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 2013 Y2014 Y2015 Y2016 Y2017 Q2 YTD
Source Document12/31/201512/31/201612/31/201612/31/20166/30/2017
(in units)     
Net income 10,817,6048,095,07426,236,44027,980,77312,947,625
Adjustments to reconcile net income to net cash used in operating activities 
Gain on sales of real estate and other assets, net (2,942,861)(3,243,359)(21,818,553)(24,497,763)(13,877,534)
Gain on foreclosures of loans (952,357)(464,754)00NA
Deferred income tax expense (benefit) NA00(7,248,977)814,127
Income from investment in limited liability company (160,805)(169,999)(175,451)(179,450)(90,084)
Provision for loan losses (7,822,112)(1,869,733)(1,026,909)1,284,896175,280
Impairment losses on real estate properties 666,240179,0401,589,4343,227,807281,626
Depreciation and amortization of real estate and other assets 2,485,5872,255,5772,052,1811,258,305613,742
Amortization of deferred financing costs to interest expense 0132,723367,471456,168118,854
Accretion of discount on loans 0(122,004)(536,816)0NA
Changes in operating assets and liabilities 
Interest and other receivables 407,894(944,608)(282,538)(441,985)(184,473)
Other assets (42,934)(118,577)(122,622)(420,759)(28,430)
Accounts payable and accrued liabilities (3,059,355)(752,081)(526,952)(2,314,291)(2,205,563)
Due to Manager (4,573)(10,132)124,999(48,016)68,025
Net cash used in operating activities (607,672)2,967,1675,880,684(943,292)(1,366,805)
Principal collected on loans 15,641,19227,718,91735,216,16555,849,88414,450,283
Investments in loans (19,718,852)(44,805,577)(68,739,645)(78,272,140)(44,707,440)
Investment in real estate properties (7,919,883)(21,605,288)(23,607,553)(26,406,879)(6,432,667)
Net proceeds from disposition of real estate properties and other assets 11,052,4941,822,02048,602,32889,401,64252,078,167
Purchases of furniture, fixtures and equipment (31,527)(22,212)(48,402)(29,887)(14,210)
Transfer to restricted cash, net 2,168,675(2,153,311)(976,625)725,3710
Distribution received from investment in limited liability company 160,000170,000177,000180,00090,001
Net cash provided by (used in) investing activities 1,352,099(38,875,451)(9,376,732)41,447,99115,464,134
Advances on notes payable 023,331,20728,603,25123,966,3836,324,250
Repayments on notes payable (467,317)(800,954)(20,055,762)(36,380,880)(8,973,282)
Advances on lines of credit 059,879,34569,247,50079,416,79316,300,000
Repayments on lines of credit 0(48,429,345)(59,782,000)(95,356,293)(21,276,000)
Payment of deferred financing costs (95,000)(354,549)(41,735)(279,599)(12,500)
Distributions to non-controlling interests (4,144,704)(2,455,121)(2,592,412)(8,144,059)0
Contributions from non-controlling interest 362,593112,533279,18444,2070
Offering costs incurred and paid (527,785)NANANANA
Distributions to stockholders for fractional shares (19,974)NANANANA
Purchase of treasury stock (5,023,668)(325,488)(7,502,902)0NA
Dividends paid (3,801,343)(1,794,533)(4,816,779)(4,592,850)(2,222,294)
Net cash (used in) provided by financing activities (13,717,198)29,163,0953,338,345(41,326,298)(9,859,826)
Net increase (decrease) in cash and cash equivalents (12,972,771)(6,745,189)(157,703)(821,599)4,237,503
Cash and cash equivalents at beginning of period 21,131,5058,158,7341,413,5451,255,842434,243
Cash and cash equivalents at end of period 8,158,7341,413,5451,255,842434,2434,671,746
Supplemental Disclosures of Cash Flow Information 
Cash paid during the period for interest (excluding amounts capitalized) 514,480915,1171,570,8872,495,000543,713
Cash paid during the period for interest that was capitalized 163,625213,934393,591555,453472,357
Cash paid during the year for income taxes 0093,3350NA
Supplemental Disclosures of Non-Cash Activity 
Increase in real estate from loan foreclosures 18,650,1219,107,6520700,8000
Increase in accounts payable and accrued liabilities from loan foreclosure (660,000)NANANANA
Increase in notes payable from loan foreclosure (1,000,000)NANANANA
Decrease in loans, net of allowance for loan losses, from loan foreclosures (15,609,812)(7,671,446)0(631,232)0
Decrease in interest and other receivables from adding balances to loans (22,880)00(69,568)NA
Decrease in interest and other receivables from loan foreclosures (1,380,309)(1,436,206)00NA
Increase in loans from sales of real estate 11,900,00004,650,0001,595,000NA
Increase in deferred gains from sales of real estate (2,344,052)NANANANA
Deferred financing costs paid from notes payable proceeds 01,121,71100NA
Supplemental Disclosure of Non-Cash Activity 
Amortization of deferred financing costs capitalized to construction project 0(120,952)(207,347)(119,471)NA
Change in capital expenditures financed through accounts payable (1,097,450)(261,010)(1,666,572)(2,654,856)NA
Dividends declared but not paid NA(1,292,160)(2,133,455)(1,402,496)NA

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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