Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

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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