Segment Information |
The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2020 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
BBX Capital Real Estate
|
|
BBX Sweet Holdings
|
|
Renin
|
|
Other
|
|
Reconciling Items and Eliminations
|
|
Segment Total
|
Trade sales
|
|
$
|
—
|
|
|
15,166
|
|
|
19,662
|
|
|
864
|
|
|
—
|
|
|
35,692
|
Sales of real estate inventory
|
|
|
4,970
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,970
|
Interest income
|
|
|
419
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(34)
|
|
|
387
|
Net gains on sales of real estate assets
|
|
|
164
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
164
|
Other revenue
|
|
|
329
|
|
|
77
|
|
|
—
|
|
|
610
|
|
|
(24)
|
|
|
992
|
Total revenues
|
|
|
5,882
|
|
|
15,245
|
|
|
19,662
|
|
|
1,474
|
|
|
(58)
|
|
|
42,205
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of trade sales
|
|
|
—
|
|
|
11,678
|
|
|
15,927
|
|
|
376
|
|
|
—
|
|
|
27,981
|
Cost of real estate inventory sold
|
|
|
3,367
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,367
|
Interest expense
|
|
|
—
|
|
|
54
|
|
|
53
|
|
|
4
|
|
|
(111)
|
|
|
-
|
Recoveries from loan losses, net
|
|
|
(807)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(807)
|
Impairment losses
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Selling, general and administrative expenses
|
|
|
1,715
|
|
|
8,483
|
|
|
2,135
|
|
|
280
|
|
|
5,497
|
|
|
18,110
|
Total costs and expenses
|
|
|
4,275
|
|
|
20,215
|
|
|
18,115
|
|
|
660
|
|
|
5,386
|
|
|
48,651
|
Equity in net loss of unconsolidated real estate joint ventures
|
|
|
(646)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(646)
|
Loss on the deconsolidation of IT'SUGAR, LLC
|
|
|
—
|
|
|
(3,326)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,326)
|
Other income
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81
|
Foreign exchange loss
|
|
|
—
|
|
|
—
|
|
|
(58)
|
|
|
—
|
|
|
—
|
|
|
(58)
|
Income (loss) before income taxes
|
|
$
|
961
|
|
|
(8,215)
|
|
|
1,489
|
|
|
814
|
|
|
(5,444)
|
|
|
(10,395)
|
Total assets
|
|
$
|
160,442
|
|
|
26,108
|
|
|
36,894
|
|
|
6,707
|
|
|
157,296
|
|
|
387,447
|
Expenditures for property and equipment
|
|
$
|
—
|
|
|
196
|
|
|
247
|
|
|
15
|
|
|
—
|
|
|
458
|
Depreciation and amortization
|
|
$
|
—
|
|
|
1,323
|
|
|
260
|
|
|
26
|
|
|
—
|
|
|
1,609
|
Debt accretion and amortization
|
|
$
|
70
|
|
|
5
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
79
|
Cash and cash equivalents
|
|
$
|
24,066
|
|
|
610
|
|
|
1,168
|
|
|
941
|
|
|
69,807
|
|
|
96,592
|
Real estate equity method investments
|
|
$
|
60,648
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,648
|
Goodwill
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Notes payable and other borrowings
|
|
$
|
29,597
|
|
|
1,427
|
|
|
4,929
|
|
|
47
|
|
|
—
|
|
|
36,000
|
The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2019 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBX Capital Real Estate
|
|
|
BBX Sweet Holdings
|
|
|
Renin
|
|
|
Other
|
|
|
Reconciling Items and Eliminations
|
|
|
Segment Total
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade sales
|
|
$
|
—
|
|
|
28,051
|
|
|
16,442
|
|
|
1,111
|
|
|
(1)
|
|
|
45,603
|
Sales of real estate inventory
|
|
|
370
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
370
|
Interest income
|
|
|
166
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
178
|
Net gains on sales of real estate assets
|
|
|
399
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
399
|
Other revenue
|
|
|
197
|
|
|
115
|
|
|
—
|
|
|
888
|
|
|
(58)
|
|
|
1,142
|
Total revenues
|
|
|
1,132
|
|
|
28,178
|
|
|
16,442
|
|
|
1,999
|
|
|
(59)
|
|
|
47,692
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of trade sales
|
|
|
—
|
|
|
17,229
|
|
|
12,983
|
|
|
493
|
|
|
(1)
|
|
|
30,704
|
Cost of real estate inventory sold
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Interest expense
|
|
|
—
|
|
|
45
|
|
|
131
|
|
|
8
|
|
|
(66)
|
|
|
118
|
Recoveries from loan losses, net
|
|
|
(1,821)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,821)
|
Impairment losses
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
Selling, general and administrative expenses
|
|
|
2,336
|
|
|
11,086
|
|
|
2,849
|
|
|
1,612
|
|
|
5,311
|
|
|
23,194
|
Total costs and expenses
|
|
|
552
|
|
|
28,360
|
|
|
15,963
|
|
|
2,113
|
|
|
5,244
|
|
|
52,232
|
Equity in net earnings of unconsolidated real estate joint ventures
|
|
|
28,534
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,534
|
Other income
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
Foreign exchange gain
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
Income (loss) before income taxes
|
|
$
|
29,114
|
|
|
(115)
|
|
|
480
|
|
|
(114)
|
|
|
(5,303)
|
|
|
24,062
|
Total assets
|
|
$
|
147,712
|
|
|
166,311
|
|
|
32,103
|
|
|
8,491
|
|
|
1,864
|
|
|
356,481
|
Expenditures for property and equipment
|
|
$
|
1
|
|
|
3,801
|
|
|
79
|
|
|
174
|
|
|
—
|
|
|
4,055
|
Depreciation and amortization
|
|
$
|
—
|
|
|
1,519
|
|
|
303
|
|
|
193
|
|
|
—
|
|
|
2,015
|
Debt accretion and amortization
|
|
$
|
22
|
|
|
55
|
|
|
6
|
|
|
2
|
|
|
—
|
|
|
85
|
Cash and cash equivalents
|
|
$
|
21,781
|
|
|
3,629
|
|
|
—
|
|
|
525
|
|
|
—
|
|
|
25,935
|
Real estate equity method investments
|
|
$
|
53,739
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,739
|
Goodwill
|
|
$
|
—
|
|
|
35,521
|
|
|
—
|
|
|
1,727
|
|
|
—
|
|
|
37,248
|
Notes payable and other borrowings
|
|
$
|
32,009
|
|
|
1,867
|
|
|
8,394
|
|
|
400
|
|
|
—
|
|
|
42,670
|
The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2020 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBX Capital Real Estate
|
|
BBX Sweet Holdings
|
|
Renin
|
|
Other
|
|
Reconciling Items and Eliminations
|
|
Segment Total
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade sales
|
|
$
|
—
|
|
|
41,743
|
|
|
54,283
|
|
|
3,602
|
|
|
—
|
|
|
99,628
|
Sales of real estate inventory
|
|
|
14,248
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,248
|
Interest income
|
|
|
604
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
(47)
|
|
|
586
|
Net gains on sales of real estate assets
|
|
|
130
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
130
|
Other revenue
|
|
|
1,116
|
|
|
281
|
|
|
—
|
|
|
1,083
|
|
|
(82)
|
|
|
2,398
|
Total revenues
|
|
|
16,098
|
|
|
42,053
|
|
|
54,283
|
|
|
4,685
|
|
|
(129)
|
|
|
116,990
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of trade sales
|
|
|
—
|
|
|
35,493
|
|
|
44,054
|
|
|
607
|
|
|
—
|
|
|
80,154
|
Cost of real estate inventory sold
|
|
|
9,473
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,473
|
Interest expense
|
|
|
—
|
|
|
170
|
|
|
238
|
|
|
9
|
|
|
(417)
|
|
|
—
|
Recoveries from loan losses, net
|
|
|
(5,844)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,844)
|
Impairment losses
|
|
|
2,710
|
|
|
25,303
|
|
|
—
|
|
|
2,727
|
|
|
—
|
|
|
30,740
|
Selling, general and administrative expenses
|
|
|
5,176
|
|
|
25,123
|
|
|
6,788
|
|
|
3,572
|
|
|
13,365
|
|
|
54,024
|
Total costs and expenses
|
|
|
11,515
|
|
|
86,089
|
|
|
51,080
|
|
|
6,915
|
|
|
12,948
|
|
|
168,547
|
Equity in net earnings of unconsolidated real estate joint ventures
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
Loss on the deconsolidation of IT'SUGAR, LLC
|
|
|
—
|
|
|
(3,326)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,326)
|
Other income (expense)
|
|
|
—
|
|
|
195
|
|
|
(3)
|
|
|
—
|
|
|
—
|
|
|
192
|
Foreign exchange gain
|
|
|
—
|
|
|
—
|
|
|
214
|
|
|
—
|
|
|
—
|
|
|
214
|
Income (loss) before income taxes
|
|
$
|
4,633
|
|
|
(47,167)
|
|
|
3,414
|
|
|
(2,230)
|
|
|
(13,077)
|
|
|
(54,427)
|
Expenditures for property and equipment
|
|
$
|
—
|
|
|
3,120
|
|
|
852
|
|
|
60
|
|
|
—
|
|
|
4,032
|
Depreciation and amortization
|
|
$
|
—
|
|
|
4,108
|
|
|
880
|
|
|
77
|
|
|
—
|
|
|
5,065
|
Debt accretion and amortization
|
|
$
|
223
|
|
|
167
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
403
|
The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2019 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBX Capital Real Estate
|
|
BBX Sweet Holdings
|
|
Renin
|
|
Other
|
|
Reconciling Items and Eliminations
|
|
Segment Total
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade sales
|
|
$
|
—
|
|
|
76,039
|
|
|
51,124
|
|
|
5,514
|
|
|
—
|
|
|
132,677
|
Sales of real estate inventory
|
|
|
5,030
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,030
|
Interest income
|
|
|
631
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
674
|
Net gains on sales of real estate assets
|
|
|
11,395
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,395
|
Other revenue
|
|
|
1,321
|
|
|
210
|
|
|
—
|
|
|
1,751
|
|
|
(230)
|
|
|
3,052
|
Total revenues
|
|
|
18,377
|
|
|
76,292
|
|
|
51,124
|
|
|
7,265
|
|
|
(230)
|
|
|
152,828
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of trade sales
|
|
|
—
|
|
|
48,862
|
|
|
40,989
|
|
|
1,994
|
|
|
—
|
|
|
91,845
|
Cost of real estate inventory sold
|
|
|
2,643
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,643
|
Interest expense
|
|
|
—
|
|
|
143
|
|
|
387
|
|
|
11
|
|
|
(132)
|
|
|
409
|
Recoveries from loan losses, net
|
|
|
(4,206)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,206)
|
Impairment losses
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
Selling, general and administrative expenses
|
|
|
6,709
|
|
|
31,860
|
|
|
8,326
|
|
|
5,136
|
|
|
16,473
|
|
|
68,504
|
Total costs and expenses
|
|
|
5,183
|
|
|
80,865
|
|
|
49,702
|
|
|
7,141
|
|
|
16,341
|
|
|
159,232
|
Equity in net earnings of unconsolidated real estate joint ventures
|
|
|
37,276
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,276
|
Other income
|
|
|
171
|
|
|
292
|
|
|
152
|
|
|
6
|
|
|
—
|
|
|
621
|
Foreign exchange loss
|
|
|
—
|
|
|
—
|
|
|
(23)
|
|
|
—
|
|
|
—
|
|
|
(23)
|
Income (loss) before income taxes
|
|
$
|
50,641
|
|
|
(4,281)
|
|
|
1,551
|
|
|
130
|
|
|
(16,571)
|
|
|
31,470
|
Expenditures for property and equipment
|
|
$
|
4
|
|
|
6,387
|
|
|
284
|
|
|
548
|
|
|
—
|
|
|
7,223
|
Depreciation and amortization
|
|
$
|
93
|
|
|
4,252
|
|
|
897
|
|
|
260
|
|
|
—
|
|
|
5,502
|
Debt accretion and amortization
|
|
$
|
133
|
|
|
167
|
|
|
23
|
|
|
3
|
|
|
—
|
|
|
326
|
|