Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 13, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | Jernigan Capital, Inc. | |
Entity Central Index Key | 1,622,353 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Trading Symbol | JCAP | |
Entity Common Stock, Shares Outstanding | 6,110,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Cash | $ 88,444 | $ 1 |
Restricted cash | 106 | 15 |
First mortgages | 14,429 | 0 |
Mezzanine loans | 6,424 | 0 |
Other investment | 881 | 0 |
Interest receivable | 32 | 0 |
Other assets | 86 | 0 |
Total Assets | 110,402 | 16 |
LIABILITIES: | ||
Due to Manager | 698 | 0 |
Accounts payable, accrued expenses, and other liabilities | 416 | 15 |
Dividends payable | 2,139 | 0 |
Total Liabilities | $ 3,253 | $ 15 |
Jernigan Capital, Inc. stockholders’ equity: | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding at June 30, 2015 and December 31, 2014, respectively; | ||
Common stock, $0.01 par value, 500,000,000 and 1,000 shares authorized at June 30, 2015 and December 31, 2014, respectively; 6,110,000 and 1,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | $ 61 | $ 0 |
Additional paid-in capital | 110,364 | 1 |
Accumulated deficit | (3,426) | 0 |
Total Jernigan Capital, Inc. stockholders’ equity | 106,999 | 1 |
Non-controlling interests | 150 | 0 |
Total equity | 107,149 | 1 |
Total Liabilities and Equity | $ 110,402 | $ 16 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Preferred Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500,000,000 | 1,000 |
Common Stock, Shares Issued | 6,110,000 | 1,000 |
Common Stock, Shares Outstanding | 6,110,000 | 1,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Net interest income: | ||
Interest income from real estate loans | $ 145 | $ 145 |
Net interest income | 145 | 145 |
Expenses: | ||
General and administrative expenses reimbursed to affiliate | 520 | 520 |
General and administrative expenses | 120 | 266 |
Unreimbursed investment expenses | 150 | 150 |
Management fees to affiliate | 409 | 409 |
Deferred termination fee to affiliate | 150 | 150 |
Total expenses | 1,349 | 1,495 |
Other interest income | 63 | 63 |
Net Loss | $ (1,141) | $ (1,287) |
Basic and diluted net loss per share of common stock (in dollars per share) | $ (0.20) | $ (0.44) |
Basic and diluted weighted average shares of common stock outstanding (in shares) | 5,934,066 | 2,983,425 |
Dividend declared per share of common stock (in dollars per share) | $ 0.35 | $ 0.35 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Cash flows from operating activities: | |
Net loss | $ (1,287) |
Stock-based compensation | 34 |
Deferred termination fee to affiliate | 150 |
Interest capitalized on outstanding loans | (80) |
Accretion of deferred loan origination fees and costs | (3) |
Changes in operating assets and liabilities: | |
Interest receivable | (32) |
Other assets | (86) |
Due to Manager | 698 |
Accounts payable, accrued expenses, and other liabilities | 206 |
Net cash used in operating activities | (400) |
Cash flows from investing activities | |
Funding of first mortgages | (14,343) |
Funding of mezzanine loans | (6,424) |
Acquisition of other investment | (881) |
Net cash used in investing activities | (21,648) |
Cash flows from financing activities | |
Net proceeds from issuance of common stock | 110,491 |
Net cash provided from financing activities | 110,491 |
Net change in cash and cash equivalents | 88,443 |
Cash and cash equivalents at the beginning of the year | 1 |
Cash and cash equivalents at the end of the period | 88,444 |
Supplemental disclosures of non-cash activities: | |
Restricted Cash - customer due diligence deposits and retained borrower funds for loan costs | 91 |
Accrued offering costs | 100 |
Accounts payable withheld from loan funding | 3 |
Retirement of common stock | 1 |
Dividend declared | $ 2,139 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Parent [Member] | Non-Controlling Interests [Member] |
Balance at Dec. 31, 2014 | $ 1 | $ 0 | $ 1 | $ 0 | $ 1 | $ 0 |
Balance (in shares) at Dec. 31, 2014 | 1,000 | |||||
Retirement of stock | (1) | $ 0 | (1) | 0 | (1) | 0 |
Retirement of stock (in shares) | (1,000) | |||||
Public offering of common stock | 115,000 | $ 58 | 114,942 | 0 | 115,000 | 0 |
Public offering of common stock (in shares) | 5,750,000 | |||||
Private placement of common stock | 5,000 | $ 2 | 4,998 | 0 | 5,000 | 0 |
Private placement of common stock (in shares) | 250,000 | |||||
Equity offering costs | (9,609) | $ 0 | (9,609) | 0 | (9,609) | 0 |
Issuance of restricted stock | 0 | $ 1 | (1) | 0 | 0 | 0 |
Issuance of restricted stock (in shares) | 110,000 | |||||
Stock-based compensation | 34 | $ 0 | 34 | 0 | 34 | 0 |
Deferred termination fee to affiliate | 150 | 0 | 0 | 0 | 0 | 150 |
Dividends declared | (2,139) | 0 | 0 | (2,139) | (2,139) | 0 |
Net loss | (1,287) | 0 | 0 | (1,287) | (1,287) | 0 |
Balance at Jun. 30, 2015 | $ 107,149 | $ 61 | $ 110,364 | $ (3,426) | $ 106,999 | $ 150 |
Balance (in shares) at Jun. 30, 2015 | 6,110,000 |
ORGANIZATION AND FORMATION OF T
ORGANIZATION AND FORMATION OF THE COMPANY | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND FORMATION OF THE COMPANY Jernigan Capital, Inc. (together with its consolidated subsidiaries, the “Company”) makes debt and equity investments in newly-constructed and existing self-storage facilities. The Company is a Maryland corporation that was organized on October 1, 2014. The Company closed its initial public offering of its common stock (the “IPO”) on April 1, 2015, and has used proceeds of the IPO primarily to fund real estate loans to private developers, owners and operators of self-storage facilities. The Company is structured as an Umbrella Partnership REIT (“UPREIT”) and conducts its investment activities through its wholly owned operating partnership, Jernigan Capital Operating Partnership L.P. (the “Operating Partnership”). The Operating Partnership is a consolidated subsidiary of the Company. The Company intends to elect to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for its taxable year ending December 31, 2015. As a REIT, the Company generally will not be subject to U.S. federal income taxes on REIT taxable income, determined without regard to the deduction for dividends paid and excluded capital gains, to the extent that it annually distributes all of its REIT taxable income to stockholders and complies with various other requirements for qualification as a REIT set forth in the Code. |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | 2. GENERAL The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited interim financial statements include all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods included herein. Substantially all operations are conducted through the Operating Partnership, which is a wholly-owned subsidiary of the Company and of which the Company is the sole General Partner. The Operating Partnership was formed on March 5, 2015. All significant intercompany transactions and balances have been eliminated in consolidation. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Offering Costs Underwriting commissions and offering costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in capital. Offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s common stock. Organization Costs Costs incurred to organize the Company are expensed as incurred. Fair Value Measurement Under FASB ASC Topic 820, “Fair Value Measures and Disclosures,” the fair value of financial instruments will be categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the balance sheet will be categorized based on the inputs to the valuation techniques as follows: Level 1 Quoted prices for identical assets or liabilities in an active market. Level 2 Financial assets and liabilities whose values are based on the following: (i) Quoted prices for similar assets or liabilities in active markets; (ii) Quoted prices for identical or similar assets or liabilities in non-active markets; (iii) Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement. As of December 31, 2014, the Company’s only financial instrument was cash, and as of June 30, 2015, the Company’s financial instruments consisted of cash, restricted cash, originated loans, receivables and payables. The fair value of the financial instruments was estimated to approximate their respective carrying amounts. The carrying values of cash, restricted cash, receivables and payables approximate their fair values due to their short-term nature. These instruments are categorized as Level 1 instruments in the measurement of fair value. The loans are categorized as Level 3 instruments in the measurement of fair value. The carrying value of loans approximates their fair values. To determine estimated fair values of the loans, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. Restricted Cash The Company’s restricted cash balance includes customer due diligence deposits made in advance of prospective loan closings, as well as borrower funds retained for future loan related expenses. Under term sheets and loan agreements with prospective borrowers, the Company is permitted to utilize such deposits to pay third party (plan review, inspection, environmental, appraisal and legal) costs incurred by the Company in the due diligence or closing of loans. Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discount, unearned loan fees and an allowance for loan losses. The allowance for loan losses will be established through a provision for loan losses charged to expense in accordance with Financial Accounting Standards Board (“FASB”) Topic Accounting Standards Codification (“ASC”) 310, “Receivables.” Loan principal considered to be uncollectible by management is charged against the allowance for loan losses. The allowance will be an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation will take into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay. In connection with the Company’s lending activities, management may also originate certain acquisition, development, and construction loans with certain participation arrangements that will be accounted for under FASB ASC Topic 310-10-25, Receivables. Interest income will accrue as earned on a simple interest basis. Accrual of interest will be discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company will recognize income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan losses. Interest that had accrued in the current year is reversed out of current period income. The allowance for loan losses will represent management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses will be increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable will be charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The evaluation of the adequacy of the allowance for loan losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications. A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment will be measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses will be established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. The Company has determined that an allowance for loan losses was not necessary at June 30, 2015. Origination Fees and Costs The Company offsets its loan origination fee with its related direct loan origination costs and the net amount is deferred and recognized as an adjustment to loan yield in interest income as required by ASC 310. These direct loan costs only include the salaries and benefits required to evaluate, negotiate, prepare, process and close a loan transaction. The direct loan origination costs were determined by examining the average salaries of the loan personnel of the Manager, and by examining the average hours required by the loan personnel to evaluate negotiate, prepare, process and close a loan. Employees’ compensation and fringe benefits related to unsuccessful loan origination efforts and other lending-related costs are charged to expense as incurred. Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. In accordance with FASB ASC Topic 815, “Derivatives and Hedging,” management will measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in the Company’s balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which management elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument will be recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative will be reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges will be recognized in earnings. As of June 30, 2015, the Company had not entered into any derivative instruments. Variable Interest Entities A Variable Interest Entity (“VIE”) is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management will base the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management will reassess the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management will determine whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. Management will analyze and evaluate new investments and financings to determine whether they are a VIE, as well as reconsideration events for existing investments and financings, which may vary depending on type of investment or financing. As of June 30, 2015, the Company had no financings or investments with entities that are VIEs. Equity Investments The Company may report certain limited portions of its investments as investments in joint ventures. Investments in joint ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method as prescribed by FASB ASC 323-30, Investments Equity Method and Joint Ventures, Partnerships, Joint Ventures, and Limited Liability Entities Recent Accounting Pronouncements In January 2014, the FASB issued an Accounting Standards Update (“ASU”) 2014-04, ReceivablesTroubled Debt Restructurings by Creditors (Sub Topic 310-40)Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure occurs and requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on future results of operations or financial condition. In June 2014, the FASB issued ASU 2014-10, Development Stage Entities: Elimination of Certain Financial Reporting Requirements, Including Amendment to Variable Interest Entities Guidelines in Topic 810, Consolidation. The standard will eliminate the reporting requirements for certain disclosures for development stage entities. Public entities are required to apply the presentation and disclosure requirements for annual reporting periods effective January 1, 2015. The Company has adopted this guidance effective April 1, 2015, and it did not have a material impact on the reporting of results of operations or financial condition. In February 2015, the FASB issued guidance that requires an entity to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption will have a material impact on its consolidated financial statements. In April 2015, the FASB issued guidance that simplifies presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discount or premiums. The recognition guidance for debt issuance costs are not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015. The Company does not expect adoption will have a material impact on its consolidated financial statements. Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Income Taxes The Company intends to elect to be taxed as a REIT and to comply with the related provisions of the Code commencing with its taxable year ending December 31, 2015. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company expects to have no taxable income prior to electing REIT status. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. Comprehensive Income For the three and six months ended June 30, 2015, comprehensive income equaled net income; therefore, a separate consolidated statement of comprehensive income is not included in the accompanying consolidated financial statements. |
LOANS AND OTHER INVESTMENT
LOANS AND OTHER INVESTMENT | 6 Months Ended |
Jun. 30, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block] | 4. LOANS AND OTHER INVESTMENT As of June 30, 2015, the Company had made loans 49.9 0.8 The aggregate originated commitment under these investments at closing was approximately $ 74.5 22.4 6.90 72 49.9 Outstanding Unamortized Loans Principal (1) Fees/Costs Net Balance First mortgages $ 14,998 $ 569 $ 14,429 Mezzanine loans 6,535 111 6,424 Other investment 889 8 881 Total $ 22,422 $ 688 $ 21,734 (1) Outstanding Principal includes capitalization of interest. Metropolitan Closing Statistical Commitment Unfunded Date Area (MSA) Type of Loan Amount Total Fundings Commitment 4/9/2015 Detroit Refinance $ 3,182 $ 3,182 $ - 4/21/2015 Orlando Development 5,333 1,717 3,616 5/14/2015 Miami Development 13,867 1,679 12,188 5/14/2015 Miami Development 14,849 2,681 12,168 6/8/2015 Dallas Development 7,243 2,771 4,472 6/10/2015 Atlanta Development 8,132 3,504 4,628 6/19/2015 New Orleans Refinance 2,800 2,800 - 6/19/2015 Tampa Development 5,370 1,805 3,565 6/26/2015 Atlanta Development 6,050 1,915 4,135 6/29/2015 Charlotte Development 7,624 368 7,256 Totals $ 74,450 $ 22,422 $ 52,028 Development loan types are predominantly comprised of a first mortgage and a mezzanine loan, with the exception of the Orlando Metropolitan Statistical Area (MSA) which is comprised of a first mortgage and preferred equity investment. Refinance loan types consist of only a first mortgage on an existing stabilized property. Credit Quality Indicator The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. Asset quality ratings are divided into two groups: Pass (unclassified) and Classified. Within the unclassified group, certain loans that display potential weakness are risk rated as special mention. In addition, there are three classified risk ratings: substandard, doubtful and loss. These specific credit risk categories are defined as follows: Special Mention. Loans classified as special mention have potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loss. Loans classified as loss are considered uncollectible and of such little value, that continuance as assets is not warranted. Although there may be a chance of recovery on these assets, it is not practical or desirable to defer writing off the asset. The Company monitors loans on a monthly basis to determine if they should be included in one of the categories listed above. All impaired credits classified as Substandard, Doubtful or Loss are analyzed on an individual basis for a specific reserve requirement. This analysis is performed on each individual credit at least quarterly or more frequently if warranted. As of June 30, 2015, all loans have been originated within 90 days. The Company noted no material change in credit quality for all loans and were categorized as pass, without special mention. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 5. STOCKHOLDERS’ EQUITY The Company was organized in Maryland on October 1, 2014, and under the Company’s Articles of Incorporation, as amended, the Company is authorized to issue up to 500,000,000 100,000,000 1,000 1,000 Common Stock Offering On April 1, 2015, the Company closed its IPO and received $ 93.0 5.0 5,000,000 250,000 1,000 On April 9, 2015, the Company completed the sale of shares of common stock to the underwriters of its IPO pursuant to the underwriters’ over-allotment option. The Company issued 750,000 14.0 Equity Incentive Plan In connection with the IPO, the Company established the 2015 Equity Incentive Plan for the purpose of attracting and retaining directors, executive officers, investment professionals and other key personnel and service providers, including officers and employees of the Manager and other affiliates, and to stimulate their efforts toward our continued success, long-term growth and profitability. The 2015 Equity Incentive Plan provides for the grant of stock options, share awards (including restricted common stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity-based awards, including Long-Term Incentive Plan (“LTIP”) units, which are convertible on a one-for-one basis into Operating Partnership (“OP”) Units. A total of 200,000 2,500 10,000 100,000 Restricted Stock Awards The 2015 Equity Incentive Plan permits the issuance of restricted stock awards to employees and nonemployee directors. Nonvested shares at June 30, 2015 aggregated 110,000, of which none will vest during 2015, 23,333 20,000 The Company recognized approximately $ 34.0 0.2 Weighted average grant Shares date fair value Nonvested at beginning of year - $ - Granted 110,000 20.13 Vested - - Forfeited - - Nonvested shares at end of period 110,000 $ 20.13 Nonvested restricted shares receive dividends which are nonforfeitable. |
DIVIDENDS & DISTRIBUTIONS
DIVIDENDS & DISTRIBUTIONS | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Preferred Stock [Text Block] | 6. DIVIDENDS & DISTRIBUTIONS The following table summarizes the Company’s dividends declared during the six months ended June 30, 2015: Per share Date declared Record date Payment date amount Total amount June 3, 2015 July 6, 2015 July 15, 2015 $ 0.35 $ 2,139 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 7. EARNINGS PER SHARE For the three For the six months ended months ended June 30, 2015 June 30, 2015 Numerator: Net loss $ (1,141) $ (1,287) Less: Dividends declared on unvested restricted shares (39) (39) Net loss attributable to common shareholders $ (1,180) $ (1,326) Denominator: Weighted-average number of common shares basic 5,934,066 2,983,425 Unvested restricted stock shares (1) - - Weighted-average number of common shares diluted 5,934,066 2,983,425 Net loss per share attributable to common stockholders $ (0.20) $ (0.44) (1) Anti-dilutive for the three and six months ended June 30, 2015 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 8. RELATED PARTY TRANSACTIONS The Company’s founder was reimbursed for $ 0.1 0.1 On April 1, 2015, the Company entered into a management agreement with its Manager. Pursuant to the terms of the management agreement, the Manager will be responsible for (a) the Company’s day-to-day operations, (b) determining investment criteria and strategy in conjunction with the Company’s Board of Directors, (c) sourcing, analyzing, originating, underwriting, structuring, and acquiring the Company’s portfolio investments, and (d) performing portfolio management duties. The Manager has an Investment Committee that approves investments in accordance with the Company’s investment guidelines, investment strategy, and financing strategy. On April 1, 2015, concurrent with its initial public offering, the Company received $ 5.0 250,000 The initial term of the management agreement will be five years, with up to a maximum of three, one-year extensions that end on the applicable anniversary of the completion of the Company’s offering. The Company’s independent directors will review the Manager’s performance annually. Following the initial term, the management agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors based upon: (a) the Manager’s unsatisfactory performance that is materially detrimental to the Company; or (b) the Company’s determination that the management fees payable to the Manager are not fair, subject to the Manager’s right to prevent termination based on unfair fees by accepting a reduction of management fees agreed to by at least two-thirds of the independent directors. The Company will provide its Manager with 180 days’ prior notice of such a termination. Upon such a termination, the Company will pay the Manager a termination fee except as provided below. No later than 180 days prior to the end of the initial term of the management agreement, the Manager will offer to contribute to the Company’s Operating Partnership at the end of the initial term all of the assets or equity interests in the Manager at the internalization price and on such terms and conditions included in a written offer provided by the Manager. Upon receipt of the Manager’s initial internalization offer, a special committee consisting solely of the Company’s independent directors may accept the Manager’s proposal or submit a counter offer to the Manager. If the Manager and the special committee are unable to agree, the Manager and the special committee will repeat this process annually during the term of any extension of the management agreement. Acquisition of the Manager pursuant to this process requires a fairness opinion from a nationally recognized investment banking firm and stockholder approval, in addition to approval by the special committee. If the Company does not acquire the assets or equity interests of the Manager in an internalization transaction as described above and the management agreement terminates other than for Cause, voluntary non-renewal by the Manager or the Company being required to register as an investment company under the Investment Company Act of 1940, then the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee equal to the greater of (i) three times the sum of the average annual Base Management Fee and Incentive Fee earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, or (ii) the offer price, which will be based on the lesser of (a) the Manager’s earnings before interest, taxes, depreciation and amortization (adjusted for unusual, extraordinary and non-recurring charges and expenses), or “EBITDA” annualized based on the most recent quarter ended, multiplied by a specific multiple, or EBITDA Multiple, depending on the Company’s achieved total annual return, and (b) the Company’s equity market capitalization multiplied by a specific percentage, or Capitalization Percentage, depending on the Company’s achieved total return (the Internalization Price). 150 The Company also may terminate the management agreement at any time, including during the initial term, without the payment of any termination fee, with 30 days’ prior written notice from the board of directors, for cause. “Cause” is defined as: (i) the Manager’s continued breach of any material provision of the management agreement following a prescribed period; (ii) the occurrence of certain events with respect to the bankruptcy or insolvency of the Manager; (iii) a change of control of the Manager that a majority of the Company’s independent directors determines is materially detrimental to the Company; (iv) the Manager committing fraud against the Company, misappropriating or embezzling the Company’s funds, or acting grossly negligent in the performance of its duties under the management agreement; (v) the dissolution of the Manager; (vi) the Manager fails to provide adequate or appropriate personnel that are reasonably necessary for the Manager to identify investment opportunities for the Company and to manage and develop the Company’s investment portfolio if such default continues uncured for a period of 60 days after written notice thereof, which notice must contain a request that the same be remedied; (vii) the Manager is convicted (including a plea of nolo contendere) of a felony; or (viii) the departure of Mr. Jernigan from the senior management of the Manager, or the Company, during the term of the management agreement other than by reason of death or disability. The Manager may terminate the management agreement if the Company becomes required to register as an investment company under the 1940 Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay the Manager a termination fee. The Manager may also decline to renew the management agreement by providing the Company with 180 days’ written notice, in which case the Company would not be required to pay a termination fee. The management agreement provides for the Manager to earn a base management fee and an incentive fee. In addition, the Company will reimburse certain expenses of the Manager, excluding the salaries and cash bonuses of the Manager’s chief executive officer or chief financial officer, and half of the salary of the president and chief operating officer. In the event that the Company terminates the management agreement per the terms of the agreement, other than for cause or the Company being required to register as an investment company, there will be a termination fee due to the Manager. Amounts reimbursed to the Manager for expenses totaled $ 0.5 Management Fees The Company does not intend to employ personnel. As a result, the Company will rely on the properties, resources and personnel of the Manager to conduct operations. The Company will pay the Manager a base management fee in an amount equal to 0.375 1.5 0.4 Incentive Fee The Manager will be entitled to an incentive fee with respect to each fiscal quarter (or part thereof that the management agreement is in effect) in arrears in cash. The incentive fee will be an amount, not less than zero, determined pursuant to the following formula: IF = .20 times (A minus (B times .08)) minus C In the foregoing formula: • A equals our Core Earnings (as defined below) for the previous 12-month period; • B equals (i) the weighted average of the issue price per share of the Company’s common stock of all of its public offerings of common stock, multiplied by (ii) the weighted average number of all shares of common stock outstanding (including (i) any restricted stock units and any restricted shares of common stock in the previous 12-month period and (ii) shares of common stock issuable upon conversion of outstanding OP Units); and • C equals the sum of any incentive fees earned by the Manager with respect to the first three fiscal quarters of such previous 12-month period. Notwithstanding application of the incentive fee formula, no incentive fee shall be paid with respect to any fiscal quarter unless cumulative annual stockholder total return for the four most recently completed fiscal quarters is greater than 8 For purposes of calculating the incentive fee prior to the completion of a 12-month period following this offering, Core Earnings will be calculated on the basis of the number of days that the management agreement has been in effect on an annualized basis. The Manager will compute each quarterly installment of the incentive fee within 45 days after the end of the fiscal quarter with respect to which such installment is payable and promptly deliver such calculation to the Company’s board of directors. The amount of the installment shown in the calculation will be due and payable no later than the date which is five business days after the date of delivery of such computation to the board of directors. The calculation generally will be reviewed by the board of directors at their regularly scheduled quarterly board meeting. As of June 30, 2015, the Manager did not earn an incentive fee. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than those disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the accompanying consolidated financial statements as of and for the three and six months ended June 30, 2015. On July 2, 2015, the Company closed a $ 6.8 0.8 2.5 The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility On July 8, 2015, the Company funded a $ 3.5 On July 14, 2015, the Company closed a $ 1.6 1.3 The mezzanine loan, which was secured by a pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility 7.5 1.7 1.3 On July 31, 2015, the Company closed a $ 6.2 0.7 0.6 On August 5, 2015, the Company closed a $ 4.8 0.9 On August 10, 2015, the Company closed a $ 4.7 0.6 1.7 |
SIGNIFICANT ACCOUNTING POLICI16
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. |
Offering Costs [Policy Text Block] | Offering Costs Underwriting commissions and offering costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in capital. Offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s common stock. |
Maintenance Cost, Policy [Policy Text Block] | Organization Costs Costs incurred to organize the Company are expensed as incurred. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement Under FASB ASC Topic 820, “Fair Value Measures and Disclosures,” the fair value of financial instruments will be categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the balance sheet will be categorized based on the inputs to the valuation techniques as follows: Level 1 Quoted prices for identical assets or liabilities in an active market. Level 2 Financial assets and liabilities whose values are based on the following: (i) Quoted prices for similar assets or liabilities in active markets; (ii) Quoted prices for identical or similar assets or liabilities in non-active markets; (iii) Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement. As of December 31, 2014, the Company’s only financial instrument was cash, and as of June 30, 2015, the Company’s financial instruments consisted of cash, restricted cash, originated loans, receivables and payables. The fair value of the financial instruments was estimated to approximate their respective carrying amounts. The carrying values of cash, restricted cash, receivables and payables approximate their fair values due to their short-term nature. These instruments are categorized as Level 1 instruments in the measurement of fair value. The loans are categorized as Level 3 instruments in the measurement of fair value. The carrying value of loans approximates their fair values. To determine estimated fair values of the loans, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash The Company’s restricted cash balance includes customer due diligence deposits made in advance of prospective loan closings, as well as borrower funds retained for future loan related expenses. Under term sheets and loan agreements with prospective borrowers, the Company is permitted to utilize such deposits to pay third party (plan review, inspection, environmental, appraisal and legal) costs incurred by the Company in the due diligence or closing of loans. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discount, unearned loan fees and an allowance for loan losses. The allowance for loan losses will be established through a provision for loan losses charged to expense in accordance with Financial Accounting Standards Board (“FASB”) Topic Accounting Standards Codification (“ASC”) 310, “Receivables.” Loan principal considered to be uncollectible by management is charged against the allowance for loan losses. The allowance will be an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation will take into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay. In connection with the Company’s lending activities, management may also originate certain acquisition, development, and construction loans with certain participation arrangements that will be accounted for under FASB ASC Topic 310-10-25, Receivables. Interest income will accrue as earned on a simple interest basis. Accrual of interest will be discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company will recognize income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan losses. Interest that had accrued in the current year is reversed out of current period income. The allowance for loan losses will represent management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses will be increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable will be charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The evaluation of the adequacy of the allowance for loan losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications. A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment will be measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses will be established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. The Company has determined that an allowance for loan losses was not necessary at June 30, 2015. |
Origination Fees and Costs [Policy Text Block] | Origination Fees and Costs The Company offsets its loan origination fee with its related direct loan origination costs and the net amount is deferred and recognized as an adjustment to loan yield in interest income as required by ASC 310. These direct loan costs only include the salaries and benefits required to evaluate, negotiate, prepare, process and close a loan transaction. The direct loan origination costs were determined by examining the average salaries of the loan personnel of the Manager, and by examining the average hours required by the loan personnel to evaluate negotiate, prepare, process and close a loan. Employees’ compensation and fringe benefits related to unsuccessful loan origination efforts and other lending-related costs are charged to expense as incurred. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. In accordance with FASB ASC Topic 815, “Derivatives and Hedging,” management will measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in the Company’s balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which management elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument will be recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative will be reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges will be recognized in earnings. As of June 30, 2015, the Company had not entered into any derivative instruments. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities A Variable Interest Entity (“VIE”) is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management will base the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management will reassess the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management will determine whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. Management will analyze and evaluate new investments and financings to determine whether they are a VIE, as well as reconsideration events for existing investments and financings, which may vary depending on type of investment or financing. As of June 30, 2015, the Company had no financings or investments with entities that are VIEs. |
Equity Method Investments, Policy [Policy Text Block] | Equity Investments The Company may report certain limited portions of its investments as investments in joint ventures. Investments in joint ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method as prescribed by FASB ASC 323-30, Investments Equity Method and Joint Ventures, Partnerships, Joint Ventures, and Limited Liability Entities |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2014, the FASB issued an Accounting Standards Update (“ASU”) 2014-04, ReceivablesTroubled Debt Restructurings by Creditors (Sub Topic 310-40)Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure occurs and requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on future results of operations or financial condition. In June 2014, the FASB issued ASU 2014-10, Development Stage Entities: Elimination of Certain Financial Reporting Requirements, Including Amendment to Variable Interest Entities Guidelines in Topic 810, Consolidation. The standard will eliminate the reporting requirements for certain disclosures for development stage entities. Public entities are required to apply the presentation and disclosure requirements for annual reporting periods effective January 1, 2015. The Company has adopted this guidance effective April 1, 2015, and it did not have a material impact on the reporting of results of operations or financial condition. In February 2015, the FASB issued guidance that requires an entity to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption will have a material impact on its consolidated financial statements. In April 2015, the FASB issued guidance that simplifies presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discount or premiums. The recognition guidance for debt issuance costs are not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015. The Company does not expect adoption will have a material impact on its consolidated financial statements. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company intends to elect to be taxed as a REIT and to comply with the related provisions of the Code commencing with its taxable year ending December 31, 2015. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company expects to have no taxable income prior to electing REIT status. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income For the three and six months ended June 30, 2015, comprehensive income equaled net income; therefore, a separate consolidated statement of comprehensive income is not included in the accompanying consolidated financial statements. |
LOANS AND OTHER INVESTMENT (Tab
LOANS AND OTHER INVESTMENT (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Loans Held For Investments And Other Investments [Table Text Block] | Outstanding Unamortized Loans Principal (1) Fees/Costs Net Balance First mortgages $ 14,998 $ 569 $ 14,429 Mezzanine loans 6,535 111 6,424 Other investment 889 8 881 Total $ 22,422 $ 688 $ 21,734 (1) Outstanding Principal includes capitalization of interest. |
Schedule of Investment Portfolio [Table Text Block] | A more detailed listing of the Company’s current investment portfolio, based on information available as of June 30, 2015, is as follows: Metropolitan Closing Statistical Commitment Unfunded Date Area (MSA) Type of Loan Amount Total Fundings Commitment 4/9/2015 Detroit Refinance $ 3,182 $ 3,182 $ - 4/21/2015 Orlando Development 5,333 1,717 3,616 5/14/2015 Miami Development 13,867 1,679 12,188 5/14/2015 Miami Development 14,849 2,681 12,168 6/8/2015 Dallas Development 7,243 2,771 4,472 6/10/2015 Atlanta Development 8,132 3,504 4,628 6/19/2015 New Orleans Refinance 2,800 2,800 - 6/19/2015 Tampa Development 5,370 1,805 3,565 6/26/2015 Atlanta Development 6,050 1,915 4,135 6/29/2015 Charlotte Development 7,624 368 7,256 Totals $ 74,450 $ 22,422 $ 52,028 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of changes in the Company’s restricted shares for the six months ended June 30, 2015 is as follows: Weighted average grant Shares date fair value Nonvested at beginning of year - $ - Granted 110,000 20.13 Vested - - Forfeited - - Nonvested shares at end of period 110,000 $ 20.13 |
DIVIDENDS & DISTRIBUTIONS (Tabl
DIVIDENDS & DISTRIBUTIONS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Dividends Payable [Table Text Block] | The following table summarizes the Company’s dividends declared during the six months ended June 30, 2015: Per share Date declared Record date Payment date amount Total amount June 3, 2015 July 6, 2015 July 15, 2015 $ 0.35 $ 2,139 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following information sets forth the computations of basic and diluted earnings per common share: For the three For the six months ended months ended June 30, 2015 June 30, 2015 Numerator: Net loss $ (1,141) $ (1,287) Less: Dividends declared on unvested restricted shares (39) (39) Net loss attributable to common shareholders $ (1,180) $ (1,326) Denominator: Weighted-average number of common shares basic 5,934,066 2,983,425 Unvested restricted stock shares (1) - - Weighted-average number of common shares diluted 5,934,066 2,983,425 Net loss per share attributable to common stockholders $ (0.20) $ (0.44) (1) Anti-dilutive for the three and six months ended June 30, 2015 |
SIGNIFICANT ACCOUNTING POLICI21
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 6 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Line Items] | |
Percentage Of Taxable Income Distributed | 90.00% |
LOANS AND OTHER INVESTMENT (Det
LOANS AND OTHER INVESTMENT (Details) $ in Thousands | Jun. 30, 2015USD ($) | |
Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Principal | [1] | $ 22,422 |
Unamortized Fees/Costs | 688 | |
Net Balance | 21,734 | |
First Mortgages [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Principal | [1] | 14,998 |
Unamortized Fees/Costs | 569 | |
Net Balance | 14,429 | |
Mezzanine Loans [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Principal | [1] | 6,535 |
Unamortized Fees/Costs | 111 | |
Net Balance | 6,424 | |
Other Investment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Principal | [1] | 889 |
Unamortized Fees/Costs | 8 | |
Net Balance | $ 881 | |
[1] | Outstanding Principal includes capitalization of interest. |
LOANS AND OTHER INVESTMENT (D23
LOANS AND OTHER INVESTMENT (Details 1) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | |
Mortgage Loans on Real Estate [Line Items] | ||
Commitment Amount | $ 74,450 | |
Total Fundings | [1] | 22,422 |
Unfunded Commitment | $ 52,028 | |
Investment Portfolio One [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 4/9/2015 | |
Metropolitan Statistical Area (MSA) | Detroit | |
Type of Loan | Refinance | |
Commitment Amount | $ 3,182 | |
Total Fundings | 3,182 | |
Unfunded Commitment | $ 0 | |
Investment Portfolio Two [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 4/21/2015 | |
Metropolitan Statistical Area (MSA) | Orlando | |
Type of Loan | Development | |
Commitment Amount | $ 5,333 | |
Total Fundings | 1,717 | |
Unfunded Commitment | $ 3,616 | |
Investment Portfolio Three [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 5/14/2015 | |
Metropolitan Statistical Area (MSA) | Miami | |
Type of Loan | Development | |
Commitment Amount | $ 13,867 | |
Total Fundings | 1,679 | |
Unfunded Commitment | $ 12,188 | |
Investment Portfolio Four [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 5/14/2015 | |
Metropolitan Statistical Area (MSA) | Miami | |
Type of Loan | Development | |
Commitment Amount | $ 14,849 | |
Total Fundings | 2,681 | |
Unfunded Commitment | $ 12,168 | |
Investment Portfolio Five [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 6/8/2015 | |
Metropolitan Statistical Area (MSA) | Dallas | |
Type of Loan | Development | |
Commitment Amount | $ 7,243 | |
Total Fundings | 2,771 | |
Unfunded Commitment | $ 4,472 | |
Investment Portfolio Six [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 6/10/2015 | |
Metropolitan Statistical Area (MSA) | Atlanta | |
Type of Loan | Development | |
Commitment Amount | $ 8,132 | |
Total Fundings | 3,504 | |
Unfunded Commitment | $ 4,628 | |
Investment Portfolio Seven [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 6/19/2015 | |
Metropolitan Statistical Area (MSA) | New Orleans | |
Type of Loan | Refinance | |
Commitment Amount | $ 2,800 | |
Total Fundings | 2,800 | |
Unfunded Commitment | $ 0 | |
Investment Portfolio Eight [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 6/19/2015 | |
Metropolitan Statistical Area (MSA) | Tampa | |
Type of Loan | Development | |
Commitment Amount | $ 5,370 | |
Total Fundings | 1,805 | |
Unfunded Commitment | $ 3,565 | |
Investment Portfolio Nine [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 6/26/2015 | |
Metropolitan Statistical Area (MSA) | Atlanta | |
Type of Loan | Development | |
Commitment Amount | $ 6,050 | |
Total Fundings | 1,915 | |
Unfunded Commitment | $ 4,135 | |
Investment Portfolio Ten [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Closing Date | 6/29/2015 | |
Metropolitan Statistical Area (MSA) | Charlotte | |
Type of Loan | Development | |
Commitment Amount | $ 7,624 | |
Total Fundings | 368 | |
Unfunded Commitment | $ 7,256 | |
[1] | Outstanding Principal includes capitalization of interest. |
LOANS AND OTHER INVESTMENT (D24
LOANS AND OTHER INVESTMENT (Details Textual) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Mortgage Loans on Real Estate [Line Items] | |
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 49.90% |
Principal Amount Outstanding of Loans Held-in-portfolio, Total | $ 22.4 |
Mortgage Loans on Real Estate, Interest Rate | 6.90% |
Debt Instrument, Term | 72 months |
Loan Origination Commitments [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Investments, Total | $ 74.5 |
First Mortgage [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Loans Receivable, Net | $ 0.8 |
Limited Liability Company [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 49.90% |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member] - $ / shares | 1 Months Ended | 6 Months Ended | |
Jun. 15, 2015 | Apr. 30, 2015 | Jun. 30, 2015 | |
Class of Stock [Line Items] | |||
Shares, Nonvested at beginning of year | 0 | ||
Shares, Granted | 100,000 | 10,000 | 110,000 |
Shares, Vested | 0 | ||
Shares, Forfeited | 0 | ||
Shares, Nonvested shares at end of period | 110,000 | ||
Weighted average grant date fair value, Nonvested at beginning of year | $ 0 | ||
Weighted average grant date fair value, Granted | 20.13 | ||
Weighted average grant date fair value, Vested | 0 | ||
Weighted average grant date fair value, Forfeited | 0 | ||
Weighted average grant date fair value, Nonvested shares at end of period | $ 20.13 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 15, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Oct. 02, 2014 | Oct. 01, 2014 | |
Class of Stock [Line Items] | ||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 1,000 | 500,000,000 | ||||
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Capital | $ 1,000 | |||||||
Proceeds from Issuance Initial Public Offering | $ 93,000,000 | |||||||
Treasury Stock, Shares, Retired | 1,000 | |||||||
Proceeds from Issuance of Common Stock | $ 110,491,000 | |||||||
Restricted Stock or Unit Expense | $ 34,000 | 34,000 | ||||||
Scenario, Forecast [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Restricted Stock or Unit Expense | $ 200,000 | |||||||
Share-based Compensation Award, Tranche Three [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 23,333 | |||||||
Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 100,000 | 10,000 | 110,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||||
Restricted Stock [Member] | Share Based Compensation Award Tranche Four [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 20,000 | |||||||
Restricted Stock [Member] | Share Based Compensation Award Tranche Five [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 20,000 | |||||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 23,333 | |||||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 23,333 | |||||||
Director [Member] | Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,500 | |||||||
2015 Equity Incentive Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 200,000 | |||||||
Founder [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from Issuance of Private Placement | $ 5,000,000 | |||||||
IPO [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 5,000,000 | |||||||
Private Placement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 250,000 | |||||||
Over-Allotment Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from Issuance of Common Stock | $ 14,000,000 | |||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 5,750,000 | |||||||
Common Stock [Member] | IPO [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 1,000 | |||||||
Common Stock [Member] | Over-Allotment Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 750,000 |
DIVIDENDS & DISTRIBUTIONS (Deta
DIVIDENDS & DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||
Dividends Payable, Date Declared | Jun. 3, 2015 | |
Dividends Payable, Date of Record | Jul. 6, 2015 | |
Dividends Payable, Date to be Paid | Jul. 15, 2015 | |
Dividends Payable, Amount Per Share | $ 0.35 | |
Dividends Payable | $ 2,139 | $ 0 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total | Total | |
Numerator: | |||
Net loss | $ (1,141) | $ (1,287) | |
Less: Dividends declared on unvested restricted shares | (39) | (39) | |
Net loss attributable to common shareholders | $ (1,180) | $ (1,326) | |
Denominator: | |||
Weighted-average number of common shares - basic | 5,934,066 | 2,983,425 | |
Unvested restricted stock shares | [1] | 0 | 0 |
Weighted-average number of common shares - diluted | 5,934,066 | 2,983,425 | |
Net loss per share attributable to common stockholders | $ (0.20) | $ (0.44) | |
[1] | Anti-dilutive for the three and six months ended June 30, 2015 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Apr. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | |||
Annual Rate Of Interest | 1.50% | ||
Cumulative Annual Stockholder Total Return | 8.00% | ||
Percentage Of Base Management Fee | 0.375% | 0.375% | |
Expenses Reimbursed To Manager | $ 500 | $ 500 | |
Base Management Fee | 400 | ||
Contract Termination Claims, Description | a termination fee equal to the greater of (i) three times the sum of the average annual Base Management Fee and Incentive Fee earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, or (ii) the offer price, which will be based on the lesser of (a) the Managers earnings before interest, taxes, depreciation and amortization (adjusted for unusual, extraordinary and non-recurring charges and expenses), or EBITDA annualized based on the most recent quarter ended, multiplied by a specific multiple, or EBITDA Multiple, depending on the Companys achieved total annual return, and (b) the Companys equity market capitalization multiplied by a specific percentage, or Capitalization Percentage, depending on the Companys achieved total return (the Internalization Price). | ||
Amortization of Other Deferred Charges | $ 150 | $ 150 | |
Private Placement [Member] | |||
Related Party Transaction [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 250,000 | ||
Founder [Member] | |||
Related Party Transaction [Line Items] | |||
Reimbursement Of Organization Costs | $ 100 | ||
Reimbursement Of Offering Costs | 100 | ||
Proceeds from Issuance of Private Placement | $ 5,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] - USD ($) $ in Millions | Aug. 10, 2015 | Aug. 05, 2015 | Jul. 14, 2015 | Jul. 02, 2015 | Jul. 31, 2015 | Jul. 08, 2015 |
Miami/West Palm Beach, FL [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Loans Receivable, Net | $ 1.7 | |||||
North Haven, CT [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Loans Receivable, Net | $ 0.6 | |||||
Sarasota, FL [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Loans Receivable, Net | 0.9 | |||||
Pittsburgh, PA [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Loans Receivable, Net | $ 1.7 | |||||
Mortgage Loan [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Loans Receivable, Net | $ 3.5 | |||||
Loan Transactions 1 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | $ 0.8 | |||||
Miami, FL, funding [Member] | Loan Transactions 1 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Loans Receivable, Net | $ 2.5 | |||||
Mezzanine Loans [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Secured Loan Non Recourse Pledge Description | The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility | |||||
Secured Loan Pledge Description | The mezzanine loan, whichwas secured by a pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility | |||||
Mezzanine Loans [Member] | Miami/West Palm Beach, FL [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | 1.3 | |||||
Mezzanine Loans [Member] | North Haven, CT [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | $ 0.7 | |||||
Secured Loan Non Recourse Pledge Description | The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility | |||||
Mezzanine Loans [Member] | Pittsburgh, PA [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | 0.6 | |||||
Mezzanine Loans [Member] | Loan Transactions 1 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | $ 1.6 | |||||
Mezzanine Loans [Member] | Loan Transactions 2 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Loans Receivable, Net | $ 1.3 | |||||
Construction Loans [Member] | Miami/West Palm Beach, FL [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | 7.5 | |||||
Construction Loans [Member] | North Haven, CT [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | $ 6.2 | |||||
Construction Loans [Member] | Sarasota, FL [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | $ 4.8 | |||||
Construction Loans [Member] | Pittsburgh, PA [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | $ 4.7 | |||||
Secured Loan Non Recourse Pledge Description | The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility | |||||
Construction Loans [Member] | Loan Transactions 1 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of Debt | $ 6.8 |