As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2011 Y 12/31/2012 USD 2012 Y 6/30/2013 USD 2013 Y 12/31/2014 USD 2014 Y 9/30/2015 USD
Source Document Currency Code 2011 Y 12/31/2012 USD 2012 Y 6/30/2013 USD 2013 Y 12/31/2014 USD 2014 Y 9/30/2015 USD

Assets

Cash and cash equivalents 6,031,956 23,225,858 33,565,191 30,481,912
Restricted cash NA NA 2,385,535 7,048,976
Accrued interest receivable 2,516,229 7,267,604 12,747,047 18,098,976
Accrued receivable - related parties 1,681,683 1,980,274 2,607,292 3,343,867
Loan participation interest - related parties, net 23,036,428 29,393,316 32,909,958 40,658,253
Notes receivable, net 109,070,679 239,972,601 444,720,197 508,435,988
Notes receivable - related parties, net 14,308,463 27,786,215 30,854,000 60,497,391

Deferred offering costs

(restated) 8,533,957 5,050,715 NA NA

Investor subscriptions receivable

(restated) 617,555 1,137,357 NA NA
Lot inventory NA NA 8,236,953 10,621,316
Other assets 658,783 665,127 2,836,044 2,966,105
Total assets 166,455,733 336,479,067 570,862,217 682,152,784

Liabilities and Shareholders' Equity

Liabilities

Accrued liabilities 314,556 208,853 3,241,009 5,518,861
Accrued liabilities - related parties 9,064,509 6,229,710 3,339,143 1,228,028
Distributions payable 623,192 1,956,226 2,653,450 1,224,956
Notes payable 8,832,296 5,095,523 0 50,000,000
Lines of credit 19,315,551 28,688,003 30,519,056 120,238,340
Total liabilities 38,150,104 42,178,315 39,752,658 178,210,185

Shareholders' equity

Shares of beneficial interest 74,055 176,248 321,152 326,578
Additional paid-in-capital 129,307,923 308,069,721 562,442,028 572,077,700
Accumulated deficit (506,043) (11,455,079) (27,395,968) (27,059,893)
Shareholders' equity before treasury shares 128,875,935 296,790,890 535,367,212 545,344,385
Less - Treasury shares (570,306) (2,490,138) (4,257,653) (41,401,786)
Total shareholders' equity 128,305,629 294,300,752 531,109,559 503,942,599
Total liabilities and shareholders' equity 166,455,733 336,479,067 570,862,217 682,152,784
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.
Copyright 2019, © S&P Global Market Intelligence  Terms of Use