Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 04, 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | |
Title of 12(b) Security | None | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2022 | |
Entity Central Index Key | 0001814974 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 12,379,965 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 3,871,866 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 114,632 | $ 118,045 |
Restricted cash | 1,000 | 1,000 |
Trade accounts receivable, net | 30,673 | 29,899 |
Trade inventory, net | 48,353 | 41,895 |
Real estate ($5,075 in 2022 and $7,679 in 2021 held for sale) | 19,069 | 22,868 |
Investments in and advances to unconsolidated real estate joint ventures | 53,666 | 52,966 |
Note receivable from Bluegreen Vacations Holding Corporation | 50,000 | 50,000 |
Property and equipment, net | 28,736 | 30,611 |
Goodwill | 18,414 | 18,414 |
Intangible assets, net | 31,338 | 31,982 |
Operating lease assets | 91,690 | 90,639 |
Deferred tax asset, net | 4,056 | 3,776 |
Contingent purchase price receivable | 19,283 | 19,925 |
Other assets | 21,462 | 21,335 |
Total assets | 532,372 | 533,355 |
Liabilities: | ||
Accounts payable | 13,229 | 12,980 |
Accrued expenses | 30,301 | 33,136 |
Other liabilities | 5,479 | 5,002 |
Operating lease liabilities | 104,943 | 103,262 |
Notes payable and other borrowings | 55,575 | 54,883 |
Total liabilities | 209,527 | 209,263 |
Commitments and contingencies (See Note 12) | ||
Redeemable noncontrolling interest | 1,137 | 1,144 |
Equity: | ||
Additional paid-in capital | 311,344 | 310,588 |
Accumulated earnings | 7,357 | 9,226 |
Accumulated other comprehensive income | 1,954 | 1,836 |
Total shareholders' equity | 320,810 | 321,805 |
Noncontrolling interests | 898 | 1,143 |
Total equity | 321,708 | 322,948 |
Total liabilities and equity | 532,372 | 533,355 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 118 | 118 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 37 | $ 37 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Real estate held-for-sale | $ 5,075 | $ 7,679 |
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 | 11,808,442 | 11,803,842 |
Common stock, shares outstanding | 11,808,442 | 11,803,842 |
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 | 3,666,837 | 3,671,437 |
Common stock, shares outstanding | 3,666,837 | 3,671,437 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Operations And Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Revenue from customers | $ 72,219 | $ 59,449 |
Interest income | 1,149 | 1,650 |
Net gains on sales of real estate assets | 1,329 | 105 |
Other revenue | 779 | 671 |
Total revenues | 75,476 | 61,875 |
Costs and expenses: | ||
Interest expense | 536 | 290 |
Recoveries from loan losses, net | (648) | (508) |
Impairment losses | 64 | |
Selling, general and administrative expenses | 27,364 | 13,198 |
Total costs and expenses | 80,557 | 57,731 |
Operating (losses) income | (5,081) | 4,144 |
Equity in net earnings (loss) of unconsolidated real estate joint ventures | 1,532 | (271) |
Other income | 984 | 63 |
Foreign exchange loss | (189) | (480) |
(Loss) income before income taxes | (2,754) | 3,456 |
Benefit (provision) for income taxes | 828 | (1,001) |
Net (loss) income | (1,926) | 2,455 |
Net loss (income) attributable to noncontrolling interests | 110 | (110) |
Net (loss) income attributable to shareholders | $ (1,816) | $ 2,345 |
Basic (loss) earnings per share | $ (0.12) | $ 0.12 |
Diluted (loss) earnings per share | $ (0.12) | $ 0.12 |
Basic weighted average number of common shares outstanding | 15,475 | 19,282 |
Diluted weighted average number of common shares outstanding | 15,475 | 19,282 |
Other comprehensive income, net of tax: | ||
Unrealized loss on securities available for sale | $ (46) | $ (2) |
Foreign currency translation adjustments | 164 | 114 |
Other comprehensive income, net | 118 | 112 |
Comprehensive (loss) income, net of tax | (1,808) | 2,567 |
Comprehensive loss (income) attributable to noncontrolling interests | 110 | (110) |
Comprehensive (loss) income attributable to shareholders | (1,698) | 2,457 |
Trade Sales [Member] | ||
Revenues: | ||
Revenue from customers | 65,749 | 45,914 |
Costs and expenses: | ||
Total costs | 51,006 | 36,893 |
Sales Of Real Estate Inventory [Member] | ||
Revenues: | ||
Revenue from customers | 6,470 | 13,535 |
Costs and expenses: | ||
Total costs | $ 2,235 | $ 7,858 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated (Deficit) Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interests [Member] | Total |
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 | 3,694 | |||||
Net income | 2,345 | 110 | 2,455 | ||||
Other comprehensive income | 112 | 112 | |||||
Purchase and retirement of common stock, value | $ (3) | (2,133) | (2,136) | ||||
Purchase and retirement of common stock, shares | (339) | ||||||
Ending balance at Mar. 31, 2021 | $ 153 | $ 37 | 308,455 | (1,112) | 1,942 | 209 | 309,684 |
Ending balance, shares at Mar. 31, 2021 | 15,285 | 3,694 | |||||
Beginning balance at Dec. 31, 2021 | $ 118 | $ 37 | 310,588 | 9,226 | 1,836 | 1,143 | 322,948 |
Beginning balance, shares at Dec. 31, 2021 | 11,804 | 3,671 | |||||
Net loss excluding loss attributable to redeemable noncontrolling interest | (1,816) | (39) | (1,855) | ||||
Net income | (1,926) | ||||||
Other comprehensive income | 118 | 118 | |||||
Accretion of noncontrolling interest | (53) | (53) | |||||
Contributions from noncontrolling interest | 25 | 25 | |||||
Distributions to noncontrolling interests | (231) | (231) | |||||
Conversion of common stock from Class B to Class A, shares | 4 | (4) | |||||
Share-based compensation | 756 | 756 | |||||
Ending balance at Mar. 31, 2022 | $ 118 | $ 37 | $ 311,344 | $ 7,357 | $ 1,954 | $ 898 | $ 321,708 |
Ending balance, shares at Mar. 31, 2022 | 11,808 | 3,667 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | ||
Net (loss) income | $ (1,926) | $ 2,455 |
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Recoveries from loan losses, net | (648) | (508) |
Depreciation, amortization and accretion | 2,487 | 1,041 |
Net gains on sales of real estate and property and equipment | (2,131) | (163) |
Equity in net (earnings) losses of unconsolidated real estate joint ventures | (1,532) | 271 |
Return on investment in unconsolidated real estate joint ventures | 2,612 | 88 |
Increase in deferred income tax asset, net | (280) | (46) |
Impairment losses | 64 | |
Share-based compensation expense | 767 | |
(Increase) decrease in trade inventory | (6,082) | 705 |
Provision for excess and obsolete inventory | (376) | (356) |
(Increase) decrease in trade receivables | (774) | 18 |
Decrease in real estate inventory | 481 | 6,119 |
Net change in operating lease asset and operating lease liability | 525 | 140 |
Decrease (increase) in contingent purchase price receivable | 642 | (2,979) |
Increase in other assets | (236) | (1,501) |
Decrease in accrued expenses | (2,835) | (801) |
Advances to IT'SUGAR | (233) | |
Increase (decrease) in accounts payable | 249 | (968) |
Increase in other liabilities | 641 | 508 |
Net cash (used in) provided by operating activities | (8,352) | 3,790 |
Investing activities: | ||
Return of investment in unconsolidated real estate joint ventures | 402 | 3,115 |
Investments in unconsolidated real estate joint ventures | (2,182) | (5,866) |
Proceeds from repayment of loans receivable | 761 | 1,001 |
Proceeds from sales of real estate held-for-sale | 3,937 | 368 |
Proceeds from sales of property and equipment | 2,741 | |
Additions to real estate held-for-sale and held-for-investment | (66) | (19) |
Purchases of property and equipment | (1,884) | (266) |
Change in cash from other investing activities | (3) | (111) |
Net cash provided by (used in) investing activities | 3,706 | (1,778) |
Financing activities: | ||
Repayments of notes payable and other borrowings | (3,247) | (4,337) |
Proceeds from notes payable and other borrowings | 4,686 | 1,757 |
Purchase and retirement of Class A Common Stock | (1,662) | |
Capital contributions from noncontrolling interests | 25 | |
Distributions to noncontrolling interests | (231) | |
Net cash provided by (used in) financing activities | 1,233 | (4,242) |
Decrease in cash, cash equivalents and restricted cash | (3,413) | (2,230) |
Cash, cash equivalents and restricted cash at beginning of period | 119,045 | 90,387 |
Cash, cash equivalents and restricted cash at end of period | 115,632 | 88,157 |
Interest paid on borrowings, net of amounts capitalized | 472 | 106 |
Income taxes paid | 492 | 20 |
Supplementary disclosure of non-cash investing and financing activities: | ||
Construction funds receivable transferred to real estate | 34 | 48 |
Class A Common Stock purchases with settlement dates in April 2021 | 474 | |
Operating lease assets obtained in exchange for new operating lease liabilities | 4,851 | |
Assumption of Community Development District Bonds by homebuilders | 811 | 2,194 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 114,632 | 87,807 |
Restricted cash | 1,000 | 350 |
Total cash, cash equivalents, and restricted cash | $ 115,632 | $ 88,157 |
Organization And Basis Of Finan
Organization And Basis Of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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.” Principal Investments BBX Capital’s principal holdings are BBX Capital Real Estate, LLC (“BBX Capital Real Estate” or “BBXRE”), BBX Sweet Holdings, LLC (“BBX Sweet Holdings”) and Renin Holdings, LLC (“Renin”). BBX Capital Real Estate BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, and commercial properties located primarily in Florida. 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 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. BBX Sweet Holdings also owns over 90 % of the equity interests in IT’SUGAR, a specialty candy retailer whose products include bulk candy, candy in giant packaging, and licensed and novelty items. 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 activities, Renin also sources various products and raw materials from China, Brazil, and certain other countries. During the three ended March 31, 2022, Renin’s total revenues included $ 26.7 million of trade sales to three major customers and their affiliates and $ 13.1 million of revenues generated outside the United States. Revenues from each of the three major customers were $ 5.4 million, $ 11.5 million, and $ 9.8 million for the three months ended March 31, 2022, which represented 7.2 %, 15.3 %, and 12.9 % of the Company’s total revenues for the three months ended March 31, 2022. During the three months ended March 31, 2021, Renin’s total revenues included $ 31.4 million of trade sales to three major customers and their affiliates and $ 14.3 million of revenues generated outside the United States. Revenues from each of the three major customers were $ 9.4 million, $ 11.1 million, and $ 10.9 million for the three months ended March 31, 2021, which represented 15.1 %, 17.9 %, and 17.7 % of the Company’s total revenues for the three months ended March 31, 2021. 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. 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. Due to the deconsolidation of IT’SUGAR in September 2020 as a result of its bankruptcy filings and the Company’s reconsolidation of IT’SUGAR’s subsequent to its emergence from bankruptcy in June 2021 as discussed above, the Company’s condensed consolidated statement of changes in equity, condensed consolidated statement of operations and comprehensive income and condensed consolidated statement of cash flows for the three months ended March 31, 2021 does not include the operations of IT’SUGAR while the Company’s condensed consolidated statement of changes in equity, condensed consolidated statement of operations and comprehensive loss and condensed consolidated statement of cash flows for the three months ended March 31, 2022 includes the operations of IT’SUGAR. The Company’s statements of financial condition includes IT’SUGAR assets and liabilities as of March 31, 2022 and December 31, 2021. 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, the current inflationary economic environment, rising interest rates, labor shortages and supply chain issues 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 and economic trends, 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, inflationary trends 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, 2021 (the “2021 Annual Report”) filed with the SEC on March 16, 2022. 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 and Current Economic Issues 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. While the impact of the COVID-19 pandemic on our businesses has generally subsided, it is not currently possible to accurately assess the expected duration and effects of COVID-19 and general economic conditions on our business. These include impacts on i) consumer demand, (ii) disruptions in global supply chains, iii) employee absenteeism and a general labor shortage, and (iv) increased economic uncertainty. The duration and severity of the pandemic and related disruptions, as well as the adverse impact of economic and market conditions, are uncertain, and the Company may be adversely impacted by these conditions in future periods. The overall situation is extremely fluid, and it is impossible to predict the timing of future changes in the situation and what their impact may be on our business. At this time we are also not able to predict whether the COVID-19 pandemic will result in permanent changes in our customers’ behavior, which may include continued or permanent decreases in discretionary spending and reductions in demand for retail store and confectionery products, home improvement products or real estate, each of which would have a material adverse impact on our business, operating results and financial condition. In addition, current inflationary and economic trends may adversely impact our results of operations. BBXRE has experienced a significant increase in commodity and labor prices, which has resulted in higher development and construction costs. IT’SUGAR has experienced an increase in the cost of inventory and freight, and Renin has experienced significant supply chain challenges and increases in costs related to shipping and raw materials. These trends could have a material effect on the Company’s results of operations and financial condition if the Company is not able to increase prices to its customers to offset the increase in its costs. Further, downturn in the economic environment may have a significant adverse impact on the gross margins of the Company’s operating businesses, particularly if an economic downturn is prolonged in nature and impacts consumer demand, materially disrupts the supply chain for the Company’s operating businesses’ products and raw materials, delays the production and shipment of products and raw materials from foreign suppliers or increases shipping costs. Labor is one of the primary components of our expenses. A number of factors may adversely affect the labor force available to us or increase our labor costs, including high unemployment levels, federal unemployment subsidies and other government regulations. A sustained labor shortage or increased turnover rates, whether caused by COVID-19, inflationary pressures, or as a result of general macroeconomic conditions or other factors could lead to increased costs, such as increased overtime pay to meet demand and increased wage rates to attract and retain employees, or negatively affect our operations or adversely impact our business and results. Further, any mitigation measures we take in response to a decrease in labor availability or an increase in labor costs may be unsuccessful and could have negative effects. BBX Capital and its subsidiaries sought to take steps to manage expenses through cost saving initiatives and steps intended to increase liquidity and strengthen the Company’s financial position, including delaying planned capital expenditures. As of March 31, 2022, the Company’s consolidated cash balances were $ 114.6 million. |
Trade Receivables
Trade Receivables | 3 Months Ended |
Mar. 31, 2022 | |
Trade Receivables [Abstract] | |
Trade Receivables | 2. Trade Receivables The Company’s trade receivables consisted of the following (in thousands): March 31, December 31, 2022 2021 Trade receivables $ 30,937 30,124 Allowance for expected credit losses ( 264 ) ( 225 ) Total trade receivables $ 30,673 29,899 |
Trade Inventory
Trade Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Trade Inventory [Abstract] | |
Trade Inventory | 3. Trade Inventory The Company’s trade inventory consisted of the following (in thousands): March 31, December 31, 2022 2021 Raw materials $ 8,790 8,545 Paper goods and packaging materials 2,138 1,777 Finished goods 40,731 35,255 Total trade inventory 51,659 45,577 Inventory reserve ( 3,306 ) ( 3,682 ) Total trade inventory, net $ 48,353 41,895 |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate | 4. Real Estate The Company’s real estate consisted of the following (in thousands): March 31, December 31, 2022 2021 Real estate held-for-sale $ 5,075 7,679 Real estate held-for-investment 6,177 6,113 Real estate inventory 7,209 8,884 Predevelopment costs 608 192 Total real estate $ 19,069 22,868 0 |
Investments In And Advances To
Investments In And Advances To Unconsolidated Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2022 | |
Investments In And Advances To Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In And Advances To Unconsolidated Real Estate Joint Ventures | 5. Investments in and Advances to Unconsolidated Real Estate Joint Ventures As of March 31, 2022, 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): March 31, December 31, 2022 2021 Altis Grand Central $ 731 $ 730 Altis Ludlam Trail (1) 11,144 10,831 Altis Grand at The Preserve — 194 Altis Little Havana 1,078 1,021 Altis Lake Willis Phase 1 442 437 Altis Lake Willis Phase 2 2,715 2,538 Altis Miramar East/West 2,904 2,878 Altis Grand at Suncoast 3,641 2,780 Altis Blue Lake 351 260 Altis Santa Barbara 409 — The Altman Companies 16,157 16,716 ABBX Guaranty 3,750 3,750 Bayview 1,367 1,308 Marbella 872 974 The Main Las Olas 1,983 1,990 Sky Cove 1,348 1,686 Sky Cove South 4,608 4,708 Other 166 165 Total $ 53,666 $ 52,966 (1) The carrying value of BBXRE’s investment at March 31, 2022 and December 31, 2021 includes $ 10.6 million and $ 10.3 million, respectively, related to BBXRE’s investment in the preferred equity associated with the Altis Ludlam Trail project accounted for as a loan receivable. See Note 7 to the Company’s consolidated financial statements for the year ended December 31, 2021 included in the 2021 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 2022, BBXRE invested $ 0.4 million in Altis Santa Barbara – Naples Manager LLC (“Altis Santa Barbara”). Altis Santa Barbara was formed to serve as the Manager of Santa Barbara – Naples Venture, LLC, a joint venture sponsored by the Altman Companies that was formed to develop, construct, and manage Altis Santa Barbara, a 242 unit multifamily apartment community located in Naples, Florida. As of March 31, 2022, BBRE had invested $ 8.1 million in a joint venture with CC Homes to develop Marbella, a residential community expected to be comprised of 158 single-family homes in Miramar, Florida. As of March 31, 2022, the joint venture had executed contracts to sell all of the 158 single-family homes comprising Marbella and had closed on the sale of 51 homes. During the three months ended March 31, 2022, BBXRE recognized $ 1.8 million of equity earnings and received $ 2.0 million of distributions from the joint venture. Summarized Financial Information of Certain Unconsolidated Real Estate Joint Ventures The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altman Companies joint venture (in thousands): March 31, December 31, 2022 2021 Assets Cash $ 2,346 995 Properties and equipment 386 387 Investment in unconsolidated subsidiaries 7,441 7,153 Goodwill 16,683 16,683 Due from related parties 5,471 4,462 Other assets 9,345 8,662 Total assets $ 41,672 38,342 Liabilities and Equity Other liabilities $ 12,929 8,463 Total liabilities 12,929 8,463 Total equity 28,743 29,879 Total liabilities and equity $ 41,672 38,342 For the Three Months Ended March 31, 2022 2021 Total revenues $ 2,168 $ 1,826 Other expenses ( 3,032 ) ( 2,525 ) Operating loss ( 864 ) ( 699 ) Equity in (losses) earnings from unconsolidated investment in Altman Glenewinkel Construction, LLC ( 459 ) 367 Net loss ( 1,323 ) ( 332 ) Equity in net loss of unconsolidated real estate joint venture - The Altman Companies $ ( 662 ) $ ( 166 ) The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Marabella joint venture (in thousands): March 31, December 31, 2022 2021 Assets Cash $ 2,464 4,371 Inventory 49,420 49,967 Other assets 1,742 1,835 Total assets $ 53,626 56,173 Liabilities and Equity Notes payable $ 30,504 31,256 Other liabilities 21,815 23,885 Total liabilities 52,319 55,141 Total equity 1,307 1,032 Total liabilities and equity $ 53,626 56,173 For the Three Months Ended March 31, 2022 2021 Total revenues $ 15,792 — Cost of goods sold ( 11,289 ) — Other expenses ( 727 ) ( 341 ) Net earnings (loss) 3,776 ( 341 ) Equity in net earnings (loss) of unconsolidated real estate joint venture – Marabella $ 1,849 ( 239 ) |
Notes Payable And Other Borrowi
Notes Payable And Other Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Notes Payable And Other Borrowings [Abstract] | |
Notes Payable And Other Borrowings | 6 . Notes Payable and Other Borrowings The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): March 31, 2022 December 31, 2021 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 5,871 2.40 - 6.00 % $ 7,767 $ 7,657 2.40 - 6.00 % $ 9,669 TD Bank Term Loan and Line of Credit 48,299 4.65 % (1) 44,363 3.78 % (1) IberiaBank Revolving Line of Credit (2) 1,941 4.00 % (3) 2,041 3.75 % (3) IberiaBank Note (2) — — — 1,418 3.50 % 1,802 Other 22 4.22 % — 26 4.22 % — Unamortized debt issuance costs ( 558 ) ( 622 ) Total notes payable and other borrowings $ 55,575 $ 54,883 (1) The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin. (2) BBX Capital was guarantor of the note. (3) The collateral is a blanket lien on LOC’s assets. See Note 11 to the Company’s consolidated financial statements included in the 2021 Annual Report for additional information regarding the above listed notes payable and other borrowings. Toronto-Dominion Bank (“TD Bank”) Term Loan and Revolving Line of Credit In connection with the acquisition of Colonial Elegance in 2020, Renin amended and restated its credit facility with TD Bank to include a $ 30.0 million term loan, increase the availability under its existing revolving operating line of credit with TD Bank to $ 20.0 million, and extend the maturity of the facility to October 2025. In 2021, Renin’s credit facility with TD Bank was amended to temporarily increase the availability under the revolving line of credit from $ 20.0 million to $ 24.0 million through December 31, 2022, at which time the availability under the line of credit was to revert to $ 20.0 million and any amounts outstanding in excess of $ 20.0 million was to be repaid by Renin. The amendments to the credit facility also (i) waived the requirement for Renin to comply with certain ratios included in the financial covenants of the facility, (ii) temporarily increased the maximum total leverage ratio included in the financial covenants of the facility through December 31, 2022, (iii) modified the calculation of the maximum total leverage ratio, and (iv) included an additional financial covenant related to Renin meeting certain minimum levels of specified operating results from November 2021 through December 2022. Further, the amendments prohibited Renin from making distributions to BBX Capital through December 31, 2022. On January 1, 2023, the financial covenants under the facility and Renin’s ability to make distributions to the Company were to revert to the requirements under the facility prior to the amendments in 2021. However, as Renin was not in compliance with certain financial covenants under the facility from January through March 2022, Renin’s credit facility with TD Bank was further amended effective March 31, 2022 to (i) require $ 13.5 million of funding from BBX Capital to provide Renin funds to prepay $ 10.0 million of the term loan and to provide additional working capital to Renin of $ 3.5 million, (ii) waive compliance with the maximum total leverage ratio and fixed charge coverage ratio included in the financial covenants of the facility until December 31, 2022, (iii) waive compliance with the financial covenant requiring Renin to meet certain minimum levels of specified operating results for January through March 2022, (iv) adjust the required minimum levels of specified operating results through December 31, 2022 beginning in April 2022, and (v) amend the modification period to the later of December 31, 2022 or upon Renin’s compliance with specified financial covenant ratios. The amendment also increased the interest rates on amounts outstanding under the term loan and revolving line of credit during the modification period to (i) the Canadian Prime Rate plus a spread of 3.375 % per annum, (ii) the United States Base Rate plus a spread of 3.00 % per annum, or (iii) Term SOFR or Canadian Bankers’ Acceptance Rate plus a spread of 4.875 % per annum. Under the terms of the amendment, the Term SOFR Rate for loans with one to six-months terms are also subject to an additional credit spread adjustment of 10 to 25 basis points per annum. Renin issued a $ 13.5 million promissory note to BBX Capital upon execution of the amendment on May 9, 2022, and pursuant to the terms of the amendment, BBX Capital funded $ 8.5 million of the note to Renin in May 2022 and expects to fund the remaining $ 5.0 million of the note to Renin prior to May 31, 2022. BBX Capital and Renin entered into a subordination, assignment, and postponement agreement with TD Bank that requires all present and future loans or advances (including the $ 13.5 million promissory note) from BBX Capital to Renin be subordinated and postponed until the TD Bank credit facility has been paid or satisfied in full. Adverse events, including inflationary and cost pressures, labor shortages, and supply chain disruptions, continue to have a material negative impact on Renin’s operating results and financial condition and may cause Renin to again fall out of compliance with the terms of its outstanding credit facility with TD Bank. In such case, if Renin is unable to obtain additional waivers or modifications to the facility, Renin may lose availability under its line of credit, be required to provide additional collateral, or repay all or a portion of its borrowings, any of which could have a material adverse effect on the Company’s liquidity, financial position, and results. The risks and uncertainties associated with the matters described above, as well as those described in the Company’s 2021 Annual Report, could have a material adverse impact on Renin’s results of operations, cash flows, and financial condition in future periods. IberiaBank Note In August 2021, BBX Sweet Holdings and certain of its subsidiaries, including The Hoffman Commercial Group, Inc., borrowed $ 1.4 million from IberiaBank and issued a note payable to IberiaBank (the “IberiaBank Note”). The IberiaBank Note was secured by land and buildings owned by The Hoffman Commercial Group, Inc. and was guaranteed by BBX Capital. In March 2022, The Hoffman Commercial Group, Inc. closed on the sale of the land and building held as collateral, and the IberiaBank Note was repaid-in-full. Included in other income in the Company’s condensed consolidated statement of operations and comprehensive loss for the three months ended March 31, 2022 was a $ 0.9 million net gain from The Hoffman Commercial Group, Inc’s sale of the land and building for net proceeds of $ 2.7 millio n. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2022 | |
Common Stock [Abstract] | |
Common Stock | 7. 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 March 31, 2022, the percentage of total common equity represented by the Class A and Class B Common Stock was 76 % and 24 %, 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. BBX Capital 2001 Incentive Plan (“2021 Plan”) On January 18, 2022, BBX Capital’s compensation committee of the board of directors granted awards of 571,523 restricted shares of BBX Capital’s Class A Common Stock to its executive and non-executive officers and 205,029 restricted shares of BBX Class B Common Stock to an executive officer of the Company under the 2021 Plan. The aggregate grant date fair value of the January 2022 awards was $ 8.0 million, and the shares vest ratably in annual installments of approximately 258,850 shares over three periods beginning on October 1, 2022. The weighted average grant date fair value was $ 10.34 . The unearned compensation expense as of March 31, 2022 was $ 7.3 million. Compensation cost for restricted stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The fair value of restricted stock awards is generally based on the market price of the Company’s common stock on the grant date. For awards that are subject only to service conditions, the Company recognizes compensation costs on a straight-line basis over the requisite service period of the awards, and the impact of forfeitures are recognized when they occur. Share Repurchase Program In January 2022, the Board of Directors approved a new share repurchase program which authorizes the repurchase of up to $ 15.0 million of shares of the Company’s Class A Common Stock and Class B Common Stock. The repurchase program authorizes the Company, in management’s discretion, to repurchase shares from time to time subject to market conditions and other factors. The timing, price, and number of shares which may be repurchased under the program in the future will be based on market conditions, applicable securities laws, and other factors considered by management. Share repurchases under the program may be made from time to time through solicited or unsolicited transactions in the open market or in privately negotiated transactions. The share repurchase program does not obligate the Company to repurchase any specific amount of shares and may be suspended, modified, or terminated at any time without prior notice. There were no shares repurchased during the three months ended March 31, 2022. During the three months ended March 31, 2021, 338,897 shares of the Company’s Class A Common Stock were purchased for approximately $ 2.1 million under the Company’s then existing 2020 stock repurchase program, which reflects an average cost of $ 6.30 per share, including fees. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 8. Revenue Recognition The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Three Months Ended March 31, 2022 2021 Trade sales - wholesale $ 37,587 42,468 Trade sales - retail 28,162 3,446 Sales of real estate inventory 6,470 13,535 Revenue from customers 72,219 59,449 Interest income 1,149 1,650 Net gains on sales of real estate assets 1,329 105 Other revenue 779 671 Total revenues $ 75,476 61,875 As of March 31, 2022 and December 31, 2021, the contingent purchase price receivable of $ 19.3 million and $ 19.9 million included in the Company’s condensed consolidated statements of financial condition, respectively, represents estimated variable consideration related to the contingent purchase price due from homebuilders in connection with the sale of real estate inventory to the homebuilders. As of March 31, 2022 and December 31, 2021, the Company’s other liabilities in its condensed consolidated statements of financial condition included $ 0.6 million of variable consideration related to the estimated contingent purchase price due to a homebuilder in connection with the sale of real estate inventory to the homebuilder. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes BBX Capital and its subsidiaries file a consolidated U.S. federal income tax return and income tax returns in various state and foreign jurisdictions. Effective income tax rates for interim periods are based upon the Company’s then current estimated annual rate, which varies based upon the Company’s estimate of taxable income or loss and the mix of taxable income or loss in the various states in which the Company operates. The Company’s effective tax rate was applied to income or loss before income taxes reduced by net income or losses attributable to noncontrolling interests in consolidated entities taxed as partnerships. 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 for three months ended March 31, 2022 and 2021 was approximately 32 % and 29 %, 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. Certain of Bluegreen Vacations Holding Corporation’s (“Bluegreen Vacations”) state filings covering tax periods prior to the spin-off of the Company are under examination which may result in the audit of the Company’s subsidiaries. While there is no assurance as to the results of these audits, no material adjustments are currently anticipated in connection with these examinations. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. Earnings Per Share Basic earnings per share is computed by dividing net income attributable to BBX Capital’s shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share but also reflects potential dilution that could occur if restricted stock awards issued by BBX Capital were vested. Common restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. The table below sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data): For the Three Months Ended March 31, 2022 2021 Basic (loss) earnings per common share Numerator: Net (loss) income $ ( 1,926 ) 2,455 Noncontrolling interests net loss (income) 110 ( 110 ) Net (loss) income available to common shareholders $ ( 1,816 ) 2,345 Denominator: Basic weighted average number of common shares outstanding 15,475 19,282 Basic (loss) earnings per common share $ ( 0.12 ) 0.12 Diluted (loss) earnings per common share Numerator: Net (loss) income available to common shareholders $ ( 1,816 ) 2,345 Denominator: Basic weighted average number of common shares outstanding 15,475 19,282 Effect of dilutive stock-based compensation — — Diluted weighted average number of common shares outstanding 15,475 19,282 Diluted (loss) earnings per common share $ ( 0.12 ) 0.12 During the three month ended March 31, 2022, 776,552 of outstanding unvested restricted stock awards were anti-dilutive and not included in the computation of diluted earnings per share. There were no restricted stock awards outstanding during the three months ended March 31, 2021. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | 11. Noncontrolling Interests The redeemable noncontrolling interest included in the Company’s consolidated statements of financial condition as of March 31, 2022 and December 31, 2021 of $ 1.1 million relates to a redeemable noncontrolling interest associated with IT’SUGAR. The Company owns over 90 % of IT’SUGAR’s Class B Units, while the remaining Class B units are a noncontrolling interest held by an executive officer of IT’SUGAR and may be redeemed for cash at the holder’s option upon a contingent event outside of the Company’s control. 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 June 17, 2021 and is again attributing net income or loss to the redeemable noncontrolling interest in IT’SUGAR as of and subsequent to that date. As a result, during the three months ended March 31, 2022, the Company’s condensed consolidated results of operations and comprehensive loss included the results of operation of IT’SUGAR and the Company’s condensed consolidated results of operations and comprehensive loss excluded the results of operation of IT’SUGAR during the three months ended March 31, 2021. The net loss attributable to the redeemable noncontrolling interest in IT’SUGAR was $ 0.1 million for the three months ended March 31, 2022. The noncontrolling interest included in the Company’s condensed consolidated statements of financial condition as of March 31, 2022 and December 31, 2021 of $ 0.9 million and $ 1.1 million, respectively, is comprised i) of a 19 % noncontrolling equity interest in a restaurant the Company acquired through foreclosure and ii) , an $ 0.7 million and $ 0.8 million noncontrolling interest in IT’SUGAR FL II, LLC. IT’SUGAR FL II, LLC operates IT’SUGAR’s new location in Hawaii and is a consolidated variable interest entity. Included in the Company’s condensed consolidated statement of financial condition as of March 31, 2022 was $ 9.6 million of total assets and $ 7.9 million of total liabilities of IT’SUGAR FL II, LLC. Included in the Company’s condensed consolidated statement of financial condition as of December 31, 2021 was $ 11.2 million of total assets and $ 9.1 million of total liabilities of IT’SUGAR FL II, LLC. During the three months ended March 31, 2022 and 2021, the Company attributed ($ 39,000 ) and $ 0.1 million, respectively, of net (loss) income to this noncontrolling interest. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. Commitments and Contingencies Litigation In the ordinary course of business, the Company is party to lawsuits as plaintiff or defendant involving its operations and activities. Additionally, from time to time in the ordinary course of business, the Company is involved in disputes with existing and former employees, vendors, taxing jurisdictions, and various other parties and also receives individual consumer complaints as well as complaints received through regulatory and consumer agencies. The Company takes these matters seriously and attempts to resolve any such issues as they arise. 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 March 31, 2022. 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 mortgage loan to the Bayview real estate joint venture, which had an outstanding balance of $ 5.0 million as of March 31, 2022. In February 2022, the Company agreed to sell its equity interest in the joint venture to its partner in the joint venture. Under the terms of the agreement, the joint venture partner will fully assume the liability for the mortgage loan on the property and BBX Capital’s existing guaranty on 50 % of the outstanding loan balance as well as any liabilities that arise following the closing. However, the consummation of the sale is subject to certain closing conditions, including obtaining a release from the lender of BBX Capital’s guaranty on the outstanding loan balance and for any liabilities that arise following the closing, and there is no assurance that the transaction will be consummated pursuant to the terms of the agreement, or at all. BBX Capital is guarantor on a lease agreement executed by IT’SUGAR for base rent of $ 0.7 million and common area costs for a lease which expires in January 2023. BBX Capital also is a guarantor on certain notes payable by its wholly-owned subsidiaries. See Note 6 for additional information regarding these obligations. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021. Financial Disclosures about Fair Value of Financial Instruments The tables below set forth information regarding the Company’s consolidated financial instruments (in thousands): Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable March 31, March 31, Assets Inputs Inputs 2022 2022 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 114,632 114,632 114,632 — — Restricted cash 1,000 1,000 1,000 — — Note receivable from Bluegreen Vacations 50,000 49,230 — — 49,230 Financial liabilities: Notes payable and other borrowings 55,575 56,458 — — 56,458 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 2021 2021 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 118,045 118,045 118,045 — — Restricted cash 1,000 1,000 1,000 — — Note receivable from Bluegreen Vacations 50,000 50,340 — — 50,340 Financial liabilities: Notes payable and other borrowings 54,883 56,360 — — 56,360 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 primarily of accounts receivable balances. |
Certain Relationships And Relat
Certain Relationships And Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
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 82 % 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 months ended March 31, 2022 and 2021 was $ 0 and $ 0.2 million, respectively, of rent for office space provided by Bluegreen Vacations to the Company. The Company reimbursed Bluegreen Vacations the actual cost of providing the services. The Company accrued $ 0.1 million of rent income from Bluegreen Vacations at March 31, 2022 as Bluegreen Vacations began renting office space from the Company in November 2021. During the three months ended March 31, 2022 and 2021, the Company paid Abdo Companies, Inc. approximately $ 44,000 and $ 38,000 , respectively, for certain management services and rent. John E. Abdo, the Company’s Vice Chairman, is the principal shareholder and Chief Executive Officer of Abdo Companies, Inc. The Company provides management services to the Altman Companies for which the Company recognized $ 0.2 million and $ 60,000 , net of services provided to the Company by Altman Companies, during the three months ended March 31, 2022 and 2021 in return for such services. Included in other revenues in the Company’s condensed consolidated statements of operations and comprehensive loss or income for the three months ended March 31, 2022 and 2021 was $ 0.2 million and $ 0.1 million, respectively, for providing risk management consulting services to Bluegreen Vacations . Included in interest income is $ 40,000 on loans receivable from IT’SUGAR for the three months ended March 31, 2021. The interest income on the IT’SUGAR loan receivable was not eliminated in consolidation during the three months ended March 31, 2021 as the Company did not consolidate IT’SUGAR during this period. See Note 16 for further discussion. Included in the Company’s condensed consolidated statements of operations and comprehensive loss as a reduction to selling, general and administrative expenses during each of the three months ended March 31, 2022 and 2021 was $ 0.2 million for management advisory services provided to Bluegreen Vacations by the Company. In connection with the spin-off, of the Company from Bluegreen Vacations, Bluegreen Vacations issued a $ 75.0 million note payable to the Company that accrues interest at a rate of 6 % per annum and requires payments of interest on a quarterly basis. Under the terms of the note, Bluegreen Vacations has the option in its discretion to defer interest payments under the note, with interest on the entire outstanding balance thereafter to accrue at a cumulative, compounded rate of 8 % per annum until such time as Bluegreen Vacations is current on all accrued payments under the note, including deferred interest. All outstanding amounts under the note will become due and payable on September 30, 2025 or earlier upon certain other events. Bluegreen Vacations is permitted to prepay the note in whole or in part at any time, and in December 2021, Bluegreen Vacations prepaid $ 25.0 million of the principal balance of the note, reducing the outstanding balance to $ 50.0 million. Included in interest income in the Company’s condensed consolidated statement of operations and comprehensive income or loss for the three months ended March 31, 2022 and 2021 was $ 0.8 million and $ 1.1 million, respectively, of interest income received on the note. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
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 investments: BBX Capital Real Estate, BBX Sweet Holdings, and Renin. See Note 1 for a description of the Company’s principal investments. In the segment information for the three months ended March 31, 2022 and 2021, 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 $ 50.0 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 March 31, 2022 (in thousands): Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 29,357 33,488 2,905 ( 1 ) 65,749 Sales of real estate inventory 6,470 — — — — 6,470 Interest income 545 — — — 604 1,149 Net gains on sales of real estate assets 1,329 — — — — 1,329 Other revenue 516 — — 445 ( 182 ) 779 Total revenues 8,860 29,357 33,488 3,350 421 75,476 Costs and expenses: Cost of trade sales — 18,373 31,774 859 — 51,006 Cost of real estate inventory sold 2,235 — — — — 2,235 Interest expense — 247 566 1 ( 278 ) 536 Recoveries from loan losses, net ( 648 ) — — — — ( 648 ) Impairment losses — 64 — — — 64 Selling, general and administrative expenses 2,398 12,675 4,660 1,999 5,632 27,364 Total costs and expenses 3,985 31,359 37,000 2,859 5,354 80,557 Operating income (losses) 4,875 ( 2,002 ) ( 3,512 ) 491 ( 4,933 ) ( 5,081 ) Equity in net earnings of unconsolidated real estate joint ventures 1,532 — — — — 1,532 Other income ( 13 ) 872 — 2 123 984 Foreign exchange loss — — ( 189 ) — — ( 189 ) Income (loss) before income taxes $ 6,394 ( 1,130 ) ( 3,701 ) 493 ( 4,810 ) ( 2,754 ) Total assets $ 186,617 139,991 108,952 6,809 90,003 532,372 Expenditures for property and equipment $ — 1,357 270 26 231 1,884 Depreciation and amortization $ — 1,493 819 33 57 2,402 Debt accretion and amortization $ 9 44 32 — — 85 Cash and cash equivalents $ 74,412 7,713 523 2,009 29,975 114,632 Real estate equity method investments $ 53,666 — — — — 53,666 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 5,535 15,966 48,077 22 ( 14,025 ) 55,575 The table below sets forth the Company’s segment information as of and for the three months ended March 31, 2021 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 4,982 38,691 2,241 — 45,914 Sales of real estate inventory 13,535 — — — — 13,535 Interest income 475 — — — 1,175 1,650 Net gains on sales of real estate assets 105 — — — — 105 Other revenue 398 — — 430 ( 157 ) 671 Total revenues 14,513 4,982 38,691 2,671 1,018 61,875 Costs and expenses: Cost of trade sales — 3,828 32,656 409 — 36,893 Cost of real estate inventory sold 7,858 — — — — 7,858 Interest expense — 26 410 1 ( 147 ) 290 Recoveries from loan losses, net ( 508 ) — — — — ( 508 ) Selling, general and administrative expenses 1,974 1,571 4,304 1,506 3,843 13,198 Total costs and expenses 9,324 5,425 37,370 1,916 3,696 57,731 Operating income (losses) 5,189 ( 443 ) 1,321 755 ( 2,678 ) 4,144 Equity in net loss of unconsolidated real estate joint ventures ( 271 ) — — — — ( 271 ) Other income — 26 — ( 1 ) 38 63 Foreign exchange loss — — ( 480 ) — — ( 480 ) Income (loss) before income taxes $ 4,918 ( 417 ) 841 754 ( 2,640 ) 3,456 Total assets $ 163,449 27,007 105,216 7,141 139,138 441,951 Expenditures for property and equipment $ — 3 237 12 14 266 Depreciation and amortization $ — 81 631 30 49 791 Debt accretion and amortization $ 219 19 12 — — 250 Cash and cash equivalents $ 31,924 1,001 1,939 1,985 50,958 87,807 Real estate equity method investments $ 60,402 — — — — 60,402 Goodwill $ — — 6,936 — — 6,936 Notes payable and other borrowings $ 21,028 1,407 46,473 39 — 68,947 |
IT'SUGAR Bankruptcy
IT'SUGAR Bankruptcy | 3 Months Ended |
Mar. 31, 2022 | |
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. 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. Between May 2020 and September 2020, IT’SUGAR reopened nearly all of its approximately 100 locations that were open prior to the pandemic. 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. 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. 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. 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, the Company’s equity interests in IT’SUGAR were revested on the Effective Date, and all organizational documents of IT’SUGAR were assumed, ratified, and reinstated. As a result of the confirmation and effectiveness of the Plan and the revesting of its equity interests in IT’SUGAR, the Company was deemed to have reacquired a controlling financial interest in IT’SUGAR and consolidated the results of IT’SUGAR into its consolidated financial statements as of the Effective Date, the date that the Company reacquired control of IT’SUGAR. Allocation of IT’SUGAR’s Fair Value upon Consolidation The Company accounted for the consolidation of IT’SUGAR upon the revesting of its equity interests under the acquisition method of accounting, which requires that the assets acquired and liabilities assumed associated with an acquiree be recognized at their fair values at the consolidation date. As a result, the Company remeasured the carrying value of its equity interests in IT’SUGAR at fair value as of the Effective Date, with the remeasurement adjustment recognized in the Company’s statement of operations, and recognized goodwill based on the difference between (i) the fair values of IT’SUGAR’s identifiable assets and liabilities at the consolidation date and (ii) the fair values of the Company’s interests in IT’SUGAR and the noncontrolling interests in IT’SUGAR. The following table summarizes the fair values of the assets acquired and liabilities assumed of IT’SUGAR at the consolidation date (in thousands): Cash $ 6,909 Trade accounts receivable 584 Trade inventory 5,337 Property and equipment 19,291 Identifiable intangible assets (1) 9,670 Operating lease assets (2) 54,421 Other assets 3,323 Total assets acquired 99,535 Accounts payable ( 2,517 ) Accrued expenses ( 8,445 ) Other liabilities ( 124 ) Operating lease liabilities ( 63,143 ) Notes payable and other borrowings (4) ( 10,054 ) Total liabilities assumed ( 84,283 ) Fair value of identifiable net assets 15,252 Fair value of net assets acquired 28,590 Fair value of redeemable noncontrolling interest 936 Fair value of IT'SUGAR 29,526 Goodwill $ 14,274 Gain on the consolidation of IT'SUGAR (3) $ 15,890 (1) Identifiable intangible assets primarily include the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years. (2) Includes a net intangible liability of $ 8.7 million related to off market rents associated with 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 fair values reported in the above table were estimated by the Company using available market information and applicable valuation methods. As considerable judgment is involved in estimates of fair value, the fair values presented above are not 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. The following summarizes the Company’s methodologies for estimating the fair values of certain assets and liabilities associated with the consolidation of IT’SUGAR and the fair value of BBX Capital’s existing investment in IT’SUGAR: Property and Equipment – 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 fair value of its investment in IT’SUGAR as of the consolidation date. The Company’s discounted cash flow methodology established an 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 results of operations of IT’SUGAR are included in the Company’s condensed consolidated statement of operations and comprehensive loss for the three months ended March 31, 2022 but are not included in the Company’s condensed consolidated statement of operations and comprehensive income for the three months ended March 31, 2021. 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 March 31, 2022 2021 Trade sales $ 24,255 — Loss before income taxes $ ( 1,021 ) — The following unaudited financial data presents the Company’s actual revenues and earnings or loss for the three months ended March 31 2022 and the Company’s pro forma earnings for the three months ended March 31, 2021 as if the Company consolidated IT’SUGAR had emerged from bankruptcy on January 1, 2020 (in thousands): Actual Pro Forma March 31, March 31, 2022 2021 Trade sales $ 65,749 64,979 (Loss) income before income taxes $ ( 2,754 ) 2,181 Net (loss) income $ ( 1,926 ) 1,459 Net (loss) income attributable to shareholders $ ( 1,816 ) 1,507 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
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) | 3 Months Ended |
Mar. 31, 2022 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
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. Due to the deconsolidation of IT’SUGAR in September 2020 as a result of its bankruptcy filings and the Company’s reconsolidation of IT’SUGAR’s subsequent to its emergence from bankruptcy in June 2021 as discussed above, the Company’s condensed consolidated statement of changes in equity, condensed consolidated statement of operations and comprehensive income and condensed consolidated statement of cash flows for the three months ended March 31, 2021 does not include the operations of IT’SUGAR while the Company’s condensed consolidated statement of changes in equity, condensed consolidated statement of operations and comprehensive loss and condensed consolidated statement of cash flows for the three months ended March 31, 2022 includes the operations of IT’SUGAR. The Company’s statements of financial condition includes IT’SUGAR assets and liabilities as of March 31, 2022 and December 31, 2021. 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, the current inflationary economic environment, rising interest rates, labor shortages and supply chain issues 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 and economic trends, 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, inflationary trends 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, 2021 (the “2021 Annual Report”) filed with the SEC on March 16, 2022. 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 and Current Economic Issues | Impact of the COVID-19 Pandemic and Current Economic Issues 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. While the impact of the COVID-19 pandemic on our businesses has generally subsided, it is not currently possible to accurately assess the expected duration and effects of COVID-19 and general economic conditions on our business. These include impacts on i) consumer demand, (ii) disruptions in global supply chains, iii) employee absenteeism and a general labor shortage, and (iv) increased economic uncertainty. The duration and severity of the pandemic and related disruptions, as well as the adverse impact of economic and market conditions, are uncertain, and the Company may be adversely impacted by these conditions in future periods. The overall situation is extremely fluid, and it is impossible to predict the timing of future changes in the situation and what their impact may be on our business. At this time we are also not able to predict whether the COVID-19 pandemic will result in permanent changes in our customers’ behavior, which may include continued or permanent decreases in discretionary spending and reductions in demand for retail store and confectionery products, home improvement products or real estate, each of which would have a material adverse impact on our business, operating results and financial condition. In addition, current inflationary and economic trends may adversely impact our results of operations. BBXRE has experienced a significant increase in commodity and labor prices, which has resulted in higher development and construction costs. IT’SUGAR has experienced an increase in the cost of inventory and freight, and Renin has experienced significant supply chain challenges and increases in costs related to shipping and raw materials. These trends could have a material effect on the Company’s results of operations and financial condition if the Company is not able to increase prices to its customers to offset the increase in its costs. Further, downturn in the economic environment may have a significant adverse impact on the gross margins of the Company’s operating businesses, particularly if an economic downturn is prolonged in nature and impacts consumer demand, materially disrupts the supply chain for the Company’s operating businesses’ products and raw materials, delays the production and shipment of products and raw materials from foreign suppliers or increases shipping costs. Labor is one of the primary components of our expenses. A number of factors may adversely affect the labor force available to us or increase our labor costs, including high unemployment levels, federal unemployment subsidies and other government regulations. A sustained labor shortage or increased turnover rates, whether caused by COVID-19, inflationary pressures, or as a result of general macroeconomic conditions or other factors could lead to increased costs, such as increased overtime pay to meet demand and increased wage rates to attract and retain employees, or negatively affect our operations or adversely impact our business and results. Further, any mitigation measures we take in response to a decrease in labor availability or an increase in labor costs may be unsuccessful and could have negative effects. BBX Capital and its subsidiaries sought to take steps to manage expenses through cost saving initiatives and steps intended to increase liquidity and strengthen the Company’s financial position, including delaying planned capital expenditures. As of March 31, 2022, the Company’s consolidated cash balances were $ 114.6 million. |
Trade Receivables (Tables)
Trade Receivables (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Trade Receivables [Abstract] | |
Schedule Of Trade Receivables | March 31, December 31, 2022 2021 Trade receivables $ 30,937 30,124 Allowance for expected credit losses ( 264 ) ( 225 ) Total trade receivables $ 30,673 29,899 |
Trade Inventory (Tables)
Trade Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Trade Inventory [Abstract] | |
Summary Of Inventory | March 31, December 31, 2022 2021 Raw materials $ 8,790 8,545 Paper goods and packaging materials 2,138 1,777 Finished goods 40,731 35,255 Total trade inventory 51,659 45,577 Inventory reserve ( 3,306 ) ( 3,682 ) Total trade inventory, net $ 48,353 41,895 |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
Schedule Of Real Estate | March 31, December 31, 2022 2021 Real estate held-for-sale $ 5,075 7,679 Real estate held-for-investment 6,177 6,113 Real estate inventory 7,209 8,884 Predevelopment costs 608 192 Total real estate $ 19,069 22,868 |
Investments In And Advances T_2
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Acquisition [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | March 31, December 31, 2022 2021 Altis Grand Central $ 731 $ 730 Altis Ludlam Trail (1) 11,144 10,831 Altis Grand at The Preserve — 194 Altis Little Havana 1,078 1,021 Altis Lake Willis Phase 1 442 437 Altis Lake Willis Phase 2 2,715 2,538 Altis Miramar East/West 2,904 2,878 Altis Grand at Suncoast 3,641 2,780 Altis Blue Lake 351 260 Altis Santa Barbara 409 — The Altman Companies 16,157 16,716 ABBX Guaranty 3,750 3,750 Bayview 1,367 1,308 Marbella 872 974 The Main Las Olas 1,983 1,990 Sky Cove 1,348 1,686 Sky Cove South 4,608 4,708 Other 166 165 Total $ 53,666 $ 52,966 (1) The carrying value of BBXRE’s investment at March 31, 2022 and December 31, 2021 includes $ 10.6 million and $ 10.3 million, respectively, related to BBXRE’s investment in the preferred equity associated with the Altis Ludlam Trail project accounted for as a loan receivable. |
The Altman Companies, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | March 31, December 31, 2022 2021 Assets Cash $ 2,346 995 Properties and equipment 386 387 Investment in unconsolidated subsidiaries 7,441 7,153 Goodwill 16,683 16,683 Due from related parties 5,471 4,462 Other assets 9,345 8,662 Total assets $ 41,672 38,342 Liabilities and Equity Other liabilities $ 12,929 8,463 Total liabilities 12,929 8,463 Total equity 28,743 29,879 Total liabilities and equity $ 41,672 38,342 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Three Months Ended March 31, 2022 2021 Total revenues $ 2,168 $ 1,826 Other expenses ( 3,032 ) ( 2,525 ) Operating loss ( 864 ) ( 699 ) Equity in (losses) earnings from unconsolidated investment in Altman Glenewinkel Construction, LLC ( 459 ) 367 Net loss ( 1,323 ) ( 332 ) Equity in net loss of unconsolidated real estate joint venture - The Altman Companies $ ( 662 ) $ ( 166 ) |
Marbella [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | March 31, December 31, 2022 2021 Assets Cash $ 2,464 4,371 Inventory 49,420 49,967 Other assets 1,742 1,835 Total assets $ 53,626 56,173 Liabilities and Equity Notes payable $ 30,504 31,256 Other liabilities 21,815 23,885 Total liabilities 52,319 55,141 Total equity 1,307 1,032 Total liabilities and equity $ 53,626 56,173 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Three Months Ended March 31, 2022 2021 Total revenues $ 15,792 — Cost of goods sold ( 11,289 ) — Other expenses ( 727 ) ( 341 ) Net earnings (loss) 3,776 ( 341 ) Equity in net earnings (loss) of unconsolidated real estate joint venture – Marabella $ 1,849 ( 239 ) |
Notes Payable And Other Borro_2
Notes Payable And Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Payable And Other Borrowings [Abstract] | |
Notes Payable And Other Borrowings | March 31, 2022 December 31, 2021 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 5,871 2.40 - 6.00 % $ 7,767 $ 7,657 2.40 - 6.00 % $ 9,669 TD Bank Term Loan and Line of Credit 48,299 4.65 % (1) 44,363 3.78 % (1) IberiaBank Revolving Line of Credit (2) 1,941 4.00 % (3) 2,041 3.75 % (3) IberiaBank Note (2) — — — 1,418 3.50 % 1,802 Other 22 4.22 % — 26 4.22 % — Unamortized debt issuance costs ( 558 ) ( 622 ) Total notes payable and other borrowings $ 55,575 $ 54,883 (1) The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin. (2) BBX Capital was guarantor of the note. (3) The collateral is a blanket lien on LOC’s assets. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | For the Three Months Ended March 31, 2022 2021 Trade sales - wholesale $ 37,587 42,468 Trade sales - retail 28,162 3,446 Sales of real estate inventory 6,470 13,535 Revenue from customers 72,219 59,449 Interest income 1,149 1,650 Net gains on sales of real estate assets 1,329 105 Other revenue 779 671 Total revenues $ 75,476 61,875 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Loss Per Common Share | For the Three Months Ended March 31, 2022 2021 Basic (loss) earnings per common share Numerator: Net (loss) income $ ( 1,926 ) 2,455 Noncontrolling interests net loss (income) 110 ( 110 ) Net (loss) income available to common shareholders $ ( 1,816 ) 2,345 Denominator: Basic weighted average number of common shares outstanding 15,475 19,282 Basic (loss) earnings per common share $ ( 0.12 ) 0.12 Diluted (loss) earnings per common share Numerator: Net (loss) income available to common shareholders $ ( 1,816 ) 2,345 Denominator: Basic weighted average number of common shares outstanding 15,475 19,282 Effect of dilutive stock-based compensation — — Diluted weighted average number of common shares outstanding 15,475 19,282 Diluted (loss) earnings per common share $ ( 0.12 ) 0.12 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, March 31, Assets Inputs Inputs 2022 2022 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 114,632 114,632 114,632 — — Restricted cash 1,000 1,000 1,000 — — Note receivable from Bluegreen Vacations 50,000 49,230 — — 49,230 Financial liabilities: Notes payable and other borrowings 55,575 56,458 — — 56,458 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 2021 2021 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 118,045 118,045 118,045 — — Restricted cash 1,000 1,000 1,000 — — Note receivable from Bluegreen Vacations 50,000 50,340 — — 50,340 Financial liabilities: Notes payable and other borrowings 54,883 56,360 — — 56,360 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information as of and for the three months ended March 31, 2022 (in thousands): Revenues: BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Trade sales $ — 29,357 33,488 2,905 ( 1 ) 65,749 Sales of real estate inventory 6,470 — — — — 6,470 Interest income 545 — — — 604 1,149 Net gains on sales of real estate assets 1,329 — — — — 1,329 Other revenue 516 — — 445 ( 182 ) 779 Total revenues 8,860 29,357 33,488 3,350 421 75,476 Costs and expenses: Cost of trade sales — 18,373 31,774 859 — 51,006 Cost of real estate inventory sold 2,235 — — — — 2,235 Interest expense — 247 566 1 ( 278 ) 536 Recoveries from loan losses, net ( 648 ) — — — — ( 648 ) Impairment losses — 64 — — — 64 Selling, general and administrative expenses 2,398 12,675 4,660 1,999 5,632 27,364 Total costs and expenses 3,985 31,359 37,000 2,859 5,354 80,557 Operating income (losses) 4,875 ( 2,002 ) ( 3,512 ) 491 ( 4,933 ) ( 5,081 ) Equity in net earnings of unconsolidated real estate joint ventures 1,532 — — — — 1,532 Other income ( 13 ) 872 — 2 123 984 Foreign exchange loss — — ( 189 ) — — ( 189 ) Income (loss) before income taxes $ 6,394 ( 1,130 ) ( 3,701 ) 493 ( 4,810 ) ( 2,754 ) Total assets $ 186,617 139,991 108,952 6,809 90,003 532,372 Expenditures for property and equipment $ — 1,357 270 26 231 1,884 Depreciation and amortization $ — 1,493 819 33 57 2,402 Debt accretion and amortization $ 9 44 32 — — 85 Cash and cash equivalents $ 74,412 7,713 523 2,009 29,975 114,632 Real estate equity method investments $ 53,666 — — — — 53,666 Goodwill $ — 14,274 4,140 — — 18,414 Notes payable and other borrowings $ 5,535 15,966 48,077 22 ( 14,025 ) 55,575 The table below sets forth the Company’s segment information as of and for the three months ended March 31, 2021 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 4,982 38,691 2,241 — 45,914 Sales of real estate inventory 13,535 — — — — 13,535 Interest income 475 — — — 1,175 1,650 Net gains on sales of real estate assets 105 — — — — 105 Other revenue 398 — — 430 ( 157 ) 671 Total revenues 14,513 4,982 38,691 2,671 1,018 61,875 Costs and expenses: Cost of trade sales — 3,828 32,656 409 — 36,893 Cost of real estate inventory sold 7,858 — — — — 7,858 Interest expense — 26 410 1 ( 147 ) 290 Recoveries from loan losses, net ( 508 ) — — — — ( 508 ) Selling, general and administrative expenses 1,974 1,571 4,304 1,506 3,843 13,198 Total costs and expenses 9,324 5,425 37,370 1,916 3,696 57,731 Operating income (losses) 5,189 ( 443 ) 1,321 755 ( 2,678 ) 4,144 Equity in net loss of unconsolidated real estate joint ventures ( 271 ) — — — — ( 271 ) Other income — 26 — ( 1 ) 38 63 Foreign exchange loss — — ( 480 ) — — ( 480 ) Income (loss) before income taxes $ 4,918 ( 417 ) 841 754 ( 2,640 ) 3,456 Total assets $ 163,449 27,007 105,216 7,141 139,138 441,951 Expenditures for property and equipment $ — 3 237 12 14 266 Depreciation and amortization $ — 81 631 30 49 791 Debt accretion and amortization $ 219 19 12 — — 250 Cash and cash equivalents $ 31,924 1,001 1,939 1,985 50,958 87,807 Real estate equity method investments $ 60,402 — — — — 60,402 Goodwill $ — — 6,936 — — 6,936 Notes payable and other borrowings $ 21,028 1,407 46,473 39 — 68,947 |
IT'SUGAR Bankruptcy (Tables)
IT'SUGAR Bankruptcy (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Acquisition [Line Items] | |
Schedule Of Trade Sales And Income | For the Three Months Ended March 31, 2022 2021 Trade sales $ 24,255 — Loss before income taxes $ ( 1,021 ) — |
Pro Forma Information | Actual Pro Forma March 31, March 31, 2022 2021 Trade sales $ 65,749 64,979 (Loss) income before income taxes $ ( 2,754 ) 2,181 Net (loss) income $ ( 1,926 ) 1,459 Net (loss) income attributable to shareholders $ ( 1,816 ) 1,507 |
IT'SUGAR, LLC [Member] | |
Business Acquisition [Line Items] | |
Summary Of Summary Of Purchase Price allocation | The following table summarizes the fair values of the assets acquired and liabilities assumed of IT’SUGAR at the consolidation date (in thousands): Cash $ 6,909 Trade accounts receivable 584 Trade inventory 5,337 Property and equipment 19,291 Identifiable intangible assets (1) 9,670 Operating lease assets (2) 54,421 Other assets 3,323 Total assets acquired 99,535 Accounts payable ( 2,517 ) Accrued expenses ( 8,445 ) Other liabilities ( 124 ) Operating lease liabilities ( 63,143 ) Notes payable and other borrowings (4) ( 10,054 ) Total liabilities assumed ( 84,283 ) Fair value of identifiable net assets 15,252 Fair value of net assets acquired 28,590 Fair value of redeemable noncontrolling interest 936 Fair value of IT'SUGAR 29,526 Goodwill $ 14,274 Gain on the consolidation of IT'SUGAR (3) $ 15,890 (1) Identifiable intangible assets primarily include the estimated fair value of IT’SUGAR’s trademark, which is being amortized over an estimated expected useful life of 15 years. (2) Includes a net intangible liability of $ 8.7 million related to off market rents associated with 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) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022USD ($)item | Mar. 31, 2021USD ($)item$ / shares | Jan. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Business Acquisition [Line Items] | ||||
Revenues | $ 75,476 | $ 61,875 | ||
Revenue from customers | 72,219 | 59,449 | ||
Cash and cash equivalents | $ 114,632 | 87,807 | $ 118,045 | |
BBX Capital Real Estate [Member] | Altman [Member] | ||||
Business Acquisition [Line Items] | ||||
Consolidated method ownership percentage | 50.00% | |||
Class A Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Share repurchase program, value | $ 2,100 | |||
Share repurchased, price per share | $ / shares | $ 6.30 | |||
Renin [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of major customers | item | 3 | 3 | ||
Renin [Member] | Reportable Segments [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenues | $ 33,488 | $ 38,691 | ||
Cash and cash equivalents | 523 | $ 1,939 | ||
Renin [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenues | 5,400 | |||
Revenue from customers | $ 9,400 | |||
Risk percentage | 7.20% | 15.10% | ||
Renin [Member] | Revenue Benchmark [Member] | Customer Two Concentration Risk [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenues | $ 11,500 | |||
Revenue from customers | $ 11,100 | |||
Risk percentage | 15.30% | 17.90% | ||
Renin [Member] | Revenue Benchmark [Member] | Customer Three Concentration Risk [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenues | $ 9,800 | |||
Revenue from customers | $ 10,900 | |||
Risk percentage | 12.90% | 17.70% | ||
IT'SUGAR, LLC [Member] | BBX Sweet Holdings [Member] | ||||
Business Acquisition [Line Items] | ||||
Consolidated method ownership percentage | 90.00% | |||
Repurchase Plan [Member] | ||||
Business Acquisition [Line Items] | ||||
Share repurchase program, value | $ 15,000 | |||
Trade Sales [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue from customers | $ 65,749 | $ 45,914 | ||
Trade Sales [Member] | Renin [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenues | 26,700 | 31,400 | ||
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue from customers | 33,488 | 38,691 | ||
Trade Sales [Member] | Renin [Member] | Outside United States [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenues | 13,100 | 14,300 | ||
Sales Of Real Estate Inventory [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue from customers | $ 6,470 | $ 13,535 |
Trade Receivables (Schedule Of
Trade Receivables (Schedule Of Trade Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Trade Receivables [Abstract] | ||
Trade receivables | $ 30,937 | $ 30,124 |
Allowance for expected credit losses | (264) | (225) |
Total trade receivables | $ 30,673 | $ 29,899 |
Trade Inventory (Summary Of Inv
Trade Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Trade Inventory [Abstract] | ||
Raw materials | $ 8,790 | $ 8,545 |
Paper goods and packaging materials | 2,138 | 1,777 |
Finished goods | 40,731 | 35,255 |
Total trade inventory | 51,659 | 45,577 |
Inventory reserve | (3,306) | (3,682) |
Total trade inventory, net | $ 48,353 | $ 41,895 |
Real Estate (Schedule Of Real E
Real Estate (Schedule Of Real Estate) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Real estate held-for-sale | $ 5,075 | $ 7,679 |
Real estate held-for-investment | 6,177 | 6,113 |
Real estate inventory | 7,209 | 8,884 |
Predevelopment costs | 608 | 192 |
Total real estate | $ 19,069 | $ 22,868 |
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 | |
Feb. 28, 2022USD ($)item | Mar. 31, 2022USD ($)item | Mar. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earning of unconsolidated real estate joint ventures | $ 1,532 | $ (271) | |
The Altman Companies, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Consolidated method ownership percentage | 50.00% | ||
Marbella [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earning of unconsolidated real estate joint ventures | $ 1,849 | $ (239) | |
BBXRE [Member] | Altis Santa Barbara [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures, transaction costs | $ 400 | ||
Number of unit multi-family apartment community sold | item | 242 | ||
BBXRE [Member] | Marbella [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures, transaction costs | $ 8,100 | ||
Number of single family homes | item | 158 | ||
Number of single family homes for which contracts to sell executed | item | 158 | ||
Number of single family homes sold | item | 51 | ||
Equity in earning of unconsolidated real estate joint ventures | $ 1,800 | ||
Cash distribution from joint venture | $ 2,000 |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | $ 53,666 | $ 52,966 | $ 60,402 |
Altis at Grand Central Capital, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 731 | 730 | |
Altis Ludlam Trail [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 11,144 | 10,831 | |
Altis Grand At The Preserve [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 194 | ||
Altis Little Havana [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 1,078 | 1,021 | |
Altis Lake Willis Phase 1 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 442 | 437 | |
Altis Lake Willis Phase 2 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 2,715 | 2,538 | |
Altis Miramar East/West [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 2,904 | 2,878 | |
Altis Grand at Suncoast [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 3,641 | 2,780 | |
Altis Blue Lake [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 351 | 260 | |
Altis Santa Barbara [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 409 | ||
The Altman Companies [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 16,157 | 16,716 | |
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 | 1,367 | 1,308 | |
Marbella [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 872 | 974 | |
The Main Las Olas [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 1,983 | 1,990 | |
Sky Cove, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 1,348 | 1,686 | |
Sky Cove South [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 4,608 | 4,708 | |
Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | 166 | 165 | |
BBXRE [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated real estate joint ventures | $ 10,600 | $ 10,300 |
Investments In And Advances T_5
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||||
Cash | $ 114,632 | $ 118,045 | $ 87,807 | |
Property and equipment | 28,736 | 30,611 | ||
Goodwill | 18,414 | 18,414 | 6,936 | |
Inventory | 19,069 | 22,868 | ||
Other assets | 21,462 | 21,335 | ||
Total assets | 532,372 | 533,355 | 441,951 | |
Other liabilities | 5,479 | 5,002 | ||
Total liabilities | 209,527 | 209,263 | ||
Total equity | 321,708 | 322,948 | $ 309,684 | $ 309,253 |
Total liabilities and equity | 532,372 | 533,355 | ||
The Altman Companies [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash | 2,346 | 995 | ||
Property and equipment | 386 | 387 | ||
Investment in unconsolidated subsidiaries | 7,441 | 7,153 | ||
Goodwill | 16,683 | 16,683 | ||
Due from related parties | 5,471 | 4,462 | ||
Other assets | 9,345 | 8,662 | ||
Total assets | 41,672 | 38,342 | ||
Other liabilities | 12,929 | 8,463 | ||
Total liabilities | 12,929 | 8,463 | ||
Total equity | 28,743 | 29,879 | ||
Total liabilities and equity | 41,672 | 38,342 | ||
Marbella [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash | 2,464 | 4,371 | ||
Inventory | 49,420 | 49,967 | ||
Other assets | 1,742 | 1,835 | ||
Total assets | 53,626 | 56,173 | ||
Notes payable | 30,504 | 31,256 | ||
Other liabilities | 21,815 | 23,885 | ||
Total liabilities | 52,319 | 55,141 | ||
Total equity | 1,307 | 1,032 | ||
Total liabilities and equity | $ 53,626 | $ 56,173 |
Investments In And Advances T_6
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Operations For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||
Total revenues | $ 75,476 | $ 61,875 |
Operating loss | (5,081) | 4,144 |
Net earnings (loss) | (1,926) | 2,455 |
Equity in net earnings (loss) of unconsolidated real estate joint ventures | 1,532 | (271) |
The Altman Companies [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total revenues | 2,168 | 1,826 |
Other expenses | (3,032) | (2,525) |
Operating loss | (864) | (699) |
Net earnings (loss) | (1,323) | (332) |
Equity in net earnings (loss) of unconsolidated real estate joint ventures | (662) | (166) |
Altman Glenewinkel Construction, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in net earnings (loss) of unconsolidated real estate joint ventures | (459) | 367 |
Marbella [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total revenues | 15,792 | |
Cost of sales | (11,289) | |
Other expenses | (727) | (341) |
Net earnings (loss) | 3,776 | (341) |
Equity in net earnings (loss) of unconsolidated real estate joint ventures | $ 1,849 | $ (239) |
Notes Payable And Other Borro_3
Notes Payable And Other Borrowings (Narrative) (Details) - USD ($) | May 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | May 09, 2022 | Dec. 31, 2021 | Aug. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||||
Proceeds from sales of property and equipment | $ 2,741,000 | ||||||||
Net gains on sales of property and equipment | $ 2,131,000 | $ 163,000 | |||||||
Promissory Note [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 13,500,000 | ||||||||
TD Bank Term Loan [Member] | SOFR Rate [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on rate | 0.25% | ||||||||
TD Bank Term Loan [Member] | SOFR Rate [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on rate | 0.10% | ||||||||
TD Revolving Credit Facility [Member] | Canadian Prime Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on rate | 3.375% | ||||||||
TD Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on rate | 3.00% | ||||||||
TD Revolving Credit Facility [Member] | SOFR Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on rate | 4.875% | ||||||||
BBX Sweet Holdings [Member] | IberiaBank Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from sales of property and equipment | $ 2,700,000 | ||||||||
Net gains on sales of property and equipment | 900,000 | ||||||||
Debt face amount | $ 1,400,000 | ||||||||
Renin [Member] | TD Bank Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 30,000,000 | ||||||||
Renin [Member] | TD Bank Line Of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 24,000,000 | $ 20,000,000 | |||||||
Contribution required to prepay term loan | 13,500,000 | ||||||||
Prepay term loan amount | 10,000,000 | ||||||||
Additional working capital provided | 3,500,000 | ||||||||
Renin [Member] | TD Bank Line Of Credit [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 20,000,000 | ||||||||
Renin [Member] | TD Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 20,000,000 | ||||||||
Proceeds from Contributions from Parent | $ 8,500,000 | ||||||||
Renin [Member] | TD Revolving Credit Facility [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Remaining contribution to be funded | $ 5,000,000 |
Notes Payable And Other Borro_4
Notes Payable And Other Borrowings (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 55,575 | $ 54,883 | $ 68,947 |
Other Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (558) | (622) | |
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | 5,871 | 7,657 | |
Carrying Amount of Pledged Assets | 7,767 | 9,669 | |
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 48,299 | $ 44,363 | |
Interest Rate | 4.65% | 3.78% | |
Other Notes Payable [Member] | IberiaBank Revolving Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 1,941 | $ 2,041 | |
Interest Rate | 4.00% | 3.75% | |
Other Notes Payable [Member] | IberiaBank Note [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 1,418 | ||
Interest Rate | 3.50% | ||
Carrying Amount of Pledged Assets | $ 1,802 | ||
Other Notes Payable [Member] | Other [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable and other borrowings | $ 22 | $ 26 | |
Interest Rate | 4.22% | 4.22% | |
Minimum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.40% | 2.40% | |
Maximum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.00% | 6.00% |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 18, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Jan. 31, 2022 |
Class of Stock [Line Items] | ||||
Unearned compensation expense | $ 767 | |||
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Percent of total common equity | 76.00% | |||
Share repurchase program, value | $ 2,100 | |||
Number of shares repurchased | 338,897 | |||
Share repurchased, price per share | $ 6.30 | |||
Class B Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Voting power percentage | 78.00% | |||
Percent of total common equity | 24.00% | |||
Common Class A And B Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Voting power percentage | 22.00% | |||
Repurchase Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Share repurchase program, value | $ 15,000 | |||
BBX Capital 2021 Incentive Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Aggregate fair value on grant date | $ 8,000 | |||
Vested shares | 258,850 | |||
Weighted average grant date fair value | $ 10.34 | |||
Unearned compensation expense | $ 7,300 | |||
BBX Capital 2021 Incentive Plan [Member] | Class A Common Stock [Member] | Executive And Non Executive Officers [Member] | ||||
Class of Stock [Line Items] | ||||
Number of restricted shares granted | 571,523 | |||
BBX Capital 2021 Incentive Plan [Member] | Class B Common Stock [Member] | Executive Officer [Member] | ||||
Class of Stock [Line Items] | ||||
Number of restricted shares granted | 205,029 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Estimated variable consideration related to contingent purchase | $ 19.3 | $ 19.9 |
Sale Of Real Estate Inventory To Homebuilder [Member] | ||
Segment Reporting Information [Line Items] | ||
Variable consideration related to estimated contingent purchase price | $ 0.6 | $ 0.6 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from customers | $ 72,219 | $ 59,449 |
Interest income | 1,149 | 1,650 |
Net gains on sales of real estate assets | 1,329 | 105 |
Other revenue | 779 | 671 |
Total revenues | 75,476 | 61,875 |
Trade Sales - Wholesale [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from customers | 37,587 | 42,468 |
Trade Sales - Retail [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from customers | 28,162 | 3,446 |
Sales Of Real Estate Inventory [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from customers | $ 6,470 | $ 13,535 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes [Abstract] | ||
Effective tax rate | 32.00% | 29.00% |
Federal income tax rate | 21.00% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares not included in computation of diluted earnings per share | 776,552 | 0 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Loss Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (1,926) | $ 2,455 |
Noncontrolling interests net loss (income) | 110 | (110) |
Net (loss) income attributable to shareholders | $ (1,816) | $ 2,345 |
Basic weighted average number of common shares outstanding | 15,475 | 19,282 |
Basic (loss) earnings per common share | $ (0.12) | $ 0.12 |
Net (loss) income attributable to shareholders | $ (1,816) | $ 2,345 |
Effect of dilutive stock-based compensation | ||
Diluted weighted average number of common shares outstanding | 15,475 | 19,282 |
Diluted (loss) earnings per common share | $ (0.12) | $ 0.12 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | $ 1,137 | $ 1,144 | |
Assets | 532,372 | 533,355 | $ 441,951 |
Liabilities | 209,527 | 209,263 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | 700 | 800 | |
Income (loss) noncontrolling interest | (39,000) | 100 | |
Assets | 9,600 | 11,200 | |
Liabilities | 7,900 | 9,100 | |
IT'SUGAR, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | 1,100 | 1,100 | |
Income (loss) noncontrolling interest | (100) | ||
Unaffiliated Party In Restaurant [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | $ 900 | $ 1,100 | |
Noncontrolling equity interest owned by an unaffiliated party | 19.00% | ||
Class B Preferred Units [Member] | IT'SUGAR, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percent of noncontrolling equity interest | 90.00% |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Feb. 28, 2022 | Mar. 31, 2022 | |
BBXRE [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percent guaranteed on outstanding balance of loan | 50.00% | |
Sunrise and Bayview Partners, LLC [Member] | BCC [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 | |
IT'SUGAR, LLC [Member] | ||
Commitments And Contingencies [Line Items] | ||
Guarantor, base rent commitment | $ 0.7 |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 114,632 | $ 118,045 |
Restricted cash | 1,000 | 1,000 |
Note receivable from Bluegreen Vacations | 50,000 | 50,000 |
Notes payable and other borrowings | 55,575 | 54,883 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 114,632 | 118,045 |
Restricted cash | 1,000 | 1,000 |
Note receivable from Bluegreen Vacations | 49,230 | 50,340 |
Notes payable and other borrowings | 56,458 | 56,360 |
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 | 114,632 | 118,045 |
Restricted cash | 1,000 | 1,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Note receivable from Bluegreen Vacations | 49,230 | 50,340 |
Notes payable and other borrowings | $ 56,458 | $ 56,360 |
Certain Relationships And Rel_2
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 200,000 | $ 200,000 | |
New BBX Capital [Member] | Notes Payable [Member] | |||
Related Party Transaction [Line Items] | |||
Debt face amount | $ 75,000,000 | ||
Interest rate | 6.00% | ||
Deferred interest rate | 8.00% | ||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Percent of voting power | 82.00% | ||
Bluegreen [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 200,000 | 100,000 | |
Interest Income, Related Party | 800,000 | 1,100,000 | |
Due to related parties | $ 50,000,000 | ||
Early Repayment of Senior Debt | $ 25,000,000 | ||
Abdo Companies Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Management services expenses | 44,000 | 38,000 | |
IT'SUGAR, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Interest income | 40,000 | ||
Rent For Office Space [Member] | Bluegreen [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, purchases from related party | 0 | 200,000 | |
Due from related parties | 100,000 | ||
Management Services [Member] | The Altman Companies [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 200,000 | $ 60,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)item | Dec. 31, 2021USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | item | 3 | |
Notes Receivable From Parent | $ | $ 50,000 | $ 50,000 |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue from customers | $ 72,219 | $ 59,449 | |
Interest income | 1,149 | 1,650 | |
Net gains on sales of real estate assets | 1,329 | 105 | |
Other revenue | 779 | 671 | |
Total revenues | 75,476 | 61,875 | |
Interest expense | 536 | 290 | |
Recoveries from loan losses, net | (648) | (508) | |
Impairment losses | 64 | ||
Selling, general and administrative expenses | 27,364 | 13,198 | |
Total costs and expenses | 80,557 | 57,731 | |
Operating (losses) income | (5,081) | 4,144 | |
Equity in net earnings (loss) of unconsolidated real estate joint ventures | 1,532 | (271) | |
Other income | 984 | 63 | |
Foreign exchange loss | (189) | (480) | |
(Loss) income before income taxes | (2,754) | 3,456 | |
Total assets | 532,372 | 441,951 | $ 533,355 |
Expenditures for property and equipment | 1,884 | 266 | |
Depreciation and amortization | 2,402 | 791 | |
Debt accretion and amortization | 85 | 250 | |
Cash and cash equivalents | 114,632 | 87,807 | 118,045 |
Real etate equity method investments | 53,666 | 60,402 | 52,966 |
Goodwill | 18,414 | 6,936 | 18,414 |
Notes payable and other borrowings | 55,575 | 68,947 | $ 54,883 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Other revenue | 445 | 430 | |
Total revenues | 3,350 | 2,671 | |
Interest expense | 1 | 1 | |
Selling, general and administrative expenses | 1,999 | 1,506 | |
Total costs and expenses | 2,859 | 1,916 | |
Operating (losses) income | 491 | 755 | |
Other income | 2 | (1) | |
(Loss) income before income taxes | 493 | 754 | |
Total assets | 6,809 | 7,141 | |
Expenditures for property and equipment | 26 | 12 | |
Depreciation and amortization | 33 | 30 | |
Cash and cash equivalents | 2,009 | 1,985 | |
Notes payable and other borrowings | 22 | 39 | |
Reconciling Items And Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 604 | 1,175 | |
Other revenue | (182) | (157) | |
Total revenues | 421 | 1,018 | |
Interest expense | (278) | (147) | |
Selling, general and administrative expenses | 5,632 | 3,843 | |
Total costs and expenses | 5,354 | 3,696 | |
Operating (losses) income | (4,933) | (2,678) | |
Other income | 123 | 38 | |
(Loss) income before income taxes | (4,810) | (2,640) | |
Total assets | 90,003 | 139,138 | |
Expenditures for property and equipment | 231 | 14 | |
Depreciation and amortization | 57 | 49 | |
Cash and cash equivalents | 29,975 | 50,958 | |
Notes payable and other borrowings | (14,025) | ||
BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 545 | 475 | |
Net gains on sales of real estate assets | 1,329 | 105 | |
Other revenue | 516 | 398 | |
Total revenues | 8,860 | 14,513 | |
Recoveries from loan losses, net | (648) | (508) | |
Selling, general and administrative expenses | 2,398 | 1,974 | |
Total costs and expenses | 3,985 | 9,324 | |
Operating (losses) income | 4,875 | 5,189 | |
Equity in net earnings (loss) of unconsolidated real estate joint ventures | 1,532 | (271) | |
Other income | (13) | ||
(Loss) income before income taxes | 6,394 | 4,918 | |
Total assets | 186,617 | 163,449 | |
Debt accretion and amortization | 9 | 219 | |
Cash and cash equivalents | 74,412 | 31,924 | |
Real etate equity method investments | 53,666 | 60,402 | |
Notes payable and other borrowings | 5,535 | 21,028 | |
BBX Sweet Holdings [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 29,357 | 4,982 | |
Interest expense | 247 | 26 | |
Impairment losses | 64 | ||
Selling, general and administrative expenses | 12,675 | 1,571 | |
Total costs and expenses | 31,359 | 5,425 | |
Operating (losses) income | (2,002) | (443) | |
Other income | 872 | 26 | |
(Loss) income before income taxes | (1,130) | (417) | |
Total assets | 139,991 | 27,007 | |
Expenditures for property and equipment | 1,357 | 3 | |
Depreciation and amortization | 1,493 | 81 | |
Debt accretion and amortization | 44 | 19 | |
Cash and cash equivalents | 7,713 | 1,001 | |
Goodwill | 14,274 | ||
Notes payable and other borrowings | 15,966 | 1,407 | |
Renin [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 33,488 | 38,691 | |
Interest expense | 566 | 410 | |
Selling, general and administrative expenses | 4,660 | 4,304 | |
Total costs and expenses | 37,000 | 37,370 | |
Operating (losses) income | (3,512) | 1,321 | |
Foreign exchange loss | (189) | (480) | |
(Loss) income before income taxes | (3,701) | 841 | |
Total assets | 108,952 | 105,216 | |
Expenditures for property and equipment | 270 | 237 | |
Depreciation and amortization | 819 | 631 | |
Debt accretion and amortization | 32 | 12 | |
Cash and cash equivalents | 523 | 1,939 | |
Goodwill | 4,140 | 6,936 | |
Notes payable and other borrowings | 48,077 | 46,473 | |
Trade Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from customers | 65,749 | 45,914 | |
Total costs | 51,006 | 36,893 | |
Trade Sales [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from customers | 2,905 | 2,241 | |
Total costs | 859 | 409 | |
Trade Sales [Member] | Reconciling Items And Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from customers | (1) | ||
Trade Sales [Member] | BBX Sweet Holdings [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from customers | 29,357 | 4,982 | |
Total costs | 18,373 | 3,828 | |
Trade Sales [Member] | Renin [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 26,700 | 31,400 | |
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from customers | 33,488 | 38,691 | |
Total costs | 31,774 | 32,656 | |
Sales Of Real Estate Inventory [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from customers | 6,470 | 13,535 | |
Total costs | 2,235 | 7,858 | |
Sales Of Real Estate Inventory [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from customers | 6,470 | 13,535 | |
Total costs | $ 2,235 | $ 7,858 |
IT'SUGAR Bankruptcy (Narrative)
IT'SUGAR Bankruptcy (Narrative) (Details) $ in Millions | 3 Months Ended | 5 Months Ended |
Mar. 31, 2022USD ($) | Sep. 30, 2020item | |
Redeemable noncontrolling interest, percent | 9.65% | |
IT'SUGAR, LLC [Member] | ||
Number of stores open | item | 100 | |
Advance from subsidiary | $ | $ 2 |
IT'SUGAR Bankruptcy (Summary Of
IT'SUGAR Bankruptcy (Summary Of Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 18,414 | $ 18,414 | $ 6,936 |
IT'SUGAR, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 6,909 | ||
Trade accounts receivable | 584 | ||
Trade inventory | 5,337 | ||
Property and equipment | 19,291 | ||
Identifiable intangible assets | 9,670 | ||
Operating lease asset | 54,421 | ||
Other assets | 3,323 | ||
Total assets acquired | 99,535 | ||
Accounts payable | (2,517) | ||
Accrued expenses | (8,445) | ||
Other liabilities | (124) | ||
Operating lease liability | (63,143) | ||
Notes payable and other borrowings | (10,054) | ||
Total liabilities assumed | (84,283) | ||
Fair value of identifiable net assets | 15,252 | ||
Fair value of net assets acquired | 28,590 | ||
Fair value of redeemable noncontrolling interest | 936 | ||
Fair value of IT'SUGAR | 29,526 | ||
Goodwill | 14,274 | ||
Gain on the consolidation of IT'SUGAR | $ 15,890 | ||
Intangible assets useful life, in years | 15 years | ||
Net intangible liability | $ 8,700 | ||
Weighted average remaining lease term (years) | 8 years |
IT'SUGAR Bankruptcy (Schedule O
IT'SUGAR Bankruptcy (Schedule Of Trade Sales And Income) (Details) - IT'SUGAR, LLC [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Business Acquisition [Line Items] | |
Trade sales | $ 24,255 |
Loss before income taxes | $ (1,021) |
IT'SUGAR Bankruptcy (Pro Forma
IT'SUGAR Bankruptcy (Pro Forma Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Trade sales | $ 64,979 | |
(Loss) income before income taxes, Pro Forma | 2,181 | |
Net (loss) income, Pro Forma | 1,459 | |
Net (loss) income attributable to shareholders, Pro Forma | $ 1,507 | |
IT'SUGAR, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Trade sales | $ 65,749 | |
(Loss) income before income taxes, Pro Forma | (2,754) | |
Net (loss) income, Pro Forma | (1,926) | |
Net (loss) income attributable to shareholders, Pro Forma | $ (1,816) |