As Reported Financials

Source Document Currency Code (in units) 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 9/30/2018 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 9/30/2018 USD 2018 Q3 YTD 9/30/2018 USD

ASSETS

Cash, cash equivalents and restricted cash NA NA NA 5,670,816 20,162,292
Cash and cash equivalents 1,413,545 1,255,842 434,243 NA NA
Restricted cash 6,248,746 7,225,371 6,500,000 NA NA
Loans, net of allowance for loan losses 65,164,156 104,901,361 126,975,489 144,343,844 144,212,131
Interest and other receivables 1,482,380 1,764,918 2,164,335 2,430,457 1,082,536
Other assets, net of accumulated depreciation and amortization 1,138,123 741,001 803,676 725,341 430,650
Deferred financing costs, net of accumulated amortization 1,317,585 126,308 171,855 26,823 413,176
Deferred tax assets, net NA 0 7,248,977 3,207,322 2,940,602
Investment in limited liability company 2,142,581 2,141,032 2,140,482 2,140,545 2,283,558
Real estate held for sale 59,494,339 100,191,166 75,843,635 56,110,472 37,026,093
Real estate held for investment, net of accumulated depreciation 103,522,466 53,647,246 37,279,763 24,355,653 22,709,539
Total assets 241,923,921 271,994,245 259,562,455 239,011,273 231,260,577

LIABILITIES AND EQUITY

LIABILITIES

Dividends payable 1,292,160 2,133,455 1,402,496 1,572,047 1,696,576
Due to Manager 283,644 408,643 360,627 277,671 238,917
Accounts payable and accrued liabilities 2,219,674 3,359,294 3,699,859 1,390,329 1,347,598
Deferred gains on sales of real estate 362,283 209,662 209,662 302,895 0
Forward contract liability - share repurchase NA NA 0 2,731,171 0
Lines of credit payable 11,450,000 20,915,500 4,976,000 1,555,000 20,942,700
Notes and loans payable on real estate 37,569,549 45,458,844 33,385,934 30,192,433 15,807,566
Total liabilities 53,177,310 72,485,398 44,034,578 38,021,546 40,033,357

EQUITY

Stockholders' equity
Preferred stock 0 0 0 0 0
Common stock 111,981 111,981 111,981 111,981 111,981
Additional paid-in capital 182,437,522 182,437,522 182,437,522 182,437,522 182,437,522
Treasury stock, at cost (5,349,156) (12,852,058) (12,852,058) (31,655,119) (41,753,190)
Retained earnings 7,371,511 25,282,553 45,830,432 50,095,343 50,430,907
Total stockholders' equity 184,571,858 194,979,998 215,527,877 200,989,727 191,227,220
Non-controlling interests 4,174,753 4,528,849 NA NA NA
Total equity 188,746,611 199,508,847 NA NA NA
Total liabilities and equity 241,923,921 271,994,245 259,562,455 239,011,273 231,260,577
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.