As Reported Financials

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

CASH FLOWS FROM OPERATING ACTIVITIES

Net income 8,095,074 26,236,440 27,980,773 8,679,848 5,061,393

Adjustments to reconcile net income to net cash provided by (used in) operating activities

Gain on sales of real estate, net (3,243,359) (21,818,553) (24,497,763) (14,728,921) (2,484,740)
Gain on foreclosures of loans (464,754) NA NA NA NA
Deferred income tax expense 0 0 (7,248,977) 4,041,655 266,720
Distribution received from equity method investee NA NA NA NA 79,500
Income in earnings of equity method investee NA NA NA NA (222,513)
Reversal of loan losses (1,869,733) (1,026,909) 1,284,896 (360,012) (207,654)
Impairment losses on real estate properties 179,040 1,589,434 3,227,807 1,423,286 745,648
Depreciation and amortization of real estate and other assets 2,255,577 2,052,181 1,258,305 1,138,515 596,840
Amortization of deferred financing costs to interest expense 132,723 367,471 456,168 317,419 194,957
Accretion of discount on loans (122,004) (536,816) 0 0 (171,750)
Deferred loans fees, net of amortization NA NA NA NA 189,126
Changes in operating assets and liabilities
Interest and other receivables (944,608) (282,538) (441,985) (266,122) 642,671
Other assets (118,577) (122,622) (420,759) 34,172 217,455
Investment in limited liability company (169,999) (175,451) (179,450) (185,063) NA
Accounts payable and accrued liabilities (752,081) (526,952) (2,314,291) (2,351,676) (42,731)
Due to Manager (10,132) 124,999 (48,016) (82,956) (38,754)
Forward contract liability NA 0 0 459,688 (459,688)
Net cash provided by (used in) operating activities 2,967,167 5,880,684 (943,292) (1,880,167) 4,366,480

CASH FLOWS FROM INVESTING ACTIVITIES

Principal collected on loans 27,718,917 35,216,165 55,849,884 69,266,337 67,636,662
Investments in loans (44,805,577) (68,739,645) (78,272,140) (85,824,680) (58,771,606)
Investment in real estate properties (21,605,288) (23,607,553) (26,406,879) (11,232,758) (429,437)
Net proceeds from disposition of real estate properties and other assets 1,822,020 48,602,328 89,401,642 55,879,123 14,405,603
Purchases of furniture, fixtures and equipment (22,212) (48,402) (29,887) (16,170) 0
Distribution received from investment in limited liability company 170,000 177,000 180,000 185,000 NA
Transfer from (to) restricted cash, net (2,153,311) (976,625) 725,371 3,000,000 NA
Net cash provided by investing activities (38,875,451) (9,376,732) 41,447,991 31,256,852 22,841,222

CASH FLOWS FROM FINANCING ACTIVITIES

Advances on notes payable 23,331,207 28,603,251 23,966,383 10,543,172 243,267
Repayments on notes payable (800,954) (20,055,762) (36,380,880) (13,972,820) (14,769,853)
Advances on line of credit 59,879,345 69,247,500 79,416,793 19,945,000 64,241,706
Repayments on line of credit (48,429,345) (59,782,000) (95,356,293) (23,366,000) (44,854,006)
Payment of deferred financing costs (354,549) (41,735) (279,599) (12,500) (439,591)
Distributions to non-controlling interests (2,455,121) (2,592,412) (8,144,059) 0 NA
Contribution from non-controlling interest 112,533 279,184 44,207 0 NA
Purchase of treasury stock (325,488) (7,502,902) 0 (16,531,578) (12,369,554)
Dividends paid (including tax payments on behalf of shareholders) (1,794,533) (4,816,779) (4,592,850) (4,245,386) (4,768,195)
Net cash used in financing activities 29,163,095 3,338,345 (41,326,298) (27,640,112) (12,716,226)
Net increase in cash, cash equivalents and restricted cash (6,745,189) (157,703) (821,599) 1,736,573 14,491,476
Cash, cash equivalents and restricted cash at beginning of period 8,158,734 1,413,545 1,255,842 434,243 5,670,816
Cash, cash equivalents and restricted cash at end of period 1,413,545 1,255,842 434,243 2,170,816 20,162,292

Supplemental Disclosures of Cash Flow Information

Cash paid during the period for interest (excluding amounts capitalized) 915,117 1,570,887 2,495,000 1,291,743 1,587,876
Cash paid during the period for interest that was capitalized 213,934 393,591 555,453 472,357 0
Cash paid during the year for income taxes 0 93,335 0 0 NA

Supplemental Disclosures of Non-Cash Activity

Increase in real estate from loan foreclosures 9,107,652 0 700,800 0 NA
Decrease in loans, net of allowance for loan losses, from loan foreclosures (7,671,446) 0 (631,232) 0 NA
Decrease in interest and other receivables from adding balances to loans 0 0 (69,568) 0 NA
Decrease in interest and other receivables from loan foreclosures (1,436,206) 0 0 0 NA
Increase in loans from sales of real estate 0 4,650,000 1,595,000 450,000 8,679,065
Deferred financing costs paid from notes payable proceeds 1,121,711 NA NA NA NA
Change in capital expenditures financed through accounts payable (261,010) (1,666,572) (2,654,856) (42,146) 0
Amortization of deferred financing costs capitalized to construction project (120,952) (207,347) (119,471) (76,260) 0
Dividends declared but not paid (1,292,160) (2,133,455) (1,402,496) (1,572,047) (1,696,576)
Repurchase of treasury stock accrued as forward contract liability NA 0 0 (2,271,483) NA
Reversal of deferred gain on adoption of ASU 2014-09 NA NA NA NA (302,895)
Loan discounts established on adoption of ASU 2014-09 NA NA NA NA 136,000
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.