In This Story
BBX Capital Inc - Class A (BBXIA-1.27%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's financial position, indicating total consolidated assets of approximately $603.0 million and shareholders' equity of approximately $245.6 million. Net loss attributable to shareholders was reported at $(63.9) million for the year.
BBX Capital's principal holdings include The Altman Companies, LLC, BBX Sweet Holdings, LLC, and Renin Holdings, LLC. The company rebranded its real estate division under the Altman name in September 2024.
The filing details BBX Capital's strategic update, highlighting significant economic uncertainty and operating losses at its subsidiaries due to various challenges, including inflationary conditions, elevated interest rates, and supply chain issues.
Altman, primarily engaged in the acquisition, development, and sale of multifamily rental apartment communities, reported a net loss before income taxes of $(10.7) million for the year. This was attributed to lower profits from real estate sales and increased general and administrative expenses.
BBX Sweet Holdings, operating in the confectionery industry, reported a net loss before income taxes of $(22.1) million, primarily due to lower sales volume and higher operating expenses at IT'SUGAR.
Renin, involved in the design, manufacture, and distribution of sliding doors and home décor products, reported a net loss before income taxes of $(0.97) million. The loss was mitigated by improvements in gross margin and lower selling, general, and administrative expenses.
The company is considering a range of strategic alternatives to mitigate losses and maintain liquidity, including potential sales of subsidiaries, termination of certain operations, and deregistration of its securities.
BBX Capital's cash flow from operations was $(34.0) million for the year, with cash and cash equivalents totaling $87.7 million as of December 31, 2024.
The company highlights ongoing risks related to economic conditions, including inflation, interest rates, and market volatility, which could impact its future financial performance and strategic decisions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BBX Capital Inc - Class A annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.