Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Noncontrolling Interests

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Note 13 - Noncontrolling Interests
3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Noncontrolling Interest Disclosure [Text Block]

13. Noncontrolling Interests

 

Redeemable Noncontrolling Interest

 

As of March 31, 2023 and December 31, 2022, the Company’s consolidated statements of financial condition included a redeemable noncontrolling interest of $5.1 million and $4.4 million, respectively, which 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 of March 31, 2023, the Company’s consolidated statements of financial condition also included a redeemable noncontrolling interest of $5.0 million, which relates to a redeemable noncontrolling interest associated with Mr. Altman’s ownership interest in ABBX. BBXRE and Mr. Altman each own 50% of ABBX, and Mr. Altman’s noncontrolling interests may be redeemed for cash upon a contingent event outside of the Company’s control.

 

During the three months ended March 31, 2023 and 2022 the net loss attributable to the redeemable noncontrolling interest in IT’SUGAR was $0.2 million and $0.1 million, respectively.

 

Other Noncontrolling Interests

 

The Company's other noncontrolling interests consisted of the following (in thousands):

 

 

   

March 31,

   

December 31,

 
   

2023

   

2022

 

Consolidated real estate VIEs

  $ 59,554       (4 )

Restaurant

    167       230  

Total other noncontrolling interests

  $ 59,721       226  

 

 

 

Income (loss) attributable to noncontrolling interests, including redeemable noncontrolling interests, consisted of the following (in thousands):

 

   

For the Three Months Ended

 
   

March 31,

 
   

2023

   

2022

 

Consolidated real estate VIEs

  $ (272 )     (8 )

Restaurant

    97       92  

IT'SUGAR FL II, LLC

          (123 )

IT'SUGAR

    (205 )     (71 )

Net loss attributable to noncontrolling interests

  $ (380 )     (110 )

 

(1)  In December 2022, the Company acquired the noncontrolling interest in IT'SUGAR II, LLC.