Owens Realty Mortgage (ORM) 10-Q 8 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 04, 2016
Document Information [Line Items]
Entity Registrant Name	Owens Realty Mortgage, Inc.
Entity Central Index Key	1,556,364
Trading Symbol	orm
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		10,247,477
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 10,702,632	$ 1,255,842
Restricted cash	6,500,000	7,225,371
Loans, net of allowance for loan losses of $1,741,955 in 2016 and $1,842,446 in 2015	111,732,895	104,901,361
Interest and other receivables	2,117,376	1,764,918
Other assets, net of accumulated depreciation and amortization of $318,013 in 2016 and $275,277 in 2015	935,529	741,001
Deferred financing costs, net of accumulated amortization of $305,007 in 2016 and $323,325 in 2015	180,329	126,308
Deferred tax assets, net	7,629,683
Investment in limited liability company	2,187,146	2,141,032
Real estate held for sale	73,581,787	100,191,166
Real estate held for investment, net of accumulated depreciation of $2,870,054 in 2016 and $2,915,596 in 2015	37,315,319	53,647,246
Total assets	252,882,696	271,994,245
LIABILITIES:
Dividends payable	819,798	2,133,455
Due to Related Parties	321,451	408,643
Accounts payable and accrued liabilities	4,918,575	3,359,294
Deferred gain on sale of real estate	209,662	209,662
Lines of credit payable		20,915,500
Notes and loans payable on real estate	28,474,266	45,458,844
Total liabilities	34,743,752	72,485,398
Commitments and Contingencies (Note 14)
EQUITY:
Preferred stock, $.01 par value per share, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2016 and December 31,2015
Common stock, $.01 par value per share, 50,000,000 shares authorized, 11,198,119 shares issued, 10,247,477 shares outstanding at September 30, 2016 and December 31, 2015	111,981	111,981
Additional paid-in capital	182,437,522	182,437,522
Treasury stock, at cost – 950,642 shares at September 30, 2016 and December 31, 2015	(12,852,058)	(12,852,058)
Retained earnings	48,408,815	25,282,553
Total stockholders’ equity	218,106,260	194,979,998
Non-controlling interests	32,684	4,528,849
Total equity	218,138,944	199,508,847
Total liabilities and equity	$ 252,882,696	$ 271,994,245

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Loans, allowance for losses	$ 1,741,955	$ 1,842,446
Other assets, accumulated depreciation and amortization	318,013	275,277
Deferred financing costs, accumulated amortization	305,007	323,325
Real estate held for investment, accumulated depreciation	$ 2,870,054	$ 2,915,596
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, share authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	11,198,119	11,198,119
Common stock, shares outstanding (in shares)	10,247,477	10,247,477
Treasury stock, shares (in shares)	950,642	950,642

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Interest income on loans	$ 2,256,816	$ 1,372,739	$ 6,495,836	$ 6,697,476
Rental and other income from real estate properties	2,191,357	2,996,873	6,782,758	9,983,138
Income from investment in limited liability company	45,804	44,605	133,114	130,483
Total revenues	4,493,977	4,414,217	13,411,708	16,811,097
Expenses:
Management fees to Manager	808,247	513,292	2,398,911	1,410,293
Servicing fees to Manager	73,477	46,663	218,083	128,208
General and administrative expense	338,696	292,531	1,242,040	951,579
Rental and other expenses on real estate properties	2,045,722	2,070,680	5,885,029	6,420,490
Depreciation and amortization	305,105	526,178	958,025	1,712,136
Interest expense	960,861	354,163	2,649,616	1,413,109
Bad debt expense from uncollectible rent		150,402		150,537
(Recovery of) provision for loan losses	(38,966)	44,316	347,029	472,359
Impairment losses on real estate properties	1,094,071	0	3,204,221	1,256,434
Total expenses	5,587,213	3,998,225	16,902,954	13,915,145
Operating (loss) income	(1,093,236)	415,992	(3,491,246)	2,895,952
Gain on sales of real estate, net	20,195,367		25,034,182	15,031,299
Net income before income tax benefit	19,102,131	415,992	21,542,936	17,927,251
Income tax benefit	260,848		7,629,683
Net income	19,362,979	415,992	29,172,619	17,927,251
Less: Net income attributable to non-controlling interests	(3,630,318)	(31,671)	(3,586,963)	(2,630,434)
Net income attributable to common stockholders	$ 15,732,661	$ 384,321	$ 25,585,656	$ 15,296,817
Per common share data:
Basic and diluted earnings per common share (in dollars per share)	$ 1.54	$ 0.04	$ 2.50	$ 1.43
Basic and diluted weighted average number of common shares outstanding (in shares)	10,247,477	10,538,735	10,247,477	10,690,736
Dividends declared per share of common stock (in dollars per share)	$ 0.08	$ 0.08	$ 0.24	$ 0.33

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balances (in shares) at Dec. 31, 2014	11,198,119		(430,118)
Balances at Dec. 31, 2014	$ 111,981	$ 182,437,522	$ (5,349,156)	$ 7,371,511	$ 184,571,858	$ 4,174,753	$ 188,746,611
Net income				15,296,817	15,296,817	2,630,434	17,927,251
Dividends declared				(3,524,619)	(3,524,619)		(3,524,619)
Purchase of treasury stock (in shares)			(360,263)
Purchase of treasury stock			$ (5,252,848)		(5,252,848)		(5,252,848)
Contribution from non-controlling interest						279,184	279,184
Distributions to non-controlling interests						(2,483,791)	(2,483,791)
Balances (in shares) at Sep. 30, 2015	11,198,119		(790,381)
Balances at Sep. 30, 2015	$ 111,981	182,437,522	$ (10,602,004)	19,143,709	191,091,208	4,600,580	195,691,788
Purchase of treasury stock			5,252,848		5,252,848		5,252,848
Contribution from non-controlling interest						279,184	279,184
Balances (in shares) at Dec. 31, 2014	11,198,119		(430,118)
Balances at Dec. 31, 2014	$ 111,981	182,437,522	$ (5,349,156)	7,371,511	184,571,858	4,174,753	188,746,611
Balances (in shares) at Dec. 31, 2015	11,198,119		(950,642)
Balances at Dec. 31, 2015	$ 111,981	182,437,522	$ (12,852,058)	25,282,553	194,979,998	4,528,849	199,508,847
Net income				25,585,656	25,585,656	3,586,963	29,172,619
Dividends declared				(2,459,394)	(2,459,394)		(2,459,394)
Purchase of treasury stock (in shares)
Purchase of treasury stock
Contribution from non-controlling interest						44,207	44,207
Distributions to non-controlling interests						(8,127,335)	(8,127,335)
Balances (in shares) at Sep. 30, 2016	11,198,119		(950,642)
Balances at Sep. 30, 2016	$ 111,981	182,437,522	$ (12,852,058)	48,408,815	218,106,260	32,684	218,138,944
Purchase of treasury stock
Contribution from non-controlling interest						$ 44,207	$ 44,207

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 29,172,619	$ 17,927,251
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Gain on sales of real estate, net	(25,034,182)	(15,031,299)
Deferred income tax (benefit) expense	(7,629,683)
Income from investment in limited liability company	(133,114)	(130,483)
Provision for loan losses	347,029	472,359
Impairment losses on real estate properties	3,204,221	1,256,434
Depreciation and amortization of real estate and related assets	958,025	1,712,136
Amortization of deferred financing costs to interest expense	413,612	266,862
Accretion of discount on loan to interest income		(536,816)
Changes in operating assets and liabilities:
Interest and other receivables	(422,026)	(206,568)
Other assets	(476,830)	(46,149)
Accounts payable and accrued liabilities	(1,891,375)	91,447
Due to Manager	(87,192)	(49,056)
Net cash (used in) provided by operating activities	(1,578,896)	5,726,118
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal collected on loans	41,563,690	31,698,649
Investments in loans	(49,373,485)	(39,962,408)
Investment in real estate properties	(17,388,416)	(15,475,195)
Net proceeds from disposition of real estate properties and other assets	85,734,829	34,865,173
Purchases of furniture, fixtures and equipment	(29,887)	(48,402)
Transfer from (to) restricted cash, net	725,371	(1,246,591)
Distribution received from investment in limited liability company	87,000	85,000
Net cash provided by investing activities	61,319,102	9,916,226
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances on notes payable	16,117,737	23,538,846
Repayments on notes payable	(33,384,892)	(19,910,613)
Advances on lines of credit	62,972,415	30,161,000
Repayments on lines of credit	(83,887,915)	(32,657,000)
Payment of deferred financing costs	(254,582)	(41,735)
Distributions to non-controlling interests	(8,127,335)	(2,483,791)
Contributions from non-controlling interest	44,207	279,184
Purchase of treasury stock		(5,252,848)
Dividends paid	(3,773,051)	(3,981,246)
Net cash used in financing activities	(50,293,416)	(10,348,203)
Net increase in cash and cash equivalents	9,446,790	5,294,141
Cash and cash equivalents at beginning of period	1,255,842	1,413,545
Cash and cash equivalents at end of period	10,702,632	6,707,686
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for interest (excluding amounts capitalized)	2,297,766	1,207,669
Cash paid during the period for interest that was capitalized	317,153	187,784
Supplemental Disclosures of Non-Cash Activity
Increase in real estate from loan foreclosures	700,800
Decrease in loans, net of allowance for loan losses, from loan foreclosures	(631,232)
Decrease in interest and other receivables from loan foreclosures	(69,568)
Capital expenditures financed through accounts payable	(3,450,656)	(2,343,109)
Deferred financing costs paid from construction loan	399,558
Amortization of deferred financing costs capitalized to construction project	(69,526)	(155,510)
Dividends declared but not paid	$ (819,798)	$ (835,533)

Note 1 - Organization

Note 1 - Organization	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 – ORGANIZATION Owens Realty Mortgage, Inc. (the “Company”) was incorporated on August 9, 2012, under the laws of the State of Maryland. The Company is authorized to issue 50,000,000 shares of its $0.01 par value common stock (“Common Stock”). In addition, the Company is authorized to issue 5,000,000 shares of preferred stock at $0.01 par value per share. The Company was created to effect the merger (the “Merger”) of Owens Mortgage Investment Fund, a California Limited Partnership (“OMIF”) with and into the Company as described in the Registration Statement on Form S-4, as amended, of the Company, declared effective on February 12, 2013 (File No. 333-184392). The Merger was part of a plan to reorganize the business operations of OMIF so that it could elect to qualify as a real estate investment trust for Federal income tax purposes. The Merger was approved by OMIF limited partners on April 16, 2013 and was completed on May 20, 2013. The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the Company’s taxable year ended December 31, 2012. As a REIT, the Company is permitted to deduct distributions made to its stockholders, allowing its operating income represented by such distributions to avoid taxation at the entity level and to be taxed generally only at the stockholder level. The Company currently intends to distribute substantially all of its REIT taxable income, excluding net capital gains. As a REIT, however, the Company is subject to separate, corporate-level tax, including potential 100% penalty taxes under various circumstances, as well as certain state and local taxes. In addition, the Company’s taxable REIT subsidiaries are subject to full corporate income tax. Furthermore, the Company’s ability to continue to qualify as a REIT will depend upon its continuing satisfaction of various requirements, such as those related to the diversity of its stock ownership, the nature of its assets, the sources of its income and the distributions to its stockholders, including a requirement that the Company distribute to its stockholders at least 90% of its REIT taxable income on an annual basis (determined without regard to the dividends paid deduction and by excluding net capital gain).

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES In the opinion of the management of the Company, the accompanying unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the financial information included therein. Certain information and footnote disclosures presented in the annual consolidated financial statements are not included in these interim financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Form 10-K of ORM for the year ended December 31, 2015 filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the operating results to be expected for the full year ending December 31, 2016. The Company evaluates subsequent events up to the date it files its Form 10-Q with the SEC. Basis of Presentation Princip les of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned taxable REIT subsidiaries (“TRSs”) and its majority- and wholly-owned limited liability companies. The Company is in the business of providing mortgage lending services and manages its business as one operating segment. Due to foreclosure activity, the Company also owns and manages real estate assets. Certain reclassifications, not affecting previously reported net income or total stockholders’ equity, have been made to the previously issued consolidated financial statement balances to conform to the current period presentation. Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates are inherently imprecise and actual results could differ significantly from such estimates. Recently Issued Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments”, or ASU 2016-13. The amendments in ASU-2016-13 eliminate the probable and incurred credit loss recognition threshold in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. This standard is effective for interim and annual reporting beginning after December 15, 2019, with early adoption permitted for interim and annual reporting beginning after December 15, 2018. The Company is currently evaluating the impact that ASU 2016-13 may have on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323) – Simplifying the Transition to the Equity Method of Accounting”, or ASU 2016-07. To simplify the accounting for equity method investments, the amendments in ASU 2016-07 eliminate the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. This standard is effective for interim and annual reporting beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact that ASU 2016-07 may have on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases (Topic 842)” or ASU 2016-02. ASU 2016-02 amends existing guidance related to leases, primarily by requiring the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under the current accounting guidance. This standard is effective for interim and annual reporting beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact that ASU 2016-02 may have on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update 2016-01, “Financial Instruments- Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities”, or ASU 2016-1. ASU 2016-01 amends existing guidance related to the disclosure, presentation, recognition and measurement of financial assets and financial liabilities. This accounting standard primarily amends the accounting for certain equity investments, fair value disclosures and presentation of financial assets and financial liabilities. This standard is effective for interim and annual reporting beginning after December 15, 2017, with certain aspects available for early adoption. The Company is currently evaluating the impact that ASU 2016-01 may have on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied prospectively. Early adoption is not permitted. The Company is currently evaluating the impact that ASU 2014-09 may have on its consolidated financial statements. Recently Adopted Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs,” or ASU 2015-03. ASU 2015-03 simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15 which clarified that the SEC would not object to entities continuing to report debt issuance costs on line of credit arrangements as assets. The recognition and measurement guidance for debt issuance costs are not affected by these ASUs. The Company adopted these ASUs retrospectively during the quarter ended March 31, 2016 and elected to continue to report its deferred financing costs on lines of credit as assets, as allowed by the clarifying guidance issued in ASU 2015-15. Adoption of these standards resulted in net debt issuance costs (deferred financing costs) on the Company’s debt (other than lines of credit) being presented as a direct offset to the applicable debt on the balance sheet. Thus, both deferred financing costs and notes and loans payable on real estate on the accompanying consolidated balance sheets were decreased by $522,000 and $658,000 as of September 30, 2016 and December 31, 2015, respectively. Significant Accounting Policies The significant accounting policies used in the preparation of these interim consolidated financial statements are disclosed in the Company’s consolidated financial statements for the year ended December 31, 2015 included in its 2015 annual report on Form 10-K. There have been no significant changes to those significant accounting policies other than the adoption of ASU 2015-03 as discussed above.

Note 3 - Loans and Allowance fo

Note 3 - Loans and Allowance for Loan Losses	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Allowance for Credit Losses [Text Block]	NOTE 3 – LOANS AND ALLOWANCE FOR LOAN LOSSES Loans are generally stated at the principal amount outstanding. Advances under the terms of a loan to pay property taxes, insurance, legal and other costs are generally capitalized and reported as interest and other receivables. The Company’s portfolio consists primarily of real estate loans generally collateralized by first, second and third deeds of trust. Interest income on loans is accrued by the simple interest method. A loan is generally placed on nonaccrual status when the loan becomes greater than ninety days delinquent in monthly payments and/or when full payment of principal and interest is not expected. When a loan is classified as nonaccrual, interest accruals discontinue and all past due interest is included in the recorded investment in the impaired loan that is measured as described below. Interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest. Cash receipts on nonaccrual loans are used to reduce any outstanding accrued interest, and then are recorded as interest income, except when such payments are specifically designated as principal reduction or when management does not believe the Company’s investment in the loan is fully recoverable. The Company does not incur origination costs and does not earn or collect origination fees from borrowers as OFG is entitled to all such fees (see Note 9). Loans and the related accrued interest and advances are analyzed by management on a periodic basis for ultimate recovery. The allowance for loan losses is management’s estimate of probable credit losses inherent in the Company’s loan portfolio that have been incurred as of the balance sheet date. The allowance is established through a provision for loan losses which is charged to expense. Additions to the allowance are expected to maintain the adequacy of the total allowance after credit losses and loan growth. Credit exposures determined to be uncollectible are charged against the allowance. Cash received on previously charged off amounts is recorded as a recovery to the allowance. The overall allowance consists of two primary components: specific reserves related to impaired loans that are individually evaluated for impairment and general reserves for inherent losses related to loans that are not considered impaired and are collectively evaluated for impairment. Regardless of a loan type, a loan is considered impaired when, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the original agreement. All loans determined to be impaired are individually evaluated for impairment. When a loan is considered impaired, management estimates impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, except that as a practical expedient, management may measure impairment based on a loan's observable market price, or the fair value of the collateral if the loan is collateral dependent. A loan is collateral dependent if the repayment of the loan is expected to be provided solely by the underlying collateral. These valuations are generally updated during the fourth quarter but may be updated during interim periods if deemed appropriate by management. A restructuring of a debt constitutes a troubled debt restructuring (“TDR”) if the Company for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. Restructured loans typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. Loans that are reported as TDR’s are considered impaired and measured for impairment as described above. The determination of the general reserve for loans that are not considered impaired and are collectively evaluated for impairment is based on estimates made by management, to include, but not limited to, consideration of historical losses by portfolio segment, internal asset classifications, and qualitative factors to include economic trends in the Company’s service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company’s underwriting policies, the character of the loan portfolio, and probable losses inherent in the portfolio taken as a whole. The Company maintains a separate allowance for each portfolio segment (loan type). These portfolio segments include commercial real estate, residential real estate and land loans. The allowance for loan losses attributable to each portfolio segment, which includes both impaired loans that are individually evaluated for impairment and loans that are not considered impaired and are collectively evaluated for impairment, is combined to determine the Company’s overall allowance, which is included on the consolidated balance sheet. The allowance for loans that are not considered impaired consists of reserve factors that are based on management’s assessment of the following for each portfolio segment: (1) inherent credit risk, (2) historical losses, and (3) other qualitative factors. These reserve factors are inherently subjective and are driven by the repayment risk associated with each portfolio segment described below. Land Loans Commercial and Residential Real Estate Loans The following tables show the changes in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2016 and 2015 and the allocation of the allowance for loan losses and loans as of September 30, 2016 and December 31, 2015 by portfolio segment and by impairment methodology: 2016 Commercial Residential Land Total Allowance for loan losses: Three Months Ended September 30, 201 6 Beginning balance $ 764,900 $ 604,329 $ 411,692 $ 1,780,921 Charge-offs — — — — Provision (50,112 ) 11,146 — (38,966 ) Ending Balance $ 714,788 $ 615,475 $ 411,692 $ 1,741,955 Nine Months Ended September 30, 201 6 Beginning balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Charge-offs (447,520 ) — — (447,520 ) Provision 21,778 159,888 165,363 347,029 Ending balance $ 714,788 $ 615,475 $ 411,692 $ 1,741,955 September 30, 2016 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 714,788 $ 615,475 $ 411,692 $ 1,741,955 Ending balance $ 714,788 $ 615,475 $ 411,692 $ 1,741,955 Loans: Ending balance $ 86,087,300 $ 20,744,027 $ 6,643,523 $ 113,474,850 Ending balance: individually evaluated for impairment $ 1,432,000 $ 6,228,377 $ — $ 7,660,377 Ending balance: collectively evaluated for impairment $ 84,655,300 $ 14,515,650 $ 6,643,523 $ 105,814,473 2015 Commercial Residential Land Total Allowance for loan losses: Three Months Ended September 30, 201 5 Beginning balance $ 940,215 $ 2,074,617 $ 282,566 $ 3,297,398 Charge-offs — — — — Provision (40,858 ) 85,174 — 44,316 Ending Balance $ 899,357 $ 2,159,791 $ 282,566 $ 3,341,714 Nine Months Ended September 30, 201 5 Beginning balance $ 888,260 $ 1,975,112 $ 5,983 $ 2,869,355 Charge-offs — — — — Provision 11,097 184,679 276,583 472,359 Ending balance $ 899,357 $ 2,159,791 $ 282,566 $ 3,341,714 December 31, 2015 Ending balance: individually evaluated for impairment $ 485,823 $ — $ — $ 485,823 Ending balance: collectively evaluated for impairment $ 654,707 $ 455,587 $ 246,329 $ 1,356,623 Ending balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Loans: Ending balance $ 76,800,297 $ 24,675,867 $ 5,267,643 $ 106,743,807 Ending balance: individually evaluated for impairment $ 1,078,752 $ 7,615,055 $ — $ 8,693,807 Ending balance: collectively evaluated for impairment $ 75,721,545 $ 17,060,812 $ 5,267,643 $ 98,050,000 The following tables show an aging analysis of the loan portfolio by the time monthly payments are past due as of September 30, 2016 and December 31, 2015: September 30 , 201 6 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Commercial $ 4,250,000 $ — $ 1,432,000 $ 5,682,000 $ 80,405,300 $ 86,087,300 Residential — — 6,228,377 6,228,377 14,515,650 20,744,027 Land — — — — 6,643,523 6,643,523 $ 4,250,000 $ — $ 7,660,377 $ 11,910,377 $ 101,564,473 $ 113,474,850 December 31, 2015 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Commercial $ — $ — $ 1,078,752 $ 1,078,752 $ 75,721,545 $ 76,800,297 Residential — — 7,615,055 7,615,055 17,060,812 24,675,867 Land — — — — 5,267,643 5,267,643 $ — $ — $ 8,693,807 $ 8,693,807 $ 98,050,000 $ 106,743,807 All of the loans that are 90 or more days past due as listed above are on non-accrual status as of September 30, 2016 and December 31, 2015. The above table as of September 30, 2016 does not include past maturity loans that were current in making monthly interest payments and in the process of being extended, paid off or refinanced of approximately $5,016,000. The following tables show information related to impaired loans as of and for the three and nine months ended September 30, 2016: September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial $ 1,441,089 $ 1,432,000 $ — Residential 6,697,772 6,228,377 — Land — — — $ 8,138,861 $ 7,660,377 $ — With an allowance recorded: Commercial $ — $ — $ — Residential — — — Land — — — $ — $ — $ — Total s : Commercial $ 1,441,089 $ 1,432,000 $ — Residential 6,697,772 6,228,377 — Land — — — $ 8,138,861 $ 7,660,377 $ — Three Months Ended September 30, 2016 Nine Months Ended September 30 , 201 6 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,444,271 $ 19,093 $ 1,926,261 $ 19,093 Residential 6,846,012 5,117 6,616,418 15,548 Land — — — — $ 8,290,283 $ 24,210 $ 8,542,679 $ 34,641 With an allowance recorded: Commercial $ — $ — $ 1,153,713 $ — Residential — — — — Land — — — — $ — $ — $ 1,153,713 $ — Total s : Commercial $ 1,444,271 $ 19,093 $ 3,079,974 $ 19,093 Residential 6,846,012 5,117 6,616,418 15,548 Land — — — — $ 8,290,283 $ 24,210 $ 9,696,392 $ 34,641 The following tables show information related to impaired loans as of December 31, 2015 and for the three and nine months ended September 30, 2015: December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial $ — $ — $ — Residential 8,063,450 7,615,055 — Land — — — $ 8,063,450 $ 7,615,055 $ — With an allowance recorded: Commercial $ 1,144,864 $ 1,078,752 $ 485,823 Residential — — — Land — — — $ 1,144,864 $ 1,078,752 $ 485,823 Total s : Commercial $ 1,144,864 $ 1,078,752 $ 485,823 Residential 8,063,450 7,615,055 — Land — — — $ 9,208,314 $ 8,693,807 $ 485,823 Three Months Ended September 30, 2015 Nine Months Ended September 30 , 201 5 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 487,818 $ 9,547 $ 2,741,825 $ 611,206 Residential 245,725 5,654 248,762 16,581 Land — — 413,348 216,904 $ 733,543 $ 15,201 $ 3,403,935 $ 844,691 With an allowance recorded: Commercial $ 1,148,627 $ 17,979 $ 1,111,170 $ 40,452 Residential 7,983,345 35,000 7,983,345 157,600 Land — — — — $ 9,131,972 $ 52,979 $ 9,094,515 $ 198,052 Total s : Commercial $ 1,636,445 $ 27,526 $ 3,852,995 $ 651,658 Residential 8,229,070 40,654 8,232,107 174,181 Land — — 413,348 216,904 $ 9,865,515 $ 68,180 $ 12,498,450 $ 1,042,743 The recorded investment balances presented in the above tables include amounts advanced in addition to principal on impaired loans (such as property taxes, insurance and legal charges) that are reimbursable by borrowers and are included in interest and other receivables in the accompanying consolidated balance sheets. Interest income recognized on a cash basis for impaired loans approximates the interest income recognized as reflected in the tables above. Troubled Debt Restructurings The Company has allocated approximately $0 and $486,000 of specific reserves on loans totaling approximately $6,698,000 and $9,208,000 (recorded investments before allowance for loan losses) to borrowers whose loan terms had been modified in troubled debt restructurings as of September 30, 2016 and December 31, 2015, respectively. The Company has not committed to lend additional amounts to any of these borrowers. No loans were modified as troubled debt restructurings during the three and nine months ended September 30, 2016 and 2015, nor were there loans modified as troubled debt restructurings within the previous twelve months for which there was a payment default during the three and nine months ended September 30, 2016 and 2015.

Note 4 - Investment in Limited

Note 4 - Investment in Limited Liability Company	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	NOTE 4 – INVESTMENT IN LIMITED LIABILITY COMPANY During 2008, the Company entered into an operating agreement (the “Operating Agreement”) of 1850 De La Cruz LLC, a California limited liability company (“1850”), with Nanook Ventures LLC (“Nanook”), an unrelated party. The purpose of the joint venture is to own and operate certain industrial land and buildings located in Santa Clara, California. At the time of closing in July 2008, the two properties were separately contributed to two new limited liability companies, Nanook Ventures One LLC and Nanook Ventures Two LLC that are wholly owned by 1850. The Company and Nanook are the Members of 1850 and NV Manager, LLC is the manager. The Company received distributions from 1850 of $0 and $87,000 during the three and nine months ended September 30, 2016, respectively, and $0 and $85,000 during the three and nine months ended September 30, 2015, respectively. The net income to the Company from its investment in 1850 De La Cruz was approximately $46,000 and $45,000 during the three months ended September 30, 2016 and 2015, respectively, and $133,000 and $130,000 during the nine months ended September 30, 2016 and 2015, respectively.

Note 5 - Real Estate Held for S

Note 5 - Real Estate Held for Sale	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Real Estate Owned [Text Block]	NOTE 5 - REAL ESTATE HELD FOR SALE Real estate properties held for sale as of September 30, 2016 and December 31, 2015 consist of properties acquired through foreclosure classified by property type as follows: September 30, 2016 December 31, 2015 Land (including land under development) $ 67,135,384 $ 42,071,143 Residential — 51,942,601 Office 4,494,465 4,716,487 Industrial — 1,460,935 Golf course 1,951,938 — $ 73,581,787 $ 100,191,166 Transfers There were no transfers of property between “Held for Investment” and “Held for Sale” during the three months ended September 30, 2016, other than the transfer of $6,066,000 of land basis discussed further in the “Sales” section below. During the nine months ended September 30, 2016, the Company transferred four properties with book values totaling approximately $10,052,000 (one land, one office unit, one golf course and one condominium) from “Held for Investment” to “Held for Sale” as the properties were listed for sale and sales were expected within a one year period. During the three months ended September 30, 2015, the Company transferred four properties (one residential, one industrial, one marina and one storage) from “Held for Investment” to “Held for Sale” as the properties were listed for sale and sales were expected within a one year period. During the nine months ended September 30, 2015, the Company transferred one golf course property from “Held for Sale” to “Held for Investment” as the property was no longer listed for sale and a sale was not expected within a one year period. As a result of this transfer, the Company recorded approximately $79,000 of depreciation expense that would have previously been recorded had the property been continuously classified as “Held for Investment”. Impairment Losses During the three and nine months ended September 30, 2016, the Company recorded an impairment loss of approximately $1,094,000 on the medical office condominium complex located in Gilbert, Arizona related to an agreement signed by the Company to sell the property at a price that is less than the book value. In addition, during the nine months ended September 30, 2016, the Company recorded an impairment loss of approximately $2,110,000 on the unimproved residential and commercial land located in Gypsum, Colorado due to a reduction in the net fair market value estimated by management and a decrease in the listing price of the property. During the nine months ended September 30, 2015, the Company recorded impairment losses of approximately $1,256,000 on the unimproved residential and commercial land located in Gypsum, Colorado due to a reduction in the net fair market value estimated by management and a decrease in the listing price of the property. Sales During the three months ended September 30, 2016, the Company sold four real estate properties (two residential properties and two improved, residential lots in a 75 lot development) for aggregate net sales proceeds of approximately $79,256,000, resulting in gain on sales of real estate totaling approximately $20,195,000 ($16,479,000 to the Company after approximately $3,716,000 gain attributable to non-controlling interest). During the nine months ended September 30, 2016, the Company sold six properties for aggregate net sales proceeds of approximately $85,735,000, resulting in gain on sales of real estate totaling approximately $25,034,000 ($21,318,000 to the Company after approximately $3,716,000 gain attributable to non-controlling interest). There were no sales during the three months ended September 30, 2015. During the nine months ended September 30, 2015, the Company sold four real estate properties for aggregate net sales proceeds of approximately $34,865,000, resulting in gain on sales of real estate totaling approximately $14,879,000. In addition, the Company recognized gain of approximately $152,000 during the nine months ended September 30, 2015 that had previously been deferred related to the sale of a real estate property in 2012. The gain on the sale of this property was being accounted for under the installment method. In September, 2016, Tahoe Stateline Venture, LLC, a California limited liability company ("TSV") that is wholly-owned by the Company, entered into a Land and Entitlement Purchase Agreement, (the "Purchase Agreement") with Jianping Pan, Kawana Holdings LLC and/or its nominee (the "Buyer"). Pursuant to the Purchase Agreement, TSV has agreed to sell to Buyer the approximately 8.0 acres of land and entitlements, including related parking and garage structures, owned by TSV in South Lake Tahoe, California, commonly known as The Chateau at the Village as further described in the Purchase Agreement (the "Property") for a total of $42.5 million, net of seller's credit which includes sales commissions (the "Purchase Price"). The closing (the "Closing") of the transaction is subject to a number of conditions including among others: the Buyer's satisfactory completion of due diligence and the approval prior to Closing by the responsible agency for the City of South Lake Tahoe, California of a tentative map (the "Map") that is acceptable to both TSV and Buyer. The Closing of the transaction is expected to occur on the earlier of March 31, 2017 or within seven business days after approval of the Map by the responsible agency, but there can be no assurance if or when the sale of the TSV Property will be consummated. Buyer has paid an initial deposit into escrow of $500,000. An additional $12.5 million is to be deposited into escrow by Buyer on or before November 18, 2016 and paid to TSV along with the deposit at the Closing, provided that from this cash amount TSV will credit the Buyer $3,000,000 for expenses. The additional $32.5 million of Purchase Price to be paid at Closing will be seller financing in the form of a note (the "Note") to TSV from Buyer secured by a Deed of Trust on the Property and bearing interest at 0.75% per annum. All principal and interest on the Note will be due on the earlier of March 31, 2017 or six months from the date of the Closing. As a result of the execution of the Purchase Agreement, the Company transferred approximately $6,066,000 of land basis from the first phase retail property (currently held for investment) to the second phase land being sold with this transaction. The basis of the property being sold is approximately $28,908,000 as of September 30, 2016. Foreclosure Activity There were no foreclosures during the three months ended September 30, 2016. During the nine months ended September 30, 2016, the Company foreclosed on one loan secured by an office property located in Oakdale, California with a principal balance of approximately $1,079,000 and obtained the property via the trustee’s sale. In addition, accrued interest and advances made on the loan (for items such as legal fees and delinquent property taxes) in the total amount of approximately $70,000 were capitalized to the basis of the property. It was determined that the fair value of the property was lower than the Company’s investment in the loan and a specific loan allowance was previously established of approximately $495,000. This amount was then recorded as a charge-off against the allowance for loan losses at the time of foreclosure, after a reduction of the previously established allowance in the amount of approximately $48,000 as a result of an updated appraisal obtained (net charge-off of $448,000). The property, along with a unit in the building purchased by the Company in 2015, was contributed into a new taxable REIT subsidiary, East G, LLC, in June 2016. The property is classified as held for sale as a sale is expected to be completed within a one year period. There were no foreclosures during the three and nine months ended September 30, 2015.

Note 6 - Real Estate Held for I

Note 6 - Real Estate Held for Investment	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Real Estate Held for Investment Disclosure [Text Block]	NOTE 6 - REAL ESTATE HELD FOR INVESTMENT Real estate held for investment as of September 30, 2016 and December 31, 2015 consists of properties acquired through foreclosure classified by property type as follows: September 30, 2016 December 31, 2015 Retail $ 16,962,247 $ 23,122,714 Land 4,234,131 8,112,676 Residential 2,417,550 6,673,540 Assisted care 5,672,065 5,402,376 Office 3,981,349 4,315,608 Marina 4,047,977 4,079,087 Golf course — 1,941,245 $ 37,315,319 $ 53,647,246 The balances of land and the major classes of depreciable property for real estate held for investment as of September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 Land and land improvements $ 11,420,690 $ 23,443,676 Buildings and improvements 28,764,683 33,119,166 Less: Accumulated depreciation (2,870,054 ) (2,915,596 ) $ 37,315,319 $ 53,647,246 It is the Company’s intent to sell its real estate properties held for investment, but expected sales of these properties are not probable to occur within the next year. Depreciation expense was approximately $286,000 and $505,000 for the three months ended September 30, 2016 and 2015, respectively, and $904,000 and $1,647,000 for the nine months ended September 30, 2016 and 2015, respectively. Certain of the Company’s real estate properties held for sale and investment are leased to tenants under noncancellable leases with remaining terms ranging from one to eight years. Certain of the leases require the tenant to pay all or some operating expenses of the properties. The future minimum rental income from noncancellable operating leases due within the five years subsequent to September 30, 2016 and thereafter is as follows: Twelve months ending September 30: 2017 $ 2,444,094 2018 2,192,574 2019 1,739,781 2020 770,129 2021 499,403 Thereafter (through 2024) 1,094,910 Total $ 8,740,891

Note 7 - Lines of Credit Payabl

Note 7 - Lines of Credit Payable	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 7 – LINES OF CREDIT PAYABLE The Company borrows funds under the revolving California Bank & Trust (“CB&T”) line of credit and the now extinguished revolving Opus Bank (“Opus”) line of credit (collectively, the “Funding Agreements”). As of September 30, 2016 and December 31, 2015, the outstanding balances and total commitments under the Funding Agreements consisted of the following: September 30 , 201 6 December 31, 201 5 Outstanding Balance Total Commitment Outstanding Balance Total Commitment CB&T Line of Credit $ — $ 31,120,097 $ 8,289,500 $ 22,574,753 Opus Bank Line of Credit — — 12,626,000 12,626,000 Total $ — $ 31,120,097 $ 20,915,500 $ 35,200,753 CB&T Line of Credit In February 2014, the Company entered into a Credit Agreement and Advance Formula Agreement and related agreements with CB&T as the lender (the “CB&T Credit Facility”).The agreements were amended and restated in April 2015 to add First Bank as an additional lender and to increase the maximum borrowings available (total commitment) under the facility to the lesser of a $30,000,000 maximum or the amount determined pursuant to a borrowing base calculation described in the Advance Formula Agreement. Pursuant to the First Amendment to Amended and Restated Credit Agreement and Loan Documents dated March 1, 2016 (the “First Amendment”), the maximum commitment of the lenders under the facility has been increased from $30,000,000 to $50,000,000, such maximum commitment can be increased (on request of the Company and with the permission of the lenders) in the future to up to $75,000,000, and borrowings under the CB&T Credit Facility now mature on March 1, 2018. Such borrowings bear interest payable monthly at the prime rate of interest established by CB&T from time-to-time plus one quarter percent (.25%) per annum (3.75% at September 30, 2016). Upon a default such interest rate increases by 2.00%. The original CB&T Credit Facility required the payment of an origination fee of $100,000 and other issuance costs totaling $177,000 that were capitalized to deferred financing costs and were being amortized to interest expense using the straight-line method through the maturity date of the CB&T Credit Facility (fully amortized as of September 30, 2016). The First Amendment required the payment of an origination fee and other costs totaling $255,000 that was capitalized to deferred financing costs and is being amortized to interest expense using the straight-line method through the new maturity date. The Company is also subject to certain ongoing administrative fees and expenses. Interest expense on the CB&T Credit Facility was approximately $307,000 and $70,000 during the three months ended September 30, 2016 and 2015, respectively (including $32,000 and $36,000, respectively, in amortization of deferred financing costs) and $799,000 and $297,000 during the nine months ended September 30, 2016 and 2015, respectively (including $98,000 and $90,000, respectively, in amortization of deferred financing costs). Borrowings are secured by certain assets of the Company. These collateral assets will include the grant to the lenders of first-priority deeds of trust on certain real property assets and trust deeds of the Company to be identified by the parties from time-to-time and all personal property of the Company, which collateral includes the assets described in the Security Agreement and in other customary collateral agreements that will be entered into by the parties from time-to-time. As of September 30, 2016, the carrying amount and classification of loans securing the CB&T Credit Facility were as follows: Loans: September 30 , 201 6 Commercial $ 40,298,303 Residential 5,265,493 Total $ 45,563,796 The CB&T Credit Facility agreements contain financial covenants which are customary for a loan of this type. Management is not aware of any breach of these covenants as of September 30, 2016. Opus Bank Line of Credit In April 2014, the Company entered into a Secured Revolving Credit Loan Agreement (the “Opus Credit Agreement”) and related agreements with Opus as the lender (the “Opus Credit Facility”). The Company repaid the Opus Credit Facility in full in September 2016 and the facility has terminated. Advances under the Opus Credit Facility were available by Opus until April 1, 2016, and borrowings were secured by certain of the Company’s assets. Commencing October 1, 2014, and on each successive six month anniversary during the term (the “Rate Change Date”), the rate of interest on all borrowings under the Opus Credit Facility was reset to the Six Month LIBOR rate of interest as reported on such Rate Change Date plus four percent (4.0%) per annum but in no event lower than 4.5% per annum. Commencing on May 1, 2016, in addition to the required interest payments, the Company was required to make mandatory monthly principal payments. All amounts under the Opus Credit Facility were to be repaid not later than April 1, 2017. The Opus Credit Facility required the payment of an origination fee of $100,000 and other issuance costs totaling $231,000 that were capitalized as deferred financing costs and were being amortized to interest expense using the straight-line method through the maturity date. The Company was also subject to certain ongoing administrative fees and expenses. Interest expense on the Opus Credit Facility was approximately $130,000 and $19,000 during the three months ended September 30, 2016 and 2015, respectively (including $64,000 and $19,000, respectively, in amortization of deferred financing costs) and $364,000 and $58,000 during the nine months ended September 30, 2016 and 2015, respectively (including $103,000 and $58,000, respectively, in amortization of deferred financing costs). The amount of unamortized deferred financing costs expensed immediately on termination of the Opus Credit Facility was approximately $45,000 for the three and nine months ended September 30, 2016.

Note 8 - Notes and Loans Payabl

Note 8 - Notes and Loans Payable on Real Estate	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Mortgage Notes Payable Disclosure [Text Block]	NOTE 8 - NOTES AND LOANS PAYABLE ON REAL ESTATE The Company had the following notes and loans payable outstanding as of September 30, 2016 and December 31, 2015: September 30, 2016 Interest Rate December 31, 2015 Interest Rate Payment Terms/ Frequency Maturity Date Tahoe Stateline Venture, LLC Note #1 $ 2,900,000 5.00% $ 2,900,000 5.00% Interest Only Semi-annual December 2016 Tahoe Stateline Venture, LLC Note #2 — —% 500,000 5.00% Interest Only Quarterly August 2017 TOTB North, LLC Construction Loan Payable — —% 16,009,906 4.61% Amortizing Monthly June 2017 TOTB Miami, LLC Loan Payable — —% 12,693,231 4.61% Amortizing Monthly November 2017 Tahoe Stateline Venture, LLC Loan Payable 13,730,877 3.47% 14,013,901 3.47% Amortizing Monthly January 2021 Zalanta Construction Loan Payable 12,364,914 5.00% — —% Interest Only Monthly August 2018 Principal amount $ 28,995,791 $ 46,117,038 Less unamortized deferred financing costs (521,525 ) (658,194 ) Notes and loans payable, net $ 28,474,266 $ 45,458,844 The following table shows maturities by year on these notes and loans payable as of September 30, 2016: Twelve months ending September 30: 2017 $ 15,653,905 2018 402,705 2019 416,904 2020 431,603 2021 12,090,674 Thereafter — Total $ 28,995,791 Tahoe Stateline Venture, LLC Notes Payable The Company obtained these obligations as a result of the foreclosure or purchase of nine parcels by Tahoe Stateline Venture, LLC (“TSV”) in 2013 and 2012. The Company paid approximately $93,000 and $91,000 of interest on the notes during the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016 and December 31, 2015, there was approximately $48,000 and $18,000, respectively, in accrued but unpaid interest on these notes. The interest incurred has been capitalized to the basis of the land under development. The Company repaid the TSV Note #2 in the amount of $500,000 during the three months ended September 30, 2016. TOTB North, LLC Construction Loan Payable In June 2014, TOTB North, LLC (“TOTB North”) entered into a Construction Loan Agreement (the “Loan Agreement”) and related documents with Bank of the Ozarks (“Ozarks”) as the lender providing TOTB North with a loan (the “North Loan”) of up to $21,304,000 to renovate and improve the vacant and unimproved “North” apartment building held in TOTB North (the “Project”). The North Loan was secured by a first mortgage lien on the North building and all improvements and certain other assets, and was cross-defaulted and cross-collateralized with the TOTB Miami, LLC Loan Payable described below. The initial maturity date (the “Maturity Date”) of the North Loan was June 12, 2017, which could be extended at the option of TOTB North for two additional one year periods, subject to certain conditions. All outstanding borrowings under the North Loan bore interest equal to the floating daily Three Month LIBOR rate of interest plus four percent (4.0%) per annum (the “Note Rate”), with a Note Rate not lower than four and one-half percent (4.5%) per annum. During 2014, TOTB North paid customary closing fees, disbursements and expenses, including an origination fee to Ozarks, which totaled $622,000. The majority of these costs were paid out of the loan proceeds and capitalized to deferred financing costs and were being amortized to the Project using the straight-line method through the Maturity Date. During the three and nine months ended September 30, 2016, approximately $0 and $36,000, respectively, of deferred financing costs was amortized and capitalized to the Project and $35,000 and $102,000, respectively, was expensed. During the three and nine months ended September 30, 2015, approximately $52,000 and $156,000, respectively, of deferred financing costs was amortized and capitalized to the Project. During the three months ended September 30, 2016 and 2015, approximately $204,000 and $91,000, respectively, of interest was incurred of which $0 and $91,000, respectively, was capitalized to the Project. During the nine months ended September 30, 2016 and 2015, approximately $626,000 and $133,000, respectively, of interest was incurred of which $134,000 and $133,000, respectively, was capitalized to the Project. The North Loan was repaid in full with the sale of the TOTB property in September 2016. Net debt issuance costs outstanding on the North Loan of approximately $156,000 were written off at the time of sale and reflected in the net gain on sale of the property. TOTB Miami, LLC Loan Payable In November 2014, TOTB Miami, LLC (“TOTB”) entered into another loan agreement (the “TOTB Loan Agreement”) and related documents with Ozarks providing TOTB a loan (the “TOTB Miami Loan”) of $13,000,000 secured by a first mortgage lien on the 154 leased condominium units owned in the Pointe building and the related parcel and all improvements as well as certain other assets. As a condition of providing the TOTB Miami Loan, Ozarks required that the TOTB Miami Loan and the North Loan be cross-collateralized and cross-defaulted, that excess proceeds from any sale of the North property be used to reduce or pay off the TOTB Miami Loan and that excess proceeds from any sale of the TOTB property be used to pay off the North Loan. The initial maturity date (the “Maturity Date”) of the TOTB Miami Loan was November 16, 2017, and the Maturity Date could be extended at the option of TOTB for two additional one year periods if a number of conditions were met. All outstanding borrowings under the TOTB Miami Loan bore interest equal to the floating daily Three Month LIBOR rate of interest plus four percent (4.0%) per annum (the “Note Rate”), with a Note Rate not lower than four and one-quarter percent (4.25%) per annum. TOTB was obligated to pay customary closing fees, disbursements and expenses, including an origination fee to the Lender, which totaled approximately $323,000. The majority of these costs were paid out of the loan proceeds and capitalized to deferred financing costs and were being amortized to interest expense using the effective interest method through the Maturity Date. During the three months ended September 30, 2016 and 2015, approximately $155,000 and $166,000, respectively, of interest expense was incurred (including approximately $29,000 and $33,000, respectively, of deferred financing costs amortized to interest expense). During the nine months ended September 30, 2016 and 2015, approximately, $505,000 and $497,000, respectively, of interest expense was incurred (including approximately $84,000 and $92,000, respectively, of deferred financing costs amortized to interest expense). The TOTB Miami Loan was repaid in full with the sale of the TOTB property in September 2016. Net debt issuance costs outstanding on the TOTB Miami Loan of approximately $98,000 were written off the time of sale and reflected in the net gain on sale of the property. Tahoe Stateline Venture, LLC Loan Payable In December 2014, Tahoe Stateline Ventures, LLC (“TSV”) entered into a Credit Agreement (the “Credit Agreement”) and related documents with RaboBank, N.A. as the lender (“Lender”) providing TSV with a loan (the “TSV Loan”) of up to $14,500,000. TSV borrowed $10,445,000 at the first closing under the TSV Loan and an additional $3,830,000 was borrowed in September 2015. The maturity date of the TSV Loan is January 1, 2021 (the “Maturity Date”). All outstanding borrowings under the TSV Loan documents bear interest initially at a rate of 3.47% per annum (the “Long Term Adjustable Rate”), provided that on January 1, 2018 the Long Term Adjustable Rate will be reset to Lender’s then current market rate for three year fixed rate loans from comparable commercial real estate secured transactions, as determined by Lender in its sole discretion. Upon a default under the TSV Loan documents, the interest rate on the outstanding principal balance increases by an additional five percent (5.00%) per annum and the rate on any other outstanding obligations thereunder increases to ten percent (10.00%) per annum. Prepayments under the TSV Loan documents are subject to certain prepayment fees; provided that during the 90 day period immediately prior to January 1, 2018, and the 90 day period immediately prior to the Maturity Date, TSV may prepay the entire unpaid balance of the Loan in full, without any Prepayment Fee or penalty. During the term of the TSV Loan, TSV will make equal combined payments of principal and accrued interest on the first day of each month in an amount calculated to fully amortize the original principal amount over a period of 300 months, subject to certain adjustments and the balance of the TSV Loan is due on the Maturity Date. The Credit Agreement required the payment of a closing fee of $108,750 and certain administrative fees totaling approximately $218,000. The TSV Loan documents contain financial covenants which are customary for loans of this type . Management is not aware of any breach of these covenants as of September 30, 2016. Zalanta Construction Loan Payable In August 2016, Zalanta Resort at the Village, LLC (“ZRV”) and Zalanta Resort at the Village - Phase II, LLC (“ZRV II” and, together with ZRV, the “Borrowers”) entered into a Construction Loan Agreement (the “Loan Agreement”) and related documents with Western Alliance Bank as the lender (“Lender”) providing the Borrowers with a loan (the “ZRV Loan”) of up to $31,000,000, subject to the terms and conditions of the ZRV Loan documents, for the purpose of financing the construction of a new mixed-use retail and residential condominium building (the “Project”) on land (the “Premises”) owned by ZRV in South Lake Tahoe. Borrowings under the ZRV Loan documents are only for payment or reimbursement of approved Project costs and such borrowings are subject to customary conditions for loans of this type. The borrowings under the ZRV Loan may not exceed the lesser of (i) 60% of the value of the Project, determined on an “as is” basis; or (ii) 65% of the Borrowers’ total costs of the Project, to be calculated in accordance with the Loan Agreement. All outstanding borrowings under the ZRV Loan will bear interest at the Wall Street Journal Prime Rate plus 1.50% (calculated on a floating daily basis) (the “Note Rate”), but in no event will the Note Rate be lower than the floor rate of five percent (5.0%) per annum. The Note Rate as of September 30, 2016 was 5.0%. Upon a default under the Loan Agreement, the Note Rate increases by an additional five percent (5.0%) per annum. Interest only payments are payable monthly from an established interest reserve. In addition, on the last day of the calendar quarter in which a Certificate of Occupancy is obtained with respect to completion of the first condominium in the Project, and continuing on the last day of each calendar quarter thereafter during the term of the ZRV Loan, Borrowers are required to repay $6 million of principal (the “Curtailment Requirement”). The balance of the ZRV Loan is due on August 3, 2018. Borrowings are secured by: (i) a first mortgage lien on the Premises and certain additional property (the “Additional Premises”) held by ZRV II and all improvements, amenities and appurtenances to the Premises and the Additional Premises, (ii) an assignment of all personal property, sales contracts, rents, leases, and ground leases associated with the Premises, and (iii) all design, development, service, management, leasing and construction contracts associated with the Premises. In addition, ZRV has established a deposit account with Lender of $3,000,000 to be held as additional collateral for the ZRV Loan. The ZRV Loan documents contain provisions that allow for the sale of individual condominiums in the Project during the term of the ZRV Loan, and the removal of those units from the collateral base, in exchange for payment of proceeds of the sales to Lender. Any such payment of sales proceeds to Lender will be applied to reduce the principal balance of the ZRV Loan and will reduce the quarterly Curtailment Requirement. The Loan Agreement required the payment of an origination fee of $310,000 and other issuance costs totaling approximately $400,000. The majority of these costs were paid out of the loan proceeds and capitalized to deferred financing costs and are being amortized to the Project using the straight-line method through the maturity date. During the three and nine months ended September 30, 2016, approximately $33,000 of deferred financing costs was amortized to the Project. During the three and nine months ended September 30, 2016, approximately $72,000 of interest was incurred which was capitalized to the Project. The ZRV Loan documents contain financial covenants which are customary for loans of this type . Management is not aware of any breach of these covenants as of September 30, 2016.

Note 9 - Transactions with Affi

Note 9 - Transactions with Affiliates	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 9 - TRANSACTIONS WITH AFFILIATES In consideration of the management services rendered to the Company pursuant to the management agreement between the Company and OFG (the “Management Agreement”), OFG is entitled to receive from the Company a management fee payable monthly, subject to a maximum of 2.75% per annum of the average unpaid balance of the Company’s loans. All of the Company’s loans are serviced by OFG, in consideration for which OFG receives a monthly fee, which, when added to all other fees paid in connection with the servicing of a particular loan, does not exceed the lesser of the customary, competitive fee paid in the community where the loan is placed for the provision of such mortgage services on that type of loan, or up to 0.25% per annum of the unpaid principal balance of the loans. OFG, at its sole discretion may, on a monthly basis, adjust the management and servicing fees as long as they do not exceed the allowable limits calculated on an annual basis. Even though the fees for a month may exceed 1 In determining the management fees to pay to OFG, OFG may consider a number of factors, including current market yields, delinquency experience, un-invested cash and real estate activities. During the three and nine months ended September 30, 2016 and 2015, OFG elected to take the maximum compensation that it is able to take pursuant to the Management Agreement and will likely continue to take the maximum compensation for the foreseeable future. Pursuant to the charter, OFG receives all late payment charges from borrowers on loans owned by the Company. The amounts paid to or collected by OFG for such charges totaled approximately $2,000 and $0 for the three months ended September 30, 2016 and 2015, respectively, and $8,000 and $17,000 for the nine months ended September 30, 2016 and 2015, respectively. In addition, the Company remits other miscellaneous fees to OFG, which are collected from loan payments, loan payoffs or advances from loan principal (i.e. funding, demand and partial release fees). The amounts paid to or collected by OFG for such fees totaled approximately $5,000 and $2,000, respectively, during the three months ended September 30, 2016 and 2015 and $14,000 and $6,000, respectively, during the nine months ended September 30, 2016 and 2015, respectively. OFG originates all loans the Company invests in and receives loan origination and extension fees from borrowers. During the three and nine months ended September 30, 2016, OFG earned approximately $120,000 and $1,372,000, respectively, on loans originated or extended of approximately $5,140,000 and $59,305,000, respectively. During the three and nine months ended September 30, 2015, OFG earned approximately $289,000 and $1,001,000, respectively, on loans originated or extended of approximately $11,982,000 and $42,034,000, respectively. OFG is reimbursed by the Company for the actual cost of goods, services and materials used for or by the Company and paid by OFG and the salary and related salary expense of OFG’s non-management and non-supervisory personnel performing services for the Company which could be performed by independent parties (subject to certain limitations in the Management Agreement). The total amounts reimbursed to OFG by the Company for such services were $113,000 and $130,000 during the three months ended September 30, 2016 and 2015, respectively, and $332,000 and $394,000 during the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016 and December 31, 2015, there was $38,000 and $142,000 payable to OFG for such services. The Company also reimbursed certain of OFG’s officers for allowed expenses in the total amount of $0 and $1,000 during the nine months ended September 30, 2016 and 2015, respectively. The Company paid Investor’s Yield, Inc. (a wholly owned subsidiary of OFG) approximately $3,000 and $7,000 during the nine months ended September 30, 2016 and 2015, respectively, in fees primarily related to certain foreclosure proceedings on Company loans. During the nine months ended September 30, 2015, the Company purchased OFG’s full interest in a loan secured by an industrial property located in San Ramon, California with a principal balance of $1,499,000 at face value.

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 10 – STOCKHOLDERS’ EQUITY Dividends On March 18, 2016, the board of directors declared a $0.08 dividend on our shares of Common Stock to holders of record as of March 31, 2016. The dividend was paid on April 14, 2016 and totaled $819,798. On June 20, 2016, the board of directors declared a $0.08 dividend on our shares of Common Stock to holders of record as of June 30, 2016. The dividend was paid on July 14, 2016 and totaled $819,798. On September 15, 2016, the board of directors declared a $0.08 dividend on our shares of Common Stock to holders of record as of September 30, 2016. The dividend was paid on October 14, 2016 and totaled $819,798. As of September 30, 2016, the Company had net capital gains from the sales of real estate properties in 2016 totaling approximately $21,189,000. It is the intention of management to retain substantially all net capital gains within the Company and not distribute them as is permitted for a REIT. However, the retained net capital gains will be taxable to shareholders and will require the Company to make a tax payment to the U.S Treasury Department on behalf of shareholders at the highest corporate tax rate (currently 35%), which are to be reflected as tax payments on shareholders’ tax returns. Such payments will be recorded as dividends in the Company’s financial statements in the fourth quarter of 2016. Stock Repurchase Programs On May 27, 2015, the Board of Directors authorized a Rule 10b5-1 stock repurchase plan (the “2015 Repurchase Plan”) under which the Company was able to purchase up to $7.5 million of its Common Stock. Under the 2015 Repurchase Plan, repurchases were funded from available working capital, and repurchased shares were returned to the status of authorized but unissued shares of Common Stock. The 2015 Repurchase Plan permitted repurchases commencing June 27, 2015 through its expiration in May 2016. During the quarter ended September 30, 2015, the Company repurchased 360,263 shares of its common stock under this plan for a total of approximately $5,253,000 (including commissions) and an average cost of $14.58 per share. During the year ended December 31, 2015, the Company repurchased 520,524 shares of its Common Stock under this plan for a total cost of approximately $7,503,000 (including commissions) and an average cost of $14.41 per share. No further purchases were made pursuant to this plan. On December 11, 2015, the Board of Directors authorized a new Rule 10b5-1 stock repurchase plan (the “2016 Repurchase Plan”) under which the Company may purchase up to $7.5 million of its Common Stock. Under the 2016 Repurchase Plan, repurchases will be funded from available working capital, and the repurchased shares will return to the status of authorized but unissued shares of Common Stock. The 2016 Repurchase Plan provides for stock repurchases to commence on April 1, 2016 and is subject to certain price, volume and timing constraints specified in the brokerage agreement. There is no guarantee as to the exact number of shares that will be repurchased by the Company. The 2016 Repurchase Plan is set to expire on March 31, 2017, although the Company may terminate the Repurchase Plan at any time. No shares had been repurchased under this new plan as of September 30, 2016.

Note 11 - Restricted Cash

Note 11 - Restricted Cash	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Contingencies Disclosure [Text Block]	NOTE 11 – RESTRICTED CASH Contingency Reserves In accordance with the charter, the Company is required to maintain cash, cash equivalents and marketable securities as contingency reserves in an aggregate amount of 1-1/2% of Capital as defined in the charter. Although the Manager believes the contingency reserves are adequate, it could become necessary for the Company to sell or otherwise liquidate certain of its investments or other assets to cover such contingencies on terms which might not be favorable to the Company, which could lead to unanticipated losses upon sale of such assets. The contingency reserves required per the charter as of September 30, 2016 and December 31, 2015 were approximately $4,074,000 and $3,809,000, respectively, and are reported as part of restricted cash in the accompanying consolidated balance sheets. The $6,500,000 and $7,000,000, respectively, required to be held in non-interest bearing accounts as of September 30, 2016 and December 31, 2015 pursuant to certain of the Company’s debt agreements satisfy this contingency reserve requirement. Escrow Deposits Restricted cash includes deposits held in third party escrow accounts to fund construction costs and replacement reserves and to pay property taxes and insurance on Company real estate in the amounts of approximately $0 and $225,000 as of September 30, 2016 and December 31, 2015, respectively.

Note 12 - Income Taxes

Note 12 - Income Taxes	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 1 2 - INCOME TAXES The Company operates in such a manner as to qualify as a REIT, under the provisions of the Code; therefore, applicable REIT taxable income is included in the taxable income of its shareholders, to the extent distributed by the Company. To maintain REIT status for federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply, generally, with certain other qualification requirements as defined under the Code. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. Taxable income from non-REIT activities managed through the Company's taxable REIT subsidiaries (“TRSs”) (Lone Star Golf, Inc., Zalanta Resort at the Village, LLC and East G, LLC) is subject to federal, state and local income taxes. The Company did not record a provision for current income taxes related to Lone Star for the nine months ended September 30, 2016 and the years ended December 31, 2015 and 2014 as it was in a net loss position. In addition, deferred taxes related to temporary differences in book and taxable income, as well as net operating losses of Lone Star, were not significant and the deferred taxes would likely not be realizable due to Lone Star’s loss history. In June 2016, the Company converted Zalanta Resort at the Village, LLC (“ZRV”) into a TRS and contributed two additional real estate assets into ZRV. These properties included 75 improved, residential lots previously held within Baldwin Ranch Subdivision, LLC and a medical office condominium complex previously held within AMFU, LLC. The conversion of ZRV into a TRS and contribution of the additional real estate assets resulted in the Company recording a deferred tax asset and income tax benefit in the amount of approximately $7,630,000 primarily due to a $20,513,000 aggregate difference between the book and tax basis of the subject real estate assets as of September 30, 2016. In addition, in June 2016, the Company established a new entity, East G, LLC (“East G”) and contributed an office property that was obtained via foreclosure of a loan in May 2016 into this new entity along with a unit in the same building that had been purchased in December 2015. The Company then converted East G into a TRS. Deferred taxes related to temporary differences in book and taxable income were not significant and the deferred taxes would likely not be realizable due to expected future operating losses from the property. The components of the income tax benefit as it relates to the Company’s taxable income (loss) from domestic TRSs during the three and nine months ended September 30, 2016 were as follows: For the Three Months Ended September 30, 2016 Federal State and Local Total Deferred (expense) benefit $ (193,509 ) $ 454,357 $ 260,848 Income tax (expense) benefit $ (193,509 ) $ 454,357 $ 260,848 For the Nine Months Ended September 30, 2016 Federal State and Local Total Deferred benefit $ 6,242,655 $ 1,387,028 $ 7,629,683 Income tax benefit $ 6,242,655 $ 1,387,028 $ 7,629,683 A reconciliation of the income tax benefit (provision) based upon the statutory tax rates to the effective rates of our taxable REIT subsidiaries is as follows for the three and nine months ended September 30, 2016: For the Three Months Ended September 30, 2016 For the Nine Months Ended September 30, 2016 Tax expense (benefit) at Federal statutory rate $ — — State income tax expense (benefit), net of federal effect — — Real estate basis differences 238,163 8,161,775 Net operating losses 142,661 142,661 Change in valuation allowance (119,976 ) (674,753 ) Income tax benefit $ 260,848 $ 7,629,683 Significant components of the Company’s deferred tax assets (liabilities) are as follows as of September 30, 2016: Deferred tax assets (liabilities): As of September 30, 2016 Real estate basis differences $ 8,161,775 Net operating losses 142,661 Total deferred tax assets 8,304,436 Valuation allowance (674,753 ) Net deferred tax assets $ 7,629,683

Note 13 - Fair Value

Note 13 - Fair Value	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 13 – FAIR VALUE The Company discloses fair value of its financial and nonfinancial assets and liabilities pursuant to ASC 820 – Fair Value Measurements and Disclosures Fair value is defined in ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity, such as the Company’s own data or assumptions. Level 3 inputs include unobservable inputs that are used when there is little, if any, market activity for the asset or liability measured at fair value. In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level in which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured. Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities or total earnings. The following is a description of the Company’s valuation methodologies used to measure and disclose the fair values of its financial and nonfinancial assets and liabilities on a nonrecurring basis. There were no assets or liabilities measured at fair value on a recurring basis. Impaired Loans The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan may be considered impaired and a specific allowance for loan losses is established. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is identified as impaired, management measures impairment in accordance with ASC 310-10-35. The fair value of impaired loans is estimated by either an observable market price (if available) or the fair value of the underlying collateral, if collateral dependent. The fair value of the loan’s collateral is determined by third party appraisals (by licensed appraisers), broker price opinions, comparable property sales or other indications of value. Those impaired loans not requiring an allowance represent loans for which the fair value of the collateral exceed the recorded investments in such loans. At September 30, 2016 and December 31, 2015, all impaired loans were evaluated based on the fair value of the collateral by obtaining third party appraisals that valued the collateral primarily by utilizing an income or market approach or some combination of the two. In accordance with ASC 820, impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. Because appraisals used by management generally include significant unobservable inputs and market data, the Company records the impaired loan as nonrecurring Level 3. Unobservable market data included in appraisals often includes adjustments to comparable property sales for such items as location, size and quality to estimate fair values using a sales comparison approach. Unobservable market data also includes cash flow assumptions and capitalization rates used to estimate fair values under an income approach. Real Estate Held for Sale and Investment Real estate held for sale and investment include properties acquired through foreclosure of the related loans. When property is acquired, any excess of the Company’s recorded investment in the loan and accrued interest income over the estimated fair market value of the property, net of estimated selling costs, is charged against the allowance for loan losses. Subsequently, real estate properties held for sale are carried at the lower of carrying value or fair value less costs to sell. The Company periodically compares the carrying value of real estate held for investment to expected future cash flows as determined by internally or third party generated valuations (including third party appraisals that primarily utilize an income or market approach or some combination of the two) for the purpose of assessing the recoverability of the recorded amounts. If the carrying value exceeds future undiscounted cash flows, the assets are reduced to fair value. The fair value of real estate held for sale and investment is estimated using appraisals in a manner similar to that of collateral dependent impaired loans described above which generally results in a Level 3 classification in the fair value hierarchy, however as of September 30, 2016 one property was measured using Level 2 observable inputs because the Company had received a purchase offer from a prospective buyer. That purchase offer was observable and was the most significant input the Company used to estimate the property’s fair value as of September 30, 2016. The following table presents information about the Company’s assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2016 and December 31, 2015: Fair Value Measurements Using Fair Value Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2016 Nonrecurring: Real estate properties: Land $ 2,113,850 $ — $ — $ 2,113,850 Commercial 4,494,465 — 3,738,340 756,125 Total real estate properties $ 6,608,315 $ — $ 3,738,340 $ 2,869,975 December 31, 201 5 Nonrecurring: Impaired loans: Commercial $ 659,041 $ — $ — $ 659,041 Total impaired loans $ 659,041 $ — $ — $ 659,041 Real estate properties: Land $ 4,224,000 $ — $ — $ 4,224,000 Total real estate properties $ 4,224,000 $ — $ — $ 4,224,000 The recovery of loan losses based on the fair value of loan collateral less estimated selling costs for the impaired loans above totaled approximately $0 and $(64,000) during the three months ended September 30, 2016 and 2015, respectively, and $(38,000) and $(70,000) during the nine months ended September 30, 2016 and 2015, respectively. Impairment losses were recorded on real estate properties in the amounts of approximately $1,094,000 and $0 during the three months ended September 30, 2016 and 2015, respectively, and $3,204,000 and $1,256,000 during the nine months ended September 30, 2016 and 2015, respectively. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2016 and December 31, 2015. The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis at September 30, 2016 and December 31, 2015: September 30, 201 6 Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Real Estate Properties: Land $ 2,113,850 Appraisal Comparable Sales Adjustment (64.9)% N/A Commercial 756,125 Appraisal Comparable Sales Adjustment (5.0)% to 5.0% N/A Capitalization Rate 7.3% N/A Estimated Cost of Improvements 42.8% N/A December 31, 201 5 Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans: Commercial $ 659,041 Appraisal Estimate Cost of Improvements 31.9% N/A Capitalization Rate 7.0% N/A Comparable Sales Adjustment (20)% to 30% N/A Real Estate Properties: Land $ 4,224,000 Appraisal Comparable Sales Adjustment (33.4)% N/A Where only one percentage is presented in the above table there was only one unobservable input of that type for one loan or property. Adjustments to comparable sales included items such as market conditions, location, size, condition, access/frontage and intended use. A weighted average of an unobservable input is presented in the table above only to the extent there was multiple impaired loans or real estate properties within that class measured at fair value on a nonrecurring basis. The approximate carrying amounts and estimated fair values of financial instruments at September 30, 2016 and December 31, 2015 are as follows: Fair Value Measurements at September 30 , 201 6 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 10,703,000 $ 10,703,000 $ — $ — $ 10,703,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 111,733,000 — — 111,651,000 111,651,000 Investment in limited liability company 2,187,000 — — 2,352,000 2,352,000 Accrued interest and advances receivable 1,245,000 — — 1,245,000 1,245,000 Financial liabilities Accrued interest payable $ 180,000 $ — $ 92,000 $ 88,000 $ 180,000 Lines of credit payable — — — — — Notes and loans payable 28,474,000 — 12,365,000 16,,487,000 28,852,000 Fair Value Measurements at December 31, 2015 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 1,256,000 $ 1,256,000 $ — $ — $ 1,256,000 Restricted cash 7,225,000 7,225,000 — — 7,225,000 Loans, net 104,901,000 — — 104,895,000 104,895,000 Investment in limited liability company 2,141,000 — — 2,352,000 2,352,000 Accrued interest and advances receivable 1,105,000 — — 1,105,000 1,105,000 Financial liabilities Accrued interest payable $ 229,000 $ — $ 170,000 $ 59,000 $ 229,000 Lines of credit payable 20,916,000 20,916,000 — 20,916,000 Notes and loans payable 45,459,000 — 28,703,000 17,245,000 45,948,000 The following methods and assumptions were used by the Company in estimating the fair value of each class of financial instruments: Cash, cash equivalents and restricted cash: Loans, net: Investment in limited liability company : Lines of credit payable: Notes and loans payable:

Note 14 - Commitments and Conti

Note 14 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 14 - COMMITMENTS AND CONTINGENCIES Contractual Obligations The Company has entered into various contracts for design, architectural, engineering, foundation work and construction for the development of the land owned by ZRV. The aggregate amount of these contracts totaled approximately $32,835,000 of which approximately $18,903,000 had been incurred as of September 30, 2016 in addition to other capitalized costs related to the construction project of $3,293,000 (total of $22,196,000). Management expects that all costs for this project will be paid from cash reserves or the recently obtained construction loan. It is possible that additional change orders will be submitted and construction costs may be higher than expected. The Company has entered into various contracts for design, architectural and engineering for the development of the land owned by ZRV II. The aggregate amount of these contracts totaled approximately $1,044,000 of which approximately $700,000 had been incurred as of September 30, 2016 in addition to other capitalized costs related to the project of $172,000 (total of $872,000). Management expects that all costs for this phase of the project will be paid from cash reserves and/or advances from the CB&T Credit Facility. It is possible that additional change orders will be submitted and costs may be higher than expected. As of September 30, 2016, the Company has commitments to advance additional funds to borrowers of construction, rehabilitation and other loans in the total amount of approximately $20,362,000 (including approximately $2,738,000 in interest reserves). Legal Proceedings The Company is involved in various legal actions arising in the normal course of business. In the opinion of management, such matters will not have a material effect upon the financial position of the Company.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Princip les of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned taxable REIT subsidiaries (“TRSs”) and its majority- and wholly-owned limited liability companies. The Company is in the business of providing mortgage lending services and manages its business as one operating segment. Due to foreclosure activity, the Company also owns and manages real estate assets. Certain reclassifications, not affecting previously reported net income or total stockholders’ equity, have been made to the previously issued consolidated financial statement balances to conform to the current period presentation.
Use of Estimates, Policy [Policy Text Block]	Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates are inherently imprecise and actual results could differ significantly from such estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments”, or ASU 2016-13. The amendments in ASU-2016-13 eliminate the probable and incurred credit loss recognition threshold in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. This standard is effective for interim and annual reporting beginning after December 15, 2019, with early adoption permitted for interim and annual reporting beginning after December 15, 2018. The Company is currently evaluating the impact that ASU 2016-13 may have on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323) – Simplifying the Transition to the Equity Method of Accounting”, or ASU 2016-07. To simplify the accounting for equity method investments, the amendments in ASU 2016-07 eliminate the requirement in Topic 323 that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. This standard is effective for interim and annual reporting beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact that ASU 2016-07 may have on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases (Topic 842)” or ASU 2016-02. ASU 2016-02 amends existing guidance related to leases, primarily by requiring the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under the current accounting guidance. This standard is effective for interim and annual reporting beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact that ASU 2016-02 may have on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update 2016-01, “Financial Instruments- Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities”, or ASU 2016-1. ASU 2016-01 amends existing guidance related to the disclosure, presentation, recognition and measurement of financial assets and financial liabilities. This accounting standard primarily amends the accounting for certain equity investments, fair value disclosures and presentation of financial assets and financial liabilities. This standard is effective for interim and annual reporting beginning after December 15, 2017, with certain aspects available for early adoption. The Company is currently evaluating the impact that ASU 2016-01 may have on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU 2014-09. ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied prospectively. Early adoption is not permitted. The Company is currently evaluating the impact that ASU 2014-09 may have on its consolidated financial statements. Recently Adopted Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs,” or ASU 2015-03. ASU 2015-03 simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15 which clarified that the SEC would not object to entities continuing to report debt issuance costs on line of credit arrangements as assets. The recognition and measurement guidance for debt issuance costs are not affected by these ASUs. The Company adopted these ASUs retrospectively during the quarter ended March 31, 2016 and elected to continue to report its deferred financing costs on lines of credit as assets, as allowed by the clarifying guidance issued in ASU 2015-15. Adoption of these standards resulted in net debt issuance costs (deferred financing costs) on the Company’s debt (other than lines of credit) being presented as a direct offset to the applicable debt on the balance sheet. Thus, both deferred financing costs and notes and loans payable on real estate on the accompanying consolidated balance sheets were decreased by $522,000 and $658,000 as of September 30, 2016 and December 31, 2015, respectively.

Note 3 - Loans and Allowance 22

Note 3 - Loans and Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Allowance for Credit Losses on Financing Receivables [Table Text Block]	2016 Commercial Residential Land Total Allowance for loan losses: Three Months Ended September 30, 201 6 Beginning balance $ 764,900 $ 604,329 $ 411,692 $ 1,780,921 Charge-offs — — — — Provision (50,112 ) 11,146 — (38,966 ) Ending Balance $ 714,788 $ 615,475 $ 411,692 $ 1,741,955 Nine Months Ended September 30, 201 6 Beginning balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Charge-offs (447,520 ) — — (447,520 ) Provision 21,778 159,888 165,363 347,029 Ending balance $ 714,788 $ 615,475 $ 411,692 $ 1,741,955 September 30, 2016 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 714,788 $ 615,475 $ 411,692 $ 1,741,955 Ending balance $ 714,788 $ 615,475 $ 411,692 $ 1,741,955 Loans: Ending balance $ 86,087,300 $ 20,744,027 $ 6,643,523 $ 113,474,850 Ending balance: individually evaluated for impairment $ 1,432,000 $ 6,228,377 $ — $ 7,660,377 Ending balance: collectively evaluated for impairment $ 84,655,300 $ 14,515,650 $ 6,643,523 $ 105,814,473 2015 Commercial Residential Land Total Allowance for loan losses: Three Months Ended September 30, 201 5 Beginning balance $ 940,215 $ 2,074,617 $ 282,566 $ 3,297,398 Charge-offs — — — — Provision (40,858 ) 85,174 — 44,316 Ending Balance $ 899,357 $ 2,159,791 $ 282,566 $ 3,341,714 Nine Months Ended September 30, 201 5 Beginning balance $ 888,260 $ 1,975,112 $ 5,983 $ 2,869,355 Charge-offs — — — — Provision 11,097 184,679 276,583 472,359 Ending balance $ 899,357 $ 2,159,791 $ 282,566 $ 3,341,714 December 31, 2015 Ending balance: individually evaluated for impairment $ 485,823 $ — $ — $ 485,823 Ending balance: collectively evaluated for impairment $ 654,707 $ 455,587 $ 246,329 $ 1,356,623 Ending balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Loans: Ending balance $ 76,800,297 $ 24,675,867 $ 5,267,643 $ 106,743,807 Ending balance: individually evaluated for impairment $ 1,078,752 $ 7,615,055 $ — $ 8,693,807 Ending balance: collectively evaluated for impairment $ 75,721,545 $ 17,060,812 $ 5,267,643 $ 98,050,000
Past Due Financing Receivables [Table Text Block]	September 30 , 201 6 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Commercial $ 4,250,000 $ — $ 1,432,000 $ 5,682,000 $ 80,405,300 $ 86,087,300 Residential — — 6,228,377 6,228,377 14,515,650 20,744,027 Land — — — — 6,643,523 6,643,523 $ 4,250,000 $ — $ 7,660,377 $ 11,910,377 $ 101,564,473 $ 113,474,850 December 31, 2015 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Commercial $ — $ — $ 1,078,752 $ 1,078,752 $ 75,721,545 $ 76,800,297 Residential — — 7,615,055 7,615,055 17,060,812 24,675,867 Land — — — — 5,267,643 5,267,643 $ — $ — $ 8,693,807 $ 8,693,807 $ 98,050,000 $ 106,743,807
Impaired Financing Receivables [Table Text Block]	September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial $ 1,441,089 $ 1,432,000 $ — Residential 6,697,772 6,228,377 — Land — — — $ 8,138,861 $ 7,660,377 $ — With an allowance recorded: Commercial $ — $ — $ — Residential — — — Land — — — $ — $ — $ — Total s : Commercial $ 1,441,089 $ 1,432,000 $ — Residential 6,697,772 6,228,377 — Land — — — $ 8,138,861 $ 7,660,377 $ — Three Months Ended September 30, 2016 Nine Months Ended September 30 , 201 6 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,444,271 $ 19,093 $ 1,926,261 $ 19,093 Residential 6,846,012 5,117 6,616,418 15,548 Land — — — — $ 8,290,283 $ 24,210 $ 8,542,679 $ 34,641 With an allowance recorded: Commercial $ — $ — $ 1,153,713 $ — Residential — — — — Land — — — — $ — $ — $ 1,153,713 $ — Total s : Commercial $ 1,444,271 $ 19,093 $ 3,079,974 $ 19,093 Residential 6,846,012 5,117 6,616,418 15,548 Land — — — — $ 8,290,283 $ 24,210 $ 9,696,392 $ 34,641 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial $ — $ — $ — Residential 8,063,450 7,615,055 — Land — — — $ 8,063,450 $ 7,615,055 $ — With an allowance recorded: Commercial $ 1,144,864 $ 1,078,752 $ 485,823 Residential — — — Land — — — $ 1,144,864 $ 1,078,752 $ 485,823 Total s : Commercial $ 1,144,864 $ 1,078,752 $ 485,823 Residential 8,063,450 7,615,055 — Land — — — $ 9,208,314 $ 8,693,807 $ 485,823 Three Months Ended September 30, 2015 Nine Months Ended September 30 , 201 5 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 487,818 $ 9,547 $ 2,741,825 $ 611,206 Residential 245,725 5,654 248,762 16,581 Land — — 413,348 216,904 $ 733,543 $ 15,201 $ 3,403,935 $ 844,691 With an allowance recorded: Commercial $ 1,148,627 $ 17,979 $ 1,111,170 $ 40,452 Residential 7,983,345 35,000 7,983,345 157,600 Land — — — — $ 9,131,972 $ 52,979 $ 9,094,515 $ 198,052 Total s : Commercial $ 1,636,445 $ 27,526 $ 3,852,995 $ 651,658 Residential 8,229,070 40,654 8,232,107 174,181 Land — — 413,348 216,904 $ 9,865,515 $ 68,180 $ 12,498,450 $ 1,042,743

Note 5 - Real Estate Held for23

Note 5 - Real Estate Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Properties Acquired Through Foreclosure [Table Text Block]	September 30, 2016 December 31, 2015 Land (including land under development) $ 67,135,384 $ 42,071,143 Residential — 51,942,601 Office 4,494,465 4,716,487 Industrial — 1,460,935 Golf course 1,951,938 — $ 73,581,787 $ 100,191,166

Note 6 - Real Estate Held for24

Note 6 - Real Estate Held for Investment (Tables)	9 Months Ended
	Sep. 30, 2016
By Property [Member]
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	September 30, 2016 December 31, 2015 Retail $ 16,962,247 $ 23,122,714 Land 4,234,131 8,112,676 Residential 2,417,550 6,673,540 Assisted care 5,672,065 5,402,376 Office 3,981,349 4,315,608 Marina 4,047,977 4,079,087 Golf course — 1,941,245 $ 37,315,319 $ 53,647,246 September 30, 2016 December 31, 2015 Land and land improvements $ 11,420,690 $ 23,443,676 Buildings and improvements 28,764,683 33,119,166 Less: Accumulated depreciation (2,870,054 ) (2,915,596 ) $ 37,315,319 $ 53,647,246
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Twelve months ending September 30: 2017 $ 2,444,094 2018 2,192,574 2019 1,739,781 2020 770,129 2021 499,403 Thereafter (through 2024) 1,094,910 Total $ 8,740,891

Note 7 - Lines of Credit Paya25

Note 7 - Lines of Credit Payable (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Line of Credit Facilities [Table Text Block]	September 30 , 201 6 December 31, 201 5 Outstanding Balance Total Commitment Outstanding Balance Total Commitment CB&T Line of Credit $ — $ 31,120,097 $ 8,289,500 $ 22,574,753 Opus Bank Line of Credit — — 12,626,000 12,626,000 Total $ — $ 31,120,097 $ 20,915,500 $ 35,200,753
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	Loans: September 30 , 201 6 Commercial $ 40,298,303 Residential 5,265,493 Total $ 45,563,796

Note 8 - Notes and Loans Paya26

Note 8 - Notes and Loans Payable on Real Estate (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Debt [Table Text Block]	September 30, 2016 Interest Rate December 31, 2015 Interest Rate Payment Terms/ Frequency Maturity Date Tahoe Stateline Venture, LLC Note #1 $ 2,900,000 5.00% $ 2,900,000 5.00% Interest Only Semi-annual December 2016 Tahoe Stateline Venture, LLC Note #2 — —% 500,000 5.00% Interest Only Quarterly August 2017 TOTB North, LLC Construction Loan Payable — —% 16,009,906 4.61% Amortizing Monthly June 2017 TOTB Miami, LLC Loan Payable — —% 12,693,231 4.61% Amortizing Monthly November 2017 Tahoe Stateline Venture, LLC Loan Payable 13,730,877 3.47% 14,013,901 3.47% Amortizing Monthly January 2021 Zalanta Construction Loan Payable 12,364,914 5.00% — —% Interest Only Monthly August 2018 Principal amount $ 28,995,791 $ 46,117,038 Less unamortized deferred financing costs (521,525 ) (658,194 ) Notes and loans payable, net $ 28,474,266 $ 45,458,844
Schedule of Maturities of Long-term Debt [Table Text Block]	Twelve months ending September 30: 2017 $ 15,653,905 2018 402,705 2019 416,904 2020 431,603 2021 12,090,674 Thereafter — Total $ 28,995,791

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	For the Three Months Ended September 30, 2016 Federal State and Local Total Deferred (expense) benefit $ (193,509 ) $ 454,357 $ 260,848 Income tax (expense) benefit $ (193,509 ) $ 454,357 $ 260,848 For the Nine Months Ended September 30, 2016 Federal State and Local Total Deferred benefit $ 6,242,655 $ 1,387,028 $ 7,629,683 Income tax benefit $ 6,242,655 $ 1,387,028 $ 7,629,683
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Three Months Ended September 30, 2016 For the Nine Months Ended September 30, 2016 Tax expense (benefit) at Federal statutory rate $ — — State income tax expense (benefit), net of federal effect — — Real estate basis differences 238,163 8,161,775 Net operating losses 142,661 142,661 Change in valuation allowance (119,976 ) (674,753 ) Income tax benefit $ 260,848 $ 7,629,683
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Deferred tax assets (liabilities): As of September 30, 2016 Real estate basis differences $ 8,161,775 Net operating losses 142,661 Total deferred tax assets 8,304,436 Valuation allowance (674,753 ) Net deferred tax assets $ 7,629,683

Note 13 - Fair Value (Tables)

Note 13 - Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Fair Value Measurements, Nonrecurring [Table Text Block]	Fair Value Measurements Using Fair Value Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2016 Nonrecurring: Real estate properties: Land $ 2,113,850 $ — $ — $ 2,113,850 Commercial 4,494,465 — 3,738,340 756,125 Total real estate properties $ 6,608,315 $ — $ 3,738,340 $ 2,869,975 December 31, 201 5 Nonrecurring: Impaired loans: Commercial $ 659,041 $ — $ — $ 659,041 Total impaired loans $ 659,041 $ — $ — $ 659,041 Real estate properties: Land $ 4,224,000 $ — $ — $ 4,224,000 Total real estate properties $ 4,224,000 $ — $ — $ 4,224,000
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Real Estate Properties: Land $ 2,113,850 Appraisal Comparable Sales Adjustment (64.9)% N/A Commercial 756,125 Appraisal Comparable Sales Adjustment (5.0)% to 5.0% N/A Capitalization Rate 7.3% N/A Estimated Cost of Improvements 42.8% N/A Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans: Commercial $ 659,041 Appraisal Estimate Cost of Improvements 31.9% N/A Capitalization Rate 7.0% N/A Comparable Sales Adjustment (20)% to 30% N/A Real Estate Properties: Land $ 4,224,000 Appraisal Comparable Sales Adjustment (33.4)% N/A
Fair Value, by Balance Sheet Grouping [Table Text Block]	Fair Value Measurements at September 30 , 201 6 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 10,703,000 $ 10,703,000 $ — $ — $ 10,703,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 111,733,000 — — 111,651,000 111,651,000 Investment in limited liability company 2,187,000 — — 2,352,000 2,352,000 Accrued interest and advances receivable 1,245,000 — — 1,245,000 1,245,000 Financial liabilities Accrued interest payable $ 180,000 $ — $ 92,000 $ 88,000 $ 180,000 Lines of credit payable — — — — — Notes and loans payable 28,474,000 — 12,365,000 16,,487,000 28,852,000 Fair Value Measurements at December 31, 2015 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 1,256,000 $ 1,256,000 $ — $ — $ 1,256,000 Restricted cash 7,225,000 7,225,000 — — 7,225,000 Loans, net 104,901,000 — — 104,895,000 104,895,000 Investment in limited liability company 2,141,000 — — 2,352,000 2,352,000 Accrued interest and advances receivable 1,105,000 — — 1,105,000 1,105,000 Financial liabilities Accrued interest payable $ 229,000 $ — $ 170,000 $ 59,000 $ 229,000 Lines of credit payable 20,916,000 20,916,000 — 20,916,000 Notes and loans payable 45,459,000 — 28,703,000 17,245,000 45,948,000

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Potential Percentage Penalty Tax	100.00%
REIT Minimum Percent Distribution of Taxable Income	90.00%

Note 2 - Summary of Significa30

Note 2 - Summary of Significant Accounting Policies (Details Textual)	9 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Number of Operating Segments	1
Debt Issuance Costs, Net	$ 521,525	$ 658,194

Note 3 - Loans and Allowance 31

Note 3 - Loans and Allowance for Loan Losses (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015	Sep. 30, 2016USD ($)	Sep. 30, 2015	Dec. 31, 2015USD ($)
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member]
Financing Receivable, Recorded Investment, Past Due	$ 5,016,000		$ 5,016,000
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due	7,660,377		7,660,377		$ 8,693,807
Extended Maturity [Member]
Allowance for Loan and Lease Losses, Real Estate	0		0		486,000
Financing Receivable, Modifications, Recorded Investment	6,698,000		6,698,000		9,208,000
Loans and Leases Receivable, Impaired, Commitment to Lend	$ 0		$ 0		0
Financing Receivable, Modifications, Number of Contracts	0	0	0	0
Financing Receivable, Recorded Investment, Past Due	$ 11,910,377		$ 11,910,377		8,693,807
Allowance for Loan and Lease Losses, Real Estate	$ 1,741,955		$ 1,741,955		$ 1,842,446

Note 3 - Loans and Allowance 32

Note 3 - Loans and Allowance for Loan Losses - Allocation of the Allowance for Loan Losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015
Commercial Portfolio Segment [Member]
Beginning balance	$ 764,900	$ 940,215	$ 1,140,530	$ 888,260
Charge-offs			(447,520)
Provision	(50,112)	(40,858)	21,778	11,097
Ending Balance	714,788	899,357	714,788	899,357
Ending balance: individually evaluated for impairment - allowance for loan losses						$ 485,823
Ending balance: collectively evaluated for impairment - allowance for loan losses					714,788	654,707
Ending balance - allowance for loan losses	764,900	940,215	714,788	899,357	714,788	1,140,530
Ending balance - loans					86,087,300	76,800,297
Ending balance: individually evaluated for impairment - loans					1,432,000	1,078,752
Ending balance: collectively evaluated for impairment - loans					84,655,300	75,721,545
Residential Portfolio Segment [Member]
Beginning balance	604,329	2,074,617	455,587	1,975,112
Charge-offs
Provision	11,146	85,174	159,888	184,679
Ending Balance	615,475	2,159,791	615,475	2,159,791
Ending balance: individually evaluated for impairment - allowance for loan losses
Ending balance: collectively evaluated for impairment - allowance for loan losses					615,475	455,587
Ending balance - allowance for loan losses	604,329	2,074,617	615,475	2,159,791	615,475	455,587
Ending balance - loans					20,744,027	24,675,867
Ending balance: individually evaluated for impairment - loans					6,228,377	7,615,055
Ending balance: collectively evaluated for impairment - loans					14,515,650	17,060,812
Land Portfolio Segment [Member]
Beginning balance	411,692	282,566	246,329	5,983
Charge-offs
Provision			165,363	276,583
Ending Balance	411,692	282,566	411,692	282,566
Ending balance: individually evaluated for impairment - allowance for loan losses
Ending balance: collectively evaluated for impairment - allowance for loan losses					411,692	246,329
Ending balance - allowance for loan losses	411,692	282,566	411,692	282,566	411,692	246,329
Ending balance - loans					6,643,523	5,267,643
Ending balance: individually evaluated for impairment - loans
Ending balance: collectively evaluated for impairment - loans					6,643,523	5,267,643
Beginning balance	1,780,921	3,297,398	1,842,446	2,869,355
Charge-offs			(447,520)
Provision	(38,966)	44,316	347,029	472,359
Ending Balance	1,741,955	3,341,714	1,741,955	3,341,714
Ending balance: individually evaluated for impairment - allowance for loan losses						485,823
Ending balance: collectively evaluated for impairment - allowance for loan losses					1,741,955	1,356,623
Ending balance - allowance for loan losses	$ 1,780,921	$ 3,297,398	$ 1,741,955	$ 3,341,714	1,741,955	1,842,446
Ending balance - loans					113,474,850	106,743,807
Ending balance: individually evaluated for impairment - loans					7,660,377	8,693,807
Ending balance: collectively evaluated for impairment - loans					$ 105,814,473	$ 98,050,000

Note 3 - Loans and Allowance 33

Note 3 - Loans and Allowance for Loan Losses - Aging Analysis of the Loan Portfolio by the Time Past Due (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Past due loans	$ 4,250,000
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Past due loans
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Past due loans	1,432,000	1,078,752
Commercial Portfolio Segment [Member]
Past due loans	5,682,000	1,078,752
Current loans	80,405,300	75,721,545
Total Loans	86,087,300	76,800,297
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Past due loans
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Past due loans
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Past due loans	6,228,377	7,615,055
Residential Portfolio Segment [Member]
Past due loans	6,228,377	7,615,055
Current loans	14,515,650	17,060,812
Total Loans	20,744,027	24,675,867
Land Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Past due loans
Land Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Past due loans
Land Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Past due loans
Land Portfolio Segment [Member]
Past due loans
Current loans	6,643,523	5,267,643
Total Loans	6,643,523	5,267,643
Financing Receivables, 30 to 59 Days Past Due [Member]
Past due loans	4,250,000
Financing Receivables, 60 to 89 Days Past Due [Member]
Past due loans
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Past due loans	7,660,377	8,693,807
Past due loans	11,910,377	8,693,807
Current loans	101,564,473	98,050,000
Total Loans	$ 113,474,850	$ 106,743,807

Note 3 - Loans and Allowance 34

Note 3 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Commercial Portfolio Segment [Member]
Recorded investment, with no related allowance	$ 1,441,089		$ 1,441,089
Unpaid principal balance, with no related allowance	1,432,000		1,432,000
Recorded investment, with related allowance					1,144,864
Unpaid principal balance, with related allowance					1,078,752
Related allowance					485,823
Recorded investment	1,441,089		1,441,089		1,144,864
Unpaid principal balance	1,432,000		1,432,000		1,078,752
Average recorded investment, with no related allowance	1,444,271	$ 487,818	1,926,261	$ 2,741,825
Interest income recognized, with no related allowance	19,093	9,547	19,093	611,206
Average recorded investment, with related allowance		1,148,627	1,153,713	1,111,170
Interest income recognized, with related allowance		17,979		40,452
Average recorded investment	1,444,271	1,636,445	3,079,974	3,852,995
Interest income recognized	19,093	27,526	19,093	651,658
Residential Portfolio Segment [Member]
Recorded investment, with no related allowance	6,697,772		6,697,772		8,063,450
Unpaid principal balance, with no related allowance	6,228,377		6,228,377		7,615,055
Recorded investment, with related allowance
Unpaid principal balance, with related allowance
Related allowance
Recorded investment	6,697,772		6,697,772		8,063,450
Unpaid principal balance	6,228,377		6,228,377		7,615,055
Average recorded investment, with no related allowance	6,846,012	245,725	6,616,418	248,762
Interest income recognized, with no related allowance	5,117	5,654	15,548	16,581
Average recorded investment, with related allowance		7,983,345		7,983,345
Interest income recognized, with related allowance		35,000		157,600
Average recorded investment	6,846,012	8,229,070	6,616,418	8,232,107
Interest income recognized	5,117	40,654	15,548	174,181
Land Portfolio Segment [Member]
Recorded investment, with no related allowance
Unpaid principal balance, with no related allowance
Recorded investment, with related allowance
Unpaid principal balance, with related allowance
Related allowance
Recorded investment
Unpaid principal balance
Average recorded investment, with no related allowance				413,348
Interest income recognized, with no related allowance				216,904
Average recorded investment, with related allowance
Interest income recognized, with related allowance
Average recorded investment				413,348
Interest income recognized				216,904
Recorded investment, with no related allowance	8,138,861		8,138,861		8,063,450
Unpaid principal balance, with no related allowance	7,660,377		7,660,377		7,615,055
Recorded investment, with related allowance					1,144,864
Unpaid principal balance, with related allowance					1,078,752
Related allowance					485,823
Recorded investment	8,138,861		8,138,861		9,208,314
Unpaid principal balance	7,660,377		7,660,377		$ 8,693,807
Average recorded investment, with no related allowance	8,290,283	733,543	8,542,679	3,403,935
Interest income recognized, with no related allowance	24,210	15,201	34,641	844,691
Average recorded investment, with related allowance		9,131,972	1,153,713	9,094,515
Interest income recognized, with related allowance		52,979		198,052
Average recorded investment	8,290,283	9,865,515	9,696,392	12,498,450
Interest income recognized	$ 24,210	$ 68,180	$ 34,641	$ 1,042,743

Note 4 - Investment in Limite35

Note 4 - Investment in Limited Liability Company (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Jul. 31, 2008
1850 [Member]
Number of Real Estate Properties					2
Number of Companies					2
Proceeds from Equity Method Investment, Dividends or Distributions	$ 0	$ 0	$ 87,000	$ 85,000
Income (Loss) from Equity Method Investments	46,000	45,000	133,000	130,000
Proceeds from Equity Method Investment, Dividends or Distributions			87,000	85,000
Income (Loss) from Equity Method Investments	$ 45,804	$ 44,605	$ 133,114	$ 130,483

Note 5 - Real Estate Held for36

Note 5 - Real Estate Held for Sale (Details Textual)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)a	Sep. 30, 2016USD ($)a	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)a	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Medical Office Condominium Complex [Member]
Impairment of Real Estate				$ 1,094,000
Land and Land Improvements [Member]
Real Estate Properties, Transfer to Held for Sale from Held for Investment	$ 6,066,000	$ 6,066,000
Land Property [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale				1
Office Building [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale				1
Real Estate Held-for-sale	4,494,465	4,494,465		$ 4,494,465		$ 4,716,487
Golf Course [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale				1	1
Depreciation Expense on Reclassified Assets					$ 79,000
Real Estate Held-for-sale	1,951,938	$ 1,951,938		$ 1,951,938
Condominium Property [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale				1
Residential [Member]
Number of Real Estate Properties Sold		2
Number of Real Estate Properties Transferred from Held for Sale to Held for Investment			1
Real Estate Held-for-sale						51,942,601
Industrial Property [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale			1
Real Estate Held-for-sale						1,460,935
Marinas [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale			1
Storage [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale			1
Unimproved Residential and Commercial Land Located in Gypsum Colorado [Member]
Impairment of Real Estate				$ 2,110,000	1,256,000
Improved Residential Lots [Member]
Number of Real Estate Properties Sold		2
Deferred Gain on Property [Member]
Gain (Loss) on Sale of Properties					152,000
The Chateau at the Village [Member] | Tahoe Stateline Venture, LLC [Member] | Jianping Pan, Kawana Holdings LLC [Member] | The Note [Member]
Debt Instrument, Interest Rate, Effective Percentage	0.75%	0.75%		0.75%
The Chateau at the Village [Member] | Tahoe Stateline Venture, LLC [Member] | Jianping Pan, Kawana Holdings LLC [Member]
Area of Real Estate for Sale | a	8	8		8
Real Estate Held for Sale Purchase Agreement Amount, Net of Seller's Credit	$ 42,500,000	$ 42,500,000		$ 42,500,000
Real Estate Held for Sale Purchase Agreement, Initial Deposit Paid into Escrow by Buyer	500,000
Real Estate Held for Sale Purchase Agreement, Additional Deposit to be Paid into Escrow by Buyer	12,500,000
Real Estate Held for Sale Purchase Agreement, Buyer's Credit	3,000,000
Mortgage Loan Related to Property Sales	32,500,000
Real Estate Held-for-sale	28,908,000	28,908,000		$ 28,908,000
Office Property in Oakdale, California [Member] | Foreclosed [Member]
Mortgage Loans on Real Estate, Number of Loans				1
Office Property in Oakdale, California [Member]
Mortgage Loans on Real Estate, Foreclosures				$ 1,079,000
Interest and Other Receivables, Foreclosures				70,000
Gain (Loss) on Foreclosure of Loan				495,000
Provision for Loan and Lease Losses				48,000
Allowance for Loan and Lease Losses Write-offs, Net				448,000
Impairment of Real Estate		$ 1,094,071	$ 0	$ 3,204,221	$ 1,256,434
Number of Real Estate Properties Sold		4	0	6	4
Real Estate Properties, Transfer to Held for Sale from Held for Investment				$ 10,052,000
Mortgage Loans on Real Estate, Foreclosures		$ 0	$ 0		$ 0
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale			4	4
Proceeds from Sale of Other Real Estate		79,256,000		$ 85,735,000	34,865,000
Gain (Loss) on Sale of Properties		20,195,367		25,034,182	15,031,299
Gain (Loss) on Sale of Properties, Attributable to Parent		16,479,000		21,318,000
Gain (Loss) on Sale of Properties, Attributable to Noncontrolling Interest		3,716,000		3,716,000
Gain (Loss) on Sale of Properties, Gross					$ 14,879,000
Real Estate Held-for-sale	$ 73,581,787	$ 73,581,787		$ 73,581,787		$ 100,191,166

Note 5 - Real Estate Held for37

Note 5 - Real Estate Held for Sale - Properties Acquired Through Foreclosure (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Improved and Unimproved Land [Member]
Real Estate Held-for-sale	$ 67,135,384	$ 42,071,143
Residential [Member]
Real Estate Held-for-sale		51,942,601
Office Building [Member]
Real Estate Held-for-sale	4,494,465	4,716,487
Industrial Property [Member]
Real Estate Held-for-sale		1,460,935
Golf Course [Member]
Real Estate Held-for-sale	1,951,938
Real Estate Held-for-sale	$ 73,581,787	$ 100,191,166

Note 6 - Real Estate Held for38

Note 6 - Real Estate Held for Investment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Minimum [Member]
Remaining Term on Lease			1 year
Maximum [Member]
Remaining Term on Lease			8 years
Depreciation	$ 286,000	$ 505,000	$ 904,000	$ 1,647,000

Note 6 - Real Estate Held for39

Note 6 - Real Estate Held for Investment - Real Estate Held for Investment (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Retail Site [Member]
Real estate held for investment	$ 16,962,247	$ 23,122,714
Improved and Unimproved Land [Member]
Real estate held for investment	4,234,131	8,112,676
Residential [Member]
Real estate held for investment	2,417,550	6,673,540
Assisted Care Facility [Member]
Real estate held for investment	5,672,065	5,402,376
Office Building [Member]
Real estate held for investment	3,981,349	4,315,608
Marinas [Member]
Real estate held for investment	4,047,977	4,079,087
Golf Course [Member]
Real estate held for investment		1,941,245
Real estate held for investment	37,315,319	53,647,246
Land and land improvements	11,420,690	23,443,676
Buildings and improvements	28,764,683	33,119,166
Less: Accumulated depreciation	$ (2,870,054)	$ (2,915,596)

Note 6 - Real Estate Held for40

Note 6 - Real Estate Held for Investment - Future Minimum Rental Income from Noncancellable Operating Leases (Details)	Sep. 30, 2016USD ($)
2,017	$ 2,444,094
2,018	2,192,574
2,019	1,739,781
2,020	770,129
2,021	499,403
Thereafter (through 2024)	1,094,910
Total	$ 8,740,891

Note 7 - Lines of Credit Paya41

Note 7 - Lines of Credit Payable (Details Textual) - USD ($)	Oct. 01, 2014	Mar. 31, 2016	Feb. 28, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	May 01, 2016	Mar. 01, 2016	Dec. 31, 2015
Revolving Credit Facility [Member] | CB and T [Member] | Prime Rate [Member]
Debt Instrument, Interest Rate, Stated Percentage				3.75%		3.75%
Revolving Credit Facility [Member] | CB and T [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 30,000,000						$ 50,000,000
Line of Credit Facility Maximum Borrowing Capacity Additional Amount									$ 75,000,000
Debt Instrument, Basis Spread on Variable Rate			0.25%
Interest Rate Increases Upon Default			2.00%
Loan Processing Fee		$ 255,000	$ 100,000
Debt Issuance Costs, Line of Credit Arrangements, Gross			$ 177,000
Interest Expense				$ 307,000	$ 70,000	$ 799,000	$ 297,000
Amortization of Debt Issuance Costs				32,000	36,000	98,000	90,000
Revolving Credit Facility [Member] | Opus Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Revolving Credit Facility [Member] | Opus Credit Facility [Member] | Minimum [Member] | Contingency Reserves [Member]
Loan Processing Fee	$ 100,000
Revolving Credit Facility [Member] | Opus Credit Facility [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage								4.50%
Revolving Credit Facility [Member] | Opus Credit Facility [Member]
Debt Issuance Costs, Line of Credit Arrangements, Gross	$ 231,000
Interest Expense				130,000	19,000	364,000	58,000
Amortization of Debt Issuance Costs				64,000	19,000	103,000	58,000
Debt Issuance Costs, Net				45,000		45,000
Interest Expense				960,861	$ 354,163	2,649,616	$ 1,413,109
Debt Issuance Costs, Net				$ 521,525		$ 521,525				$ 658,194

Note 7 - Lines of Credit Paya42

Note 7 - Lines of Credit Payable - Credit Facilities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
CB and T [Member]
Lines of credit payable		$ 8,289,500
Lines of credit, commitment	31,120,097	22,574,753
Opus Credit Facility [Member]
Lines of credit payable		12,626,000
Lines of credit, commitment		12,626,000
Lines of credit payable		20,915,500
Lines of credit, commitment	$ 31,120,097	$ 35,200,753

Note 7 - Lines of Credit Paya43

Note 7 - Lines of Credit Payable - Loans Securing Credit Facility (Details) - CB and T [Member]	Sep. 30, 2016USD ($)
Commercial Loan [Member]
Carrying amount of loans securing CB&T Facility	$ 40,298,303
Residential Real Estate [Member]
Carrying amount of loans securing CB&T Facility	5,265,493
Carrying amount of loans securing CB&T Facility	$ 45,563,796

Note 8 - Notes and Loans Paya44

Note 8 - Notes and Loans Payable on Real Estate (Details Textual)	Aug. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Nov. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2013	Dec. 31, 2012
Loan Agreement [Member] | Western Alliance Bank [Member] | ZRV and ZRV II [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Instrument, Interest Rate, Effective Percentage	5.00%
Loan Agreement [Member] | Western Alliance Bank [Member] | ZRV and ZRV II [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Loan Agreement [Member] | Western Alliance Bank [Member] | ZRV and ZRV II [Member]
Amortization of Debt Issuance Costs			$ 33,000		$ 33,000
Interest Costs Capitalized			72,000		$ 72,000
Debt Agreement, Maximum Borrowing Capacity	$ 31,000,000
Debt Agreement, Maximum Borrowing Capacity, Percentage of Project Value	60.00%
Debt Agreement, Maximum Borrowing Capacity, Percentage of Total Cost of Project	65.00%
Debt Agreement, Increase in Interest Rate Upon Default	5.00%
Debt Agreement, Curtailment Requirement	$ 6,000,000
Debt Instrument, Collateral Amount	3,000,000
Debt Agreement, Origination Fee Obligation	310,000
Debt Issuance Costs, Net	$ 400,000
Tahoe Stateline Venture, LLC Note 2 [Member]
Repayments of Notes Payable			$ 500,000
TOTB North Loan Agreement [Member] | TOTB North, LLC [Member] | Maximum [Member]
Debt Instrument, Face Amount										$ 21,304,000
TOTB North Loan Agreement [Member] | TOTB North, LLC [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		4.50%	4.50%		4.50%
TOTB North Loan Agreement [Member] | TOTB North, LLC [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					4.00%
TOTB North Loan Agreement [Member] | TOTB North, LLC [Member]
Amortization of Debt Issuance Costs			$ 0	$ 52,000	$ 36,000	$ 156,000
Interest Costs Capitalized			0	91,000	$ 134,000	133,000
Debt Instrument Additional Terms					2 years
Debt Instrument Extended Term					1 year
Debt Issuance Costs, Gross							$ 622,000
Interest Expense			35,000		$ 102,000
Interest Costs Incurred			$ 204,000	91,000	$ 626,000	133,000
Write off of Net Debt Issuance Costs		$ 156,000
TOTB Miami Loan Agreement [Member] | TOTB Miami LLC [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		4.25%	4.25%		4.25%
TOTB Miami Loan Agreement [Member] | TOTB Miami LLC [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					4.00%
TOTB Miami Loan Agreement [Member] | TOTB Miami LLC [Member]
Amortization of Debt Issuance Costs			$ 29,000	33,000	$ 84,000	92,000
Debt Instrument, Face Amount									$ 13,000,000
Debt Instrument Additional Terms					2 years
Debt Instrument Extended Term					1 year
Debt Issuance Costs, Gross		$ 323,000	323,000		$ 323,000
Interest Expense			155,000	166,000	$ 505,000	497,000
Write off of Net Debt Issuance Costs		98,000
Number of Units in Real Estate Property									154
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Outstanding Principal Balance [Member]
Debt Instrument Default Rate Increase					5.00%
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Other Outstanding Obligations [Member]
Debt Instrument Default Rate Increase					10.00%
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Closing Fee [Member]
Debt Issuance Costs, Gross		108,750	108,750		$ 108,750
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member]
Amortization of Debt Issuance Costs			9,000	$ 9,000	27,000	$ 27,000
Debt Instrument, Face Amount							14,500,000
Debt Instrument, Interest Rate, Stated Percentage				3.47%		3.47%
Debt Issuance Costs, Gross		218,000	218,000		218,000
Interest Expense			128,000	$ 99,000	$ 388,000	$ 296,000
Proceeds from Issuance of Debt							$ 10,445,000
Debt Instrument, Unused Borrowing Capacity, Amount				3,830,000		3,830,000
Debt Instrument, Amortization Period					25 years
Tahoe Stateline Venture, LLC [Member]
Number of Parcels											9	9
Interest Paid					$ 93,000	91,000
Interest Payable		48,000	48,000		48,000			$ 18,000
Repayments of Notes Payable					33,384,892	19,910,613
Interest Expense			960,861	$ 354,163	2,649,616	$ 1,413,109
Debt Issuance Costs, Net		$ 521,525	$ 521,525		$ 521,525			$ 658,194

Note 8 - Notes and Loans Paya45

Note 8 - Notes and Loans Payable on Real Estate - Notes and Loans Payable Outstanding (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Tahoe Stateline Venture, LLC [Member] | Tahoe Stateline Venture LLC Note1 [Member]
Debt instrument, outstanding	$ 2,900,000	$ 2,900,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
Tahoe Stateline Venture, LLC [Member] | Tahoe Stateline Venture, LLC Note 2 [Member]
Debt instrument, outstanding		$ 500,000
Debt Instrument, Interest Rate, Stated Percentage		5.00%
Tahoe Stateline Venture, LLC [Member] | TSV Credit Agreement [Member]
Debt instrument, outstanding	$ 13,730,877	$ 14,013,901
Debt Instrument, Interest Rate, Stated Percentage	3.47%	3.47%
TOTB North, LLC [Member]
Debt instrument, outstanding		$ 16,009,906
Debt Instrument, Interest Rate, Stated Percentage		4.61%
TOTB Miami LLC [Member]
Debt instrument, outstanding		$ 12,693,231
Debt Instrument, Interest Rate, Stated Percentage		4.61%
Zalanta Resort at the Village, LLC [Member] | Loan Agreement [Member]
Debt instrument, outstanding	$ 12,364,914
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt instrument, outstanding	$ 28,995,791	46,117,038
Less unamortized deferred financing costs	(521,525)	(658,194)
Notes and loans payable, net	$ 28,474,266	$ 45,458,844

Note 8 - Notes and Loans Paya46

Note 8 - Notes and Loans Payable on Real Estate - Notes and Loans Payable Maturities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
2,017	$ 15,653,905
2,018	402,705
2,019	416,904
2,020	431,603
2,021	12,090,674
Thereafter
Total	$ 28,995,791	$ 46,117,038

Note 9 - Transactions with Af47

Note 9 - Transactions with Affiliates (Details Textual) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Management Fee [Member]
Related Party Transaction, Rate				2.75%
Servicing Fee [Member]
Related Party Transaction, Rate				0.25%
Management and Service Fees [Member] | Owens Financial Group Inc. [Member]
Due to Related Parties	$ 284,000	$ 284,000		$ 284,000		$ 267,000
Owens Financial Group Inc. [Member]
Due to Related Parties	38,000	38,000		38,000		142,000
Loans Originated or Extended		5,140,000	$ 11,982,000	59,305,000	$ 42,034,000
Related Party Transaction, Amounts of Transaction		113,000	130,000	332,000	394,000
Related Party Transaction, Purchases from Related Party					1,499,000
OFG Officers [Member]
Related Party Transaction, Amounts of Transaction				0	1,000
Investors Yield Inc. [Member]
Related Party Transaction, Amounts of Transaction				3,000	7,000
Management Fee Expense	808,000	808,247	513,292	2,398,911	1,410,293
Professional and Contract Services Expense		73,477	46,663	218,083	128,208
Due to Related Parties	$ 321,451	321,451		321,451		$ 408,643
Late Fee Income Generated by Servicing Financial Assets, Amount		2,000	0	8,000	17,000
Ancillary Fee Income Generated by Servicing Financial Assets, Amount		5,000	2,000	14,000	6,000
Loan Fees Earned by OFG		$ 120,000	$ 289,000	$ 1,372,000	$ 1,001,000

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity (Details Textual) - USD ($)	Oct. 14, 2016	Sep. 15, 2016	Jul. 14, 2016	Jun. 20, 2016	Apr. 14, 2016	Mar. 18, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 11, 2015	May 27, 2015
The 2016 Repurchase Plan [Member]
Treasury Stock, Shares, Acquired									0
Stock Repurchase Program, Authorized Amount												$ 7,500,000
The 2015 Repurchase Plan [Member]
Treasury Stock, Shares, Acquired								360,263			520,524
Stock Repurchase Program, Authorized Amount													$ 7,500,000
Treasury Stock, Value, Acquired, Cost Method								$ 5,253,000			$ 7,503,000
Treasury Stock Acquired, Average Cost Per Share								$ 14.58			$ 14.41
Subsequent Event [Member]
Payments of Dividends	$ 819,798
Common Stock, Dividends, Per Share, Declared		$ 0.08		$ 0.08		$ 0.08	$ 0.08	$ 0.08	$ 0.24	$ 0.33
Payments of Dividends			$ 819,798		$ 819,798				$ 3,773,051	$ 3,981,246
Undistributed Net Realized Gain (Loss) on Sale of Properties							$ 21,189,000		$ 21,189,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent									35.00%
Treasury Stock, Value, Acquired, Cost Method										$ 5,252,848

Note 11 - Restricted Cash (Deta

Note 11 - Restricted Cash (Details Textual) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Contingency Reserves [Member] | Minimum [Member]
Restricted Cash and Cash Equivalents	$ 6,500,000	$ 7,000,000
Contingency Reserves [Member]
Restricted Cash and Cash Equivalents	$ 4,074,000	3,809,000
Contingency Reserves as a Percent of Capital	1.50%
Restricted Cash and Cash Equivalents	$ 6,500,000	7,225,371
Escrow Deposit	$ 0	$ 225,000

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015	Sep. 30, 2016USD ($)	Sep. 30, 2015	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2016
Lone Star Golf, Inc., Zalanta Resort and East G, LLC [Member]
Current Income Tax Expense (Benefit)			$ 0		$ 0	$ 0
Zalanta [Member]
Number of Real Estate Properties Sold			2
Baldwin Ranch Subdivision, LLC [Member]
Number of Real Estate Properties							75
To Maintain REIT Status for Federal Income Tax Purposes [Member]
Minimum Percentage of Taxable Income to be Distributed to Stockholders			90.00%
Threshold to not be Subject to Federal Corporate Income Tax [Member]
Minimum Percentage of Taxable Income to be Distributed to Stockholders			100.00%
Number of Real Estate Properties Sold	4	0	6	4
Deferred Tax Assets, Net	$ 7,630,000		$ 7,630,000
Deferred Tax Assets, Real Estate, Difference Between Book Value and Tax Basis	$ 20,513,000		$ 20,513,000

Note 12 - Income Taxes - Income

Note 12 - Income Taxes - Income Tax Benefit (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Deferred (expense) benefit	$ (193,509)		$ 6,242,655
Deferred (expense) benefit	454,357		1,387,028
Deferred (expense) benefit	260,848		7,629,683
Income tax (expense) benefit	(193,509)		6,242,655
Income tax (expense) benefit	454,357		1,387,028
Income tax (expense) benefit	$ 260,848		$ 7,629,683

Note 12 - Income Taxes - Reconc

Note 12 - Income Taxes - Reconciliation of Income Tax Benefit (Provision) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Tax expense (benefit) at Federal statutory rate
State income tax expense (benefit), net of federal effect
Real estate basis differences	238,163		8,161,775
Net operating losses	142,661		142,661
Change in valuation allowance	(119,976)		(674,753)
Income tax benefit	$ 260,848		$ 7,629,683

Note 12 - Income Taxes - Deferr

Note 12 - Income Taxes - Deferred Tax Assets (Liabilities) (Details)	Sep. 30, 2016USD ($)
Real estate basis differences	$ 8,161,775
Net operating losses	142,661
Total deferred tax assets	8,304,436
Valuation allowance	(674,753)
Net deferred tax assets	$ 7,629,683

Note 13 - Fair Value (Details T

Note 13 - Fair Value (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Excluding Loan Loss Reversal Foreclosed Loan [Member]
Allowance for Loan and Lease Losses, Adjustments, Other	$ 0	$ (64,000)	$ (38,000)	$ (70,000)
Assets, Fair Value Disclosure, Recurring	0		0
Liabilities, Fair Value Disclosure, Recurring	0		0
Liabilities, Fair Value Disclosure, Nonrecurring	0		0		$ 0
Allowance for Loan and Lease Losses, Adjustments, Other	38,966	(44,316)	(347,029)	(472,359)
Impairment of Real Estate	$ 1,094,071	$ 0	$ 3,204,221	$ 1,256,434

Note 13 - Fair Value - Assets a

Note 13 - Fair Value - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Real Estate Properties [Member] | Land 1 [Member] | Fair Value, Inputs, Level 1 [Member]
Assets at fair value
Real Estate Properties [Member] | Land 1 [Member] | Fair Value, Inputs, Level 2 [Member]
Assets at fair value
Real Estate Properties [Member] | Land 1 [Member] | Fair Value, Inputs, Level 3 [Member]
Assets at fair value	2,113,850	4,224,000
Real Estate Properties [Member] | Land 1 [Member]
Assets at fair value	2,113,850	4,224,000
Real Estate Properties [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Portfolio Segment [Member]
Assets at fair value
Real Estate Properties [Member] | Fair Value, Inputs, Level 1 [Member]
Assets at fair value
Real Estate Properties [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Portfolio Segment [Member]
Assets at fair value	3,738,340
Real Estate Properties [Member] | Fair Value, Inputs, Level 2 [Member]
Assets at fair value	3,738,340
Real Estate Properties [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member]
Assets at fair value	756,125
Real Estate Properties [Member] | Fair Value, Inputs, Level 3 [Member]
Assets at fair value	2,869,975	4,224,000
Real Estate Properties [Member] | Commercial Portfolio Segment [Member]
Assets at fair value	4,494,465
Real Estate Properties [Member]
Assets at fair value	$ 6,608,315	4,224,000
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Portfolio Segment [Member]
Assets at fair value
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member]
Assets at fair value
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Portfolio Segment [Member]
Assets at fair value
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member]
Assets at fair value
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member]
Assets at fair value		659,041
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Assets at fair value		659,041
Impaired Loans [Member] | Commercial Portfolio Segment [Member]
Assets at fair value		659,041
Impaired Loans [Member]
Assets at fair value		$ 659,041

Note 13 - Fair Value - Level 3

Note 13 - Fair Value - Level 3 Fair Value Measurements for Financial Instruments (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Real Estate Properties [Member] | Land 1 [Member] | Market Approach Valuation Technique [Member]
Assets at fair value	$ 2,113,850	$ 4,224,000
Assets at fair value, comparable sales adjustment	(64.90%)	(33.40%)
Assets at fair value, comparable sales adjustment	64.90%	33.40%
Real Estate Properties [Member] | Land 1 [Member]
Assets at fair value	$ 2,113,850	$ 4,224,000
Real Estate Properties [Member] | Market Approach Valuation Technique [Member] | Commercial Portfolio Segment [Member] | Minimum [Member]
Assets at fair value, comparable sales adjustment	(5.00%)
Assets at fair value, comparable sales adjustment	5.00%
Real Estate Properties [Member] | Market Approach Valuation Technique [Member] | Commercial Portfolio Segment [Member] | Maximum [Member]
Assets at fair value, comparable sales adjustment	(5.00%)
Assets at fair value, comparable sales adjustment	5.00%
Real Estate Properties [Member] | Market Approach Valuation Technique [Member] | Commercial Portfolio Segment [Member]
Assets at fair value	$ 756,125
Real Estate Properties [Member] | Cost Approach Valuation Technique [Member] | Commercial Portfolio Segment [Member]
Assets at fair value, estimate of future improvements	42.80%
Real Estate Properties [Member] | Income Approach Valuation Technique [Member] | Commercial Portfolio Segment [Member]
Assets at fair value, capitalization rate	7.30%
Real Estate Properties [Member] | Commercial Portfolio Segment [Member]
Assets at fair value	$ 4,494,465
Real Estate Properties [Member]
Assets at fair value	$ 6,608,315	$ 4,224,000
Impaired Loans [Member] | Market Approach Valuation Technique [Member] | Commercial Portfolio Segment [Member] | Minimum [Member]
Assets at fair value, comparable sales adjustment		(20.00%)
Assets at fair value, comparable sales adjustment		20.00%
Impaired Loans [Member] | Market Approach Valuation Technique [Member] | Commercial Portfolio Segment [Member] | Maximum [Member]
Assets at fair value, comparable sales adjustment		(30.00%)
Assets at fair value, comparable sales adjustment		30.00%
Impaired Loans [Member] | Cost Approach Valuation Technique [Member] | Commercial Portfolio Segment [Member]
Assets at fair value		$ 659,041
Assets at fair value, estimate of future improvements		31.90%
Impaired Loans [Member] | Income Approach Valuation Technique [Member] | Commercial Portfolio Segment [Member]
Assets at fair value, capitalization rate		7.00%
Impaired Loans [Member] | Commercial Portfolio Segment [Member]
Assets at fair value		$ 659,041
Impaired Loans [Member]
Assets at fair value		$ 659,041

Note 13 - Fair Value - Carrying

Note 13 - Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Reported Value Measurement [Member]
Cash and cash equivalents	$ 10,703,000	$ 1,256,000
Restricted cash	6,500,000	7,225,000
Loans, net	111,733,000	104,901,000
Investment in limited liability company	2,187,000	2,141,000
Accrued interest and advances receivable	1,245,000	1,105,000
Accrued interest payable	180,000	229,000
Lines of credit payable		20,916,000
Notes and loans payable	28,474,000	45,459,000
Estimate of Fair Value Measurement [Member]
Cash and cash equivalents	10,703,000	1,256,000
Restricted cash	6,500,000	7,225,000
Loans, net	111,651,000	104,895,000
Investment in limited liability company	2,352,000	2,352,000
Accrued interest and advances receivable	1,245,000	1,105,000
Accrued interest payable	180,000	229,000
Lines of credit payable		20,916,000
Notes and loans payable	28,852,000	45,948,000
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	10,703,000	1,256,000
Restricted cash	6,500,000	7,225,000
Loans, net
Investment in limited liability company
Accrued interest and advances receivable
Accrued interest payable
Lines of credit payable
Notes and loans payable
Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents
Restricted cash
Loans, net
Investment in limited liability company
Accrued interest and advances receivable
Accrued interest payable	92,000	170,000
Lines of credit payable		20,916,000
Notes and loans payable	12,365,000	28,703,000
Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents
Restricted cash
Loans, net	111,651,000	104,895,000
Investment in limited liability company	2,352,000	2,352,000
Accrued interest and advances receivable	1,245,000	1,105,000
Accrued interest payable	88,000	59,000
Lines of credit payable
Notes and loans payable	$ 16,487,000	$ 17,245,000

Note 14 - Commitments and Con58

Note 14 - Commitments and Contingencies (Details Textual)	9 Months Ended
	Sep. 30, 2016USD ($)
Zalanta [Member]
Contractual Obligation	$ 32,835,000
Contractual Obligation Incurred	18,903,000
Other Construction Costs	3,293,000
Construction Costs Incurred and Other Costs	22,196,000
Zalanta II [Member]
Contractual Obligation	1,044,000
Contractual Obligation Incurred	700,000
Other Construction Costs	172,000
Construction Costs Incurred and Other Costs	872,000
Interest Reserves [Member]
Contractual Obligation	2,738,000
Contractual Obligation	$ 20,362,000