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BBX Capital, Inc. Reports Financial Results For the Fourth Quarter and Full Year of 2023

Retrieved on:

Friday, March 15, 2024

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the fourth quarter and year ended December 31, 2023.

Key Points:

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the fourth quarter and year ended December 31, 2023.
Selected highlights of BBX Capital’s consolidated financial results include:
Total consolidated revenues of $96.1 million vs. $107.6 million
Net loss attributable to shareholders of $(12.9) million vs. net income attributable to shareholders of $15.4 million
Diluted loss per share of $(0.88) vs. diluted earnings per share of $0.99
Year Ended December 31, 2023 Compared to the Year Ended December 31, 2022
Total consolidated revenues of $401.3 million vs. $342.0 million
Loss before income taxes of $(21.7) million vs. income before income taxes of $42.8 million
Net loss attributable to shareholders of $(20.8) million vs. income attributable to shareholders of $28.0 million
Balance Sheet as of December 31, 2023
Securities available for sale of $44.6 million (primarily U.S. Treasury and federal agency securities with maturities of less than one year)
Note receivable from Bluegreen Vacations Holding Corporation (NYSE: BVH) of $35.0 million (1)
The outstanding balance of the note receivable was prepaid in full in January 2024.
Fully diluted book value per share is shareholders’ equity divided by the number of BBX Capital’s Class A and Class B common shares and unvested restricted stock awards outstanding on December 31, 2023.
For more complete and detailed information regarding BBX Capital and its financial results, business, operations, investments, and risks, including the results of BBX Capital Real Estate, BBX Sweet Holdings, and Renin, please see BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2023, which is available on the SEC's website, https://www.sec.gov , and on BBX Capital’s website, www.BBXCapital.com .

BBX Capital, Inc. Announces Final Results of Tender Offer

Retrieved on:

Wednesday, December 27, 2023

Online Retail, Vacation, Residential Building & Real Estate, Lodging, Food, Beverage, Commercial Building & Real Estate, Construction & Property, Travel, Retail, Urban Planning, Home Goods, Interior Design, Depositary, Common stock, PINK, BBX, OTCQX, Common

In accordance with the terms and conditions of the tender offer, including BBX Capital’s right to accept the tender of additional shares up to an amount equal to two percent of the outstanding shares of BBX Capital’s Class A Common Stock outstanding upon the commencement of the tender offer, BBX Capital will purchase 726,043 shares in the tender offer.

Key Points:

In accordance with the terms and conditions of the tender offer, including BBX Capital’s right to accept the tender of additional shares up to an amount equal to two percent of the outstanding shares of BBX Capital’s Class A Common Stock outstanding upon the commencement of the tender offer, BBX Capital will purchase 726,043 shares in the tender offer.
Because more than 726,043 shares were tendered in the tender offer, BBX Capital will purchase the 726,043 shares from tendering shareholders on a pro rata basis in accordance with the terms and conditions of the tender offer.
The aggregate price for the shares to be purchased in the tender offer is approximately $5.8 million, excluding fees and expenses relating to the tender offer.
Shareholders who have questions or would like additional information about the tender offer may contact the Information Agent for the tender offer, MacKenzie Partners, Inc., toll-free at (800) 322-2885.

BBX Capital, Inc. Announces Preliminary Results of Tender Offer

Retrieved on:

Thursday, December 21, 2023

Based on the preliminary count by Equiniti Trust Company, LLC, the Depositary for the tender offer, a total of 737,134 shares of BBX Capital’s Class A Common Stock were properly tendered and not withdrawn.

Key Points:

Based on the preliminary count by Equiniti Trust Company, LLC, the Depositary for the tender offer, a total of 737,134 shares of BBX Capital’s Class A Common Stock were properly tendered and not withdrawn.
In accordance with the terms and conditions of the tender offer, including the Company’s right to accept the tender of additional shares up to an amount equal to two percent of the outstanding shares of the Company’s Class A Common Stock outstanding upon the commencement of the tender offer, the Company will purchase 726,043 shares in the tender offer.
It is expected that the final results of the tender offer will be announced and payment for shares accepted in the tender offer will commence by Wednesday, December 27, 2023.
Shareholders who have questions or would like additional information about the tender offer may contact the Information Agent for the tender offer, MacKenzie Partners, Inc., toll-free at (800) 322-2885.

BBX Capital, Inc. Reports Financial Results For the Third Quarter of 2023

Retrieved on:

Wednesday, November 8, 2023

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the third quarter of 2023.

Key Points:

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the third quarter of 2023.
The following selected information relates to the financial results of the Company’s principal holdings: BBX Capital Real Estate, BBX Sweet Holdings, and Renin.
In connection with the transition, BBX Sweet Holdings acquired his noncontrolling interest in IT’SUGAR, and as a result, IT'SUGAR became a wholly-owned subsidiary of BBX Sweet Holdings during the three months ended September 30, 2023.
As of September 30, 2023, Renin was current on the payment terms under its TD Bank credit facility.

Citi to Become First Digital Custodian on BondbloX Bond Exchange

Retrieved on:

Friday, September 15, 2023

Professional Services, Data Management, Technology, Software, Finance, Fintech, Banking, Partnership, BBX, Digital, FMI Air, Citigroup, Trust, Digital asset, FMI, Entrepreneurship, Security (finance), Bank, Financial services

Citi Securities Services today announced that it has become the first digital custodian participant of BondbloX Bond Exchange (BBX), the world’s first fractional bond exchange using the latest in distributed ledger technology.

Key Points:

Citi Securities Services today announced that it has become the first digital custodian participant of BondbloX Bond Exchange (BBX), the world’s first fractional bond exchange using the latest in distributed ledger technology.
Citi was initially chosen by BondbloX in 2021 to act as custodian for the underlying bonds issued and traded on its exchange as fractionalized assets (called “BondbloX”).
Digital Custody is the next big step in the transformation of the bond market, making bond markets, more transparent, electronic and accessible to all.
These innovative solutions enhance Citi’s products and services including digital money, trade, securities, custody, asset servicing and collateral mobility.

BBX Logistics Properties Announces Venture with PCCP, LLC to Develop Over 600,000 Square Foot Logistics Park over 40 Acres in Delray Beach, Florida

Retrieved on:

Wednesday, September 13, 2023

The joint venture intends to develop the site, which is entitled with rights to build up to 672,533 square feet (sf) of logistics space, into BBX Park at Delray, a logistics facility expected to be comprised of three buildings.

Key Points:

The joint venture intends to develop the site, which is entitled with rights to build up to 672,533 square feet (sf) of logistics space, into BBX Park at Delray, a logistics facility expected to be comprised of three buildings.
View the full release here: https://www.businesswire.com/news/home/20230913802001/en/
“Our plans at BBX Park at Delray reflect our goal of delivering high-quality logistics space in the heart of the rapidly growing population center of Western Palm Beach County.
We want to thank the Palm Beach County Commissioners and County staff who worked so tirelessly with us.”
“We are pleased to partner with BBX Logistics Properties on this venture.
Our partnership underpins PCCP’s strategy to invest in Class-A logistics facilities in strategic locations," said Kevin Chin, Managing Director with PCCP.

BBX Capital, Inc. Reports Financial Results For the Second Quarter of 2023

Retrieved on:

Wednesday, August 9, 2023

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the second quarter of 2023.

Key Points:

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the second quarter of 2023.
“As we have previously disclosed, our portfolio companies are facing challenges associated with inflationary pressures, rising interest rates, and global economic uncertainty, and our operating results for the second quarter reflect these challenges.
The following selected information relates to the financial results of the Company’s principal holdings: BBX Capital Real Estate, BBX Sweet Holdings, and Renin.
Further, Renin does not expect to be in compliance with its covenants in future periods as a result of its actual and expected operating results for 2023.

BBX Capital Real Estate, a Subsidiary of BBX Capital, Inc., Announces the Sale of Altís Ludlam Trail in Miami, Florida

Retrieved on:

Friday, July 14, 2023

Interior Design, Professional Services, Architecture, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, BBX, Olympia, Greece, Bank statement, BBX Capital Corporation, Multimedia, Sale, Investment, OTCQX, PINK, Commercial property

BBX Capital Real Estate, a wholly-owned subsidiary of BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB), today announced that a joint venture sponsored by The Altman Companies had completed the sale of Altis Ludlam Trail, a 312-unit multifamily apartment community located in Miami, Florida.

Key Points:

BBX Capital Real Estate, a wholly-owned subsidiary of BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB), today announced that a joint venture sponsored by The Altman Companies had completed the sale of Altis Ludlam Trail, a 312-unit multifamily apartment community located in Miami, Florida.
View the full release here: https://www.businesswire.com/news/home/20230713086312/en/
Construction of Altis Ludlam Trail commenced in 2020 and was substantially completed in 2022.
In addition, BBX Capital Real Estate received a cash distribution of $12.3 million related to its investment in the preferred equity of the joint venture.
As of March 31, 2023, the aggregate carrying amount of these investments in BBX Capital Inc.’s consolidated financial statements was $20.3 million.

BBX Capital, Inc. Reports Financial Results For the First Quarter of 2023

Retrieved on:

Wednesday, May 10, 2023

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the first quarter of 2023.

Key Points:

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the first quarter of 2023.
“During the first quarter of 2023, BBX Capital Real Estate (‘BBXRE’) acquired the remaining equity interests in the Altman Companies, and the Company consolidated both the Altman Companies and various real estate joint ventures sponsored by the Altman Companies in its financial statements.
The following selected information relates to the financial results of the Company’s principal holdings: BBX Capital Real Estate, BBX Sweet Holdings, and Renin.
As of March 31, 2023, Renin was in compliance with the financial covenants under its credit facility with TD Bank.

BBX Capital, Inc. Reports Financial Results For the Fourth Quarter and Full Year of 2022

Retrieved on:

Wednesday, March 15, 2023

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the fourth quarter and year ended December 31, 2022.

Key Points:

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the fourth quarter and year ended December 31, 2022.
“Overall, we are pleased with BBX Capital's results for the year ended December 31, 2022.
We also expect BBX Capital Real Estate to be dramatically impacted in 2023 by an anticipated decrease in sales transactions and new development starts.
The following selected information relates to the financial results of the Company’s principal holdings: BBX Capital Real Estate, BBX Sweet Holdings, and Renin.