Cash Flow Statement
 2011 Y2012 Y2013 Y2014 Y
Source Document12/31/201312/31/201412/31/201412/31/2014
(in units)    
Operating Activities 
Net income 5,842,66213,896,24329,341,21950,137,082
Adjustments to reconcile net income to net cash provided by operating activities 
Provision for loan losses 512,4401,091,4472,062,2532,924,077
Amortization expense 407,665568,700723,9231,517,363
Share-based compensation NA00660,544
Changes in assets and liabilities 
Accrued interest receivable (1,012,862)(4,833,114)(5,620,968)(6,228,341)
Accrued receivable - related parties (1,128,168)(277,398)(485,493)135,817
Other assets (173,668)(575,044)(2,894,841)(1,647,425)
Accrued liabilities 77,165(105,704)1,385,686(306,706)
Net cash provided by operating activities 4,525,2349,765,13024,511,77947,192,411
Investing Activities 
Investments in loan participation interests - related parties (30,440,151)(10,885,724)(16,075,092)(20,862,996)
Principal receipts from loan participation interests - related parties 13,474,99510,113,77415,152,02622,974,149
Investments in notes receivable (81,967,098)(169,255,365)(316,406,945)(229,844,264)
Principal receipts from notes receivable 27,871,05828,294,841107,003,521146,141,794
Investments in notes receivable - related parties (16,497,104)(20,196,910)(15,734,069)(26,598,525)
Principal receipts from notes receivable - related parties 8,285,5026,099,84112,666,2844,162,309
Investments in lot inventory 00(7,215,263)(9,786,217)
Proceeds from sales of lot inventory 00624,7807,875,297
Net cash used in investing activities (79,272,798)(155,829,543)(219,984,758)(105,938,453)
Financing Activities 
Proceeds from issuance of shares of beneficial interest 91,463,599197,408,867272,879,9030
Investor subscriptions receivable (220,203)(519,802)1,137,3570
Purchase of treasury shares (512,362)(1,829,226)(1,708,607)(37,058,319)
Net borrowings on lines of credit 
(restated) 9,461,060NANANA
Proceeds from borrowings on lines of credit NA12,573,99030,579,818113,380,837
Payments on lines of credit NA(3,201,538)(28,748,765)(23,661,553)
Proceeds from notes payable 600,000918,521050,000,000
Payments on notes payable (6,097,704)(4,655,294)(5,095,523)0
Distributions, net of shareholders' distribution reinvestment (5,062,500)(12,475,831)(27,696,712)(42,334,761)
Restricted cash 689,9670(2,385,535)(4,663,441)
Payments of offering costs (11,885,353)(25,609,815)(35,309,772)0
Deferred offering costs (1,161,841)3,483,2425,050,7150
Accrued offering costs - related parties 
(restated) 961,356NANANA
Accrued liabilities - related parties NA(2,834,799)(2,890,567)0
Net cash provided by financing activities 78,236,019163,258,315205,812,31255,662,763
Net (decrease) increase in cash and cash equivalents 3,488,45517,193,90210,339,333(3,083,279)
Cash and cash equivalents at beginning of year 2,543,5016,031,95623,225,85833,565,191
Cash and cash equivalents at end of year 6,031,95623,225,85833,565,19130,481,912
Supplemental Cash Flow Information 
Cash paid for interest 1,752,6801,608,1081,069,0944,761,891
Supplemental Cash Flow Information - non-cash activity 
Shareholders' distribution reinvestment 3,018,5996,974,33316,888,1738,894,740
Lot inventory - earnest money 001,646,470473,443
Assignment of loans 05,864,5662,593,57617,062,602

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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