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 2014 Y2015 Y2016 Y2017 Y
Source Document12/31/201612/31/201712/31/201712/31/2017
(in units)    
Cash flows from operating activities 
Net income 8,095,07426,236,44027,980,7738,679,848
Adjustments to reconcile net income to net cash (used in) provided by operating activities 
Gain on sales of real estate, net (3,243,359)(21,818,553)(24,497,763)(14,728,921)
Gain on foreclosures of loans (464,754)NANANA
Deferred income tax benefit 00(7,248,977)4,041,655
Income from investment in limited liability company (169,999)(175,451)(179,450)(185,063)
(Reversal of) provision for loan losses (1,869,733)(1,026,909)1,284,896(360,012)
Impairment losses on real estate properties 179,0401,589,4343,227,8071,423,286
Depreciation and amortization 2,255,5772,052,1811,258,3051,138,515
Amortization of deferred financing costs 132,723367,471456,168317,419
Accretion of discount on loans (122,004)(536,816)00
Changes in operating assets and liabilities 
Interest and other receivables (944,608)(282,538)(441,985)(266,122)
Other assets (118,577)(122,622)(420,759)34,172
Accounts payable and accrued liabilities (752,081)(526,952)(2,314,291)(2,351,676)
Due to Manager (10,132)124,999(48,016)(82,956)
Forward contract liability NA00459,688
Net cash (used in) provided by operating activities 2,967,1675,880,684(943,292)(1,880,167)
Cash flows from investing activities 
Principal collected on loans 27,718,91735,216,16555,849,88469,266,337
Investments in loans (44,805,577)(68,739,645)(78,272,140)(85,824,680)
Investment in real estate properties (21,605,288)(23,607,553)(26,406,879)(11,232,758)
Net proceeds from disposition of real estate properties 1,822,02048,602,32889,401,64255,879,123
Purchases of vehicles and equipment (22,212)(48,402)(29,887)(16,170)
Distribution received from investment in limited liability company 170,000177,000180,000185,000
Transfer from (to) restricted cash, net (2,153,311)(976,625)725,3713,000,000
Net cash provided by (used in) investing activities (38,875,451)(9,376,732)41,447,99131,256,852
Cash flows from financing activities 
Advances on notes payable 23,331,20728,603,25123,966,38310,543,172
Repayments on notes payable (800,954)(20,055,762)(36,380,880)(13,972,820)
Advances on lines of credit 59,879,34569,247,50079,416,79319,945,000
Repayments of lines of credit (48,429,345)(59,782,000)(95,356,293)(23,366,000)
Payment of deferred financing costs (354,549)(41,735)(279,599)(12,500)
Distributions to non-controlling interests (2,455,121)(2,592,412)(8,144,059)0
Contribution from non-controlling interest 112,533279,18444,2070
Purchase of treasury stock (325,488)(7,502,902)0(16,531,578)
Dividends paid (1,794,533)(4,816,779)(4,592,850)(4,245,386)
Net cash (used in) provided by financing activities 29,163,0953,338,345(41,326,298)(27,640,112)
Net increase (decrease) in cash and cash equivalents (6,745,189)(157,703)(821,599)1,736,573
Cash and cash equivalents at beginning of year 8,158,7341,413,5451,255,842434,243
Cash and cash equivalents at end of year 1,413,5451,255,842434,2432,170,816
Supplemental Disclosures of Cash Flow Information 
Cash paid during the year for interest (excluding amounts capitalized) 915,1171,570,8872,495,0001,291,743
Cash paid during the year for interest that was capitalized 213,934393,591555,453472,357
Cash paid during the year for income taxes 093,33500
Supplemental Disclosure of Non-Cash Activity 
Increase in real estate from loan foreclosures 9,107,6520700,8000
Decrease in loans, net of allowance for loan losses, from loan foreclosures (7,671,446)0(631,232)0
Decrease in interest and other receivables from adding balances to loans 00(69,568)0
Decrease in interest and other receivables from loan foreclosures (1,436,206)000
Increase in loans from sales of real estate 04,650,0001,595,000450,000
Deferred financing costs paid from notes payable proceeds 1,121,711NANANA
Amortization of deferred financing costs capitalized to construction project (120,952)(207,347)(119,471)(76,260)
Capital expenditures financed through accounts payable (261,010)(1,666,572)(2,654,856)(42,146)
Dividends declared but not paid (1,292,160)(2,133,455)(1,402,496)(1,572,047)
Repurchase of treasury stock accrued as forward contract liability NA00(2,271,483)

Data shown on this page is extracted directly from the company’s documents. SNL 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, SNL, as always, stands by its commitment to the quality of the data.

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