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):
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Revenues: |
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BBX Capital Real Estate |
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BBX Sweet Holdings |
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Renin |
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Other |
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Reconciling Items and Eliminations |
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Segment Total |
Trade sales |
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$ |
— |
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29,357 |
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33,488 |
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2,905 |
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(1) |
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|
65,749 |
Sales of real estate inventory |
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6,470 |
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— |
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|
— |
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|
— |
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|
— |
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|
6,470 |
Interest income |
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|
545 |
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— |
|
|
— |
|
|
— |
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|
604 |
|
|
1,149 |
Net gains on sales of real estate assets |
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|
1,329 |
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— |
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— |
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— |
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— |
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1,329 |
Other revenue |
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516 |
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— |
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— |
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|
445 |
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(182) |
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|
779 |
Total revenues |
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8,860 |
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29,357 |
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33,488 |
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3,350 |
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421 |
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75,476 |
Costs and expenses: |
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Cost of trade sales |
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— |
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18,373 |
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31,774 |
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|
859 |
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— |
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|
51,006 |
Cost of real estate inventory sold |
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|
2,235 |
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— |
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— |
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— |
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— |
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2,235 |
Interest expense |
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— |
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|
247 |
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|
566 |
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1 |
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(278) |
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|
536 |
Recoveries from loan losses, net |
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(648) |
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— |
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— |
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— |
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— |
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(648) |
Impairment losses |
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— |
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64 |
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— |
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— |
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— |
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|
64 |
Selling, general and administrative expenses |
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2,398 |
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|
12,675 |
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4,660 |
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|
1,999 |
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5,632 |
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27,364 |
Total costs and expenses |
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3,985 |
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31,359 |
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37,000 |
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2,859 |
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5,354 |
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80,557 |
Operating income (losses) |
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4,875 |
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(2,002) |
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(3,512) |
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|
491 |
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(4,933) |
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(5,081) |
Equity in net earnings of unconsolidated real estate joint ventures |
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1,532 |
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— |
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— |
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— |
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— |
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1,532 |
Other income |
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(13) |
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872 |
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— |
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2 |
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123 |
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|
984 |
Foreign exchange loss |
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— |
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— |
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(189) |
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— |
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— |
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(189) |
Income (loss) before income taxes |
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$ |
6,394 |
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(1,130) |
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(3,701) |
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|
493 |
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(4,810) |
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(2,754) |
Total assets |
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$ |
186,617 |
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139,991 |
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108,952 |
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6,809 |
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|
90,003 |
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532,372 |
Expenditures for property and equipment |
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$ |
— |
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1,357 |
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|
270 |
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|
26 |
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|
231 |
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|
1,884 |
Depreciation and amortization |
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$ |
— |
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|
1,493 |
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|
819 |
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|
33 |
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|
57 |
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|
2,402 |
Debt accretion and amortization |
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$ |
9 |
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|
44 |
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32 |
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— |
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— |
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|
85 |
Cash and cash equivalents |
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$ |
74,412 |
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7,713 |
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|
523 |
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2,009 |
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29,975 |
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114,632 |
Real estate equity method investments |
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$ |
53,666 |
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— |
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— |
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— |
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— |
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53,666 |
Goodwill |
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$ |
— |
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14,274 |
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|
4,140 |
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— |
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— |
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|
18,414 |
Notes payable and other borrowings |
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$ |
5,535 |
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15,966 |
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48,077 |
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22 |
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(14,025) |
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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):
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BBX Capital Real Estate |
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BBX Sweet Holdings |
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Renin |
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Other |
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Reconciling Items and Eliminations |
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Segment Total |
Revenues: |
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Trade sales |
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$ |
— |
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4,982 |
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38,691 |
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|
2,241 |
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— |
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|
45,914 |
Sales of real estate inventory |
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|
13,535 |
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— |
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— |
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— |
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— |
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13,535 |
Interest income |
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|
475 |
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— |
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— |
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— |
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|
1,175 |
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|
1,650 |
Net gains on sales of real estate assets |
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|
105 |
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— |
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— |
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— |
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— |
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|
105 |
Other revenue |
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|
398 |
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— |
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— |
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|
430 |
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(157) |
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|
671 |
Total revenues |
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14,513 |
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4,982 |
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38,691 |
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2,671 |
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|
1,018 |
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61,875 |
Costs and expenses: |
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Cost of trade sales |
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— |
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3,828 |
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32,656 |
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|
409 |
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— |
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36,893 |
Cost of real estate inventory sold |
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7,858 |
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— |
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— |
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— |
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— |
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|
7,858 |
Interest expense |
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— |
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|
26 |
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|
410 |
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1 |
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(147) |
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|
290 |
Recoveries from loan losses, net |
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(508) |
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— |
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— |
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|
— |
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— |
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(508) |
Selling, general and administrative expenses |
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1,974 |
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1,571 |
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4,304 |
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|
1,506 |
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|
3,843 |
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|
13,198 |
Total costs and expenses |
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9,324 |
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|
5,425 |
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37,370 |
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|
1,916 |
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|
3,696 |
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|
57,731 |
Operating income (losses) |
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5,189 |
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(443) |
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|
1,321 |
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|
755 |
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(2,678) |
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|
4,144 |
Equity in net loss of unconsolidated real estate joint ventures |
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(271) |
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|
— |
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|
— |
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|
— |
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|
— |
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(271) |
Other income |
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— |
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26 |
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— |
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(1) |
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|
38 |
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|
63 |
Foreign exchange loss |
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|
— |
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|
— |
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(480) |
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— |
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|
— |
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(480) |
Income (loss) before income taxes |
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$ |
4,918 |
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(417) |
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|
841 |
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|
754 |
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(2,640) |
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|
3,456 |
Total assets |
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$ |
163,449 |
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|
27,007 |
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105,216 |
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7,141 |
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139,138 |
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|
441,951 |
Expenditures for property and equipment |
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$ |
— |
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|
3 |
|
|
237 |
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|
12 |
|
|
14 |
|
|
266 |
Depreciation and amortization |
|
$ |
— |
|
|
81 |
|
|
631 |
|
|
30 |
|
|
49 |
|
|
791 |
Debt accretion and amortization |
|
$ |
219 |
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|
19 |
|
|
12 |
|
|
— |
|
|
— |
|
|
250 |
Cash and cash equivalents |
|
$ |
31,924 |
|
|
1,001 |
|
|
1,939 |
|
|
1,985 |
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|
50,958 |
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|
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 |
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|
39 |
|
|
— |
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|
68,947 |
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