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.