8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934

Date of Report

October 9, 2007
(Date of earliest event reported)

BFC Financial Corporation

(Exact name of registrant as specified in its Charter)

Florida	001-09071	59-2022148
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

2100 West Cypress Creek Road, Fort Lauderdale, Florida	33309
(Address of principal executive offices)	(Zip Code)

(954) 940-4900
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

     BFC Financial Corporation (“Company”) is furnishing presentation materials included as Exhibit 99.1 to this report pursuant to Item 7.01 of Form 8-K. The presentation materials were prepared to be included in presentations by Company management commencing in October 2007. The Company is not undertaking to update this presentation. The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. This report will not be deemed an admission as to the materiality of any information herein (including Exhibit 99.1).

Exhibit	Description
99.1	Presentation Materials

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BFC FINANCIAL CORPORATION
By:	/s/ GEORGE P. SCANLON
	George P. Scanlon
	Executive Vice President — Chief Financial Officer

Dated: October 9, 2007

3

EX-99.1

Investor Presentation October 9, 2007 www.bfcfinancial.com

Except for historical information contained herein, the matters discussed in this document contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. When used in this document and in any documents incorporated by reference herein, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. The reader should also be cautioned that net asset value calculations, current value of investment calculations and implied returns are based solely on BFC's internal unaudited calculations and, in part, on current stock market values, estimates, comparable company analyses and other factors and may not reflect the actual value that could be realized if those investments were sold and may not reflect the value of those investments in the future. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. When considering those forward-looking statements, the reader should keep in mind the risks, uncertainties and other cautionary statements made in this presentation, including those made in our SEC filings. These risks are subject to change based on factors which are, in many instances, beyond the Company's control. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. This document also contains information regarding the past performance of our investments and the reader should note that prior or current performance of investments and acquisitions is not a guarantee or indication of future performance. Some factors which may affect the accuracy of the forward-looking statements apply generally to the financial services, real estate development, homebuilding, resort development and vacation ownership, restaurant and real estate investment banking and services industries, while other factors apply directly to us. These include, but are not limited to, the following risks and uncertainties associated with BFC: the impact of economic, competitive and other factors affecting the Company and its subsidiaries, and their operations, markets, products and services; that available cash may not be sufficient to make desired investments; that we may not be able to successfully execute our anticipated growth strategies; that BFC shareholders' interests may be diluted in transactions utilizing BFC stock for consideration and investments in its subsidiaries may be diluted by transactions entered into by the subsidiaries; that the performance of entities in which the Company holds interests may not be as anticipated; that BFC will be subject to the unique business and industry risks and characteristics of each entity in which an investment is made; and that appropriate investment opportunities on reasonable terms and at reasonable prices may not be available. With respect to BankAtlantic Bancorp, the risks and uncertainties that may affect BankAtlantic Bancorp are: the impact of economic, competitive and other factors affecting BankAtlantic Bancorp and its operations, markets, products and services; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact on the credit quality of its loans of changes in the real estate markets in its trade area and where its collateral is located; the quality of its residential land acquisition and development loans (including "Builder Land Loans") and conditions specifically in that market sector; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws including their impact on BankAtlantic's net interest margin; adverse conditions in the stock market, the public debt market and other capital markets and the impact of such conditions on its activities and the value of its assets; BankAtlantic's seven-day banking initiatives and other growth, marketing or advertising initiatives not resulting in continued growth of core deposits or producing results which do not justify their costs; the success of its expense discipline initiatives; BankAtlantic's new store expansion program, successfully opening the anticipated number of new stores in 2007 and achieving growth and profitability at the stores in the time frames anticipated, if at all; and the impact of periodic testing of goodwill and other intangible assets for impairment. Past performance, actual or estimated new account openings and growth rate may not be indicative of future results. Additionally, BankAtlantic Bancorp acquired a significant investment in Stifel equity securities in connection with the Ryan Beck Holdings, Inc. sale subjecting it to the risk of the value of Stifel shares and warrants received varying over time, and the risk that no gain will be realized. The earn-out amounts payable under the agreement with Stifel are contingent upon the performance of individuals and divisions of Ryan Beck which are now under the exclusive control and direction of Stifel, and there is no assurance that BankAtlantic Bancorp will be entitled to receive any earn-out payments. With respect to Levitt, the risks and uncertainties that may affect Levitt are: the impact of economic, competitive and other factors affecting Levitt and its operations; the market for real estate in the areas where Levitt has developments, including the impact of market conditions on Levitt's margins and the fair value of its real estate inventory; changes to the estimated fair value of Levitt's real estate inventory and the potential for further write-downs or impairment charges; the need to offer additional incentives or discounts to buyers to generate sales; the effects of increases in interest rates and availability of credit to buyers of Levitt's homes; cancellations of existing sales contracts and the ability to consummate sales contracts included in Levitt's backlog; Levitt's ability to limit overhead and costs commensurate with sales; Levitt's ability to periodically renew its credit facilities on acceptable terms, if at all; Levitt's ability to maintain sufficient liquidity and satisfactory bank relationships in the event of a continued weakness in the housing market; Levitt's ability to access additional capital on acceptable terms, if at all; and Levitt's success at managing the risks involved in the foregoing. In addition to the risks and factors identified above and elsewhere in this document, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission. The Company cautions that the foregoing factors are not exclusive. Forward Looking Statements PLEASE READ CAREFULLY

Introduction

A diversified holding company based in Fort Lauderdale, Florida NYSE ARCA: BFF 47.7 million shares outstanding Management owns directly or indirectly 40% of the shares outstanding Interests in: Retail & commercial banking Regional investment bank & brokerage Master planned community development Homebuilding Time share & vacation ownership International themed restaurant chain Commercial real estate investment firm Overview

Second largest bank headquartered in FL with $6.5 billion in assets and 101 branches Large master-planned community developer owning more than 11,000 acres in FL and SC "America's Oldest Homebuilder;" predecessor built Levittowns in the 1940's Well known Asian themed restaurant chain with 99 locations Timeshare resort company that provides owners access to over 40 resorts Investment banking and brokerage company with 172 offices located primarily throughout the Midwest and Mid-Atlantic regions Who is BFC? BFC is a diversified holding company with direct and indirect investments in well-established, brand-name companies:

Investment Highlights Experienced management team with significant level of ownership in the company High levels of voting interest in the portfolio of assets Controlling voting interest in Levitt and BankAtlantic 17% voting interest in Benihana 31% voting interest in Bluegreen (through Levitt) Key management and/or board positions - Levitt, BankAtlantic, Benihana and Bluegreen Anticipates participating in real estate recovery in high-growth Southeast markets BankAtlantic growing through substantial branch expansion Value proposition: Key publicly-traded assets held by BFC trading at or near 45 month lows BFC trading at a discount to net asset value

BFC's Strategy Invest in and acquire mid-market operating businesses Long-term investment horizon Prefer control investments Diverse industries Use cash and/or BFC stock for acquisitions

Preferred Investment Situations Public or private companies Divestiture of subsidiary by larger company Family business seeking to monetize holdings but preserve management and legacy Going private transactions and management buyouts Change of control transactions Significant minority purchases in special situations

Alan B. Levan Chairman and CEO of BFC and its predecessors since 1978 Chairman, President and CEO of BankAtlantic Bancorp (NYSE: BBX) and its predecessors since 1987 Chairman & CEO of Levitt Corporation (NYSE: LEV) and Chairman of Bluegreen Corp. (NYSE: BXG) Phil Bakes Managing Director of BFC since January 2004 President and founder of a Florida and New York-based advisory and merchant banking firm from 1990-2004, and various firm-led endeavors, including a leisure travel consolidation enterprise, 1999-2003 President/CEO of two major U.S. airlines from 1983 to 1990 Prior to business career from 1973-1980, served as an assistant Watergate prosecutor, counsel to several US Senate Subcommittees and General Counsel of a federal regulatory agency John E. Abdo Vice Chairman of BFC since 1993 and Director since 1988 Vice Chairman of BankAtlantic Bancorp and its predecessors since 1987 Vice Chairman and President of Levitt Corporation and Vice Chairman of Bluegreen Director of Benihana, Inc. (NASDAQ: BNHN / BNHNA) since 1990 George P. Scanlon Appointed BFC's CFO and EVP in April 2007 CFO and EVP of Levitt Corporation since August 2004 CFO of Datacore Sofware Corporation from 2001 to 2004 and of Seisint, Inc. from 2000 to 2001 Served in a variety of management positions at Ryder System, Inc. from 1982 to 2000, including Senior Vice President Alan B. Levan John E. Abdo Phil Bakes George P. Scanlon BFC Management Team

Business Approach Create long-term shareholder value Leverage management's investment track record Network of business executives, entrepreneurs and intermediaries generates deal flow and potential new opportunities "Buy & Hold" philosophy differentiates BFC from most other financial buyers Partner with experienced management teams who want to manage for the long-term Invest in sound platforms with long-term sustainability consistent with the "Buy & Hold" philosophy Invest in situations where various factors have limited pre-acquisition growth Support management teams by providing: Board oversight and corporate governance Financing assistance Strategic planning Investment expertise and counsel Respect, patience and loyalty

BFC Portfolio BankAtlantic Bancorp sold Ryan Beck to Stifel Financial Corporation for stock and other consideration on February 28, 2007. Includes additional Levitt shares acquired by BFC through participation in the Levitt Rights Offering completed October 1, 2007. 1 2

BFC Investments

BFC Investment History 1985-2007 Phase I: Creating The Platform (1985 - 1997) BankAtlantic Bancorp Retail & Commercial Banking Phase II: Diversification (1997 - Present) Core Communities Master Plan Community Land Developer 1997 Ryan Beck & Co.1 Investment Bank 1998 Levitt and Sons Homebuilder 1999 Bluegreen Corporation Vacation Ownership 2001 & 2002 Benihana Inc. Restaurant Chain 2004 & 2005 Notes: BankAtlantic Bancorp sold Ryan Beck to Stifel Financial Corporation for stock and other consideration on February 28, 2007. While only a portion of its Stifel shares are currently registered and BankAtlantic Bancorp will hold unregistered securities for periods of time, BankAtlantic Bancorp has indicated that it anticipates gradually reducing its Stifel investment and using the proceeds for general corporate purposes, including support of future growth of BankAtlantic.

PHASE I Creating the Platform NYSE: BBX www.bankatlanticbancorp.com

Overview Founded in 1952 101 branches open 7 days a week $6.5 billion in assets and $4.0 billion in deposits as of 6/30/2007 BFC owns approximately 23% of BankAtlantic Bancorp, representing 55% of total voting power

BankAtlantic Footprint

3/31/2005 6/31/05 9/31/05 12/31/2005 3/31/2006 6/31/06 9/31/06 12/31/2006 6/30/2007 2007 Estimate Existing Stores 71 73 73 74 75 77 79 82 88 88 New Stores for Period 2 0 1 1 2 2 3 6 6 20 BankAtlantic New Store Growth Store Expansion Since 2005 108 73 73 74 75 77 79 82 88 94

BankAtlantic New Core Deposit Accounts(1) 2001 2002 2003 2004 2005 2006 1H 2007 NEW LOW COST DEP 43000 99000 145000 166000 226000 270000 139000 Compound Growth 44.4% Core deposits include DDA, NOW and savings deposit accounts held by individuals and business customers. 1H 2007 new core deposit accounts reflect results through June 30, 2007.

BankAtlantic Performance BBX Stock Price Graph Notes: Price and volume information thru September 30, 2007.

PHASE II Diversification - 1997 - 2007

NYSE: LEV www.levittcorporation.com

Overview of Levitt Corporation Master Plan Community Developer and Homebuilder in the Southeastern United States BFC owns approximately 21% of the outstanding common stock and holds approximately 54% of the voting control Raised $153 million in Rights Offering completed October 1, 2007(1) Assets(1): $1.25 billion Shareholder's Equity(1): $440 million Assets and shareholder's equity based on June 30, 2007 values adjusted higher by $153 million for the estimated effect of the LEV Rights Offering completed October 1, 2007. Rights Offering proceeds subject to final reconciliation with subscription agent.

Florida and the Southeast have historically been high-growth markets Florida (#2), Georgia (#4) and South Carolina (#9) historically among top 10 states of net in-migration per day Approximately 700 people migrate daily to Florida Florida's population growth rate is projected to be the 4th highest in nation from 2006 through 2011 Economy in the Southeast is relatively robust FL had 5 of top 15 strongest job markets in the U.S. in 2006 FL unemployment rate of 3.2% (6th lowest in the U.S.) vs 4.4% nationwide as of March 2007 Focus on Future Growth in FL and Southeast Sources: SNL Financial, Business 2.0, U.S. Census and Bureau of Labor Statistics. GA SC TN FL

www.corecommunities.com Master-Planned Community Developer

Overview Core Communities has been a master-planned community developer since 1996. One of the leading master-planned community developers in the country Its St. Lucie West project was ranked as the 6th fastest selling master-planned community in 2003(1) and completed in 2006 TraditionTM Florida, an 8,200-acre community ranked the 8th fastest selling master-planned community in 2004 (1), is planned to ultimately feature up to 18,000 residences as well as 8.5 million square feet of commercial space including a commercial town center, a power center featuring big-box retailers, and a world-class corporate park (1) Source: Robert Charles Lesser & Co. Town Square, Tradition, FL Recently began development of TraditionTM South Carolina, an approximate 5,400-acre parcel of land located near Hilton Head Island and Bluffton, South Carolina that is planned to ultimately include up to 9,500 residences and 1.5 million square feet of commercial space

Master-Planned Communities Port St. Lucie One of the Nation's fastest growing large cities(1) St. Lucie West Tradition, SC Acquired September, 2005 St. Lucie West Tradition, FL Tradition, SC Acquired September, 2005 Reported by U.S. Census Bureau for the periods ended July 1, 2004 and 2005.

Core Communities Land Inventory Community Saleable Acres Book Value / Acre Tradition, Florida 4,058 $30,000 Tradition, S. Carolina 2,812 $29,000 Total / Wtd. Avg. 6,870 $30,000 Note: Data as of June 30, 2007.

Homebuilder America's Oldest Home Builder (1929) William J. Levitt, Father of suburbia Developer of Levittowns in New York, New Jersey and Pennsylvania Residential Builder of over 200,000 homes

Building a Proud Legacy

Overview Levitt and Sons and its predecessors, "America's Oldest Homebuilder," commenced operations in 1929 and was one of the first developers of suburban communities including the famed Levittown communities in the Northeast Increased active homebuilding communities from 3 in Florida in 1999 to more than 20 in four states in 2007 Specializes in design and development of Active Adult and family communities

Levitt Corporation Performance LEV Stock Price Graph Notes: Price and volume information thru September 30, 2007. On October 2, 2007, Levitt announced the completion of it Rights offering with issuance of 76,557,345 shares of its Class A Common stock at $2.00 per share for total anticipated proceeds of $153million. Based upon June 30, 2007 balance sheet figures, Levitt's shareholder's equity, adjusted for the Rights Offering, would approximate $440 million dollars, or a book value per share of approximately $4.57. Rights Offering proceeds subject to final reconciliation with subscription agent.

NYSE: BXG www.bluegreencorp.com

Overview Fifth largest publicly-held operator of vacation ownership resort properties(a) Ranked #57 on Forbes' 2005 list of the "The 200 Best Small Companies" Ranked #48 on Fortune's 2005 list of "America's 100 Fastest Growing Companies" Bluegreen was founded in 1966 and has two principal businesses: Developing and marketing time-share resorts Developing and marketing subdivided residential lots to retail customers Levitt Corporation currently owns approximately 9.5 million shares, or 31% of Bluegreen Solara Surfside Resort (Surfside, FL) Notes: (a) Vacation Ownership World, February 2007.

Nationwide growth strategies Expand sales distribution infrastructure Broaden property portfolio Leverage brand by expanding marketing channels Ongoing technological innovation Strengthen financing relationships Bluegreen Footprint Resorts and Communities Footprint Note: Hawaii and Puerto Rico resorts (2) not pictured. Resorts Communities New Resorts 2008

Bluegreen Resort Owner Expansion Growing Number of Resort Owners 18% CAGR 12/31/2005 12/31/2004 12/31/2003 12/31/2002 12/31/2006 171,000

Bluegreen Performance BXG Stock Price Graph Notes: Price and volume information thru September 30, 2007.

www.ryanbeck.com

Founded in 1946 Full-service investment banking and brokerage firm Purchased in 1998 by BFC subsidiary, BankAtlantic Bancorp Facilitated acquisition of assets of Gruntal & Co. which added 400 consultants and $13 billion in client assets Grew from 300 employees at time of acquisition to approximately 1,100 employees in 41 offices throughout the US as of December 31, 2006 Sold to Stifel Financial Corporation (NYSE: SF) in February 2007 Sale resulted in BankAtlantic Bancorp becoming Stifel's largest shareholder at 16% Stifel has over 3,000 employees and 172 offices located primarily throughout the Midwest and Mid-Atlantic regions. Overview

NASDAQ: BNHN / BNHNA www.benihana.com

Overview Founded in 1964, largest operator in United States of teppanyaki- style Japanese restaurants under the "Benihana" brand Operator of additional Asian-themed concepts primarily under HARU and RA Sushi brands Current restaurant operations: 59 Benihana (owned) 19 Benihana (franchised) 7 Haru (owned) 14 RA Sushi (owned) Benihana has embarked on a renovation program for it's core concept, Benihana, and expand its newer concept RA Sushi Benihana plans to open 7 to 11 new restaurants annually. BFC's Investment $20 million of convertible preferred stock purchased in 2 tranches in July 2004 and August 2005 Preferred stock has voting rights and 5% annual dividend Investment represents approximately 10% (at conversion price of $12.67 per share) of economic ownership and 17% of common stock vote

Benihana Performance Benihana Performance BNHN Stock Price Graph Notes: Price and volume information thru September 30, 2007.

BFC Performance Stock Price Graph 6/17/03 - 15% stock dividend 12/1/03 - 25% stock dividend 3/1/04 - 25% stock dividend 5/25/04 - 25% stock dividend 5/5/03 - BFCF listed on NASDAQ 3/14/05 - 25% stock dividend 6/16/05 - Offering of 5.96 mil. shares 6/22/06 - BFF listed on NYSE ARCA 7/17/07 - Offering of 11.5 mil. shares

Increased company-wide comparable restaurant sales by 6.4% during the 16-week period ending 7/22/07 Accelerated roll-out of Benihana renovation program Exceeding company target of 15% first-year same store sales growth at remodeled units Opening 7 to 11 new restaurants per year Strong unit- and company-level economics (17.6% restaurant operating profit margin, Q1-2007) Anticipates taking advantage of future demand in Florida and the Southeast (i.e. geographic and demographic) Expects value realization over time through master planned community land development subsidiary, Core Communities Added liquidity through successful completion of Rights Offering on October 1, 2007 Investing in new branches for long-term growth Positioned for growth with 3.5% deposit share in its Florida "footprint" markets;(1) Continued strategy of increasing low-cost deposits through sales culture and new branch development in Florida Large investment in Stifel Financial Corporation Growing resort ownership count 18% annually since the end of 2002 Focusing sales efforts on higher margin upgrading of existing customers while acquiring new customers through new off-site sales offices and resorts Per Florida Bankers Association, 12/31/2006. Footprint markets consist of Broward, Palm Beach and Miami-Dade counties and Tampa Bay. BFC Portfolio Companies Positioned for Future

Investment Highlights Experienced management team with significant level of ownership in the company High levels of voting interest in the portfolio of assets Controlling voting interest in Levitt and BankAtlantic 17% voting interest in Benihana 31% voting interest in Bluegreen (through Levitt) Key management and/or board positions - Levitt, BankAtlantic, Benihana and Bluegreen Anticipates participating in real estate recovery in high-growth Southeast markets BankAtlantic growing through substantial branch expansion Value proposition: Key publicly-traded assets held by BFC trading at or near 45 month lows BFC trading at a discount to net asset value

Appendix

Notes: Numbers may not add due to rounding. Summary selected data from the BFC unconsolidated balance sheet which presents only the assets and liabilities of BFC Financial Corp., on a stand-alone basis and excludes any balance sheet data of its subsidiaries. See BFC's annual report on Form 10-K for period ended December 31, 2006 as well as its Form 10-K/A filed July 5, 2007 and Form 10-Q for the period ended June 30, 2007 available on our website at www.bfcfinancial.com. The BFC book value of the investment in BankAtlantic Bancorp is calculated by multiplying the shareholder's equity times BFC's percentage ownership. The book value, as shown above, was $116.6 million as of June 30, 2007 while the current average market value (September 1, 2007 - September 30, 2007) is $112.8 million. The BFC book value of the investment in Levitt Corporation is calculated by multiplying the shareholder's equity times BFC's percentage ownership. Based on the June 30, 2007 balance sheet adjusted for the Levitt Rights Offering completed October 1, 2007, the book value approximates $80.9 million while the current average market value (September 1, 2007 - September 30, 2007) is $43.5 million. Investment in Benihana carried at cost. The current average market value is $27.5 million, calculated as the average stock price for the period September 1, 2007 to September 30, 2007 of $17.43 per share times the number of shares owned of Common Stock on an as-converted basis (1,578,948 shares). Total value, including dividends is currently $30.0 million, with an indicated absolute return of 50% and an indicated annualized return of 17%. Cash and other assets at June 30, 2007 consists of cash and cash equivalents of $16.5 million, investment securities of $1.1 million, investment in venture partnerships of $0.9 million, investment in other subsidiaries of $1.6 million, loans receivable of $2.8 million, and other assets of $2.5 million. The deferred tax liability is net of net operating loss carry forwards (NOL's). Deferred tax liability is calculated by subtracting BFC's original investment from the current carrying value of that investment and applying to that sum the tax rate of 38.575%. Generally, the deferred tax liability will not be required to be paid unless the underlying investments are sold. In July 2007, the Company sold 11,500,000 shares of its Class A Common Stock pursuant to a registered underwritten public offering at $3.40 per share. Net proceeds from the sale of the 11,500,000 shares by the Company totaled approximately $36.3 million, after underwriting discounts, commissions and offering expenses. As-adjusted June 30, 2007 balance sheet reflects $36.3 million in additional assets and $36.3 million in additional shareholders' equity resulting from this offering. Subsequently, $33.2 million of these proceeds were used by BFC to participate in the Levitt Corporation Rights Offering, completed October 1, 2007, for the purchase of 16.6 million additional LEV Class A shares. As-Adjusted balance sheet subject to possible future adjustment for purchase accounting. Unaudited data. BFC Selected Financials Balance Sheet - BFC Parent Company - Only (a) ($ in Millions)

Notes: Numbers may not add due to rounding. Based on As-Adjusted June 30, 2007 balance sheet to take account of effects of subsequent July 2007 secondary equity offering and October 2007 LEV Rights Offering. Market value of public holdings is based on the average prices of BBX ($8.54), LEV ($2.18), and BNHN ($17.43) for the period 9/1/2007 to 9/30/2007. Net Asset Value (NAV1) = the market value of BFC's securities in BBX, LEV and BNHN plus other assets at book value minus liabilities at book value. NAV2 is the same calculation as NAV1 but excludes deferred tax liabilities. BFC market capitalization is the average for the period 9/1/2007 to 9/30/2007 based on fully diluted shares outstanding of 47.7 million as of August 6, 2007. Market capitalization for the same period based on basic shares outstanding (47.5 million shares) is $138.8 million. Using basic shares outstanding, NAV1 equals $3.72 per share which is $0.80 per share, or 27%, greater than the average share price for the period; NAV2 equals $4.29 per share which is $1.37 per share, or 47%, greater than the average share price for the period. Other assets Market value of public holdings (avg. 9/1/07 to 9/30/07) Def. tax liab. $212.2 Assets NAV1(a) NAV2(b) Market Cap(c) ($35.5) Liabilities BFC Net Asset Value vs. Market Cap NAV1 compared to Market Cap (d) : +$37.2 or +27% NAV2 compared to Market Cap (d) : +$64.4 or +46% ($ in millions) Other liab.

Notes: Numbers may not add due to rounding Based on As-Adjusted June 30, 2007 balance sheet to take account of effects of subsequent July 2007 secondary equity offering and October 2007 LEV Rights Offering. Average share price for the period September 1, 2007 to September 30, 2007. Net Asset Value (NAV1) = the market value of BFC's securities in BBX, LEV and BNHN plus other assets at book value minus liabilities at book value divided by fully diluted shares outstanding of 47.7 million as of August 6, 2007. Does not include 1.6 million additional common shares potentially issued if BFC 5% Cumulative Preferred Stock, issued in June 2004, should convert in the future. 5% Preferred Stock is convertible at $9.60 per share beginning on or after June 30, 2007 at the discretion of the holder. NAV2 per share is the same calculation as NAV1 excluding net deferred tax liabilities of $27.2 million as of June 30, 2007. Calculations in chart based on diluted shares outstanding (47.7 million shares). Using basic shares outstanding (47.5 million shares), NAV1 equals $3.72 per share which is $0.80 per share, or 27%, greater than the average share price for the period; NAV2 equals $4.29 per share which is $1.37 per share, or 47%, greater than the average share price for the period. The weighted average share price for Class A and Class B common stock (basic shares only) for the September 1, 2007 to September 30, 2007 period is $2.92 per share. ^ = $1.35 46% BFC Share Price Compared to BFC Net Asset Value (d) Discount to: NAV1 = (21%) NAV2 = (32%) ^ = $0.78 27%

www.bfcfinancial.com