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The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. The collateral is a blanket lien on BBX Sweet Holdings' assets. The collateral consists of $7.7 million and $5.9 million of cash and cash equivalents held by Altman that is included in restricted cash in the Company's statement of financial condition as of September 30, 2024 and December 31, 2023, respectively. The certificate of deposit had an original term of six months with an interest rate of 5.75%, and a current maturity date of January 5, 2025. For periods prior to the spin-off on September 30, 2020, the number of shares is based on the shares issued in connection with the spin-off. See Note 1 for further discussion. ABBX is the guarantor of the facility. Represents the aggregate assets, liabilities, and noncontrolling interests of the consolidated real estate joint ventures sponsored by the Altman Companies or BBX Logistics, as described above. These real estate joint ventures have similar economic characteristics, financing arrangements, and organizational structures. BBX Capital is the guarantor of the line of credit. 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, DC 20549

 

FORM 10-Q

 

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the Quarter Ended September 30, 2024

 

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission File Number

000-56177

BBX Capital, Inc.

(Exact name of registrant as specified in its charter)

 

Florida

 

82-4669146

(State or other jurisdiction of incorporation or organization)

 

(I.R.S Employer Identification No.)

   

201 East Las Olas Boulevard, Suite 1900

  

Fort Lauderdale, Florida

 

33301

(Address of principal executive office)

 

(Zip Code)

 

 

(954) 940-4900

(Registrant's telephone number, including area code)

 

Securities Registered pursuant to Section 12(b) of the Act:

None

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒   No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐        

Accelerated filer ☒

Non-accelerated filer ☐

Smaller reporting company ☒

Emerging growth company ☒

   

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐   No ☒

The number of shares outstanding of each of the registrant’s classes of common stock as of November 8, 2024 is as follows:

 

Class A Common Stock of $.01 par value, 10,389,013 shares outstanding.
Class B Common Stock of $.01 par value, 3,854,194 shares outstanding.

 

 

 

 

 

 

 

 

 
 

 

 

BBX Capital, Inc.

TABLE OF CONTENTS
 

Part I.

Item 1.

Financial Statements

  
     
 

Condensed Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023 - Unaudited

1
 

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2024 and 2023 - Unaudited

2
 

Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 - Unaudited

3
 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 - Unaudited

5
 

Notes to Condensed Consolidated Financial Statements - Unaudited

7

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

62

Item 4.

Controls and Procedures

62
     

Part II.

OTHER INFORMATION

  
     

Item 1.

Legal Proceedings

63

Item 1A.

Risk Factors

63

Item 6.

Exhibits

64
 

Signatures

65

 

 

 

 

 

 

 
 

 

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

BBX Capital, Inc.

Condensed Consolidated Statements of Financial Condition - Unaudited

(In thousands, except share data)

 

  

September 30,

  

December 31,

 
  

2024

  

2023

 

ASSETS

        

Cash and cash equivalents ($2,685 in 2024 and $4,521 in 2023 in variable interest entities (VIEs))

 $93,366   90,277 

Restricted cash ($10,130 in 2024 and $10,089 in 2023 in VIEs)

  30,005   21,307 

Securities available for sale, at fair value

  8,256   44,576 

Trade accounts receivable, net ($436 in 2024 and $385 in 2023 in VIEs)

  18,400   18,341 

Construction contracts receivable, net

  15,341   13,525 

Trade inventory, net

  33,395   33,836 

Real estate ($1,384 in 2024 and $2,688 in 2023 held for sale, $78,526 in 2024 and $64,055 in 2023 of rental property under development in VIEs, $18,575 in 2024 and $0 in 2023 of rental properties in VIEs and $2,027 in predevelopment costs in 2024 and $0 in 2023 in VIEs)

  116,407   80,654 

Investments in and advances to unconsolidated real estate joint ventures ($60,008 in 2024 and $39,821 in 2023 in VIEs)

  62,058   44,076 

Note receivable from Bluegreen Vacations Holding Corporation

  —   35,000 

Property and equipment, net

  38,834   40,688 

Goodwill

  49,647   49,647 

Intangible assets, net

  24,938   26,839 

Operating lease assets

  112,227   117,894 

Deferred tax asset, net

  7,207   7,192 

Contract assets

  10,330   30,799 

Other assets ($653 in 2024 and $990 in 2023 in VIEs)

  21,685   19,591 

Total assets

 $642,096   674,242 

LIABILITIES AND EQUITY

        

Liabilities:

        

Accounts payable ($130 in 2024 and $16 in 2023 in VIEs)

 $28,028   31,012 

Accrued expenses ($634 in 2024 and $349 in 2023 in VIEs)

  32,447   40,700 

Contract liabilities

  19,020   28,641 

Other liabilities ($65 in 2024 and $1,833 in 2023 in VIEs)

  3,658   4,774 

Operating lease liabilities

  132,368   136,758 

Notes payable and other borrowings ($59,953 in 2024 and $27,321 in 2023 in VIEs)

  86,227   60,805 

Total liabilities

  301,748   302,690 

Commitments and contingencies (See Note 14)

          

Redeemable noncontrolling interest

  5,065   5,040 

Equity:

        

Class A Common Stock of $0.01 par value; authorized 30,000,000 shares; issued and outstanding 9,610,336 in 2024 and 10,110,336 in 2023

  96   101 

Class B Common Stock of $0.01 par value; authorized 4,000,000 shares; issued and outstanding 3,785,851 in 2024 and 3,785,851 in 2023

  38   38 

Additional paid-in capital

  311,661   311,847 

Accumulated deficit

  (34,680)  (1,755)

Accumulated other comprehensive income

  936   1,313 

Total shareholders' equity

  278,051   311,544 

Noncontrolling interests

  57,232   54,968 

Total equity

  335,283   366,512 

Total liabilities and equity

 $642,096   674,242 

 

(1)  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.

 

 

See Notes to Condensed Consolidated Financial Statements - Unaudited

 

 

 

 

 

 

1
 

 

 

 

BBX Capital, Inc.

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income – Unaudited

(In thousands, except per share data)

 

   

For the Three Months Ended

    

For the Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  

Revenues:

                                

Trade sales

   $ 57,536       61,462       171,948       186,379  

Sales of real estate inventory

     190       2,712       2,143       8,929  

Revenue from construction contracts

     15,198       29,067       46,602       90,678  

Real estate development and property management fees

     1,987       5,002       5,987       9,249  

Interest income

     1,827       2,545       5,790       6,736  

Net gain on sales of assets

     1,497       2,271       1,497       2,210  

Lease income, net

     87       —       189       —  

Other revenue

     126       280       481       939  

Total revenues

     78,448       103,339       234,637       305,120  

Costs and expenses:

                                

Cost of trade sales

     39,603       45,307       121,595       137,641  

Cost of real estate inventory sold

     —       570       321       2,107  

Cost of revenue from construction contracts

     15,384       31,945       51,022       94,263  

Interest expense

     686       810       2,194       2,245  

Recoveries from loan losses, net

     (220 )     (177 )     (1,044 )     (3,284 )

Impairment losses

     11       349       229       349  

Selling, general and administrative expenses

     34,247       34,120       102,966       102,143  

Total costs and expenses

     89,711       112,924       277,283       335,464  

Operating losses

     (11,263 )     (9,585 )     (42,646 )     (30,344 )

Equity in net (loss) earnings of unconsolidated real estate joint ventures

     (621 )     2,126       1,096       3,958  

(Loss) gain on the consolidation of Altman Living

     —       (2,393 )     —       3,802  

Gain on the consolidation of investment in real estate joint ventures

     —       1,135       —       12,017  

Other (expense) income

     (419 )     1,155       1,015       4,042  

Foreign exchange (loss) gain

     (409 )     421       297       (113 )

Loss before income taxes

     (12,712 )     (7,141 )     (40,238 )     (6,638 )

Benefit for income taxes

     2,022       606       7,087       231  

Net loss

     (10,690 )     (6,535 )     (33,151 )     (6,407 )

Net loss (income) attributable to noncontrolling interests

     780       (1,290 )     226       (1,516 )

Net loss attributable to shareholders

   $ (9,910 )     (7,825 )     (32,925 )     (7,923 )

Basic loss per share

   $ (0.74 )     (0.55 )     (2.42 )     (0.55 )

Diluted loss per share

   $ (0.74 )     (0.55 )     (2.42 )     (0.56 )

Basic weighted average number of common shares outstanding

     13,396       14,354       13,618       14,354  

Diluted weighted average number of common shares outstanding

     13,396       14,354       13,618       14,354  

Net loss

   $ (10,690 )     (6,535 )     (33,151 )     (6,407 )

Other comprehensive income (loss), net of tax:

                                

Unrealized gain (loss) on securities available for sale

     9       (12 )     2       (8 )

Foreign currency translation adjustments

     334       (338 )     (379 )     36  

Other comprehensive income (loss), net

     343       (350 )     (377 )     28  

Comprehensive loss, net of tax

     (10,347 )     (6,885 )     (33,528 )     (6,379 )

Comprehensive loss (income) attributable to noncontrolling interests

     780       (1,290 )     226       (1,516 )

Comprehensive loss attributable to shareholders

   $ (9,567 )     (8,175 )     (33,302 )     (7,895 )

 

See Notes to Condensed Consolidated Financial Statements – Unaudited

 

 

 

2
 

 

 

BBX Capital, Inc.

Condensed Consolidated Statements of Changes in Equity - Unaudited

For the Three Months Ended September 30, 2024 and 2023

(In thousands)

 

  

Shares of

                  

Accumulated

         
  

Common Stock

  

Common

          

Other

         
  

Outstanding

  

Stock

  

Additional

      

Comprehen-

  

Non-

     
  

Class

  

Class

  

Paid-in

  

Accumulated

  

sive

  

controlling

  

Total

 
  

A

  

B

  

A

  

B

  

Capital

  

Earnings

  

Income

  

Interests

  

Equity

 

Balance, June 30, 2023

  10,629   3,724  $106   37   315,108   19,864   1,201   58,762   395,078 

Net loss excluding $173 of income attributable to redeemable noncontrolling interest

  —   —   —   —   —   (7,825)  —   1,117   (6,708)

Other comprehensive loss

  —   —   —   —   —   —   (350)  —   (350)

Buyout of redeemable noncontrolling interest

  —   —   —   —   311   —   —   —   311 

Consolidation of real estate joint venture managing members

  —   —   —   —   —   —   —   (434)  (434)

Contributions from noncontrolling interest

  —   —   —   —   —   —   —   190   190 

Distribution to noncontrolling interests

  —   —   —   —   (197)  —   —   (5,314)  (5,511)

Conversion of common stock from Class B to Class A

  1   (1)  —   —   —   —   —   —   — 

Share-based compensation

  —   —   —   —   1,124   —   —   405   1,529 

Balance, September 30, 2023

  10,630   3,723  $106   37   316,346   12,039   851   54,726   384,105 

 

  

Shares of

                             
  

Common Stock

  

Common

          

Accumulated

         
  

Outstanding

  

Stock

  

Additional

      

Other

  

Non-

     
  

Class

  

Class

  

Paid-in

  

Accumulated

  

Comprehensive

  

controlling

  

Total

 
  

A

  

B

  

A

  

B

  

Capital

  

Deficit

  

Income

  

Interests

  

Equity

 

Balance, June 30, 2024

  9,610   3,786  $96   38   310,228   (24,770)  593   57,535   343,720 

Net loss excluding $65 of income attributable to redeemable noncontrolling interest

  —   —   —   —   —   (9,910)  —   (845)  (10,755)

Other comprehensive income

  —   —   —   —   —   —   343   —   343 

Contributions from noncontrolling interests

  —   —   —   —   —   —   —   726   726 

Distributions to noncontrolling interests

  —   —   —   —   —   —   —   (418)  (418)

Share-based compensation

  —   —   —   —   1,433   —   —   234   1,667 

Balance, September 30, 2024

  9,610   3,786  $96   38   311,661   (34,680)  936   57,232   335,283 

 

See Notes to Condensed Consolidated Financial Statements - Unaudited

 

 

 

3
 

 

BBX Capital, Inc.

Condensed Consolidated Statements of Changes in Equity - Unaudited

For the Nine Months Ended September 30, 2024 and 2023

(In thousands)

 

  

Shares of

                  

Accumulated

         
  

Common Stock

  

Common

          

Other

         
  

Outstanding

  

Stock

  

Additional

      

Comprehen-

  

Non-

     
  

Class

  

Class

  

Paid-in

  

Accumulated

  

sive

  

controlling

  

Total

 
  

A

  

B

  

A

  

B

  

Capital

  

Earnings

  

Income

  

Interests

  

Equity

 

Balance, December 31, 2022

  10,629   3,724  $106   37   312,978   20,358   823   226   334,528 

Net income excluding $90 of income attributable to redeemable noncontrolling interest

  —   —   —   —   —   (7,923)  —   1,426   (6,497)

Other comprehensive income

  —   —   —   —   —   —   28   —   28 

Accretion of noncontrolling interest

  —   —   —   —   —   (900)  —   —   (900)

Reversal of accretion of redeemable noncontrolling interest

  —   —   —   —   —   504   —   —   504 

Consolidation of real estate joint venture managing members

  —   —   —   —   —   —   —   55,556   55,556 

Contributions from noncontrolling interest

  —   —   —   —   —   —   —   2,337   2,337 

Distributions to noncontrolling interests

  —   —   —   —   (197)  —   —   (5,473)  (5,670)

Buyout of redeemable noncontrolling interest

  —   —   —   —   311   —   —   —   311 

Conversion of common stock from Class B to Class A

  1   (1)  —   —   —   —   —   —   — 

Share-based compensation

  —   —   —   —   3,254   —   —   654   3,908 

Balance, September 30, 2023

  10,630   3,723  $106   37   316,346   12,039   851   54,726   384,105 

 

  

Shares of

                             
  

Common Stock

  

Common

          

Accumulated

         
  

Outstanding

  

Stock

  

Additional

      

Other

  

Non-

     
  

Class

  

Class

  

Paid-in

  

Accumulated

  

Comprehensive

  

controlling

  

Total

 
  

A

  

B

  

A

  

B

  

Capital

  

Deficit

  

Income

  

Interests

  

Equity

 

Balance, December 31, 2023

  10,110   3,786  $101   38   311,847   (1,755)  1,313   54,968   366,512 

Net loss excluding $194 of income attributable to redeemable noncontrolling interest

  —   —   —   —   —   (32,925)  —   (420)  (33,345)

Other comprehensive loss

  —   —   —   —   —   —   (377)  —   (377)

Contributions from noncontrolling interests

  —   —   —   —   —   —   —   2,586   2,586 

Distributions to noncontrolling interests

  —   —   —   —   —   —   —   (487)  (487)

Purchase and retirement of common stock

  (500)  —   (5)  —   (4,370)  —   —   —   (4,375)

Share-based compensation

  —   —   —   —   4,184   —   —   585   4,769 

Balance, September 30, 2024

  9,610   3,786  $96   38   311,661   (34,680)  936   57,232   335,283 

 

 

4
 

 

 

BBX Capital, Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(In thousands)

 

    For the Nine Months Ended  
   

September 30,

  
   

2024

    

2023

  

Operating activities:

                

Net loss

   $ (33,151 )     (6,407 )

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

                

Recoveries from loan losses, net

     (1,044 )     (3,284 )

Depreciation, amortization and accretion

     8,202       8,542  

Net gain on sales of real estate and property and equipment

     (1,997 )     (2,209 )

Equity in net earnings of unconsolidated real estate joint ventures

     (1,096 )     (3,958 )

Return on investment in unconsolidated real estate joint ventures

     3,447       7,455  

Gain on the consolidation of real estate joint ventures

     —       (12,017 )

Gain on the consolidation of Altman Living

     —       (3,802 )

Impairment losses

     229       349  

Share-based compensation expense

     4,769       3,976  

Provision for excess and obsolete inventory

     (154 )     (392 )

Change in deferred income tax asset, net

     (15 )     1,525  

Changes in operating assets and liabilities:

                

Trade accounts receivable

     (59 )     283  

Construction contracts receivable

     (1,816 )     978  

Trade inventory

     534       8,922  

Real estate

     (4,407 )     (2,995 )

Operating lease assets

     16,367       15,690  

Operating lease liabilities

     (16,235 )     (14,956 )

Contract assets

     20,724       6,393  

Other assets

     4,819       5,569  

Accounts payable

     (6,019 )     9,769  

Accrued expenses

     (7,478 )     (10,915 )

Contract liabilities

     (13,492 )     (963 )

Other liabilities

     (1,495 )     (2,129 )

Net cash (used in) provided by operating activities

     (29,367 )     5,424  

Investing activities:

                

Return of investment in and advances to unconsolidated real estate joint ventures

     401       21,188  

Investments in unconsolidated real estate joint ventures

     (20,734 )     (10,752 )

Purchases of securities available for sale

     (17,211 )     (95,008 )

Redemptions of securities available for sale

     54,250       70,229  

Proceeds from repayment of loans receivable

     1,108       3,622  

Proceeds from the repayment of Bluegreen Vacations Holding Corporation note

     35,000       14,070  

Proceeds from sales of assets

     336       —  

Proceeds from sale of real estate held for sale

     2,850       3,176  

Additions to real estate held-for-sale and held-for-investment

     (26,246 )     (29,345 )

Purchases of property and equipment

     (5,004 )     (10,925 )

Cash acquired in the consolidation of real estate joint ventures

     —       29,147  

Cash paid for Altman Living acquisition, net of cash received

     —       (3,975 )

Decrease in cash from other investing activities

     (5,184 )     (14 )

Net cash provided by (used in) investing activities