Jernigan Capital (JCAP) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 10, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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
Trading Symbol	JCAP
Entity Common Stock, Shares Outstanding		6,162,500

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 28,801	$ 43,859
Development property investments at fair value	47,223	40,222
Operating property loans at fair value	20,178	19,600
Investment in real estate venture	7,919	0
Prepaid expenses and other assets	2,128	1,485
Fixed assets, net	245	261
Total assets	106,494	105,427
Liabilities:
Due to Manager	674	698
Accounts payable, accrued expenses and other liabilities	2,602	808
Dividends payable	2,157	2,157
Total liabilities	5,433	3,663
Jernigan Capital, Inc. stockholders' equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding at March 31, 2016 and December 31, 2015;	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized at March 31, 2016 and December 31, 2015; 6,162,500 issued and outstanding at March 31, 2016 and December 31, 2015	62	62
Additional paid-in capital	110,809	110,634
Accumulated deficit	(10,431)	(9,396)
Total Jernigan Capital, Inc. stockholders' equity	100,440	101,300
Non-controlling interests	621	464
Total equity	101,061	101,764
Total liabilities and equity	$ 106,494	$ 105,427

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	500,000,000
Common Stock, Shares Issued	6,162,500	6,162,500
Common Stock, Shares Outstanding	6,162,500	6,162,500

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Interest income from investments	$ 1,143	$ 0
Net interest income	1,143	0
Costs and expenses:
General and administrative expenses reimbursable to Manager	830	0
General and administrative expenses	474	147
Management fees to Manager	414
Transaction and other expenses	1,952	0
Restructuring costs	7	0
Deferred termination fee to Manager	157	0
Total costs and expenses	3,834	147
Operating loss	(2,691)	(147)
Other income:
Change in fair value of investments	3,791	0
Other interest income	22	0
Other income, Total	3,813	0
Net income (loss)	$ 1,122	$ (147)
Basic earnings per share attributable to common stockholders	$ 0.18
Diluted earnings per share attributable to common stockholders	0.18
Dividends declared per share of common stock	$ 0.35	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Stockholders' Equity [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
Stock-based compensation	0
Deferred termination fee to Manager	0
Dividends declared	0
Net Income (loss)	(147)	$ 0	0	(147)	(147)	0
Balance at Mar. 31, 2015	(146)	$ 0	1	(147)	(146)	0
Balance (in shares) at Mar. 31, 2015		1,000
Balance at Dec. 31, 2015	101,764	$ 62	110,634	(9,396)	101,300	464
Balance (in shares) at Dec. 31, 2015		6,162,500
Stock-based compensation	175	$ 0	175	0	175	0
Deferred termination fee to Manager	157	0	0	0	0	157
Dividends declared	(2,157)	0	0	(2,157)	(2,157)	0
Net Income (loss)	1,122	0	0	1,122	1,122	0
Balance at Mar. 31, 2016	$ 101,061	$ 62	$ 110,809	$ (10,431)	$ 100,440	$ 621
Balance (in shares) at Mar. 31, 2016		6,162,500

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income (loss)	$ 1,122	$ (147)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Interest capitalized on outstanding loans	(730)	0
Change in fair market value of investments	(3,791)	0
Stock-based compensation	175	0
Deferred termination fee to Manager	157	0
Depreciation	18	0
Accretion of origination fees	(38)	0
Changes in operating assets and liabilities:
Other assets	(174)	0
Due to Manager	(24)	147
Accounts payable, accrued expenses, and other liabilities	1,783	0
Net cash used in operating activities	(1,502)	0
Cash flows from investing activities
Purchase of fixed assets	(1)	0
Capitalized real estate venture costs	(226)	0
Funding of investments - Development property investments	(10,551)	0
Funding of investments - Operating property loans	(165)	0
Funding of investments - Other loans	(456)	0
Net cash used in investing activities	(11,399)	0
Cash flows from financing activities
Dividends paid	(2,157)	0
Net cash provided by financing activities	(2,157)	0
Net change in cash and cash equivalents	(15,058)	0
Cash and cash equivalents at the beginning of the period	43,859	1
Cash and cash equivalents at the end of the period	28,801	1
Supplemental disclosure of non-cash activities:
Dividends declared	2,157	0
Contribution of assets to real estate venture	$ 7,693	$ 0

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	3 Months Ended
	Mar. 31, 2016
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 operating company, Jernigan Capital Operating Company, LLC (the “Operating Company”). The Company intends to elect to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986 (the “Code”), as amended. 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. SIGNIFICANT ACCOUNTING POLICIES The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying interim consolidated 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 therein. Substantially all operations are conducted through the Operating Company, and all significant intercompany transactions and balances have been eliminated in consolidation. As of March 31, 2016, the Company had unrestricted cash of $ 28.8 69.8 41.0 60.0 a) On April 29, 2016 the Company received $ 5.0 65.0 Subsequent Events b) On May 4, 2016 the Company executed a non-binding term sheet for the sale of a 56.4 10.0 Subsequent Events c) On May 9, 2016, the Company received $ 5.6 d) Prior to December 31, 2016, the Company expects full principal repayments on three construction loans in the Chicago, West Palm Beach and Sarasota MSAs with an aggregate principal balance of approximately $ 19.1 14.3 e) As of March 31, 2016, the Company has development property investments (with profits interests) of an aggregate of $ 33.3 76.5 7.0 41.0 Additionally, the Company could generate additional cash to fund its remaining unfunded commitments by one or more of the following means: (1) reducing general and administrative expenses (primarily marketing, travel, and certain cash compensation expenses); (2) issuing common and/or preferred stock in public or private offerings (which could be at prices dilutive to current stockholders or at cumulative yields that are in excess of the Company’s current dividend yield on our common stock); and/or (3) reducing or eliminating the Company’s dividend. Based on the above, the Company believes it is likely that it can successfully implement the aforementioned plan in meeting funding commitments for at least the next twelve months. If the Company is unable to complete the aforementioned planned transactions and actions, it could impact its ability to realize its assets at their recorded values, specifically the Company’s development property investments and operating property loans, and to meet its funding commitments in the normal course of business. 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. The Company invests in entities that may qualify as variable interest entities (“VIEs”). A VIE is a legal 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 bases the qualitative analysis on its review of the design of the entity, its organizational structure including allocation of decision-making authority and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management reassesses 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 that, 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 determines 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. Investments in real estate ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method. In accordance with Accounting Standards Codification (“ASC”) 825, Financial Instruments The Company has elected the fair value option of accounting for all of its investment portfolio loan investments, including those that are required under GAAP to be accounted for under the equity method, in order to provide better transparency into the Company’s revenues and value inherent in the Company’s equity participation in development projects. Changes in the fair value of these investments are recorded in change in fair value of investments within other income. All direct loan costs are charged to expense as incurred. Each loan investment is evaluated for impairment on a periodic basis. 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. At March 31, 2016 and December 31, 2015, there were no loans in default. The Company carries certain financial instruments at fair value because it has elected to apply the fair value option on an instrument by instrument basis under ASC 825-10. The Company’s financial instruments consist of cash, development property investments (which are typically comprised of a first mortgage loan, a mezzanine loan, and a 49.9 Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 47,223 $ - $ - $ 47,223 Operating property loans 20,178 - - 20,178 Total investments $ 67,401 $ - $ - $ 67,401 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2015: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 40,222 $ - $ - $ 40,222 Operating property loans 19,600 - - 19,600 Total investments $ 59,822 $ - $ - $ 59,822 Estimating fair value requires the use of judgment. The types of judgments involved depend upon the availability of observable market information. Management’s judgments include determining the appropriate valuation model to use, estimating unobservable inputs and applying valuation adjustments. See Note 4, Fair Value of Financial Instruments Cash, investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents primarily with a single financial institution and, at times, cash held may exceed the Federal Deposit Insurance Corporation insurance limit. The Company’s prepaid expenses and other assets balance at March 31, 2016 includes principal balances for four revolving loan agreements and one mortgage loan. The Company’s prepaid expenses and other assets balance at December 31, 2015 includes principal balances for three revolving loan agreements and one mortgage loan. Because these loans are not part of the Company’s core investment portfolio, these loans are accounted for under the cost method. Fixed assets are recorded at cost and consist of furniture, office and computer equipment, and software. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which range from three to seven years. Fixed assets are generally purchased by the Manager and then reimbursed by the Company. As a result, depreciation expense is included in general and administrative expenses reimbursable to Manager in the Consolidated Statement of Operations. Maintenance and repair costs are charged to expense as incurred. Upon sale or retirement, the asset cost and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in income. Interest income is recognized as earned on a simple interest basis and is reported in interest income from investments in the Consolidated Statement of Operations. 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. Accrued interest generally is reversed when a loan is placed on non-accrual status. The Company’s loan origination fees are accreted into interest income over the term of the investment using the effective yield method. Transaction and other expenses consist of $ 2.0 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. Costs incurred to organize the Company were expensed as incurred. Restructuring costs consist of severance and benefits costs, lease termination costs, and other costs incurred by the Company in conjunction with consolidating its offices and moving its corporate headquarters. The Company recognizes these severance and other charges when the requirements of ASC 420, Exit or Disposal Cost Obligations 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 ended 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 had no taxable income for the three months ended March 31, 2016 and March 31, 2015. 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. Basic EPS includes only the weighted average number of common shares outstanding during the period. Diluted EPS includes the weighted average number of common shares and the dilutive effect of restricted stock and redeemable Operating Company units when such instruments are dilutive. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are treated as participating in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted EPS must be applied. For the three months ended March 31, 2016 and March 31, 2015, comprehensive income equaled net income; therefore, a separate Consolidated Statement of Comprehensive Income is not included in the accompanying consolidated financial statements. 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. In February 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-02, Amendments to the Consolidation Analysis. This ASU amends the assessment of whether a limited partnership or limited liability company is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships and limited liability companies, clarifies how to determine whether the equity holders as a group have power over an entity. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption being allowed. The Company early adopted the provisions of this ASU in 2015, and there was no impact on our consolidated financial statements as a result of the adoption. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This guidance simplifies the 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 is not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015. The adoption did not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. The standard may be adopted as early as the original effective date but early adoption prior to that date is not permitted. This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable) and, if so, disclose that fact. This ASU is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements and disclosures.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2016
Schedule of Investments [Abstract]
Investment Holdings, Schedule of Investments [Text Block]	3. INVESTMENTS The Company’s self-storage investments at March 31, 2016 consist of the following: · Development Property Investments The Company also had four construction loan investments totaling an aggregate committed principal amount of approximately $36.8 million, each of which has a term of 18 months. Each construction loan is interest-only at a fixed interest rate of 6.9% per annum, has no equity participation and is secured by a first priority mortgage or deed of trust on the project. Each of these construction loans is subject to a purchase and sale agreement between the developer and a third-party purchaser, containing certain conditions, pursuant to which the financed project is anticipated to be sold and our loan repaid on or about the time a certificate of occupancy is issued for the financed self-storage facility. · Operating property loans The Company’s development property investments and operating property loans are collectively referred to herein as the Company’s investment portfolio. Closing Date Metropolitan Statistical Area ("MSA") Total Investment Commitment Funded Investment (1) Remaining Unfunded Commitment Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando $ 5,372 $ 4,356 $ 1,016 $ 5,383 6/10/2015 Atlanta 8,132 6,164 1,968 7,000 6/19/2015 Tampa 5,369 4,520 849 4,863 6/26/2015 Atlanta 6,050 4,199 1,851 5,057 6/29/2015 Charlotte 7,624 2,657 4,967 3,202 7/2/2015 Milwaukee 7,650 2,677 4,973 2,645 7/31/2015 New Haven 6,930 1,810 5,120 1,810 8/10/2015 Pittsburgh 5,266 1,688 3,578 1,711 8/14/2015 Raleigh 8,998 1,072 7,926 995 9/30/2015 Jacksonville 6,445 3,330 3,115 3,738 10/27/2015 Austin 8,658 865 7,793 785 $ 76,494 $ 33,338 $ 43,156 $ 37,189 Construction loans: 8/5/2015 West Palm Beach 7,500 2,324 5,176 2,267 8/5/2015 Sarasota 4,792 1,054 3,738 1,018 11/17/2015 Chicago 6,808 1,394 5,414 1,327 12/23/2015 Miami 17,733 5,753 11,980 5,422 $ 36,833 $ 10,525 $ 26,308 $ 10,034 Subtotal $ 113,327 $ 43,863 $ 69,464 $ 47,223 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,788 7/7/2015 Newark 3,480 3,480 - 3,496 10/30/2015 Nashville 1,210 1,210 - 1,216 11/10/2015 Sacramento 5,500 5,500 - 5,514 11/24/2015 Nashville 4,968 4,863 105 4,853 12/22/2015 Chicago 2,502 2,295 207 2,311 Subtotal $ 20,460 $ 20,148 $ 312 $ 20,178 Total investments $ 133,787 $ 64,011 $ 69,776 $ 67,401 (1) Represents principal balance of loan gross of origination fees The following table provides a reconciliation of the funded principal to the fair market value of investments at March 31, 2016: Funded principal $ 64,011 Adjustments: Unamortized origination fees (1,273 ) Net increase in fair value of investments 4,663 Fair value of investments $ 67,401 As of December 31, 2015, the aggregate committed principal amount of the Company’s investment portfolio was approximately $175.7 million and outstanding principal was $60.7 million, as described in more detail in the table below: Closing Date Metropolitan Statistical Area ("MSA") Total Investment Funded Investment (1) Remaining Unfunded Commitment Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando $ 5,372 $ 3,254 $ 2,118 $ 3,400 5/14/2015 Miami (2) 13,867 2,258 11,609 2,115 5/14/2015 Miami (2) 14,849 3,076 11,773 2,929 6/10/2015 Atlanta 8,132 4,723 3,409 4,829 6/19/2015 Tampa 5,369 3,720 1,649 3,820 6/26/2015 Atlanta 6,050 2,799 3,251 2,823 6/29/2015 Charlotte 7,624 1,124 6,500 1,554 7/2/2015 Milwaukee 7,650 2,529 5,121 2,463 7/31/2015 New Haven 6,930 997 5,933 960 8/10/2015 Pittsburgh 5,266 1,542 3,724 1,542 8/14/2015 Raleigh 8,998 1,026 7,972 934 9/25/2015 Fort Lauderdale (2) 13,230 2,144 11,086 2,009 9/30/2015 Jacksonville 6,445 1,213 5,232 1,180 10/27/2015 Austin 8,658 800 7,858 708 $ 118,440 $ 31,205 $ 87,235 $ 31,266 Construction loans: 8/5/2015 West Palm Beach 7,500 2,011 5,489 1,951 8/5/2015 Sarasota 4,792 1,036 3,756 998 11/17/2015 Chicago 6,808 775 6,033 706 12/23/2015 Miami 17,733 5,655 12,078 5,301 $ 36,833 $ 9,477 $ 27,356 $ 8,956 Subtotal $ 155,273 $ 40,682 $ 114,591 $ 40,222 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,736 7/7/2015 Newark 3,480 3,480 - 3,416 10/30/2015 Nashville 1,210 1,210 - 1,192 11/10/2015 Sacramento 5,500 5,500 - 5,401 11/24/2015 Nashville 4,968 4,863 105 4,755 12/22/2015 Chicago 2,502 2,130 372 2,100 Subtotal $ 20,460 $ 19,983 $ 477 $ 19,600 Total investments $ 175,733 $ 60,665 $ 115,068 $ 59,822 (1) (2) Investment in Real Estate Venture Investment in Real Estate Venture. Funded principal $ 60,665 Adjustments: Unamortized origination fees (1,715 ) Net increase in fair value of investments 872 Fair value of investments $ 59,822 The Company has elected the fair value option of accounting for all of its investment portfolio investments in order to provide better transparency into its revenues and value inherent in its equity participation in development projects. See Note 4, Fair Value of Financial Instruments No loans are in non-accrual status as of March 31, 2016 and December 31, 2015. All of the Company’s development property investments with a profits interest would have been accounted for under the equity method had the Company not elected the fair value option. For the development property investments with a profits interest, the assets and liabilities of the equity method investees approximate $41.8 million and $33.3 million, respectively, at March 31, 2016 and approximate $44.4 million and $31.2 million, respectively, at December 31, 2015. These investees had no significant revenues or expenses for the three months ended March 31, 2016 since the development properties were all under construction during that period.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value option under ASC 825-10 allows companies to elect to report selected financial assets and liabilities at fair value. The Company has elected the fair value option for its development property investments and operating property loan investments because it believes such accounting provides investors and others relying on the Company’s financial statements with a more transparent view of its revenues and value inherent in its equity participation in self-storage development projects. The Company applies ASC 820, Fair Value Measurements and Disclosures 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. The carrying values of cash, certain other assets, 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 below table summarizes the valuation techniques and inputs used to measure the fair value of items categorized in Level 3 of the fair value hierarchy. Instrument Valuation technique and assumptions Hierarchy classification Development property investments Valuations are based using an Income Approach analysis, using the discounted cash flow method model, capturing the prepayment penalty / call price schedule as applicable. The valuation models are calibrated to the total investment net drawn amount as of the issuance date. Level 3 Development property investments with a profits interest (a) Valuations are based using an Income Approach analysis, using the discounted cash flow method model, capturing the prepayment penalty / call price schedule as applicable. The valuation models are calibrated to the total investment net drawn amount as of the issuance date factoring in the value of the profits interests. An option-pricing method (OPM) framework is utilized to calculate the value of the profits interests. Level 3 Operating property loans Valuations are based using an Income Approach analysis, using the discounted cash flow method model, capturing the prepayment penalty / call price schedule as applicable. Level 3 (a) Certain of the Company's development property investments include profits interests. The Company’s development property investments and operating property loan investments are valued using two different valuation techniques based on the early stage of the Company’s investments. The first valuation technique is an income approach analysis of the debt instrument components of the Company’s investments. The second valuation technique is an option pricing model that is used to determine the fair value of any profits interests associated with an investment. The valuation models are calibrated to the total investment net drawn amount as of the issuance date factoring in the value of the profits interests. At the issuance date of each development property investment, generally the value of the property underlying such investment approximates the sum of the net investment drawn amount plus the developer’s equity investment. For development property investments with a profits interest, at a certain stage of construction, the option pricing method incorporates an adjustment to measure entrepreneurial profit. Entrepreneurial profit is a monetary return above total construction costs that provides compensation for the risk of a development project. Under this method, the value of each property is estimated based on the cost incurred to date, plus an estimated earned entrepreneurial profit. Total entrepreneurial profit is estimated as the difference between the projected value of a property at stabilization and the total development costs, including land, building improvements, and lease-up costs. Utilizing information obtained from the market coupled with the Company’s own experience, the Company has estimated that in most cases, approximately one-third of the entrepreneurial profit is earned during the construction period beginning when construction is approximately 40% complete and ending when construction is 100% complete, and approximately two-thirds of the entrepreneurial profit is earned from construction completion through stabilization. For properties between 40 100 Level 3 Fair Value Measurements As of March 31, 2016 Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted Development property Income approach analysis Market yields/ discount rate 7.73 9.00 % 8.51 % Exit date 0.92 3.58 2.86 Development property investments with a profits interest (a) Option pricing model Volatility 73.39 74.07 % 73.74 % Exit date 3.06 3.58 3.25 Capitalization rate (b) 5.50 5.75 % 5.61 % Operating property loans Income approach analysis Market yields/ discount rate 5.80 7.12 % 6.50 % Exit date (c) 5.25 6.34 5.70 (a) The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investment with a profits interest only requires incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (b) Six properties were between 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. (c) The exit dates for the operating property loans are the contractual maturity dates. As of December 31, 2015 Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted Development property investments Income approach analysis Market yields/ discount rate 7.74 9.35 % 8.77 % Exit date 1.17 3.83 3.02 Development property investments with a profits interest Option pricing model Volatility 72.46 73.12 % 72.82 % Exit date 3.31 3.83 3.49 Capitalization rate (b) 6.00 6.50 % 6.38 % Operating property loans Income approach analysis Market yields/ discount rate 6.22 7.53 % 6.91 % Exit date (c) 5.50 6.68 5.97 (a) The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investment with a profits interest only requires incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (b) Four properties were between 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. (c) The exit dates for the operating property loans are the contractual maturity dates. The fair value measurements are sensitive to changes in unobservable inputs. A change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. The following provides a discussion of the impact of changes in each of the unobservable inputs on the fair value measurement. Market yields - changes in market yields and discount rates, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in market yields or discount rates may result in a decrease in the fair value of certain of the Company’s investments. Increase (decrease) in fair value of investments Change in market yields/discount rates (in millions) March 31, 2016 December 31, 2015 Up 100 basis points $ (2.3) $ (1.6) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 1.2 0.8 Capitalization rate - changes in capitalization rate, in isolation and all else equal, may change the fair value of certain of the Company’s development investments containing profits interests. Generally an increase in the capitalization rate assumption may result in a decrease in the fair value of the entrepreneurial profit associated with certain of the Company’s investments. Increase (decrease) in fair value of investments Change in capitalization rates (in millions) March 31, 2016 December 31, 2015 Up 100 basis points $ (1.1) $ (0.3) Down 100 basis points 1.6 0.4 Exit date - changes in exit date, in isolation and all else equal, may change the fair value of certain of the Company’s investments that have profits interests. Generally, an increase in the exit date assumption may result in an increase in the fair value of the profits interests in certain of the Company’s investments. Volatility - changes in volatility, in isolation and all else equal, may change the fair value of certain of the Company’s investments that have profits interests. Generally, an increase in volatility may result in an increase in the fair value of the profits interests in certain of the Company’s investments. The Company also evaluates the impact of changes in instrument-specific credit risk in determining the fair value of investments. There were no gains or losses attributable to changes in instrument-specific credit risk in the three months ended March 31, 2016. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. Balance as of December 31, 2015 $ 59,822 Net realized gains - Net unrealized gains 3,791 Fundings of principal, net of accretion of origination fees 10,751 Payment-in-kind interest 730 Contribution of assets to Heitman Joint Venture (7,693) Net transfers in or out of Level 3 - Balance as of March 31, 2016 $ 67,401 There is no comparative data for the three months ended March 31, 2015 as there were no investments as of March 31, 2015. As of March 31, 2016 and December 31, 2015, the total net unrealized appreciation on the investments that use Level 3 inputs was $ 4.7 0.9 For the three months ended March 31, 2016, all of the change in fair value of investments in the Company’s Consolidated Statement of Operations was attributable to unrealized gains relating to the Company’s Level 3 assets still held as of March 31, 2016. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.

INVESTMENT IN REAL ESTATE VENTU

INVESTMENT IN REAL ESTATE VENTURE	3 Months Ended
	Mar. 31, 2016
Banking and Thrift [Abstract]
Investment In Real Estate Venture [Text Block]	On March 7, 2016, the Company, through its Operating Company, entered into the Limited Liability Company Agreement (the “JV Agreement”) of Storage Lenders LLC, a Delaware limited liability company, to form a real estate venture (the “SL1 Venture”) with HVP III Storage Lenders Investor, LLC (“HVP III”), an investment vehicle managed by Heitman Capital Management LLC (“Heitman”). The SL1 Venture was formed for the purpose of providing capital to developers of self-storage facilities identified and underwritten by the Company. HVP III committed $ 110.0 90 12.2 10 On March 31, 2016, the Company contributed to the SL1 Venture three of its existing development property investments with a profits interest located in Miami and Fort Lauderdale, Florida that were not yet under construction. These investments had an aggregate committed principal amount of approximately $ 41.9 8.1 Nonmonetary Transactions 7.7 As of March 31, 2016, the SL1 Venture had assets of $ 7.7 During the three months ended March 31, 2016, $ 0.2 In accordance with the JV Agreement, for each development property investment, the borrower must deliver to SL1 Venture a completion guarantee whereby the borrower agrees to cover all costs in excess of the agreed upon budget amount. Additionally, the Company is required to deliver to the SL1 Venture a backstop completion guarantee for each development property investment to guarantee completion in the event the borrower does not satisfy its obligations. The Company concluded that the likelihood of loss is remote and assigned no value to this guarantee as of March 31, 2016.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2016
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entity Disclosure [Text Block]	6. VARIABLE INTEREST ENTITIES Development Property Investments The Company holds variable interests in its development property investments. The Company has determined that these investees qualify as VIEs because the entities do not have enough equity to finance their activities without additional subordinated financial support. In determining whether the Company is the primary beneficiary of the VIEs, the Company identified the activities that most significantly impact the VIEs’ economic performance. Such activities are (1) managing the construction and operations of the project, (2) selecting the property manager, (3) financing decisions, (4) authorizing capital expenditures and (5) disposition of the property. Although the Company has certain participating and protective rights, it does not have the power to direct the activities that most significantly impact the VIEs’ economic performance and is not the primary beneficiary; therefore, the Company does not consolidate the VIEs. The Company has recorded assets of $ 47.2 40.2 (in millions) March 31, 2016 December 31, 2015 Assets recorded related to VIEs $ 47.2 $ 40.2 Unfunded loan commitments to VIEs 69.5 114.6 Maximum exposure to loss $ 116.7 $ 154.8 The Company has a construction completion guaranty from the managing members of the VIEs or individual affiliates/owners of such managing members. Investment in Real Estate Venture The Company determined that the SL1 Venture qualifies as a VIE because it does not have enough equity to finance its activities without additional subordinated financial support. In determining whether the Company is the primary beneficiary of the entity, the Company identified the activities that most significantly impact the entity’s economic performance. Such activities are (1) approving self-storage development investments and acquiring self-storage properties, (2) managing directly-owned properties, (3) obtaining debt financing, and (4) disposing of investments. Although the Company has certain rights, it does not have the power to direct the activities that most significantly impact the entity’s economic performance and thus is not the primary beneficiary. As such, the Company does not consolidate the entity and accounts for its unconsolidated interest in the SL1 Venture using the equity method of accounting. The Company’s investment in the SL1 Venture is included in the Investment in Real Estate Venture balance in the Consolidated Balance Sheet, and future earnings attributed to the SL1 Venture will be presented in the Company’s Consolidated Statements of Operations. The Company’s maximum contribution to the SL1 Venture is $ 12.2 The JV Agreement permits Heitman to cause us to repurchase from Heitman its Developer Equity Interests (as defined in the JV Agreement). Under the JV Agreement, if a developer causes to be refinanced a self-storage facility with respect to which the SL1 Venture has made a development property investment and such refinancing does not coincide with a sale of the underlying self-storage facility, then at any time after the fourth anniversary of the commencement of the SL1 Venture, Heitman may either put to the Company its share of the Developer Equity Interests in respect of each such development property investment, or sell Heitman’s Developer Equity Interests to a third party.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	7. OTHER ASSETS The Company has four revolving loan agreements with an aggregate outstanding principal amount of $ 1.0 0.5 2.0 100 6.9 7.0 The Company also has a loan of $ 0.7 6.9

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	8. 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 1.0 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 the Company’s 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 Company Units (“OC Units”). A total of 200,000 2,500 10,000 100,000 52,500 Restricted Stock Awards The 2015 Equity Incentive Plan permits the issuance of restricted stock awards to employees and non-employee directors. Non-vested shares at March 31, 2016 and December 31, 2015 aggregated 162,500 40,833 20,000 The Company recognized approximately $ 0.2 2.1 2.2 15.62 14.95 3.5 Weighted average grant Shares date fair value Nonvested at December 31, 2015 162,500 $ 20.08 Granted - - Vested - - Forfeited - - Nonvested at March 31, 2016 162,500 $ 20.08 There were no restricted shares issued at March 31, 2015. Nonvested restricted shares receive dividends which are nonforfeitable.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	9. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods. Redeemable Operating Company Units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. Shares outstanding Weighted average common shares - basic 6,000,000 Effect of dilutive securities (1) - Weighted average common shares - diluted 6,000,000 Calculation of Earnings per Share - basic Net income $ 1,122 Net income allocated to unvested restricted shares (30) Net income, adjusted $ 1,092 Weighted average common shares - basic 6,000,000 Earnings per share - basic $ 0.18 Calculation of Earnings per Share - diluted Net income $ 1,122 Net income allocated to unvested restricted shares (30) Net income, adjusted (2) $ 1,092 Weighted average common shares - diluted 6,000,000 Earnings per share - diluted $ 0.18 (1) For the three months ended March 31, 2016, potentially dilutive securities are not included in the diluted earnings per share calculation as they are not dilutive. (2) The Company has no undistributed earnings and accordingly reallocation of undistributed earnings between potential common stock and participating securities is not necessary.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	10. RELATED PARTY TRANSACTIONS The Company’s founder was reimbursed for $ 0.1 0.1 Equity Method Investments Certain of the Company’s development property investments are equity method investments for which the Company has elected the fair value option of accounting. The fair value of these equity method investments at March 31, 2016 and December 31, 2015 were $ 37.2 31.3 0.5 3.3 The Company’s investment in the real estate venture, SL1Venture, has a carrying amount of $ 7.9 There were no equity method investments at March 31, 2015. Management Agreement On April 1, 2015, the Company entered into a management agreement with its Manager (the “Management Agreement”). 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. 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 Company 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). Any Termination Fee will be payable by the Operating Company in OC Units equal to the Termination Fee divided by the average of the daily market price of the Common Stock for the ten consecutive trading days immediately preceding the date of termination within 90 days after occurrence of the event requiring the payment of the Termination Fee. In accordance with ASC 505-50, Equity - Equity-based Payments to Non-Employees, 0.2 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 and chief financial officer, half of the salary of the president and chief operating officer, and certain other costs as determined by the Manager in accordance with the Management Agreement. Certain prepaid expenses and fixed assets are also purchased through the Manager and reimbursed by the Company. 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 reimbursable to the Manager for expenses totaled $ 0.8 Management Fees As of March 31, 2016, the Company did not have any personnel. As a result, the Company is relying on the properties, resources and personnel of the Manager to conduct operations. The Company has agreed to pay the Manager a base management fee in an amount equal to 0.375 1.5 0.4 Incentive Fee The Manager is 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: · · · 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 is calculated on the basis of the number of days that the Management Agreement has been in effect on an annualized basis. The Manager computes 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 delivers such calculation to the Company’s Board of Directors. The amount of the installment shown in the calculation is 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. The Manager has not earned an incentive fee for the three months ended March 31, 2016 and 2015.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	11. RESTRUCTURING COSTS On August 11, 2015, the Company’s Board of Directors approved consolidating its offices and moving the corporate headquarters to Memphis, Tennessee. In connection with the consolidation and moving of the Company’s headquarters, the Company added legal, accounting, loan administration and business development personnel in Memphis and closed its offices in Miami, Florida and Cleveland, Ohio. The consolidation was completed by the end of the third quarter. Restructuring costs reflected in the accompanying Consolidated Statement of Operations relate primarily to one-time termination benefits and lease termination costs. The Company recognizes these severance and other charges when the requirements of ASC 420 have been met regarding a plan of termination and when communication has been made to employees. During the three months ended March 31, 2016, the Company recorded approximately $ 7.0 As of March 31, 2016 Cost Type Restructuring Restructuring Cash Non-cash Restructuring Total cumulative Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 85 16 (21) - 80 140 Other 10 - (10) - 13 Total restructuring costs $ 95 $ 16 $ (21) $ (10) $ 80 $ 283

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	12. SUBSEQUENT EVENTS 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 require disclosure or recognition in the accompanying consolidated financial statements as of and for the three month period ended March 31, 2016. On April 29, 2016, the Company sold 65.0 7.8 5.0 4.30 0.5 On May 3, 2016, the Company terminated negotiations with its proposed credit facility provider under the previously announced term sheet for a proposed $ 60.0 On May 4, 2016, the Company executed a non-binding term sheet with FirstBank for the sale of an additional 56.4 17.7 10.0 On May 9, 2016, the Company received $ 5.6

SIGNIFICANT ACCOUNTING POLICI19

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying interim consolidated 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 therein. Substantially all operations are conducted through the Operating Company, and all significant intercompany transactions and balances have been eliminated in consolidation.
Liquidity [Policy Text Block]	Liquidity As of March 31, 2016, the Company had unrestricted cash of $ 28.8 69.8 41.0 60.0 a) On April 29, 2016 the Company received $ 5.0 65.0 Subsequent Events b) On May 4, 2016 the Company executed a non-binding term sheet for the sale of a 56.4 10.0 Subsequent Events c) On May 9, 2016, the Company received $ 5.6 d) Prior to December 31, 2016, the Company expects full principal repayments on three construction loans in the Chicago, West Palm Beach and Sarasota MSAs with an aggregate principal balance of approximately $ 19.1 14.3 e) As of March 31, 2016, the Company has development property investments (with profits interests) of an aggregate of $ 33.3 76.5 7.0 41.0 Additionally, the Company could generate additional cash to fund its remaining unfunded commitments by one or more of the following means: (1) reducing general and administrative expenses (primarily marketing, travel, and certain cash compensation expenses); (2) issuing common and/or preferred stock in public or private offerings (which could be at prices dilutive to current stockholders or at cumulative yields that are in excess of the Company’s current dividend yield on our common stock); and/or (3) reducing or eliminating the Company’s dividend. Based on the above, the Company believes it is likely that it can successfully implement the aforementioned plan in meeting funding commitments for at least the next twelve months. If the Company is unable to complete the aforementioned planned transactions and actions, it could impact its ability to realize its assets at their recorded values, specifically the Company’s development property investments and operating property loans, and to meet its funding commitments in the normal course of business.
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.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities The Company invests in entities that may qualify as variable interest entities (“VIEs”). A VIE is a legal 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 bases the qualitative analysis on its review of the design of the entity, its organizational structure including allocation of decision-making authority and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management reassesses 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 that, 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 determines 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.
Equity Method Investments, Policy [Policy Text Block]	Equity Investments Investments in real estate ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method. In accordance with Accounting Standards Codification (“ASC”) 825, Financial Instruments
Policy Loans Receivable, Policy [Policy Text Block]	Loan Investments and Election of Fair Value Option of Accounting for Loan Investments The Company has elected the fair value option of accounting for all of its investment portfolio loan investments, including those that are required under GAAP to be accounted for under the equity method, in order to provide better transparency into the Company’s revenues and value inherent in the Company’s equity participation in development projects. Changes in the fair value of these investments are recorded in change in fair value of investments within other income. All direct loan costs are charged to expense as incurred. Each loan investment is evaluated for impairment on a periodic basis. 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. At March 31, 2016 and December 31, 2015, there were no loans in default.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurement The Company carries certain financial instruments at fair value because it has elected to apply the fair value option on an instrument by instrument basis under ASC 825-10. The Company’s financial instruments consist of cash, development property investments (which are typically comprised of a first mortgage loan, a mezzanine loan, and a 49.9 Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 47,223 $ - $ - $ 47,223 Operating property loans 20,178 - - 20,178 Total investments $ 67,401 $ - $ - $ 67,401 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2015: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 40,222 $ - $ - $ 40,222 Operating property loans 19,600 - - 19,600 Total investments $ 59,822 $ - $ - $ 59,822 Estimating fair value requires the use of judgment. The types of judgments involved depend upon the availability of observable market information. Management’s judgments include determining the appropriate valuation model to use, estimating unobservable inputs and applying valuation adjustments. See Note 4, Fair Value of Financial Instruments
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash, investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents primarily with a single financial institution and, at times, cash held may exceed the Federal Deposit Insurance Corporation insurance limit.
Prepaid Expenses and Other Assets [Policy Text Block]	Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets balance at March 31, 2016 includes principal balances for four revolving loan agreements and one mortgage loan. The Company’s prepaid expenses and other assets balance at December 31, 2015 includes principal balances for three revolving loan agreements and one mortgage loan. Because these loans are not part of the Company’s core investment portfolio, these loans are accounted for under the cost method.
Property, Plant and Equipment, Policy [Policy Text Block]	Fixed Assets Fixed assets are recorded at cost and consist of furniture, office and computer equipment, and software. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which range from three to seven years. Fixed assets are generally purchased by the Manager and then reimbursed by the Company. As a result, depreciation expense is included in general and administrative expenses reimbursable to Manager in the Consolidated Statement of Operations. Maintenance and repair costs are charged to expense as incurred. Upon sale or retirement, the asset cost and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in income.
Revenue Recognition, Policy [Policy Text Block]	Revenue recognition Interest income is recognized as earned on a simple interest basis and is reported in interest income from investments in the Consolidated Statement of Operations. 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. Accrued interest generally is reversed when a loan is placed on non-accrual status. The Company’s loan origination fees are accreted into interest income over the term of the investment using the effective yield method.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Transaction and other expenses Transaction and other expenses consist of $ 2.0
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.
Origination Fees and Costs [Policy Text Block]	Organization Costs Costs incurred to organize the Company were expensed as incurred.
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]	Restructuring Costs Restructuring costs consist of severance and benefits costs, lease termination costs, and other costs incurred by the Company in conjunction with consolidating its offices and moving its corporate headquarters. The Company recognizes these severance and other charges when the requirements of ASC 420, Exit or Disposal Cost Obligations
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 ended 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 had no taxable income for the three months ended March 31, 2016 and March 31, 2015. 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.
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share (“EPS”) Basic EPS includes only the weighted average number of common shares outstanding during the period. Diluted EPS includes the weighted average number of common shares and the dilutive effect of restricted stock and redeemable Operating Company units when such instruments are dilutive. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are treated as participating in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted EPS must be applied.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income For the three months ended March 31, 2016 and March 31, 2015, comprehensive income equaled net income; therefore, a separate Consolidated Statement of Comprehensive Income is not included in the accompanying 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In February 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-02, Amendments to the Consolidation Analysis. This ASU amends the assessment of whether a limited partnership or limited liability company is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships and limited liability companies, clarifies how to determine whether the equity holders as a group have power over an entity. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption being allowed. The Company early adopted the provisions of this ASU in 2015, and there was no impact on our consolidated financial statements as a result of the adoption. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This guidance simplifies the 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 is not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015. The adoption did not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. The standard may be adopted as early as the original effective date but early adoption prior to that date is not permitted. This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable) and, if so, disclose that fact. This ASU is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements and disclosures.

SIGNIFICANT ACCOUNTING POLICI20

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	The following table presents the financial instruments measured at fair value on a recurring basis at March 31, 2016: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 47,223 $ - $ - $ 47,223 Operating property loans 20,178 - - 20,178 Total investments $ 67,401 $ - $ - $ 67,401 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2015: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 40,222 $ - $ - $ 40,222 Operating property loans 19,600 - - 19,600 Total investments $ 59,822 $ - $ - $ 59,822

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Investments [Abstract]
Investment Holdings, Schedule of Investments [Table Text Block]	Closing Date Metropolitan Statistical Area ("MSA") Total Investment Commitment Funded Investment (1) Remaining Unfunded Commitment Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando $ 5,372 $ 4,356 $ 1,016 $ 5,383 6/10/2015 Atlanta 8,132 6,164 1,968 7,000 6/19/2015 Tampa 5,369 4,520 849 4,863 6/26/2015 Atlanta 6,050 4,199 1,851 5,057 6/29/2015 Charlotte 7,624 2,657 4,967 3,202 7/2/2015 Milwaukee 7,650 2,677 4,973 2,645 7/31/2015 New Haven 6,930 1,810 5,120 1,810 8/10/2015 Pittsburgh 5,266 1,688 3,578 1,711 8/14/2015 Raleigh 8,998 1,072 7,926 995 9/30/2015 Jacksonville 6,445 3,330 3,115 3,738 10/27/2015 Austin 8,658 865 7,793 785 $ 76,494 $ 33,338 $ 43,156 $ 37,189 Construction loans: 8/5/2015 West Palm Beach 7,500 2,324 5,176 2,267 8/5/2015 Sarasota 4,792 1,054 3,738 1,018 11/17/2015 Chicago 6,808 1,394 5,414 1,327 12/23/2015 Miami 17,733 5,753 11,980 5,422 $ 36,833 $ 10,525 $ 26,308 $ 10,034 Subtotal $ 113,327 $ 43,863 $ 69,464 $ 47,223 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,788 7/7/2015 Newark 3,480 3,480 - 3,496 10/30/2015 Nashville 1,210 1,210 - 1,216 11/10/2015 Sacramento 5,500 5,500 - 5,514 11/24/2015 Nashville 4,968 4,863 105 4,853 12/22/2015 Chicago 2,502 2,295 207 2,311 Subtotal $ 20,460 $ 20,148 $ 312 $ 20,178 Total investments $ 133,787 $ 64,011 $ 69,776 $ 67,401 (1) Represents principal balance of loan gross of origination fees As of December 31, 2015, the aggregate committed principal amount of the Company’s investment portfolio was approximately $175.7 million and outstanding principal was $60.7 million, as described in more detail in the table below: Closing Date Metropolitan Statistical Area ("MSA") Total Investment Funded Investment (1) Remaining Unfunded Commitment Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando $ 5,372 $ 3,254 $ 2,118 $ 3,400 5/14/2015 Miami (2) 13,867 2,258 11,609 2,115 5/14/2015 Miami (2) 14,849 3,076 11,773 2,929 6/10/2015 Atlanta 8,132 4,723 3,409 4,829 6/19/2015 Tampa 5,369 3,720 1,649 3,820 6/26/2015 Atlanta 6,050 2,799 3,251 2,823 6/29/2015 Charlotte 7,624 1,124 6,500 1,554 7/2/2015 Milwaukee 7,650 2,529 5,121 2,463 7/31/2015 New Haven 6,930 997 5,933 960 8/10/2015 Pittsburgh 5,266 1,542 3,724 1,542 8/14/2015 Raleigh 8,998 1,026 7,972 934 9/25/2015 Fort Lauderdale (2) 13,230 2,144 11,086 2,009 9/30/2015 Jacksonville 6,445 1,213 5,232 1,180 10/27/2015 Austin 8,658 800 7,858 708 $ 118,440 $ 31,205 $ 87,235 $ 31,266 Construction loans: 8/5/2015 West Palm Beach 7,500 2,011 5,489 1,951 8/5/2015 Sarasota 4,792 1,036 3,756 998 11/17/2015 Chicago 6,808 775 6,033 706 12/23/2015 Miami 17,733 5,655 12,078 5,301 $ 36,833 $ 9,477 $ 27,356 $ 8,956 Subtotal $ 155,273 $ 40,682 $ 114,591 $ 40,222 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,736 7/7/2015 Newark 3,480 3,480 - 3,416 10/30/2015 Nashville 1,210 1,210 - 1,192 11/10/2015 Sacramento 5,500 5,500 - 5,401 11/24/2015 Nashville 4,968 4,863 105 4,755 12/22/2015 Chicago 2,502 2,130 372 2,100 Subtotal $ 20,460 $ 19,983 $ 477 $ 19,600 Total investments $ 175,733 $ 60,665 $ 115,068 $ 59,822 (1) (2) Investment in Real Estate Venture Investment in Real Estate Venture.
Schedule Of Changes In Fair Value Of Investments [Table Text Block]	The following table provides a reconciliation of the funded principal to the fair market value of investments at March 31, 2016: Funded principal $ 64,011 Adjustments: Unamortized origination fees (1,273 ) Net increase in fair value of investments 4,663 Fair value of investments $ 67,401 The following table provides a reconciliation of the funded principal to the fair market value of investments at December 31, 2015: Funded principal $ 60,665 Adjustments: Unamortized origination fees (1,715 ) Net increase in fair value of investments 872 Fair value of investments $ 59,822

FAIR VALUE OF FINANCIAL INSTR22

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The following table summarizes the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of March 31, 2016 and December 31, 2015. The table is not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Company’s determination of fair values. As of March 31, 2016 Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted Development property Income approach analysis Market yields/ discount rate 7.73 9.00 % 8.51 % Exit date 0.92 3.58 2.86 Development property investments with a profits interest (a) Option pricing model Volatility 73.39 74.07 % 73.74 % Exit date 3.06 3.58 3.25 Capitalization rate (b) 5.50 5.75 % 5.61 % Operating property loans Income approach analysis Market yields/ discount rate 5.80 7.12 % 6.50 % Exit date (c) 5.25 6.34 5.70 (a) The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investment with a profits interest only requires incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (b) Six properties were between 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. (c) The exit dates for the operating property loans are the contractual maturity dates. As of December 31, 2015 Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted Development property investments Income approach analysis Market yields/ discount rate 7.74 9.35 % 8.77 % Exit date 1.17 3.83 3.02 Development property investments with a profits interest Option pricing model Volatility 72.46 73.12 % 72.82 % Exit date 3.31 3.83 3.49 Capitalization rate (b) 6.00 6.50 % 6.38 % Operating property loans Income approach analysis Market yields/ discount rate 6.22 7.53 % 6.91 % Exit date (c) 5.50 6.68 5.97 (a) The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investment with a profits interest only requires incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (b) Four properties were between 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. (c) The exit dates for the operating property loans are the contractual maturity dates.
Schedule Of Change In Fair Value Of Investments Due To Change In Market Yield Discount Rates [Table Text Block]	The following fluctuations in the market yields/discount rates would have had the following impact on the fair value of our investments: Increase (decrease) in fair value of investments Change in market yields/discount rates (in millions) March 31, 2016 December 31, 2015 Up 100 basis points $ (2.3) $ (1.6) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 1.2 0.8
Schedule Of Change In Fair Value Of Investments Due To Change In Capitalization Rates [Table Text Block]	The following fluctuations in the capitalization rates would have had the following impact on the fair value of our investments: Increase (decrease) in fair value of investments Change in capitalization rates (in millions) March 31, 2016 December 31, 2015 Up 100 basis points $ (1.1) $ (0.3) Down 100 basis points 1.6 0.4
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents changes in investments that use Level 3 inputs for the three months ended March 31, 2016: Balance as of December 31, 2015 $ 59,822 Net realized gains - Net unrealized gains 3,791 Fundings of principal, net of accretion of origination fees 10,751 Payment-in-kind interest 730 Contribution of assets to Heitman Joint Venture (7,693) Net transfers in or out of Level 3 - Balance as of March 31, 2016 $ 67,401

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2016
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Schedule of Variable Interest Entities [Table Text Block]	The Company’s maximum exposure to loss as a result of its involvement with the VIEs is as follows (in millions) March 31, 2016 December 31, 2015 Assets recorded related to VIEs $ 47.2 $ 40.2 Unfunded loan commitments to VIEs 69.5 114.6 Maximum exposure to loss $ 116.7 $ 154.8

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 is as follows: Weighted average grant Shares date fair value Nonvested at December 31, 2015 162,500 $ 20.08 Granted - - Vested - - Forfeited - - Nonvested at March 31, 2016 162,500 $ 20.08

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the three months ended March 31, 2016, the Company’s basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method: Shares outstanding Weighted average common shares - basic 6,000,000 Effect of dilutive securities (1) - Weighted average common shares - diluted 6,000,000 Calculation of Earnings per Share - basic Net income $ 1,122 Net income allocated to unvested restricted shares (30) Net income, adjusted $ 1,092 Weighted average common shares - basic 6,000,000 Earnings per share - basic $ 0.18 Calculation of Earnings per Share - diluted Net income $ 1,122 Net income allocated to unvested restricted shares (30) Net income, adjusted (2) $ 1,092 Weighted average common shares - diluted 6,000,000 Earnings per share - diluted $ 0.18 (1) For the three months ended March 31, 2016, potentially dilutive securities are not included in the diluted earnings per share calculation as they are not dilutive. (2) The Company has no undistributed earnings and accordingly reallocation of undistributed earnings between potential common stock and participating securities is not necessary.

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs [Table Text Block]	There were no restructuring costs for the three months ended March 31, 2015. As of March 31, 2016 Cost Type Restructuring Restructuring Cash Non-cash Restructuring Total cumulative Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 85 16 (21) - 80 140 Other 10 - (10) - 13 Total restructuring costs $ 95 $ 16 $ (21) $ (10) $ 80 $ 283

SIGNIFICANT ACCOUNTING POLICI27

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	$ 47,223	$ 40,222
Operating property loans	20,178	19,600
Total investments	67,401	59,822
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	0	0
Operating property loans	0	0
Total investments	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	0	0
Operating property loans	0	0
Total investments	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	47,223	40,222
Operating property loans	20,178	19,600
Total investments	$ 67,401	$ 59,822

SIGNIFICANT ACCOUNTING POLICI28

SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended
		May. 09, 2016	May. 04, 2016	Apr. 29, 2016	Mar. 31, 2016	Mar. 31, 2015	May. 03, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Cash					$ 28,800
Proceeds from Collection of Notes Receivable					19,100
Proceeds from Prepayment Penalties					14,300
Loans Receivable, Net, Total	[1]				64,011			$ 60,665
Payments to Acquire Equity Method Investments					10,551	$ 0
Transaction and Other Expenses					2,000
Terminated Credit Facility [Member]
Significant Accounting Policies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					60,000		$ 60,000
Operating Property Loans [Member]
Significant Accounting Policies [Line Items]
Loans Receivable, Net, Total					7,000
Payments to Acquire Equity Method Investments					41,000
Operating Property Loans [Member] | Subsequent Event [Member]
Significant Accounting Policies [Line Items]
Proceeds from Collection of Notes Receivable		$ 5,600
First Bank A Notes [Member] | Subsequent Event [Member]
Significant Accounting Policies [Line Items]
Percentage Of Sale Of Senior Participations Operating Property Loans				65.00%
Proceeds from Notes Payable				$ 5,000
Loans Receivable, Net, Total				$ 7,800
First Bank [Member] | Subsequent Event [Member]
Significant Accounting Policies [Line Items]
Percentage Of Sale Of Senior Participations Operating Property Loans			56.40%
Proceeds from Notes Payable			$ 10,000
Heitman Joint Venture [Member]
Significant Accounting Policies [Line Items]
Loans and Leases Receivable, Commitments, Fixed Rates					41,000
Scenario, Previously Reported [Member]
Significant Accounting Policies [Line Items]
Long-term Purchase Commitment, Amount					$ 69,800
Development Property Investment [Member]
Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage					49.90%			49.90%
Loans Receivable Commercial Real Estate Commitment Amount					$ 76,500
Loans Receivable, Net, Total	[1]				43,863			$ 40,682
Development Property Investment [Member] | Operating Property Loans [Member]
Significant Accounting Policies [Line Items]
Loans Receivable, Net, Total					$ 33,300
[1]	Represents principal balance of loan gross of origination fees

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Total Investment Commitment		$ 133,787	$ 175,733
Funded Investment	[1]	64,011	60,665
Remaining Unfunded Commitment		69,776	115,068
Development property investments, Fair Value		47,223	40,222
Operating property loans, Fair Value		20,178	19,600
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Total Investment Commitment		20,460	20,460
Funded Investment	[1]	20,148	19,983
Remaining Unfunded Commitment		312	477
Development property investments, Fair Value		20,178	19,600
Development Property Investment [Member]
Schedule of Investments [Line Items]
Total Investment Commitment		113,327	155,273
Funded Investment	[1]	43,863	40,682
Remaining Unfunded Commitment		69,464	114,591
Development property investments, Fair Value		47,223	40,222
Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Total Investment Commitment		36,833	36,833
Funded Investment	[1]	10,525	9,477
Remaining Unfunded Commitment		26,308	27,356
Development property investments, Fair Value		10,034	8,956
Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Total Investment Commitment		76,494	118,440
Funded Investment	[1]	33,338	31,205
Remaining Unfunded Commitment		43,156	87,235
Development property investments, Fair Value		$ 37,189	$ 31,266
Investment Portfolio One [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		4/21/2015	4/21/2015
Metropolitan Statistical Area (MSA)		Orlando	Orlando
Total Investment Commitment		$ 5,372	$ 5,372
Funded Investment	[1]	4,356	3,254
Remaining Unfunded Commitment		1,016	2,118
Development property investments, Fair Value		$ 5,383	$ 3,400
Investment Portfolio Two [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		6/10/2015	5/14/2015
Metropolitan Statistical Area (MSA)		Atlanta	Miami	[2]
Total Investment Commitment		$ 8,132	$ 13,867
Funded Investment	[1]	6,164	2,258
Remaining Unfunded Commitment		1,968	11,609
Development property investments, Fair Value		$ 7,000	$ 2,115
Investment Portfolio Three [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		6/19/2015	5/14/2015
Metropolitan Statistical Area (MSA)		Tampa	Miami	[2]
Total Investment Commitment		$ 5,369	$ 14,849
Funded Investment	[1]	4,520	3,076
Remaining Unfunded Commitment		849	11,773
Development property investments, Fair Value		$ 4,863	$ 2,929
Investment Portfolio Four [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		6/26/2015	6/10/2015
Metropolitan Statistical Area (MSA)		Atlanta	Atlanta
Total Investment Commitment		$ 6,050	$ 8,132
Funded Investment	[1]	4,199	4,723
Remaining Unfunded Commitment		1,851	3,409
Development property investments, Fair Value		$ 5,057	$ 4,829
Investment Portfolio Five [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		6/29/2015	6/19/2015
Metropolitan Statistical Area (MSA)		Charlotte	Tampa
Total Investment Commitment		$ 7,624	$ 5,369
Funded Investment	[1]	2,657	3,720
Remaining Unfunded Commitment		4,967	1,649
Development property investments, Fair Value		$ 3,202	$ 3,820
Investment Portfolio Six [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		7/2/2015	6/26/2015
Metropolitan Statistical Area (MSA)		Milwaukee	Atlanta
Total Investment Commitment		$ 7,650	$ 6,050
Funded Investment	[1]	2,677	2,799
Remaining Unfunded Commitment		4,973	3,251
Development property investments, Fair Value		$ 2,645	$ 2,823
Investment Portfolio Seven [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		7/31/2015	6/29/2015
Metropolitan Statistical Area (MSA)		New Haven	Charlotte
Total Investment Commitment		$ 6,930	$ 7,624
Funded Investment	[1]	1,810	1,124
Remaining Unfunded Commitment		5,120	6,500
Development property investments, Fair Value		$ 1,810	$ 1,554
Investment Portfolio Eight [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		8/10/2015	7/2/2015
Metropolitan Statistical Area (MSA)		Pittsburgh	Milwaukee
Total Investment Commitment		$ 5,266	$ 7,650
Funded Investment	[1]	1,688	2,529
Remaining Unfunded Commitment		3,578	5,121
Development property investments, Fair Value		$ 1,711	$ 2,463
Investment Portfolio Nine [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		8/14/2015	7/31/2015
Metropolitan Statistical Area (MSA)		Raleigh	New Haven
Total Investment Commitment		$ 8,998	$ 6,930
Funded Investment	[1]	1,072	997
Remaining Unfunded Commitment		7,926	5,933
Development property investments, Fair Value		$ 995	$ 960
Investment Portfolio Ten [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		9/30/2015	8/10/2015
Metropolitan Statistical Area (MSA)		Jacksonville	Pittsburgh
Total Investment Commitment		$ 6,445	$ 5,266
Funded Investment	[1]	3,330	1,542
Remaining Unfunded Commitment		3,115	3,724
Development property investments, Fair Value		$ 3,738	$ 1,542
Investment Portfolio Eleven [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		10/27/2015	8/14/2015
Metropolitan Statistical Area (MSA)		Austin	Raleigh
Total Investment Commitment		$ 8,658	$ 8,998
Funded Investment	[1]	865	1,026
Remaining Unfunded Commitment		7,793	7,972
Development property investments, Fair Value		$ 785	$ 934
Investment Portfolio Twelve [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date		8/5/2015
Metropolitan Statistical Area (MSA)		West Palm Beach
Total Investment Commitment		$ 7,500
Funded Investment	[1]	2,324
Remaining Unfunded Commitment		5,176
Development property investments, Fair Value		$ 2,267
Investment Portfolio Twelve [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date			9/25/2015
Metropolitan Statistical Area (MSA)	[2]		Fort Lauderdale
Total Investment Commitment			$ 13,230
Funded Investment	[1]		2,144
Remaining Unfunded Commitment			11,086
Development property investments, Fair Value			$ 2,009
Investment Portfolio Thirteen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date		8/5/2015
Metropolitan Statistical Area (MSA)		Sarasota
Total Investment Commitment		$ 4,792
Funded Investment	[1]	1,054
Remaining Unfunded Commitment		3,738
Development property investments, Fair Value		$ 1,018
Investment Portfolio Thirteen [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date			9/30/2015
Metropolitan Statistical Area (MSA)			Jacksonville
Total Investment Commitment			$ 6,445
Funded Investment	[1]		1,213
Remaining Unfunded Commitment			5,232
Development property investments, Fair Value			$ 1,180
Investment Portfolio Fourteen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date		11/17/2015
Metropolitan Statistical Area (MSA)		Chicago
Total Investment Commitment		$ 6,808
Funded Investment	[1]	1,394
Remaining Unfunded Commitment		5,414
Development property investments, Fair Value		$ 1,327
Investment Portfolio Fourteen [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date			10/27/2015
Metropolitan Statistical Area (MSA)			Austin
Total Investment Commitment			$ 8,658
Funded Investment	[1]		800
Remaining Unfunded Commitment			7,858
Development property investments, Fair Value			$ 708
Investment Portfolio Fifteen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date		12/23/2015	8/5/2015
Metropolitan Statistical Area (MSA)		Miami	West Palm Beach
Total Investment Commitment		$ 17,733	$ 7,500
Funded Investment	[1]	5,753	2,011
Remaining Unfunded Commitment		11,980	5,489
Development property investments, Fair Value		$ 5,422	$ 1,951
Investment Portfolio Sixteen [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		6/19/2015
Metropolitan Statistical Area (MSA)		New Orleans
Total Investment Commitment		$ 2,800
Funded Investment	[1]	2,800
Remaining Unfunded Commitment		0
Development property investments, Fair Value		$ 2,788
Investment Portfolio Sixteen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date			8/5/2015
Metropolitan Statistical Area (MSA)			Sarasota
Total Investment Commitment			$ 4,792
Funded Investment	[1]		1,036
Remaining Unfunded Commitment			3,756
Development property investments, Fair Value			$ 998
Investment Portfolio Seventeen [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		7/7/2015
Metropolitan Statistical Area (MSA)		Newark
Total Investment Commitment		$ 3,480
Funded Investment	[1]	3,480
Remaining Unfunded Commitment		0
Development property investments, Fair Value		$ 3,496
Investment Portfolio Seventeen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date			11/17/2015
Metropolitan Statistical Area (MSA)			Chicago
Total Investment Commitment			$ 6,808
Funded Investment	[1]		775
Remaining Unfunded Commitment			6,033
Development property investments, Fair Value			$ 706
Investment Portfolio Eighteen [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		10/30/2015
Metropolitan Statistical Area (MSA)		Nashville
Total Investment Commitment		$ 1,210
Funded Investment	[1]	1,210
Remaining Unfunded Commitment		0
Development property investments, Fair Value		$ 1,216
Investment Portfolio Eighteen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date			12/23/2015
Metropolitan Statistical Area (MSA)			Miami
Total Investment Commitment			$ 17,733
Funded Investment	[1]		5,655
Remaining Unfunded Commitment			12,078
Development property investments, Fair Value			$ 5,301
Investment Portfolio Nineteen [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		11/10/2015	6/19/2015
Metropolitan Statistical Area (MSA)		Sacramento	New Orleans
Total Investment Commitment		$ 5,500	$ 2,800
Funded Investment	[1]	5,500	2,800
Remaining Unfunded Commitment		0	0
Development property investments, Fair Value		$ 5,514
Operating property loans, Fair Value			$ 2,736
Investment Portfolio Twenty [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		11/24/2015	7/7/2015
Metropolitan Statistical Area (MSA)		Nashville	Newark
Total Investment Commitment		$ 4,968	$ 3,480
Funded Investment	[1]	4,863	3,480
Remaining Unfunded Commitment		105	0
Development property investments, Fair Value		$ 4,853
Operating property loans, Fair Value			$ 3,416
Investment Portfolio Twenty One [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		12/22/2015	10/30/2015
Metropolitan Statistical Area (MSA)		Chicago	Nashville
Total Investment Commitment		$ 2,502	$ 1,210
Funded Investment	[1]	2,295	1,210
Remaining Unfunded Commitment		207	0
Development property investments, Fair Value		$ 2,311
Operating property loans, Fair Value			$ 1,192
Investment Portfolio Twenty Two [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date			11/10/2015
Metropolitan Statistical Area (MSA)			Sacramento
Total Investment Commitment			$ 5,500
Funded Investment	[1]		5,500
Remaining Unfunded Commitment			0
Operating property loans, Fair Value			$ 5,401
Investment Portfolio Twenty Three [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date			11/24/2015
Metropolitan Statistical Area (MSA)			Nashville
Total Investment Commitment			$ 4,968
Funded Investment	[1]		4,863
Remaining Unfunded Commitment			105
Operating property loans, Fair Value			$ 4,755
Investment Portfolio Twenty Four [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date			12/22/2015
Metropolitan Statistical Area (MSA)			Chicago
Total Investment Commitment			$ 2,502
Funded Investment	[1]		2,130
Remaining Unfunded Commitment			372
Operating property loans, Fair Value			$ 2,100
[1]	Represents principal balance of loan gross of origination fees
[2]	These development property investments (having approximately $8.1 million of outstanding principal balances as of the time of contribution on March 31, 2016) were contributed to the SL1 Venture (defined in Note 5, Investment in Real Estate Venture) in partial satisfaction of our required $12.2 million capital commitment to the SL1 Venture. See Note 5, Investment in Real Estate Venture.

INVESTMENTS (Details 1)

INVESTMENTS (Details 1) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Funded principal	[1]	$ 64,011	$ 60,665
Adjustments:
Unamortized origination fees		(1,273)	(1,715)
Net increase in fair value of investments		4,663	872
Fair value of investments		$ 67,401	$ 59,822
[1]	Represents principal balance of loan gross of origination fees

INVESTMENTS (Details Textual)

INVESTMENTS (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Number Of Investment	11
Heitman Joint Venture [Member]
Schedule of Investments [Line Items]
Investments In The Form Drawn Balances	$ 8.1
Commitment Amount Made	$ 12.2
Construction Loans [Member]
Schedule of Investments [Line Items]
Term Of Mortgage Loans Receivables	18 months
Mortgage Loans on Real Estate, Interest Rate	6.90%
Investments, Total	$ 36.8
First Mortgage [Member]
Schedule of Investments [Line Items]
Medium-term Notes	$ 20.5
Development Property Investment [Member]
Schedule of Investments [Line Items]
Term Of Mortgage Loans Receivables	72 months
Equity Method Investment, Ownership Percentage	49.90%	49.90%
Mortgage Loans on Real Estate, Interest Rate	6.90%
Investments, Total	$ 76.5
Equity Method Investment, Assets, Total	41.8	$ 44.4
Equity Method Investment, Liabilities, Total	$ 33.3	31.2
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Term Of Mortgage Loans Receivables	72 months
Operating Property Loans [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Interest Rate	6.90%
Operating Property Loans [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Interest Rate	5.85%
Total Commitment [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Investments, Total	$ 133.8	175.7
Total Commitment [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Investments, Total	$ 64	$ 60.7

FAIR VALUE OF FINANCIAL INSTR32

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)		3 Months Ended		12 Months Ended
		Mar. 31, 2016		Dec. 31, 2015
Development Property Investments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Asset Category		Development property investments		Development property investments
Development Property Investments [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques		Market yields/ discount rate		Market yields/ discount rate
Development Property Investments [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques		Capitalization rate	[1]	Capitalization rate	[2]
Development Property Investments [Member] | Minimum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate		7.73%		7.74%
Fair Value Assumptions, Expected Term		11 months 1 day		1 year 2 months 1 day
Development Property Investments [Member] | Maximum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate		9.00%		9.35%
Fair Value Assumptions, Expected Term		3 years 6 months 29 days		3 years 9 months 29 days
Development Property Investments [Member] | Weighted Average [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate		8.51%		8.77%
Fair Value Assumptions, Expected Term		2 years 10 months 10 days		3 years 7 days
Loan Investments With Profits Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques		Volatility
Fair Value Inputs, Asset Category	[3]	Development property investments with a profits interest		Development property investments with a profits interest
Loan Investments With Profits Interest [Member] | Minimum [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate		73.39%		72.46%
Fair Value Assumptions, Expected Term		3 years 22 days		3 years 3 months 22 days
Fair Value Inputs, Cap Rate		5.50%		6.00%
Loan Investments With Profits Interest [Member] | Maximum [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate		74.07%		73.12%
Fair Value Assumptions, Expected Term		3 years 6 months 29 days		3 years 9 months 29 days
Fair Value Inputs, Cap Rate		5.75%		6.50%
Loan Investments With Profits Interest [Member] | Weighted Average [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate		73.74%		72.82%
Fair Value Assumptions, Expected Term		3 years 3 months		3 years 5 months 26 days
Fair Value Inputs, Cap Rate		5.61%		6.38%
Operating Property Loans [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques	[4]	Exit date		Exit date
Fair Value Inputs, Asset Category		Operating property loans		Operating property loans
Operating Property Loans [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques		Market yields/ discount rate		Market yields/ discount rate
Operating Property Loans [Member] | Minimum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate		5.80%		6.22%
Fair Value Assumptions, Expected Term		5 years 3 months		5 years 6 months
Operating Property Loans [Member] | Maximum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate		7.12%		7.53%
Fair Value Assumptions, Expected Term		6 years 4 months 2 days		6 years 8 months 5 days
Operating Property Loans [Member] | Weighted Average [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate		6.50%		6.91%
Fair Value Assumptions, Expected Term		5 years 8 months 12 days		5 years 11 months 19 days
[1]	Six properties were between 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit.
[2]	Four properties were between 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit.
[3]	The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investment with a profits interest only requires incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation.
[4]	The exit dates for the operating property loans are the contractual maturity dates.

FAIR VALUE OF FINANCIAL INSTR33

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - Market Yield And Discount Rate [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Up 100 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ (2.3)	$ (1.6)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ 1.2	$ 0.8

FAIR VALUE OF FINANCIAL INSTR34

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Capitalization Rates [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Up 100 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ (1.1)	$ (0.3)
Down 100 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ 1.6	$ 0.4

FAIR VALUE OF FINANCIAL INSTR35

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2015	$ 59,822
Net realized gains	0
Net unrealized gains	3,791	$ 0
Fundings of principal, net of accretion of origination fees	10,751
Payment-in-kind interest	730	$ 0
Contribution of assets to Heitman Joint Venture	(7,693)
Net transfers in or out of Level 3	0
Balance as of March 31, 2016	$ 67,401

FAIR VALUE OF FINANCIAL INSTR36

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net	$ 4.7	$ 0.9
Minimum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of Completion of construction	40.00%
Maximum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of Completion of construction	100.00%

INVESTMENT IN REAL ESTATE VEN37

INVESTMENT IN REAL ESTATE VENTURE (Details Textual) - USD ($) $ in Thousands	Mar. 07, 2016	Mar. 31, 2016	Dec. 31, 2015
Investment In Real Estate Venture [Line Items]
Real Estate Investments, Joint Ventures		$ 7,919	$ 0
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure		7,693
SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Real Estate Investments, Joint Ventures, Transaction Cost		200
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure		7,700
Heitman And Large Institutional Co-Investor [Member]
Investment In Real Estate Venture [Line Items]
Real Estate Investments, Joint Ventures	$ 110,000
Heitman And Large Institutional Co-Investor [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	90.00%
Parent Company [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	10.00%
Investment Owned, Balance, Principal Amount		41,900
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure		7,700
Contribution To SL 1 Venture	$ 12,200	$ 8,100

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Assets recorded related to VIEs	$ 47.2	$ 40.2
Unfunded loan commitments to VIEs	69.5	114.6
Maximum exposure to loss	$ 116.7	$ 154.8

VARIABLE INTEREST ENTITIES (D39

VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Variable Interest Entity Carrying Amount Assets	$ 47.2	$ 40.2
Investment in Real Estate Venture [Member]
Variable Interest Entity [Line Items]
Contribution To SL 1 Venture	$ 12.2

OTHER ASSETS (Details Textual)

OTHER ASSETS (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2016
Line of Credit [Member]
Other Investments and Securities, at Cost	$ 0.5	$ 1
Line of Credit Facility, Maximum Borrowing Capacity	$ 2
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	100.00%
Line of Credit [Member] | Maximum [Member]
Line of Credit Facility, Interest Rate During Period	7.00%
Line of Credit [Member] | Minimum [Member]
Line of Credit Facility, Interest Rate During Period	6.90%
Secured Debt [Member]
Secured Debt		$ 0.7
Debt Instrument, Interest Rate, Stated Percentage		6.90%

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	162,500
Shares, Granted	0	162,500
Shares, Vested	0
Shares, Forfeited	0
Shares, Nonvested shares at end of period	162,500	162,500
Weighted average grant date fair value, Nonvested at beginning of period	$ 20.08
Weighted average grant date fair value, Granted	0
Weighted average grant date fair value, Vested	0
Weighted average grant date fair value, Forfeited	0
Weighted average grant date fair value, Nonvested at end of period	$ 20.08	$ 20.08

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	1 Months Ended			3 Months Ended		12 Months Ended
	Jun. 15, 2015	Apr. 30, 2015	Oct. 31, 2014	Mar. 31, 2016	Sep. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Common Stock, Shares Authorized				500,000,000		500,000,000
Common Stock, Shares, Issued				6,162,500		6,162,500
Preferred Stock, Shares Authorized				100,000,000		100,000,000
Capital			$ 1,000
Proceeds from Issuance Initial Public Offering		$ 93,000,000
Restricted Stock or Unit Expense				$ 200,000
Share Price				$ 15.62		$ 14.95
Expected Restricted Stock or Unit Expense				$ 2,100,000		$ 2,200,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				3 years 6 months
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				0		162,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				0
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
2015 Equity Incentive Plan [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	100,000	10,000
2015 Equity Incentive Plan [Member] | 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				40,833
2015 Equity Incentive Plan [Member] | 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				40,833
2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | 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				40,833
2015 Equity Incentive Plan [Member] | 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
2015 Equity Incentive Plan [Member] | 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
Founder [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Private Placement		$ 5,000,000
IPO [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued		5,000,000
Private Placement [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued		250,000
Over-Allotment Option [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock		$ 14,000,000
Common Stock [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					52,500
Common Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued		1,000
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

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Shares outstanding
Weighted average common shares - basic		6,000,000
Effect of dilutive securities	[1]	0
Weighted average common shares - diluted		6,000,000
Calculation of Earnings per Share - basic
Net income		$ 1,122	$ (147)
Net income allocated to unvested restricted shares		(30)
Net income, adjusted		$ 1,092
Weighted average common shares - basic		6,000,000
Earnings per share - basic		$ 0.18
Calculation of Earnings per Share - diluted
Net income		$ 1,122	$ (147)
Net income allocated to unvested restricted shares		(30)
Net income, adjusted	[2]	$ 1,092
Weighted average common shares - diluted		6,000,000
Earnings per share - diluted		$ 0.18
[1]	For the three months ended March 31, 2016, potentially dilutive securities are not included in the diluted earnings per share calculation as they are not dilutive.
[2]	The Company has no undistributed earnings and accordingly reallocation of undistributed earnings between potential common stock and participating securities is not necessary.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2015	Mar. 31, 2016	Dec. 31, 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%
Reimbursement Of Organization Costs	$ 100
Reimbursement Of Offering Costs	$ 100
Expenses Reimbursed To Manager		$ 800
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 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).
Amortization of Other Deferred Charges		$ 200
Equity Method Investments, Fair Value Disclosure		47,223	$ 40,222
SL1 Venture [Member]
Related Party Transaction [Line Items]
Commitment Amount Made		7,900
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Change in Fair value from equity investment		3,300
Equity Method Investments, Fair Value Disclosure		37,200	$ 31,300
Income (Loss) from Equity Method Investments		$ 500

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	$ 95
Restructuring costs incurred	7	$ 0
Cash payments	(21)
Non-cash activity	(10)
Restructuring costs liability, Ending Balance	80
Total cumulative restructuring costs expected to be incurred	283
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	0
Restructuring costs incurred	0
Cash payments	0
Non-cash activity	0
Restructuring costs liability, Ending Balance	0
Total cumulative restructuring costs expected to be incurred	97
Fixed asset disposal
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	0
Restructuring costs incurred	0
Cash payments	0
Non-cash activity	0
Restructuring costs liability, Ending Balance	0
Total cumulative restructuring costs expected to be incurred	33
Lease termination
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	85
Restructuring costs incurred	16
Cash payments	(21)
Non-cash activity	0
Restructuring costs liability, Ending Balance	80
Total cumulative restructuring costs expected to be incurred	140
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	10
Restructuring costs incurred	0
Cash payments	0
Non-cash activity	(10)
Restructuring costs liability, Ending Balance	0
Total cumulative restructuring costs expected to be incurred	$ 13

RESTRUCTURING COSTS (Details Te

RESTRUCTURING COSTS (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Total	$ 7	$ 0

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($) $ in Thousands		1 Months Ended
		May. 09, 2016	May. 04, 2016	Apr. 29, 2016	May. 03, 2016	Mar. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Proceeds From Early Pay Off Of Operating Property Loan		$ 5,600
Loans Receivable Commercial Real Estate Investment Commitment						$ 133,787	$ 175,733
Loans Receivable, Net	[1]					64,011	$ 60,665
Terminated Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 60,000	$ 60,000
Subsequent Event [Member] | First Bank A Notes [Member]
Subsequent Event [Line Items]
Percentage Of Sale Of Senior Participations Operating Property Loans				65.00%
Proceeds from Notes Payable				$ 5,000
Debt Instrument, Interest Rate, Basis for Effective Rate				30-day LIBOR plus 3.85%
Debt Instrument, Collateral Amount				$ 500
Debt Instrument, Interest Rate, Effective Percentage				4.30%
Loans Receivable, Net				$ 7,800
Subsequent Event [Member] | First Bank [Member]
Subsequent Event [Line Items]
Percentage Of Sale Of Senior Participations Operating Property Loans			56.40%
Proceeds from Notes Payable			$ 10,000
Loans Receivable Commercial Real Estate Investment Commitment			$ 17,700
[1]	Represents principal balance of loan gross of origination fees