Balance Sheet 
 2011 Y2012 Y2013 Y2014 Y
Source Document12/31/20126/30/201312/31/20149/30/2015
(in units)    
Cash and cash equivalents 6,031,95623,225,85833,565,19130,481,912
Restricted cash NANA2,385,5357,048,976
Accrued interest receivable 2,516,2297,267,60412,747,04718,098,976
Accrued receivable - related parties 1,681,6831,980,2742,607,2923,343,867
Loan participation interest - related parties, net 23,036,42829,393,31632,909,95840,658,253
Notes receivable, net 109,070,679239,972,601444,720,197508,435,988
Notes receivable - related parties, net 14,308,46327,786,21530,854,00060,497,391
Deferred offering costs 
(restated) 8,533,9575,050,715NANA
Investor subscriptions receivable 
(restated) 617,5551,137,357NANA
Lot inventory NANA8,236,95310,621,316
Other assets 658,783665,1272,836,0442,966,105
Total assets 166,455,733336,479,067570,862,217682,152,784
Liabilities and Shareholders' Equity 
Accrued liabilities 314,556208,8533,241,0095,518,861
Accrued liabilities - related parties 9,064,5096,229,7103,339,1431,228,028
Distributions payable 623,1921,956,2262,653,4501,224,956
Notes payable 8,832,2965,095,523050,000,000
Lines of credit 19,315,55128,688,00330,519,056120,238,340
Total liabilities 38,150,10442,178,31539,752,658178,210,185
Shareholders' equity 
Shares of beneficial interest 74,055176,248321,152326,578
Additional paid-in-capital 129,307,923308,069,721562,442,028572,077,700
Accumulated deficit (506,043)(11,455,079)(27,395,968)(27,059,893)
Shareholders' equity before treasury shares 128,875,935296,790,890535,367,212545,344,385
Less - Treasury shares (570,306)(2,490,138)(4,257,653)(41,401,786)
Total shareholders' equity 128,305,629294,300,752531,109,559503,942,599
Total liabilities and shareholders' equity 166,455,733336,479,067570,862,217682,152,784

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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