Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Investments in and Advances to Consolidated and Unconsolidated VIEs (Tables)

v3.23.3
Note 7 - Investments in and Advances to Consolidated and Unconsolidated VIEs (Tables)
9 Months Ended
Sep. 30, 2023
Notes Tables  
Equity Method Investments [Table Text Block]
   

January 31,

 
   

2023

 

Cash

  $ 19,083  

Restricted cash

    10,064  

Real estate

    24,447  

Investment in and advances to unconsolidated real estate joint ventures

    38,162  

Other assets

    486  

Total consolidated VIE assets

    92,242  

Fair value of noncontrolling interests

    60,583  

Fair value of net assets attributable to the Company

    31,659  

Settlement of net assets upon consolidation

    (1,086 )

Carrying amount of previously held investments

    18,556  

Gain on the consolidation of VIEs

  $ 12,017  
   

September 30,

 
   

2023

 

Cash

    3,550  

Restricted cash

    10,369  

Real estate

    53,605  

Investment in and advances to unconsolidated real estate joint ventures

    39,453  

Other assets

    1,223  

Total assets

  $ 108,200  

Notes payable

  $ 5,358  

Accrued expenses

    301  

Total liabilities

  $ 5,659  

Noncontrolling interest

  $ 59,604  

 

Schedule of Variable Interest Entities [Table Text Block]
   

September 30,

           

December 31,

         
   

2023

   

Ownership (1)

   

2022

   

Ownership (1)

 

Altis Grand Central

  $ 666       1.49 %     687       1.49 %

Altis Ludlam Trail (2)

          48.13       12,216       33.30  

Altis Lake Willis Phase 1

    6,953       1.68       850       1.23  

Altis Lake Willis Phase 2

    3,364       5.10       601       3.50  

Altis Grand at Suncoast

    12,279       12.31       4,579       11.00  

Altis Blue Lake

    4,496       1.68       647       1.22  

Altis Santa Barbara

    6,177       5.10       433       3.50  

Altra Kendall (3)

                5,670       13.70  

Altis Twin Lakes

    3,722       11.39              

The Altman Companies (3)

                11,992       50.00  

ABBX Guaranty (3)

                5,978       50.00  

BBX Park at Delray

    2,900       10.00              

Marbella

    1,044       70.00       1,064       70.00  

The Main Las Olas

    697       3.41       1,117       3.41  

Sky Cove

    117       26.25       24       26.25  

Sky Cove South

    1,061       26.25       3,241       26.25  

Other

    134               316          

Total

  $ 43,610               49,415          
Sky Cove South [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

September 30,

   

December 31,

 
   

2023

   

2022

 

Assets

               

Cash

  $ 7,407       2,056  

Real estate inventory

    4,902       22,921  

Other assets

    17       19  

Total assets

  $ 12,326       24,996  

Liabilities and Equity

               

Notes payable

  $       6,760  

Other liabilities

    2,316       5,800  

Total liabilities

    2,316       12,560  

Total equity

    10,010       12,436  

Total liabilities and equity

  $ 12,326       24,996  
   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Total revenues

  $ 19,766       13,484       55,093       19,492  

Cost of real estate inventory sold

    (14,745 )     (12,444 )     (41,696 )     (17,911 )

Other expenses

    (311 )     (432 )     (3,685 )     (1,175 )

Net earnings

    4,710       608       9,712       406  

Equity in net earnings of unconsolidated real estate joint venture - Sky Cove South

  $ 739       156       2,133       91  
Altis Miramar East/West [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

September 30,

   

December 31,

 
   

2023

   

2022

 

Assets

               

Cash

  $       433  

Other assets

          438  

Total assets

  $       871  

Liabilities and Equity

               

Other liabilities

          118  

Total liabilities

          118  

Total equity

          753  

Total liabilities and equity

  $       871  

 

   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Total revenues

  $     $ 1,905     $     $ 5,049  

Gain on sale of real estate

          142,673             143,310  

Other expenses

          (2,305 )           (6,890 )

Net earnings

          142,273             141,469  

Equity in net earnings of unconsolidated real estate joint venture - Altis Miramar East/West

  $     $ 14,012     $     $ 13,954  

 

The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Sky Cove South joint venture (in thousands):

Altis Little Havana [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

September 30,

   

December 31,

 
   

2023

   

2022

 

Assets

               

Cash

  $       718  

Real estate

           

Other assets

          411  

Total assets

  $       1,129  

Liabilities and Equity

               

Notes payable

  $        

Other liabilities

          270  

Total liabilities

          270  

Total equity

          859  

Total liabilities and equity

  $       1,129  
   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Total revenues

  $       55             255  

Gain on sale of real estate

          711             56,547  

Other expenses

          (683 )           (1,044 )

Net earnings

  $       83             55,758  

Equity in net earnings of unconsolidated real estate joint venture - Altis Little Havana

  $                   8,398  
Marbella [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

September 30,

   

December 31,

 
   

2023

   

2022

 

Assets

               

Cash

  $ 1,254       3,508  

Real estate inventory

    1,706       1,706  

Other assets

    457       526  

Total assets

  $ 3,417       5,740  

Liabilities and Equity

               

Other liabilities

  $ 1,329       3,611  

Total liabilities

    1,329       3,611  

Total equity

    2,088       2,129  

Total liabilities and equity

  $ 3,417       5,740  
   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Total revenues

  $       32,571       1,192       80,591  

Cost of real estate inventory sold

          (24,702 )           (60,351 )

Other expenses

    (4 )     (994 )     (31 )     (2,710 )

Net (loss) earnings

  $ (4 )     6,875       1,161       17,530  

Equity in net (loss) earnings of unconsolidated real estate joint venture - Marbella

  $ (3 )     3,363       580       8,574