Owens Realty Mortgage (ORM) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
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)		10,203,224
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 4,671,746	$ 434,243
Restricted cash	6,500,000	6,500,000
Loans, net of allowance for loan losses of $2,621,455 in 2017 and $2,706,822 in 2016	157,030,366	126,975,489
Interest and other receivables	2,375,808	2,164,335
Other assets, net of accumulated depreciation and amortization of $281,007 in 2017 and $251,729 in 2016	817,038	803,676
Deferred financing costs, net of accumulated amortization of $184,805 in 2017 and $107,744 in 2016	107,294	171,855
Deferred tax assets, net	6,434,850	7,248,977
Investment in limited liability company	2,140,565	2,140,482
Real estate held for sale	49,029,885	75,843,635
Real estate held for investment, net of accumulated depreciation of $3,652,206 in 2017 and $3,151,427 in 2016	35,246,489	37,279,763
Total assets	264,354,041	259,562,455
LIABILITIES:
Dividends payable	1,024,748	1,402,496
Due to Manager	428,652	360,627
Accounts payable and accrued liabilities	5,205,068	3,699,859
Deferred gains on sales of real estate	209,662	209,662
Lines of credit payable		4,976,000
Notes and loans payable on real estate	30,854,955	33,385,934
Total liabilities	37,723,085	44,034,578
Commitments and Contingencies (Note 13)
EQUITY:
Preferred stock, $.01 par value per share, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2017 and December 31, 2016
Common stock, $.01 par value per share, 50,000,000 shares authorized, 11,198,119 shares issued, 10,247,477 shares outstanding at June 30, 2017 and December 31, 2016	111,981	111,981
Additional paid-in capital	182,437,522	182,437,522
Treasury stock, at cost – 950,642 shares at June 30, 2017 and December 31, 2016	(12,852,058)	(12,852,058)
Retained earnings	56,933,511	45,830,432
Total stockholders’ equity	226,630,956	215,527,877
Total liabilities and equity	$ 264,354,041	$ 259,562,455

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Loans, allowance for losses	$ 2,621,455	$ 2,706,822
Other assets, accumulated depreciation and amortization	281,007	251,729
Deferred financing costs, accumulated amortization	184,805	107,744
Real estate held for investment, accumulated depreciation	$ 3,652,206	$ 3,151,427
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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Interest income on loans	$ 2,641,363	$ 2,196,012	$ 5,188,405	$ 4,239,020
Rental and other income from real estate properties	1,179,835	2,451,416	2,126,206	4,591,401
Income from investment in limited liability company	46,092	44,686	90,084	87,310
Total revenues	3,867,290	4,692,114	7,404,695	8,917,731
Expenses:
Management fees to Manager	1,006,680	825,149	1,954,194	1,590,664
Servicing fees to Manager	91,516	75,014	177,654	144,606
General and administrative expense	545,872	349,927	1,029,686	903,345
Rental and other expenses on real estate properties	1,436,001	2,048,929	2,639,320	3,839,307
Depreciation and amortization	303,782	309,271	613,742	652,920
Interest expense	362,174	1,005,703	648,975	1,688,755
Provision for loan losses	137,244	274,920	175,280	385,995
Impairment losses on real estate properties	281,626	2,110,150	281,626	2,110,150
Total expenses	4,164,895	6,999,063	7,520,477	11,315,742
Operating loss	(297,605)	(2,306,949)	(115,782)	(2,398,011)
Gain on sales of real estate, net	13,877,715		13,877,534	4,838,815
Net income (loss) before income taxes	13,580,110	(2,306,949)	13,761,752	2,440,804
Income tax (expense) benefit	(824,163)	7,368,835	(814,127)	7,368,835
Net income	12,755,947	5,061,886	12,947,625	9,809,639
Less: Net loss attributable to non-controlling interests		56,847		43,355
Net income attributable to common stockholders	$ 12,755,947	$ 5,118,733	$ 12,947,625	$ 9,852,994
Per common share data:
Basic and diluted earnings per common share (in dollars per share)	$ 1.24	$ 0.50	$ 1.26	$ 0.96
Basic and diluted weighted average number of common shares outstanding (in shares)	10,247,477	10,247,477	10,247,477	10,247,477
Dividends declared per share of common stock (in dollars per share)	$ 0.10	$ 0.08	$ 0.18	$ 0.16

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 at Dec. 31, 2015	$ 111,981	$ 182,437,522	$ (12,852,058)	$ 25,282,553	$ 194,979,998	$ 4,528,849	$ 199,508,847
Balances (in shares) at Dec. 31, 2015	11,198,119		(950,642)
Net income				9,852,994	9,852,994	(43,355)	9,809,639
Dividends declared				(1,639,596)	(1,639,596)		(1,639,596)
Contribution from non-controlling interest						44,208	44,208
Distributions to non-controlling interests						(242,020)	(242,020)
Balances (in shares) at Jun. 30, 2016	11,198,119		(950,642)
Balances at Jun. 30, 2016	$ 111,981	182,437,522	$ (12,852,058)	33,495,951	203,193,396	4,287,682	207,481,078
Balances at Dec. 31, 2016	$ 111,981	182,437,522	$ (12,852,058)	45,830,432	215,527,877		215,527,877
Balances (in shares) at Dec. 31, 2016	11,198,119		(950,642)
Net income				12,947,625	12,947,625		12,947,625
Dividends declared				(1,844,546)	(1,844,546)		(1,844,546)
Balances (in shares) at Jun. 30, 2017	11,198,119		(950,642)
Balances at Jun. 30, 2017	$ 111,981	$ 182,437,522	$ (12,852,058)	$ 56,933,511	$ 226,630,956		$ 226,630,956

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 12,947,625	$ 9,809,639
Adjustments to reconcile net income to net cash used in operating activities:
Gain on sales of real estate and other assets, net	(13,877,534)	(4,838,815)
Deferred income tax expense (benefit)	814,127	(7,368,835)
Income from investment in limited liability company	(90,084)	(87,310)
Provision for loan losses	175,280	385,995
Impairment losses on real estate properties	281,626	2,110,150
Depreciation and amortization of real estate and other assets	613,742	652,920
Amortization of deferred financing costs to interest expense	118,854	244,756
Changes in operating assets and liabilities:
Interest and other receivables	(184,473)	(490,730)
Other assets	(28,430)	(163,788)
Accounts payable and accrued liabilities	(2,205,563)	(1,465,000)
Due to Manager	68,025	(74,089)
Net cash used in operating activities	(1,366,805)	(1,285,107)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal collected on loans	14,450,283	27,860,551
Investments in loans	(44,707,440)	(41,776,363)
Investment in real estate properties	(6,432,667)	(8,361,689)
Net proceeds from disposition of real estate properties and other assets	52,078,167	6,478,811
Purchases of furniture, fixtures and equipment	(14,210)	(27,512)
Transfer to restricted cash, net		(1,729,101)
Distribution received from investment in limited liability company	90,001	87,000
Net cash provided by (used in) investing activities	15,464,134	(17,468,303)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances on notes payable	6,324,250	4,152,381
Repayments on notes payable	(8,973,282)	(333,587)
Advances on lines of credit	16,300,000	52,265,415
Repayments on lines of credit	(21,276,000)	(34,433,500)
Payment of deferred financing costs	(12,500)	(254,582)
Distributions to non-controlling interests		(242,020)
Contributions from non-controlling interest		44,208
Dividends paid	(2,222,294)	(2,953,253)
Net cash (used in) provided by financing activities	(9,859,826)	18,245,062
Net increase (decrease) in cash and cash equivalents	4,237,503	(508,348)
Cash and cash equivalents at beginning of period	434,243	1,255,842
Cash and cash equivalents at end of period	4,671,746	747,494
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for interest (excluding amounts capitalized)	543,713	1,291,839
Cash paid during the period for interest that was capitalized	472,357	274,562
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)
Change in capital expenditures financed through accounts payable	(3,710,772)	(4,276,191)
Amortization of deferred financing costs capitalized to construction project	(76,260)	(36,230)
Dividends declared but not paid	$ (1,024,748)	$ (819,798)

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Jun. 30, 2017
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, 50,000,000 $0.01 5,000,000 $0.01 4, February 12, 2013 ( No. 333 184392 April 16, 2013 May 20, 2013. The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, December 31, 2012. 100% 90%

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2 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 10 December 31, 2016 March 15, 2017. three six June 30, 2017 not December 31, 2017. 10 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 Certain reclassifications, not 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 January 2017, 2017 01, 805 2017 01. 2017 01 December 15, 2017, not not 2017 01 In November 2016, 2016 18, 230 2016 18. 2016 18 December 15, 2017, 2016 18 In August 2016, 2016 15, 230 2016 15. 2016 15 eight December 15, 2017, 2016 15 In June 2016, 2016 13, 326 2016 13. 2016 13 2016 13 December 15, 2019, December 15, 2018. 2016 13 may In May 2014, 2014 09, 606 2014 09. 2014 09 2014 09’s one 2015 14, first December 15, 2017, not not not not In February 2016, 2016 02, 842 2016 02. 2016 02 December 15, 2018, not 2016 02 In January 2016, 2016 01, 825 10 2016 1. 2016 01 not 1 2 3 4 2016 1 2016 1 December 15, 2017, not 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, 2016 2016 10 no six June 30, 2017.

Note 3 - Loans and Allowance fo

Note 3 - Loans and Allowance for Loan Losses	6 Months Ended
	Jun. 30, 2017
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 third ninety not not not not 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 not 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 fourth may 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 not The determination of the general reserve for loans that are not not 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 not 1 2 3 Land Loans Commercial and Residential Real Estate Loans may The following tables show the changes in the allowance for loan losses by portfolio segment for the three six June 30, 2017 2016 June 30, 2017 December 31, 2016 2017 Commercial Residential Land Total Allowance for loan losses: Three Months Ended June 30, 201 7 Beginning balance $ 934,548 $ 1,209,355 $ 492,956 $ 2,636,859 Charge-offs — (179,648 ) — (179,648 ) Recoveries 27,000 — — 27,000 Provision 188,441 (12,691 ) (38,506 ) 137,244 Ending Balance $ 1,149,989 $ 1,017,016 $ 454,450 $ 2,621,455 Six Months Ended June 30, 201 7 Beginning balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Charge-offs — (287,647 ) — (287,647 ) Recoveries 27,000 — — 27,000 Provision 258,018 (26,655 ) (56,083 ) 175,280 Ending balance $ 1,149,989 $ 1,017,016 $ 454,450 $ 2,621,455 As of June 30, 2017 Ending balance: individually evaluated for impairment $ — $ 445,065 $ — $ 445,065 Ending balance: collectively evaluated for impairment $ 1,149,989 $ 571,951 $ 454,450 $ 2,176,390 Ending balance $ 1,149,989 $ 1,017,016 $ 454,450 $ 2,621,455 Loans: Ending balance: individually evaluated for impairment $ — $ 2,834,567 $ — $ 2,834,567 Ending balance: collectively evaluated for impairment $ 136,198,098 $ 13,024,156 $ 7,595,000 $ 156,817,254 Ending balance $ 136,198,098 $ 15,858,723 $ 7,595,000 $ 159,651,821 2016 Commercial Residential Land Total Allowance for loan losses: Three Months Ended June 30, 2016 Beginning balance $ 1,140,527 $ 503,922 $ 309,072 $ 1,953,521 Charge-offs (447,520 ) — — (447,520 ) Provision 71,893 100,407 102,620 274,920 Ending Balance $ 764,900 $ 604,329 $ 411,692 $ 1,780,921 Six Months Ended June 30, 201 6 Beginning balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Charge-offs (447,520 ) — — (447,520 ) Provision 71,890 148,742 165,363 385,995 Ending balance $ 764,900 $ 604,329 $ 411,692 $ 1,780,921 As of December 31, 2016 Ending balance: individually evaluated for impairment $ — $ 732,712 $ — $ 732,712 Ending balance: collectively evaluated for impairment 864,971 598,606 510,533 1,974,110 Ending balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Loans: Ending balance: individually evaluated for impairment $ — $ 4,883,866 $ — $ 4,883,866 Ending balance: collectively evaluated for impairment 102,442,111 14,117,811 8,238,523 124,798,445 Ending balance $ 102,442,111 $ 19,001,677 $ 8,238,523 $ 129,682,311 The following tables show an aging analysis of the loan portfolio by the time monthly payments are past due as of June 30, 2017 December 31, 2016. 90 June 30, 2017 December 31, 2016. June 30 , 201 7 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 $ — $ — $ — $ — $ 136,198,098 $ 136,198,098 Residential 5,629,169 — 2,834,567 8,463,736 7,394,987 15,858,723 Land — — — — 7,595,000 7,595,000 $ 5,629,169 $ — $ 2,834,567 $ 8,463,736 $ 151,188,085 $ 159,651,821 The above table as of June 30, 2017 one $267,000 June 30, 2017 July 2017. December 31, 2016 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 $ — $ — $ — $ — $ 102,442,111 $ 102,442,111 Residential 1,983,247 — 4,883,866 6,867,113 12,134,564 19,001,677 Land 1,080,000 — — 1,080,000 7,158,523 8,238,523 $ 3,063,247 $ — $ 4,883,866 $ 7,947,113 $ 121,735,198 $ 129,682,311 The above table as of December 31, 2016 seven $8,686,000 $3,675,000 $2,500,000 30 $1,175,000 30 59 $5,011,000 90 The following tables show information related to impaired loans as of and for the three six June 30, 2017: As of June 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial $ — $ — $ — Residential 221,341 221,341 — Land — — — $ 221,341 $ 221,341 $ — With an allowance recorded: Commercial $ — $ — $ — Residential 3,102,543 2,613,226 445,065 Land — — — $ 3,102,543 $ 2,613,226 $ 445,065 Total s : Commercial $ — $ — $ — Residential 3,323,884 2,834,567 445,065 Land — — — $ 3,323,884 $ 2,834,567 $ 445,065 Three Months Ended June 30, 2017 Six Months Ended June 30 , 201 7 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ — $ — $ — $ — Residential 222,526 4,912 224,284 9,893 Land — — — — $ 222,526 $ 4,912 $ 224,284 $ 9,893 With an allowance recorded: Commercial $ — $ — $ — $ — Residential 3,519,104 — 4,096,380 — Land — — — — $ 3,519,104 $ — $ 4,096,380 $ — Total s : Commercial Real Estate $ — $ — $ — $ — Residential 3,741,630 4,912 4,320,664 9,893 Land — — — — $ 3,741,630 $ 4,912 $ 4,320,664 $ 9,893 The following tables show information related to impaired loans as of December 31, 2016 three six June 30, 2016: As of December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial $ — $ — $ — Residential 228,349 228,349 — Land — — — $ 228,349 $ 228,349 $ — With an allowance recorded: Commercial $ — $ — $ — Residential 5,145,712 4,655,517 732,712 Land — — — $ 5,145,712 $ 4,655,517 $ 732,712 Total s : Commercial $ — $ — $ — Residential 5,374,061 4,883,866 732,712 Land — — — $ 5,374,061 $ 4,883,866 $ 732,712 Three Months Ended June 30, 2016 Six Months Ended June 30 , 201 6 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,467,371 $ — $ 2,167,256 $ — Residential 7,278,422 5,183 6,501,620 10,430 Land — — — — $ 8,745,793 $ 5,183 $ 8,668,876 $ 10,430 With an allowance recorded: Commercial $ 381,715 $ — $ 1,730,569 $ — Residential — — — — Land — — — — $ 381,715 $ — $ 1,730,569 $ — Total s : Commercial Real Estate $ 1,849,086 $ — $ 3,897,825 $ — Residential 7,278,422 5,183 6,501,620 10,430 Land — — — — $ 9,127,508 $ 5,183 $ 10,399,445 $ 10,430 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. The average recorded investment and interest income recognized on impaired loans with no may no Troubled Debt Restructurings The Company has allocated approximately $445,000 $733,000 $3,324,000 $5,374,000 June 30, 2017 December 31, 2016, not No three six June 30, 2017 2016, nor twelve three six June 30, 2017 2016.

Note 4 - Investment in Limited

Note 4 - Investment in Limited Liability Company	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	NOTE 4 During 2008, 1850 “1850” July 2008, two two 1850. 1850 The Company received distributions from 1850 $90,000 three six June 30, 2017 $87,000 three six June 30, 2016. 1850 $46,000 $45,000 three June 30, 2017 2016, $90,000 $87,000 six June 30, 2017 2016,

Note 5 - Real Estate Held for S

Note 5 - Real Estate Held for Sale	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Real Estate Owned [Text Block]	NOTE 5 Real estate properties held for sale as of June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Residential $ 25,618,065 $ — Land (including land under development) 12,759,511 73,140,659 Retail 7,500,622 — Golf course 1,970,437 1,970,437 Marina 1,181,250 — Office — 732,539 $ 49,029,885 $ 75,843,635 Note: The ZRV mixed-use residential/retail project was substantially completed as of June 30, 2017. Transfers During the three June 30, 2017, two $382,000 one six June 30, 2017, three $1,844,000 two one one not During the three June 30, 2016, three $5,869,000 one one one one six June 30, 2016, four $10,052,000 one one one one one not Impairment Losses During the three six June 30, 2017, $282,000 During the three six June 30, 2016, $2,110,000 Sales During the three June 30, 2017, six $51,206,000, $13,878,000. During the six June 30, 2017, one one $872,000, During the six June 30, 2016, one one $6,479,000, $4,839,000. Foreclosure Activity There were no three six June 30, 2017. During the three June 30, 2016, one $1,079,000 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 $495,000. $48,000 $448,000 2015, June 2016. The property was sold during the six June 30, 2017

Note 6 - Real Estate Held for I

Note 6 - Real Estate Held for Investment	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Real Estate Held for Investment Disclosure [Text Block]	NOTE 6 Real estate held for investment as of June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Retail $ 16,836,174 $ 16,829,995 Land 3,861,785 4,234,806 Residential 2,381,216 2,405,439 Assisted care 5,737,417 5,820,709 Office 3,890,996 3,962,869 Marina 2,538,901 4,025,945 $ 35,246,489 $ 37,279,763 The balances of land and the major classes of depreciable property for real estate held for investment as of June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Land and land improvements $ 10,395,585 $ 11,520,339 Buildings and improvements 28,503,109 28,910,851 38,898,694 40,431,190 Less: Accumulated depreciation (3,652,205 ) (3,151,427 ) $ 35,246,489 $ 37,279,763 It is the Company’s intent to sell its real estate properties held for investment, but expected sales of these properties are not Depreciation expense was approximately $289,000 $291,000 three June 30, 2017 2016, $584,000 $619,000 six June 30, 2017 2016, 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 seven five June 30, 2017 Twelve months ending June 30: 2018 $ 2,300,369 2019 1,826,512 2020 1,146,133 2021 738,998 2022 608,491 Thereafter (through 2024) 781,334 Total $ 7,401,837

Note 7 - Line of Credit Payable

Note 7 - Line of Credit Payable	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 7 The Company borrows funds under the revolving California Bank & Trust (“CB&T”) Line of Credit and, until its termination in September 2016, June 30, 2017 December 31, 2016, As of June 30 , 201 7 As of December 31, 201 6 Outstanding Balance Total Current Commitment Outstanding Balance Total Current Commitment CB&T Line of Credit $ — $ 42,826,000 $ 4,976,000 $ 22,625,000 CB&T Line of Credit In February 2014, April 2015, March 2016 June 2017 $75,000,000 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 .25% 4.5% June 30, 2017). 2.00%. $100,000 $177,000 June 30, 2017). $255,000 $71,000 $304,000 three June 30, 2017 2016, $40,000 $32,000, $231,000 $493,000 six June 30, 2017 2016, $77,000 $66,000, Borrowings are secured by certain assets of the Company. These collateral assets will include the grant to the lenders of first June 30, 2017, Loans: June 30 , 201 7 Commercial $ 63,568,733 Residential 2,945,107 Total $ 66,513,840 The CB&T Credit Facility agreements contain financial covenants which are customary for a loan of this type. Management is not June 30, 2017. Opus Bank Line of Credit In April 2014, 2016 The Opus Credit Facility required the payment of an origination fee of $100,000 $231,000 $124,000 three June 30, 2016 ( $19,000 $233,000 six June 30, 2016 ( $38,000

Note 8 - Notes and Loans Payabl

Note 8 - Notes and Loans Payable on Real Estate	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Mortgage Notes Payable Disclosure [Text Block]	NOTE 8 The Company had the following notes and loans payable outstanding as of June 30, 2017 December 31, 2016: June 30, 2017 Interest Rate December 31, 2016 Interest Rate Payment Terms/ Frequency Maturity Date Tahoe Stateline Venture, LLC Loan Payable $ 13,440,401 3.47 % $ 13,634,889 3.47 % Amortizing Monthly January 2021 Zalanta Construction Loan Payable 17,759,017 5.75 % 20,213,560 5.25 % Interest Only Monthly August 2018 Principal amount $ 31,199,418 $ 33,848,449 Less unamortized deferred financing costs (344,463 ) (462,515 ) Notes and loans payable, net $ 30,854,955 $ 33,385,934 The following table shows maturities by year on these notes and loans payable as of June 30, 2017: Twelve months ending June 30: 2018 $ 18,158,249 2019 413,308 2020 427,880 2021 12,199,981 2022 — Thereafter — $ 31,199,418 Tahoe Stateline Venture, LLC Loan Payable In December 2014, $14,500,000. $10,445,000 first $3,830,000 September 2015. The maturity date of the TSV Loan is January 1, 2021 ( 3.47% January 1, 2018 three five 5.00% ten 10.00% 90 January 1, 2018, 90 may During the term of the TSV Loan, TSV will make equal combined payments of principal and accrued interest on the first 300 The Credit Agreement required the payment of a closing fee of $108,750 $218,000. three June 30, 2017 2016, $126,000 $129,000, $9,000 $9,000, six June 30, 2017 2016, $253,000 $259,000, $18,000 $18,000, The TSV Loan documents contain financial covenants which are customary for loans of this type . Management is not June 30, 2017. Zalanta Construction Loan Payable In August 2016, $31,000,000, 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 60% 65% 1.50% no five 5.0% June 30, 2017 5.75%. five 5.0% Interest only payments are payable monthly from an established interest reserve. In addition, commencing with the quarter ended June 30, 2017 $6 August 3, 2018. Borrowings are secured by: (i) a first $3,000,000 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. Principal payments totaling approximately $8,779,000 June 30, 2017 six The Loan Agreement required the payment of an origination fee of $310,000 $400,000. three six June 30, 2017, $26,000 $76,000, three six June 30, 2017, $183,000 $472,000, three June 30, 2017, $165,000 $24,000 The ZRV Loan documents contain financial covenants which are customary for loans of this type . Management is not June 30, 2017.

Note 9 - Transactions With Affi

Note 9 - Transactions With Affiliates	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 9 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% 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 0.25% OFG, at its sole discretion may, not may 1 /12 12 $1,007,000 $825,000 three June 30, 2017 2016, $1,954,000 $1,591,000 six June 30, 2017 2016, $92,000 $75,000 three June 30, 2017 2016, $178,000 $145,000 six June 30, 2017 2016, June 30, 2017 December 31, 2016, $399,000 $324,000, During the three six June 30, 2017 2016 December 31, 2016, 14 July 1, 2017 14, no 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 $8,000 $4,000 three June 30, 2017 2016, $22,000 $6,000 six June 30, 2017 2016, $6,000 $4,000, three June 30, 2017 2016 $10,000 $9,000, six June 30, 2017 2016, OWENS REALTY MORTGAGE, INC. Notes to Consolidated Financial Statements (Unaudited) OFG originates all loans the Company invests in and receives loan origination and extension fees from borrowers. During the three six June 30, 2017, $823,000 $1,351,000, $36,356,000 $63,011,000, three six June 30, 2016, $535,000 $1,253,000, $19,015,000 $54,165,000, 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 amounts reimbursed to OFG by the Company for such services were $97,000 $106,000 three June 30, 2017 2016, $190,000 $219,000 six June 30, 2017 2016, June 30, 2017 December 31, 2016, $30,000 $36,000 $1,000 $0 six June 30, 2017 2016, The Company paid Investor’s Yield, Inc. (a wholly owned subsidiary of OFG) approximately $0 $3,000 six June 30, 2017 2016,

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 10 Dividends On March 16, 2017, $0.08 March 31, 2017. April 13, 2017 $819,798. On June 13, 2017, $0.10 June 30, 2017. July 13, 2017 $1,024,748. Stock Repurchase Program On December 11, 2015, 10b5 1 “2016 $7.5 2016 2016 April 1, 2016 No 2016 March 31, 2017. On June 9, 2017, 10b5 1 “2017 may $10 2017 2017 July 13, 2017 no 2017 January 15, 2018, may August 4, 2017, 44,253 2017 $762,000 $17.21

Note 11 - Restricted Cash

Note 11 - Restricted Cash	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Contingencies Disclosure [Text Block]	NOTE 11 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% not The contingency reserves required per the charter as of June 30, 2017 December 31, 2016 $3,777,000 $3,738,000, $6,500,000 June 30, 2017 December 31, 2016

Note 12 - Fair Value

Note 12 - Fair Value	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 12 The Company discloses fair value of its financial and nonfinancial assets and liabilities pursuant to ASC 820 Fair Value Measurements and Disclosures 820 Fair value is defined in ASC 820 820 three may Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 liabilities; quoted prices in active markets that are not 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 Company’s own data or assumptions. Level 3 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 one 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 Impaired Loans The Company does not may 310 10 35. third not June 30, 2017 December 31, 2016, third 820, 3. Real Estate Held for Sale and Investment Real estate held for sale and investment includes 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 third two 2 3 The following table presents information about the Company’s assets measured at fair value on a nonrecurring basis as of June 30, 2017 December 31, 2016: Fair Value Measurements Using Fair Value Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2017 Nonrecurring: Impaired loans: Residential $ 2,657,478 $ — $ — $ 2,657,478 Total impaired loans $ 2,657,478 $ — $ — $ 2,657,478 Real estate properties: Commercial $ 1,181,250 $ — $ — $ 1,181,250 Total real estate properties $ 1,181,250 $ — $ — $ 1,181,250 December 31, 201 6 Nonrecurring: Impaired loans: Residential $ 4,413,000 — $ — 4,413,000 Total impaired loans $ 4,413,000 $ — $ — $ 4,413,000 Real estate properties: Land $ 139,498 — $ — $ 139,498 Commercial 732,539 732,539 Total real estate properties $ 872,037 $ — $ — $ 872,037 The reversal of loan losses based on the fair value of loan collateral less estimated selling costs for the impaired loans above totaled approximately $0 $48,000 three June 30, 2017 2016, $0 $38,000 six June 30, 2017 2016, $282,000 $2,110,000 three June 30, 2017 2016, $282,000 $2,110,000 six June 30, 2017 2016, There were no June 30, 2017 December 31, 2016. three six June 30, 2017 2016, no 1 2. The following table presents quantitative information about Level 3 June 30, 2017 December 31, 2016: At June 30, 201 7 Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans : Residential $ 2,657,478 Appraisal Comparable Sales Adjustment (4.6)% to 4.2% N/A Real Estate Properties: Commercial $ 1,181,250 Appraisal Comparable Sales Adjustment (26.5)% N/A At December 31, 201 6 Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans: Residential $ 4,413,000 Comparable Sales Comparable Sales Adjustment (4.6)% to 4.2% N/A Real Estate Properties: Land $ 139,498 Appraisal Comparable Sales Adjustment (33.7)% N/A Commercial 732,539 Appraisal Comparable Sales Adjustment (5.0)% to 5.0% N/A Capitalization Rate 7.3% N/A Where only one one one The approximate carrying amounts and estimated fair values of financial instruments at June 30, 2017 December 31, 2016 Fair Value Measurements at June 30 , 201 7 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 4,672,000 $ 4,672,000 $ — $ — $ 4,672,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 157,030,000 — — 156,754,000 156,754,000 Investment in limited liability company 2,141,000 — — 2,650,000 2,650,000 Accrued interest and advances receivable 1,499,000 — — 1,499,000 1,499,000 Financial liabilities Accrued interest payable $ 123,000 $ — $ 84,000 $ 39,000 $ 123,000 Line of credit payable — — — — — Notes and loans payable 31,199,000 — 17,759,000 12,655,000 30,414,000 Fair Value Measurements at December 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 434,000 $ 434,000 $ — $ — $ 434,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 126,975,000 — — 126,652,000 126,652,000 Investment in limited liability company 2,140,000 — — 2,650,000 2,650,000 Accrued interest and advances receivable 1,328,000 — — 1,328,000 1,328,000 Financial liabilities Accrued interest payable $ 137,000 $ — $ 97,000 $ 40,000 $ 137,000 Line of credit payable 4,976,000 — 4,976,000 — 4,976,000 Notes and loans payable 33,849,000 — 20,213,000 13,499,000 33,712,000 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: 1. Loans, net: 3 3. Investment in limited liability company : 3 Line of credit payable: 2 2. Notes and loans payable: 2 3 2 one 3 2 3.

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 13 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 $34,285,000 $34,042,000 June 30, 2017 $5,395,000 $39,437,000 may As of June 30, 2017, $33,636,000 $4,720,000 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

Note 14 - Subsequent Events

Note 14 - Subsequent Events	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 14 Adjustment of the Management Fee At a meeting of the Board of Directors held on August 7, 2017, July 2017 not 1. The “Interim Management Fee” is equal to (i) one twelfth 1/12 1.50% (A) at the end of a calendar month to reflect any changes that result from any of the events specified in clause (A) in the definition of “Stockholders' Equity” (defined below) during such calendar month from the Opening Stockholders’ Equity Balance; and (B) at the end of a calendar quarter to reflect any changes that result from the components specified in clauses (B), (C) or (D) in the definition of “Stockholders’ Equity” for such calendar quarter from the Opening Stockholders’ Equity Balance. Since the Management Fee is to be paid monthly during the Adjustment Period, and the components of Stockholders’ Equity specified in clauses (B), (C) and (D) in the definition of “Stockholders’ Equity” will not 2. As used in the calculation of the Interim Management Fee, “Stockholders’ Equity” means: (A) the sum of the net proceeds from any issuances of the Company’s equity securities since inception (including the book value of the Company’s Common Stock and Additional Paid-in Capital at inception of the Company) less any amount that the Company pays for repurchases of its equity securities (determined as of the most recent month end), plus (B) the Company’s consolidated retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less (C) any unrealized gains, losses or other items that do not (D) one 3. As used in the calculation of the Interim Management Fee, “Opening Stockholders’ Equity Balance” means Stockholders’ Equity at the end of the most recently completed calendar quarter. “ Independent Directors” means the members of the Company’s Board of Directors who are not , 4. The Manager shall compute each installment of the Interim Management Fee reasonably promptly at the end of each calendar month during the Adjustment Period. A copy of the computations, including a comparison of the Interim Management Fee to the Existing Management Fee, made by the Manager to calculate such installment shall thereafter promptly be delivered to the Board of Directors. 5. There will be no

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
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 Certain reclassifications, not
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 January 2017, 2017 01, 805 2017 01. 2017 01 December 15, 2017, not not 2017 01 In November 2016, 2016 18, 230 2016 18. 2016 18 December 15, 2017, 2016 18 In August 2016, 2016 15, 230 2016 15. 2016 15 eight December 15, 2017, 2016 15 In June 2016, 2016 13, 326 2016 13. 2016 13 2016 13 December 15, 2019, December 15, 2018. 2016 13 may In May 2014, 2014 09, 606 2014 09. 2014 09 2014 09’s one 2015 14, first December 15, 2017, not not not not In February 2016, 2016 02, 842 2016 02. 2016 02 December 15, 2018, not 2016 02 In January 2016, 2016 01, 825 10 2016 1. 2016 01 not 1 2 3 4 2016 1 2016 1 December 15, 2017, not 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, 2016 2016 10 no six June 30, 2017.

Note 3 - Loans and Allowance 22

Note 3 - Loans and Allowance for Loan Losses (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Allowance for Credit Losses on Financing Receivables [Table Text Block]	2017 Commercial Residential Land Total Allowance for loan losses: Three Months Ended June 30, 201 7 Beginning balance $ 934,548 $ 1,209,355 $ 492,956 $ 2,636,859 Charge-offs — (179,648 ) — (179,648 ) Recoveries 27,000 — — 27,000 Provision 188,441 (12,691 ) (38,506 ) 137,244 Ending Balance $ 1,149,989 $ 1,017,016 $ 454,450 $ 2,621,455 Six Months Ended June 30, 201 7 Beginning balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Charge-offs — (287,647 ) — (287,647 ) Recoveries 27,000 — — 27,000 Provision 258,018 (26,655 ) (56,083 ) 175,280 Ending balance $ 1,149,989 $ 1,017,016 $ 454,450 $ 2,621,455 As of June 30, 2017 Ending balance: individually evaluated for impairment $ — $ 445,065 $ — $ 445,065 Ending balance: collectively evaluated for impairment $ 1,149,989 $ 571,951 $ 454,450 $ 2,176,390 Ending balance $ 1,149,989 $ 1,017,016 $ 454,450 $ 2,621,455 Loans: Ending balance: individually evaluated for impairment $ — $ 2,834,567 $ — $ 2,834,567 Ending balance: collectively evaluated for impairment $ 136,198,098 $ 13,024,156 $ 7,595,000 $ 156,817,254 Ending balance $ 136,198,098 $ 15,858,723 $ 7,595,000 $ 159,651,821 2016 Commercial Residential Land Total Allowance for loan losses: Three Months Ended June 30, 2016 Beginning balance $ 1,140,527 $ 503,922 $ 309,072 $ 1,953,521 Charge-offs (447,520 ) — — (447,520 ) Provision 71,893 100,407 102,620 274,920 Ending Balance $ 764,900 $ 604,329 $ 411,692 $ 1,780,921 Six Months Ended June 30, 201 6 Beginning balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Charge-offs (447,520 ) — — (447,520 ) Provision 71,890 148,742 165,363 385,995 Ending balance $ 764,900 $ 604,329 $ 411,692 $ 1,780,921 As of December 31, 2016 Ending balance: individually evaluated for impairment $ — $ 732,712 $ — $ 732,712 Ending balance: collectively evaluated for impairment 864,971 598,606 510,533 1,974,110 Ending balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Loans: Ending balance: individually evaluated for impairment $ — $ 4,883,866 $ — $ 4,883,866 Ending balance: collectively evaluated for impairment 102,442,111 14,117,811 8,238,523 124,798,445 Ending balance $ 102,442,111 $ 19,001,677 $ 8,238,523 $ 129,682,311
Past Due Financing Receivables [Table Text Block]	June 30 , 201 7 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 $ — $ — $ — $ — $ 136,198,098 $ 136,198,098 Residential 5,629,169 — 2,834,567 8,463,736 7,394,987 15,858,723 Land — — — — 7,595,000 7,595,000 $ 5,629,169 $ — $ 2,834,567 $ 8,463,736 $ 151,188,085 $ 159,651,821 December 31, 2016 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 $ — $ — $ — $ — $ 102,442,111 $ 102,442,111 Residential 1,983,247 — 4,883,866 6,867,113 12,134,564 19,001,677 Land 1,080,000 — — 1,080,000 7,158,523 8,238,523 $ 3,063,247 $ — $ 4,883,866 $ 7,947,113 $ 121,735,198 $ 129,682,311
Impaired Financing Receivables [Table Text Block]	As of June 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial $ — $ — $ — Residential 221,341 221,341 — Land — — — $ 221,341 $ 221,341 $ — With an allowance recorded: Commercial $ — $ — $ — Residential 3,102,543 2,613,226 445,065 Land — — — $ 3,102,543 $ 2,613,226 $ 445,065 Total s : Commercial $ — $ — $ — Residential 3,323,884 2,834,567 445,065 Land — — — $ 3,323,884 $ 2,834,567 $ 445,065 Three Months Ended June 30, 2017 Six Months Ended June 30 , 201 7 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ — $ — $ — $ — Residential 222,526 4,912 224,284 9,893 Land — — — — $ 222,526 $ 4,912 $ 224,284 $ 9,893 With an allowance recorded: Commercial $ — $ — $ — $ — Residential 3,519,104 — 4,096,380 — Land — — — — $ 3,519,104 $ — $ 4,096,380 $ — Total s : Commercial Real Estate $ — $ — $ — $ — Residential 3,741,630 4,912 4,320,664 9,893 Land — — — — $ 3,741,630 $ 4,912 $ 4,320,664 $ 9,893 As of December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial $ — $ — $ — Residential 228,349 228,349 — Land — — — $ 228,349 $ 228,349 $ — With an allowance recorded: Commercial $ — $ — $ — Residential 5,145,712 4,655,517 732,712 Land — — — $ 5,145,712 $ 4,655,517 $ 732,712 Total s : Commercial $ — $ — $ — Residential 5,374,061 4,883,866 732,712 Land — — — $ 5,374,061 $ 4,883,866 $ 732,712 Three Months Ended June 30, 2016 Six Months Ended June 30 , 201 6 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,467,371 $ — $ 2,167,256 $ — Residential 7,278,422 5,183 6,501,620 10,430 Land — — — — $ 8,745,793 $ 5,183 $ 8,668,876 $ 10,430 With an allowance recorded: Commercial $ 381,715 $ — $ 1,730,569 $ — Residential — — — — Land — — — — $ 381,715 $ — $ 1,730,569 $ — Total s : Commercial Real Estate $ 1,849,086 $ — $ 3,897,825 $ — Residential 7,278,422 5,183 6,501,620 10,430 Land — — — — $ 9,127,508 $ 5,183 $ 10,399,445 $ 10,430

Note 5 - Real Estate Held for23

Note 5 - Real Estate Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Properties Acquired Through Foreclosure [Table Text Block]	June 30, 2017 December 31, 2016 Residential $ 25,618,065 $ — Land (including land under development) 12,759,511 73,140,659 Retail 7,500,622 — Golf course 1,970,437 1,970,437 Marina 1,181,250 — Office — 732,539 $ 49,029,885 $ 75,843,635

Note 6 - Real Estate Held for24

Note 6 - Real Estate Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Twelve months ending June 30: 2018 $ 2,300,369 2019 1,826,512 2020 1,146,133 2021 738,998 2022 608,491 Thereafter (through 2024) 781,334 Total $ 7,401,837
By Property [Member]
Notes Tables
Schedule of Real Estate Properties [Table Text Block]	June 30, 2017 December 31, 2016 Retail $ 16,836,174 $ 16,829,995 Land 3,861,785 4,234,806 Residential 2,381,216 2,405,439 Assisted care 5,737,417 5,820,709 Office 3,890,996 3,962,869 Marina 2,538,901 4,025,945 $ 35,246,489 $ 37,279,763 June 30, 2017 December 31, 2016 Land and land improvements $ 10,395,585 $ 11,520,339 Buildings and improvements 28,503,109 28,910,851 38,898,694 40,431,190 Less: Accumulated depreciation (3,652,205 ) (3,151,427 ) $ 35,246,489 $ 37,279,763

Note 7 - Line of Credit Payab25

Note 7 - Line of Credit Payable (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Line of Credit Facilities [Table Text Block]	As of June 30 , 201 7 As of December 31, 201 6 Outstanding Balance Total Current Commitment Outstanding Balance Total Current Commitment CB&T Line of Credit $ — $ 42,826,000 $ 4,976,000 $ 22,625,000
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	Loans: June 30 , 201 7 Commercial $ 63,568,733 Residential 2,945,107 Total $ 66,513,840

Note 8 - Notes and Loans Paya26

Note 8 - Notes and Loans Payable on Real Estate (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Debt [Table Text Block]	June 30, 2017 Interest Rate December 31, 2016 Interest Rate Payment Terms/ Frequency Maturity Date Tahoe Stateline Venture, LLC Loan Payable $ 13,440,401 3.47 % $ 13,634,889 3.47 % Amortizing Monthly January 2021 Zalanta Construction Loan Payable 17,759,017 5.75 % 20,213,560 5.25 % Interest Only Monthly August 2018 Principal amount $ 31,199,418 $ 33,848,449 Less unamortized deferred financing costs (344,463 ) (462,515 ) Notes and loans payable, net $ 30,854,955 $ 33,385,934
Schedule of Maturities of Long-term Debt [Table Text Block]	Twelve months ending June 30: 2018 $ 18,158,249 2019 413,308 2020 427,880 2021 12,199,981 2022 — Thereafter — $ 31,199,418

Note 12 - Fair Value (Tables)

Note 12 - Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 Nonrecurring: Impaired loans: Residential $ 2,657,478 $ — $ — $ 2,657,478 Total impaired loans $ 2,657,478 $ — $ — $ 2,657,478 Real estate properties: Commercial $ 1,181,250 $ — $ — $ 1,181,250 Total real estate properties $ 1,181,250 $ — $ — $ 1,181,250 December 31, 201 6 Nonrecurring: Impaired loans: Residential $ 4,413,000 — $ — 4,413,000 Total impaired loans $ 4,413,000 $ — $ — $ 4,413,000 Real estate properties: Land $ 139,498 — $ — $ 139,498 Commercial 732,539 732,539 Total real estate properties $ 872,037 $ — $ — $ 872,037
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans : Residential $ 2,657,478 Appraisal Comparable Sales Adjustment (4.6)% to 4.2% N/A Real Estate Properties: Commercial $ 1,181,250 Appraisal Comparable Sales Adjustment (26.5)% N/A Description Fair Value Valuation Technique Significant Unobservable Inputs Input/Range Weighted Average Impaired Loans: Residential $ 4,413,000 Comparable Sales Comparable Sales Adjustment (4.6)% to 4.2% N/A Real Estate Properties: Land $ 139,498 Appraisal Comparable Sales Adjustment (33.7)% N/A Commercial 732,539 Appraisal Comparable Sales Adjustment (5.0)% to 5.0% N/A Capitalization Rate 7.3% N/A
Fair Value, by Balance Sheet Grouping [Table Text Block]	Fair Value Measurements at June 30 , 201 7 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 4,672,000 $ 4,672,000 $ — $ — $ 4,672,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 157,030,000 — — 156,754,000 156,754,000 Investment in limited liability company 2,141,000 — — 2,650,000 2,650,000 Accrued interest and advances receivable 1,499,000 — — 1,499,000 1,499,000 Financial liabilities Accrued interest payable $ 123,000 $ — $ 84,000 $ 39,000 $ 123,000 Line of credit payable — — — — — Notes and loans payable 31,199,000 — 17,759,000 12,655,000 30,414,000 Fair Value Measurements at December 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 434,000 $ 434,000 $ — $ — $ 434,000 Restricted cash 6,500,000 6,500,000 — — 6,500,000 Loans, net 126,975,000 — — 126,652,000 126,652,000 Investment in limited liability company 2,140,000 — — 2,650,000 2,650,000 Accrued interest and advances receivable 1,328,000 — — 1,328,000 1,328,000 Financial liabilities Accrued interest payable $ 137,000 $ — $ 97,000 $ 40,000 $ 137,000 Line of credit payable 4,976,000 — 4,976,000 — 4,976,000 Notes and loans payable 33,849,000 — 20,213,000 13,499,000 33,712,000

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) - $ / shares	Jun. 30, 2017	Dec. 31, 2016	Jan. 23, 2013	Aug. 09, 2012
Common Stock, Shares Authorized	50,000,000	50,000,000		50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	5,000,000	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Potential Percentage Penalty Tax	100.00%
REIT Minimum Percent Distribution of Taxable Income	90.00%

Note 2 - Summary of Significa29

Note 2 - Summary of Significant Accounting Policies (Details Textual)	6 Months Ended
	Jun. 30, 2017
Number of Operating Segments	1

Note 3 - Loans and Allowance 30

Note 3 - Loans and Allowance for Loan Losses (Details Textual) xbrli-pure in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016	Jun. 30, 2017USD ($)	Jun. 30, 2016	Dec. 31, 2016USD ($)
Financing Receivable, Recorded Investment, Current	$ 151,188,085		$ 151,188,085		$ 121,735,198
Allowance for Loan and Lease Losses, Real Estate	2,621,455		2,621,455		2,706,822
Loans and Leases Receivable, Impaired, Commitment to Lend	$ 0		$ 0
Financing Receivable, Modifications, Number of Contracts	0	0	0	0
Financing Receivable, Modifications, Subsequent Default, Number of Contracts	0	0	0	0
Extended Maturity [Member]
Allowance for Loan and Lease Losses, Real Estate	$ 445,000		$ 445,000		733,000
Financing Receivable, Modifications, Recorded Investment	3,324,000		3,324,000		5,374,000
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member]
Financing Receivable, Recorded Investment, Current					8,686,000
Residential Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Current	7,394,987		7,394,987		12,134,564
Residential Portfolio Segment [Member] | Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member]
Financing Receivable, Recorded Investment, Current	267,000		267,000
Residential Portfolio Segment [Member] | Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Current					5,011,000
Commercial Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Current	$ 136,198,098		$ 136,198,098		102,442,111
Commercial Portfolio Segment [Member] | Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member]
Financing Receivable, Recorded Investment, Current					3,675,000
Commercial Portfolio Segment [Member] | Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Financing Receivables, 1 to 29 Days Past Due [Member]
Financing Receivable, Recorded Investment, Current					2,500,000
Commercial Portfolio Segment [Member] | Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Current					$ 1,175,000

Note 3 - Loans and Allowance 31

Note 3 - Loans and Allowance for Loan Losses - Allocation of the Allowance for Loan Losses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Beginning balance	$ 2,636,859	$ 1,953,521	$ 2,706,822	$ 1,842,446
Charge-offs	(179,648)	(447,520)	(287,647)	(447,520)
Recoveries	27,000		27,000
Provision	137,244	274,920	175,280	385,995
Ending Balance	2,621,455	1,780,921	2,621,455	1,780,921
Ending balance: individually evaluated for impairment - allowance for loan losses					$ 445,065	$ 732,712
Ending balance: collectively evaluated for impairment - allowance for loan losses					2,176,390	1,974,110
Ending balance	2,636,859	1,953,521	2,621,455	1,780,921	2,621,455	2,706,822
Ending balance: individually evaluated for impairment - loans					2,834,567	4,883,866
Ending balance: collectively evaluated for impairment - loans					156,817,254	124,798,445
Ending balance - loans					159,651,821	129,682,311
Commercial Portfolio Segment [Member]
Beginning balance	934,548	1,140,527	864,971	1,140,530
Charge-offs		(447,520)		(447,520)
Recoveries	27,000		27,000
Provision	188,441	71,893	258,018	71,890
Ending Balance	1,149,989	764,900	1,149,989	764,900
Ending balance: individually evaluated for impairment - allowance for loan losses
Ending balance: collectively evaluated for impairment - allowance for loan losses					1,149,989	864,971
Ending balance	934,548	1,140,527	1,149,989	764,900	1,149,989	864,971
Ending balance: individually evaluated for impairment - loans
Ending balance: collectively evaluated for impairment - loans					136,198,098	102,442,111
Ending balance - loans					136,198,098	102,442,111
Residential Portfolio Segment [Member]
Beginning balance	1,209,355	503,922	1,331,318	455,587
Charge-offs	(179,648)		(287,647)
Recoveries
Provision	(12,691)	100,407	(26,655)	148,742
Ending Balance	1,017,016	604,329	1,017,016	604,329
Ending balance: individually evaluated for impairment - allowance for loan losses					445,065	732,712
Ending balance: collectively evaluated for impairment - allowance for loan losses					571,951	598,606
Ending balance	1,209,355	503,922	1,017,016	604,329	1,017,016	1,331,318
Ending balance: individually evaluated for impairment - loans					2,834,567	4,883,866
Ending balance: collectively evaluated for impairment - loans					13,024,156	14,117,811
Ending balance - loans					15,858,723	19,001,677
Land Portfolio Segment [Member]
Beginning balance	492,956	309,072	510,533	246,329
Charge-offs
Recoveries
Provision	(38,506)	102,620	(56,083)	165,363
Ending Balance	454,450	411,692	454,450	411,692
Ending balance: individually evaluated for impairment - allowance for loan losses
Ending balance: collectively evaluated for impairment - allowance for loan losses					454,450	510,533
Ending balance	$ 492,956	$ 309,072	$ 454,450	$ 411,692	454,450	510,533
Ending balance: individually evaluated for impairment - loans
Ending balance: collectively evaluated for impairment - loans					7,595,000	8,238,523
Ending balance - loans					$ 7,595,000	$ 8,238,523

Note 3 - Loans and Allowance 32

Note 3 - Loans and Allowance for Loan Losses - Aging Analysis of the Loan Portfolio by the Time Past Due (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Past due loans	$ 8,463,736	$ 7,947,113
Current loans	151,188,085	121,735,198
Total Loans	159,651,821	129,682,311
Financing Receivables, 30 to 59 Days Past Due [Member]
Past due loans	5,629,169	3,063,247
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	2,834,567	4,883,866
Commercial Portfolio Segment [Member]
Past due loans
Current loans	136,198,098	102,442,111
Total Loans	136,198,098	102,442,111
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Past due loans
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
Residential Portfolio Segment [Member]
Past due loans	8,463,736	6,867,113
Current loans	7,394,987	12,134,564
Total Loans	15,858,723	19,001,677
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Past due loans	5,629,169	1,983,247
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	2,834,567	4,883,866
Land Portfolio Segment [Member]
Past due loans		1,080,000
Current loans	7,595,000	7,158,523
Total Loans	7,595,000	8,238,523
Land Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Past due loans		1,080,000
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

Note 3 - Loans and Allowance 33

Note 3 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Recorded investment	$ 3,323,884		$ 3,323,884		$ 5,374,061
Unpaid principal balance	2,834,567		2,834,567		4,883,866
Interest income recognized, with related allowance
Average recorded investment	3,741,630	9,127,508	4,320,664	10,399,445
Interest income recognized	4,912	5,183	9,893	10,430
Recorded investment, with no related allowance	221,341		221,341		228,349
Unpaid principal balance, with no related allowance	221,341		221,341		228,349
Recorded investment, with related allowance	3,102,543		3,102,543		5,145,712
Unpaid principal balance, with related allowance	2,613,226		2,613,226		4,655,517
Related allowance	445,065		445,065		732,712
Average recorded investment, with no related allowance	222,526	8,745,793	224,284	8,668,876
Interest income recognized, with no related allowance	4,912	5,183	9,893	10,430
Average recorded investment, with related allowance	3,519,104	381,715	4,096,380	1,730,569
Commercial Portfolio Segment [Member]
Recorded investment
Unpaid principal balance
Interest income recognized, with related allowance
Average recorded investment		1,849,086		3,897,825
Interest income recognized
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
Average recorded investment, with no related allowance		1,467,371		2,167,256
Interest income recognized, with no related allowance
Average recorded investment, with related allowance		381,715		1,730,569
Residential Portfolio Segment [Member]
Recorded investment	3,323,884		3,323,884		5,374,061
Unpaid principal balance	2,834,567		2,834,567		4,883,866
Interest income recognized, with related allowance
Average recorded investment	3,741,630	7,278,422	4,320,664	6,501,620
Interest income recognized	4,912	5,183	9,893	10,430
Recorded investment, with no related allowance	221,341		221,341		228,349
Unpaid principal balance, with no related allowance	221,341		221,341		228,349
Recorded investment, with related allowance	3,102,543		3,102,543		5,145,712
Unpaid principal balance, with related allowance	2,613,226		2,613,226		4,655,517
Related allowance	445,065		445,065		732,712
Average recorded investment, with no related allowance	222,526	7,278,422	224,284	6,501,620
Interest income recognized, with no related allowance	4,912	5,183	9,893	10,430
Average recorded investment, with related allowance	3,519,104		4,096,380
Land Portfolio Segment [Member]
Recorded investment
Unpaid principal balance
Interest income recognized, with related allowance
Average recorded investment
Interest income recognized
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
Average recorded investment, with no related allowance
Interest income recognized, with no related allowance
Average recorded investment, with related allowance

Note 4 - Investment in Limite34

Note 4 - Investment in Limited Liability Company (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jul. 31, 2008
Income (Loss) from Equity Method Investments	$ 46,092	$ 44,686	$ 90,084	$ 87,310
Proceeds from Equity Method Investment, Distribution			90,001	87,000
1850 [Member]
Number of Real Estate Properties					2
Income (Loss) from Equity Method Investments	46,000	45,000	90,000	87,000
Number of Companies					2
Proceeds from Equity Method Investment, Distribution	$ 90,000	$ 87,000	$ 90,000	$ 87,000

Note 5 - Real Estate Held for35

Note 5 - Real Estate Held for Sale (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale		3	3	4
Real Estate Properties, Transfer to Held for Investment from Held for Sale	$ 382,000	$ 5,869,000	$ 1,844,000	$ 10,052,000
Proceeds from Sale of Other Real Estate			872,000	6,479,000
Gain (Loss) on Sale of Properties	13,877,715		13,877,534	4,838,815
Impairment of Real Estate	$ 281,626	$ 2,110,150	$ 281,626	$ 2,110,150
Foreclosed [Member]
Mortgage Loans on Real Estate, Number of Loans	0		0
Land Property [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale	2	1	2	1
Number of Real Estate Properties Sold			1
Marinas [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale			1
Impairment of Real Estate		$ 2,110,000
Office Property [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale		1		1
Number of Real Estate Properties Sold			1	1
Golf Course [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale		1		1
Condominium Property [Member]
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale				1
Proceeds from Sale of Other Real Estate	$ 51,206,000
Gain (Loss) on Sale of Properties	$ 13,878,000
Number of Real Estate Properties Sold	6
Marina Property Located in Bethel Island, California [Member]
Impairment of Real Estate	$ 282,000		$ 282,000
Industrial Property [Member]
Number of Real Estate Properties Sold				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
Office Property in Oakdale, California [Member] | Foreclosed [Member]
Mortgage Loans on Real Estate, Number of Loans		1
Unimproved Residential and Commercial Land Located in Gypsum Colorado [Member]
Impairment of Real Estate				$ 2,110,000

Note 5 - Real Estate Held for36

Note 5 - Real Estate Held for Sale - Properties Acquired Through Foreclosure (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real estate held for sale	$ 49,029,885	$ 75,843,635
Residential [Member]
Real estate held for sale	25,618,065
Improved and Unimproved Land [Member]
Real estate held for sale	12,759,511	73,140,659
Retail Site [Member]
Real estate held for sale	7,500,622
Golf Course [Member]
Real estate held for sale	1,970,437	1,970,437
Marinas [Member]
Real estate held for sale	1,181,250
Office Building [Member]
Real estate held for sale		$ 732,539

Note 6 - Real Estate Held for37

Note 6 - Real Estate Held for Investment (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Depreciation	$ 289,000	$ 291,000	$ 584,000	$ 619,000
Minimum [Member]
Remaining Term on Lease			1 year
Maximum [Member]
Remaining Term on Lease			7 years

Note 6 - Real Estate Held for38

Note 6 - Real Estate Held for Investment - Real Estate Held for Investment (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real estate held for investment	$ 38,898,694	$ 40,431,190
Less: Accumulated depreciation	(3,652,206)	(3,151,427)
Real estate held for investment	35,246,489	37,279,763
Land and land improvements	10,395,585	11,520,339
Buildings and improvements	28,503,109	28,910,851
Retail Site [Member]
Real estate held for investment	16,836,174	16,829,995
Improved and Unimproved Land [Member]
Real estate held for investment	3,861,785	4,234,806
Residential [Member]
Real estate held for investment	2,381,216	2,405,439
Assisted Care Facility [Member]
Real estate held for investment	5,737,417	5,820,709
Office Building [Member]
Real estate held for investment	3,890,996	3,962,869
Marinas [Member]
Real estate held for investment	$ 2,538,901	$ 4,025,945

Note 6 - Real Estate Held for39

Note 6 - Real Estate Held for Investment - Future Minimum Rental Income From Noncancellable Operating Leases (Details)	Jun. 30, 2017USD ($)
2,018	$ 2,300,369
2,019	1,826,512
2,020	1,146,133
2,021	738,998
2,022	608,491
Thereafter (through 2024)	781,334
Total	$ 7,401,837

Note 7 - Line of Credit Payab40

Note 7 - Line of Credit Payable (Details Textual) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended
	Mar. 31, 2016	Apr. 30, 2014	Feb. 28, 2014	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 01, 2016
Interest Expense				$ 362,174	$ 1,005,703	$ 648,975	$ 1,688,755
CB & T Credit Facility [Member]
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%
Amortization of Debt Issuance Costs				40,000	32,000	77,000	66,000
Debt Issuance Costs, Line of Credit Arrangements, Gross			$ 177,000
Loan Processing Fee	$ 255,000		$ 100,000
Interest Expense				$ 71,000	304,000	$ 231,000	493,000
CB & T Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Interest Rate, Stated Percentage				4.50%		4.50%
Revolving Credit Facility [Member] | Opus Credit Facility [Member]
Amortization of Debt Issuance Costs					19,000		38,000
Debt Issuance Costs, Line of Credit Arrangements, Gross		$ 231,000
Interest Expense					$ 124,000		$ 233,000
Revolving Credit Facility [Member] | Opus Credit Facility [Member] | Minimum [Member] | Contingency Reserves [Member]
Loan Processing Fee		$ 100,000

Note 7 - Line of Credit Payab41

Note 7 - Line of Credit Payable - Credit Facilities (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Lines of credit payable		$ 4,976,000
CB and T [Member]
Lines of credit, commitment	42,826,000	22,625,000
Lines of credit payable		$ 4,976,000

Note 7 - Line of Credit Payab42

Note 7 - Line of Credit Payable - Loans Securing Credit Facility (Details) - CB and T [Member]	Jun. 30, 2017USD ($)
Carrying amount of loans securing CB&T Facility	$ 66,513,840
Commercial Loan [Member]
Carrying amount of loans securing CB&T Facility	63,568,733
Residential Real Estate [Member]
Carrying amount of loans securing CB&T Facility	$ 2,945,107

Note 8 - Notes and Loans Paya43

Note 8 - Notes and Loans Payable on Real Estate (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2014	Mar. 31, 2017	Dec. 31, 2016
Repayments of Notes Payable				$ 8,973,282	$ 333,587
Debt Issuance Costs, Net		$ 344,463		344,463				$ 462,515
Interest Expense		362,174	$ 1,005,703	648,975	1,688,755
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member]
Debt Instrument, Face Amount						$ 14,500,000
Proceeds from Issuance of Debt						$ 10,445,000
Debt Instrument, Unused Borrowing Capacity, Amount		3,830,000		3,830,000
Debt Instrument, Interest Rate, Stated Percentage							3.47%
Amortization of Debt Issuance Costs		9,000	9,000	$ 18,000	18,000
Debt Instrument, Amortization Period				25 years
Debt Issuance Costs, Gross		218,000		$ 218,000
Interest Expense		126,000	$ 129,000	253,000	$ 259,000
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Closing Fee [Member]
Debt Issuance Costs, Gross		108,750		$ 108,750
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%
Loan Agreement [Member] | ZRV and ZRV II [Member] | Western Alliance Bank [Member]
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
Repayments of Notes Payable		8,779,000
Debt Agreement, Origination Fee Obligation	310,000
Debt Issuance Costs, Net	$ 400,000
Amortization of Debt Issuance Costs		26,000		$ 76,000
Interest Costs Capitalized		183,000		$ 472,000
Interest Expense		$ 165,000
Loan Agreement [Member] | ZRV and ZRV II [Member] | Western Alliance Bank [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Instrument, Interest Rate, Effective Percentage		5.75%		5.75%
Loan Agreement [Member] | ZRV and ZRV II [Member] | Western Alliance Bank [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%

Note 8 - Notes and Loans Paya44

Note 8 - Notes and Loans Payable on Real Estate - Notes and Loans Payable Outstanding (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Debt instrument, outstanding	$ 31,199,418	$ 33,848,449
Less unamortized deferred financing costs	(344,463)	(462,515)
Notes and loans payable, net	$ 30,854,955	$ 33,385,934
Tahoe Stateline Venture, LLC [Member] | TSV Credit Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.47%	3.47%
Debt instrument, outstanding	$ 13,440,401	$ 13,634,889
Zalanta Resort at the Village, LLC [Member] | Loan Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.75%	5.25%
Debt instrument, outstanding	$ 17,759,017	$ 20,213,560

Note 8 - Notes and Loans Paya45

Note 8 - Notes and Loans Payable on Real Estate - Notes and Loans Payable Maturities (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
2,018	$ 18,158,249
2,019	413,308
2,020	427,880
2,021	12,199,981
2,022
Total	$ 31,199,418	$ 33,848,449

Note 9 - Transactions With Af46

Note 9 - Transactions With Affiliates (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Management Fee Expense	$ 1,006,680	$ 825,149	$ 1,954,194	$ 1,590,664
Professional and Contract Services Expense	91,516	75,014	177,654	144,606
Due to Related Parties	428,652		428,652		$ 360,627
Late Fee Income Generated by Servicing Financial Assets, Amount	8,000	4,000	22,000	6,000
Ancillary Fee Income Generated by Servicing Financial Assets, Amount	6,000	4,000	10,000	9,000
Loan Fees Earned by OFG	823,000	1,351,000	535,000	1,253,000
Owens Financial Group Inc. [Member]
Related Party Transaction, Amounts of Transaction	97,000	106,000	190,000	219,000
Due to Related Parties	30,000		30,000		36,000
Loans Originated or Extended	36,356,000	$ 63,011,000	19,015,000	54,165,000
OFG Officers [Member]
Related Party Transaction, Amounts of Transaction			1,000	0
Investors Yield Inc. [Member]
Related Party Transaction, Amounts of Transaction			$ 0	$ 3,000
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	$ 399,000		$ 399,000		$ 324,000

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity (Details Textual) - USD ($)	Jul. 13, 2017	Jun. 13, 2017	Apr. 13, 2017	Mar. 16, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 09, 2017	Dec. 11, 2015
Common Stock, Dividends, Per Share, Declared		$ 0.10		$ 0.08	$ 0.10		$ 0.08	$ 0.18	$ 0.16
Payments of Dividends			$ 819,798					$ 2,222,294	$ 2,953,253
The 2016 Repurchase Plan [Member]
Stock Repurchase Program, Authorized Amount											$ 7,500,000
Treasury Stock, Shares, Acquired						0
The 2017 Repurchase Plan [Member]
Stock Repurchase Program, Authorized Amount										$ 10,000,000
Subsequent Event [Member]
Payments of Dividends	$ 1,024,748
Subsequent Event [Member] | The 2017 Repurchase Plan [Member]
Treasury Stock, Shares, Acquired	44,253
Treasury Stock, Value, Acquired, Cost Method	$ 762,000
Treasury Stock Acquired, Average Cost Per Share	$ 17.21

Note 11 - Restricted Cash (Deta

Note 11 - Restricted Cash (Details Textual) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Contingency Reserves as a Percent of Capital	1.50%
Restricted Cash and Cash Equivalents	$ 6,500,000	$ 6,500,000
Contingency Reserves [Member]
Restricted Cash and Cash Equivalents	3,777,000	3,738,000
Contingency Reserves [Member] | Minimum [Member]
Restricted Cash and Cash Equivalents	$ 6,500,000	$ 6,500,000

Note 12 - Fair Value (Details T

Note 12 - Fair Value (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Liabilities, Fair Value Disclosure, Recurring	$ 0		$ 0		$ 0
Assets, Fair Value Disclosure, Recurring	0		0		0
Allowance for Loan and Lease Losses, Adjustments, Other	(137,244)	$ (274,920)	(175,280)	$ (385,995)
Impairment of Real Estate	281,626	2,110,150	281,626	2,110,150
Liabilities, Fair Value Disclosure, Nonrecurring	0		0		$ 0
Excluding Loan Loss Reversal Foreclosed Loan [Member]
Allowance for Loan and Lease Losses, Adjustments, Other	$ 0	$ 48,000	$ 0	$ 38,000

Note 12 - Fair Value - Assets a

Note 12 - Fair Value - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Impaired Loans [Member]
Assets at fair value	$ 2,657,478	$ 4,413,000
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [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]
Assets at fair value	2,657,478	4,413,000
Impaired Loans [Member] | Residential Portfolio Segment [Member]
Assets at fair value	2,657,478	4,413,000
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member]
Assets at fair value
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member]
Assets at fair value
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]
Assets at fair value	2,657,478	4,413,000
Real Estate Properties [Member]
Assets at fair value	1,181,250	872,037
Real Estate Properties [Member] | Fair Value, Inputs, Level 1 [Member]
Assets at fair value
Real Estate Properties [Member] | Fair Value, Inputs, Level 2 [Member]
Assets at fair value
Real Estate Properties [Member] | Fair Value, Inputs, Level 3 [Member]
Assets at fair value	1,181,250	872,037
Real Estate Properties [Member] | Commercial Portfolio Segment [Member]
Assets at fair value	1,181,250	732,539
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member]
Assets at fair value
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member]
Assets at fair value
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]
Assets at fair value	$ 1,181,250	732,539
Real Estate Properties [Member] | Land Portfolio Segment [Member]
Assets at fair value		139,498
Real Estate Properties [Member] | Land Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member]
Assets at fair value
Real Estate Properties [Member] | Land Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member]
Assets at fair value
Real Estate Properties [Member] | Land Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]
Assets at fair value		$ 139,498

Note 12 - Fair Value - Level 3

Note 12 - Fair Value - Level 3 Fair Value Measurements for Financial Instruments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Impaired Loans [Member]
Assets at fair value	$ 2,657,478	$ 4,413,000
Impaired Loans [Member] | Residential Portfolio Segment [Member]
Assets at fair value	2,657,478	4,413,000
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member]
Assets at fair value		$ 4,413,000
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Minimum [Member]
Assets at fair value, comparable sales adjustment		(4.60%)
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Maximum [Member]
Assets at fair value, comparable sales adjustment		4.20%
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Cost Approach Valuation Technique [Member]
Assets at fair value	$ 2,657,478
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Cost Approach Valuation Technique [Member] | Minimum [Member]
Assets at fair value, comparable sales adjustment	(4.60%)
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Cost Approach Valuation Technique [Member] | Weighted Average [Member]
Assets at fair value, comparable sales adjustment	4.20%
Real Estate Properties [Member]
Assets at fair value	$ 1,181,250	$ 872,037
Real Estate Properties [Member] | Land Portfolio Segment [Member]
Assets at fair value		139,498
Real Estate Properties [Member] | Land Portfolio Segment [Member] | Cost Approach Valuation Technique [Member]
Assets at fair value		$ 139,498
Assets at fair value, comparable sales adjustment		(33.70%)
Real Estate Properties [Member] | Commercial Portfolio Segment [Member]
Assets at fair value	1,181,250	$ 732,539
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Cost Approach Valuation Technique [Member]
Assets at fair value	$ 1,181,250	$ 732,539
Assets at fair value, comparable sales adjustment		7.30%
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Cost Approach Valuation Technique [Member] | Minimum [Member]
Assets at fair value, comparable sales adjustment		(5.00%)
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Cost Approach Valuation Technique [Member] | Maximum [Member]
Assets at fair value, comparable sales adjustment	(26.50%)	5.00%
Real Estate Properties [Member] | Commercial Portfolio Segment [Member] | Cost Approach Valuation Technique [Member] | Weighted Average [Member]
Assets at fair value, comparable sales adjustment

Note 12 - Fair Value - Carrying

Note 12 - Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Inputs, Level 1 [Member]
Line of credit payable
Notes and loans payable
Cash and cash equivalents	4,672,000	434,000
Restricted cash	6,500,000	6,500,000
Loans, net
Investment in limited liability company
Accrued interest and advances receivable
Accrued interest payable
Fair Value, Inputs, Level 2 [Member]
Line of credit payable		4,976,000
Notes and loans payable	17,759,000	20,213,000
Cash and cash equivalents
Restricted cash
Loans, net
Investment in limited liability company
Accrued interest and advances receivable
Accrued interest payable	84,000	97,000
Fair Value, Inputs, Level 3 [Member]
Line of credit payable
Notes and loans payable	12,655,000	13,499,000
Cash and cash equivalents
Restricted cash
Loans, net	156,754,000	126,652,000
Investment in limited liability company	2,650,000	2,650,000
Accrued interest and advances receivable	1,499,000	1,328,000
Accrued interest payable	39,000	40,000
Reported Value Measurement [Member]
Line of credit payable		4,976,000
Notes and loans payable	31,199,000	33,849,000
Cash and cash equivalents	4,672,000	434,000
Restricted cash	6,500,000	6,500,000
Loans, net	157,030,000	126,975,000
Investment in limited liability company	2,141,000	2,140,000
Accrued interest and advances receivable	1,499,000	1,328,000
Accrued interest payable	123,000	137,000
Estimate of Fair Value Measurement [Member]
Line of credit payable		4,976,000
Notes and loans payable	30,414,000	33,712,000
Cash and cash equivalents	4,672,000	434,000
Restricted cash	6,500,000	6,500,000
Loans, net	156,754,000	126,652,000
Investment in limited liability company	2,650,000	2,650,000
Accrued interest and advances receivable	1,499,000	1,328,000
Accrued interest payable	$ 123,000	$ 137,000

Note 13 - Commitments and Con53

Note 13 - Commitments and Contingencies (Details Textual)	6 Months Ended
	Jun. 30, 2017USD ($)
Contractual Obligation	$ 33,636,000
Interest Reserves [Member]
Contractual Obligation	4,720,000
Zalanta Resort at the Village, LLC [Member]
Contractual Obligation Incurred	34,042,000
Other Construction Costs	5,395,000
Construction Costs Incurred and Other Costs	39,437,000
Contractual Obligation	$ 34,285,000

Note 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual)	Aug. 07, 2017
Subsequent Event [Member]
Interim Management Fee, Input, Percentage of Opening Stockholders' Equity Balance	1.50%