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

Revenues

Interest and related income from loans 5,382,019 8,277,004 8,922,142 10,840,730 9,414,838
Rental and other income from real estate properties 12,268,214 12,791,096 7,977,400 4,505,385 3,420,818
Income from investment in limited liability company 169,999 NA NA NA NA
Other income 19 175,451 179,449 187,013 225,815
Total revenues 17,820,251 21,243,551 17,078,991 15,533,128 13,061,471

Expenses

Management fees to Manager 1,726,945 2,051,134 3,286,470 3,546,085 2,185,999
Servicing fees to Manager 156,995 186,467 298,770 362,411 95,143
General and administrative expense 1,661,210 1,278,994 1,568,890 2,234,230 1,570,759
Rental and other expenses on real estate properties 8,158,038 8,510,110 7,060,526 4,980,900 3,348,088
Depreciation and amortization 2,255,577 2,052,181 1,258,305 1,138,515 596,840
Interest expense 1,161,822 1,938,113 2,859,294 1,587,695 1,833,275
Bad debt expense from uncollectible rent 3,396 152,805 0 0 NA
Reversal of provision for 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
Total expenses 13,433,290 16,732,329 20,844,958 14,913,110 10,168,098
Operating income 4,386,961 4,511,222 (3,765,967) 620,018 2,893,373
Gain on sales of real estate, net 3,243,359 21,818,553 24,497,763 14,728,921 2,484,740
Gain on foreclosure of loans 464,754 NA NA NA NA
Settlement expense NA 0 0 (2,627,436) NA
Income before income taxes 8,095,074 26,329,775 20,731,796 12,721,503 5,378,113
Income tax expense 0 (93,335) 7,248,977 (4,041,655) (316,720)
Net income attributable to common stockholders 7,929,629 23,569,116 24,409,770 8,679,848 NA
Net income 8,095,074 26,236,440 27,980,773 8,679,848 5,061,393
Less - Net income attributable to non-controlling interests (165,445) (2,667,324) (3,571,003) 0 NA

Per common share data

Basic and diluted earnings per common share 0.74 2.22 2.38 0.85 0.57
Basic and diluted weighted average number of common shares outstanding 10,768,370 10,594,807 10,247,477 10,162,496 8,859,495
Dividends declared per share of common stock 0.27 0.41 0.32 0.38 0.56
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.