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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-K/A
Amendment No. 1
 
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Fiscal Year Ended December 31, 2024
      Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number
000-56177
BBX Capital, Inc.
(Exact name of registrant as specified in its charter)
 
Florida
 
82-4669146
(State or other jurisdiction of incorporation or organization)
 
(I.R.S Employer Identification No.)
 
201 East Las Olas Boulevard, Suite 1900
   
Fort Lauderdale, Florida
 
33301
(Address of principal executive office)
 
(Zip Code)
 
 
(954) 940-4900
 
 
(Registrant's telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
None
 
Securities registered pursuant to Section 12(g) of the Act:
Class A Common Stock
Class B Common Stock
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes ☐  No
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes ☐  No
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒  No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒  No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer ☐    Accelerated filer ☐    Non-accelerated filer ☒    Smaller reporting company      Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes   No ☒
 
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant as of June 30, 2024, the last trading day of the registrant’s most recently completed second fiscal quarter, was $46.0 million (computed by reference to the price at which the common stock was sold).
 
The number of shares outstanding of each of the registrant’s classes of common stock as of March 11, 2025 is as follows:
 
Class A Common Stock of $.01 par value, 10,389,013 shares outstanding.
Class B Common Stock of $.01 par value, 3,854,194 shares outstanding.
 
Documents Incorporated by Reference
 
Portions of the registrant’s Definitive Proxy Statement on Schedule 14A relating to the registrant’s 2025 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
 
 

 
 
EXPLANATORY NOTE
 
BBX Capital, Inc. is filing this Amendment No. 1 on Form 10-K/A (this “Amended Filing”) to our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Original Filing”), to correct the date of the Report of Independent Registered Public Accounting Firm from March 21, 2025 to March 24, 2025, to correct the aggregate market value of the registrant's common stock held by non-affiliates of the registrant from $57.0 million to $46.0 million, and to correct the hyperlinks in Exhibit 10.14 and 21.1.  Accordingly, we hereby amend and replace the Report of Independent Registered Public Account Firm (PCAOB ID Number 248) in its entirety, change the aggregate market value of the registrant's common stock held by non-affiliates of the registrant from $57.0 million to $46.0 million in the Cover Page, and replace the hyperlinks in Exhibit 10.14 and 21.1 in the Original Filing.
 
Except as described above, no other information contained in Form 10-K is amended by this Form 10-K/A.
 
 
 
 
 
 
 
 

 
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
Board of Directors and Shareholders
BBX Capital, Inc.
 
Opinion on the financial statements
We have audited the accompanying consolidated statements of financial condition of BBX Capital, Inc. (a Florida corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive (loss) income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
 
Basis for opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ GRANT THORNTON LLP
 
We have served as the Company’s auditor since 2020.
 
Fort Lauderdale, Florida
March 24, 2025
 
 
F-2

 
 
 
 
 
ITEM 15. Exhibits and Financial Statement Schedules
 
 
Exhibit
     
Number
Description
 
Reference
 
10.14
Exit Credit Facility Term Loan Agreement between IT’SUGAR and SHL Holdings, Inc.
 
Exhibit 10.1 of Registrant’s Current Report on Form 8K filed on June 17, 2021
21.1
Subsidiaries of the Registrant
 
Filed with this Report
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)    
 
 
 
 
74

 
 
SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
BBX CAPITAL, INC.
March 25, 2025
By:
/s/ Jarett S. Levan
   
Jarett S. Levan, Chief Executive Officer and President
 
 
 
 
75

Exhibit 21.1

 

Subsidiaries of BBX Capital, Inc.

Jurisdiction of

 

Organization

Eden Services, Inc.

Florida

I.R.E. Property Analysts, Inc.

Florida

I.R.E. Energy 1981, Inc.

Florida

Kingsway Services Inc.

Florida

Risk Management Services, LLC

Florida

BFC/CCC, Inc.

Florida

B-D2 Holdings, LLC

Florida

B-DJ Holdings, LLC

Florida

B-26 Holdings, LLC

Florida

D-2 Acquisition

Florida

Confections by Design, LLC

Florida

The Altman Companies, LLC

Florida

BBX Capital Partners, LLC

Florida

BBX Sweet Holdings, LLC

Florida

Renin Holdings, LLC

Florida

   

Subsidiaries of The BFC/CCC Inc.

 

LAS Trademark, LLC

Florida

   

Subsidiaries of Renin Holdings, LLC

 

Renin US, LLC

Mississippi

Renin Canada Corporation

Canada

   

Subsidiaries of BBX Sweet Holdings, LLC

 

Las Olas Confections and Snacks, LLC

Florida

IT’SUGAR Holdings. LLC

Florida

   

Subsidiary of Las Olas Confections and Snacks, LLC

 

Hoffman’s Chocolates and Sweets, LLC

Florida

 

Florida

Subsidiaries of Hoffmans Chocolates and Sweets, LLC

 

Anastasia Confections, Inc

Florida

   

Subsidiary of ITSUGAR Holdings, LLC

 

IT’SUGAR, LLC

Delaware

   

Subsidiaries of ITSUGAR, LLC

 

IT’Sugar FLGC, LLC

Florida

IT’Sugar FL I, LLC

Florida

IT’Sugar FL II, LLC

Florida

IT'Sugar FL III, LLC

Florida

IT'Sugar Canada Inc.

Canada

The Hoffman Commercial Group, Inc.

Florida

   

Subsidiaries of The Hoffman Commercial Group, Inc

 

Hoffman's Florida I, LLC

 
   
 

 

 

 

Subsidiaries of The Altman Companies, LLC

 

Altman Operating Entities, LLC

Florida

Altman Living Project Investments, LLC

Florida

Altman Opportunity Investments, LLC

Florida

Altman Logistics Project Investments, LLC

Florida

Altman Guaranty Investments. LLC

 Florida

BBX Partners, Inc

Florida

   

Subsidiaries of BBX Partners, Inc.

 

Heartwood Partners 1, LLC

Florida

Heartwood Partners 2, LLC

Florida

   

Subsidiaries of Altman Opportunity Investments, LLC

 

BBX Capital Asset Management LLC

Florida

Florida Asset Resolution Group, LLC

Florida

BBX Las Olas Investments, LLC

Florida

BBX Sky Cove, LLC

Florida

   

Subsidiaries of BBX Capital Asset Management, LLC

 

BBX Miramar, LLC

Florida

FL Cell Tower, LLC

Florida

Banc Servicing Center, LLC

Florida

Fidelity Tax, LLC   

Florida

Heartwood 3, LLC    

Florida

Heartwood 4, LLC    

Florida

Heartwood 11, LLC   

Florida

FL Billboards, LLC   

Florida

Heartwood 18, LLC   

Florida

Heartwood 21, LLC   

Florida

Heartwood 23, LLC

Florida

Heartwood 24, LLC

Florida

Heartwood 47, LLC   

Florida

Heartwood 50, LLC   

Florida

Heartwood 88, LLC   

Florida

Heartwood 91, LLC   

Florida

Heartwood 91-2, LLC

Florida

BBX Grand Central, LLC

Florida

   

Subsidiary of Heartwood 4, LLC

 

JX Palm Coast Land, LLC

Florida

   

Subsidiaries of Florida Asset Resolution Group, LLC

 

Heartwood 58, LLC

Florida

FAR Holdings Group, LLC

Florida

   

Subsidiaries of Heartwood 58, LLC

 

FT Properties, LLC

Florida

Sunrise Atlantic, LLC

Florida

Heartwood 56, LLC   

Florida

Heartwood 57, LLC   

Florida

   
 

 

 

 

Subsidiaries of FAR Holdings Group, LLC

 

Heartwood 2, LLC    

Florida

Heartwood 43, LLC   

Florida

Heartwood 55, LLC

Florida

FAR 2, LLC

Florida

FAR 5, LLC

Florida

SHL Holdings, Inc

Florida

   

Subsidiaries of Altman Operating Entities, LLC

 

Altman Living, LLC

Florida

Altman Logistics Properties, LLC

Florida

   

Subsidiaries of the Altman Living, LLC

 

Altman Development Company

Florida

Altman Management, LLC

Florida

Altman Builders, LLC

Florida

   

Subsidiaries of Altman Living Project Investments, LLC

 

BBX Altis Projects 2021, LLC

Florida

BBX Altis Projects 2022, LLC

Florida

BBX Altis Projects 2023, LLC

Florida

BBX Equity Partners 2021, LLC

Florida

BBX Equity Partners 2022, LLC

Florida

BBX Equity Partners 2023 LLC  

Florida

BBX Altis Suncoast Investor, LLC

Florida

BBX Altra Kendall Investor, LLC

Florida

BBX Altis Lake Willis II Investor, LLC

Florida

Altman 11240 Biscayne Manager, LLC

Florida

   

Subsidiaries of BBX Altis Projects 2022, LLC

 

Altis Santa Barbara -Naples Manager, LLC

Florida

Altis Lake Willis II Manager, LLC

Florida

Altra Kendall Manager, LLC

Florida

Altra Kendall Sponsor, LLC

Florida

   

Subsidiaries of BBX Altis Projects 2021, LLC

 

Altis Blue Lake Manager, LLC

Florida

Altis Suncoast Pasco Manager, LLC

Florida

Altis Lake Willis Manager, LLC

Florida

   

Subsidiaries of BBX Altis Projects 2023, LLC

 

Orange Blossom Apartment Manager, LLC

Florida

   

Subsidiaries of Altra Kendall Sponsor, LLC

 

Altra Kendall Venture, LLC

Florida

   

Subsidiaries of Altra Kendall Venture, LLC 

 

Altra Kendall Holdings, LLC

Florida

   

Subsidiaries of Altra Kendall Holdings, LLC

 

Altra Kendall Owner, LLC

Florida

   

Subsidiaries of Altman 11240 Biscayne Manager, LLC

 

11240 Biscayne Manager, LLC

Florida

   

Subsidiary of Altman Guaranty Investments, LLC

 

Altman Logistics Guaranty, LLC

Florida

Altman Living Guaranty, LLC 

Florida

   

Subsidiaries of Altman Logistics Properties, LLC

 

BBX Logistics Projects 2024, LLC

Florida

BBX Logistics Partners 2024, LLC

Florida

BBX Logistics Projects 2023, LLC

Florida

BBX Logistics Partners 2023, LLC

Florida

Altman Logistics Development, LLC

Florida

   
 

 

 

 

Subsidiaries of BBX Logistics Projects 2024, LLC

 

Lakeland Logistics Park Manager, LLC

Florida

Davie Logistics Park Manager, LLC

Florida

Hamilton Logistics Park Manager, LLC

Florida

Parsippany Logistics Park Manager, LLC

Florida

   

Subsidiaries of BBX Logistics Projects 2023, LLC

 

Delray Logistics Park Manager, LLC

Florida

   

 

 

v3.25.1
Document And Entity Information - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Mar. 11, 2025
Jun. 30, 2024
Document Information [Line Items]      
Entity, Registrant Name BBX Capital, Inc.    
Current Fiscal Year End Date --12-31    
Document, Fiscal Period Focus FY    
Document, Fiscal Year Focus 2024    
Document, Type 10-K/A    
Document, Annual Report true    
Document, Period End Date Dec. 31, 2024    
Document, Transition Report false    
Entity, File Number 000-56177    
Entity, Incorporation, State or Country Code FL    
Entity, Tax Identification Number 82-4669146    
Entity, Address, Address Line One 201 East Las Olas Boulevard, Suite 1900    
Entity, Address, City or Town Fort Lauderdale    
Entity, Address, State or Province FL    
Entity, Address, Postal Zip Code 33301    
City Area Code 954    
Local Phone Number 940-4900    
Entity, Well-known Seasoned Issuer No    
Entity, Voluntary Filers No    
Entity, Current Reporting Status Yes    
Entity, Interactive Data, Current Yes    
Entity, Filer Category Non-accelerated Filer    
Entity, Small Business true    
Entity, Emerging Growth Company true    
Entity, Ex Transition Period true    
ICFR Auditor Attestation Flag false    
Document, Financial Statement Error Correction Flag false    
Entity, Shell Company false    
Entity, Public Float     $ 46
Amendment Description BBX Capital, Inc. is filing this Amendment No. 1 on Form 10-K/A (this “Amended Filing”) to our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Original Filing”), to correct the date of the Report of Independent Registered Public Accounting Firm from March 21, 2025 to March 24, 2025, to correct the aggregate market value of the registrant's common stock held by non-affiliates of the registrant from $57.0 million to $46.0 million, and to correct the hyperlinks in Exhibit 10.14 and 21.1.  Accordingly, we hereby amend and replace the Report of Independent Registered Public Account Firm (PCAOB ID Number 248) in its entirety, change the aggregate market value of the registrant's common stock held by non-affiliates of the registrant from $57.0 million to $46.0 million in the Cover Page, and replace the hyperlinks in Exhibit 10.14 and 21.1 in the Original Filing.   Except as described above, no other information contained in Form 10-K is amended by this Form 10-K/A.    
Auditor Firm ID 248    
Auditor Name GRANT THORNTON LLP    
Auditor Location Fort Lauderdale, Florida    
Amendment Flag true    
Entity, Central Index Key 0001814974    
ClassACommonStock Custom [Member]      
Document Information [Line Items]      
Title of 12(g) Security Class A Common Stock    
Entity, Common Stock Shares, Outstanding   10,389,013  
ClassBCommonStock Custom [Member]      
Document Information [Line Items]      
Title of 12(g) Security Class B Common Stock    
Entity, Common Stock Shares, Outstanding   3,854,194  

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