) (1,278 ) Total trade inventory, net $ 32,484 33,836 |
Note 5 - Real Estate (Tables)
Note 5 - Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | March 31, December 31, 2024 2023 Real estate held-for-sale $ 2,706 2,688 Real estate held-for-investment 2,984 2,981 Real estate inventory 6,239 6,117 Rental properties under development 77,050 64,055 Predevelopment costs 4,606 4,813 Total real estate $ 93,585 80,654 |
Note 6 - Investments in and A_2
Note 6 - Investments in and Advances to Consolidated and Unconsolidated VIEs (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Real Estate Joint Ventures (1) ABBX AMC Total Cash $ 2,735 — 319 3,054 Restricted cash — 10,055 — 10,055 Trade accounts receivable, net — — 347 347 Real estate 77,050 — — 77,050 Investment in and advances to unconsolidated real estate joint ventures 42,684 — — 42,684 Other assets — — 2,193 2,193 Total assets $ 122,469 10,055 2,859 135,383 Accounts payable — — 42 42 Accrued expenses 1 — 1,677 1,678 Other liabilities — — 1,799 1,799 Notes payable and other borrowings 41,169 — — 41,169 Total liabilities $ 41,170 — 3,518 44,688 Noncontrolling interest $ 56,091 5,027 204 61,322 The assets and liabilities of the Company's consolidated VIEs as of December 31, 2023 that are included in the Company’s consolidated statement of financial position are as follows (in thousands): 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] | March 31, December 31, 2024 Ownership (1) 2023 Ownership (1) Altis Grand Central 636 1.49 % 636 1.49 % Altis Lake Willis Phase 1 7,291 1.68 7,126 1.68 Altis Lake Willis Phase 2 3,448 5.10 3,398 5.10 Altis Grand at Suncoast 12,011 12.31 12,195 12.31 Altis Blue Lake 4,885 1.68 4,736 1.68 Altis Santa Barbara 6,503 5.10 6,425 5.10 Altis Twin Lakes 5,176 11.39 3,961 11.39 BBX Park at Delray 2,868 10.00 2,800 10.00 BBX Park at Lakeland 1,062 50.00 — — BBX Park at Davie 546 50.00 — — Marbella 1,040 70.00 1,043 70.00 The Main Las Olas 467 3.41 479 3.41 Sky Cove 118 26.25 118 26.25 Sky Cove South 870 26.25 1,001 26.25 Other 159 158 Total $ 47,080 44,076 |
Marbella [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | March 31, December 31, 2024 2023 Assets Cash $ 418 536 Real estate inventory 1,706 1,706 Other assets 457 458 Total assets $ 2,581 2,700 Liabilities and Equity Total liabilities $ 501 612 Total equity 2,080 2,088 Total liabilities and equity $ 2,581 2,700 For the Three Months Ended March 31, 2024 2023 Total revenues $ — 1,183 Cost of real estate inventory sold — — Other expenses (7 ) (19 ) Net (loss) earnings $ (7 ) 1,164 Equity in net (loss) earnings of unconsolidated real estate joint venture - Marbella $ (4 ) 582 |
Note 7 - Other Assets (Tables)
Note 7 - Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | March 31, December 31, 2024 2023 Prepaid assets $ 8,106 9,509 Equity investments - cost method 2,139 2,439 Loans receivable 2,156 2,176 Interest rate cap 1,040 697 Certificate of deposit 5,000 — Receivables from related parties 1,891 2,209 Other 4,260 2,561 Total other assets $ 24,592 19,591 |
Schedule of Financing Receivables [Table Text Block] | March 31, December 31, 2024 2023 First mortgage residential loans $ 1,985 2,005 Second mortgage residential loans 171 171 Total residential loans $ 2,156 2,176 |
Note 8 - Notes Payable and Ot_2
Note 8 - Notes Payable and Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2024 December 31, 2023 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 ) TD Bank Credit Facility 20,419 10.61 % 43,639 24,950 12.83 % (2 ) Regions Bank Revolving Line of Credit 4,996 7.00 % (3 ) 4,716 7.00 % (3 ) First Horizon Bank Revolving Line of Credit (5) 4,600 9.00 % (4 ) 2,750 9.00 % (4 ) Comerica Letters of Credit (6)(7) 800 N/A — 800 N/A — TD Bank Construction Loan (6) 41,169 7.58 % 77,050 27,321 7.59 % 64,055 Other 241 7.59 % — 241 7.59 % — Unamortized debt issuance costs (94 ) (116 ) Total notes payable and other borrowings $ 72,131 $ 60,805 |
Note 10 - Revenue Recognition (
Note 10 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Three Months Ended March 31, 2024 2023 Revenue recognized at a point in time Trade sales - wholesale $ 28,623 34,676 Trade sales - retail 29,822 29,038 Sales of real estate inventory 1,324 1,772 Total revenue recognized at a point in time 59,769 65,486 Revenue recognized over time Construction contract revenue 16,447 25,037 Real estate development management fees 1,187 867 Real estate property management fees 1,079 744 Total revenue recognized over time 18,713 26,648 Revenue from customers 78,482 92,134 Interest income 2,096 2,517 Other revenue 389 347 Total revenues $ 80,967 94,998 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | As of March 31, December 31, Contract Assets 2024 2023 Contingent purchase price receivable $ 7,542 10,044 Cost and estimated earnings in excess of billings on uncompleted contracts 1,739 1,031 Retainage receivable 11,752 14,651 Uninstalled materials and deposits to purchase materials 3,959 5,073 Total contract assets $ 24,992 30,799 Contract Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts $ 8,737 10,733 Retainage payable 16,741 16,859 Contingent purchase price due to homebuilders — 625 Other 407 424 Total contract liabilities $ 25,885 28,641 |
Note 12 - Earnings Per Common_2
Note 12 - Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2024 2023 Basic earnings per share Numerator: Net (loss) income $ (12,652 ) 7,523 Net (income) loss attributable to noncontrolling interests (384 ) 380 Net (loss) income available to shareholders $ (13,036 ) 7,903 Denominator: Basic weighted average number of common shares outstanding 13,896 14,354 Basic (loss) earnings per share $ (0.94 ) 0.55 Diluted (loss) earnings per share Numerator: Net (loss) income available to shareholders $ (13,036 ) 7,903 Denominator: Basic weighted average number of common shares outstanding 13,896 14,354 Effect of dilutive restricted stock awards — 23 Diluted weighted average number of common shares outstanding 13,896 14,377 Diluted (loss) earnings per share $ (0.94 ) 0.55 |
Note 13 - Noncontrolling Inte_2
Note 13 - Noncontrolling Interests and Redeemable Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Noncontrolling Interests [Table Text Block] | March 31, December 31, 2024 2023 Consolidated real estate VIEs $ 55,879 54,707 AMC 204 138 Restaurant 132 123 Total other noncontrolling interests $ 56,215 54,968 For the Three Months Ended March 31, 2024 2023 IT'SUGAR $ — (205 ) ABBX 64 — Consolidated real estate VIEs 188 (272 ) AMC 67 — Restaurant 65 97 Net income (loss) attributable to noncontrolling interests $ 384 (380 ) |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Using Quoted Prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable March 31, March 31, Assets Inputs Inputs 2024 2024 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 108,208 108,208 108,208 — — Restricted cash 24,788 24,788 24,788 — — Securities available for sale 30,549 30,549 29,719 830 — Certificate of deposit 5,000 5,005 — 5,005 — Interest rate caps 1,040 1,040 — 1,040 — Financial liabilities: Notes payable and other borrowings 72,131 71,918 — — 71,918 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 |
Note 17 - Segment Reporting (Ta
Note 17 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 30,244 25,564 2,641 (4 ) 58,445 Sales of real estate inventory 1,324 — — — — 1,324 Revenue from construction contracts 16,447 — — — — 16,447 Real estate development and property management fees 2,266 — — — — 2,266 Interest income 1,877 — — — 219 2,096 Other revenue 51 — — 518 (180 ) 389 Total revenues 21,965 30,244 25,564 3,159 35 80,967 Costs and expenses: Cost of trade sales — 19,768 21,018 769 (4 ) 41,551 Cost of real estate inventory sold 321 — — — — 321 Cost of revenue from construction contracts 20,206 — — — — 20,206 Interest expense 29 470 835 1 (466 ) 869 Recoveries from loan losses, net (577 ) — — — — (577 ) Selling, general and administrative expenses 6,872 15,392 3,842 2,000 7,307 35,413 Total costs and expenses 26,851 35,630 25,695 2,770 6,837 97,783 Operating (losses) income (4,886 ) (5,386 ) (131 ) 389 (6,802 ) (16,816 ) Equity in net earnings of unconsolidated real estate joint ventures 41 — — — — 41 Other income (loss) 441 501 — 6 (3 ) 945 Foreign exchange (loss) gain — (16 ) 487 — — 471 (Loss) income before income taxes $ (4,404 ) (4,901 ) 356 395 (6,805 ) (15,359 ) Total assets $ 350,054 173,525 82,877 7,519 43,915 657,890 Expenditures for property and equipment $ — 1,539 210 4 - 1,753 Depreciation and amortization $ (396 ) 1,837 840 45 103 2,429 Debt accretion and amortization $ 5 91 10 — — 106 Cash and cash equivalents $ 57,831 3,281 — 3,479 43,617 108,208 Real estate equity method investments $ 47,080 — — — — 47,080 Goodwill $ 31,233 14,274 4,140 — — 49,647 Notes payable and other borrowings $ 41,969 24,878 20,325 — (15,041 ) 72,131 BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 32,725 27,976 3,016 (3 ) 63,714 Sales of real estate inventory 1,772 — — — — 1,772 Revenue from construction contracts 25,037 — — — — 25,037 Real estate development and management fees 1,611 — — — — 1,611 Interest income 1,974 — — — 543 2,517 Other revenue 51 — — 436 (140 ) 347 Total revenues 30,445 32,725 27,976 3,452 400 94,998 Costs and expenses: Cost of trade sales — 20,546 26,007 857 (3 ) 47,407 Cost of real estate inventory sold 578 — — — — 578 Cost of revenue from construction contracts 24,189 — — — — 24,189 Interest expense 11 332 1,121 1 (730 ) 735 Recoveries from loan losses, net (600 ) — — — — (600 ) Selling, general and administrative expenses 6,240 14,541 3,847 2,158 6,991 33,777 Total costs and expenses 30,418 35,419 30,975 3,016 6,258 106,086 Operating income (losses) 27 (2,694 ) (2,999 ) 436 (5,858 ) (11,088 ) Equity in net earnings of unconsolidated real estate joint ventures 1,104 — — — — 1,104 Gain on the consolidation of The Altman Companies 6,195 — — — — 6,195 Gain on the consolidation of investment in real estate joint ventures 10,855 — — — — 10,855 Other (expense) income (305 ) 200 — 2,256 19 2,170 Foreign exchange (loss) gain — (14 ) (32 ) — — (46 ) Income (loss) before income taxes $ 17,876 (2,508 ) (3,031 ) 2,692 (5,839 ) 9,190 Total assets $ 350,458 172,958 97,344 8,720 55,445 684,925 Expenditures for property and equipment $ — 5,069 284 48 13 5,414 Depreciation and amortization $ (196 ) 1,802 867 39 108 2,620 Debt accretion and amortization $ 20 6 42 — — 68 Cash and cash equivalents $ 83,434 3,686 603 4,136 3,163 95,022 Real estate equity method investments $ 56,130 — — — — 56,130 Goodwill $ 32,901 14,274 4,140 — — 51,315 Notes payable and other borrowings $ 3,308 19,927 43,532 40 (28,425 ) 38,382 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Financial Statement Presentation (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Aug. 30, 2023 | Mar. 31, 2023 | Jan. 31, 2023 | Dec. 01, 2018 | Nov. 30, 2018 |
Cash and Cash Equivalents, at Carrying Value | $ 108,208 | $ 90,277 | $ 95,022 | |||||
Debt Securities, Available-for-Sale | $ 30,549 | $ 44,576 | ||||||
IT’SUGAR [Member] | ||||||||
Subsidiary, Ownership Percentage, Parent | 90% | |||||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 50% | |||||
BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | Mr. Joel Altman [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 50% | |||||||
BBX Sweet Holdings [Member] | IT’SUGAR [Member] | Minimum [Member] | ||||||||
Subsidiary, Ownership Percentage, Parent | 90% |
Note 2 - Securities Available_3
Note 2 - Securities Available for Sale (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 28,000 | $ 8,000 |
Note 2 - Securities Available_4
Note 2 - Securities Available for Sale - Debt Securities, Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available for sale securities, amortized cost | $ 30,540 | $ 44,558 |
Available for sale securities, gross unrealized gains | 10 | 18 |
Available for sale securities, gross unrealized losses | (1) | 0 |
Securities available for sale, at fair value | 30,549 | 44,576 |
US Treasury and Government [Member] | ||
Available for sale securities, amortized cost | 29,720 | 43,738 |
Available for sale securities, gross unrealized gains | 0 | 13 |
Available for sale securities, gross unrealized losses | (1) | 0 |
Securities available for sale, at fair value | 29,719 | 43,751 |
Community Development District Bonds [Member] | ||
Available for sale securities, amortized cost | 820 | 820 |
Available for sale securities, gross unrealized gains | 10 | 5 |
Available for sale securities, gross unrealized losses | 0 | 0 |
Securities available for sale, at fair value | $ 830 | $ 825 |
Note 3 - Trade Accounts Recei_3
Note 3 - Trade Accounts Receivable and Construction Contracts Receivable - Schedule of Trade Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Trade accounts receivable | $ 20,608 | $ 18,563 |
Allowance for expected credit losses | (196) | (222) |
Total trade accounts receivables | $ 20,412 | $ 18,341 |
Note 3 - Trade Receivables and
Note 3 - Trade Receivables and Construction Contract Receivables - Contract Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Construction contracts receivable | $ 9,205 | $ 13,525 |
Allowance for expected credit losses | 0 | 0 |
Total construction contracts receivable | $ 9,205 | $ 13,525 |
Note 4 - Trade Inventory (Detai
Note 4 - Trade Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials | $ 5,605 | $ 5,569 |
Paper goods and packaging materials | 1,564 | 1,571 |
Work in process | 1,395 | 618 |
Finished goods | 25,588 | 27,356 |
Total trade inventory | 34,152 | 35,114 |
Inventory reserve | (1,668) | (1,278) |
Total trade inventory, net | $ 32,484 | $ 33,836 |
Note 5 - Real Estate (Details T
Note 5 - Real Estate (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Expense, Operating and Nonoperating | $ 869 | $ 735 |
Altra Kendal [Member] | ||
Land | 17,800 | |
Construction in Progress, Gross | 59,300 | |
Interest Expense, Operating and Nonoperating | $ 600 | $ 0 |
Note 5 - Real Estate - Schedule
Note 5 - Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Real estate, held for sale | $ 2,706 | $ 2,688 |
Real estate held-for-investment | 2,984 | 2,981 |
Real estate inventory | 6,239 | 6,117 |
Rental properties under development | 77,050 | 64,055 |
Predevelopment costs | 4,606 | 4,813 |
Total real estate | $ 93,585 | $ 80,654 |
Note 6 - Investments in and A_3
Note 6 - Investments in and Advances to Consolidated and Unconsolidated VIEs (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2024 USD ($) a | Jan. 31, 2024 USD ($) a | Mar. 31, 2024 USD ($) a | Mar. 31, 2023 USD ($) | |
Payments to Acquire Interest in Joint Venture | $ 3,364 | $ 804 | ||
Revenues | 80,967 | $ 94,998 | ||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | ||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 17,000 | 17,000 | ||
Equity Method Investment, Other-than-Temporary Impairment | 16,800 | |||
Real Estate Inventory, Capitalized Interest Costs | 1,300 | 1,300 | ||
Real Estate Inventory, Capitalized Interest Costs, Period Increase (Decrease) | 100 | |||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | Corporate Joint Venture [Member] | ||||
Equity Method Investment, Other-than-Temporary Impairment | 1,000 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 57,100 | $ 57,100 | ||
Altis Grand Bay [Member] | ||||
Payments to Acquire Interest in Joint Venture | $ 350,000 | |||
BBX Park at Davie [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50% | |||
Biscayne Manager, LLC [Member] | Altis Grand Bay [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50% | |||
BBXRE [Member] | Altis Grand Bay [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 42.50% | |||
HB Biscayne LLC [Member] | Altis Grand Bay [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 7.50% | |||
BBX Logistics Properties, LLC [Member] | BBX Park at Lakeland [Member] | ||||
Payments to Acquire Interest in Joint Venture | $ 200 | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 10% | 50% | 50% | |
Area of Land (Acre) | a | 22.5 | |||
Payments for (Proceeds from) Real Estate Partnership Investment, Net | $ 700 | |||
BBX Logistics Properties, LLC [Member] | BBX Park at Lakeland [Member] | FRP Holdings, Inc. [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 90% | |||
BBX Logistics Properties, LLC [Member] | BBX Park at Davie [Member] | ||||
Payments to Acquire Interest in Joint Venture | $ 500 | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 20% | |||
Area of Land (Acre) | a | 11.3 | 11.3 | ||
BBX Logistics Properties, LLC [Member] | BBX Park at Davie [Member] | FRP Holdings, Inc. [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 80% | |||
Bayview [Member] | BBX Capital Real Estate (BBXRE) [Member] | Mortgages [Member] | ||||
Debt Instrument, Percentage Guaranty | 50% | |||
Certain Investments in Unconsolidated Real Estate Joint Ventures [Member] | Intersegment Eliminations [Member] | ||||
Revenues | $ (2,200) | $ (3,000) | ||
Cost of Revenue | $ 2,400 | $ 2,800 |
Note 6 - Investments in and A_4
Note 6 - Investments in and Advances to Consolidated and Unconsolidated Variable Interest Entities - Summary of Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Cash and cash equivalents | $ 108,208 | $ 90,277 | $ 95,022 | |
Trade accounts receivable, net | 20,412 | 18,341 | ||
Real estate ($2,706 in 2024 and $2,688 in 2023 held for sale and $77,050 in 2024 and $64,055 in 2023 rental property under development in VIEs) | 93,585 | 80,654 | ||
Other assets | 24,592 | 19,591 | ||
Total assets | 657,890 | 674,242 | 684,925 | |
Accounts payable | 24,449 | 31,012 | ||
Accrued expenses | 32,902 | 40,700 | ||
Other liabilities | 3,918 | 4,774 | ||
Notes payable and other borrowings | 72,131 | 60,805 | $ 38,382 | |
Total liabilities | 297,350 | 302,690 | ||
Noncontrolling interests | 56,215 | 54,968 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash and cash equivalents | 3,054 | 4,521 | ||
Restricted cash | 10,055 | 10,089 | ||
Trade accounts receivable, net | 347 | 385 | ||
Real estate ($2,706 in 2024 and $2,688 in 2023 held for sale and $77,050 in 2024 and $64,055 in 2023 rental property under development in VIEs) | 77,050 | 64,055 | ||
Investment in and advances to unconsolidated real estate joint ventures | 42,684 | 39,821 | ||
Other assets | 2,193 | 990 | ||
Total assets | 135,383 | 119,861 | ||
Accounts payable | 42 | 16 | ||
Accrued expenses | 1,678 | 349 | ||
Other liabilities | 1,799 | 1,833 | ||
Notes payable and other borrowings | 41,169 | 27,321 | ||
Total liabilities | 44,688 | 29,519 | ||
Noncontrolling interests | 61,322 | 59,889 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Corporate Joint Venture [Member] | ||||
Cash and cash equivalents | [1] | 2,735 | 4,045 | |
Restricted cash | [1] | 0 | 0 | |
Trade accounts receivable, net | [1] | 0 | 0 | |
Real estate ($2,706 in 2024 and $2,688 in 2023 held for sale and $77,050 in 2024 and $64,055 in 2023 rental property under development in VIEs) | [1] | 77,050 | 64,055 | |
Investment in and advances to unconsolidated real estate joint ventures | [1] | 42,684 | 39,821 | |
Other assets | [1] | 0 | 698 | |
Total assets | [1] | 122,469 | 108,619 | |
Accounts payable | [1] | 0 | 0 | |
Accrued expenses | [1] | 1 | 140 | |
Other liabilities | [1] | 0 | 0 | |
Notes payable and other borrowings | [1] | 41,169 | 27,321 | |
Total liabilities | [1] | 41,170 | 27,461 | |
Noncontrolling interests | [1] | 56,091 | 54,707 | |
Variable Interest Entity, Primary Beneficiary [Member] | ABBX Guaranty, LLC [Member} | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 10,055 | 10,089 | ||
Trade accounts receivable, net | 0 | 0 | ||
Real estate ($2,706 in 2024 and $2,688 in 2023 held for sale and $77,050 in 2024 and $64,055 in 2023 rental property under development in VIEs) | 0 | 0 | ||
Investment in and advances to unconsolidated real estate joint ventures | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 10,055 | 10,089 | ||
Accounts payable | 0 | 0 | ||
Accrued expenses | 0 | 9 | ||
Other liabilities | 0 | 0 | ||
Notes payable and other borrowings | 0 | 0 | ||
Total liabilities | 0 | 9 | ||
Noncontrolling interests | 5,027 | 5,045 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Altman Management Company [Member] | ||||
Cash and cash equivalents | 319 | 476 | ||
Restricted cash | 0 | 0 | ||
Trade accounts receivable, net | 347 | 385 | ||
Real estate ($2,706 in 2024 and $2,688 in 2023 held for sale and $77,050 in 2024 and $64,055 in 2023 rental property under development in VIEs) | 0 | 0 | ||
Investment in and advances to unconsolidated real estate joint ventures | 0 | 0 | ||
Other assets | 2,193 | 292 | ||
Total assets | 2,859 | 1,153 | ||
Accounts payable | 42 | 16 | ||
Accrued expenses | 1,677 | 200 | ||
Other liabilities | 1,799 | 1,833 | ||
Notes payable and other borrowings | 0 | 0 | ||
Total liabilities | 3,518 | 2,049 | ||
Noncontrolling interests | $ 204 | $ 137 | ||
[1]Represents the aggregate assets, liabilities, and noncontrolling interests of the consolidated real estate joint ventures sponsored by the Altman Companies or BBX Logistics, as described above. These real estate joint ventures have similar economic characteristics, financing arrangements, and organizational structures. |
Note 6 - Investments in and A_5
Note 6 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Schedule of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Real Estate Investments | $ 47,080 | $ 44,076 | |
Altis Grand Central [Member] | |||
Real Estate Investments | $ 636 | $ 636 | |
Ownership | 1.49% | [1] | 1.49% |
Altis Lake Willis Phase 1 [Member] | |||
Real Estate Investments | $ 7,291 | $ 7,126 | |
Ownership | 1.68% | [1] | 1.68% |
Altis Lake Willis Phase 2 [Member] | |||
Real Estate Investments | $ 3,448 | $ 3,398 | |
Ownership | 5.10% | [1] | 5.10% |
Altis Grand at Suncoast [Member] | |||
Real Estate Investments | $ 12,011 | $ 12,195 | |
Ownership | 12.31% | [1] | 12.31% |
Altis Blue Lake [Member] | |||
Real Estate Investments | $ 4,885 | $ 4,736 | |
Ownership | 1.68% | [1] | 1.68% |
Altis Santa Barbara [Member] | |||
Real Estate Investments | $ 6,503 | $ 6,425 | |
Ownership | 5.10% | [1] | 5.10% |
Altis Twin Lakes [Member] | |||
Real Estate Investments | $ 5,176 | $ 3,961 | |
Ownership | 11.39% | [1] | 11.39% |
BBX Park at Delray [Member] | |||
Real Estate Investments | $ 2,868 | $ 2,800 | |
Ownership | 10% | [1] | 10% |
BBX Park at Lakeland [Member] | |||
Real Estate Investments | $ 1,062 | $ 0 | |
Ownership | 50% | [1] | 0% |
BBX Park at Davie [Member] | |||
Real Estate Investments | $ 546 | $ 0 | |
Ownership | 50% | [1] | 0% |
Marbella [Member] | |||
Real Estate Investments | $ 1,040 | $ 1,043 | |
Ownership | 70% | [1] | 70% |
The Main Las Olas [Member] | |||
Real Estate Investments | $ 467 | $ 479 | |
Ownership | 3.41% | [1] | 3.41% |
Sky Cove [Member] | |||
Real Estate Investments | $ 118 | $ 118 | |
Ownership | 26.25% | [1] | 26.25% |
Sky Cove South [Member] | |||
Real Estate Investments | $ 870 | $ 1,001 | |
Ownership | 26.25% | [1] | 26.25% |
Other Investments in Real Estate Joint Ventures [Member] | |||
Real Estate Investments | $ 159 | $ 158 | |
[1]The Company’s ownership percentage in each real estate joint venture represents BBX Capital Real Estate's percentage of the contributed capital in each venture, excluding amounts attributable to noncontrolling interests. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. |
Note 6 - Investments in and A_6
Note 6 - Investments in and Advances to Consolidated and Unconsolidated VIEs - Summary of Financial Information for Marbella Joint Venture (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and cash equivalents | $ 108,208 | $ 95,022 | $ 90,277 | |
Real estate inventory | 6,239 | 6,117 | ||
Other assets | 24,592 | 19,591 | ||
Total assets | 657,890 | 684,925 | 674,242 | |
Total liabilities | 297,350 | 302,690 | ||
Total equity | 355,513 | 402,081 | 366,512 | $ 334,528 |
Total liabilities and equity | 657,890 | 674,242 | ||
Total revenues | 80,967 | 94,998 | ||
Net (loss) income | (12,652) | 7,523 | ||
Equity in net earnings of unconsolidated real estate joint ventures | 41 | 1,104 | ||
Marbella [Member] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | (4) | 582 | ||
Marbella [Member] | ||||
Cash and cash equivalents | 418 | 536 | ||
Real estate inventory | 1,706 | 1,706 | ||
Other assets | 457 | 458 | ||
Total assets | 2,581 | 2,700 | ||
Total liabilities | 501 | 612 | ||
Total equity | 2,080 | 2,088 | ||
Total liabilities and equity | 2,581 | $ 2,700 | ||
Total revenues | 0 | 1,183 | ||
Cost of real estate inventory sold | 0 | 0 | ||
Other expenses | (7) | (19) | ||
Net (loss) income | $ (7) | $ 1,164 |
Note 7 - Other Assets (Details
Note 7 - Other Assets (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 1.5 | $ 1.5 |
Mortgage Loans in Process of Foreclosure, Amount | 1.3 | |
Other Liabilities [Member] | ||
Financing Receivable, Collateral Held | $ 2.4 | $ 2.4 |
Note 7 - Other Assets - Other A
Note 7 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid assets | $ 8,106 | $ 9,509 |
Equity investments - cost method | 2,139 | 2,439 |
Financing Receivable, after Allowance for Credit Loss | 2,156 | 2,176 |
Trade accounts receivable, net | 20,412 | 18,341 |
Other | 4,260 | 2,561 |
Total other assets | 24,592 | 19,591 |
Related Party [Member] | ||
Trade accounts receivable, net | 1,891 | 2,209 |
Certificates of Deposit [Member] | ||
Certificate of deposit | 5,000 | 0 |
Interest Rate Cap [Member] | ||
Interest rate cap | $ 1,040 | $ 697 |
Note 7 - Other Assets - Schedul
Note 7 - Other Assets - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total residential loans | $ 2,156 | $ 2,176 |
Residential Portfolio Segment [Member] | ||
Total residential loans | 2,156 | 2,176 |
Residential Portfolio Segment [Member] | First Mortgage Loans [Member] | ||
Total residential loans | 1,985 | 2,005 |
Residential Portfolio Segment [Member] | Second Mortgage Loans [Member] | ||
Total residential loans | $ 171 | $ 171 |
Note 8 - Notes Payable and Ot_3
Note 8 - Notes Payable and Other Borrowings (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 13, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Oct. 31, 2020 | |
Comerica Letter of Credit Facility [Member] | Letter of Credit [Member] | Altman LOC Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4 | |||
Line of Credit Facility, Commitment Fee Percentage | 2% | |||
Long-Term Line of Credit | $ 0.8 | |||
Renin Holdings LLC[Member] | TD Bank [Member] | ||||
Debt Instrument, Covenant, Required Excess Availability | $ 3 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 3 | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Term Loan [Member] | ||||
Debt Instrument, Face Amount | 3.4 | |||
Debt Instrument, Periodic Payment | $ 0.8 | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Term Loan [Member] | Applicable Variable Rates [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | ||||
Proceeds from Contributions from Parent | $ 3.3 | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Canadian Overnight Repo Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Canadian Overnight Repo Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | One to Six Month Term SOFR [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||
Renin Holdings LLC[Member] | TD Bank [Member] | Revolving Credit Facility [Member] | One to Six Month Term SOFR [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Renin Holdings LLC[Member] | Term Loan [Member] | TD Bank [Member] | ||||
Debt Instrument, Face Amount | $ 30 | |||
Asset Pledged as Collateral [Member] | Restricted Cash [Member] | ||||
Certificates of Deposit, at Carrying Value | $ 5.9 | $ 5.9 |
Note 8 - Notes Payable and Ot_4
Note 8 - Notes Payable and Other Borrowings - Schedule of Notes Payable and Other Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | ||
Unamortized debt issuance costs | $ (94) | $ (116) | |||
Notes payable and other borrowings | 72,131 | 60,805 | $ 38,382 | ||
Altra Kendall Construction Loan Facility [Member] | |||||
Debt balance, gross | [1] | $ 41,169 | $ 27,321 | ||
Interest rate | [1] | 7.58% | 7.59% | ||
Carrying amount of pledged assets | [1] | $ 77,050 | $ 64,055 | ||
TD Bank [Member] | |||||
Debt balance, gross | $ 20,419 | $ 24,950 | |||
Interest rate | 10.61% | 12.83% | |||
Carrying amount of pledged assets | $ 43,639 | ||||
Regions Bank Revolving Line of Credit [Member] | |||||
Debt balance, gross | $ 4,996 | $ 4,716 | |||
Interest rate | 7% | 7% | |||
First Horizon Bank Revolving Line of Credit [Member] | |||||
Debt balance, gross | $ 4,600 | [2],[3] | $ 2,750 | ||
Interest rate | 9% | 9% | |||
Comerica Letter of Credit Facility [Member] | |||||
Debt balance, gross | $ 800 | [1],[4] | $ 800 | ||
Community Development District Bonds [Member] | |||||
Debt balance, gross | $ 143 | ||||
Community Development District Bonds [Member] | Minimum [Member] | |||||
Interest rate | 2.40% | ||||
Community Development District Bonds [Member] | Maximum [Member] | |||||
Interest rate | 3.75% | ||||
Other Borrowings [Member] | |||||
Debt balance, gross | $ 241 | $ 241 | |||
Interest rate | 7.59% | 7.59% | |||
[1]ABBX is the guarantor of the facility.[2]BBX Capital is the guarantor on the line of credit.[3]The collateral is a blanket lien on BBX Sweet Holdings’ assets.[4]The Company pays an annual two percent fee in advance based on the amount of each letter of credit. |
Note 9 - Common Stock (Details
Note 9 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Jan. 16, 2024 | May 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | May 21, 2024 | Jan. 31, 2022 | |
Share Repurchase Program [Member] | ||||||
Share Repurchase Program, Authorized, Amount | $ 13.9 | $ 15 | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 | ||||
Subsequent Event [Member] | Share Repurchase Program [Member] | ||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 500,000 | |||||
Stock Repurchased During Period, Value | $ 4.4 | |||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 8.75 | |||||
BBX Capital 2021 Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 6.9 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 21 years | |||||
Common Class A [Member] | ||||||
Voting Power Percentage | 22% | |||||
Common Stock, Percentage of Total Equity Between Classes | 74% | |||||
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, Vested in Period (in shares) | 138,328 | 880,775 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 465,789 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 300,579 | |||||
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 | $ 3.8 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.11 | |||||
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, Number of Shares Available for Grant (in shares) | 750,000 | |||||
Common Class B [Member] | ||||||
Voting Power Percentage | 78% | |||||
Common Stock, Percentage of Total Equity Between Classes | 26% | |||||
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, Vested in Period (in shares) | 68,343 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 68,343 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 94,971 |
Note 10 - Revenue Recognition_2
Note 10 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Contract Wtih Customer Receivable Retainage, Next 12 Months | $ 10,800 | ||
Contract With Customer Receivable Retainage, Year Two | 1,000 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 78,482 | $ 92,134 | |
Revenues | $ 80,967 | 94,998 | |
Real Estate Development Projects Concentration Risk [Member] | Revenue Benchmark [Member] | Seven Real Estate Development Projects [Member] | |||
Concentration Risk, Percentage | 21.80% | ||
CANADA | |||
Revenues | $ 10,900 | ||
Renin Holdings LLC[Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | |||
Revenues | $ 4,000 | $ 4,100 | |
Concentration Risk, Percentage | 4.90% | 4.30% | |
Renin Holdings LLC[Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] | |||
Revenues | $ 5,400 | $ 9,200 | |
Concentration Risk, Percentage | 6.60% | 9.70% | |
Renin Holdings LLC[Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Three [Member] | |||
Revenues | $ 7,500 | $ 8,700 | |
Concentration Risk, Percentage | 9.20% | 9.10% | |
Billings in Excess in Cost [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,700 | ||
Trade Sales [Member] | Renin Holdings LLC[Member] | |||
Revenues | $ 16,900 | $ 22,000 | |
Trade Sales [Member] | Renin Holdings LLC[Member] | Non-US [Member] | |||
Revenues | $ 10,400 | $ 15,600 |
Note 10 - Revenue Recognition -
Note 10 - Revenue Recognition - Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Sales | $ 78,482 | $ 92,134 |
Interest income | 2,096 | 2,517 |
Other revenue | 389 | 347 |
Total revenues | 80,967 | 94,998 |
Transferred at Point in Time [Member] | ||
Sales | 59,769 | 65,486 |
Trade [Member] | ||
Sales | 58,445 | 63,714 |
Trade [Member] | Sales Channel, Through Intermediary [Member] | Transferred at Point in Time [Member] | ||
Sales | 28,623 | 34,676 |
Trade [Member] | Sales Channel, Directly to Consumer [Member] | Transferred at Point in Time [Member] | ||
Sales | 29,822 | 29,038 |
Real Estate [Member] | ||
Sales | 1,324 | 1,772 |
Real Estate [Member] | Transferred at Point in Time [Member] | ||
Sales | 1,324 | 1,772 |
Real Estate [Member] | Transferred over Time [Member] | ||
Sales | 18,713 | 26,648 |
Construction [Member] | ||
Sales | 16,447 | 25,037 |
Construction [Member] | Transferred over Time [Member] | ||
Sales | 16,447 | 25,037 |
Development Management Service [Member] | Transferred over Time [Member] | ||
Sales | 1,187 | 867 |
Management Service [Member] | ||
Sales | 1,611 | |
Management Service [Member] | Transferred over Time [Member] | ||
Sales | $ 1,079 | $ 744 |
Note 10 - Revenue Recognition_3
Note 10 - Revenue Recognition - Contracts with Customers (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Contract assets | $ 24,992 | $ 30,799 |
Contract liabilities | 25,885 | 28,641 |
Contingent Purchase Price Receivable [Member] | ||
Contract assets | 7,542 | 10,044 |
Cost and Estimated Earnings in Excess of Billings [Member] | ||
Contract assets | 1,739 | 1,031 |
Contract liabilities | 8,737 | 10,733 |
Retainage Receivable [Member] | ||
Contract assets | 11,752 | 14,651 |
Uninstalled Materials and Deposits to Purchase Materials [Member] | ||
Contract assets | 3,959 | 5,073 |
Retainage Payable [Member] | ||
Contract liabilities | 16,741 | 16,859 |
Contingent Purchase Price Due to Homebuilders [Member] | ||
Contract liabilities | 0 | 625 |
Other Contract Liabilities [Member] | ||
Contract liabilities | $ 407 | $ 424 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 17% | 8% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 12 - Earnings Per Common_3
Note 12 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 949,118 | 517,702 |
Note 12 - Earnings Per Common_4
Note 12 - Earnings Per Common Share - Computations of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net (loss) income | $ (12,652) | $ 7,523 | |
Net (income) loss attributable to noncontrolling interests | (384) | 380 | |
Net (loss) income attributable to shareholders | $ (13,036) | $ 7,903 | |
Basic weighted average number of common shares outstanding (in shares) | [1] | 13,896 | 14,354 |
Basic (loss) earnings per share (in dollars per share) | $ (0.94) | $ 0.55 | |
Net (loss) income available to shareholders | $ (13,036) | $ 7,903 | |
Basic weighted average number of common shares outstanding (in shares) | [1] | 13,896 | 14,354 |
Effect of dilutive restricted stock awards (in shares) | 0 | 23 | |
Diluted weighted average number of common shares outstanding (in shares) | [1] | 13,896 | 14,377 |
Diluted (loss) earnings per share (in dollars per share) | $ (0.94) | $ 0.55 | |
[1]For periods prior to the spin-off on September 30, 2020, the number of shares is based on the shares issued in connection with the spin-off. See Note 1 for further discussion. |
Note 13 - Noncontrolling Inte_3
Note 13 - Noncontrolling Interests and Redeemable Noncontrolling Interest (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Aug. 30, 2023 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 5,027 | $ 5,040 | |
ABBX Guaranty, LLC [Member} | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 5,000 | $ 5,000 | |
Subsidiary, Ownership Percentage, Parent | 50% | 50% | |
IT’SUGAR [Member] | |||
Subsidiary, Ownership Percentage, Parent | 90% |
Note 13 - Noncontrolling Inte_4
Note 13 - Noncontrolling Interests - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Restaurant | $ 132 | $ 123 | |
Total other noncontrolling interests | 56,215 | 54,968 | |
Net income (loss) attributable to noncontrolling interests | 384 | $ (380) | |
IT’SUGAR [Member] | |||
Net income (loss) attributable to noncontrolling interests | 0 | (205) | |
ABBX Guaranty, LLC [Member} | |||
Net income (loss) attributable to noncontrolling interests | 64 | 0 | |
AMC [Member] | |||
Net income (loss) attributable to noncontrolling interests | 67 | 0 | |
Restaurant [Member] | |||
Net income (loss) attributable to noncontrolling interests | 65 | 97 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Consolidated real estate VIEs | 55,879 | 54,707 | |
Total other noncontrolling interests | 61,322 | 59,889 | |
Net income (loss) attributable to noncontrolling interests | 188 | $ (272) | |
Altman Management Company [Member] | |||
Consolidated real estate VIEs | $ 204 | $ 138 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2024 | |
ABBX Guaranty, LLC [Member} | Financial Guarantee [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 79.4 | |
Guarantor Obligations, Current Carrying Value | 322.7 | |
Restricted Cash | 10 | |
BBX Industrial Guaranty, LLC [Member] | BBX Logistics Properties, LLC [Member] | ||
Restricted Cash | 5 | |
Proceeds from Contributions from Parent | $ 5 | |
BBX Industrial Guaranty, LLC [Member] | BBX Logistics Properties, LLC [Member] | Minimum [Member] | ||
Net Assets | 5 | |
BBX Industrial Guaranty, LLC [Member] | Financial Guarantee [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 31.3 | |
Guarantor Obligations, Current Carrying Value | 31.3 | |
Property Lease Guarantee [Member] | Renin Holdings LLC[Member] | ||
Lease Agreement, Guarantee of Rent | $ 6.6 |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurement - Financial Disclosures About Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities available for sale, at fair value | $ 30,549 | $ 44,576 |
Interest Rate Cap [Member] | ||
Interest rate cap | 1,040 | 697 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 108,208 | 90,277 |
Restricted cash | 24,788 | 21,307 |
Securities available for sale, at fair value | 30,549 | 44,576 |
Certificate of deposit | 5,000 | |
Notes payable and other borrowings | 72,131 | 60,805 |
Note receivable from BVH | 35,000 | |
Reported Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate cap | 1,040 | 697 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 108,208 | 90,277 |
Restricted cash | 24,788 | 21,307 |
Securities available for sale, at fair value | 30,549 | 44,576 |
Certificate of deposit | 5,005 | |
Notes payable and other borrowings | 71,918 | 60,771 |
Note receivable from BVH | 35,000 | |
Estimate of Fair Value Measurement [Member] | Interest Rate Cap [Member] | ||
Interest rate cap | 1,040 | 697 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 108,208 | 90,277 |
Restricted cash | 24,788 | 21,307 |
Securities available for sale, at fair value | 29,719 | 43,751 |
Certificate of deposit | 0 | |
Notes payable and other borrowings | 0 | 0 |
Note receivable from BVH | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Cap [Member] | ||
Interest rate cap | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Securities available for sale, at fair value | 830 | 825 |
Certificate of deposit | 5,005 | |
Notes payable and other borrowings | 0 | 0 |
Note receivable from BVH | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Cap [Member] | ||
Interest rate cap | 1,040 | 697 |
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 |
Certificate of deposit | 0 | |
Notes payable and other borrowings | 71,918 | 60,771 |
Note receivable from BVH | 35,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Cap [Member] | ||
Interest rate cap | $ 0 | $ 0 |
Note 16 - Certain Relationshi_2
Note 16 - Certain Relationships and Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Sep. 30, 2020 | May 31, 2023 | Dec. 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues | $ 80,967,000 | $ 94,998,000 | ||||
Contract with Customer, Receivable, after Allowance for Credit Loss | 9,205,000 | $ 13,525,000 | ||||
Contract with Customer, Asset, after Allowance for Credit Loss | 24,992,000 | 30,799,000 | ||||
Contract with Customer, Liability | 25,885,000 | 28,641,000 | ||||
Selling, General and Administrative Expense | 35,413,000 | 33,777,000 | ||||
Accounts Receivable, after Allowance for Credit Loss | 20,412,000 | 18,341,000 | ||||
Financing Receivable, after Allowance for Credit Loss | 2,156,000 | 2,176,000 | ||||
Repayment of Notes Receivable from Related Parties | 35,000,000 | 0 | ||||
Interest and Dividend Income, Operating | $ 2,096,000 | 2,517,000 | ||||
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 | $ 0 | 300,000 | ||||
Abdo Companies, Inc [Member] | Management Services and Rent [Member] | ||||||
Related Party Transaction, Amounts of Transaction | 44,000 | 45,000 | ||||
The Altman Companies, LLC [Member] | ||||||
Contract with Customer, Receivable, after Allowance for Credit Loss | 9,200,000 | 13,500,000 | ||||
Contract with Customer, Asset, after Allowance for Credit Loss | 17,500,000 | 20,800,000 | ||||
Contract with Customer, Liability | 25,900,000 | $ 28,600,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 1,200,000 | |||||
The Altman Companies, LLC [Member] | Management Services [Member] | ||||||
Revenues | 1,500,000 | 1,600,000 | ||||
The Altman Companies, LLC [Member] | Construction Services [Member] | ||||||
Revenues | 16,400,000 | 25,000,000 | ||||
IT’SUGAR [Member] | ||||||
Interest Income (Expense), Net, Total | 300,000 | 100,000 | ||||
Bluegreen Vacations [Member] | Notes Receivable [Member] | ||||||
Financing Receivable, after Allowance for Credit Loss | $ 75,000,000 | $ 35,000,000 | $ 50,000,000 | |||
Financing Receivable, Interest Rate, Stated Percentage | 6% | |||||
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) | |||||
Interest and Dividend Income, Operating | 100,000 | 800,000 | ||||
Bluegreen Vacations [Member] | Office Space, Risk Management, and Management Advisory Services [Member] | ||||||
Selling, General and Administrative Expense | $ 400,000 | $ 500,000 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Reportable Segments | 3 |
Note 17 - Segment Reporting - S
Note 17 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Sales | $ 78,482 | $ 92,134 | |
Real estate development and property management fees | 2,266 | 1,611 | |
Interest income | 2,096 | 2,517 | |
Other revenue | 389 | 347 | |
Total revenues | 80,967 | 94,998 | |
Interest expense | 869 | 735 | |
Recoveries from loan losses, net | (577) | (600) | |
Selling, general and administrative expenses | 35,413 | 33,777 | |
Total costs and expenses | 97,783 | 106,086 | |
Operating (losses) income | (16,816) | (11,088) | |
Equity in net earnings of unconsolidated real estate joint ventures | 41 | 1,104 | |
Other income (loss) | 945 | 2,170 | |
Foreign exchange (loss) gain | 471 | (46) | |
(Loss) income before income taxes | (15,359) | 9,190 | |
Total assets | 657,890 | 684,925 | $ 674,242 |
Expenditures for property and equipment | 1,753 | 5,414 | |
Depreciation and amortization | 2,429 | 2,620 | |
Debt accretion and amortization | 106 | 68 | |
Cash and cash equivalents | 108,208 | 95,022 | 90,277 |
Real estate equity method investments | 47,080 | ||
Goodwill | 49,647 | 51,315 | 49,647 |
Notes payable and other borrowings | 72,131 | 38,382 | $ 60,805 |
Gain on consolidation | 0 | 10,855 | |
Depreciation and amortization | 2,429 | 2,620 | |
Real estate equity method investments | 56,130 | ||
The Altman Companies, LLC [Member] | |||
Gain on consolidation | 0 | 6,195 | |
Other Investments in Real Estate Joint Ventures [Member] | |||
Gain on consolidation | 0 | 10,855 | |
Trade [Member] | |||
Sales | 58,445 | 63,714 | |
Cost of sales | 41,551 | 47,407 | |
Real Estate [Member] | |||
Sales | 1,324 | 1,772 | |
Cost of sales | 321 | 578 | |
Construction [Member] | |||
Sales | 16,447 | 25,037 | |
Cost of sales | 20,206 | 24,189 | |
Management Service [Member] | |||
Sales | 1,611 | ||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | |||
Real estate development and property management fees | 2,266 | ||
Interest income | 1,877 | 1,974 | |
Other revenue | 51 | 51 | |
Total revenues | 21,965 | 30,445 | |
Interest expense | 29 | 11 | |
Recoveries from loan losses, net | (577) | (600) | |
Selling, general and administrative expenses | 6,872 | 6,240 | |
Total costs and expenses | 26,851 | 30,418 | |
Operating (losses) income | (4,886) | 27 | |
Equity in net earnings of unconsolidated real estate joint ventures | 41 | 1,104 | |
Other income (loss) | 441 | (305) | |
Foreign exchange (loss) gain | 0 | 0 | |
(Loss) income before income taxes | (4,404) | 17,876 | |
Total assets | 350,054 | 350,458 | |
Expenditures for property and equipment | 0 | 0 | |
Depreciation and amortization | (396) | (196) | |
Debt accretion and amortization | 5 | 20 | |
Cash and cash equivalents | 57,831 | 83,434 | |
Real estate equity method investments | 47,080 | ||
Goodwill | 31,233 | 32,901 | |
Notes payable and other borrowings | 41,969 | 3,308 | |
Depreciation and amortization | (396) | (196) | |
Real estate equity method investments | 56,130 | ||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | The Altman Companies, LLC [Member] | |||
Gain on consolidation | 6,195 | ||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Other Investments in Real Estate Joint Ventures [Member] | |||
Gain on consolidation | 10,855 | ||
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Trade [Member] | |||
Sales | 0 | 0 | |
Cost of sales | 0 | 0 | |
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Real Estate [Member] | |||
Sales | 1,324 | 1,772 | |
Cost of sales | 321 | 578 | |
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Construction [Member] | |||
Sales | 16,447 | 25,037 | |
Cost of sales | 20,206 | 24,189 | |
Operating Segments [Member] | BBX Capital Real Estate (BBXRE) [Member] | Management Service [Member] | |||
Sales | 1,611 | ||
Operating Segments [Member] | BBX Sweet Holdings [Member] | |||
Real estate development and property management fees | 0 | ||
Interest income | 0 | 0 | |
Other revenue | 0 | 0 | |
Total revenues | 30,244 | 32,725 | |
Interest expense | 470 | 332 | |
Recoveries from loan losses, net | 0 | 0 | |
Selling, general and administrative expenses | 15,392 | 14,541 | |
Total costs and expenses | 35,630 | 35,419 | |
Operating (losses) income | (5,386) | (2,694) | |
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | |
Other income (loss) | 501 | 200 | |
Foreign exchange (loss) gain | (16) | (14) | |
(Loss) income before income taxes | (4,901) | (2,508) | |
Total assets | 173,525 | 172,958 | |
Expenditures for property and equipment | 1,539 | 5,069 | |
Depreciation and amortization | 1,837 | 1,802 | |
Debt accretion and amortization | 91 | 6 | |
Cash and cash equivalents | 3,281 | 3,686 | |
Real estate equity method investments | 0 | ||
Goodwill | 14,274 | 14,274 | |
Notes payable and other borrowings | 24,878 | 19,927 | |
Depreciation and amortization | 1,837 | 1,802 | |
Real estate equity method investments | 0 | ||
Operating Segments [Member] | BBX Sweet Holdings [Member] | The Altman Companies, LLC [Member] | |||
Gain on consolidation | 0 | ||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Other Investments in Real Estate Joint Ventures [Member] | |||
Gain on consolidation | 0 | ||
Operating Segments [Member] | BBX Sweet Holdings [Member] | Trade [Member] | |||
Sales | 30,244 | 32,725 | |
Cost of sales | 19,768 | 20,546 | |
Operating Segments [Member] | BBX Sweet Holdings [Member] | Real Estate [Member] | |||
Sales | 0 | 0 | |
Cost of sales | 0 | 0 | |
Operating Segments [Member] | BBX Sweet Holdings [Member] | Construction [Member] | |||
Sales | 0 | 0 | |
Cost of sales | 0 | 0 | |
Operating Segments [Member] | BBX Sweet Holdings [Member] | Management Service [Member] | |||
Sales | 0 | ||
Operating Segments [Member] | Renin Holdings LLC[Member] | |||
Real estate development and property management fees | 0 | ||
Interest income | 0 | 0 | |
Other revenue | 0 | 0 | |
Total revenues | 25,564 | 27,976 | |
Interest expense | 835 | 1,121 | |
Recoveries from loan losses, net | 0 | 0 | |
Selling, general and administrative expenses | 3,842 | 3,847 | |
Total costs and expenses | 25,695 | 30,975 | |
Operating (losses) income | (131) | (2,999) | |
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | |
Other income (loss) | 0 | 0 | |
Foreign exchange (loss) gain | 487 | (32) | |
(Loss) income before income taxes | 356 | (3,031) | |
Total assets | 82,877 | 97,344 | |
Expenditures for property and equipment | 210 | 284 | |
Depreciation and amortization | 840 | 867 | |
Debt accretion and amortization | 10 | 42 | |
Cash and cash equivalents | 0 | 603 | |
Real estate equity method investments | 0 | ||
Goodwill | 4,140 | 4,140 | |
Notes payable and other borrowings | 20,325 | 43,532 | |
Depreciation and amortization | 840 | 867 | |
Real estate equity method investments | 0 | ||
Operating Segments [Member] | Renin Holdings LLC[Member] | The Altman Companies, LLC [Member] | |||
Gain on consolidation | 0 | ||
Operating Segments [Member] | Renin Holdings LLC[Member] | Other Investments in Real Estate Joint Ventures [Member] | |||
Gain on consolidation | 0 | ||
Operating Segments [Member] | Renin Holdings LLC[Member] | Trade [Member] | |||
Sales | 25,564 | 27,976 | |
Cost of sales | 21,018 | 26,007 | |
Operating Segments [Member] | Renin Holdings LLC[Member] | Real Estate [Member] | |||
Sales | 0 | 0 | |
Cost of sales | 0 | 0 | |
Operating Segments [Member] | Renin Holdings LLC[Member] | Construction [Member] | |||
Sales | 0 | 0 | |
Cost of sales | 0 | 0 | |
Operating Segments [Member] | Renin Holdings LLC[Member] | Management Service [Member] | |||
Sales | 0 | ||
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | |||
Real estate development and property management fees | 0 | ||
Interest income | 0 | 0 | |
Other revenue | 518 | 436 | |
Total revenues | 3,159 | 3,452 | |
Interest expense | 1 | 1 | |
Recoveries from loan losses, net | 0 | 0 | |
Selling, general and administrative expenses | 2,000 | 2,158 | |
Total costs and expenses | 2,770 | 3,016 | |
Operating (losses) income | 389 | 436 | |
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | |
Other income (loss) | 6 | 2,256 | |
Foreign exchange (loss) gain | 0 | 0 | |
(Loss) income before income taxes | 395 | 2,692 | |
Total assets | 7,519 | 8,720 | |
Expenditures for property and equipment | 4 | 48 | |
Depreciation and amortization | 45 | 39 | |
Debt accretion and amortization | 0 | 0 | |
Cash and cash equivalents | 3,479 | 4,136 | |
Real estate equity method investments | 0 | ||
Goodwill | 0 | 0 | |
Notes payable and other borrowings | 0 | 40 | |
Depreciation and amortization | 45 | 39 | |
Real estate equity method investments | 0 | ||
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | The Altman Companies, LLC [Member] | |||
Gain on consolidation | 0 | ||
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Other Investments in Real Estate Joint Ventures [Member] | |||
Gain on consolidation | 0 | ||
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Trade [Member] | |||
Sales | 2,641 | 3,016 | |
Cost of sales | 769 | 857 | |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Real Estate [Member] | |||
Sales | 0 | 0 | |
Cost of sales | 0 | 0 | |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Construction [Member] | |||
Sales | 0 | 0 | |
Cost of sales | 0 | 0 | |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | Management Service [Member] | |||
Sales | 0 | ||
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | |||
Real estate development and property management fees | 0 | ||
Interest income | 219 | 543 | |
Other revenue | (180) | (140) | |
Total revenues | 35 | 400 | |
Interest expense | (466) | (730) | |
Recoveries from loan losses, net | 0 | 0 | |
Selling, general and administrative expenses | 7,307 | 6,991 | |
Total costs and expenses | 6,837 | 6,258 | |
Operating (losses) income | (6,802) | (5,858) | |
Equity in net earnings of unconsolidated real estate joint ventures | 0 | 0 | |
Other income (loss) | (3) | 19 | |
Foreign exchange (loss) gain | 0 | 0 | |
(Loss) income before income taxes | (6,805) | (5,839) | |
Total assets | 43,915 | 55,445 | |
Expenditures for property and equipment | 0 | 13 | |
Depreciation and amortization | 103 | 108 | |
Debt accretion and amortization | 0 | 0 | |
Cash and cash equivalents | 43,617 | 3,163 | |
Real estate equity method investments | 0 | ||
Goodwill | 0 | 0 | |
Notes payable and other borrowings | (15,041) | (28,425) | |
Depreciation and amortization | 103 | 108 | |
Real estate equity method investments | 0 | ||
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | The Altman Companies, LLC [Member] | |||
Gain on consolidation | 0 | ||
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Other Investments in Real Estate Joint Ventures [Member] | |||
Gain on consolidation | 0 | ||
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Trade [Member] | |||
Sales | (4) | (3) | |
Cost of sales | (4) | (3) | |
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Real Estate [Member] | |||
Sales | 0 | 0 | |
Cost of sales | 0 | 0 | |
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Construction [Member] | |||
Sales | 0 | 0 | |
Cost of sales | $ 0 | 0 | |
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Management Service [Member] | |||
Sales | $ 0 |