Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 03, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-56177 | |
Entity Registrant Name | BBX Capital, Inc. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 82-4669146 | |
Entity Address, Address Line One | 201 East Las Olas Boulevard | |
Entity Address, Address Line Two | 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 | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2021 | |
Entity Central Index Key | 0001814974 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 13,624,209 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 3,693,596 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 101,851 | $ 90,037 |
Restricted cash | 350 | 350 |
Trade accounts receivable, net | 27,394 | 29,507 |
Trade inventory | 42,564 | 31,846 |
Real estate ($8,264 in 2021 and $9,031 in 2020 held for sale) | 40,639 | 55,800 |
Investments in and advances to unconsolidated real estate joint ventures | 55,288 | 58,010 |
Investment in and advances to IT'SUGAR, LLC | 22,976 | |
Note receivable from Bluegreen Vacations Holding Corporation | 75,000 | 75,000 |
Property and equipment, net | 28,437 | 7,803 |
Goodwill | 20,796 | 8,277 |
Intangible assets, net | 31,321 | 22,420 |
Operating lease assets | 70,615 | 13,488 |
Deferred tax asset, net | 6,472 | 7,424 |
Other assets | 35,932 | 24,718 |
Total assets | 536,659 | 447,656 |
Liabilities: | ||
Accounts payable | 18,117 | 14,472 |
Accrued expenses | 40,161 | 30,852 |
Other liabilities | 5,154 | 5,455 |
Operating lease liabilities | 79,485 | 14,141 |
Notes payable and other borrowings | 64,275 | 73,483 |
Total liabilities | 207,192 | 138,403 |
Commitments and contingencies (See Note 11) | ||
Redeemable noncontrolling interest | 1,009 | |
Equity: | ||
Additional paid-in capital | 306,827 | 310,588 |
Accumulated earnings (deficit) | 19,008 | (3,457) |
Accumulated other comprehensive income | 2,182 | 1,830 |
Total shareholders' equity | 328,204 | 309,154 |
Noncontrolling interests | 254 | 99 |
Total equity | 328,458 | 309,253 |
Total liabilities and equity | 536,659 | 447,656 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 150 | 156 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 37 | $ 37 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Real estate held-for-sale | $ 8,264 | $ 9,031 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Class A Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 15,026,994 | 15,624,091 |
Common stock, shares outstanding | 15,026,994 | 15,624,091 |
Class B Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 4,000,000 | 4,000,000 |
Common stock, shares issued | 3,693,596 | 3,693,596 |
Common stock, shares outstanding | 3,693,596 | 3,693,596 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Revenue from customers | $ 58,922 | $ 25,889 | $ 118,371 | $ 73,214 |
Interest income | 1,667 | 83 | 3,317 | 199 |
Net gains on sales of real estate assets | 204 | 13 | 309 | (34) |
Other revenue | 925 | 619 | 1,596 | 1,406 |
Total revenues | 61,718 | 26,604 | 123,593 | 74,785 |
Costs and expenses: | ||||
Interest expense | 294 | 584 | ||
Recoveries from loan losses, net | (1,137) | (1,525) | (1,645) | (5,037) |
Impairment losses | 3,305 | 30,740 | ||
Reimbursement of litigation costs and penalty | (4,000) | (4,000) | ||
Selling, general and administrative expenses | 14,039 | 13,718 | 27,237 | 35,038 |
Total costs and expenses | 56,331 | 40,241 | 114,062 | 119,896 |
Operating losses | 5,387 | (13,637) | 9,531 | (45,111) |
Equity in net earnings of unconsolidated real estate joint ventures | 4,443 | 145 | 4,172 | 696 |
Other income | 129 | 75 | 192 | 111 |
Gain on the consolidation of IT'SUGAR, LLC | 15,890 | 15,890 | ||
Foreign exchange gain (loss) | 976 | (6) | 496 | 272 |
Income (loss) from continuing operations before income taxes | 26,825 | (13,423) | 30,281 | (44,032) |
(Provision) benefit for income taxes | (6,588) | 3,306 | (7,589) | 9,214 |
Net income (loss) from continuing operations | 20,237 | (10,117) | 22,692 | (34,818) |
Discontinued operation | ||||
Gain (loss) from operations | 798 | (91) | ||
(Provision) benefit for income taxes | (194) | 17 | ||
Income (loss) from discontinued operations | 604 | (74) | ||
Net income (loss) | 20,237 | (9,513) | 22,692 | (34,892) |
Net (income) loss attributable to noncontrolling interests | (117) | 856 | (227) | 4,312 |
Net income (loss) attributable to shareholders | $ 20,120 | $ (8,657) | $ 22,465 | $ (30,580) |
Basic and diluted earnings (loss) per share from continuing operations | $ 1.07 | $ (0.48) | $ 1.18 | $ (1.58) |
Basic and diluted earnings per share from discontinued operations | 0.03 | |||
Total basic and diluted earnings (loss) per share | $ 1.07 | $ (0.45) | $ 1.18 | $ (1.58) |
Weighted average number of common shares outstanding | 18,811 | 19,318 | 19,046 | 19,318 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain on securities available for sale | $ 14 | $ 41 | $ 12 | $ 4 |
Foreign currency translation adjustments | 226 | 195 | 340 | (355) |
Other comprehensive income (loss), net | 240 | 236 | 352 | (351) |
Comprehensive income (loss), net of tax | 20,477 | (9,277) | 23,044 | (35,243) |
Comprehensive (income) loss attributable to noncontrolling interests | (117) | 856 | (227) | 4,312 |
Comprehensive income (loss) attributable to shareholders | 20,360 | (8,421) | 22,817 | (30,931) |
Trade Sales [Member] | ||||
Revenues | ||||
Revenue from customers | 46,532 | 23,050 | 92,446 | 63,936 |
Costs and expenses: | ||||
Total costs | 37,567 | 23,269 | 74,460 | 53,049 |
Sales Of Real Estate Inventory [Member] | ||||
Revenues | ||||
Revenue from customers | 12,390 | 2,839 | 25,925 | 9,278 |
Costs and expenses: | ||||
Total costs | $ 5,568 | $ 1,474 | $ 13,426 | $ 6,106 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Parent Equity [Member] | Additional Paid-In Capital [Member] | Accumulated (Deficit) Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Total |
Beginning balance at Dec. 31, 2019 | $ 179,681 | $ 1,554 | $ 1,001 | $ 182,236 | ||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | (30,580) | (723) | (31,303) | |||||||
Other comprehensive income (loss) | (351) | (351) | ||||||||
Accretion of redeemable noncontrolling interest | (1,248) | (1,248) | ||||||||
Net transfers from Parent | 95,079 | 95,079 | ||||||||
Ending balance at Jun. 30, 2020 | 242,932 | 1,203 | 278 | 244,413 | ||||||
Beginning balance at Mar. 31, 2020 | 160,655 | 967 | 288 | 161,910 | ||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | (8,657) | (10) | (8,667) | |||||||
Other comprehensive income (loss) | 236 | 236 | ||||||||
Accretion of redeemable noncontrolling interest | (697) | (697) | ||||||||
Net transfers from Parent | 91,631 | 91,631 | ||||||||
Ending balance at Jun. 30, 2020 | $ 242,932 | 1,203 | 278 | 244,413 | ||||||
Issuance of common stock | $ 156 | $ 37 | ||||||||
Issuance of common stock, shares | 15,624,091 | 3,693,596 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 156 | $ 37 | $ 310,588 | $ (3,457) | 1,830 | 99 | 309,253 | |||
Beginning balance, shares at Dec. 31, 2020 | 15,624,000 | 3,694,000 | ||||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 22,465 | 155 | 22,620 | |||||||
Other comprehensive income (loss) | 352 | 352 | ||||||||
Purchase and retirement of common stock, value | $ (6) | (3,761) | (3,767) | |||||||
Purchase and retirement of common stock, shares | (597,000) | |||||||||
Ending balance at Jun. 30, 2021 | $ 150 | $ 37 | 306,827 | 19,008 | 2,182 | 254 | 328,458 | |||
Ending balance, shares at Jun. 30, 2021 | 15,027,000 | 3,694,000 | ||||||||
Beginning balance at Mar. 31, 2021 | $ 153 | $ 37 | 308,455 | (1,112) | 1,942 | 209 | 309,684 | |||
Beginning balance, shares at Mar. 31, 2021 | 15,285,000 | 3,694,000 | ||||||||
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest | 20,120 | 45 | 20,165 | |||||||
Other comprehensive income (loss) | 240 | 240 | ||||||||
Purchase and retirement of common stock, value | $ (3) | (1,628) | (1,631) | |||||||
Purchase and retirement of common stock, shares | (258,000) | |||||||||
Ending balance at Jun. 30, 2021 | $ 150 | $ 37 | $ 306,827 | $ 19,008 | $ 2,182 | $ 254 | $ 328,458 | |||
Ending balance, shares at Jun. 30, 2021 | 15,027,000 | 3,694,000 | ||||||||
Issuance of common stock | $ 150 | $ 37 | ||||||||
Issuance of common stock, shares | 15,026,994 | 3,693,596 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement Of Changes In Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Condensed Consolidated Statement Of Changes In Equity [Abstract] | ||||
Income (loss) attributable to redeemable noncontrolling interest | $ 72 | $ 846 | $ 72 | $ (3,589) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net income (loss) from continuing operations | $ 22,692 | $ (34,818) |
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Recoveries from loan losses, net | (1,645) | (5,037) |
Depreciation, amortization and accretion, net | 2,238 | 3,780 |
Net (gains) losses on sales of real estate and property and equipment | (367) | 34 |
Gain on the consolidation of IT'SUGAR, LLC | (15,890) | |
Equity in net losses (earnings) of unconsolidated real estate joint ventures | (4,172) | (696) |
Return on investment in unconsolidated real estate joint ventures | 7,161 | 3,991 |
Decrease (increase) in deferred income tax asset, net | 952 | (6,650) |
Impairment losses | 31,588 | |
(Increase) decrease in trade inventory | (4,835) | 2,342 |
Decrease (increase) in trade receivables | 2,714 | (2,053) |
Decrease (increase) in real estate inventory | 10,238 | (316) |
Net change in operating lease asset and operating lease liability | 470 | (507) |
Increase in other assets | (9,068) | (234) |
Increase in accrued expenses | 1,176 | 230 |
Decrease in due to parent | (2,046) | |
Increase in accounts payable | 1,226 | 1,712 |
Net cash used in operating activities from discontinued operations | (74) | |
Increase (decrease) in other liabilities | 119 | (102) |
Net cash provided by (used in) operating activities | 13,009 | (8,856) |
Investing activities: | ||
Return of investment in unconsolidated real estate joint ventures | 7,954 | 748 |
Investments in unconsolidated real estate joint ventures | (8,221) | (12,664) |
Proceeds from repayment of loans receivable | 2,421 | 5,259 |
Proceeds from sales of real estate held-for-sale | 1,105 | |
Repayments of advances to IT'SUGAR | 222 | |
Additions to real estate held-for-sale and held-for-investment | (30) | (59) |
Purchases of property and equipment | (2,102) | (3,574) |
Cash acquired in the consolidation of IT'SUGAR, LLC | 6,909 | |
Change in cash from other investing activities | (217) | (34) |
Net cash provided by (used in) investing activities | 8,041 | (10,324) |
Financing activities: | ||
Repayments of notes payable and other borrowings | (7,257) | (13,179) |
Proceeds from notes payable and other borrowings | 1,788 | 13,062 |
Purchase and retirement of Class A common stock | (3,767) | |
Net transfers from parent | 95,079 | |
Net cash (used in) provided by financing activities | (9,236) | 94,962 |
Increase in cash, cash equivalents and restricted cash | 11,814 | 75,782 |
Cash, cash equivalents and restricted cash at beginning of period | 90,387 | 21,287 |
Cash, cash equivalents and restricted cash at end of period | 102,201 | 97,069 |
Supplemental cash flow information: | ||
Interest paid on borrowings, net of amounts capitalized | 253 | |
Income taxes paid | 1,908 | |
Supplementary disclosure of non-cash investing and financing activities: | ||
Construction funds receivable transferred to real estate | 264 | 7,386 |
Increase in other assets upon issuance of Community Development District Bonds | 8,213 | |
Operating lease assets obtained in exchange for new operating lease liabilities | 1,866 | 4,063 |
Assumption of Community Development District Bonds by builders | 4,157 | 1,987 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 101,851 | 96,537 |
Restricted cash | 350 | 529 |
Cash discontinued operations | 3 | |
Total cash, cash equivalents, and restricted cash | $ 102,201 | $ 97,069 |
Organization And Basis Of Finan
Organization And Basis Of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Organization And Basis Of Financial Statement Presentation | 1. Organization and Basis of Financial Statement Presentation Organization BBX Capital, Inc. and its subsidiaries (the “Company” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” or “our”) is a Florida-based diversified holding company. BBX Capital, Inc. as a standalone entity without its subsidiaries is referred to as “BBX Capital.” Spin-Off from Bluegreen Vacations Prior to September 30, 2020, the Company was a wholly owned subsidiary of Bluegreen Vacations Holding Corporation (“Bluegreen Vacations”) (formerly known as BBX Capital Corporation), whose principal holdings were Bluegreen Vacations Corporation (“Bluegreen”), BBX Capital Real Estate LLC (“BBX Capital Real Estate” or “BBXRE”), BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), and Renin Holdings, LLC (“Renin”). On September 30, 2020, Bluegreen Vacations completed the spin-off of the Company, which separated Bluegreen Vacations’ business, activities, and investments into two separate, publicly-traded companies: (i) Bluegreen Vacations, which continues to hold its investment in Bluegreen, and (ii) BBX Capital, which continues to hold all of Bluegreen Vacations’ other businesses and investments, including BBX Capital Real Estate, BBX Sweet Holdings, which owns 93 % of IT’SUGAR, LLC (“IT’SUGAR”), and Renin. The spin-off was consummated on September 30, 2020 with the distribution by Bluegreen Vacations to its shareholders of all of the outstanding shares of BBX Capital’s Common Stock through the distribution of one share of BBX Capital’s Class A Common Stock for each share of its Class A Common Stock and one share of BBX Capital’s Class B Common Stock for each share of its Class B Common Stock. Accordingly, following the spin-off, Bluegreen Vacations ceased to have an ownership interest in the Company, and Bluegreen Vacations’ shareholders who received shares of BBX Capital’s Common Stock in the distribution became shareholders of the Company. In connection with the spin-off, BBX Capital was converted from a Florida limited liability company into a Florida corporation and changed its name from BBX Capital Florida LLC to BBX Capital, Inc., and Bluegreen Vacations changed its name from BBX Capital Corporation to Bluegreen Vacations Holding Corporation. In addition, in connection with the spin-off, Bluegreen Vacations issued a $ 75.0 million note payable to the Company that accrues interest at a rate of 6 % per annum and requires payments of interest on a quarterly basis. Under the terms of the note, Bluegreen Vacations has the option in its discretion to defer interest payments under the note, with interest on the entire outstanding balance thereafter to accrue at a cumulative, compounded rate of 8 % per annum until such time as Bluegreen Vacations is current on all accrued payments under the note, including deferred interest. All outstanding amounts under the note will become due and payable on September 30, 2025 or earlier upon certain other events. Bluegreen Vacations is permitted to prepay the note in whole or in part at any time. In October 2020, BBX Capital’s Class A Common Stock commenced trading on the OTCQX Best Market under the ticker symbol “BBXIA,” and its Class B Common Stock commenced trading on the OTC Pink Market under the ticker symbol “BBXIB.” Common Stock BBX Capital has two classes of common stock. Holders of BBX Capital’s Class A Common Stock are entitled to one vote per share, which in the aggregate represents 22 % of the combined voting power of BBX Capital’s Class A and Class B Common Stock. BBX Capital’s Class B Common Stock represents the remaining 78 % of the combined vote. As of June 30, 2021, the percentage of total common equity represented by the Class A and Class B Common Stock was 80 % and 20 %, respectively. BBX Capital’s Class B Common Stock is convertible into its Class A Common Stock on a share for share basis at any time at the option of the holder. Share Repurchase Program In October 2020, BBX Capital’s board of directors approved a share repurchase program which authorized the repurchase of up to $ 10.0 million of shares of BBX Capital’s Class A Common Stock and Class B Common Stock. The timing, price, and number of shares repurchased will be based on market conditions, applicable securities laws, and other factors. The stock repurchases may be made from time to time through solicited or unsolicited transactions in the open market or in privately negotiated transactions. The stock repurchase authorization does not obligate the Company to repurchase any specific number of shares and may be suspended, modified, or terminated at any time without notice. During the six months ended June 30, 2021, BBX Capital purchased 597,088 shares of its Class A Common Stock for approximately $ 3.8 million under the share repurchase program at an average cost of $ 6.29 per share, including fees. Tender Offer In May 2021, BBX Capital commenced a cash tender offer to purchase up to 4,000,000 shares of its Class A Common Stock at a purchase price of $ 6.75 per share. In June 2021, BBX Capital amended the terms of the tender offer to increase the purchase price from $ 6.75 per share to $ 8.00 per share and reduce the number of shares sought to be purchased from 4,000,000 shares to 3,500,000 shares. In July 2021, BBX Capital completed the cash tender offer and purchased 1,402,785 shares of its Class A Common Stock at a purchase price of $ 8.00 per share for an aggregate purchase price of approximately $ 11.2 million. The shares purchased in the tender offer represented approximately 9.3 % of the total number of outstanding shares of BBX Capital’s Class A Common Stock and 7.5 % of BBX Capital’s total issued and outstanding equity, which includes the issued and outstanding shares of BBX Capital’s Class B Common Stock. After giving effect to the purchase and retirement of the shares, BBX Capital had 17,317,805 shares of Common Stock issued and outstanding, consisting of 13,624,209 shares of its Class A Common Stock and 3,693,596 shares of its Class B Common Stock. Earnings Per Share Basic and diluted earnings per share is computed by dividing net income attributable to BBX Capital’s shareholders by the weighted average shares outstanding. For the three and six months ended June 30, 2020, the weighted average shares outstanding was based on the 19,317,687 shares issued in connection with the spin-off on September 30, 2020, while for the three and six months ended June 30, 2021, the weighted average shares outstanding was based on the actual weighted average number of shares outstanding for the applicable period. Principal Investments BBX Capital’s principal holdings are BBX Capital Real Estate, BBX Sweet Holdings, and Renin. BBX Capital Real Estate BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, and commercial properties located primarily in Florida. In addition, BBX Capital Real Estate owns a 50 % equity interest in The Altman Companies, LLC (the “Altman Companies”), a developer and manager of multifamily rental apartment communities, and manages the legacy assets acquired in connection with the Company’s sale of BankAtlantic in 2012, including portfolios of loans receivable, real estate properties, and judgments against past borrowers. BBX Sweet Holdings BBX Sweet Holdings is engaged in the ownership and management of operating businesses in the confectionery industry, including IT’SUGAR, a specialty candy retailer whose products include bulk candy, candy in giant packaging, and licensed and novelty items, Hoffman’s Chocolates, a retailer of gourmet chocolates with retail locations in South Florida, and Las Olas Confections and Snacks, a manufacturer and wholesaler of chocolate and other confectionery products. Prior to September 22, 2020, the Company consolidated the financial statements of IT’SUGAR and its subsidiaries as a result of its 93% ownership of IT’SUGAR. However, on September 22, 2020, IT’SUGAR and its subsidiaries filed voluntary petitions to reorganize under Chapter 11 of Title 11 of the U.S. Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”) (the cases commenced by such filings, the “Bankruptcy Cases”), and the Company deconsolidated IT’SUGAR as a result of the filings and the uncertainties surrounding the nature, timing, and specifics of the bankruptcy proceedings. On June 16, 2021, the Bankruptcy Court confirmed IT’SUGAR’s plan of reorganization, and the plan became effective on June 17, 2021 (the “Effective Date”). Pursuant to the terms of the plan, BBX Sweet Holdings’ equity interests in IT’SUGAR were revested on the Effective Date. As a result of the confirmation and effectiveness of the plan and the revesting of its equity interests in IT’SUGAR, the Company was deemed to have reacquired a controlling financial interest in IT’SUGAR and consolidated the results of IT’SUGAR into its consolidated financial statements as of the Effective Date. See Note 16 for further discussion. 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 three manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing, Renin also sources various products and raw materials from China, Brazil, and certain other countries. In October 2020, Renin acquired substantially all of the assets and assumed certain of the liabilities of Colonial Elegance, Inc (“Colonial Elegance”). Headquartered in Montreal, Canada, Colonial Elegance is a supplier and distributor of building products, including barn doors, closet doors, and stair parts, and its customers include various big box retailers in the United States and Canada. During the three months and six months ended June 30, 2021, Renin’s total revenues included $ 28.6 million and $ 60.0 million, respectively, of trade sales to three major customers and their affiliates and $ 12.6 million and $ 26.9 million, respectively, of revenues generated outside the United States. Revenues from each of the three major customers were $ 8.0 million, $ 11.6 million, and $ 9.0 million for the three months ended June 30, 2021, which represented 14.0 %, 18.8 %, and 14.6 % of the Company’s total revenues for the three months ended June 30, 2021. Revenues from each of the three major customers were $ 17.3 million, $ 22.7 million, and $ 20.0 million for the six months ended June 30, 2021, which represented 14.0 %, 18.3 %, and 16.2 % of the Company’s total revenues for the six months ended June 30, 2021. During the three months and six months ended June 30, 2020, Renin’s total revenues included $ 10.0 million and $ 21.7 million, respectively, of trade sales to two major customers and their affiliates and $ 6.0 million and $ 11.4 million, respectively, of revenues generated outside the United States. Revenues from each of the two major customers were $ 6.8 million and $ 3.2 million for the three months ended June 30, 2020, which represented 25.7 % and 11.9 % of the Company’s total revenues for the three months ended June 30, 2020. Revenues from each of the two major customers were $ 13.0 million and $ 8.7 million for the six months ended June 30, 2020, which represented 17.4 % and 11.6 % of the Company’s total revenues for the six months ended June 30, 2020. Other In addition to its principal holdings, the Company has investments in other operating businesses, including a restaurant located in South Florida that was acquired through a loan foreclosure and an insurance agency. Discontinued Operations In 2016, Food for Thought Restaurant Group (“FFTRG”), a wholly-owned subsidiary of the Company, entered into area development and franchise agreements with MOD Pizza related to the development of up to approximately 60 MOD Pizza franchised restaurant locations throughout Florida. Through 2019, FFTRG had opened nine restaurant locations. As a result of FFTRG’s overall operating performance and the Company’s goal of streamlining its investment verticals, the Company entered into an agreement with MOD Pizza to terminate the area development and franchise agreements and transferred seven of its restaurant locations, including the related assets, operations, and lease obligations, to MOD Pizza in September 2019. In addition, the Company closed the remaining two locations and terminated the related lease agreements. FFTRG’s operations as a franchisee of MOD Pizza are presented as discontinued operations in the Company’s condensed consolidated financial statements. Basis of Financial Statement Presentation The accompanying condensed consolidated financial statements of the Company include the condensed consolidated financial statements of BBX Capital and its subsidiaries, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin, as well as certain subsidiaries in which ownership was transferred from Parent in connection with the spin-off transaction described above. However, for the periods prior to the spin-off on September 30, 2020, including for the three and six months ended June 30, 2020, the condensed consolidated financial statements reflect the combined financial statements of these entities, which have been derived from the accounting records of Parent and these companies, and should be read with the accompanying notes thereto. The condensed consolidated financial statements for the periods prior to the spin-off on September 30, 2020 do not necessarily reflect what the results of operations, financial position, or cash flows would have been had the Company been a separate entity nor are they indicative of the future results of the Company. For the three and six months ended June 30, 2020, the majority of the revenues, expenses, and cash flows of the Company have been identified based on the legal entities included in the spin-off transaction. However, the historical costs and expenses reflected in the condensed consolidated financial statements for these periods also include an allocation for certain corporate and shared service functions that were historically provided by Parent prior to the spin-off. These expenses have been allocated to the Company on the basis of direct usage when identifiable, while the remainder of the expenses, including costs related to executive compensation, were allocated primarily on a pro-rata basis of the combined revenues and equity in earnings of unconsolidated joint ventures of Parent and its subsidiaries. The Company believes that the assumptions underlying the condensed consolidated financial statements for these periods, including the assumptions regarding the allocation of general corporate expenses from the Parent, are reasonable. However, the condensed consolidated financial statements for the three and six months ended June 30, 2020 may not include all of the actual expenses that would have been incurred had the Company been operating as a standalone company during the periods presented. Actual costs that would have been incurred if the Company operated as a standalone company would depend on multiple factors, including organizational structure, technology infrastructure, and strategic direction. In addition, following the spin-off on September 30, 2020, the Company also incurs costs associated with being a public company that are not reflected in the accompanying condensed consolidated financial statements for the three and six months ended June 30, 2020. The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. Financial statements prepared in conformity with GAAP require the Company to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in the Company’s financial statements. Due to, among other things, the impact and potential future impact of the COVID-19 pandemic and ongoing economic uncertainty, actual conditions could 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 COVID-19 pandemic, are uncertain, rapidly changing, and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to the COVID-19 pandemic and resulting economic impacts. Such changes could result in, among other adjustments, future impairments of intangibles, long-lived assets, and investments in unconsolidated subsidiaries and future reserves for inventory and receivables. These unaudited condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”) filed with the SEC on March 16, 2021. The condensed consolidated financial statements include the accounts of BBX Capital’s wholly-owned subsidiaries, other entities in which BBX Capital or its wholly-owned subsidiaries hold controlling financial interests, and any variable interest entities (“VIEs”) in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. Impact of the COVID-19 Pandemic The COVID-19 pandemic has resulted in an unprecedented disruption in the U.S. and global economies and the industries in which the Company operates due to, among other things, (i) government ordered “shelter in place” and “stay at home” orders and advisories, travel restrictions, and restrictions on business operations, (ii) government guidance and restrictions with respect to travel, public accommodations, social gatherings, and related matters, (iii) the general public’s reaction to the pandemic, including impacts on consumer demand, (iv) disruptions in global supply chains, and (iv) increased economic uncertainty. The disruptions arising from the pandemic and the reaction of the general public have had a significant adverse impact on the Company's financial condition and operations, particularly with respect to BBX Sweet Holdings, as the effects of the pandemic required IT’SUGAR to temporarily close all of its retail locations in 2020 and ultimately resulted in IT’SUGAR and its subsidiaries filing petitions for Chapter 11 bankruptcy in September 2020. In addition, the Company’s workforce has been significantly impacted by the pandemic as a result of, among other things, the implementation of temporary and permanent reductions in employee head count in order to manage expenses and various health and safety protocols necessary for the Company to maintain operations. Further, the Company has experienced significant increases in commodity, freight, inventory, and labor costs, extended lead-times for the purchase of inventory, and delays in inventory shipments, and these factors are impacting the Company’s operations, including requiring the Company to maintain higher inventory balances, and may have a material impact on its operations in future periods. In addition, current levels of illness caused by COVID-19 and related variants are rising and indicate that the pandemic and its impact on the Company are not over and remain uncertain. The CDC recently issued new guidance regarding the use of masks, and vaccination policies are increasingly being implemented by government agencies and may vary across different jurisdictions where the Company operates. In addition, various state and local government officials may in the future issue new or revised orders that are different than the ones under which the Company is currently operating. Accordingly, the duration and severity of the pandemic and related disruptions, as well as the resulting adverse impact on economic and market conditions, are uncertain, and the Company may continue to be adversely impacted by these conditions in future periods. Although the impact of the COVID-19 pandemic on the Company’s principal holdings and management’s efforts to mitigate the effects of the pandemic has varied, BBX Capital and its subsidiaries have sought to take steps to manage expenses through cost saving initiatives and reductions in employee head count and actions to increase liquidity and strengthen the Company’s financial position, including reducing planned capital expenditures. As of June 30, 2021, the Company’s consolidated cash balances were $ 101.9 million. Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Updates (“ASUs”) and guidance relevant to the Company’s operations which were adopted as of January 1, 2021: ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard removes specific exceptions to the general principles in Topic 740, including exceptions related to (i) the incremental approach for intraperiod tax allocations, (ii) accounting for basis differences when there are ownership changes in foreign investments, and (iii) interim period income tax accounting for year-to-date losses that exceed anticipated losses. The statement was effective for the Company on January 1, 2021 and interim periods within this fiscal year. The Company adopted the standard on January 1, 2021, and the adoption of the standard did not have a material impact on the Company’s consolidated financial statements. Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which had not been adopted by the Company as of June 30, 2021: ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides relief for companies preparing for discontinuation of LIBOR in response to the Financial Conduct Authority (the regulatory authority over LIBOR) plan for a phase out of regulatory oversight of LIBOR interest rate indices after 2021 to allow for an orderly transition to an alternate reference rate. The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to LIBOR for promissory notes or other contracts that are currently indexed to LIBOR. The ARRC has proposed a market transition plan to SOFR from LIBOR, and organizations are currently working on transition plans as it relates to derivatives and cash markets exposed to LIBOR. Although companies can apply this standard immediately, the guidance will only be available for a limited time (generally through December 31, 2022). The Company currently has a LIBOR indexed credit facility which had an outstanding balance of $ 46.2 million as of June 30, 2021 and is evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on its results of operations and liquidity and the related impact that this standard may have on its consolidated financial statements. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Acquisition [Abstract] | |
Acquisition | 2. Acquisition Acquisition of Colonial Elegance On October 22, 2020, Renin acquired substantially all of the assets and assumed certain of the liabilities of Colonial Elegance. Headquartered in Montreal, Canada, Colonial Elegance is a supplier and distributor of building products, including barn doors, closet doors, and stair parts, and its customers include various big box retailers in the United States and Canada. The base purchase price for the acquisition was $ 38.8 million, substantially all of which was paid in cash by Renin at closing. In addition to the base purchase price, Renin acquired excess working capital held by Colonial Elegance for $ 4.3 million, which resulted in total purchase consideration of $ 43.1 million. BBX Capital made a $ 5.0 million capital contribution to Renin to partially fund the acquisition of Colonial Elegance, while the remainder of the acquisition was funded by Renin under its amended and restated credit facility with TD Bank. As of December 31, 2020, the Company reported a provisional purchase price allocation based on the Company’s preliminary estimates of the fair values of the assets acquired and liabilities assumed at the acquisition date. During the six months ended June 30, 2021, additional information was obtained related to the assets and liabilities associated with Colonial Elegance, and the Company updated its provisional purchase price allocation based on its updated preliminary valuation. The following table summarizes the provisional purchase price allocation based on the Company’s current preliminary valuation, including the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash $ 557 Trade accounts receivable 10,278 Trade inventory 12,149 Property and equipment 1,007 Identifiable intangible assets (1) 19,680 Operating lease asset (2) 3,188 Other assets 650 Total assets acquired 47,509 Accounts payable ( 5,619 ) Other liabilities ( 3,524 ) Operating lease liability ( 2,213 ) Total liabilities assumed ( 11,356 ) Fair value of identifiable net assets 36,153 Goodwill 6,936 Purchase consideration 43,089 Less: cash acquired ( 557 ) Less: consideration payable ( 194 ) Cash paid for acquisition less cash acquired $ 42,338 (1) Identifiable intangible assets were comprised of $ 3.7 million, $ 15.8 million, and $ 0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are being amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships. (2) Includes an intangible asset of $ 1.0 million related to below market rents associated with an office lease that is expected to be recognized over the lease term of approximately seven years. The provisional fair values reported in the above table were estimated by the Company using available market information and applicable valuation methods. As considerable judgment is involved in estimates of fair value, the provisional fair values presented above are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methods could have a material effect on the estimated fair value amounts. As management is still in the process of completing its valuation analysis, the Company’s accounting for the acquisition is not complete as of the date of this report. As a result, the amounts reported in the above table are provisional amounts that may be updated in subsequent periods to reflect the completion of the Company’s valuation analysis and any additional information obtained during the measurement period. |
Trade Receivables
Trade Receivables | 6 Months Ended |
Jun. 30, 2021 | |
Trade Receivables [Abstract] | |
Trade Receivables | 3. Trade Receivables The Company’s trade receivables consisted of the following (in thousands): June 30, December 31, 2021 2020 Trade receivables $ 27,978 29,860 Allowance for expected credit losses ( 584 ) ( 353 ) Total trade receivables $ 27,394 29,507 |
Trade Inventory
Trade Inventory | 6 Months Ended |
Jun. 30, 2021 | |
Trade Inventory [Abstract] | |
Trade Inventory | 4. Trade Inventory The Company’s trade inventory consisted of the following (in thousands): June 30, December 31, 2021 2020 Raw materials $ 8,690 6,191 Paper goods and packaging materials 1,460 1,322 Finished goods 32,414 24,333 Total trade inventory $ 42,564 31,846 |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate [Abstract] | |
Real Estate | 5. Real Estate The Company’s real estate consisted of the following (in thousands): June 30, December 31, 2021 2020 Real estate held-for-sale $ 8,264 9,031 Real estate held-for-investment 5,992 5,992 Real estate inventory 26,383 40,777 Total real estate $ 40,639 55,800 0 |
Investments In And Advances To
Investments In And Advances To Unconsolidated Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 2021 | |
Investments In And Advances To Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In And Advances To Unconsolidated Real Estate Joint Ventures | 6. Investments in and Advances to Unconsolidated Real Estate Joint Ventures As of June 30, 2021, the Company had equity interests in and advances to unconsolidated real estate joint ventures involved in the development of multifamily rental apartment communities and single-family master planned for sale housing communities. In addition, the Company owns a 50 % equity interest in the Altman Companies, a developer and manager of multifamily apartment communities. 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): June 30, December 31, 2021 2020 Altis Grand Central $ 2,149 $ 2,287 Altis Promenade — 1,964 Altis Ludlam Trail 10,220 9,653 Altis Grand at The Preserve (Suncoast) 1,115 1,086 Altis Pembroke Gardens — 310 Altis Wiregrass — 163 Altis Little Havana 858 844 Altis Lake Willis (Vineland Pointe) 6,114 5,446 Altis Miramar East/West 2,855 2,818 The Altman Companies 15,884 15,222 ABBX Guaranty 3,750 3,750 Bayview 1,343 1,563 Marbella 1,788 6,971 Chapel Trail 153 153 The Main Las Olas 2,567 2,462 Sky Cove 1,651 3,287 Sky Cove South 4,810 — Other 31 31 Total $ 55,288 $ 58,010 See Note 7 to the Company’s consolidated financial statements for the year ended December 31, 2020 included in the 2020 Annual Report for the Company’s accounting policies relating to its investments in unconsolidated real estate joint ventures, including the Company’s analysis and determination that such entities are VIEs in which the Company is not the primary beneficiary. In February 2021, BBXRE invested $ 4.9 million in the Sky Cove South joint venture, which was formed to develop Sky Cove South at Westlake, a residential community expected to be comprised of 197 single-family homes that will be adjacent to Sky Cove at Westlake, which is being developed by the Sky Cove joint venture. In March 2021, the Altis Pembroke Gardens joint venture sold its 280 unit multifamily apartment community in Pembroke Pines, Florida. As a result of the sale, BBXRE recognized $ 0.3 million of equity earnings during the six months ended June 30, 2021. In June 2021, the Altis Promenade joint venture sold its 338 unit multifamily apartment community located in Lutz, Florida. As a result of the sale, BBXRE received a cash distribution of approximately $ 7.1 million from the joint venture and recognized equity earnings from its investment in the venture of approximately $ 5.3 million during the three and six months ended June 30, 2021. In July 2021, the Altis Grand at The Preserve joint venture sold its 350 unit multifamily apartment community located in Odessa, Florida. As a result of the sale, BBXRE received a cash distribution of approximately $ 5.8 million from the joint venture and recognized equity earnings from its investment in the venture of approximately $ 5.0 million during the three months ended September 30, 2021. |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2021 | |
Impairments [Abstract] | |
Impairments | 7. Impairments Goodwill The activity in the balance of the Company’s goodwill was as follows (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Balance, beginning of period $ 6,936 14,864 $ 8,277 37,248 IT'SUGAR emergence from bankruptcy 13,860 — 13,860 — Impairment losses — — — ( 22,384 ) Colonial Elegance acquisition adjustments to provisional goodwill — — ( 1,341 ) — Balance, end of period $ 20,796 14,864 $ 20,796 14,864 The Company tests goodwill associated with its reporting units for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. As of March 31, 2020, the Company concluded that the effects of the COVID-19 pandemic, including the recessionary economic environment and the impact on certain of the Company’s operations, indicated that it was more likely than not that the fair values of certain of its reporting units with goodwill had declined below the respective carrying amounts of such reporting units. As a result, the Company tested the goodwill associated with such reporting units for impairment by estimating the fair values of the respective reporting units as of March 31, 2020 and recognized goodwill impairment losses of $ 22.4 million associated primarily with IT’SUGAR and, to a lesser extent, certain of its other reporting units during the three months ended March 31, 2020. The Company deconsolidated IT’SUGAR on September 22, 2020 as a result of IT’SUGAR filing petitions for Chapter 11 bankruptcy and derecognized the remaining goodwill balance of approximately $ 14.9 million as of that date. The decline in the fair value of these reporting units from December 31, 2019 primarily resulted from the effects of the COVID-19 pandemic on these businesses. There were no impairment indicators relating to the Company’s goodwill during the three and six months ended June 30, 2021, and accordingly, the Company did not test its goodwill for impairment as of March 31, 2021 or June 30, 2021. See the Company’s 2020 Annual Report for further discussion related to the Company’s accounting policies for goodwill and its method and assumptions used to estimate the fair value of its reporting units in connection with its goodwill impairment testing. In June 2021, IT’SUGAR emerged from Chapter 11 bankruptcy pursuant to a plan of reorganization confirmed by the Bankruptcy Court. As a result of the confirmation and effectiveness of the plan and the revesting of its equity interests in IT’SUGAR, the Company was deemed to have reacquired a controlling financial interest in IT’SUGAR and consolidated the results of IT’SUGAR into its consolidated financial statements as of the Effective Date. The Company applied the acquisition method of accounting to the consolidation of IT’SUGAR on the Effective Date and recognized $ 13.9 million of goodwill. See Note 16 for further discussion of the IT’SUGAR bankruptcy proceedings. Long-Lived Assets The Company’s long-lived assets include property and equipment, amortizable intangible assets, and right-of-use assets associated with its lease agreements. The Company tests its long-lived assets, or asset groups which include long-lived assets, for recoverability whenever events or changes in circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. During the three and six months ended June 30, 2020, the Company concluded that the effects of the COVID-19 pandemic indicated that the carrying amount of certain of its long-lived assets may not be recoverable, including asset groups associated with certain of its retail locations which were temporarily closed as a result of the pandemic. As a result of the Company’s testing of its long-lived assets for impairment, the Company recognized impairment losses of $ 5.4 million during the six months ended June 30, 2020 related primarily to leasehold improvements and right-of-use assets associated with certain of IT’SUGAR’s retail locations. The recognition of these impairment losses primarily resulted from the effects of the COVID-19 pandemic on the estimated cash flows expected to be generated by the related assets. There were no impairment indicators relating to the Company’s long-lived assets during the three and six months ended June 30, 2021, and accordingly, the Company did not test its long-lived assets for impairment as of March 31, 2021 or June 30, 2021. See the Company’s 2020 Annual Report for further discussion related to the Company’s accounting policies for long-lived assets and its method and assumptions used to estimate the future cash flows and fair values of its long-lived assets in connection with its impairment testing for such assets. Equity Method Investments The Company evaluates its equity method investments for impairment when events or changes in circumstances indicate that the fair values of the investments may be below the carrying values. When a decline in the fair value of an investment is determined to be other than temporary, an impairment loss is recorded to reduce the carrying amount of the investment to its fair value. During the three and six months ended June 30, 2020, the Company recognized impairment losses of $ 2.2 million associated with certain of its investments in unconsolidated real estate joint ventures. The Company estimated the fair value of these investments utilizing a discounted cash flow methodology which estimated the present value of the projected future cash flows expected to be generated from such investments. There were no indicators that the fair values of the Company’s equity method investments had declined below their respective carrying values during the three and six months ended June 30, 2021. See the Company’s 2020 Annual Report for further discussion related to the Company’s accounting policies for equity method investments and its method and assumptions used to estimate the fair value of its investments in connection with its impairment testing for such investments. |
Notes Payable And Other Borrowi
Notes Payable And Other Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Notes Payable And Other Borrowings [Abstract] | |
Notes Payable And Other Borrowings | 8. Notes Payable and Other Borrowings The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): June 30, 2021 December 31, 2020 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 17,306 4.25 - 6.00 % $ 27,571 $ 27,565 4.25 - 6.00 % $ 42,230 TD Bank Term Loan and Line of Credit 46,236 3.28 % (1) 45,573 3.30 % (1) Centennial Bank Note (2) 1,406 5.25 % 1,815 1,428 5.25 % 1,840 Other 35 4.22 % — 43 4.22 % — Unamortized debt issuance costs ( 708 ) ( 1,126 ) Total notes payable and other borrowings $ 64,275 $ 73,483 (1) The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin. (2) BBX Capital is guarantor of the note. See Note 11 to the Company’s consolidated financial statements included in the 2020 Annual Report for additional information regarding the above listed notes payable and other borrowings. There were no new debt issuances or significant changes related to the above listed notes payable and other borrowings during the six months ended June 30, 2021. As of June 30, 2021, Renin had availability of approximately $ 6.6 million under its TD Bank revolving line of credit, subject to available collateral and the terms of the facility, and Renin was in compliance with all financial covenants under the credit facility. However, adverse events, including, but not limited to, the effects of the COVID-19 pandemic on Renin’s operations, supply chain disruptions, an adverse outcome in Renin’s ongoing dispute with a foreign supplier which requires Renin to settle the dispute in cash (as further described in Note 11), and the loss of sales from one or more major customers, could impact its ability to remain in compliance with its financial covenants and the extent of availability under its credit facility with TD Bank in future periods. If Renin is unable to maintain compliance with its debt covenants or obtain waivers if it is not in compliance with such covenants, Renin will no longer be able to access its revolving line of credit, may have to repay all or a portion of its borrowings prior to the scheduled maturity date, and/or provide additional collateral for such borrowings, any of which would have a material adverse effect on the Company’s liquidity, financial position, and results of operations. In July 2021, Renin’s credit facility with TD Bank was amended effective June 30, 2021 to increase the availability under the revolving line of credit from $ 20.0 million to $ 24.0 million through December 31, 2021, at which time the availability under the line of credit will revert to $ 20.0 million and any amounts outstanding in excess of $ 20.0 million must be repaid by Renin. In addition, the amendment to the credit facility temporarily increases the maximum total leverage ratio included in the financial covenants of the facility but prohibits Renin from making distributions to BBX Capital through July 1, 2022, at which time the leverage ratio and Renin’s ability to make distributions to the Company will revert to the requirements under the facility immediately prior to the amendment. In July 2021, BBX Sweet Holdings and certain of its subsidiaries, including Las Olas Confections and Snacks, entered into a credit agreement (the “LOCS Credit Facility”) with IberiaBank which provides for a revolving line of credit of up to $ 2.5 million that matures in July 2023. Amounts outstanding under the LOCS Credit Facility bear interest at the higher of the Wall Street Journal Prime Rate plus 50 basis points or 3.0 % per annum, and the facility requires monthly payments of interest only, with any outstanding principal and accrued interest due at the maturity date. The LOCS Credit Facility is collateralized by a blanket lien on all of the assets of the borrowers under the facility and is guaranteed by BBX Capital. Pursuant to the terms and conditions of the credit facility, the Company is required to comply with certain financial covenants, including a minimum liquidity requirement for BBX Capital as guarantor under the facility, and the borrowers must maintain a zero balance on the facility for thirty consecutive days during each calendar year during the term of the facility. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 9. Revenue Recognition The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Trade sales - wholesale $ 37,692 18,399 $ 80,160 39,273 Trade sales - retail 8,840 4,651 12,286 24,663 Sales of real estate inventory 12,390 2,839 25,925 9,278 Revenue from customers 58,922 25,889 118,371 73,214 Interest income 1,667 83 3,317 199 Net gains (losses) on sales of real estate assets 204 13 309 ( 34 ) Other revenue 925 619 1,596 1,406 Total revenues $ 61,718 26,604 $ 123,593 74,785 As of June 30, 2021 and December 31, 2020, the Company’s other assets in its condensed consolidated statements of financial condition included $ 10.8 million and $ 2.9 million of estimated variable consideration related to the contingent purchase price due from homebuilders in connection with the sale of real estate inventory to the homebuilders. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes The Company’s income tax provision (benefit) and current and deferred income taxes were calculated on a separate return basis through September 30, 2020, the date of the spin-off from Bluegreen Vacations. The Company became a tax filer when it converted from a Florida limited liability company into a Florida corporation as of September 29, 2020. 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 in which the Company operates. The Company’s effective tax rate was applied to income or loss from continuing operations before income taxes reduced by net income or losses attributable to noncontrolling interests in consolidated entities taxed as partnerships. In addition, the Company recognizes taxes related to unusual or infrequent items or resulting from a change in judgment regarding a position taken in a prior period as discrete items in the interim period in which the event occurs. The Company’s effective income tax rate from continuing operations for the three and six months ended June 30, 2021 was approximately 23 % and 25 %, respectively, and was different than the expected federal income tax rate of 21 % due to the impact of nondeductible executive compensation and state income taxes. The effective income tax rate for the three and six months ended June 30, 2021 excludes a discrete income tax expense of $ 4.0 million related to the gain on the consolidation of IT’SUGAR. The Company’s effective income tax rate from continuing operations for the three and six months ended June 30, 2020 was approximately 25 % and 21 %, respectively, and reflects an estimated ordinary taxable loss for the year ended December 31, 2020 resulting primarily from the effects of the COVID-19 pandemic. Certain of Bluegreen Vacations’ state filings are under examination. While there is no assurance as to the results of these audits, we do not currently anticipate any material adjustments in connection with these examinations. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 11. Commitments and Contingencies Litigation In the ordinary course of business, BBX Capital and its subsidiaries are parties 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. The Company may also become subject to litigation related to the COVID-19 pandemic, including with respect to any actions we take or may be required to take as a result thereof. 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 believe that the aggregate liability relating to known contingencies in excess of the aggregate amounts accrued will have a material impact on the Company’s results of operations or financial condition. However, litigation is inherently uncertain, and the actual costs of resolving legal claims, including awards of damages, may be substantially higher than the amounts accrued for these claims and may have a material adverse impact on the Company’s results of operations or financial condition. Adverse judgments and the costs of defending or resolving legal claims may be substantial and may have a material adverse impact on the Company’s financial statements. Management is not at this time able to estimate a range of reasonably possible losses with respect to matters in which it is reasonably possible that a loss will occur. In certain matters, management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or reasonable range of loss. Frequently in these matters, the claims are broad, and the plaintiffs have not quantified or factually supported their claims. There were no material pending legal proceedings against BBX Capital or its subsidiaries as of June 30, 2021. Renin Supplier Dispute In October 2020, Renin incurred approximately $ 6.0 million in costs for the expedited shipment of products to Renin from a foreign supplier and an additional $ 2.0 million in costs for the expedited shipment of product displays from the same supplier. The supplier had failed to deliver both the products and displays on the contractually agreed upon delivery schedule, and Renin incurred these costs, which were significantly in excess of the shipping costs that would have been incurred had such products been delivered on schedule, based on its belief that the costs were necessary in order for Renin to meet its obligations to one of its major customers. The products were committed to be sold by Renin in connection with the customer’s November 2020 holiday sale program, while the displays were required to be delivered in connection with the rollout of new products with the customer. Renin believes that the supplier is liable to Renin for damages related to the increased costs pursuant to the terms of the agreements between Renin and the supplier and has notified the supplier that it is exercising a right of offset of the costs against outstanding amounts due to the supplier of approximately $ 8.1 million. However, the supplier is disputing that it is liable for the additional shipping costs and has demanded that Renin pay any outstanding amounts due to it. As the supplier is disputing that it is liable to Renin for damages and there is no assurance regarding the ultimate resolution of the matter and whether Renin’s assertion that it is entitled to damages will be sustained, Renin recognized the cost of the products and related shipping costs of such products in cost of trade sales during the year ended December 31, 2020, while the costs of the displays and related shipping were deferred and are being amortized over the period in which the Company expects to benefit from their use. As of June 30, 2021, this matter did not impact Renin’s compliance with the financial covenants under its outstanding credit facility with TD Bank. However, if Renin is unable to sustain its assertion that it is entitled to damages from the supplier and is ultimately required to pay the supplier for outstanding amounts due to it, it may cause Renin to be out of compliance with its covenants. If Renin is unable to comply with its covenants, it would be required to seek a waiver from the bank, and if unable to obtain a waiver, might lose availability under its line of credit, be required to provide additional collateral, and/or repay all or a portion of its borrowings, any of which would have a material adverse effect on the Company’s liquidity, financial position, and results. Other Commitments and Guarantees BBX Capital guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures, including the following: BBX Capital is a guarantor of 50 % of the outstanding balance of a third-party loan to the Bayview real estate joint venture, which had an outstanding balance of $ 5.0 million as of June 30, 2021. BBX Capital is guarantor on a lease agreement executed by IT’SUGAR for base rent of $ 0.8 million and common area costs for the lease term which expires in January 2023. BBX Capital is a guarantor on certain notes payable by its wholly-owned subsidiaries. See Note 8 for additional information regarding these obligations. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2021 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | 12. Noncontrolling Interests The noncontrolling interest included in the Company’s condensed consolidated statements of financial condition as of June 30, 2021 and December 31, 2020 of $ 0.3 million and $ 0.1 million, respectively, is comprised of a 19 % noncontrolling equity interest in a restaurant the Company acquired through foreclosure. During the three and six months ended June 30, 2021, the Company attributed $ 45,000 and $ 0.2 million, respectively, of net income to the noncontrolling interest, while during the three and six months ended June 30, 2020, the Company attributed $ 10,000 and $ 0.7 million, respectively, of net loss to the noncontrolling interest. During the three and six months ended June 30, 2020, the Company’s condensed consolidated financial statements included the results of operations and financial position of IT’SUGAR, a partially-owned subsidiary in which it held a controlling financial interest, and as a result, the Company was required to attribute net income or loss to a redeemable noncontrolling interest in IT’SUGAR during such periods. The net loss attributable to the redeemable noncontrolling interest in IT’SUGAR was $ 0.8 million and $ 3.6 million, respectively, for the three and six months ended June 30, 2020. As a result of the filing of the Bankruptcy Cases by IT’SUGAR and its subsidiaries, the Company deconsolidated IT’SUGAR as of September 22, 2020 and derecognized the related redeemable noncontrolling interest in IT’SUGAR. However, as a result of IT’SUGAR emerging from the Bankruptcy Cases in June 2021 and the revesting of BBX Sweet Holdings’ equity interest in IT’SUGAR, the Company consolidated the results of IT’SUGAR into its consolidated financial statements as of the Effective Date and is again attributing net income or loss to the redeemable noncontrolling interest in IT’SUGAR as of and subsequent to the Effective Date. The net income attributable to the redeemable noncontrolling interest in IT’SUGAR was $ 0.1 million for the period from the Effective Date to June 30, 2021. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 13. Fair Value Measurement 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 main valuation techniques to measure the fair value of assets and liabilities: the market approach, the income approach, and the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses financial models to convert future amounts to a single present amount and includes present value and option-pricing models. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset and is often referred to as current replacement cost. Accounting standards define an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 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 active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset and liability There were no material assets or liabilities measured at fair value on a recurring or nonrecurring basis in the Company’s condensed consolidated financial statements as of June 30, 2021 and December 31, 2020. 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 June 30, June 30, Assets Inputs Inputs 2021 2021 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 101,851 101,851 101,851 — — Restricted cash 350 350 350 — — Note receivable from Bluegreen Vacations 75,000 77,585 — — 77,585 Financial liabilities: Notes payable and other borrowings 64,275 72,042 — — 72,042 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 2020 2020 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 90,037 90,037 90,037 — — Restricted cash 350 350 350 — — Note receivable from Bluegreen Vacations 75,000 78,218 — — 78,218 Financial liabilities: Notes payable and other borrowings 73,483 77,500 — — 77,500 Management has made estimates of fair value that it believes to be reasonable. However, because there is no active market for many of these financial instruments, the fair values of the majority of the Company’s financial instruments have been derived using the income approach technique with Level 3 unobservable inputs. Estimates used in net present value financial models rely on assumptions and judgments regarding issues in which the outcome is unknown, and actual results or values may differ significantly from these estimates. The Company’s fair value estimates do not consider the tax effect that would be associated with the disposition of the assets or liabilities at their fair value estimates. As such, the estimated value upon sale or disposition of the asset may not be received, and the estimated value upon disposition of the liability in advance of its scheduled maturity may not be paid. The amounts reported in the condensed consolidated statements of financial condition for cash and cash equivalents and restricted cash approximate fair value. The estimated fair value of the Company’s note receivable from Bluegreen Vacations was measured using the income approach with Level 3 inputs by discounting the forecasted cash inflows associated with the note using an estimated market discount rate. The fair values of the Company’s Community Development Bonds, which are included in notes payable and other borrowings above, were measured using the market approach with Level 3 inputs obtained based on estimated market prices of similar financial instruments. The fair values of the Company’s notes payable and other borrowings (other than the Community Development Bonds above) were measured using the income approach with Level 3 inputs obtained by discounting the forecasted cash flows based on estimated market rates. The Company’s financial instruments also include trade accounts receivable, accounts payable, and accrued liabilities. The carrying amount of these financial instruments approximate their fair values due to their short-term maturities. The Company is exposed to credit related losses in the event of non-performance by counterparties to the financial instruments with a maximum exposure equal to the carrying amount of the assets. The Company’s exposure to credit risk consists of accounts receivable balances. |
Certain Relationships And Relat
Certain Relationships And Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 14. Certain Relationships and Related Party Transactions The Company may be deemed to be controlled by Alan B. Levan, the Company’s Chairman, John E. Abdo, the Company’s Vice Chairman, Jarett S. Levan, the Company’s Chief Executive Officer and President, and Seth M. Wise, the Company’s Executive Vice President. Together, they may be deemed to beneficially own shares of BBX Capital’s Class A Common Stock and Class B Common Stock representing approximately 79 % of BBX Capital’s total voting power. Mr. Alan B. Levan also serves as the Chairman, Chief Executive Officer, and President of Bluegreen Vacations , and Mr. Abdo also serves as Vice Chairman of Bluegreen Vacations . Additionally, Mr. Jarett Levan and Mr. Wise serve as directors of Bluegreen Vacations . Included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income during the three and six months ended June 30, 2021 was $ 0 and $ 0.2 million, respectively, of rent for office space provided by Bluegreen Vacations to the Company. Included in selling, general and administrative expenses during the three and six months ended June 30, 2020 was $ 0.4 million and $ 0.9 million, respectively, for management advisory services and employer provided medical insurance provided by Bluegreen Vacations to the Company. The Company reimbursed Bluegreen Vacations the actual cost of providing the services. The Company provides management services to the Altman Companies and recognized $ 0.1 million, net, during the three and six months ended June 30, 2021 and $ 0.1 million during the three and six months ended June 30, 2020 in return for such services. The Company also provides administrative services to Bluegreen Vacations and received $ 0.2 million and $ 0.4 million during the three and six months ended June 30, 2021, respectively, in return for such services. Included in other revenues in the Company’s condensed consolidated statements of operations and comprehensive loss or income for each of the three and six months ended June 30, 2021 was $ 0.1 million and $ 0.3 million, respectively, for providing risk management consulting services to Bluegreen Vacations , and $ 0.2 million and $ 0.4 million, respectively, for the three and six months ended June 30, 2020. Included in interest income is $ 33,000 and $ 0.1 million of interest income on loans receivable from IT’SUGAR for the three and six months ended June 30, 2021, respectively, which was not eliminated in consolidation during the periods in which the Company did not consolidate IT’SUGAR. See Note 16 for further discussion. During the three and six months ended June 30, 2020, expenses related to certain support functions provided by Bluegreen Vacations , including executive services, treasury, tax, accounting, legal, internal audit, human resources, public and investor relations, general management, shared information technology systems, corporate governance activities, and centralized employee benefit arrangements, were allocated to the Company on the basis of direct usage when identifiable, while the remainder of the expenses, including costs related to executive compensation, were allocated primarily on a pro-rata basis of combined revenues and equity in earnings of unconsolidated joint ventures of Bluegreen Vacations and its subsidiaries. The expenses related to these support functions allocated to the Company and included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2020 were $ 4.1 million and $ 7.9 million, respectively. The allocated support function costs were recognized as contributed capital in the Company’s condensed consolidated statements of financial condition for the three and six months ended June 30, 2020. As further described in Note 1, in connection with the spin-off, Bluegreen Vacations issued a $ 75.0 million note payable to BBX Capital that accrues interest at a rate of 6 % per annum and requires payments of interest on a quarterly basis. Included in interest income in the Company’s condensed consolidated statement of operations and comprehensive income for the three and six months ended June 30, 2021 was $ 1.1 million and $ 2.3 million, respectively, relating to accrued interest on the $ 75.0 million note receivable from Bluegreen Vacations . The components of net transfers from Bluegreen Vacations in the condensed consolidated statement of changes in equity consisted of the following (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2020 Cash pooling $ 87,362 87,007 Corporate overhead allocations 4,124 7,927 Asset transfers 145 145 Net transfers from Bluegreen Vacations $ 91,631 95,079 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15. Segment Reporting 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 or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system, or regulatory environment. 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 reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ, but the relative trends in the segments’ operating results would, in management’s view, likely not be materially impacted. The Company’s three reportable segments are its principal holdings: BBX Capital Real Estate, BBX Sweet Holdings, and Renin. See Note 1 for a description of the Company’s principal holdings. In the segment information for the three and six months ended June 30, 2021 and 2020, 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 and interest income on the $ 75.0 million note receivable from Bluegreen Vacations . 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 months ended June 30, 2021 (in thousands): Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 10,198 34,378 1,956 — 46,532 Sales of real estate inventory 12,390 — — — — 12,390 Interest income 500 36 — — 1,131 1,667 Net gains on sales of real estate assets 204 — — — — 204 Other revenue 438 — — 575 ( 88 ) 925 Total revenues 13,532 10,234 34,378 2,531 1,043 61,718 Costs and expenses: Cost of trade sales — 6,556 30,362 649 — 37,567 Cost of real estate inventory sold 5,568 — — — — 5,568 Interest expense — 40 429 — ( 175 ) 294 Recoveries from loan losses, net ( 1,137 ) — — — — ( 1,137 ) Selling, general and administrative expenses 1,647 3,590 3,804 1,478 3,520 14,039 Total costs and expenses 6,078 10,186 34,595 2,127 3,345 56,331 Operating profits (losses) 7,454 48 ( 217 ) 404 ( 2,302 ) 5,387 Equity in net earnings of unconsolidated real estate joint ventures 4,443 — — — — 4,443 Other (expense) income ( 28 ) 19 — — 138 129 Gain on the consolidation of IT'SUGAR, LLC — 15,890 — — — 15,890 Foreign exchange gain — — 976 — — 976 Income (loss) from continuing operations before income taxes $ 11,869 15,957 759 404 ( 2,164 ) 26,825 Total assets $ 169,987 132,566 106,889 7,026 120,191 536,659 Expenditures for property and equipment $ — 16 1,364 90 366 1,836 Depreciation and amortization $ — 315 632 40 18 1,005 Debt accretion and amortization $ 160 2 30 — — 192 Cash and cash equivalents $ 43,768 10,309 682 2,049 45,043 101,851 Real estate equity method investments $ 55,288 — — — — 55,288 Goodwill $ — 13,860 6,936 — — 20,796 Notes payable and other borrowings $ 16,883 14,432 45,961 35 ( 13,036 ) 64,275 The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2020 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 5,248 17,175 627 — 23,050 Sales of real estate inventory 2,839 — — — — 2,839 Interest income 81 13 — — ( 11 ) 83 Net gains on sales of real estate assets 13 — — — — 13 Other revenue 327 85 — 224 ( 17 ) 619 Total revenues 3,260 5,346 17,175 851 ( 28 ) 26,604 Costs and expenses: Cost of trade sales — 9,045 13,852 372 — 23,269 Cost of real estate inventory sold 1,474 — — — — 1,474 Interest expense — 55 71 2 ( 128 ) — Recoveries from loan losses, net ( 1,525 ) — — — — ( 1,525 ) Impairment losses 2,710 595 — — — 3,305 Selling, general and administrative expenses 1,125 5,740 2,035 713 4,105 13,718 Total costs and expenses 3,784 15,435 15,958 1,087 3,977 40,241 Operating (losses) income ( 524 ) ( 10,089 ) 1,217 ( 236 ) ( 4,005 ) ( 13,637 ) Equity in net earnings of unconsolidated real estate joint ventures 145 — — — — 145 Other income — 75 — — — 75 Foreign exchange loss — — ( 6 ) — — ( 6 ) (Loss) income from continuing operations before income taxes $ ( 379 ) ( 10,014 ) 1,211 ( 236 ) ( 4,005 ) ( 13,423 ) Total assets $ 161,933 133,182 35,917 6,225 79,479 416,736 Expenditures for property and equipment $ — — 214 14 — 228 Depreciation and amortization $ — 1,352 314 26 — 1,692 Debt accretion and amortization $ 58 107 2 — — 167 Cash and cash equivalents $ 17,933 3,744 1,871 771 72,218 96,537 Real estate equity method investments $ 63,775 — — — — 63,775 Goodwill $ — 14,864 — — — 14,864 Notes payable and other borrowings $ 32,074 7,688 7,974 129 ( 6,251 ) 41,614 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2021 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 15,180 73,069 4,197 — 92,446 Sales of real estate inventory 25,925 — — — — 25,925 Interest income 975 36 — — 2,306 3,317 Net gains on sales of real estate assets 309 — — — — 309 Other revenue 836 — — 1,005 ( 245 ) 1,596 Total revenues 28,045 15,216 73,069 5,202 2,061 123,593 Costs and expenses: Cost of trade sales — 10,384 63,018 1,058 — 74,460 Cost of real estate inventory sold 13,426 — — — — 13,426 Interest expense — 66 839 1 ( 322 ) 584 Recoveries from loan losses, net ( 1,645 ) — — — — ( 1,645 ) Selling, general and administrative expenses 3,621 5,161 8,108 2,984 7,363 27,237 Total costs and expenses 15,402 15,611 71,965 4,043 7,041 114,062 Operating income (losses) 12,643 ( 395 ) 1,104 1,159 ( 4,980 ) 9,531 Equity in net earnings of unconsolidated real estate joint ventures 4,172 — — — — 4,172 Other (expense) income ( 28 ) 45 — ( 1 ) 176 192 Gain on the consolidation of IT'SUGAR, LLC — 15,890 — — — 15,890 Foreign exchange gain — — 496 — — 496 Income (loss) from continuing operations before income taxes $ 16,787 15,540 1,600 1,158 ( 4,804 ) 30,281 Expenditures for property and equipment $ — 19 1,601 102 380 2,102 Depreciation and amortization $ — 396 1,263 70 67 1,796 Debt accretion and amortization $ 379 2 61 — — 442 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2020 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 26,577 34,621 2,738 — 63,936 Sales of real estate inventory 9,278 — — — — 9,278 Interest income 185 27 — — ( 13 ) 199 Net losses on sales of real estate assets ( 34 ) — — — — ( 34 ) Other revenue 787 204 — 473 ( 58 ) 1,406 Total revenues 10,216 26,808 34,621 3,211 ( 71 ) 74,785 Costs and expenses: Cost of trade sales — 23,815 28,127 1,107 — 53,049 Cost of real estate inventory sold 6,106 — — — — 6,106 Interest expense — 116 185 5 ( 306 ) — Recoveries from loan losses, net ( 5,037 ) — — — — ( 5,037 ) Impairment losses 2,710 25,303 — 2,727 — 30,740 Selling, general and administrative expenses 3,461 16,640 4,653 2,416 7,868 35,038 Total costs and expenses 7,240 65,874 32,965 6,255 7,562 119,896 Operating income (losses) 2,976 ( 39,066 ) 1,656 ( 3,044 ) ( 7,633 ) ( 45,111 ) Equity in net earnings of unconsolidated real estate joint ventures 696 — — — — 696 Other income (expense) — 114 ( 3 ) — — 111 Foreign exchange gain — — 272 — — 272 Income (loss) from continuing operations before income taxes $ 3,672 ( 38,952 ) 1,925 ( 3,044 ) ( 7,633 ) ( 44,032 ) Expenditures for property and equipment $ — 2,924 605 45 — 3,574 Depreciation and amortization $ — 2,785 620 51 — 3,456 Debt accretion and amortization $ 153 162 9 — — 324 |
IT'SUGAR Bankruptcy
IT'SUGAR Bankruptcy | 6 Months Ended |
Jun. 30, 2021 | |
IT'SUGAR Bankruptcy [Abstract] | |
IT'SUGAR Bankruptcy | 16. IT’SUGAR Bankruptcy Bankruptcy and Deconsolidation of IT’SUGAR In March 2020, as a result of various factors, including government-mandated closures and Center for Disease Control and World Health Organization advisories in connection with the COVID-19 pandemic, IT’SUGAR closed all of its retail locations and furloughed all store employees and the majority of its corporate employees. Between May 2020 and September 2020, IT’SUGAR reopened nearly all of its approximately 100 locations that were open prior to the pandemic as part of a phased reopening plan which included revised store floor plans, increased sanitation protocols, and the gradual recall of furloughed store and corporate employees to full or part-time employment. IT’SUGAR ceased paying rent to the landlords of its closed locations in April 2020 and engaged in negotiations with its landlords for rent abatements, deferrals, and other modifications for both the period of time that the locations were closed and the subsequent period during which the locations were open and operating under conditions affected by the pandemic. During that period, in addition to its unpaid rental obligations, IT’SUGAR ceased paying various outstanding obligations to its vendors. Although IT’SUGAR reopened its retail locations and received an advance of $ 2.0 million from a subsidiary of BBX Capital under an existing credit facility, IT’SUGAR was unable to maintain sufficient liquidity to sustain its operations. In particular, although a significant portion of its retail locations were reopened during the three months ended September 30, 2020, IT’SUGAR’s total revenues for the period had declined by approximately 50.4 % as compared to the comparable period in 2019. As a result, on September 22, 2020, IT’SUGAR and its subsidiaries filed voluntary petitions to reorganize under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. In connection with the Bankruptcy Cases, on October 7, 2020, IT’SUGAR obtained approval by the Bankruptcy Court of a $ 4.0 million debtor-in-possession (“DIP”) credit facility to be made available by a wholly-owned subsidiary of the Company, and the entire $ 4.0 million available under the DIP credit facility was funded to IT’SUGAR during the three months ended December 31, 2020. As a result of the filings, the uncertainties surrounding the nature, timing, and specifics of the Bankruptcy Cases, and the Company’s resulting loss of control and significant influence over IT’SUGAR, the Company determined that IT’SUGAR was a VIE in which the Company was not the primary beneficiary and deconsolidated IT’SUGAR in connection with the filings. Following the deconsolidation of IT’SUGAR, the Company accounted for its investment in IT’SUGAR at cost less impairment, if any, and continued to include IT’SUGAR’s results of operations and cash flows as continuing operations in the Company’s financial statements for the periods in which IT’SUGAR was consolidated as the Company continued to hold a substantive equity investment in IT’SUGAR. Additionally, as a result of the Company deconsolidating IT’SUGAR, IT’SUGAR’s notes payable to the Company, which had a total balance of $ 10.1 million as of December 31, 2020, were not eliminated in consolidation and are included in investments in and advances to IT’SUGAR in the Company’s condensed consolidated statements of financial condition as of December 31, 2020. Emergence from Bankruptcy and Reconsolidation of IT’SUGAR Emergence from Bankruptcy In April 2021, IT’SUGAR filed its proposed plan of reorganization with the Bankruptcy Court. Following approval of the proposed plan by IT’SUGAR’s unsecured creditors, the Bankruptcy Court entered an order (the “Confirmation Order”) on June 16, 2021 confirming the plan of reorganization filed by IT’SUGAR, as modified by the Confirmation Order (the “Plan”), and the Plan became effective on June 17, 2021 (the “Effective Date”). Pursuant to the terms of the Plan, claims against IT’SUGAR were treated as follows: The $ 4.0 million DIP credit facility and a $ 6.0 million pre-petition line of credit held by the Company’s wholly-owned subsidiary were repaid in full through the Exit Facility (as defined and described below); A secured equipment note held by the Company’s wholly-owned subsidiary was assumed, ratified, and reinstated on the Effective Date; Each holder of an allowed construction / mechanic’s lien claim received payment in full in cash on the Effective Date or, in some cases, will receive such payment as soon as practicable after the Effective Date; Each holder of an allowed general unsecured claim received, in full satisfaction of such claims, a one-time lump sum distribution equal to 15% of its claim on the Effective Date or, in some cases, will receive such payment as soon as practicable after the Effective Date; and Holders of subordinated claims did not receive any distributions in respect thereof. Payments of claims made pursuant to the Plan, along with the payment of administrative expenses and professional fees, were funded by IT’SUGAR’s cash on-hand and net proceeds from the Exit Facility provided by the Company. Exit Facility On the Effective Date, the Company’s wholly-owned subsidiary entered into a secured exit credit facility with IT’SUGAR (the “Exit Facility”) which provides for advances to IT’SUGAR of up to $ 13.0 million. The Company’s wholly-owned subsidiary advanced $ 13.0 million to IT’SUGAR under the Exit Facility, less the repayment of the $ 4.0 million DIP credit facility due from IT’SUGAR and the $ 6.0 million pre-petition line of credit due from IT’SUGAR (both of which were superseded and replaced by the Exit Facility). Amounts outstanding under the Exit Facility bear interest at 5 % per annum. In addition to monthly payments of interest due under the facility, the Exit Facility requires monthly payments of principal of $ 325,000 commencing on January 1, 2022. The Exit Facility matures on April 1, 2025. The Exit Facility had an outstanding balance of $ 13.0 million as of June 30, 2021, which was eliminated in the Company’s condensed consolidated financial statements as of June 30, 2021. Ownership and Reconsolidation of IT’SUGAR Pursuant to the terms of the Plan, the Company’s equity interests in IT’SUGAR were revested on the Effective Date, and all organizational documents of IT’SUGAR were assumed, ratified, and reinstated. As a result of the confirmation and effectiveness of the Plan and the revesting of its equity interests in IT’SUGAR, the Company was deemed to have reacquired a controlling financial interest in IT’SUGAR and consolidated the results of IT’SUGAR into its consolidated financial statements as of the Effective Date, the date that the Company reacquired control of IT’SUGAR. Allocation of IT’SUGAR’s Fair Value upon Consolidation The Company accounted for the consolidation of IT’SUGAR upon the revesting of its equity interests under the acquisition method of accounting, which requires that the assets acquired and liabilities assumed associated with an acquiree be recognized at their fair values at the consolidation date. As a result, the Company remeasured the carrying value of its equity interests in IT’SUGAR at fair value as of the Effective Date, with the remeasurement adjustment recognized in the Company’s statement of operations, and recognized goodwill based on the difference between (i) the fair values of IT’SUGAR’s identifiable assets and liabilities at the consolidation date and (ii) the fair values of the Company’s interests in IT’SUGAR and the noncontrolling interests in IT’SUGAR. The following table summarizes the provisional allocation of IT’SUGAR’s fair value upon consolidation based on the Company’s current preliminary valuation, including the fair values of the assets acquired and liabilities assumed at the consolidation date (in thousands): Cash $ 6,909 Trade accounts receivable 601 Trade inventory 5,440 Property and equipment 19,298 Identifiable intangible assets (1) 9,670 Operating lease assets (2) 56,107 Other assets 3,200 Total assets acquired 101,225 Accounts payable ( 2,419 ) Accrued expenses ( 8,133 ) Other liabilities ( 124 ) Operating lease liabilities ( 64,829 ) Notes payable and other borrowings (4) ( 10,054 ) Total liabilities assumed ( 85,559 ) Fair value of identifiable net assets 15,666 Fair value of net assets acquired 28,590 Fair value of redeemable noncontrolling interest 936 Fair value of IT'SUGAR 29,526 Goodwill $ 13,860 Gain on the consolidation of IT'SUGAR (3) $ 15,890 (1) Identifiable intangible assets represents trademarks that are being amortized over an estimated expected useful life of 15 years. (2) Includes a net intangible liability of $ 8.7 million related to off market rents related to certain of IT’SUGAR’s retail locations that is expected to be recognized over a weighted average lease term of approximately 8 years. (3) The gain is comprised of the remeasurement of the Company’s equity interest in IT’SUGAR at fair value. (4) Notes payable and other borrowings reflects amounts due to the Company’s wholly-owned subsidiary that have been eliminated in consolidation as of and subsequent to the consolidation date. The provisional fair values reported in the above table were estimated by the Company using available market information and applicable valuation methods. As considerable judgment is involved in estimates of fair value, the provisional fair values presented above are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methods could have a material effect on the estimated fair value amounts. As management is still in the process of completing its valuation analysis, the Company’s accounting for the consolidation is not complete as of the date of this report. As a result, the amounts reported in the above table, including the estimated fair value of the Company’s interest in IT’SUGAR as of the consolidation date, are provisional amounts that may be updated in subsequent periods to reflect the completion of the Company’s valuation analysis and any additional information obtained during the measurement period. The following summarizes the Company’s methodologies for estimating the provisional fair values of certain assets and liabilities associated with the consolidation of IT’SUGAR and the fair value of BBX Capital’s existing investment in IT’SUGAR: Property and Equipment – Property and equipment acquired consists primarily of leasehold improvements at IT’SUGAR’s retail locations. The fair value of IT’SUGAR’s property and equipment was estimated based on the replacement cost approach. Identifiable Intangible Assets – The primary identifiable intangible asset acquired consists of IT’SUGAR’s trademark. The fair value of the acquired trademark was estimated using the relief-from-royalty method, a form of the income approach. Under this approach, the fair value was estimated by calculating the present value using a risk-adjusted discount rate of the expected future royalty payments that would have to be paid if the IT’SUGAR trademark was not owned. Operating Lease Assets and Lease Liabilities – Operating lease assets and lease liabilities were measured based on the present value of the fixed lease payments included in IT’SUGAR’s lease agreements pursuant to the provisions of Accounting Standards Codification 842, Leases . In addition, IT’SUGAR’s operating lease assets have been adjusted to reflect an estimate of favorable or unfavorable terms of IT’SUGAR’s lease agreements when compared with market terms. These adjustments were estimated by calculating the present value using a risk-adjusted discount rate of the difference between the contractual amounts to be paid pursuant to the lease agreements and the estimate of market lease rates at the consolidation date. Goodwill – Goodwill recognized in connection with the consolidation of IT’SUGAR reflects the difference between the (i) the fair values of IT’SUGAR’s identifiable assets and liabilities at the consolidation date and (ii) the fair values of the Company’s existing interests and any noncontrolling interests in IT’SUGAR at the consolidation date. Remeasurement of Existing Investment in IT’SUGAR – As part of the acquisition method of accounting, the Company is required to remeasure the carrying value of its existing interests in IT’SUGAR at fair value as of the consolidation date, with the remeasurement adjustment recognized in the Company’s condensed consolidated statement of operations and comprehensive income. The Company applied an income approach utilizing a discounted cash flow methodology to estimate the provisional fair value of its investment in IT’SUGAR as of the consolidation date. The Company’s discounted cash flow methodology established a provisional estimate of the fair value of IT’SUGAR by estimating the present value of the projected future cash flows to be generated from IT’SUGAR. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows associated with IT’SUGAR. The most significant assumptions used in the discounted cash flow methodology to estimate the preliminary fair value of IT’SUGAR were the terminal value, the discount rate, and the forecast of future cash flows. Redeemable Noncontrolling Interest - Represents a 9.65 % redeemable noncontrolling interest in IT'SUGAR’s Class B Units. The consolidated assets and liabilities and results of operations of IT’SUGAR are included in the Company’s condensed consolidated financial statements for the three and six months ended June 30, 2021 commencing on June 17, 2021 and are included in the Company’s condensed consolidated financial statements for the three and six months ended June 30, 2020 for the entirety of such periods, as the Company deconsolidated IT’SUGAR on September 22, 2020. The following table shows IT’SUGAR’s trade sales and income before income taxes included in the Company’s condensed consolidated statements of operations and comprehensive income for the dates indicated (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Trade sales $ 6,022 3,609 6,022 19,597 Income (loss) from continuing operations before income taxes $ 817 ( 8,428 ) 817 ( 36,512 ) The following unaudited pro forma financial data presents the Company’s revenues and earnings for the three and six months ended June 30, 2021 and 2020 as if the Company consolidated IT’SUGAR as a result of its emergence from bankruptcy on January 1, 2020 (in thousands): Pro Forma Pro Forma For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Trade sales $ 61,050 22,960 132,137 62,874 Income (loss) from continuing operations before income taxes $ 15,639 ( 12,332 ) 17,803 ( 45,249 ) Income (loss) from continuing operations $ 11,788 ( 9,269 ) 13,426 ( 35,755 ) Net income (loss) income attributable to shareholders $ 11,174 ( 7,914 ) 12,904 ( 31,403 ) The unaudited pro forma financial data for the six months ended June 30, 2020 includes $ 3.7 million in legal, advisory, and other costs related to the bankruptcy proceedings, while the unaudited pro forma financial data for the three and six months June 30, 2021 excludes gains related to the extinguishment of certain of IT’SUGAR’s obligations pursuant to the Plan and the gain recognized by the Company upon the consolidation of IT’SUGAR. The unaudited pro forma financial data reported in the above table does not purport to represent what the actual results of the Company’s operations would have been assuming that the consolidation date was January 1, 2020, nor does it purport to predict the Company’s results of operations for future periods. The table below sets forth the approximate minimum future rental payments (excluding executory costs) under the Company’s lease agreements (including IT’SUGAR’s lease obligations) during the periods subsequent to June 30, 2021 related to agreements that were executed as of June 30, 2021 (in thousands): Period Ending December 31, 2021 $ 6,554 2022 16,286 2023 15,632 2024 13,185 2025 11,796 After 2025 28,476 Total lease payments 91,929 Less: interest 12,444 Present value of lease liabilities $ 79,485 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, there were no material subsequent events identified that required recognition or disclosure other than as disclosed in the footnotes herein. |
Organization And Basis Of Fin_2
Organization And Basis Of Financial Statement Presentation (Policy) | 6 Months Ended |
Jun. 30, 2021 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Principal Investments | Principal Investments BBX Capital’s principal holdings are BBX Capital Real Estate, BBX Sweet Holdings, and Renin. BBX Capital Real Estate BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, and commercial properties located primarily in Florida. In addition, BBX Capital Real Estate owns a 50 % equity interest in The Altman Companies, LLC (the “Altman Companies”), a developer and manager of multifamily rental apartment communities, and manages the legacy assets acquired in connection with the Company’s sale of BankAtlantic in 2012, including portfolios of loans receivable, real estate properties, and judgments against past borrowers. BBX Sweet Holdings BBX Sweet Holdings is engaged in the ownership and management of operating businesses in the confectionery industry, including IT’SUGAR, a specialty candy retailer whose products include bulk candy, candy in giant packaging, and licensed and novelty items, Hoffman’s Chocolates, a retailer of gourmet chocolates with retail locations in South Florida, and Las Olas Confections and Snacks, a manufacturer and wholesaler of chocolate and other confectionery products. Prior to September 22, 2020, the Company consolidated the financial statements of IT’SUGAR and its subsidiaries as a result of its 93% ownership of IT’SUGAR. However, on September 22, 2020, IT’SUGAR and its subsidiaries filed voluntary petitions to reorganize under Chapter 11 of Title 11 of the U.S. Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”) (the cases commenced by such filings, the “Bankruptcy Cases”), and the Company deconsolidated IT’SUGAR as a result of the filings and the uncertainties surrounding the nature, timing, and specifics of the bankruptcy proceedings. On June 16, 2021, the Bankruptcy Court confirmed IT’SUGAR’s plan of reorganization, and the plan became effective on June 17, 2021 (the “Effective Date”). Pursuant to the terms of the plan, BBX Sweet Holdings’ equity interests in IT’SUGAR were revested on the Effective Date. As a result of the confirmation and effectiveness of the plan and the revesting of its equity interests in IT’SUGAR, the Company was deemed to have reacquired a controlling financial interest in IT’SUGAR and consolidated the results of IT’SUGAR into its consolidated financial statements as of the Effective Date. See Note 16 for further discussion. 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 three manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing, Renin also sources various products and raw materials from China, Brazil, and certain other countries. In October 2020, Renin acquired substantially all of the assets and assumed certain of the liabilities of Colonial Elegance, Inc (“Colonial Elegance”). Headquartered in Montreal, Canada, Colonial Elegance is a supplier and distributor of building products, including barn doors, closet doors, and stair parts, and its customers include various big box retailers in the United States and Canada. During the three months and six months ended June 30, 2021, Renin’s total revenues included $ 28.6 million and $ 60.0 million, respectively, of trade sales to three major customers and their affiliates and $ 12.6 million and $ 26.9 million, respectively, of revenues generated outside the United States. Revenues from each of the three major customers were $ 8.0 million, $ 11.6 million, and $ 9.0 million for the three months ended June 30, 2021, which represented 14.0 %, 18.8 %, and 14.6 % of the Company’s total revenues for the three months ended June 30, 2021. Revenues from each of the three major customers were $ 17.3 million, $ 22.7 million, and $ 20.0 million for the six months ended June 30, 2021, which represented 14.0 %, 18.3 %, and 16.2 % of the Company’s total revenues for the six months ended June 30, 2021. During the three months and six months ended June 30, 2020, Renin’s total revenues included $ 10.0 million and $ 21.7 million, respectively, of trade sales to two major customers and their affiliates and $ 6.0 million and $ 11.4 million, respectively, of revenues generated outside the United States. Revenues from each of the two major customers were $ 6.8 million and $ 3.2 million for the three months ended June 30, 2020, which represented 25.7 % and 11.9 % of the Company’s total revenues for the three months ended June 30, 2020. Revenues from each of the two major customers were $ 13.0 million and $ 8.7 million for the six months ended June 30, 2020, which represented 17.4 % and 11.6 % of the Company’s total revenues for the six months ended June 30, 2020. Other In addition to its principal holdings, the Company has investments in other operating businesses, including a restaurant located in South Florida that was acquired through a loan foreclosure and an insurance agency. Discontinued Operations In 2016, Food for Thought Restaurant Group (“FFTRG”), a wholly-owned subsidiary of the Company, entered into area development and franchise agreements with MOD Pizza related to the development of up to approximately 60 MOD Pizza franchised restaurant locations throughout Florida. Through 2019, FFTRG had opened nine restaurant locations. As a result of FFTRG’s overall operating performance and the Company’s goal of streamlining its investment verticals, the Company entered into an agreement with MOD Pizza to terminate the area development and franchise agreements and transferred seven of its restaurant locations, including the related assets, operations, and lease obligations, to MOD Pizza in September 2019. In addition, the Company closed the remaining two locations and terminated the related lease agreements. FFTRG’s operations as a franchisee of MOD Pizza are presented as discontinued operations in the Company’s condensed consolidated financial statements. |
Basis Of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying condensed consolidated financial statements of the Company include the condensed consolidated financial statements of BBX Capital and its subsidiaries, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin, as well as certain subsidiaries in which ownership was transferred from Parent in connection with the spin-off transaction described above. However, for the periods prior to the spin-off on September 30, 2020, including for the three and six months ended June 30, 2020, the condensed consolidated financial statements reflect the combined financial statements of these entities, which have been derived from the accounting records of Parent and these companies, and should be read with the accompanying notes thereto. The condensed consolidated financial statements for the periods prior to the spin-off on September 30, 2020 do not necessarily reflect what the results of operations, financial position, or cash flows would have been had the Company been a separate entity nor are they indicative of the future results of the Company. For the three and six months ended June 30, 2020, the majority of the revenues, expenses, and cash flows of the Company have been identified based on the legal entities included in the spin-off transaction. However, the historical costs and expenses reflected in the condensed consolidated financial statements for these periods also include an allocation for certain corporate and shared service functions that were historically provided by Parent prior to the spin-off. These expenses have been allocated to the Company on the basis of direct usage when identifiable, while the remainder of the expenses, including costs related to executive compensation, were allocated primarily on a pro-rata basis of the combined revenues and equity in earnings of unconsolidated joint ventures of Parent and its subsidiaries. The Company believes that the assumptions underlying the condensed consolidated financial statements for these periods, including the assumptions regarding the allocation of general corporate expenses from the Parent, are reasonable. However, the condensed consolidated financial statements for the three and six months ended June 30, 2020 may not include all of the actual expenses that would have been incurred had the Company been operating as a standalone company during the periods presented. Actual costs that would have been incurred if the Company operated as a standalone company would depend on multiple factors, including organizational structure, technology infrastructure, and strategic direction. In addition, following the spin-off on September 30, 2020, the Company also incurs costs associated with being a public company that are not reflected in the accompanying condensed consolidated financial statements for the three and six months ended June 30, 2020. The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. Financial statements prepared in conformity with GAAP require the Company to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in the Company’s financial statements. Due to, among other things, the impact and potential future impact of the COVID-19 pandemic and ongoing economic uncertainty, actual conditions could 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 COVID-19 pandemic, are uncertain, rapidly changing, and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to the COVID-19 pandemic and resulting economic impacts. Such changes could result in, among other adjustments, future impairments of intangibles, long-lived assets, and investments in unconsolidated subsidiaries and future reserves for inventory and receivables. These unaudited condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”) filed with the SEC on March 16, 2021. The condensed consolidated financial statements include the accounts of BBX Capital’s wholly-owned subsidiaries, other entities in which BBX Capital or its wholly-owned subsidiaries hold controlling financial interests, and any variable interest entities (“VIEs”) in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Impact of the COVID-19 Pandemic | Impact of the COVID-19 Pandemic The COVID-19 pandemic has resulted in an unprecedented disruption in the U.S. and global economies and the industries in which the Company operates due to, among other things, (i) government ordered “shelter in place” and “stay at home” orders and advisories, travel restrictions, and restrictions on business operations, (ii) government guidance and restrictions with respect to travel, public accommodations, social gatherings, and related matters, (iii) the general public’s reaction to the pandemic, including impacts on consumer demand, (iv) disruptions in global supply chains, and (iv) increased economic uncertainty. The disruptions arising from the pandemic and the reaction of the general public have had a significant adverse impact on the Company's financial condition and operations, particularly with respect to BBX Sweet Holdings, as the effects of the pandemic required IT’SUGAR to temporarily close all of its retail locations in 2020 and ultimately resulted in IT’SUGAR and its subsidiaries filing petitions for Chapter 11 bankruptcy in September 2020. In addition, the Company’s workforce has been significantly impacted by the pandemic as a result of, among other things, the implementation of temporary and permanent reductions in employee head count in order to manage expenses and various health and safety protocols necessary for the Company to maintain operations. Further, the Company has experienced significant increases in commodity, freight, inventory, and labor costs, extended lead-times for the purchase of inventory, and delays in inventory shipments, and these factors are impacting the Company’s operations, including requiring the Company to maintain higher inventory balances, and may have a material impact on its operations in future periods. In addition, current levels of illness caused by COVID-19 and related variants are rising and indicate that the pandemic and its impact on the Company are not over and remain uncertain. The CDC recently issued new guidance regarding the use of masks, and vaccination policies are increasingly being implemented by government agencies and may vary across different jurisdictions where the Company operates. In addition, various state and local government officials may in the future issue new or revised orders that are different than the ones under which the Company is currently operating. Accordingly, the duration and severity of the pandemic and related disruptions, as well as the resulting adverse impact on economic and market conditions, are uncertain, and the Company may continue to be adversely impacted by these conditions in future periods. Although the impact of the COVID-19 pandemic on the Company’s principal holdings and management’s efforts to mitigate the effects of the pandemic has varied, BBX Capital and its subsidiaries have sought to take steps to manage expenses through cost saving initiatives and reductions in employee head count and actions to increase liquidity and strengthen the Company’s financial position, including reducing planned capital expenditures. As of June 30, 2021, the Company’s consolidated cash balances were $ 101.9 million. |
Recently Adopted Accounting Pronouncements And Future Adoption Of Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Updates (“ASUs”) and guidance relevant to the Company’s operations which were adopted as of January 1, 2021: ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard removes specific exceptions to the general principles in Topic 740, including exceptions related to (i) the incremental approach for intraperiod tax allocations, (ii) accounting for basis differences when there are ownership changes in foreign investments, and (iii) interim period income tax accounting for year-to-date losses that exceed anticipated losses. The statement was effective for the Company on January 1, 2021 and interim periods within this fiscal year. The Company adopted the standard on January 1, 2021, and the adoption of the standard did not have a material impact on the Company’s consolidated financial statements. Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which had not been adopted by the Company as of June 30, 2021: ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides relief for companies preparing for discontinuation of LIBOR in response to the Financial Conduct Authority (the regulatory authority over LIBOR) plan for a phase out of regulatory oversight of LIBOR interest rate indices after 2021 to allow for an orderly transition to an alternate reference rate. The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to LIBOR for promissory notes or other contracts that are currently indexed to LIBOR. The ARRC has proposed a market transition plan to SOFR from LIBOR, and organizations are currently working on transition plans as it relates to derivatives and cash markets exposed to LIBOR. Although companies can apply this standard immediately, the guidance will only be available for a limited time (generally through December 31, 2022). The Company currently has a LIBOR indexed credit facility which had an outstanding balance of $ 46.2 million as of June 30, 2021 and is evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on its results of operations and liquidity and the related impact that this standard may have on its consolidated financial statements. |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Acquisition [Abstract] | |
Summary Of Assets Acquired And Liabilities Assumed | Cash $ 557 Trade accounts receivable 10,278 Trade inventory 12,149 Property and equipment 1,007 Identifiable intangible assets (1) 19,680 Operating lease asset (2) 3,188 Other assets 650 Total assets acquired 47,509 Accounts payable ( 5,619 ) Other liabilities ( 3,524 ) Operating lease liability ( 2,213 ) Total liabilities assumed ( 11,356 ) Fair value of identifiable net assets 36,153 Goodwill 6,936 Purchase consideration 43,089 Less: cash acquired ( 557 ) Less: consideration payable ( 194 ) Cash paid for acquisition less cash acquired $ 42,338 (1) Identifiable intangible assets were comprised of $ 3.7 million, $ 15.8 million, and $ 0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are being amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships. (2) Includes an intangible asset of $ 1.0 million related to below market rents associated with an office lease that is expected to be recognized over the lease term of approximately seven years. |
Pro Forma Information | Pro Forma Pro Forma For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Trade sales $ 61,050 22,960 132,137 62,874 Income (loss) from continuing operations before income taxes $ 15,639 ( 12,332 ) 17,803 ( 45,249 ) Income (loss) from continuing operations $ 11,788 ( 9,269 ) 13,426 ( 35,755 ) Net income (loss) income attributable to shareholders $ 11,174 ( 7,914 ) 12,904 ( 31,403 ) |
Trade Receivables (Tables)
Trade Receivables (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Trade Receivables [Abstract] | |
Schedule Of Trade Receivables | June 30, December 31, 2021 2020 Trade receivables $ 27,978 29,860 Allowance for expected credit losses ( 584 ) ( 353 ) Total trade receivables $ 27,394 29,507 |
Trade Inventory (Tables)
Trade Inventory (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Trade Inventory [Abstract] | |
Summary Of Inventory | June 30, December 31, 2021 2020 Raw materials $ 8,690 6,191 Paper goods and packaging materials 1,460 1,322 Finished goods 32,414 24,333 Total trade inventory $ 42,564 31,846 |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate [Abstract] | |
Schedule Of Real Estate | June 30, December 31, 2021 2020 Real estate held-for-sale $ 8,264 9,031 Real estate held-for-investment 5,992 5,992 Real estate inventory 26,383 40,777 Total real estate $ 40,639 55,800 |
Investments In And Advances T_2
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments In And Advances To Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | June 30, December 31, 2021 2020 Altis Grand Central $ 2,149 $ 2,287 Altis Promenade — 1,964 Altis Ludlam Trail 10,220 9,653 Altis Grand at The Preserve (Suncoast) 1,115 1,086 Altis Pembroke Gardens — 310 Altis Wiregrass — 163 Altis Little Havana 858 844 Altis Lake Willis (Vineland Pointe) 6,114 5,446 Altis Miramar East/West 2,855 2,818 The Altman Companies 15,884 15,222 ABBX Guaranty 3,750 3,750 Bayview 1,343 1,563 Marbella 1,788 6,971 Chapel Trail 153 153 The Main Las Olas 2,567 2,462 Sky Cove 1,651 3,287 Sky Cove South 4,810 — Other 31 31 Total $ 55,288 $ 58,010 |
Impairments (Tables)
Impairments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Impairments [Abstract] | |
Schedule Of Changes In Goodwill | For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Balance, beginning of period $ 6,936 14,864 $ 8,277 37,248 IT'SUGAR emergence from bankruptcy 13,860 — 13,860 — Impairment losses — — — ( 22,384 ) Colonial Elegance acquisition adjustments to provisional goodwill — — ( 1,341 ) — Balance, end of period $ 20,796 14,864 $ 20,796 14,864 |
Notes Payable And Other Borro_2
Notes Payable And Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Payable And Other Borrowings [Abstract] | |
Notes Payable And Other Borrowings | June 30, 2021 December 31, 2020 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 17,306 4.25 - 6.00 % $ 27,571 $ 27,565 4.25 - 6.00 % $ 42,230 TD Bank Term Loan and Line of Credit 46,236 3.28 % (1) 45,573 3.30 % (1) Centennial Bank Note (2) 1,406 5.25 % 1,815 1,428 5.25 % 1,840 Other 35 4.22 % — 43 4.22 % — Unamortized debt issuance costs ( 708 ) ( 1,126 ) Total notes payable and other borrowings $ 64,275 $ 73,483 (1) The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin. (2) BBX Capital is guarantor of the note. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 2020 2021 2020 Trade sales - wholesale $ 37,692 18,399 $ 80,160 39,273 Trade sales - retail 8,840 4,651 12,286 24,663 Sales of real estate inventory 12,390 2,839 25,925 9,278 Revenue from customers 58,922 25,889 118,371 73,214 Interest income 1,667 83 3,317 199 Net gains (losses) on sales of real estate assets 204 13 309 ( 34 ) Other revenue 925 619 1,596 1,406 Total revenues $ 61,718 26,604 $ 123,593 74,785 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurement [Abstract] | |
Financial Disclosures About Fair Value Of Financial Instruments | Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable June 30, June 30, Assets Inputs Inputs 2021 2021 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 101,851 101,851 101,851 — — Restricted cash 350 350 350 — — Note receivable from Bluegreen Vacations 75,000 77,585 — — 77,585 Financial liabilities: Notes payable and other borrowings 64,275 72,042 — — 72,042 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 2020 2020 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 90,037 90,037 90,037 — — Restricted cash 350 350 350 — — Note receivable from Bluegreen Vacations 75,000 78,218 — — 78,218 Financial liabilities: Notes payable and other borrowings 73,483 77,500 — — 77,500 |
Certain Relationships And Rel_2
Certain Relationships And Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Components Of Net Transfers | For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2020 Cash pooling $ 87,362 87,007 Corporate overhead allocations 4,124 7,927 Asset transfers 145 145 Net transfers from Bluegreen Vacations $ 91,631 95,079 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2021 (in thousands): Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 10,198 34,378 1,956 — 46,532 Sales of real estate inventory 12,390 — — — — 12,390 Interest income 500 36 — — 1,131 1,667 Net gains on sales of real estate assets 204 — — — — 204 Other revenue 438 — — 575 ( 88 ) 925 Total revenues 13,532 10,234 34,378 2,531 1,043 61,718 Costs and expenses: Cost of trade sales — 6,556 30,362 649 — 37,567 Cost of real estate inventory sold 5,568 — — — — 5,568 Interest expense — 40 429 — ( 175 ) 294 Recoveries from loan losses, net ( 1,137 ) — — — — ( 1,137 ) Selling, general and administrative expenses 1,647 3,590 3,804 1,478 3,520 14,039 Total costs and expenses 6,078 10,186 34,595 2,127 3,345 56,331 Operating profits (losses) 7,454 48 ( 217 ) 404 ( 2,302 ) 5,387 Equity in net earnings of unconsolidated real estate joint ventures 4,443 — — — — 4,443 Other (expense) income ( 28 ) 19 — — 138 129 Gain on the consolidation of IT'SUGAR, LLC — 15,890 — — — 15,890 Foreign exchange gain — — 976 — — 976 Income (loss) from continuing operations before income taxes $ 11,869 15,957 759 404 ( 2,164 ) 26,825 Total assets $ 169,987 132,566 106,889 7,026 120,191 536,659 Expenditures for property and equipment $ — 16 1,364 90 366 1,836 Depreciation and amortization $ — 315 632 40 18 1,005 Debt accretion and amortization $ 160 2 30 — — 192 Cash and cash equivalents $ 43,768 10,309 682 2,049 45,043 101,851 Real estate equity method investments $ 55,288 — — — — 55,288 Goodwill $ — 13,860 6,936 — — 20,796 Notes payable and other borrowings $ 16,883 14,432 45,961 35 ( 13,036 ) 64,275 The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2020 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 5,248 17,175 627 — 23,050 Sales of real estate inventory 2,839 — — — — 2,839 Interest income 81 13 — — ( 11 ) 83 Net gains on sales of real estate assets 13 — — — — 13 Other revenue 327 85 — 224 ( 17 ) 619 Total revenues 3,260 5,346 17,175 851 ( 28 ) 26,604 Costs and expenses: Cost of trade sales — 9,045 13,852 372 — 23,269 Cost of real estate inventory sold 1,474 — — — — 1,474 Interest expense — 55 71 2 ( 128 ) — Recoveries from loan losses, net ( 1,525 ) — — — — ( 1,525 ) Impairment losses 2,710 595 — — — 3,305 Selling, general and administrative expenses 1,125 5,740 2,035 713 4,105 13,718 Total costs and expenses 3,784 15,435 15,958 1,087 3,977 40,241 Operating (losses) income ( 524 ) ( 10,089 ) 1,217 ( 236 ) ( 4,005 ) ( 13,637 ) Equity in net earnings of unconsolidated real estate joint ventures 145 — — — — 145 Other income — 75 — — — 75 Foreign exchange loss — — ( 6 ) — — ( 6 ) (Loss) income from continuing operations before income taxes $ ( 379 ) ( 10,014 ) 1,211 ( 236 ) ( 4,005 ) ( 13,423 ) Total assets $ 161,933 133,182 35,917 6,225 79,479 416,736 Expenditures for property and equipment $ — — 214 14 — 228 Depreciation and amortization $ — 1,352 314 26 — 1,692 Debt accretion and amortization $ 58 107 2 — — 167 Cash and cash equivalents $ 17,933 3,744 1,871 771 72,218 96,537 Real estate equity method investments $ 63,775 — — — — 63,775 Goodwill $ — 14,864 — — — 14,864 Notes payable and other borrowings $ 32,074 7,688 7,974 129 ( 6,251 ) 41,614 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2021 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 15,180 73,069 4,197 — 92,446 Sales of real estate inventory 25,925 — — — — 25,925 Interest income 975 36 — — 2,306 3,317 Net gains on sales of real estate assets 309 — — — — 309 Other revenue 836 — — 1,005 ( 245 ) 1,596 Total revenues 28,045 15,216 73,069 5,202 2,061 123,593 Costs and expenses: Cost of trade sales — 10,384 63,018 1,058 — 74,460 Cost of real estate inventory sold 13,426 — — — — 13,426 Interest expense — 66 839 1 ( 322 ) 584 Recoveries from loan losses, net ( 1,645 ) — — — — ( 1,645 ) Selling, general and administrative expenses 3,621 5,161 8,108 2,984 7,363 27,237 Total costs and expenses 15,402 15,611 71,965 4,043 7,041 114,062 Operating income (losses) 12,643 ( 395 ) 1,104 1,159 ( 4,980 ) 9,531 Equity in net earnings of unconsolidated real estate joint ventures 4,172 — — — — 4,172 Other (expense) income ( 28 ) 45 — ( 1 ) 176 192 Gain on the consolidation of IT'SUGAR, LLC — 15,890 — — — 15,890 Foreign exchange gain — — 496 — — 496 Income (loss) from continuing operations before income taxes $ 16,787 15,540 1,600 1,158 ( 4,804 ) 30,281 Expenditures for property and equipment $ — 19 1,601 102 380 2,102 Depreciation and amortization $ — 396 1,263 70 67 1,796 Debt accretion and amortization $ 379 2 61 — — 442 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2020 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 26,577 34,621 2,738 — 63,936 Sales of real estate inventory 9,278 — — — — 9,278 Interest income 185 27 — — ( 13 ) 199 Net losses on sales of real estate assets ( 34 ) — — — — ( 34 ) Other revenue 787 204 — 473 ( 58 ) 1,406 Total revenues 10,216 26,808 34,621 3,211 ( 71 ) 74,785 Costs and expenses: Cost of trade sales — 23,815 28,127 1,107 — 53,049 Cost of real estate inventory sold 6,106 — — — — 6,106 Interest expense — 116 185 5 ( 306 ) — Recoveries from loan losses, net ( 5,037 ) — — — — ( 5,037 ) Impairment losses 2,710 25,303 — 2,727 — 30,740 Selling, general and administrative expenses 3,461 16,640 4,653 2,416 7,868 35,038 Total costs and expenses 7,240 65,874 32,965 6,255 7,562 119,896 Operating income (losses) 2,976 ( 39,066 ) 1,656 ( 3,044 ) ( 7,633 ) ( 45,111 ) Equity in net earnings of unconsolidated real estate joint ventures 696 — — — — 696 Other income (expense) — 114 ( 3 ) — — 111 Foreign exchange gain — — 272 — — 272 Income (loss) from continuing operations before income taxes $ 3,672 ( 38,952 ) 1,925 ( 3,044 ) ( 7,633 ) ( 44,032 ) Expenditures for property and equipment $ — 2,924 605 45 — 3,574 Depreciation and amortization $ — 2,785 620 51 — 3,456 Debt accretion and amortization $ 153 162 9 — — 324 |
IT'SUGAR Bankruptcy (Tables)
IT'SUGAR Bankruptcy (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Acquisition [Line Items] | |
Summary Of Assets Acquired And Liabilities Assumed | Cash $ 557 Trade accounts receivable 10,278 Trade inventory 12,149 Property and equipment 1,007 Identifiable intangible assets (1) 19,680 Operating lease asset (2) 3,188 Other assets 650 Total assets acquired 47,509 Accounts payable ( 5,619 ) Other liabilities ( 3,524 ) Operating lease liability ( 2,213 ) Total liabilities assumed ( 11,356 ) Fair value of identifiable net assets 36,153 Goodwill 6,936 Purchase consideration 43,089 Less: cash acquired ( 557 ) Less: consideration payable ( 194 ) Cash paid for acquisition less cash acquired $ 42,338 (1) Identifiable intangible assets were comprised of $ 3.7 million, $ 15.8 million, and $ 0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are being amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships. (2) Includes an intangible asset of $ 1.0 million related to below market rents associated with an office lease that is expected to be recognized over the lease term of approximately seven years. |
Schedule Of Trade Sales And Income | For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Trade sales $ 6,022 3,609 6,022 19,597 Income (loss) from continuing operations before income taxes $ 817 ( 8,428 ) 817 ( 36,512 ) |
Pro Forma Information | Pro Forma Pro Forma For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Trade sales $ 61,050 22,960 132,137 62,874 Income (loss) from continuing operations before income taxes $ 15,639 ( 12,332 ) 17,803 ( 45,249 ) Income (loss) from continuing operations $ 11,788 ( 9,269 ) 13,426 ( 35,755 ) Net income (loss) income attributable to shareholders $ 11,174 ( 7,914 ) 12,904 ( 31,403 ) |
Schedule Of Future Rental Payments | Period Ending December 31, 2021 $ 6,554 2022 16,286 2023 15,632 2024 13,185 2025 11,796 After 2025 28,476 Total lease payments 91,929 Less: interest 12,444 Present value of lease liabilities $ 79,485 |
IT'SUGAR, LLC [Member] | |
Business Acquisition [Line Items] | |
Summary Of Assets Acquired And Liabilities Assumed | Cash $ 6,909 Trade accounts receivable 601 Trade inventory 5,440 Property and equipment 19,298 Identifiable intangible assets (1) 9,670 Operating lease assets (2) 56,107 Other assets 3,200 Total assets acquired 101,225 Accounts payable ( 2,419 ) Accrued expenses ( 8,133 ) Other liabilities ( 124 ) Operating lease liabilities ( 64,829 ) Notes payable and other borrowings (4) ( 10,054 ) Total liabilities assumed ( 85,559 ) Fair value of identifiable net assets 15,666 Fair value of net assets acquired 28,590 Fair value of redeemable noncontrolling interest 936 Fair value of IT'SUGAR 29,526 Goodwill $ 13,860 Gain on the consolidation of IT'SUGAR (3) $ 15,890 (1) Identifiable intangible assets represents trademarks that are being amortized over an estimated expected useful life of 15 years. (2) Includes a net intangible liability of $ 8.7 million related to off market rents related to certain of IT’SUGAR’s retail locations that is expected to be recognized over a weighted average lease term of approximately 8 years. (3) The gain is comprised of the remeasurement of the Company’s equity interest in IT’SUGAR at fair value. (4) Notes payable and other borrowings reflects amounts due to the Company’s wholly-owned subsidiary that have been eliminated in consolidation as of and subsequent to the consolidation date. |
Organization And Basis Of Fin_3
Organization And Basis Of Financial Statement Presentation (Narrative) (Details) | Sep. 30, 2021item | Oct. 22, 2020USD ($) | Jul. 31, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)item$ / sharesshares | May 31, 2021$ / sharesshares | Mar. 31, 2020USD ($)item | Sep. 30, 2019item | Jun. 30, 2021USD ($)item$ / sharesshares | Jun. 30, 2020USD ($)itemshares | Jun. 30, 2021USD ($)item$ / sharesshares | Jun. 30, 2020USD ($)itemshares | Dec. 31, 2016item | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)shares | Oct. 31, 2020USD ($) | Oct. 07, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 22, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||||
Number of publicly-traded companies after spin-off | item | 2 | ||||||||||||||||||
Number of common stock class | item | 2 | ||||||||||||||||||
Other assets | $ 35,932,000 | $ 35,932,000 | $ 35,932,000 | $ 24,718,000 | |||||||||||||||
Revenues | 61,718,000 | $ 26,604,000 | 123,593,000 | $ 74,785,000 | |||||||||||||||
Number of major customers | item | 2 | ||||||||||||||||||
Revenue from customers | 58,922,000 | 25,889,000 | 118,371,000 | $ 73,214,000 | |||||||||||||||
Property and equipment, net | $ 28,437,000 | $ 28,437,000 | $ 28,437,000 | 7,803,000 | |||||||||||||||
Number of votes per share | item | 1 | 1 | 1 | ||||||||||||||||
Investments in and advances to unconsolidated real estate joint ventures | $ 55,288,000 | $ 55,288,000 | 63,775,000 | $ 55,288,000 | 63,775,000 | 58,010,000 | |||||||||||||
Loss from noncontrolling interest | 697,000 | 1,248,000 | |||||||||||||||||
Cash and cash equivalents | 101,851,000 | 101,851,000 | 96,537,000 | 101,851,000 | 96,537,000 | 90,037,000 | |||||||||||||
Impairment losses | 22,384,000 | ||||||||||||||||||
Goodwill | 20,796,000 | $ 14,864,000 | 20,796,000 | $ 14,864,000 | 20,796,000 | $ 14,864,000 | $ 6,936,000 | $ 8,277,000 | $ 37,248,000 | ||||||||||
MOD Pizza [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of stores open | item | 60 | ||||||||||||||||||
Number of stores transferred | item | 7 | ||||||||||||||||||
Number of stores terminated | item | 2 | ||||||||||||||||||
New BBX Capital [Member] | Notes Payable [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Debt face amount | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | ||||||||||||||||
Interest rate | 6.00% | 6.00% | 6.00% | ||||||||||||||||
Deferred interest rate | 8.00% | 8.00% | 8.00% | ||||||||||||||||
IT'SUGAR, LLC [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of stores open | item | 100 | ||||||||||||||||||
Advance from subsidiary | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 | $ 2,000,000 | |||||||||||||||
Goodwill | $ 14,900,000 | ||||||||||||||||||
BBX Capital Real Estate [Member] | Altman [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percent of voting power | 22.00% | 22.00% | 22.00% | ||||||||||||||||
Percentage of total common equity | 80.00% | 80.00% | 80.00% | ||||||||||||||||
Share repurchase program, value | $ 3,800,000 | $ 3,800,000 | $ 3,800,000 | $ 10,000,000 | |||||||||||||||
Share repurchased, price per share | $ / shares | $ 6.29 | ||||||||||||||||||
Number of shares repurchased | shares | 597,088 | ||||||||||||||||||
Common stock, shares authorized | shares | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | |||||||||||||||
Number of shares purchased on market, tender offer | shares | 3,500,000 | 4,000,000 | |||||||||||||||||
Purchase price per share | $ / shares | $ 8 | $ 6.75 | $ 8 | $ 8 | |||||||||||||||
Class B Common Stock [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percent of voting power | 78.00% | 78.00% | 78.00% | ||||||||||||||||
Percentage of total common equity | 20.00% | 20.00% | 20.00% | ||||||||||||||||
Common stock, shares authorized | shares | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | |||||||||||||||
Renin [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of major customers | item | 3 | 2 | 3 | 2 | |||||||||||||||
Renin [Member] | Reportable Segments [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | $ 34,378,000 | $ 17,175,000 | $ 73,069,000 | $ 34,621,000 | |||||||||||||||
Cash and cash equivalents | $ 682,000 | 682,000 | 1,871,000 | 682,000 | 1,871,000 | ||||||||||||||
Goodwill | $ 6,936,000 | 6,936,000 | 6,936,000 | ||||||||||||||||
Renin [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | $ 8,000,000 | $ 6,800,000 | |||||||||||||||||
Revenue from customers | $ 17,300,000 | $ 13,000,000 | |||||||||||||||||
Risk percentage | 14.00% | 25.70% | 14.00% | 17.40% | |||||||||||||||
Renin [Member] | Revenue Benchmark [Member] | Customer Two Concentration Risk [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | $ 11,600,000 | $ 3,200,000 | |||||||||||||||||
Revenue from customers | $ 22,700,000 | $ 8,700,000 | |||||||||||||||||
Risk percentage | 18.80% | 11.90% | 18.30% | 11.60% | |||||||||||||||
Renin [Member] | Revenue Benchmark [Member] | Customer Three Concentration Risk [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | $ 9,000,000 | ||||||||||||||||||
Revenue from customers | $ 20,000,000 | ||||||||||||||||||
Risk percentage | 14.60% | 16.20% | |||||||||||||||||
Renin [Member] | Outside United States [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | $ 6,000,000 | $ 11,400,000 | |||||||||||||||||
IT'SUGAR, LLC [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Impairment losses | 22,400,000 | ||||||||||||||||||
IT'SUGAR, LLC [Member] | BBX Sweet Holdings [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Consolidated method ownership percentage | 93.00% | 93.00% | 93.00% | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percent of voting power | 9.30% | ||||||||||||||||||
Percentage of total common equity | 7.50% | ||||||||||||||||||
Subsequent Event [Member] | Common Class A And Class B [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Stock issued | shares | 17,317,805 | ||||||||||||||||||
Subsequent Event [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Stock issued | shares | 13,624,209 | ||||||||||||||||||
Number of shares purchased on market, tender offer | shares | 1,402,785 | ||||||||||||||||||
Purchase price per share | $ / shares | $ 8 | ||||||||||||||||||
Purchase price of stock | $ 11,200,000 | ||||||||||||||||||
Subsequent Event [Member] | Class B Common Stock [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Stock issued | shares | 3,693,596 | ||||||||||||||||||
IT'SUGAR, LLC [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Goodwill | $ 13,860,000 | $ 13,860,000 | $ 13,860,000 | ||||||||||||||||
Colonial Elegance [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Purchase consideration | 43,089,000 | ||||||||||||||||||
Goodwill | 6,936,000 | 6,936,000 | 6,936,000 | ||||||||||||||||
Colonial Elegance [Member] | Renin [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Purchase consideration | $ 43,100,000 | ||||||||||||||||||
DIP Facility [Member] | IT'SUGAR, LLC [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Debt face amount | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 | ||||||||||||||||
Interest rate | 5.00% | 5.00% | 5.00% | ||||||||||||||||
Advance from subsidiary | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | ||||||||||||||||
Maximum borrowing capacity | 4,000,000 | 4,000,000 | 4,000,000 | $ 4,000,000 | |||||||||||||||
LIBOR [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Line of credit, outstanding | $ 46,200,000 | 46,200,000 | 46,200,000 | ||||||||||||||||
Trade Sales [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenue from customers | 46,532,000 | 23,050,000 | 92,446,000 | 63,936,000 | |||||||||||||||
Trade Sales [Member] | Renin [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | 28,600,000 | 10,000,000 | 60,000,000 | 21,700,000 | |||||||||||||||
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenue from customers | 34,378,000 | 17,175,000 | 73,069,000 | 34,621,000 | |||||||||||||||
Trade Sales [Member] | Renin [Member] | Outside United States [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | 12,600,000 | 26,900,000 | |||||||||||||||||
Sales Of Real Estate Inventory [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenue from customers | $ 12,390,000 | $ 2,839,000 | $ 25,925,000 | $ 9,278,000 | |||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Anti-dilutive shares | shares | 19,317,687 | 19,317,687 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Thousands | Oct. 22, 2020 | Jun. 30, 2021 |
Business Acquisition [Line Items] | ||
Percent of noncontrolling equity interest | 19.00% | |
IT'SUGAR, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 9,670 | |
Intangible assets useful life, in years | 15 years | |
Colonial Elegance [Member] | ||
Business Acquisition [Line Items] | ||
Purchase consideration | $ 43,089 | |
Cash consideration, net of cash acquired | 42,338 | |
Intangible assets | 19,680 | |
Holdback Amounts | 194 | |
Colonial Elegance [Member] | Renin [Member] | ||
Business Acquisition [Line Items] | ||
Base purchase price | $ 38,800 | |
Purchase consideration | 43,100 | |
Acquired excess working capital | 4,300 | |
Capital investments | $ 5,000 | |
Trademarks [Member] | Colonial Elegance [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 3,700 | |
Intangible assets useful life, in years | 13 years | |
Customer Relationships [Member] | Colonial Elegance [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 15,800 | |
Lease premium [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | 1,000 | |
Noncompete Agreements [Member] | Colonial Elegance [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 200 | |
Intangible assets useful life, in years | 5 years |
Acquisitions (Summary Of Assets
Acquisitions (Summary Of Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 20,796 | $ 6,936 | $ 8,277 | $ 14,864 | $ 14,864 | $ 37,248 |
Lease premium [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | 1,000 | |||||
IT'SUGAR, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | 6,909 | |||||
Trade accounts receivable | 601 | |||||
Trade inventory | 5,440 | |||||
Property and equipment | 19,298 | |||||
Identifiable intangible assets | 9,670 | |||||
Operating lease asset | 56,107 | |||||
Other assets | 3,200 | |||||
Total assets acquired | 101,225 | |||||
Accounts payable | (2,419) | |||||
Other liabilities | (124) | |||||
Operating lease liability | (64,829) | |||||
Total liabilities assumed | (85,559) | |||||
Fair value of identifiable net assets | 15,666 | |||||
Goodwill | $ 13,860 | |||||
Intangible assets useful life, in years | 15 years | |||||
Colonial Elegance [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 557 | |||||
Trade accounts receivable | 10,278 | |||||
Trade inventory | 12,149 | |||||
Property and equipment | 1,007 | |||||
Identifiable intangible assets | 19,680 | |||||
Operating lease asset | 3,188 | |||||
Other assets | 650 | |||||
Total assets acquired | 47,509 | |||||
Accounts payable | (5,619) | |||||
Other liabilities | (3,524) | |||||
Operating lease liability | (2,213) | |||||
Total liabilities assumed | (11,356) | |||||
Fair value of identifiable net assets | 36,153 | |||||
Goodwill | 6,936 | |||||
Purchase consideration | 43,089 | |||||
Less: cash acquired | (557) | |||||
Less: consideration payable | (194) | |||||
Cash paid for acquisition less cash acquired | 42,338 | |||||
Colonial Elegance [Member] | Trademarks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 3,700 | |||||
Intangible assets useful life, in years | 13 years | |||||
Colonial Elegance [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 15,800 | |||||
Colonial Elegance [Member] | Noncompete Agreements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 200 | |||||
Intangible assets useful life, in years | 5 years |
Trade Receivables (Schedule Of
Trade Receivables (Schedule Of Trade Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Trade Receivables [Abstract] | ||
Trade receivables | $ 27,978 | $ 29,860 |
Allowance for expected credit losses | (584) | (353) |
Total trade receivables | $ 27,394 | $ 29,507 |
Trade Inventory (Summary Of Inv
Trade Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Trade Inventory [Abstract] | ||
Raw materials | $ 8,690 | $ 6,191 |
Paper goods and packaging materials | 1,460 | 1,322 |
Finished goods | 32,414 | 24,333 |
Total trade inventory | $ 42,564 | $ 31,846 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Real Estate [Abstract] | |||
Investments in and advances to unconsolidated real estate joint ventures | $ 55,288 | $ 58,010 | $ 63,775 |
Real Estate (Schedule Of Real E
Real Estate (Schedule Of Real Estate) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Real estate held-for-sale | $ 8,264 | $ 9,031 |
Real estate held-for-investment | 5,992 | 5,992 |
Real estate inventory | 26,383 | 40,777 |
Total VOI inventory | $ 40,639 | $ 55,800 |
Investments In And Advances T_3
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jul. 31, 2021item | Jun. 30, 2021USD ($)item | Mar. 31, 2021item | Feb. 28, 2021USD ($)item | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | $ 55,288 | $ 55,288 | $ 63,775 | $ 55,288 | $ 63,775 | $ 58,010 | ||||
Equity in earning of unconsolidated real estate joint ventures | $ 4,443 | $ 145 | $ 4,172 | $ 696 | ||||||
The Altman Companies, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | 50.00% | |||||||
Altis Ludlam - Miami Investor, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | $ 10,220 | $ 10,220 | $ 10,220 | 9,653 | ||||||
The Altman Companies, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 15,884 | 15,884 | 15,884 | 15,222 | ||||||
ABBX Guaranty, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 3,750 | 3,750 | 3,750 | 3,750 | ||||||
Sky Cove, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 1,651 | 1,651 | 1,651 | 3,287 | ||||||
Altis Lake Willis (Vineland Pointe) [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 6,114 | 6,114 | 6,114 | 5,446 | ||||||
Altis Wiregrass, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | $ 163 | |||||||||
Number of unit multi-family apartment community sold | item | 280 | |||||||||
Equity in earning of unconsolidated real estate joint ventures | 300 | |||||||||
Sky Cove South [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | $ 4,810 | $ 4,900 | 4,810 | 4,810 | ||||||
Number of single family homes | item | 197 | |||||||||
Altis Promenade [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of unit multi-family apartment community sold | item | 338 | |||||||||
Cash distribution from joint venture | 7,100 | 7,100 | ||||||||
Equity in earning of unconsolidated real estate joint ventures | $ 5,300 | $ 5,300 | ||||||||
Subsequent Event [Member] | Altis Grand At The Preserve [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of unit multi-family apartment community sold | item | 350 | |||||||||
Cash distribution from joint venture | $ 5,800 | |||||||||
Equity in earning of unconsolidated real estate joint ventures | $ 5,000 |
Investments In And Advances T_4
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 55,288 | $ 58,010 | $ 63,775 | |
Altis at Grand Central Capital, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 2,149 | 2,287 | ||
Altis Promenade Capital, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 1,964 | |||
Altis Ludlam - Miami Investor, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 10,220 | 9,653 | ||
Altis Grand at The Preserve (Suncoast) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 1,115 | 1,086 | ||
Altis Pembroke Gardens, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 310 | |||
Altis Wiregrass, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 163 | |||
Altis Little Havana [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 858 | 844 | ||
Altis Lake Willis (Vineland Pointe) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 6,114 | 5,446 | ||
Altis Miramar East/West [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 2,855 | 2,818 | ||
The Altman Companies, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 15,884 | 15,222 | ||
ABBX Guaranty, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 3,750 | 3,750 | ||
Bayview [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 1,343 | 1,563 | ||
Marbella [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 1,788 | 6,971 | ||
Chapel Trail [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 153 | 153 | ||
The Main Las Olas [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 2,567 | 2,462 | ||
Sky Cove, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 1,651 | 3,287 | ||
Sky Cove South [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 4,810 | $ 4,900 | ||
Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 31 | $ 31 |
Impairments (Narrative) (Detail
Impairments (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 22, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||||||||||
Goodwill, impairment loss | $ 22,384 | |||||||||
IT'SUGAR emergence from bankruptcy | 13,860 | $ 13,860 | ||||||||
Intangible asset impairment | 5,400 | |||||||||
Goodwill | $ 20,796 | 20,796 | $ 14,864 | 20,796 | 14,864 | $ 6,936 | $ 8,277 | $ 14,864 | $ 37,248 | |
Impairment losses associated with unconsolidated real estate joint ventures | $ 2,200 | $ 2,200 | ||||||||
IT'SUGAR, LLC [Member] | ||||||||||
Goodwill [Line Items] | ||||||||||
Goodwill, impairment loss | $ 22,400 | |||||||||
IT'SUGAR emergence from bankruptcy | $ 13,900 | |||||||||
IT'SUGAR, LLC [Member] | ||||||||||
Goodwill [Line Items] | ||||||||||
Goodwill | $ 14,900 |
Impairments (Schedule Of Change
Impairments (Schedule Of Changes In Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Impairments [Abstract] | ||||
Balance, beginning of period | $ 6,936 | $ 14,864 | $ 8,277 | $ 37,248 |
IT'SUGAR emergence from bankruptcy | 13,860 | 13,860 | ||
Impairment losses | (22,384) | |||
Colonial Elegance acquisition adjustments to provisional goodwill | (1,341) | |||
Balance, end of period | $ 20,796 | $ 14,864 | $ 20,796 | $ 14,864 |
Notes Payable And Other Borro_3
Notes Payable And Other Borrowings (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Notes And Loans Payable | $ 64,275,000 | $ 73,483,000 | $ 41,614,000 | |
Inventory, Real Estate | 40,639,000 | 55,800,000 | ||
Debt issuance during period | 0 | |||
Other Assets | 35,932,000 | 24,718,000 | ||
LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit, outstanding | 46,200,000 | |||
Other Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | 708,000 | 1,126,000 | ||
Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes And Loans Payable | 17,306,000 | 27,565,000 | ||
Carrying Amount of Pledged Assets | $ 27,571,000 | $ 42,230,000 | ||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | ||
Other Notes Payable [Member] | Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes And Loans Payable | $ 35,000 | $ 43,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.22% | 4.22% | ||
BBX Sweet Holdings [Member] | Iberia Line Of Credit [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on rate | 3.00% | |||
BBX Sweet Holdings [Member] | Iberia Line Of Credit [Member] | Maximum [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 2,500,000 | |||
BBX Sweet Holdings [Member] | Iberia Line Of Credit [Member] | Prime Rate [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on rate | 50.00% | |||
Renin [Member] | TD Bank Line Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 | |||
Availability of line of credits/credit facilities | $ 6,600,000 | |||
Renin [Member] | TD Bank Line Of Credit [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 24,000,000 | |||
Line of credit, must be repaid | $ 20,000,000 |
Notes Payable And Other Borro_4
Notes Payable And Other Borrowings (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 64,275 | $ 73,483 | $ 41,614 |
Other Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (708) | (1,126) | |
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | 17,306 | 27,565 | |
Carrying Amount of Pledged Assets | 27,571 | 42,230 | |
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 46,236 | $ 45,573 | |
Interest Rate | 3.28% | 3.30% | |
Carrying Amount of Pledged Assets | |||
Other Notes Payable [Member] | Centennial Bank [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 1,406 | $ 1,428 | |
Interest Rate | 5.25% | 5.25% | |
Carrying Amount of Pledged Assets | $ 1,815 | $ 1,840 | |
Other Notes Payable [Member] | Other [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 35 | $ 43 | |
Interest Rate | 4.22% | 4.22% | |
Minimum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.25% | 4.25% | |
Maximum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.00% | 6.00% |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue Recognition [Abstract] | ||
Estimated variable consideration related to contingent purchase | $ 10.8 | $ 2.9 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | $ 58,922 | $ 25,889 | $ 118,371 | $ 73,214 |
Interest income | 1,667 | 83 | 3,317 | 199 |
Net gains on sales of real estate assets | 204 | 13 | 309 | (34) |
Other revenue | 925 | 619 | 1,596 | 1,406 |
Total revenues | 61,718 | 26,604 | 123,593 | 74,785 |
Trade Sales - Wholesale [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | 37,692 | 18,399 | 80,160 | 39,273 |
Trade Sales - Retail [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | 8,840 | 4,651 | 12,286 | 24,663 |
Sales Of Real Estate Inventory [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | $ 12,390 | $ 2,839 | $ 25,925 | $ 9,278 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||
Effective tax rate | 23.00% | 25.00% | 25.00% | 21.00% |
Federal income tax rate | 21.00% | |||
Gain (loss) from legal settlements | $ 4 | $ 4 | ||
BVH [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Related party expenses | $ 4.1 | $ 7.9 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Commitments And Contingencies [Line Items] | ||||
Other liabilities | $ 5,154 | $ 5,455 | ||
Notes And Loans Payable | 64,275 | 73,483 | $ 41,614 | |
Operating lease liabilities | $ 79,485 | $ 14,141 | ||
Expedited Shipment Of Products From Foreign Supplier [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Shipment costs | $ 6,000 | |||
Expedited Shipment Of Product Displays [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Shipment costs | 2,000 | |||
Renin [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Right to offset due to supplier failure to deliver | $ 8,100 | |||
Bayview Partners, LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percent guaranteed on outstanding balance of loan | 50.00% | |||
Issuance of note payable to purchase property and equipment | $ 5,000 | |||
IT'SUGAR, LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantor, base rent commitment | $ 800 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | |||||
Redeemable noncontrolling interest | $ 1,009 | $ 1,009 | |||
Percent of noncontrolling equity interest | 19.00% | 19.00% | |||
Income (loss) noncontrolling interest | $ 45 | $ (10) | $ 200 | $ (700) | |
IT'SUGAR, LLC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Income (loss) noncontrolling interest | $ 800 | 100 | $ 3,600 | ||
Restaurant [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable noncontrolling interest | $ 300 | $ 300 | $ 100 |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | $ 35,932 | $ 24,718 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 101,851 | 90,037 |
Restricted cash | 350 | 350 |
Note receivable from Bluegreen Vacations Holding Corporation | 75,000 | 75,000 |
Notes payable and other borrowings | 64,275 | 73,483 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 101,851 | 90,037 |
Restricted cash | 350 | 350 |
Note receivable from Bluegreen Vacations Holding Corporation | 77,585 | 78,218 |
Notes payable and other borrowings | 72,042 | 77,500 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 101,851 | 90,037 |
Restricted cash | 350 | 350 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Note receivable from Bluegreen Vacations Holding Corporation | 77,585 | 78,218 |
Notes payable and other borrowings | $ 72,042 | $ 77,500 |
Certain Relationships And Rel_3
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Interest income | $ 2,300,000 | ||||
Management services expenses | $ 100,000 | $ 100,000 | |||
BVH [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, purchases from related party | $ 0 | 400,000 | 200,000 | 900,000 | |
Interest income | 1,100,000 | ||||
Related party expenses | 4,100,000 | 7,900,000 | |||
Management services expenses | 400,000 | ||||
Debt face amount | $ 75,000,000 | $ 75,000,000 | |||
Interest rate | 6.00% | 6.00% | |||
Bluegreen [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 100,000 | $ 300,000 | |||
Management services expenses | $ 200,000 | ||||
BBX Capital Executive [Member] | Class A and B Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percent of voting power | 79.00% | 79.00% | |||
Altman Companies [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management services expenses | $ 100,000 | 100,000 | |||
IT'SUGAR, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest income | $ 33,000 | $ 100,000 | |||
Risk Management Consulting [Member] | BVH [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 200,000 | $ 400,000 | |||
Subsequent Event [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percent of voting power | 9.30% |
Certain Relationships And Rel_4
Certain Relationships And Related Party Transactions (Components Of Net Transfers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Certain Relationships And Related Party Transactions [Abstract] | ||
Cash pooling | $ 87,362 | $ 87,007 |
Corporate overhead allocations | 4,124 | 7,927 |
Asset transfers | 145 | 145 |
Net transfers from Bluegreen Vacations | $ 91,631 | $ 95,079 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($)item | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($)item | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | item | 1 | ||||
Number of reportable segments | item | 3 | ||||
Number of major customers | item | 2 | ||||
Revenues | $ 58,922,000 | $ 25,889,000 | $ 118,371,000 | $ 73,214,000 | |
Property and equipment, net | 28,437,000 | 28,437,000 | $ 7,803,000 | ||
Cash and cash equivalents | $ 101,851,000 | $ 96,537,000 | $ 101,851,000 | $ 96,537,000 | $ 90,037,000 |
Renin [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of major customers | item | 3 | 2 | 3 | 2 | |
Reportable Segments [Member] | Renin [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cash and cash equivalents | $ 682,000 | $ 1,871,000 | $ 682,000 | $ 1,871,000 | |
Notes Payable [Member] | New BBX Capital [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Debt face amount | $ 75,000,000 | $ 75,000,000 |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||||||
Revenue from customers | $ 58,922 | $ 25,889 | $ 118,371 | $ 73,214 | ||||
Interest income | 1,667 | 83 | 3,317 | 199 | ||||
Net gains on sales of real estate assets | 204 | 13 | 309 | (34) | ||||
Other revenue | 925 | 619 | 1,596 | 1,406 | ||||
Total revenues | 61,718 | 26,604 | 123,593 | 74,785 | ||||
Interest expense | 294 | 584 | ||||||
Recoveries from loan losses, net | (1,137) | (1,525) | (1,645) | (5,037) | ||||
Impairment losses | 3,305 | 30,740 | ||||||
Reimbursement of litigation costs and penalty | (4,000) | (4,000) | ||||||
Selling, general and administrative expenses | 14,039 | 13,718 | 27,237 | 35,038 | ||||
Total costs and expenses | 56,331 | 40,241 | 114,062 | 119,896 | ||||
Operating losses | 5,387 | (13,637) | 9,531 | (45,111) | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 4,443 | 145 | 4,172 | 696 | ||||
Other income (expense) | 129 | 75 | 192 | 111 | ||||
Gain on the consolidation of IT'SUGAR, LLC | 15,890 | 15,890 | ||||||
Foreign exchange gain (loss) | 976 | (6) | 496 | 272 | ||||
Income (loss) from continuing operations before income taxes | 26,825 | (13,423) | 30,281 | (44,032) | ||||
Total assets | 536,659 | 416,736 | 536,659 | 416,736 | $ 447,656 | |||
Expenditures for property and equipment | 1,836 | 228 | 2,102 | 3,574 | ||||
Depreciation and amortization | 1,005 | 1,692 | 1,796 | 3,456 | ||||
Debt accretion and amortization | 192 | 167 | 442 | 324 | ||||
Cash and cash equivalents | 101,851 | 96,537 | 101,851 | 96,537 | 90,037 | |||
Equity method investments | 55,288 | 63,775 | 55,288 | 63,775 | 58,010 | |||
Goodwill | 20,796 | 14,864 | 20,796 | 14,864 | $ 6,936 | 8,277 | $ 14,864 | $ 37,248 |
Notes payable and other borrowings | 64,275 | 41,614 | 64,275 | 41,614 | $ 73,483 | |||
Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Other revenue | 575 | 224 | 1,005 | 473 | ||||
Total revenues | 2,531 | 851 | 5,202 | 3,211 | ||||
Interest expense | 2 | 1 | 5 | |||||
Impairment losses | 2,727 | |||||||
Selling, general and administrative expenses | 1,478 | 713 | 2,984 | 2,416 | ||||
Total costs and expenses | 2,127 | 1,087 | 4,043 | 6,255 | ||||
Operating losses | 404 | (236) | 1,159 | (3,044) | ||||
Other income (expense) | (1) | |||||||
Income (loss) from continuing operations before income taxes | 404 | (236) | 1,158 | (3,044) | ||||
Total assets | 7,026 | 6,225 | 7,026 | 6,225 | ||||
Expenditures for property and equipment | 90 | 14 | 102 | 45 | ||||
Depreciation and amortization | 40 | 26 | 70 | 51 | ||||
Cash and cash equivalents | 2,049 | 771 | 2,049 | 771 | ||||
Notes payable and other borrowings | 35 | 129 | 35 | 129 | ||||
Reconciling Items And Eliminations [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest income | 1,131 | (11) | 2,306 | (13) | ||||
Other revenue | (88) | (17) | (245) | (58) | ||||
Total revenues | 1,043 | (28) | 2,061 | (71) | ||||
Interest expense | (175) | (128) | (322) | (306) | ||||
Selling, general and administrative expenses | 3,520 | 4,105 | 7,363 | 7,868 | ||||
Total costs and expenses | 3,345 | 3,977 | 7,041 | 7,562 | ||||
Operating losses | (2,302) | (4,005) | (4,980) | (7,633) | ||||
Other income (expense) | 138 | 176 | ||||||
Income (loss) from continuing operations before income taxes | (2,164) | (4,005) | (4,804) | (7,633) | ||||
Total assets | 120,191 | 79,479 | 120,191 | 79,479 | ||||
Expenditures for property and equipment | 366 | 380 | ||||||
Depreciation and amortization | 18 | 67 | ||||||
Cash and cash equivalents | 45,043 | 72,218 | 45,043 | 72,218 | ||||
Notes payable and other borrowings | (13,036) | (6,251) | (13,036) | (6,251) | ||||
BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest income | 500 | 81 | 975 | 185 | ||||
Net gains on sales of real estate assets | 204 | 13 | 309 | (34) | ||||
Other revenue | 438 | 327 | 836 | 787 | ||||
Total revenues | 13,532 | 3,260 | 28,045 | 10,216 | ||||
Recoveries from loan losses, net | (1,137) | (1,525) | (1,645) | (5,037) | ||||
Impairment losses | 2,710 | 2,710 | ||||||
Selling, general and administrative expenses | 1,647 | 1,125 | 3,621 | 3,461 | ||||
Total costs and expenses | 6,078 | 3,784 | 15,402 | 7,240 | ||||
Operating losses | 7,454 | (524) | 12,643 | 2,976 | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 4,443 | 145 | 4,172 | 696 | ||||
Other income (expense) | (28) | (28) | ||||||
Income (loss) from continuing operations before income taxes | 11,869 | (379) | 16,787 | 3,672 | ||||
Total assets | 169,987 | 161,933 | 169,987 | 161,933 | ||||
Debt accretion and amortization | 160 | 58 | 379 | 153 | ||||
Cash and cash equivalents | 43,768 | 17,933 | 43,768 | 17,933 | ||||
Equity method investments | 55,288 | 63,775 | 55,288 | 63,775 | ||||
Notes payable and other borrowings | 16,883 | 32,074 | 16,883 | 32,074 | ||||
BBX Sweet Holdings [Member] | Reportable Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest income | 36 | 13 | 36 | 27 | ||||
Other revenue | 85 | 204 | ||||||
Total revenues | 10,234 | 5,346 | 15,216 | 26,808 | ||||
Interest expense | 40 | 55 | 66 | 116 | ||||
Impairment losses | 595 | 25,303 | ||||||
Selling, general and administrative expenses | 3,590 | 5,740 | 5,161 | 16,640 | ||||
Total costs and expenses | 10,186 | 15,435 | 15,611 | 65,874 | ||||
Operating losses | 48 | (10,089) | (395) | (39,066) | ||||
Other income (expense) | 19 | 75 | 45 | 114 | ||||
Gain on the consolidation of IT'SUGAR, LLC | 15,890 | 15,890 | ||||||
Income (loss) from continuing operations before income taxes | 15,957 | (10,014) | 15,540 | (38,952) | ||||
Total assets | 132,566 | 133,182 | 132,566 | 133,182 | ||||
Expenditures for property and equipment | 16 | 19 | 2,924 | |||||
Depreciation and amortization | 315 | 1,352 | 396 | 2,785 | ||||
Debt accretion and amortization | 2 | 107 | 2 | 162 | ||||
Cash and cash equivalents | 10,309 | 3,744 | 10,309 | 3,744 | ||||
Goodwill | 13,860 | 14,864 | 13,860 | 14,864 | ||||
Notes payable and other borrowings | 14,432 | 7,688 | 14,432 | 7,688 | ||||
Renin [Member] | Reportable Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | 34,378 | 17,175 | 73,069 | 34,621 | ||||
Interest expense | 429 | 71 | 839 | 185 | ||||
Selling, general and administrative expenses | 3,804 | 2,035 | 8,108 | 4,653 | ||||
Total costs and expenses | 34,595 | 15,958 | 71,965 | 32,965 | ||||
Operating losses | (217) | 1,217 | 1,104 | 1,656 | ||||
Other income (expense) | (3) | |||||||
Foreign exchange gain (loss) | 976 | (6) | 496 | 272 | ||||
Income (loss) from continuing operations before income taxes | 759 | 1,211 | 1,600 | 1,925 | ||||
Total assets | 106,889 | 35,917 | 106,889 | 35,917 | ||||
Expenditures for property and equipment | 1,364 | 214 | 1,601 | 605 | ||||
Depreciation and amortization | 632 | 314 | 1,263 | 620 | ||||
Debt accretion and amortization | 30 | 2 | 61 | 9 | ||||
Cash and cash equivalents | 682 | 1,871 | 682 | 1,871 | ||||
Goodwill | 6,936 | 6,936 | ||||||
Notes payable and other borrowings | 45,961 | 7,974 | 45,961 | 7,974 | ||||
Trade Sales [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from customers | 46,532 | 23,050 | 92,446 | 63,936 | ||||
Total costs | 37,567 | 23,269 | 74,460 | 53,049 | ||||
Trade Sales [Member] | Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from customers | 1,956 | 627 | 4,197 | 2,738 | ||||
Total costs | 649 | 372 | 1,058 | 1,107 | ||||
Trade Sales [Member] | BBX Sweet Holdings [Member] | Reportable Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from customers | 10,198 | 5,248 | 15,180 | 26,577 | ||||
Total costs | 6,556 | 9,045 | 10,384 | 23,815 | ||||
Trade Sales [Member] | Renin [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Total revenues | 28,600 | 10,000 | 60,000 | 21,700 | ||||
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from customers | 34,378 | 17,175 | 73,069 | 34,621 | ||||
Total costs | 30,362 | 13,852 | 63,018 | 28,127 | ||||
Sales Of Real Estate Inventory [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from customers | 12,390 | 2,839 | 25,925 | 9,278 | ||||
Total costs | 5,568 | 1,474 | 13,426 | 6,106 | ||||
Sales Of Real Estate Inventory [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue from customers | 12,390 | 2,839 | 25,925 | 9,278 | ||||
Total costs | $ 5,568 | $ 1,474 | $ 13,426 | $ 6,106 |
IT'SUGAR Bankruptcy (Narrative)
IT'SUGAR Bankruptcy (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020item | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Oct. 07, 2020USD ($) | |
Loss from noncontrolling interest | $ 697,000 | $ 1,248,000 | ||||
Redeemable noncontrolling interest, percent | 9.65% | |||||
IT'SUGAR, LLC [Member] | ||||||
Number of stores open | item | 100 | |||||
Decline in revenue, percent | 50.40% | |||||
Notes payable to company | $ 10,100,000 | |||||
Pre-petition line of credit | 6,000,000 | |||||
Advance from subsidiary | $ 2,000,000 | 13,000,000 | ||||
Legal, advisory, and other costs related to bankruptcy | 3,700,000 | |||||
DIP Facility [Member] | IT'SUGAR, LLC [Member] | ||||||
Maximum borrowing capacity | 4,000,000 | $ 4,000,000 | ||||
Advance from subsidiary | $ 4,000,000 | |||||
Interest rate | 5.00% | |||||
Debt face amount | $ 13,000,000 | |||||
Periodic payment, principal | $ 325,000 |
IT'SUGAR Bankruptcy (Summary Of
IT'SUGAR Bankruptcy (Summary Of Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 20,796 | $ 20,796 | $ 6,936 | $ 8,277 | $ 14,864 | $ 14,864 | $ 37,248 |
Gain on the consolidation of IT'SUGAR, LLC | 15,890 | 15,890 | |||||
IT'SUGAR, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 6,909 | 6,909 | |||||
Trade accounts receivable | 601 | 601 | |||||
Trade inventory | 5,440 | 5,440 | |||||
Property and equipment | 19,298 | 19,298 | |||||
Identifiable intangible assets | 9,670 | 9,670 | |||||
Operating lease asset | 56,107 | 56,107 | |||||
Other assets | 3,200 | 3,200 | |||||
Total assets acquired | 101,225 | 101,225 | |||||
Accounts payable | (2,419) | (2,419) | |||||
Accrued expenses | (8,133) | (8,133) | |||||
Other liabilities | (124) | (124) | |||||
Operating lease liability | (64,829) | (64,829) | |||||
Notes payable and other borrowings | (10,054) | (10,054) | |||||
Total liabilities assumed | (85,559) | (85,559) | |||||
Fair value of identifiable net assets | 15,666 | 15,666 | |||||
Fair value of net assets acquired | 28,590 | 28,590 | |||||
Fair value of redeemable noncontrolling interest | 936 | 936 | |||||
Fair value of IT'SUGAR | 29,526 | 29,526 | |||||
Goodwill | 13,860 | 13,860 | |||||
Gain on the consolidation of IT'SUGAR, LLC | $ 15,890 | ||||||
Intangible assets useful life, in years | 15 years | ||||||
Net intangible liability | $ 8,700 | $ 8,700 | |||||
Weighted average remaining lease term (years) | 8 years | 8 years |
IT'SUGAR Bankruptcy (Schedule O
IT'SUGAR Bankruptcy (Schedule Of Trade Sales And Income) (Details) - IT'SUGAR, LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||||
Trade sales | $ 6,022 | $ 3,609 | $ 6,022 | $ 19,597 |
Income before income taxes | $ 817 | $ (8,428) | $ 817 | $ (36,512) |
IT'SUGAR Bankruptcy (Pro Forma
IT'SUGAR Bankruptcy (Pro Forma Information) (Details) - IT'SUGAR, LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||||
Trade sales | $ 61,050 | $ 22,960 | $ 132,137 | $ 62,874 |
(Loss) income from continuing operations before income taxes, Pro Forma | 15,639 | (12,332) | 17,803 | (45,249) |
(Loss) income from continuing operations, Pro Forma | 11,788 | (9,269) | 13,426 | (35,755) |
Net income attributable to shareholders, Pro Forma | 11,174 | (7,914) | 12,904 | (31,403) |
Trade sales, Actual | 6,022 | 3,609 | 6,022 | 19,597 |
Net (loss) income attributable to shareholders, Actual | $ 817 | $ (8,428) | $ 817 | $ (36,512) |
IT'SUGAR Bankruptcy (Schedule_2
IT'SUGAR Bankruptcy (Schedule Of Future Rental Payments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Present value of lease liabilities | $ 79,485 | $ 14,141 |
IT'SUGAR, LLC [Member] | ||
2021 | 6,554 | |
2022 | 16,286 | |
2023 | 15,632 | |
2024 | 13,185 | |
2025 | 11,796 | |
After 2025 | 28,476 | |
Total lease payments | 91,929 | |
Less: interest | 12,444 | |
Present value of lease liabilities | $ 79,485 |