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.