Jernigan Capital (JCAP) 10-K 8 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 08, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	Jernigan Capital, Inc.
Entity Central Index Key	1,622,353
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 72,971,160
Trading Symbol	JCAP
Entity Common Stock, Shares Outstanding		8,997,707

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 67,373	$ 43,859
Development property investments at fair value, of which $33.3 million of funded principal is pledged as collateral against certain of the Company’s senior loan participations	95,102	40,222
Operating property loans at fair value, of which $2.8 million of funded principal is pledged as collateral against certain of the Company’s senior loan participations	9,905	19,600
Investment in and advances to real estate venture	5,373	0
Other loans, at cost	11,752	1,192
Deferred costs	2,207	0
Prepaid expenses and other assets	868	293
Fixed assets, net	199	261
Total assets	192,779	105,427
Liabilities:
Senior loan participations	18,582	0
Due to Manager	1,008	698
Accounts payable, accrued expenses and other liabilities	697	808
Dividends payable	4,130	2,157
Total liabilities	24,417	3,663
Jernigan Capital, Inc. stockholders’ equity:
Cumulative preferred stock, $0.01 par value, 100,000,000 shares authorized, 10,000 shares issued and outstanding at December 31, 2016 and 100,000,000 shares authorized, none issued and outstanding at December 31, 2015, at liquidation preference of $10.0 million, net of allocated costs	9,448	0
Common stock, $0.01 par value, 500,000,000 shares authorized at December 31, 2016 and 2015; 8,956,354 and 6,162,500 issued and outstanding at December 31, 2016 and 2015, respectively	90	62
Additional paid-in capital	162,664	110,634
Accumulated deficit	(3,840)	(9,396)
Total Jernigan Capital, Inc. stockholders' equity	168,362	101,300
Non-controlling interests	0	464
Total equity	168,362	101,764
Total liabilities and equity	$ 192,779	$ 105,427

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Securities Held as Collateral, at Fair Value	$ 33.3	$ 33.3
Loans Pledged as Collateral	$ 2.8	$ 2.8
Preferred Stock, Par Value (in dollars per share)	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000	[1]
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	8,956,354	6,162,500
Common Stock, Shares Outstanding	8,956,354	6,162,500
Cumulative Preferred Stock [Member]
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	10,000	0
Preferred Stock, Shares Outstanding	10,000	0
Preferred Stock, Liquidation Preference, Value	$ 10
[1]	Unvested restricted shares participate in dividends with common shares on a 1:1 basis and thus are considered participating securities under the two-class method for the year ended December 31, 2016.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Interest income from investments	$ 6,532	$ 1,743
Total investment income	6,532	1,743
Costs and expenses:
General and administrative expenses	5,574	3,466
Management fees to Manager	1,688	1,237
Transaction and other expenses	2,129	262
Restructuring costs	54	276
Deferred termination fee to Manager	239	464
Total costs and expenses	9,684	5,705
Operating loss	(3,152)	(3,962)
Other income (expense):
Equity in earnings from unconsolidated real estate venture	1,278	0
Change in fair value of investments	18,370	872
Interest expense	(559)	0
Other interest income	80	147
Total other income	19,169	1,019
Net income (loss)	16,017	(2,943)
Net income attributable to preferred stockholders	(996)	0
Net income (loss) attributable to common stockholders	$ 15,021	$ (2,943)
Basic earnings (loss) per share attributable to common stockholders	$ 2.42	$ (0.69)
Diluted earnings (loss) per share attributable to common stockholders	2.42	(0.69)
Dividends declared per share of common stock	$ 1.4	$ 1.05

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]	Preferred Stock [Member]
Balance at Sep. 30, 2014	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at Sep. 30, 2014		0					0
Issuance of stock	1	$ 0	1	0	1	0	$ 0
Issuance of stock (in shares)		1,000					0
Balance at Dec. 31, 2014	1	$ 0	1	0	1	0
Balance (in shares) at Dec. 31, 2014		1,000
Public offering of common stock	115,000	$ 58	114,942	0	115,000	0	$ 0
Public offering of common stock (in shares)		5,750,000					0
Issuance of stock	5,000	$ 2	4,998	0	5,000	0	$ 0
Issuance of stock (in shares)		250,000					0
Equity offering costs related to issuance of common stock	(9,609)	$ 0	(9,609)	0	(9,609)	0	$ 0
Repurchase and retirement of 2,052 shares related to vested restricted stock	(1)	$ 0	(1)	0	(1)	0	$ 0
Repurchase and retirement of 2,052 shares related to vested restricted stock (in shares)		(1,000)					0
Issuances of stock-based awards	0	$ 2	(2)		0	0	$ 0
Issuances of stock-based awards (in shares)		162,500					0
Stock-based compensation	305	$ 0	305	0	305	0	$ 0
Deferred termination fee to Manager	464	0	0	0	0	464	0
Dividends declared	(6,453)	0	0	(6,453)	(6,453)	0	0
Dividends declared on preferred stock	0
Net Income (loss)	(2,943)	0	0	(2,943)	(2,943)	0	0
Balance at Dec. 31, 2015	101,764	$ 62	110,634	(9,396)	101,300	464	$ 0
Balance (in shares) at Dec. 31, 2015		6,162,500					0
Public offering of common stock	56,930	$ 30	56,900	0	56,930	0	$ 0
Public offering of common stock (in shares)		2,996,311					0
Issuance of stock	10,000	$ 0	0	0	10,000	0	$ 10,000
Issuance of stock (in shares)		0					10,000
Equity offering costs related to issuance of preferred stock	(552)	$ 0	0	0	(552)	0	$ (552)
Equity offering costs related to issuance of common stock	(3,470)	0	(3,470)	0	(3,470)	0	0
Repurchase and retirement of 2,052 shares related to vested restricted stock	(33)	$ 0	(33)		(33)	0	$ 0
Repurchase and retirement of 2,052 shares related to vested restricted stock (in shares)		(2,052)					0
Repurchase of 213,078 shares of common stock	(3,152)	$ (2)	(3,150)	0	(3,152)	0	$ 0
Repurchase of 213,078 shares of common stock (in shares)		(213,078)					0
Issuances of stock-based awards	0	$ 0	0	0	0	0	$ 0
Issuances of stock-based awards (in shares)		14,340					0
Stock-based compensation	1,080	$ 0	1,080	0	1,080	0	$ 0
Forfeiture and retirement of 1,667 shares related to stock-based awards	0	$ 0	0	0	0	0	$ 0
Forfeiture and retirement of 1,667 shares related to stock-based awards (in shares)		(1,667)					0
Deferred termination fee to Manager	239	$ 0	0	0	0	239	$ 0
Effect of Management Agreement Amendment	0	0	703	0	703	(703)	0
Dividends declared on preferred stock	(996)	0	0	(996)	(996)	0	0
Dividends declared on common stock	(9,465)	0	0	(9,465)	(9,465)	0	0
Net Income (loss)	16,017	0	0	16,017	16,017	0	0
Balance at Dec. 31, 2016	$ 168,362	$ 90	$ 162,664	$ (3,840)	$ 168,362	$ 0	$ 9,448
Balance (in shares) at Dec. 31, 2016		8,956,354					10,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net income (loss)	$ 16,017	$ (2,943)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Interest capitalized on outstanding loans	(3,856)	(973)
Change in fair market value of investments	(18,370)	(872)
Stock-based compensation	1,080	305
Equity in earnings from unconsolidated real estate venture	(1,224)	0
Return on investment from unconsolidated joint venture	995	0
Deferred termination fee to Manager	239	464
Depreciation	112	21
Amortization of deferred financing costs	16	0
Loss on disposal of assets	0	33
Accretion of origination fees	(740)	(100)
Origination fees received in cash	441	44
Other	0	(215)
Changes in operating assets and liabilities:
Other assets	(377)	(294)
Due to Manager	310	698
Accounts payable, accrued expenses, and other liabilities	(111)	793
Net cash used in operating activities	(5,468)	(3,039)
Cash flows from investing activities
Purchase of fixed assets	(50)	(315)
Capital contributions to real estate venture	(2,137)	0
Return of capital from real estate venture	7,291	0
Advances to real estate venture	(18,293)	0
Repayment of advances to real estate venture	15,998	0
Capitalized real estate venture costs	(226)	0
Development property investments	(45,094)	(40,707)
Operating property loans	(429)	(23,004)
Funding of other loans	(15,978)	(1,191)
Repayments of investment portfolio investments	15,037	6,019
Repayments of other loans	5,369	0
Net cash used in investing activities	(38,512)	(59,198)
Cash flows from financing activities
Senior loan participations	21,845	0
Repurchase of senior loan participations	(3,229)	0
Deferred financing costs	(150)	0
Deferred costs	(2,207)	0
Stock repurchases	(3,185)	0
Net proceeds from issuance of preferred stock	9,448	0
Net proceeds from issuance of common stock	53,460	110,391
Dividends paid on common stock	(8,488)	(4,296)
Net cash provided by financing activities	67,494	106,095
Net change in cash and cash equivalents	23,514	43,858
Cash and cash equivalents at the beginning of the period	43,859	1
Cash and cash equivalents at the end of the period	$ 67,373	$ 43,859

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	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 is externally managed by JCAP Advisors, LLC (the “Manager”). The Company has elected 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	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. SIGNIFICANT ACCOUNTING POLICIES 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. In the Annual Report on Form 10-K for the year ended December 31, 2015, the Company reported on the Consolidated Balance Sheet $ 1.5 1.2 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 stockholders and others who rely on the Company’s financial statements with a more complete and accurate understanding of the Company’s economic performance including its 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, including those recorded at cost and presented on the Consolidated Balance Sheets as other loans, is evaluated for impairment on a periodic basis. For loans carried at fair value, indicators of impairment are reflected in measurement of the loan. For loans that are carried at cost, the Company estimates an allowance for loan loss at each reporting date. In evaluating loan impairment, the Company also periodically evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the property. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. 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 December 31, 2016 and 2015, there were no loans that were deemed to be impaired loans. Additionally, for loans recorded at cost, the Company determined that no allowance for loan loss was necessary at December 31, 2016 and 2015. For investments carried at fair value, fees and costs are expensed as incurred. 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 structured as first mortgages and a 49.9 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2016: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 95,102 $ - $ - $ 95,102 Operating property loans 9,905 - - 9,905 Total investments $ 105,007 $ - $ - $ 105,007 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 two financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per institution. The Company’s other loans balance at December 31, 2016 includes principal balances for six revolving loan agreements and five mortgage loans. The Company’s other loans 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 the cost reimbursed by the Company. 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 Statements 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. Costs related to the sale of senior participations are deferred and are amortized as interest expense over the estimated life of the related senior participation using the straight-line method, which approximates the effective interest method. If a debt instrument is repurchased prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Effective January 1, 2016, we adopted ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs Transaction and other expenses consist of non-capitalizable advisory fees and other unreimbursed expenses incurred in connection with various financing and investment transactions and are expensed as incurred. The Company incurred $ 2.1 0.3 Offering and registration costs represent underwriting commissions, professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s securities. Underwriting commissions and offering costs incurred in connection with the Company’s common stock offerings are reflected as a reduction of additional paid-in capital. On July 27, 2016, the Company entered into a Stock Purchase Agreement (see Note 9, Stockholders’ Equity 50.0 2.8 2.2 0.6 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 has elected to be taxed as a REIT and to comply with the related provisions of the Code. 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 years ended December 31, 2016 and 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, accrued stock dividends, 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 years ended December 31, 2016 and 2015, comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are 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 August 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis 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 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, Consolidated Statements of Cash Flows – Supplemental Disclosures Year Ended December 31, 2016 2015 Supplemental disclosure of cash flow information: Interest paid $ 484 $ - Supplemental disclosure of non-cash investing and financing activities: Dividends declared on preferred stock $ 996 $ - Dividends declared on common stock 3,134 2,157 Contribution of assets to real estate venture 7,693 - Loans paid off with issuance of new loans - 2,573 Conversion of investment (preferred equity to mezzanine loan) - 924 Retirement of common stock - 1

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2016
Schedule of Investments [Abstract]
Investment Holdings, Schedule of Investments [Text Block]	3. INVESTMENTS The Company’s self-storage investments at December 31, 2016 consisted of the following: ⋅ Development Property Investments - The Company had 14 101.8 49.9 6.9 72 months The Company also had three construction loan investments totaling an aggregate committed principal amount of approximately $ 30.0 18 months 6.9 6.7 ⋅ Operating property loans - The Company had four term loans totaling $ 10.0 5.85 6.9 72 months The Company’s development property investments and operating property loans are collectively referred to herein as the Company’s investment portfolio. 141.9 86.9 Closing Date Metropolitan Total Investment Funded (1) Remaining Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando 1 (2) $ 5,372 $ 5,308 $ 64 $ 7,302 6/10/2015 Atlanta 1 (2) 8,132 7,694 438 10,404 6/19/2015 Tampa (2) 5,369 5,285 84 6,279 6/26/2015 Atlanta 2 (2) 6,050 5,620 430 8,900 6/29/2015 Charlotte 1 (2) 7,624 6,842 782 9,853 7/2/2015 Milwaukee (2) 7,650 5,608 2,042 7,008 7/31/2015 New Haven (2) 6,930 5,257 1,673 6,730 8/10/2015 Pittsburgh (3) 5,266 3,497 1,769 4,551 8/14/2015 Raleigh 8,792 1,460 7,332 1,396 9/30/2015 Jacksonville 1 (2) 6,445 5,852 593 7,962 10/27/2015 Austin (3) 8,658 4,366 4,292 5,192 9/20/2016 Charlotte 2 12,888 1,446 11,442 1,298 11/17/2016 Orlando 2 5,134 1,342 3,792 1,237 11/17/2016 Jacksonville 2 7,530 624 6,906 551 $ 101,840 $ 60,201 $ 41,639 $ 78,663 Construction loans: 8/5/2015 West Palm Beach (4) 7,500 6,712 788 6,702 8/5/2015 Sarasota 4,792 3,485 1,307 3,473 12/23/2015 Miami 17,733 6,517 11,216 6,264 $ 30,025 $ 16,714 $ 13,311 $ 16,439 Subtotal $ 131,865 $ 76,915 $ 54,950 $ 95,102 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,768 7/7/2015 Newark 3,480 3,480 - 3,441 10/30/2015 Nashville 1,210 1,210 - 1,204 12/22/2015 Chicago 2,502 2,500 2 2,492 Subtotal $ 9,992 $ 9,990 $ 2 $ 9,905 Total investments $ 141,857 $ 86,905 $ 54,952 $ 105,007 (1) Represents principal balance of loan gross of origination fees (2) Facility had received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments (3) Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments (4) This investment was repaid in January 2017 Funded principal $ 86,905 Adjustments: Unamortized origination fees (1,056) Change in fair value of investments 19,242 Other (84) Fair value of investments $ 105,007 175.7 60.7 Closing Date MSA Commitment Funded (1) Unfunded 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 1 8,132 4,723 3,409 4,829 6/19/2015 Tampa 5,369 3,720 1,649 3,820 6/26/2015 Atlanta 2 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) Represents principal balance of loan gross of origination fees (2) These development property investments (having approximately $ 8.1 Investment in Real Estate Venture 12.2 Investment in Real Estate Venture. Funded principal $ 60,665 Adjustments: Unamortized origination fees (1,715) Change 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 stockholders and others who rely on the Company’s financial statements with a more complete and accurate understanding of the Company’s economic performance, including its revenues and value inherent in its equity participation in development projects. See Note 4, Fair Value of Financial Instruments On May 9, 2016, the Company received $ 5.6 0.1 On November 17, 2016, the Company received $ 4.5 On December 14, 2016, the Company received $ 5.2 0.2 No loans were in non-accrual status as of December 31, 2016 and 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 year ended December 31, 2016, the total income (interest income and change in fair value) from one development property investment with a profits interest exceeded 20% of the Company’s net income. The Company recorded total income for the year ended December 31, 2016 of $ 3.6 The assets and liabilities of the Atlanta 2 MSA development property investment with a profits interest were $ 5.8 5.6 3.4 2.7 0.1 0.2 The assets and liabilities of the equity method investees excluding the Atlanta 2 MSA development property investment with a profits interest approximated $ 65.2 54.6 41.0 28.5 $ 0.8 0.7 For one of the Company’s development property investments with a profits interest, an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The put, if exercised, requires the Company to purchase the member’s interest at the original purchase price plus a yield of 4.5% on such purchase price.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 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 of accounting for its development property investments and operating property loan investments in order to provide stockholders and others who rely on the Company’s financial statements with a more complete and accurate understanding of the Company’s economic performance, including 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, other loans, receivables, senior loan participations and payables approximate their fair values due to their short-term nature or due to a variable interest rate. Cash, receivables, and payables are categorized as Level 1 instruments in the measurement of fair value. Other loans and senior loan participations are categorized as Level 2 instruments in the measurement of fair value as the fair values of these investments are determined using a discounted cash flow model with inputs from third-party pricing sources and similar instruments.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 determined 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 determined 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. Level 3 An option-pricing method (OPM) framework is utilized to calculate the value of the profits interests. Operating property loans Valuations are determined 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. 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 40 100 Level 3 Fair Value Measurements As of December 31, 2016 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property investments (a) Income approach analysis Market yields/ discount rate 7.23 - 9.28% 8.34% Exit date 0.17 - 3.88 years 1.81 years Development property investments with a profits interest (b) Option pricing model Volatility 68.72 - 73.46% 73.17% Exit date 1.42 - 3.88 years 2.12 years Capitalization rate (c) 5.25 - 5.50% 5.47% Discount rate 8.25 – 8.50% 8.47% Operating property loans Income approach analysis Market yields/ discount rate 6.09 - 7.20% 6.73% Exit date (d) 4.50 – 5.66 years 5.07 years (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. Therefore, this line item focuses on all development property investments, including those with a profits interest. (b) 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 investments with a profits interest only require incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (c) Ten properties were 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments. (d) The exit dates for the operating property loans are the contractual maturity dates. As of December 31, 2015 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property investments (a) Income approach analysis Market yields/ discount rate 7.74 - 9.35% 8.77% Exit date 1.17 - 3.83 years 3.02 years Development property investments with a profits interest (b) Option pricing model Volatility 72.46 - 73.12% 72.82% Exit date 3.31 - 3.83 years 3.49 years Capitalization rate (c) 6.00 - 6.50% 6.38% Operating property loans Income approach analysis Market yields/ 6.22 - 7.53% 6.91% Exit date (d) 5.50 - 6.68 years 5.97 years (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. Therefore, this line item focuses on all development property investments, including those with a profits interest. (b) 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 investments with a profits interest only require incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (c) Four properties were 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments. (d) 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) December 31, 2016 December 31, 2015 Up 25 basis points $ (0.3) $ (0.5) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 0.3 0.4 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) December 31, 2016 December 31, 2015 Up 25 basis points $ (2.1) $ (0.1) Down 25 basis points 2.3 0.1 Up 50 basis points (3.8) (0.1) Down 50 basis points 4.6 0.2 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 acceleration 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. Operating cash flow projections - changes in the operating cash flow projections of the underlying self-storage facilities, 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 operating cash flow projections 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 years ended December 31, 2016 and 2015. 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. Year ended December 31, 2016 2015 Balance as of beginning of period $ 59,822 $ - Net realized gains - - Net unrealized gains 18,370 872 Fundings of principal and change in unamortized origination fees 45,689 63,996 Repayments of loans (15,037) (6,019) Payment-in-kind interest 3,856 973 Contribution of assets to SL1 Venture (see Note 5, Investment in Real Estate Venture) (7,693) - Net transfers in or out of Level 3 - - Balance at end of period $ 105,007 $ 59,822 As of December 31, 2016 and 2015, the total net unrealized appreciation on the investments that use Level 3 inputs was $ 19.2 0.9 For the years ended December 31, 2016 and 2015, substantially all of the change in fair value of investments in the Company’s Consolidated Statements of Operations were attributable to unrealized gains relating to the Company’s Level 3 assets still held as of the respective balance sheet date. 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	12 Months Ended
	Dec. 31, 2016
Banking and Thrift [Abstract]
Equity Method Investments and Joint Ventures Disclosure [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. Upon formation, 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 12.2 8.1 Nonmonetary Transactions 7.7 7.3 7.3 As of December 31, 2016, the SL1 Venture had closed on eight new development property investments with a profits interest with an aggregate commitment amount of approximately $ 81.4 123.3 90 111.0 10 12.3 Under the JV Agreement, the Company will receive a priority distribution (after debt service and any reserve but before any other distributions) out of operating cash flow and residual distributions based upon 1% of the committed principal amount of loans made by the SL1 Venture, exclusive of the loans contributed to the SL1 Venture by the Company. Operating cash flow of the SL1 Venture (after debt service, reserves and the foregoing priority distributions) will be distributed in accordance with capital commitments. Residual cash flow from capital and other events (after debt service, reserves and priority distributions) will be distributed (i) pro rata in accordance with capital commitments (its “Percentage Interest”) until each member has received a return of all capital contributed; (ii) pro rata in accordance with each member’s Percentage Interest until Heitman has achieved a 14% internal rate of return; (iii) to Heitman in an amount equal to its Percentage Interest less 10% and to the Company in an amount equal to the Company’s Percentage Interest plus 10% until Heitman has achieved a 17% internal rate of return; (iv) to Heitman in an amount equal to its Percentage Interest less 20% and to the Company in an amount equal to the Company’s Percentage Interest plus 20% until Heitman has achieved a 20% internal rate of return; and (v) any excess to Heitman in an amount equal to its Percentage Interest less 30% and to the Company in an amount equal to the Company’s Percentage Interest plus 30%. However, the Company will not be entitled to any such promoted interest prior to the earlier to occur of the third anniversary of the JV Agreement and Heitman receiving distributions to the extent necessary to provide Heitman with a 1.48 multiple on its contributed capital Since the allocation of cash distributions and liquidating distributions are determined as described in the preceding paragraph, the Company has applied the hypothetical-liquidation-at-book-value (“HLBV”) method to allocate the earnings of SL1 Venture. Under the HLBV approach, the Company’s share of the investee’s earnings or loss is calculated by: · The Company’s capital account at the end of the period assuming that the investee was liquidated or sold at book value, plus · Cash distributions received by the Company during the period, minus · Cash contributions made by the Company during the period, minus · The Company’s capital account at the beginning of the period assuming that the investee were liquidated or sold at book value. SL1 Venture has elected the fair value option of accounting for its development property investments with a profits interest, which are equity method investments of SL1 Venture. The assumptions used to value SL1 Venture’s investments are materially consistent with those used to value the Company’s investments. Remaining Total Investment Funded Unfunded Closing Date MSA Commitment Investment (1) Commitment Fair Value 5/14/2015 Miami 1 (2) $ 13,867 $ 5,593 $ 8,274 $ 5,598 5/14/2015 Miami 2 (2) 14,849 4,753 10,096 4,690 9/25/2015 Fort Lauderdale (2) 13,230 3,499 9,731 3,428 4/15/2016 Washington DC 17,269 7,201 10,068 7,092 4/29/2016 Atlanta 1 10,223 371 9,852 271 7/19/2016 Jacksonville 8,127 1,845 6,282 1,769 7/21/2016 New Jersey 7,828 583 7,245 499 8/15/2016 Atlanta 2 8,772 1,233 7,539 1,133 8/25/2016 Denver 11,032 2,044 8,988 1,912 9/28/2016 Columbia 9,199 1,416 7,783 1,303 12/22/2016 Raleigh 8,877 957 7,920 873 Total $ 123,273 $ 29,495 $ 93,778 $ 28,568 (1) Represents principal balance of loan gross of origination fees (2) These development property investments (having approximately $8.1 million of outstanding principal at contribution) were contributed to the SL1 Venture on March 31, 2016 by the Company. As of December 31, 2016, the SL1 Venture had total assets of $ 28.7 2.4 1.1 1.2 0.2 2.3 In accordance with the JV Agreement, for each development property investment, the borrower must deliver to the 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 December 31, 2016. Under the JV Agreement, Heitman and the Company will seek to obtain and, if obtained, will share joint rights of first refusal to acquire self-storage facilities that are the subject of development property investments made by the SL1 Venture. Additionally, so long as the Company, through its operating subsidiary, is a member of the SL1 Venture and the SL1 Venture holds any assets, the Company will not make any investment of debt or equity or otherwise, directly or indirectly, in one or more new joint ventures or similar programs for the purposes of funding or providing development loans or financing, directly or indirectly, for the development, construction or conversion of self-storage facilities, in each case without first offering such opportunity to Heitman to participate on substantially the same terms as those set forth in the JV Agreement, either through the SL1 Venture or a newly formed real estate venture. The JV Agreement permits Heitman to cause the Company to repurchase from Heitman its Developer Equity Interests (as defined in the JV Agreement) in certain limited circumstances. 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. The Company concluded that the likelihood of loss is remote and assigned no value to the put as of December 31, 2016. The Company is the managing member of the SL1 Venture and will manage and administer (i) the day-to-day business and affairs of the SL1 Venture and any of its acquired properties and (ii) loan servicing and other administration of the approved development property investments. The Company will be paid a monthly expense reimbursement amount by the SL1 Venture in connection with its role as managing member, as set forth in the JV Agreement. Heitman may remove the Company as the managing member of the SL1 Venture if it commits an event of default (as defined in the JV Agreement), if it undergoes a change of control (as defined in the JV Agreement), or if it becomes insolvent. Heitman has the right to approve all “Major Decisions” of the SL1 Venture, as defined in the JV Agreement, including, but not limited to, each investment of capital, the incurrence of any indebtedness, the sale or other disposition of assets of the SL1 Venture, the replacement of the managing member, the acceptance of new members into the SL1 Venture and the liquidation of the SL1 Venture. For four of the SL1 Venture development property investments with a profits interest, an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The put, if exercised, requires the Company to purchase the member’s interest at the original purchase price plus a yield of 4.5

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 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 $ 95.1 40.2 December 31, 2016 2015 Assets recorded related to VIEs $ 95,102 $ 40,222 Unfunded loan commitments to VIEs 54,950 114,591 Maximum exposure to loss $ 150,052 $ 154,813 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 and advances to real estate venture balance in the Consolidated Balance Sheets, and earnings from the SL1 Venture are included in equity in earnings from unconsolidated real estate venture in the Company’s Consolidated Statements of Operations. The Company’s maximum contribution to the SL1 Venture is $ 12.3

OTHER LOANS, AT COST

OTHER LOANS, AT COST	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Other Assets Disclosure [Text Block]	7. OTHER LOANS, AT COST The Company had executed six revolving loan agreements with an aggregate outstanding principal amount of $ 1.7 0.5 0.25 0.7 1.0 3.5 6.9 7.0 1.3 0.5 The Company determined that loan loss was necessary As of December 31, 2016, the Company also had an aggregate balance of $ 10.1 6.9 4.1 13.5 0.7 The Company determined that no allowance for loan loss was necessary at December 31, 2016 and 2015.

SENIOR PARTICIPATIONS

SENIOR PARTICIPATIONS	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	8. SENIOR PARTICIPATIONS On April 29, 2016, the Company sold senior participations (the “Operating Property A Notes”) in two separate operating property loans in the Nashville, Tennessee and New Orleans, Louisiana MSAs, having an aggregate outstanding principal balance of $ 7.8 5.0 April 1, 2019 0.5 5.2 3.4 0.1 1.8 On May 27, 2016, the Company sold a third senior participation in a construction loan on a facility in the Miami, Florida MSA (“the Miami A Note”), having a commitment amount of $ 17.7 10.0 7.7 0.1 July 1, 2017 On July 26, 2016, the Company sold to a national commercial bank operating in the Company’s markets senior participations in the construction loans of four separate development property investments with a profits interest (the “July 2016 A Notes”) (one in the Orlando, Florida MSA, two in the Atlanta, Georgia MSA, and one in the Tampa, Florida MSA) having an aggregate committed principal balance of approximately $ 21.8 6.9 14.2 12.5 14.2 August 1, 2019 13.4 On October 11, 2016 and December 20, 2016, the Company received $ 0.7 0.2 On October 18, 2016, the Company sold to a local Memphis, Tennessee-based community bank a senior participation in the construction loan of one of the Company’s development property investments with a profits interest (the “October 2016 A Note”) in Charlotte, North Carolina having a committed principal balance of approximately $ 6.8 6.9 4.4 3.4 4.4 30-day LIBOR plus 3.50%, or 4.12% September 1, 2021 3.4 Effective Interest Rate at Commitment by Amount Remaining December Bank Borrowed Funds Interest Rate 31, 2016 Maturity Date Operating Property A Note $ 1,820 $ 1,820 $ - 30-day LIBOR + 3.85% 4.47 % April 1, 2019 Miami A Note 10,001 - 10,001 30-day LIBOR + 3.10% 3.72 % July 1, 2017 July 2016 A Notes 14,185 13,420 765 30-day LIBOR + 3.50% 4.12 % August 1, 2019 October 2016 A Note 4,405 3,375 1,030 30-day LIBOR + 3.50% 4.12 % September 1, 2021 Total $ 30,411 $ 18,615 $ 11,796 Unamortized fees (33) Net balance $ 18,582

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	9. 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 On December 13, 2016, the Company received $ 53.5 2,996,311 Stock Repurchase Plan On May 20, 2016, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to $ 10.0 213,078 3.2 6.8 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 3,585 14,340 Restricted Stock Awards The 2015 Equity Incentive Plan permits the issuance of restricted stock awards to employees of the Manager (as the Company has no employees) and non-employee directors. Granted stock awards at December 31, 2016 and 2015 aggregated 176,840 162,500 55,172 39,999 40,002 20,000 1,667 The Company recognized approximately $ 1.1 0.3 2.0 2.2 21.05 14.95 2.9 Year ended December 31, 2016 2015 Weighted Weighted average grant average grant Shares date fair value Shares date fair value Nonvested at beginning of period, 162,500 $ 20.08 - $ - Granted 14,340 13.95 162,500 20.08 Vested (55,172) 18.27 - - Forfeited (1,667) 20.00 - - Nonvested at end of period, 120,001 $ 20.10 162,500 $ 20.08 Nonvested restricted shares receive dividends which are nonforfeitable. Series A Preferred Stock Private Placement On July 27, 2016 (the “Effective Date”), the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with accounts managed by NexPoint Advisors, L.P., an affiliate of Highland Capital Management, L.P. (collectively, the “Buyers”) relating to the issuance and sale, from time to time until the second anniversary of the Effective Date (such period, the “Commitment Period”), of up to $ 100 0.01 1,000 50 125 5 15 35 The Series A Preferred Stock will rank senior to the shares of the Company’s common stock, par value $ 0.01 Holders of Series A Preferred Stock are entitled to a cumulative cash distribution (“Cash Distribution”) equal to (A) 7.0 8.5 5.0 25 14.0 The holders of Series A Preferred Stock have the right to purchase their pro rata share of any qualified offering of Common Stock, which consists of any offering by the Company of Common Stock except any shares of Common Stock issued (i) in connection with a merger, consolidation, acquisition or similar business combination, (ii) in connection with a joint venture, strategic alliance or similar corporate partnering arrangement, (iii) in connection with any acquisition of assets by the Company, (iv) at market prices pursuant to a registered at-the-market program and/or (v) as part of a compensatory or employment arrangement. So long as shares of Series A Preferred Stock remain outstanding, the Company is required to maintain a ratio of debt to total tangible assets determined under U.S. generally accepted accounting principles of no more than 0.4:1, measured as of the last day of each fiscal quarter. The Company has complied with this covenant as of December 31, 2016. Holders of Series A Preferred Stock will be entitled to a separate class vote with respect to (i) any amendments to the Company’s Amended and Restated Articles of Incorporation (the “Charter”), as supplemented by the Articles Supplementary, or bylaws that would alter or change the rights, preferences, privileges or restrictions of the Series A Preferred Stock so as to materially and adversely affect such Series A Preferred Stock and (ii) reclassification or otherwise, any issuances by the Company of securities that are senior to, or equal in priority with, the Series A Preferred Stock. In the event of any liquidation, dissolution or winding up of the Company, the holders of the Series A Preferred Stock shall be entitled to receive an amount equal to the greater of (i) the Liquidation Value, plus all accumulated but unpaid Cash Distributions and Stock Dividends thereon to, but not including, the date of any liquidation, but excluding any Cash Premium and (ii) the amount that would be paid on such date in the event of a redemption following a change of control. Pursuant to the Purchase Agreement and the Articles Supplementary, the Company increased the size of its Board by one director and elected James Dondero as preferred representative of the Buyers, to the Board for a term expiring at the Company’s 2017 annual meeting of stockholders. Thereafter, so long as any shares of the Series A Preferred Stock are outstanding, the holders of the Series A Preferred Stock, voting as a single class, are entitled to nominate and elect one individual to serve on our Board of Directors.. If the Company has not paid the full amount of the Cash Distribution or the Stock Dividend on the shares of the Series A Preferred Stock for six or more quarterly dividend periods (whether or not consecutive), the Company will increase the size of the Board by two directors and the holders of the our Series A Preferred Stock are entitled to elect two additional directors to serve on our Board of Directors until the Company pays in full all accumulated and unpaid Cash Distributions and Stock Dividends. Further, at any time that the Series A Preferred Stock remains outstanding, if Dean Jernigan, the Company’s current Chief Executive Officer and Chairman of the Board, voluntarily leaves the position of Chief Executive Officer, and is not serving as the Executive Chairman of the Board (a “Key Man Event”), the holders of the Series A Preferred Stock shall have the right to accept or reject the service of any person as Chief Executive Officer (or such person serving as the principal executive officer) of the Company. The Purchase Agreement requires that the Company and its subsidiaries conduct their business in the ordinary course of business consistent with past practice and use reasonable best efforts to (i) preserve substantially intact the business organization and (ii) avoid becoming subject to the requirements of the Investment Company Act of 1940, as amended. Additionally, the Company and its subsidiaries may not change or alter materially its method of accounting or the manner in which it keeps its accounting books and records unless required by the Securities and Exchange Commission to reflect changes in U.S. generally accepted accounting principles or, in the business judgment of the Board, such change would be in the best interests of the Company or stockholders. Future issuances of shares of Series A Preferred Stock at any one or more closings after the Effective Date are contingent upon the satisfaction of certain conditions at the time of such proposed purchase, including that (i) the representations and warranties of the Purchase Agreement remain true and correct in all material respects and the Company has complied with all covenants and conditions under the Purchase Agreement, the Articles Supplementary, the Registration Rights Agreement and the documents related thereto, (ii) no material adverse effect (as such term is defined in the Purchase Agreement) has occurred, (iii) there is no suspension of trading of the Common Stock on the New York Stock Exchange or such other market or exchange on which the Common Stock is then listed or traded (the “Principal Market”), (iv) a Key Man Event shall not have occurred, as described above, and (v) the Company has delivered certain customary closing deliverables. An event of default under the Purchase Agreement terminates the obligation of the Buyers to acquire shares of Series A Preferred Stock from the Company and also triggers the Cash Premium described above. Such events of default under the Purchase Agreement include (i) a Registration Default, (ii) the suspension of trading or delisting of the Common Stock on the Principal Market, (iii) the failure by the transfer agent of the Company to issue shares of the Series A Preferred Stock to the Buyers (subject to an applicable cure period), (iv) the Company’s breach of a representation or warranty, covenant or other term or condition under the Purchase Agreement, Articles Supplementary, the Registration Rights Agreement or the documents related thereto that has a material adverse effect (subject to an applicable cure period), (v) the failure of the Company to sell $ 50 The holders of the Series A Preferred Stock will have certain customary registration rights with respect to the Common Stock issued as Stock Dividends pursuant to the terms of a Registration Rights Agreement. The issuance and sale of the Series A Preferred Stock, and the issuance of shares of common stock and/or additional shares of Series A Preferred Stock issuable as Stock Dividends, will be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D thereunder. The Buyers represented to the Company that they are “accredited investors” as defined in Rule 501 of the Securities Act and that the Series A Preferred Stock is being acquired for investment purposes and not with a view to, or for sale in connection with, any distribution thereof, and appropriate legends will be affixed to any certificates evidencing the shares of Series A Preferred Stock or Common Stock issuable pursuant to the Stock Purchase Agreement. On October 4, 2016, the Company issued 10,000 10.0

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Dividends And Distributions Disclosure [Text Block]	Date declared Record date Payment date Per share amount Total amount March 10, 2016 April 1, 2016 April 15, 2016 $ 0.35 $ 2,157 May 20, 2016 July 1, 2016 July 15, 2016 $ 0.35 $ 2,087 September 2, 2016 October 1, 2016 October 14, 2016 $ 0.35 $ 2,087 November 2, 2016 January 3, 2017 January 13, 2017 $ 0.35 $ 3,134 Date declared Record date Payment date Per share amount Total amount Cash dividend: December 29, 2016 January 1, 2017 January 13, 2017 $ 17.31 $ 173 Stock dividend: December 29, 2016 January 1, 2017 February 15, 2017 (1) $ 82.25 $ 823 (1) 41,353 Date declared Record date Payment date Per share amount Total amount June 3, 2015 July 6, 2015 July 15, 2015 $ 0.35 $ 2,139 August 26, 2015 October 1, 2015 October 15, 2015 $ 0.35 $ 2,157 November 6, 2015 January 1, 2016 January 15, 2016 $ 0.35 $ 2,157

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	11. 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. Year ended December 31, 2016 2015 Weighted average common shares - basic 6,060,100 4,504,356 Effect of dilutive securities (1) 152,548 - Weighted average common shares, all classes 6,212,648 4,504,356 Calculation of Earnings per Share - basic Net income (loss) $ 16,017 $ (2,943) Less: Net income (loss) allocated to preferred stockholders 996 - Net income (loss) allocated to unvested restricted shares (2) 345 - Dividends declared on unvested restricted shares n/a 152 Net income (loss) attributable to common shareholders – two-class method $ 14,676 $ (3,095) Weighted average common shares - basic 6,060,100 4,504,356 Earnings (loss) per share - basic $ 2.42 $ (0.69) Calculation of Earnings per Share - diluted Net income (loss) $ 16,017 $ (2,943) Less: Net income (loss) allocated to preferred stockholders 996 - Dividends declared on unvested restricted shares n/a 152 Net income (loss) attributable to common shareholders – two-class method $ 15,021 $ (3,095) Weighted average common shares - diluted 6,212,648 4,504,356 Earnings (loss) per share - diluted $ 2.42 $ (0.69) (1) For the year ended December 31, 2015, potentially dilutive securities consisting of unvested restricted shares are not included in the diluted earnings per share calculation as they are not dilutive. (2) Unvested restricted shares participate in dividends with common shares on a 1:1 basis and thus are considered participating securities under the two-class method for the year ended December 31, 2016.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	12. 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 December 31, 2016 and 2015 were $ 78.7 31.3 21.4 2.0 The Company’s investment in the real estate venture, the SL1 Venture, has a carrying amount of $ 5.4 1.3 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. On May 23, 2016, the Company entered into an Amended and Restated Management Agreement (the “Amended and Restated Management Agreement”) by and among the Company, the Operating Company and the Manager that amends and restates the original Management Agreement dated April 1, 2015. The Amended and Restated Management Agreement was approved on behalf of the Company and the Operating Company by a unanimous vote of the Nominating and Corporate Governance Committee of the Company’s Board of Directors, which consists solely of independent directors. The Amended and Restated Management Agreement modifies certain procedures with respect to the future internalization of the Manager (as described in the Amended and Restated Management Agreement, an “Internalization Transaction”). Prior to entry into the Amended and Restated Management Agreement, if no Internalization Transaction had occurred prior to the end of the last renewal term, the Manager would have been entitled to the Termination Fee (as defined in the Amended and Restated Management Agreement) and the Company would not have acquired the assets of the Manager. The Amended and Restated Management Agreement, however, requires an Internalization Transaction at the end of the last renewal term (if an Internalization Transaction or termination of the Amended and Restated Management Agreement has not occurred prior to that date). The Internalization Price in such event would equal the Termination Fee amount and the Company would receive the Manager’s assets. Accordingly, the amount the Manager would receive has not changed, but the Company now would receive the assets of the Manager, which it would not have received prior to the Amended and Restated Management Agreement. Under the Amended and Restated Management Agreement, if an Internalization Transaction has not occurred prior to March 31, 2023, the last day of the last renewal term, then the Manager and the Company shall consummate an Internalization Transaction to be effective as of that date and all assets of the Manager (or, alternatively, all of the equity interests in the Manager) shall be conveyed to and acquired by the Operating Company in exchange for the Internalization Price (as described herein). At such time, all employees of the Manager shall become employees of the Operating Company and the Manager shall discontinue all business activities. Unlike an Internalization Transaction that occurs prior to the end of the final renewal term of the Amended and Restated Management Agreement, an Internalization Transaction that occurs at the end of the final renewal term shall not require a fairness opinion, the approval of a special committee of the Company’s Board of Directors or the approval of the Company’s stockholders. The “Internalization Price” payable in the event of an Internalization Transaction at the end of the last renewal term shall be equal to the Termination Fee and the Board of Directors of the Company has no discretion to change such Internalization Price or the conditions applicable to its payment. The Internalization Price paid to the Manager in any Internalization Transaction will be payable by the Operating Company in the number of units of limited liability company interests (“OC Units”) of the Operating Company equal to the Internalization Price, divided by the volume-weighted average of the closing market price of the common stock of the Company for the ten consecutive trading days immediately preceding the date with respect to which value must be determined. However, if the common stock of the Company is not traded on a national securities exchange at the time of closing of any Internalization Transaction, then the number of OC Units shall be determined by agreement between the Board of Directors of the Company and the Manager or, in the absence of such agreement, the Internalization Price shall be paid in cash. Prior to entry into the Amended and Restated Management Agreement, any Termination Fee would have been 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 0.5 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. As described above, if an Internalization Transaction has not occurred prior to March 31, 2023, the last day of the last renewal term, then the Manager and the Company shall consummate an Internalization Transaction to be effective as of that date, and such Internalization Transaction shall not require a fairness opinion, the approval of a special committee of the Company’s Board of Directors or the approval of the Company’s stockholders. If 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 cash. The Company also may terminate the Amended and Restated 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 Amended and Restated 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 Amended and Restated 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) both the current Chief Executive Officer and the current President and Chief Operating Officer are no longer senior executive officers of the Manager or the Company during the term of the Amended and Restated Management Agreement other than by reason of death or disability. The Manager may terminate the Amended and Restated 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 Amended and Restated 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 Amended and Restated 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, a portion of the salary of the president and chief operating officer, and certain other costs as determined by the Manager in accordance with the Amended and Restated 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 Amended and Restated 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 are included in general and administrative expenses in the Consolidated Statements of Operations and totaled $ 3.3 2.1 Management Fees As of December 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 1.7 1.2 1.0 0.7 Incentive Fee The Manager is entitled to an incentive fee with respect to each fiscal quarter (or part thereof that the Amended and Restated 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 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 any quarter in the years ended December 31, 2016 and 2015.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	13. 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 of 2015. Restructuring costs reflected in the accompanying Consolidated Statements 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. 54.0 Year Ended December 31, 2016 Total cumulative Restructuring restructuring costs Restructuring costs liability at incurred or costs liability at Restructuring Cash Non-cash December 31, expected to be Cost Type December 31, 2015 costs incurred payments activity 2016 incurred Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 85 64 (70) - 79 187 Other 10 - - (10) - 13 Total restructuring costs $ 95 $ 64 $ (70) $ (10) $ 79 $ 330 Year Ended December 31, 2015 Cost Type Restructuring Restructuring Cash Non-cash Restructuring Total cumulative Severance $ - $ 97 $ 97 $ - $ - $ 97 Fixed asset disposal - 33 - 33 - 33 Lease termination - 124 39 - 85 124 Other - 22 12 - 10 22 Total restructuring costs $ - $ 276 $ 148 $ 33 $ 95 $ 276

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	14. COMMITMENTS AND CONTINGENCIES As described in Note 3, Investments 55.0 Other Loans 1.8 In conjunction with the Management Agreement with its Manager, the Company also is obligated under several operating leases (primarily for office spaces). The Company recognized $ 0.2 During the year ended December 31, 2015, the Company recognized $ 0.4 0.2 0.1 Contractual Obligations 2017 2018 2019 2020 2021 Total Long-Term Debt Obligations (1) (2) $ - $ - $ 15,240 $ - $ 3,375 $ 18,615 Operating Lease Obligations 301 209 2 2 - 514 Total $ 301 $ 209 $ 15,242 $ 2 $ 3,375 $ 19,129 (1) Represents principal gross of discounts and debt issuance costs. (2) Amounts exclude interest, which is variable based on 30-day LIBOR plus spreads ranging from 3.10 3.85 The Company from time to time may be party to litigation relating to claims arising in the normal course of business. The Company is not aware of any legal claims that could materially impact its financial position, results of operations, or cash flows.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	15. QUARTERLY FINANCIAL DATA (UNAUDITED) For the three month period ended, March 31 June 30 September 30 December 31 2016: Total revenue $ 1,143 $ 1,533 $ 1,698 $ 2,158 Net income $ 1,122 (1) $ 5,412 $ 4,994 $ 4,489 Net income attributable to common stockholders $ 1,122 $ 5,412 $ 4,994 $ 3,493 Net income per common share - basic $ 0.18 $ 0.89 $ 0.84 $ 0.53 Net income per common share - diluted $ 0.18 $ 0.89 $ 0.84 $ 0.53 (1) Includes $2.0 million in transaction and other expenses. The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2015: For the three month period ended, March 31 June 30 September 30 December 31 2015: Total revenue $ - $ 157 $ 578 $ 1,008 Net loss $ (147) $ (558) $ (1,407) $ (831) Net loss per common share - basic n/a $ (0.10) $ (0.24) $ (0.15) Net loss per common share - diluted n/a $ (0.10) $ (0.24) $ (0.15)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	16. 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 year ended December 31, 2016. Investment Activity Total Investment Closing Date MSA Commitment 1/4/2017 New York City $ 16,117 1/18/2017 Atlanta 3 14,115 1/31/2017 Atlanta 4 13,678 2/24/2017 Orlando 3 8,056 2/24/2017 New Orleans 12,549 2/27/2017 Atlanta 5 17,492 3/1/2017 Fort Lauderdale 9,952 3/1/2017 Houston 13,630 Total $ 105,589 On January 26, 2017, the Company received $ 6.7 On February 3, 2017, the Company purchased 50 1.3 49.9 74.9 First Quarter Dividend Declarations On March 7, 2017, the Company’s Board of Directors declared a cash dividend of $ 17.50 On March 7, 2017, the Company’s Board of Directors also declared a cash dividend of $ 0.35

SCHEDULE IV - MORTGAGE LOANS ON

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2016
Disclosure Text Block [Abstract]
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]	JERNIGAN CAPITAL, INC. Schedule IV Mortgage Loans on Real Estate December 31, 2016 (Dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Description Location Interest Final Maturity Periodic Prior Liens Face Carrying Principal Amount Development property investments: Development investments with a profits interest Self-storage development project Orlando 6.90 % 1-May-21 (2)(4) $ - $ 5,308 $ 7,302 $ - Self-storage development project Atlanta 6.90 % 1-Jul-21 (2)(6) - 7,694 10,404 - Self-storage development project Tampa 6.90 % 1-Jul-21 (2)(5) - 5,285 6,279 - Self-storage development project Atlanta 6.90 % 1-Jul-21 (2)(6) - 5,620 8,900 - Self-storage development project Charlotte 6.90 % 1-Aug-21 (2)(6) - 6,842 9,853 - Self-storage development project Milwaukee 6.90 % 1-Aug-21 (2)(6) - 5,608 7,008 - Self-storage development project New Haven 6.90 % 1-Sep-21 (2)(7) - 5,257 6,730 - Self-storage development project Pittsburgh 6.90 % 1-Sep-21 (2)(7) - 3,497 4,551 - Self-storage development project Raleigh 6.90 % 1-Sep-21 (2)(6) - 1,460 1,396 - Self-storage development project Jacksonville 6.90 % 1-Oct-21 (2)(8) - 5,852 7,962 - Self-storage development project Austin 6.90 % 27-Oct-21 (2)(6) - 4,366 5,192 - Self-storage development project Charlotte 6.90 % 20-Sep-22 (2)(6) - 1,446 1,298 - Self-storage development project Orlando 6.90 % 17-Nov-22 (3)(6) - 1,342 1,237 - Self-storage development project Jacksonville 6.90 % 17-Nov-22 (3)(6) - 624 551 - $ - $ 60,201 $ 78,663 $ - Construction loans - first mortgages Self-storage development project West Palm Beach 6.90 % 1-Mar-17 (9) $ - $ 6,712 $ 6,702 $ - Self-storage development project Sarasota 6.90 % 1-Mar-17 (9) - 3,485 3,473 - Self-storage development project Miami 6.90 % 1-Jul-17 (9) - 6,517 6,264 - $ - $ 16,714 $ 16,439 $ - Operating property loans - first mortgages Self-storage property New Orleans 6.90 % 1-Jul-21 (11) $ - $ 2,800 $ 2,768 $ - Self-storage property Newark 5.85 % 1-Aug-22 (10) (11) - 3,480 3,441 - Self-storage property Nashville 6.90 % 1-Nov-21 (11) - 1,210 1,204 - Self-storage property Chicago 6.90 % 22-Dec-21 (11) - 2,500 2,492 - $ - $ 9,990 $ 9,905 $ - $ - $ 86,905 $ 105,007 $ - Other loans - first mortgage Land Denver 6.90 % 1-Mar-17 (12) $ - $ 1,800 $ 1,796 $ - Land Denver 6.90 % 1-Mar-17 (13) - 1,030 1,027 - Land Fort Lauderdale 6.90 % 1-Mar-17 (13) - 1,324 1,321 - Land Atlanta 6.90 % 7-Jun-17 (13) - 3,018 2,994 - Land Houston 6.90 % 14-Mar-17 (13) - 2,913 2,894 - $ - $ 10,085 $ 10,032 $ - $ - $ 96,990 $ 115,039 $ - (1) The face amount of loans in Column F approximate the aggregate cost for federal income tax purposes. (2) Development loan investments with a profits interest are comprised of a construction loan secured by a first mortgage on the development project and a mezzanine loan secured by a first priority security interest in the membership interests of the owners of the project. These loans are entered into simultaneously and are valued as a single instrument for accounting purposes. (3) Development loan investments with a profits interest are comprised of a construction loan secured by a first mortgage on the development project. (4) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 15th month - no prepayment premium; on or after 15th month but prior to 28th month, 3%; on or after 28th month but prior to 40th month, 2%; on or after 40th month but prior to 52nd month, 1%; on or after 52nd month - no prepayment premium. (5) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 25th month - no prepayment premium; on or after 25th month but prior to 37th month, 3%; on or after 37th month but prior to 49th month, 2%; on or after 49th month but prior to 61st month, 1%; on or after 61st month - no prepayment premium. (6) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 37th month - no prepayment premium; on or after 37th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium. (7) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 19th month - no prepayment premium; on or after 19th month but prior to 31st month, 3%; on or after 31st month but prior to 43rd month, 2%; on or after 43rd month but prior to 55th month, 1%; on or after 70th month - no prepayment premium. (8) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 19th month - no prepayment premium; on or after 19th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium. (9) Interest only monthly; balloon payment due at maturity subject to contribution agreements from equity REIT; no prepayment permitted for all or any portion of the loan prior to completion of construction and receipt of certificate of occupancy. (10) Original maturity date is August 1, 2022 with an option to extend 36 months to August 1, 2025. (11) Interest only monthly; balloon payment due at maturity; no prepayment during first 36 months, thereafter stepdown prepayment of 3%, 2%, 1%, no prepayment the last 90 days prior to maturity. (12) Interest only monthly; balloon payment due at maturity; any prepayment of the Loan shall be made by paying on the date of prepayment (i) the amount of principal being prepaid, (ii) all accrued interest, and (iii) all other sums due under the note and the other loan documents. (13) Balloon payment, including interest, due at maturity; any prepayment of the Loan shall be made by paying on the date of prepayment (i) the amount of principal being prepaid, (ii) all accrued interest, and (iii) all other sums due under the note and the other loan documents. The following table sets forth the activity of mortgage loans for the year ended December 31, 2016: Balance as of December 31, 2015 $ 60,515 Fundings of principal, net of unamortized origination fees 59,102 Contribution of assets to Heitman Joint Venture (7,693) Payment-in-kind interest 3,856 Repayments of principal (19,111) Net unrealized gains 18,370 Balance as of December 31, 2016 $ 115,039

SIGNIFICANT ACCOUNTING POLICI24

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Presentation
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.
Reclassification, Policy [Policy Text Block]	Reclassification In the Annual Report on Form 10-K for the year ended December 31, 2015, the Company reported on the Consolidated Balance Sheet $ 1.5 1.2
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 Certain 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 stockholders and others who rely on the Company’s financial statements with a more complete and accurate understanding of the Company’s economic performance including its 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, including those recorded at cost and presented on the Consolidated Balance Sheets as other loans, is evaluated for impairment on a periodic basis. For loans carried at fair value, indicators of impairment are reflected in measurement of the loan. For loans that are carried at cost, the Company estimates an allowance for loan loss at each reporting date. In evaluating loan impairment, the Company also periodically evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the property. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. 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 December 31, 2016 and 2015, there were no loans that were deemed to be impaired loans. Additionally, for loans recorded at cost, the Company determined that no allowance for loan loss was necessary at December 31, 2016 and 2015. For investments carried at fair value, fees and costs are expensed as incurred.
Fair Value Measurement, Policy [Policy Text Block]	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 structured as first mortgages and a 49.9 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2016: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 95,102 $ - $ - $ 95,102 Operating property loans 9,905 - - 9,905 Total investments $ 105,007 $ - $ - $ 105,007 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, 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 two financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per institution.
Loans and Leases Receivable, Valuation, Policy [Policy Text Block]	Other Loans The Company’s other loans balance at December 31, 2016 includes principal balances for six revolving loan agreements and five mortgage loans. The Company’s other loans 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 the cost reimbursed by the Company. 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]	Interest income is recognized as earned on a simple interest basis and is reported in interest income from investments in the Consolidated Statements 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.
Debt Issuance Costs[Policy ] [Policy Text Block]	Debt Issuance Costs Costs related to the sale of senior participations are deferred and are amortized as interest expense over the estimated life of the related senior participation using the straight-line method, which approximates the effective interest method. If a debt instrument is repurchased prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Effective January 1, 2016, we adopted ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Transaction and other expenses Transaction and other expenses consist of non-capitalizable advisory fees and other unreimbursed expenses incurred in connection with various financing and investment transactions and are expensed as incurred. The Company incurred $ 2.1 0.3
Offering Costs [Policy Text Block]	Offering and registration costs represent underwriting commissions, professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s securities. Underwriting commissions and offering costs incurred in connection with the Company’s common stock offerings are reflected as a reduction of additional paid-in capital. On July 27, 2016, the Company entered into a Stock Purchase Agreement (see Note 9, Stockholders’ Equity 50.0 2.8 2.2 0.6
Organization Costs and Offering 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 has elected to be taxed as a REIT and to comply with the related provisions of the Code. 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 years ended December 31, 2016 and 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, accrued stock dividends, 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 years ended December 31, 2016 and 2015, comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are 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 August 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis 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 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients,

SIGNIFICANT ACCOUNTING POLICI25

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 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 December 31, 2016: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 95,102 $ - $ - $ 95,102 Operating property loans 9,905 - - 9,905 Total investments $ 105,007 $ - $ - $ 105,007 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
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Year Ended December 31, 2016 2015 Supplemental disclosure of cash flow information: Interest paid $ 484 $ - Supplemental disclosure of non-cash investing and financing activities: Dividends declared on preferred stock $ 996 $ - Dividends declared on common stock 3,134 2,157 Contribution of assets to real estate venture 7,693 - Loans paid off with issuance of new loans - 2,573 Conversion of investment (preferred equity to mezzanine loan) - 924 Retirement of common stock - 1

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Investments [Abstract]
Investment Holdings, Schedule of Investments [Table Text Block]	As of December 31, 2016, the aggregate committed principal amount of the Company’s investment portfolio was approximately $ 141.9 86.9 Closing Date Metropolitan Total Investment Funded (1) Remaining Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando 1 (2) $ 5,372 $ 5,308 $ 64 $ 7,302 6/10/2015 Atlanta 1 (2) 8,132 7,694 438 10,404 6/19/2015 Tampa (2) 5,369 5,285 84 6,279 6/26/2015 Atlanta 2 (2) 6,050 5,620 430 8,900 6/29/2015 Charlotte 1 (2) 7,624 6,842 782 9,853 7/2/2015 Milwaukee (2) 7,650 5,608 2,042 7,008 7/31/2015 New Haven (2) 6,930 5,257 1,673 6,730 8/10/2015 Pittsburgh (3) 5,266 3,497 1,769 4,551 8/14/2015 Raleigh 8,792 1,460 7,332 1,396 9/30/2015 Jacksonville 1 (2) 6,445 5,852 593 7,962 10/27/2015 Austin (3) 8,658 4,366 4,292 5,192 9/20/2016 Charlotte 2 12,888 1,446 11,442 1,298 11/17/2016 Orlando 2 5,134 1,342 3,792 1,237 11/17/2016 Jacksonville 2 7,530 624 6,906 551 $ 101,840 $ 60,201 $ 41,639 $ 78,663 Construction loans: 8/5/2015 West Palm Beach (4) 7,500 6,712 788 6,702 8/5/2015 Sarasota 4,792 3,485 1,307 3,473 12/23/2015 Miami 17,733 6,517 11,216 6,264 $ 30,025 $ 16,714 $ 13,311 $ 16,439 Subtotal $ 131,865 $ 76,915 $ 54,950 $ 95,102 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,768 7/7/2015 Newark 3,480 3,480 - 3,441 10/30/2015 Nashville 1,210 1,210 - 1,204 12/22/2015 Chicago 2,502 2,500 2 2,492 Subtotal $ 9,992 $ 9,990 $ 2 $ 9,905 Total investments $ 141,857 $ 86,905 $ 54,952 $ 105,007 (1) Represents principal balance of loan gross of origination fees (2) Facility had received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments (3) Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments (4) This investment was repaid in January 2017 As of December 31, 2015, the aggregate committed principal amount of the Company’s investment portfolio was approximately $ 175.7 60.7 Closing Date MSA Commitment Funded (1) Unfunded 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 1 8,132 4,723 3,409 4,829 6/19/2015 Tampa 5,369 3,720 1,649 3,820 6/26/2015 Atlanta 2 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) Represents principal balance of loan gross of origination fees (2) These development property investments (having approximately $ 8.1 Investment in Real Estate Venture 12.2 Investment in Real Estate Venture.
Schedule Of Changes In Fair Value Of Investments [Table Text Block]	Funded principal $ 86,905 Adjustments: Unamortized origination fees (1,056) Change in fair value of investments 19,242 Other (84) Fair value of investments $ 105,007 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) Change in fair value of investments 872 Fair value of investments $ 59,822

FAIR VALUE OF FINANCIAL INSTR27

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	These tables are 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 December 31, 2016 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property investments (a) Income approach analysis Market yields/ discount rate 7.23 - 9.28% 8.34% Exit date 0.17 - 3.88 years 1.81 years Development property investments with a profits interest (b) Option pricing model Volatility 68.72 - 73.46% 73.17% Exit date 1.42 - 3.88 years 2.12 years Capitalization rate (c) 5.25 - 5.50% 5.47% Discount rate 8.25 – 8.50% 8.47% Operating property loans Income approach analysis Market yields/ discount rate 6.09 - 7.20% 6.73% Exit date (d) 4.50 – 5.66 years 5.07 years (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. Therefore, this line item focuses on all development property investments, including those with a profits interest. (b) 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 investments with a profits interest only require incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (c) Ten properties were 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments. (d) The exit dates for the operating property loans are the contractual maturity dates. As of December 31, 2015 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property investments (a) Income approach analysis Market yields/ discount rate 7.74 - 9.35% 8.77% Exit date 1.17 - 3.83 years 3.02 years Development property investments with a profits interest (b) Option pricing model Volatility 72.46 - 73.12% 72.82% Exit date 3.31 - 3.83 years 3.49 years Capitalization rate (c) 6.00 - 6.50% 6.38% Operating property loans Income approach analysis Market yields/ 6.22 - 7.53% 6.91% Exit date (d) 5.50 - 6.68 years 5.97 years (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. Therefore, this line item focuses on all development property investments, including those with a profits interest. (b) 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 investments with a profits interest only require incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (c) Four properties were 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments. (d) 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) December 31, 2016 December 31, 2015 Up 25 basis points $ (0.3) $ (0.5) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 0.3 0.4
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) December 31, 2016 December 31, 2015 Up 25 basis points $ (2.1) $ (0.1) Down 25 basis points 2.3 0.1 Up 50 basis points (3.8) (0.1) Down 50 basis points 4.6 0.2
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 years ended December 31, 2016 and 2015: Year ended December 31, 2016 2015 Balance as of beginning of period $ 59,822 $ - Net realized gains - - Net unrealized gains 18,370 872 Fundings of principal and change in unamortized origination fees 45,689 63,996 Repayments of loans (15,037) (6,019) Payment-in-kind interest 3,856 973 Contribution of assets to SL1 Venture (see Note 5, Investment in Real Estate Venture) (7,693) - Net transfers in or out of Level 3 - - Balance at end of period $ 105,007 $ 59,822

INVESTMENT IN REAL ESTATE VEN28

INVESTMENT IN REAL ESTATE VENTURE (Tables)	12 Months Ended
	Dec. 31, 2016
Banking and Thrift [Abstract]
Equity Method Investments [Table Text Block]	Remaining Total Investment Funded Unfunded Closing Date MSA Commitment Investment (1) Commitment Fair Value 5/14/2015 Miami 1 (2) $ 13,867 $ 5,593 $ 8,274 $ 5,598 5/14/2015 Miami 2 (2) 14,849 4,753 10,096 4,690 9/25/2015 Fort Lauderdale (2) 13,230 3,499 9,731 3,428 4/15/2016 Washington DC 17,269 7,201 10,068 7,092 4/29/2016 Atlanta 1 10,223 371 9,852 271 7/19/2016 Jacksonville 8,127 1,845 6,282 1,769 7/21/2016 New Jersey 7,828 583 7,245 499 8/15/2016 Atlanta 2 8,772 1,233 7,539 1,133 8/25/2016 Denver 11,032 2,044 8,988 1,912 9/28/2016 Columbia 9,199 1,416 7,783 1,303 12/22/2016 Raleigh 8,877 957 7,920 873 Total $ 123,273 $ 29,495 $ 93,778 $ 28,568 (1) Represents principal balance of loan gross of origination fees (2) These development property investments (having approximately $8.1 million of outstanding principal at contribution) were contributed to the SL1 Venture on March 31, 2016 by the Company.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 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: December 31, 2016 2015 Assets recorded related to VIEs $ 95,102 $ 40,222 Unfunded loan commitments to VIEs 54,950 114,591 Maximum exposure to loss $ 150,052 $ 154,813

SENIOR PARTICIPATIONS (Tables)

SENIOR PARTICIPATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	The table below details the bank commitments and outstanding balances of our various senior participations at December 31, 2016: Effective Interest Rate at Commitment by Amount Remaining December Bank Borrowed Funds Interest Rate 31, 2016 Maturity Date Operating Property A Note $ 1,820 $ 1,820 $ - 30-day LIBOR + 3.85% 4.47 % April 1, 2019 Miami A Note 10,001 - 10,001 30-day LIBOR + 3.10% 3.72 % July 1, 2017 July 2016 A Notes 14,185 13,420 765 30-day LIBOR + 3.50% 4.12 % August 1, 2019 October 2016 A Note 4,405 3,375 1,030 30-day LIBOR + 3.50% 4.12 % September 1, 2021 Total $ 30,411 $ 18,615 $ 11,796 Unamortized fees (33) Net balance $ 18,582

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2016 and 2015 is as follows: Year ended December 31, 2016 2015 Weighted Weighted average grant average grant Shares date fair value Shares date fair value Nonvested at beginning of period, 162,500 $ 20.08 - $ - Granted 14,340 13.95 162,500 20.08 Vested (55,172) 18.27 - - Forfeited (1,667) 20.00 - - Nonvested at end of period, 120,001 $ 20.10 162,500 $ 20.08

DIVIDENDS AND DISTRIBUTIONS (Ta

DIVIDENDS AND DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Series A Preferred Stock [Member]
Schedule of Dividends Payable [Table Text Block]	The following table summarized the Company’s dividends declared on its Series A Preferred Stock during the year ended December 31, 2016: Date declared Record date Payment date Per share amount Total amount Cash dividend: December 29, 2016 January 1, 2017 January 13, 2017 $ 17.31 $ 173 Stock dividend: December 29, 2016 January 1, 2017 February 15, 2017 (1) $ 82.25 $ 823 The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2015: Date declared Record date Payment date Per share amount Total amount June 3, 2015 July 6, 2015 July 15, 2015 $ 0.35 $ 2,139 August 26, 2015 October 1, 2015 October 15, 2015 $ 0.35 $ 2,157 November 6, 2015 January 1, 2016 January 15, 2016 $ 0.35 $ 2,157
Common Stock [Member]
Schedule of Dividends Payable [Table Text Block]	The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2016: Date declared Record date Payment date Per share amount Total amount March 10, 2016 April 1, 2016 April 15, 2016 $ 0.35 $ 2,157 May 20, 2016 July 1, 2016 July 15, 2016 $ 0.35 $ 2,087 September 2, 2016 October 1, 2016 October 14, 2016 $ 0.35 $ 2,087 November 2, 2016 January 3, 2017 January 13, 2017 $ 0.35 $ 3,134

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the years ended December 31, 2016 and 2015, 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: Year ended December 31, 2016 2015 Weighted average common shares - basic 6,060,100 4,504,356 Effect of dilutive securities (1) 152,548 - Weighted average common shares, all classes 6,212,648 4,504,356 Calculation of Earnings per Share - basic Net income (loss) $ 16,017 $ (2,943) Less: Net income (loss) allocated to preferred stockholders 996 - Net income (loss) allocated to unvested restricted shares (2) 345 - Dividends declared on unvested restricted shares n/a 152 Net income (loss) attributable to common shareholders – two-class method $ 14,676 $ (3,095) Weighted average common shares - basic 6,060,100 4,504,356 Earnings (loss) per share - basic $ 2.42 $ (0.69) Calculation of Earnings per Share - diluted Net income (loss) $ 16,017 $ (2,943) Less: Net income (loss) allocated to preferred stockholders 996 - Dividends declared on unvested restricted shares n/a 152 Net income (loss) attributable to common shareholders – two-class method $ 15,021 $ (3,095) Weighted average common shares - diluted 6,212,648 4,504,356 Earnings (loss) per share - diluted $ 2.42 $ (0.69) (1) For the year ended December 31, 2015, potentially dilutive securities consisting of unvested restricted shares are not included in the diluted earnings per share calculation as they are not dilutive. (2) Unvested restricted shares participate in dividends with common shares on a 1:1 basis and thus are considered participating securities under the two-class method for the year ended December 31, 2016.

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs [Table Text Block]	During the years ended December 31, 2016 and 2015, the Company incurred $ 54.0 Year Ended December 31, 2016 Total cumulative Restructuring restructuring costs Restructuring costs liability at incurred or costs liability at Restructuring Cash Non-cash December 31, expected to be Cost Type December 31, 2015 costs incurred payments activity 2016 incurred Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 85 64 (70) - 79 187 Other 10 - - (10) - 13 Total restructuring costs $ 95 $ 64 $ (70) $ (10) $ 79 $ Year Ended December 31, 2015 Cost Type Restructuring Restructuring Cash Non-cash Restructuring Total cumulative Severance $ - $ 97 $ 97 $ - $ - $ 97 Fixed asset disposal - 33 - 33 - 33 Lease termination - 124 39 - 85 124 Other - 22 12 - 10 22 Total restructuring costs $ - $ 276 $ 148 $ 33 $ 95 $ 276

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The following table shows future minimum payments (gross of any sublease income) under the operating leases as of December 31, 2016: Contractual Obligations 2017 2018 2019 2020 2021 Total Long-Term Debt Obligations (1) (2) $ - $ - $ 15,240 $ - $ 3,375 $ 18,615 Operating Lease Obligations 301 209 2 2 - 514 Total $ 301 $ 209 $ 15,242 $ 2 $ 3,375 $ 19,129 (1) Represents principal payments gross of discounts and debt issuance costs. (2) Amounts exclude interest, which is variable based on 30-day LIBOR plus spreads ranging from 3.10 3.85

QUARTERLY FINANCIAL DATA (UNA36

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2016: For the three month period ended, March 31 June 30 September 30 December 31 2016: Total revenue $ 1,143 $ 1,533 $ 1,698 $ 2,158 Net income $ 1,122 (1) $ 5,412 $ 4,994 $ 4,489 Net income attributable to common stockholders $ 1,122 $ 5,412 $ 4,994 $ 3,493 Net income per common share - basic $ 0.18 $ 0.89 $ 0.84 $ 0.53 Net income per common share - diluted $ 0.18 $ 0.89 $ 0.84 $ 0.53 (1) Includes $2.0 million in transaction and other expenses. The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2015: For the three month period ended, March 31 June 30 September 30 December 31 2015: Total revenue $ - $ 157 $ 578 $ 1,008 Net loss $ (147) $ (558) $ (1,407) $ (831) Net loss per common share - basic n/a $ (0.10) $ (0.24) $ (0.15) Net loss per common share - diluted n/a $ (0.10) $ (0.24) $ (0.15)

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Investment Holdings, Schedule of Investments [Table Text Block]	As of December 31, 2016, the aggregate committed principal amount of the Company’s investment portfolio was approximately $ 141.9 86.9 Closing Date Metropolitan Total Investment Funded (1) Remaining Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando 1 (2) $ 5,372 $ 5,308 $ 64 $ 7,302 6/10/2015 Atlanta 1 (2) 8,132 7,694 438 10,404 6/19/2015 Tampa (2) 5,369 5,285 84 6,279 6/26/2015 Atlanta 2 (2) 6,050 5,620 430 8,900 6/29/2015 Charlotte 1 (2) 7,624 6,842 782 9,853 7/2/2015 Milwaukee (2) 7,650 5,608 2,042 7,008 7/31/2015 New Haven (2) 6,930 5,257 1,673 6,730 8/10/2015 Pittsburgh (3) 5,266 3,497 1,769 4,551 8/14/2015 Raleigh 8,792 1,460 7,332 1,396 9/30/2015 Jacksonville 1 (2) 6,445 5,852 593 7,962 10/27/2015 Austin (3) 8,658 4,366 4,292 5,192 9/20/2016 Charlotte 2 12,888 1,446 11,442 1,298 11/17/2016 Orlando 2 5,134 1,342 3,792 1,237 11/17/2016 Jacksonville 2 7,530 624 6,906 551 $ 101,840 $ 60,201 $ 41,639 $ 78,663 Construction loans: 8/5/2015 West Palm Beach (4) 7,500 6,712 788 6,702 8/5/2015 Sarasota 4,792 3,485 1,307 3,473 12/23/2015 Miami 17,733 6,517 11,216 6,264 $ 30,025 $ 16,714 $ 13,311 $ 16,439 Subtotal $ 131,865 $ 76,915 $ 54,950 $ 95,102 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,768 7/7/2015 Newark 3,480 3,480 - 3,441 10/30/2015 Nashville 1,210 1,210 - 1,204 12/22/2015 Chicago 2,502 2,500 2 2,492 Subtotal $ 9,992 $ 9,990 $ 2 $ 9,905 Total investments $ 141,857 $ 86,905 $ 54,952 $ 105,007 (1) Represents principal balance of loan gross of origination fees (2) Facility had received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments (3) Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments (4) This investment was repaid in January 2017 As of December 31, 2015, the aggregate committed principal amount of the Company’s investment portfolio was approximately $ 175.7 60.7 Closing Date MSA Commitment Funded (1) Unfunded 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 1 8,132 4,723 3,409 4,829 6/19/2015 Tampa 5,369 3,720 1,649 3,820 6/26/2015 Atlanta 2 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) Represents principal balance of loan gross of origination fees (2) These development property investments (having approximately $ 8.1 Investment in Real Estate Venture 12.2 Investment in Real Estate Venture.
Development Property Investment [Member]
Investment Holdings, Schedule of Investments [Table Text Block]	Subsequent to December 31, 2016 we closed on the following development property investments with a profits interest: Total Investment Closing Date MSA Commitment 1/4/2017 New York City $ 16,117 1/18/2017 Atlanta 3 14,115 1/31/2017 Atlanta 4 13,678 2/24/2017 Orlando 3 8,056 2/24/2017 New Orleans 12,549 2/27/2017 Atlanta 5 17,492 3/1/2017 Fort Lauderdale 9,952 3/1/2017 Houston 13,630 Total $ 105,589

SIGNIFICANT ACCOUNTING POLICI38

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	$ 95,102	$ 40,222
Operating property loans	9,905	19,600
Total investments	105,007	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	95,102	40,222
Operating property loans	9,905	19,600
Total investments	$ 105,007	$ 59,822

SIGNIFICANT ACCOUNTING POLICI39

SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Supplemental disclosure of cash flow information:
Interest paid	$ 484	$ 0
Supplemental disclosure of non-cash investing and financing activities:
Dividends, Preferred Stock	996	0
Dividends declared on common stock	3,134	2,157
Contribution of assets to real estate venture	7,693	0
Loans paid off with issuance of new loans	0	2,573
Conversion of investment (preferred equity to mezzanine loan)	0	924
Retirement of common stock	$ 0	$ 1

SIGNIFICANT ACCOUNTING POLICI40

SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 27, 2016	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Deferred Offering Costs	$ 2.8	$ 2.2
Other Nonrecurring (Income) Expense		$ 2.1	$ 0.3
Prepaid Expense and Other Assets			1.5
Series A Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Value of Shares to Be issued Prior to Commitment Period	50
Cumulative Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Decrease in Cumulative Preferred Stock Value	$ 0.6
Other Loan Assets [Member]
Significant Accounting Policies [Line Items]
Prepaid Expense and Other Assets			$ 1.2
Development Property Investment [Member]
Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage		49.90%

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015
Schedule of Investments [Line Items]
Funded Investment		$ 86,905		$ 60,665
Development property investments, Fair Value		95,102		40,222
Operating property loans, Fair Value		9,905		19,600
Investments, Fair Value Disclosure		105,007		59,822
Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		131,865		155,273
Funded Investment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[1]			40,682
Funded Investment	[1]	76,915
Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		54,950		114,591
Loan investments [Member]
Schedule of Investments [Line Items]
Development property investments, Fair Value		78,663		31,266
Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		101,840		118,440
Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	60,201		31,205
Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		41,639		87,235
Construction Loans [Member]
Schedule of Investments [Line Items]
Development property investments, Fair Value		16,439		8,956
Construction Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		30,025		36,833
Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	16,714		9,477
Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		13,311		27,356
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Operating property loans, Fair Value		9,905		19,600
Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		9,992		20,460
Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	9,990		19,983
Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		2		477
Development Property Investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		141,857		175,733
Development Property Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	86,905		60,665
Development Property Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 54,952		$ 115,068
Orlando 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		4/21/2015		4/21/2015
Development property investments, Fair Value		$ 7,302	[2]	$ 3,400
Orlando 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,372	[2]	5,372
Orlando 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,308	[2]	3,254
Orlando 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 64	[2]	$ 2,118
Atlanta 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		6/10/2015		6/10/2015
Development property investments, Fair Value		$ 10,404	[2]	$ 4,829
Atlanta 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,132	[2]	8,132
Atlanta 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	7,694	[2]	4,723
Atlanta 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 438	[2]	$ 3,409
Tampa | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		6/19/2015		6/19/2015
Development property investments, Fair Value		$ 6,279	[2]	$ 3,820
Tampa | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,369	[2]	5,369
Tampa | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,285	[2]	3,720
Tampa | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 84	[2]	$ 1,649
Atlanta 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		6/26/2015		6/26/2015
Development property investments, Fair Value		$ 8,900	[2]	$ 2,823
Atlanta 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		6,050	[2]	6,050
Atlanta 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,620	[2]	2,799
Atlanta 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 430	[2]	$ 3,251
Charlotte 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		6/29/2015		6/29/2015
Development property investments, Fair Value		$ 9,853	[2]	$ 1,554
Charlotte 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,624	[2]	7,624
Charlotte 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	6,842	[2]	1,124
Charlotte 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 782	[2]	$ 6,500
Milwaukee | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		7/2/2015		7/2/2015
Development property investments, Fair Value		$ 7,008	[2]	$ 2,463
Milwaukee | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,650	[2]	7,650
Milwaukee | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,608	[2]	2,529
Milwaukee | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 2,042	[2]	$ 5,121
New Haven | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		7/31/2015		7/31/2015
Development property investments, Fair Value		$ 6,730	[2]	$ 960
New Haven | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		6,930	[2]	6,930
New Haven | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,257	[2]	997
New Haven | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,673	[2]	$ 5,933
Pittsburgh | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		8/10/2015		8/10/2015
Development property investments, Fair Value		$ 4,551	[3]	$ 1,542
Pittsburgh | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,266	[3]	5,266
Pittsburgh | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	3,497	[3]	1,542
Pittsburgh | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,769	[3]	$ 3,724
Raleigh | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		8/14/2015		8/14/2015
Development property investments, Fair Value		$ 1,396		$ 934
Raleigh | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,792		8,998
Raleigh | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	1,460		1,026
Raleigh | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,332		$ 7,972
Jacksonville 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		9/30/2015		9/30/2015
Development property investments, Fair Value		$ 7,962	[2]	$ 1,180
Jacksonville 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		6,445	[2]	6,445
Jacksonville 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,852	[2]	1,213
Jacksonville 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 593	[2]	$ 5,232
Austin | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		10/27/2015		10/27/2015
Development property investments, Fair Value		$ 5,192	[3]	$ 708
Austin | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,658	[3]	8,658
Austin | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	4,366	[3]	800
Austin | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 4,292	[3]	$ 7,858
Charlotte 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		9/20/2016
Development property investments, Fair Value		$ 1,298
Charlotte 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		12,888
Charlotte 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	1,446
Charlotte 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 11,442
Orlando 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		11/17/2016
Development property investments, Fair Value		$ 1,237
Orlando 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,134
Orlando 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	1,342
Orlando 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 3,792
Jacksonville 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		11/17/2016
Development property investments, Fair Value		$ 551
Jacksonville 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,530
Jacksonville 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	624
Jacksonville 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 6,906
West Palm Beach | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		8/5/2015		8/5/2015
Development property investments, Fair Value		$ 6,702	[4]	$ 1,951
West Palm Beach | Construction Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,500	[4]	7,500
West Palm Beach | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	6,712	[4]	2,011
West Palm Beach | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 788	[4]	$ 5,489
Sarasota | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		8/5/2015		8/5/2015
Development property investments, Fair Value		$ 3,473		$ 998
Sarasota | Construction Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		4,792		4,792
Sarasota | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	3,485		1,036
Sarasota | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,307		$ 3,756
Miami | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date				5/14/2015
Development property investments, Fair Value	[5]			$ 2,115
Miami | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[5]			13,867
Miami | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[5]			2,258
Miami | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[1],[5]			$ 11,609
Miami | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		12/23/2015		12/23/2015
Development property investments, Fair Value		$ 6,264		$ 5,301
Miami | Construction Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		17,733		17,733
Miami | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	6,517		5,655
Miami | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 11,216		$ 12,078
New Orleans | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		6/19/2015		6/19/2015
Operating property loans, Fair Value		$ 2,768		$ 2,736
New Orleans | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		2,800		2,800
New Orleans | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	2,800		2,800
New Orleans | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 0		$ 0
Newark | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		7/7/2015		7/7/2015
Operating property loans, Fair Value		$ 3,441		$ 3,416
Newark | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		3,480		3,480
Newark | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	3,480		3,480
Newark | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 0		$ 0
Nashville | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		10/30/2015		10/30/2015
Operating property loans, Fair Value		$ 1,204		$ 1,192
Nashville | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		1,210		1,210
Nashville | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	1,210		1,210
Nashville | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 0		$ 0
Chicago | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date				11/17/2015
Development property investments, Fair Value				$ 706
Chicago | Construction Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment				6,808
Chicago | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]			775
Chicago | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment				$ 6,033
Chicago | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date		12/22/2015		12/22/2015
Operating property loans, Fair Value		$ 2,492		$ 2,100
Chicago | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		2,502		2,502
Chicago | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	2,500		2,130
Chicago | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 2		$ 372
Fort Lauderdale | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date				9/25/2015
Development property investments, Fair Value	[5]			$ 2,009
Fort Lauderdale | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[5]			13,230
Fort Lauderdale | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1],[5]			2,144
Fort Lauderdale | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[5]			$ 11,086
Miami 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Maturity Date				5/14/2015
Development property investments, Fair Value	[5]			$ 2,929
Miami 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[5]			14,849
Miami 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[5]			3,076
Miami 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[1],[5]			$ 11,773
Sacramento | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date				11/10/2015
Operating property loans, Fair Value				$ 5,401
Sacramento | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment				5,500
Sacramento | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]			5,500
Sacramento | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment				$ 0
Nashville 1 | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Maturity Date				11/24/2015
Operating property loans, Fair Value				$ 4,755
Nashville 1 | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment				4,968
Nashville 1 | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]			4,863
Nashville 1 | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment				$ 105
[1]	Represents principal balance of loan gross of origination fees
[2]	Facility had received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments, for information regarding recognition of entrepreneurial profit.
[3]	Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments, for information regarding recognition of entrepreneurial profit.
[4]	This investment was repaid in January 2017
[5]	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 the Company’s 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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Funded principal	$ 86,905	$ 60,665
Adjustments:
Unamortized origination fees	(1,056)	(1,715)
Change in fair value of investments	19,242	872
Other	(84)
Fair value of investments	$ 105,007	$ 59,822

INVESTMENTS (Details Textual)

INVESTMENTS (Details Textual) - USD ($) $ in Thousands	Dec. 14, 2016	May 09, 2016	Jan. 26, 2017	Nov. 17, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Number Of Investment						14
Proceeds from Maturities, Prepayments and Calls of Other Investments		$ 100
Proceeds from Collection of Loans Receivable		$ 5,600
Operating Income (Loss), Total						$ (3,152)	$ (3,962)
Atlanta 2 MSA Development Property Investment [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Assets, Total						65,200	41,000
Equity Method Investment, Liabilities, Total						54,600	28,500
Equity Method Investment, Summarized Financial Information, Net Income (Loss)						3,600
Revenues						800
Operating Income (Loss), Total						700
Heitman Joint Venture [Member]
Schedule of Investments [Line Items]
Other Commitment						$ 12,200
Construction Loans [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Periodic Payment Terms						18 months
Mortgage Loans on Real Estate, Interest Rate						6.90%
Proceeds from Maturities, Prepayments and Calls of Other Investments	$ 200
Proceeds from Collection of Loans Receivable	$ 5,200			$ 4,500
Other Commitment						$ 30,000
Construction Loans [Member] | Subsequent Event [Member]
Schedule of Investments [Line Items]
Proceeds from Collection of Loans Receivable			$ 6,700
First Mortgage [Member]
Schedule of Investments [Line Items]
Other Commitment						$ 10,000
Development Property Investment [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Periodic Payment Terms						72 months
Equity Method Investment, Ownership Percentage						49.90%
Mortgage Loans on Real Estate, Interest Rate						6.90%
Proceeds from Maturities, Prepayments and Calls of Other Investments					$ 8,100
Other Commitment						$ 101,800
Put Option Purchase Price Terms						an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The put, if exercised, requires the Company to purchase the members interest at the original purchase price plus a yield of 4.5% on such purchase price.
Development Property Investment [Member] | Atlanta 2 MSA Development Property Investment [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Assets, Total						$ 5,800	3,400
Equity Method Investment, Liabilities, Total						5,600	2,700
Revenues						100
Operating Income (Loss), Total						$ 200
Development Property Investment [Member] | Subsequent Event [Member]
Schedule of Investments [Line Items]
Other Commitment			$ 105,589
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Periodic Payment Terms						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]
Other Commitment						$ 141,900	175,700
Total Commitment [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Other Commitment						$ 86,900	$ 60,700

FAIR VALUE OF FINANCIAL INSTR44

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015
Development Property Investments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Asset Category		Development property investments	[1]	Development property investments	[2]
Primary Valuation Techniques		Income approach analysis	[1]	Income approach analysis	[2]
Development Property Investments [Member] | Minimum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date	[2]	2 months 1 day		1 year 2 months 1 day
Market yields/ discount rate		7.23%		7.74%	[1]
Development Property Investments [Member] | Maximum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date	[2]	3 years 10 months 17 days		3 years 9 months 29 days
Market yields/ discount rate		9.28%		9.35%	[1]
Development Property Investments [Member] | Weighted Average [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date	[2]	1 year 9 months 22 days		3 years 7 days
Market yields/ discount rate		8.34%		8.77%	[1]
Loan Investments With Profits Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Asset Category	[2]	Development property investments with a profits interest		Development property investments with a profits interest
Primary Valuation Techniques	[2]	Option pricing model		Option pricing model
Loan Investments With Profits Interest [Member] | Minimum [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		68.72%		72.46%
Exit date	[2]	1 year 5 months 1 day		3 years 3 months 22 days
Capitalization rate		5.25%		6.00%
Market yields/ discount rate		8.25%
Loan Investments With Profits Interest [Member] | Maximum [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		73.46%		73.12%
Exit date	[2]	3 years 10 months 17 days		3 years 9 months 29 days
Capitalization rate		5.50%		6.50%
Market yields/ discount rate		8.50%
Loan Investments With Profits Interest [Member] | Weighted Average [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		73.17%		72.82%
Exit date	[2]	2 years 1 month 13 days		3 years 5 months 26 days
Capitalization rate		5.47%		6.38%
Market yields/ discount rate		8.47%
Operating Property Loans [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Asset Category		Operating property loans		Operating property loans
Primary Valuation Techniques		Income approach analysis		Income approach analysis
Operating Property Loans [Member] | Minimum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		4 years 6 months		5 years 6 months	[3]
Market yields/ discount rate		6.09%		6.22%
Operating Property Loans [Member] | Maximum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		5 years 7 months 28 days		6 years 8 months 5 days	[3]
Market yields/ discount rate		7.20%		7.53%
Operating Property Loans [Member] | Weighted Average [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		5 years 25 days		5 years 11 months 19 days	[3]
Market yields/ discount rate		6.73%		6.91%
[1]	The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. Therefore, this line item focuses on all development property investments, including those with a profits interest.
[2]	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 investments with a profits interest only require incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation.
[3]	The exit dates for the operating property loans are the contractual maturity dates.

FAIR VALUE OF FINANCIAL INSTR45

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - Market Yield And Discount Rate [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ (0.3)	$ (0.5)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ 0.3	$ 0.4

FAIR VALUE OF FINANCIAL INSTR46

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ (2.1)	$ (0.1)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	2.3	0.1
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	(3.8)	(0.1)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ 4.6	$ 0.2

FAIR VALUE OF FINANCIAL INSTR47

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of beginning of period	$ 59,822	$ 0
Net realized gains	0	0
Net unrealized gains	18,370	872
Fundings of principal and change in unamortized origination fees	45,689	63,996
Repayments of loans	(15,037)	(6,019)
Payment-in-kind interest	(3,856)	(973)
Contribution of assets to SL1 Venture (see Note 5, Investment in Real Estate Venture)	(7,693)	0
Net transfers in or out of Level 3	0	0
Balance at end of period	$ 105,007	$ 59,822

FAIR VALUE OF FINANCIAL INSTR48

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net	$ 19.2	$ 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 VEN49

INVESTMENT IN REAL ESTATE VENTURE (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Equity Method Investments, Fair Value Disclosure		$ 95,102	$ 40,222
Funded Investment		86,905	60,665
Loans and Finance Receivables [Member]
Real Estate Properties [Line Items]
Investment Commitment		131,865	155,273
Loan Origination Commitments [Member]
Real Estate Properties [Line Items]
Investment Commitment	[1]		40,682
Funded Investment	[1]	76,915
Unfunded Loan Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment		54,950	114,591
Loan investments [Member]
Real Estate Properties [Line Items]
Equity Method Investments, Fair Value Disclosure		78,663	$ 31,266
Loan investments [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Equity Method Investments, Fair Value Disclosure		$ 28,568
Loan investments [Member] | Miami 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		5/14/2015
Equity Method Investments, Fair Value Disclosure	[2]	$ 5,598
Loan investments [Member] | Miami 2
Real Estate Properties [Line Items]
Investment Maturity Date			5/14/2015
Equity Method Investments, Fair Value Disclosure	[3]		$ 2,929
Loan investments [Member] | Miami 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		5/14/2015
Equity Method Investments, Fair Value Disclosure	[2]	$ 4,690
Loan investments [Member] | Fort Lauderdale
Real Estate Properties [Line Items]
Investment Maturity Date			9/25/2015
Equity Method Investments, Fair Value Disclosure	[3]		$ 2,009
Loan investments [Member] | Fort Lauderdale | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		9/25/2015
Equity Method Investments, Fair Value Disclosure	[2]	$ 3,428
Loan investments [Member] | Washington DC | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		4/15/2016
Equity Method Investments, Fair Value Disclosure		$ 7,092
Loan investments [Member] | Atlanta | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		4/29/2016
Equity Method Investments, Fair Value Disclosure		$ 271
Loan investments [Member] | Jacksonville | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		7/19/2016
Equity Method Investments, Fair Value Disclosure		$ 1,769
Loan investments [Member] | New Jersey | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		7/21/2016
Equity Method Investments, Fair Value Disclosure		$ 499
Loan investments [Member] | Atlanta 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		8/15/2016
Equity Method Investments, Fair Value Disclosure		$ 1,133
Loan investments [Member] | Denver | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		8/25/2016
Equity Method Investments, Fair Value Disclosure		$ 1,912
Loan investments [Member] | Columbia | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		9/28/2016
Equity Method Investments, Fair Value Disclosure		$ 1,303
Loan investments [Member] | Raleigh | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Maturity Date		12/22/2016
Equity Method Investments, Fair Value Disclosure		$ 873
Loan investments [Member] | Loans and Finance Receivables [Member]
Real Estate Properties [Line Items]
Investment Commitment		101,840	118,440
Loan investments [Member] | Loans and Finance Receivables [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		123,273
Loan investments [Member] | Loans and Finance Receivables [Member] | Miami 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	13,867
Loan investments [Member] | Loans and Finance Receivables [Member] | Miami 2
Real Estate Properties [Line Items]
Investment Commitment	[3]		14,849
Loan investments [Member] | Loans and Finance Receivables [Member] | Miami 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	14,849
Loan investments [Member] | Loans and Finance Receivables [Member] | Fort Lauderdale
Real Estate Properties [Line Items]
Investment Commitment	[3]		13,230
Loan investments [Member] | Loans and Finance Receivables [Member] | Fort Lauderdale | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	13,230
Loan investments [Member] | Loans and Finance Receivables [Member] | Washington DC | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		17,269
Loan investments [Member] | Loans and Finance Receivables [Member] | Atlanta | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		10,223
Loan investments [Member] | Loans and Finance Receivables [Member] | Jacksonville | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		8,127
Loan investments [Member] | Loans and Finance Receivables [Member] | New Jersey | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		7,828
Loan investments [Member] | Loans and Finance Receivables [Member] | Atlanta 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		8,772
Loan investments [Member] | Loans and Finance Receivables [Member] | Denver | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		11,032
Loan investments [Member] | Loans and Finance Receivables [Member] | Columbia | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		9,199
Loan investments [Member] | Loans and Finance Receivables [Member] | Raleigh | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		8,877
Loan investments [Member] | Loan Origination Commitments [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	60,201	31,205
Loan investments [Member] | Loan Origination Commitments [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	29,495
Loan investments [Member] | Loan Origination Commitments [Member] | Miami 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2]	5,593
Loan investments [Member] | Loan Origination Commitments [Member] | Miami 2
Real Estate Properties [Line Items]
Funded Investment	[3]		3,076
Loan investments [Member] | Loan Origination Commitments [Member] | Miami 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2]	4,753
Loan investments [Member] | Loan Origination Commitments [Member] | Fort Lauderdale
Real Estate Properties [Line Items]
Funded Investment	[1],[3]		2,144
Loan investments [Member] | Loan Origination Commitments [Member] | Fort Lauderdale | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2]	3,499
Loan investments [Member] | Loan Origination Commitments [Member] | Washington DC | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	7,201
Loan investments [Member] | Loan Origination Commitments [Member] | Atlanta | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	371
Loan investments [Member] | Loan Origination Commitments [Member] | Jacksonville | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	1,845
Loan investments [Member] | Loan Origination Commitments [Member] | New Jersey | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	583
Loan investments [Member] | Loan Origination Commitments [Member] | Atlanta 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	1,233
Loan investments [Member] | Loan Origination Commitments [Member] | Denver | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	2,044
Loan investments [Member] | Loan Origination Commitments [Member] | Columbia | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	1,416
Loan investments [Member] | Loan Origination Commitments [Member] | Raleigh | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	957
Loan investments [Member] | Unfunded Loan Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment		41,639	87,235
Loan investments [Member] | Unfunded Loan Commitment [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		93,778
Loan investments [Member] | Unfunded Loan Commitment [Member] | Miami 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	8,274
Loan investments [Member] | Unfunded Loan Commitment [Member] | Miami 2
Real Estate Properties [Line Items]
Investment Commitment	[1],[3]		11,773
Loan investments [Member] | Unfunded Loan Commitment [Member] | Miami 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	10,096
Loan investments [Member] | Unfunded Loan Commitment [Member] | Fort Lauderdale
Real Estate Properties [Line Items]
Investment Commitment	[3]		$ 11,086
Loan investments [Member] | Unfunded Loan Commitment [Member] | Fort Lauderdale | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	9,731
Loan investments [Member] | Unfunded Loan Commitment [Member] | Washington DC | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		10,068
Loan investments [Member] | Unfunded Loan Commitment [Member] | Atlanta | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		9,852
Loan investments [Member] | Unfunded Loan Commitment [Member] | Jacksonville | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		6,282
Loan investments [Member] | Unfunded Loan Commitment [Member] | New Jersey | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		7,245
Loan investments [Member] | Unfunded Loan Commitment [Member] | Atlanta 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		7,539
Loan investments [Member] | Unfunded Loan Commitment [Member] | Denver | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		8,988
Loan investments [Member] | Unfunded Loan Commitment [Member] | Columbia | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		7,783
Loan investments [Member] | Unfunded Loan Commitment [Member] | Raleigh | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		$ 7,920
[1]	Represents principal balance of loan gross of origination fees
[2]	These development property investments (having approximately $8.1 million of outstanding principal at contribution) were contributed to the SL1 Venture on March 31, 2016 by the Company.
[3]	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 the Company’s required $12.2 million capital commitment to the SL1 Venture. See Note 5, Investment in Real Estate Venture.

INVESTMENT IN REAL ESTATE VEN50

INVESTMENT IN REAL ESTATE VENTURE (Details Textual) - USD ($) $ in Thousands	Mar. 07, 2016	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Investment In Real Estate Venture [Line Items]
Real Estate Investments, Joint Ventures		$ 5,373	$ 0
Other Nonrecurring (Income) Expense		2,100	300
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure		$ 7,693	0
Investments in Joint Venture, Distribution Terms		1% of the committed principal amount of loans made by the SL1 Venture, exclusive of the loans contributed to the SL1 Venture by the Company. Operating cash flow of the SL1 Venture (after debt service, reserves and the foregoing priority distributions) will be distributed in accordance with capital commitments. Residual cash flow from capital and other events (after debt service, reserves and priority distributions) will be distributed (i) pro rata in accordance with capital commitments (its Percentage Interest) until each member has received a return of all capital contributed; (ii) pro rata in accordance with each members Percentage Interest until Heitman has achieved a 14% internal rate of return; (iii) to Heitman in an amount equal to its Percentage Interest less 10% and to the Company in an amount equal to the Companys Percentage Interest plus 10% until Heitman has achieved a 17% internal rate of return; (iv) to Heitman in an amount equal to its Percentage Interest less 20% and to the Company in an amount equal to the Companys Percentage Interest plus 20% until Heitman has achieved a 20% internal rate of return; and (v) any excess to Heitman in an amount equal to its Percentage Interest less 30% and to the Company in an amount equal to the Companys Percentage Interest plus 30%. However, the Company will not be entitled to any such promoted interest prior to the earlier to occur of the third anniversary of the JV Agreement and Heitman receiving distributions to the extent necessary to provide Heitman with a 1.48 multiple on its contributed capital
Loans Receivable, Net		$ 86,905	60,665
Proceeds from Real Estate and Real Estate Joint Ventures		7,291	$ 0
SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Real Estate Investments, Joint Ventures		81,400
Investment Owned, Balance, Principal Amount		123,300
Equity Method Investment, Summarized Financial Information, Assets, Total		28,700
Other Nonrecurring (Income) Expense		200
Equity Method Investment, Summarized Financial Information, Liabilities, Total		2,400
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		$ 1,100
Investment Yield Percentage On Purchase Price		4.50%
Loans Receivable, Net				$ 8,100
Proceeds from Real Estate and Real Estate Joint Ventures		$ 7,300
Heitman Capital Management LLC [Member]
Investment In Real Estate Venture [Line Items]
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		(100)
Heitman And Large Institutional Co-Investor [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Real Estate Investments, Joint Ventures	$ 110,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	90.00%
Other Nonrecurring (Income) Expense		2,300
Payments to Acquire Interest in Joint Venture		7,300
Parent Company [Member]
Investment In Real Estate Venture [Line Items]
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		1,200
Parent Company [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Real Estate Investments, Joint Ventures		$ 12,300
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	10.00%	10.00%
Investment Owned, Balance, Principal Amount				41,900
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure				7,700
Loans Receivable, Net	$ 12,200			$ 8,100
HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Real Estate Investments, Joint Ventures		$ 111,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		90.00%

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Assets recorded related to VIEs	$ 95,102	$ 40,222
Unfunded loan commitments to VIEs	54,950	114,591
Maximum exposure to loss	$ 150,052	$ 154,813

VARIABLE INTEREST ENTITIES (D52

VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Equity Method Investments, Fair Value Disclosure	$ 95,102	$ 40,222
Investment in Real Estate Venture [Member]
Variable Interest Entity [Line Items]
Other Commitment	$ 12,300

OTHER LOANS, AT COST (Details T

OTHER LOANS, AT COST (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Line of Credit [Member]
Other Investments and Securities, at Cost	$ 1,700	$ 500
Line of Credit Facility, Maximum Borrowing Capacity	3,500
Proceeds from Lines of Credit	4,100
Debt Instrument, Face Amount	$ 13,500	$ 700
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	$ 10,100
Debt Instrument, Interest Rate, Stated Percentage	6.90%
Agreement Three [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 700
Agreement Four [Member]
Line of Credit Facility, Maximum Borrowing Capacity	1,000
Agreement One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	500
Agreement Two [Member]
Line of Credit Facility, Maximum Borrowing Capacity	250
Loan Agreement [Member] | Line of Credit [Member]
Proceeds from Lines of Credit	$ 1,300

SENIOR PARTICIPATIONS (Details)

SENIOR PARTICIPATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Senior Notes	$ 18,582	$ 0
Debt Instrument, Description of Variable Rate Basis	LIBOR plus spreads ranging from 3.10% to 3.85%.
Unamortized Debt Issuance Expense	$ (33)
Senior Participations [Member]
Other Commitment	30,411
Senior Notes	18,615
Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	11,796
Operating Property A Notes [Member] | Senior Participations [Member]
Other Commitment	1,820
Senior Notes	$ 1,820
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR + 3.85%
Debt Instrument, Interest Rate, Stated Percentage	4.47%
Debt Instrument, Maturity Date	Apr. 1, 2019
Operating Property A Notes [Member] | Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	$ 0
Miami A Note [Member] | Senior Participations [Member]
Other Commitment	10,001
Senior Notes	$ 0
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR + 3.10%
Debt Instrument, Interest Rate, Stated Percentage	3.72%
Debt Instrument, Maturity Date	Jul. 1, 2017
Miami A Note [Member] | Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	$ 10,001
July 2016 A Notes [Member] | Senior Participations [Member]
Other Commitment	14,185
Senior Notes	$ 13,420
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR + 3.50%
Debt Instrument, Interest Rate, Stated Percentage	4.12%
Debt Instrument, Maturity Date	Aug. 1, 2019
July 2016 A Notes [Member] | Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	$ 765
October 2016 A Note [Member] | Senior Participations [Member]
Other Commitment	4,405
Senior Notes	$ 3,375
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR + 3.50%
Debt Instrument, Interest Rate, Stated Percentage	4.12%
Debt Instrument, Maturity Date	Sep. 1, 2021
October 2016 A Note [Member] | Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	$ 1,030

SENIOR PARTICIPATIONS (Details

SENIOR PARTICIPATIONS (Details Textual) - USD ($) $ in Thousands		Dec. 20, 2016	Dec. 14, 2016	Oct. 18, 2016	Oct. 11, 2016	Jul. 26, 2016	May 27, 2016	Apr. 29, 2016	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable									$ 21,845	$ 0
Debt Instrument, Description of Variable Rate Basis									LIBOR plus spreads ranging from 3.10% to 3.85%.
Senior Notes									$ 18,582	0
Long-term Debt	[1],[2]								18,615
Loans Receivable, Net									86,905	60,665
Repayments of Notes Payable									3,229	$ 0
Construction Loans [Member]
Schedule Of Senior Participations [Line Items]
Other Commitment									$ 30,000
Senior Notes [Member] | Construction Loans [Member]
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable		$ 200		$ 3,400	$ 700
Operating Property A Notes [Member]
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable			$ 5,200					$ 5,000
Debt Instrument, Description of Variable Rate Basis									30-day LIBOR plus 3.85%, or 4.47%
Debt Instrument, Collateral Amount								$ 500
Senior Notes									$ 1,800
Debt Instrument, Maturity Date								Apr. 1, 2019
Loans Receivable, Net								$ 7,800
Debt Instrument Prepayment Penalty			100
Repayments of Notes Payable			$ 3,400
Miami A Note [Member]
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable							$ 10,000
Debt Instrument, Description of Variable Rate Basis									of 30-day LIBOR plus 3.10%, or 3.72%
Debt Instrument, Collateral Amount							7,700
Debt Instrument, Fee Amount							$ 100
Debt Instrument, Fee							loan fee of 100 basis points, or $0.1 million upon closing of the loan
Debt Instrument, Maturity Date							Jul. 1, 2017
Other Commitment							$ 17,700
July Two Thousand Sixteen A Notes [Member]
Schedule Of Senior Participations [Line Items]
Debt Instrument, Description of Variable Rate Basis									30-day LIBOR plus 3.50%, or 4.12%
Debt Instrument, Collateral Amount						$ 500
July Two Thousand Sixteen A Notes [Member] | Senior Notes [Member]
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable						$ 14,200
Debt Instrument, Interest Rate, Stated Percentage						6.90%
Debt Instrument, Maturity Date						Aug. 1, 2019
Long-term Debt									$ 13,400
Other Commitment						$ 21,800
July Two Thousand Sixteen A Notes [Member] | Senior Notes [Member] | Construction Loans [Member]
Schedule Of Senior Participations [Line Items]
Senior Notes						12,500
Line of Credit Facility, Maximum Borrowing Capacity						$ 14,200
October 2016 A Note [Member]
Schedule Of Senior Participations [Line Items]
Debt Instrument, Face Amount				6,800
Proceeds from Notes Payable				$ 4,400
Debt Instrument, Description of Variable Rate Basis									30-day LIBOR plus 3.50%, or 4.12%
Debt Instrument, Interest Rate, Stated Percentage				6.90%
Debt Instrument, Maturity Date									Sep. 1, 2021
Long-term Debt, Gross									$ 3,400
October 2016 A Note [Member] | Construction Loans [Member]
Schedule Of Senior Participations [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 4,400
[1]	Amounts exclude interest, which is variable based on 30-day LIBOR plus spreads ranging from 3.10% to 3.85%.
[2]	Represents principal payments gross of discounts and debt issuance costs.

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	162,500	0
Shares, Granted	14,340	162,500
Shares, Vested	(55,172)	0
Shares, Forfeited	(1,667)	0
Shares, Nonvested shares at end of period	120,001	162,500
Weighted average grant date fair value, Nonvested at beginning of period	$ 20.08	$ 0
Weighted average grant date fair value, Granted	13.95	20.08
Weighted average grant date fair value, Vested	18.27	0
Weighted average grant date fair value, Forfeited	20	0
Weighted average grant date fair value, Nonvested at end of period	$ 20.1	$ 20.08

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)

Dec. 13, 2016

Oct. 04, 2016

Apr. 09, 2015

Jul. 31, 2016

Jul. 27, 2016

May 20, 2016

Jun. 15, 2015

Apr. 30, 2015

Oct. 31, 2014

Sep. 30, 2015

Dec. 31, 2016

Dec. 31, 2015

Oct. 02, 2014

Class of Stock [Line Items]

Common Stock, Shares Authorized

500,000,000

500,000,000

Common Stock, Shares, Issued

8,956,354

6,162,500

Preferred Stock, Shares Authorized

100,000,000

100,000,000

100,000,000

[1]

Capital

$ 1,000

Stock Issued During Period, Shares, New Issues

2,996,311

Proceeds from Issuance Initial Public Offering

$ 93,000,000

Proceeds from Issuance of Common Stock

$ 53,500,000

$ 53,460,000

$ 110,391,000

Restricted Stock or Unit Expense

$ 1,100,000

$ 300,000

Share Price

$ 21.05

$ 14.95

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition

2 years 10 months 24 days

Stock Repurchase Program, Authorized Amount

$ 10,000,000

Stock Repurchased and Retired During Period, Value

$ 0

$ 1,000

Stock Repurchase Program, Remaining Authorized Repurchase Amount

$ 6,800,000

Preferred Stock Value Reserved For Future Issuance

$ 35,000,000

Preferred Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

Preferred Stock, Liquidation Preference Per Share

$ 1,000

Proceeds from Issuance of Preferred Stock and Preference Stock

$ 9,448,000

$ 0

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Value of Shares to Be issued Prior to Commitment Period

$ 50,000,000

Preferred Stock Value Reserved For Future Issuance

125,000,000

Percentage of Increase in Book Value

25.00%

Internal Rate Of Return For Preferred Shareholders

14.00%

Preferred Stock, Redemption Terms

The Series A Preferred Stock may be redeemed at the Companys option (i) after five years from the Effective Date at a price equal to 105% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends, and (ii) after six years from the Effective Date at a price equal to 100% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends. In the event of certain change of control events affecting the Company prior to the third anniversary of the Effective Date, the Company must redeem all shares of Series A Preferred Stock for a price equal to (a) the Liquidation Value, plus (b) accumulated and unpaid Cash Distributions and Stock Dividends, plus (c) a make-whole premium designed to provide the holders of the Series A Preferred Stock with a return on the redeemed shares equal to a 14.0% internal rate of return through the third anniversary of the Effective Date.

Stock Issued During Period, Shares, Restricted Stock Award, Gross

10,000

Proceeds from Issuance of Preferred Stock and Preference Stock

$ 10,000,000

Series A Preferred Stock [Member] | Until Sixth Anniversary [Member]

Class of Stock [Line Items]

Preferred Stock, Dividend Rate, Percentage

7.00%

Series A Preferred Stock [Member] | After Sixth Anniversary [Member]

Class of Stock [Line Items]

Preferred Stock, Dividend Rate, Percentage

8.50%

Series A Preferred Stock [Member] | Occurrence of certain triggering events [Member]

Class of Stock [Line Items]

Preferred Stock, Dividend Rate, Percentage

5.00%

Maximum [Member]

Class of Stock [Line Items]

Preferred Stock Value Reserved For Future Issuance

15,000,000

Minimum [Member]

Class of Stock [Line Items]

Preferred Stock Value Reserved For Future Issuance

5,000,000

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

14,340

162,500

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

55,172

0

Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options

$ 2,000,000

$ 2,200,000

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period

1,667

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

Non Employee 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

14,340

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

3,585

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

176,840

162,500

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

39,999

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

40,002

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

20,000

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

Stock Repurchase Plan [Member]

Class of Stock [Line Items]

Stock Repurchased and Retired During Period, Shares

213,078

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

Series A Preferred Stock Private Placement [Member] | Minimum [Member]

Class of Stock [Line Items]

Value of Shares to Be issued Prior to Commitment Period

$ 50,000,000

Common Stock [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, New Issues

2,996,311

5,750,000

Stock Issued During Period, Shares, Restricted Stock Award, Gross

14,340

162,500

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]

Common Stock, Shares, Issued

750,000

[1]

Unvested restricted shares participate in dividends with common shares on a 1:1 basis and thus are considered participating securities under the two-class method for the year ended December 31, 2016.

DIVIDENDS AND DISTRIBUTIONS (De

DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015
Class of Stock [Line Items]
Dividends Payable	$ 4,130		$ 2,157
Dividend Declared [Member] | Common Stock [Member]
Class of Stock [Line Items]
Dividends Payable, Date Declared	Mar. 10, 2016
Dividends Payable, Date of Record	Apr. 1, 2016
Dividends Payable, Date to be Paid	Apr. 15, 2016
Dividends Payable, Amount Per Share	$ 0.35
Dividends Payable	$ 2,157
Dividend Declared One [Member] | Common Stock [Member]
Class of Stock [Line Items]
Dividends Payable, Date Declared	May 20, 2016
Dividends Payable, Date of Record	Jul. 1, 2016
Dividends Payable, Date to be Paid	Jul. 15, 2016
Dividends Payable, Amount Per Share	$ 0.35
Dividends Payable	$ 2,087
Dividend Declared Two [Member] | Common Stock [Member]
Class of Stock [Line Items]
Dividends Payable, Date Declared	Sep. 2, 2016
Dividends Payable, Date of Record	Oct. 1, 2016
Dividends Payable, Date to be Paid	Oct. 14, 2016
Dividends Payable, Amount Per Share	$ 0.35
Dividends Payable	$ 2,087
Dividend Declared Three [Member] | Common Stock [Member]
Class of Stock [Line Items]
Dividends Payable, Date Declared	Nov. 2, 2016
Dividends Payable, Date of Record	Jan. 3, 2017
Dividends Payable, Date to be Paid	Jan. 13, 2017
Dividends Payable, Amount Per Share	$ 0.35
Dividends Payable	$ 3,134
Series A Preferred Stock [Member] | Dividend Declared [Member]
Class of Stock [Line Items]
Dividends Payable, Date Declared	Dec. 29, 2016		Jun. 3, 2015
Dividends Payable, Date of Record	Jan. 1, 2017		Jul. 6, 2015
Dividends Payable, Date to be Paid	Jan. 13, 2017		Jul. 15, 2015
Dividends Payable, Amount Per Share	$ 17.31		$ 0.35
Dividends Payable			$ 2,139
Dividends, Preferred Stock, Cash	$ 173
Series A Preferred Stock [Member] | Dividend Declared One [Member]
Class of Stock [Line Items]
Dividends Payable, Date Declared	Dec. 29, 2016		Aug. 26, 2015
Dividends Payable, Date of Record	Jan. 1, 2017		Oct. 1, 2015
Dividends Payable, Date to be Paid	Feb. 15, 2017	[1]	Oct. 15, 2015
Dividends Payable, Amount Per Share	$ 82.25		$ 0.35
Dividends Payable			$ 2,157
Dividends, Preferred Stock, Stock	$ 823
Series A Preferred Stock [Member] | Dividend Declared Two [Member]
Class of Stock [Line Items]
Dividends Payable, Date Declared			Nov. 6, 2015
Dividends Payable, Date of Record			Jan. 1, 2016
Dividends Payable, Date to be Paid			Jan. 15, 2016
Dividends Payable, Amount Per Share			$ 0.35
Dividends Payable			$ 2,157
[1]	41,353 shares of common stock were issued at the election of the Holders

DIVIDENDS AND DISTRIBUTIONS (59

DIVIDENDS AND DISTRIBUTIONS (Details Textual)	12 Months Ended
	Dec. 31, 2016shares
Common Stock Dividends, Shares	41,353

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended									12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Shares outstanding
Weighted average common shares - basic											6,060,100	4,504,356
Effect of dilutive securities	[1]										152,548	0
Weighted average common shares, all classes											6,212,648	4,504,356
Calculation of Earnings per Share - basic
Net income (loss)		$ 4,489	$ 4,994	$ 5,412	$ 1,122	[2]	$ (831)	$ (1,407)	$ (558)	$ (147)	$ 16,017	$ (2,943)
Net income (loss) allocated to preferred stockholders											996	0
Net income (loss) allocated to unvested restricted shares	[3]										345	0
Dividends declared on unvested restricted shares											0	152
Net income (loss) attributable to common shareholders - two-class method											$ 14,676	$ (3,095)
Weighted average common shares - basic											6,060,100	4,504,356
Earnings (loss) per share - basic		$ 0.53	$ 0.84	$ 0.89	$ 0.18		$ (0.15)	$ (0.24)	$ (0.10)		$ 2.42	$ (0.69)
Calculation of Earnings per Share - diluted
Net income (loss)		$ 4,489	$ 4,994	$ 5,412	$ 1,122	[2]	$ (831)	$ (1,407)	$ (558)	$ (147)	$ 16,017	$ (2,943)
Net income (loss) allocated to preferred stockholders											996	0
Dividends declared on unvested restricted shares											0	152
Net income (loss) attributable to common shareholders - two-class method											$ 15,021	$ (3,095)
Weighted average common shares - diluted											6,212,648	4,504,356
Earnings (loss) per share - diluted		$ 0.53	$ 0.84	$ 0.89	$ 0.18		$ (0.15)	$ (0.24)	$ (0.10)		$ 2.42	$ (0.69)
[1]	For the year ended December 31, 2015, potentially dilutive securities consisting of unvested restricted shares are not included in the diluted earnings per share calculation as they are not dilutive.
[2]	Includes $2.0 million in transaction and other expenses.
[3]	Unvested restricted shares participate in dividends with common shares on a 1:1 basis and thus are considered participating securities under the two-class method for the year ended December 31, 2016.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2015	Dec. 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		$ 3,300	$ 2,100
Base Management Fee		1,700	1,200
Equity Method Investments, Fair Value Disclosure		95,102	40,222
Severance Costs		200	500
Due to Officers or Stockholders		1,000	700
Carrying Amount		5,373	0
SL1 Venture [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties		1,300
Carrying Amount		5,400
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Change in Fair value from equity investment		21,400	2,000
Equity Method Investments, Fair Value Disclosure		$ 78,700	$ 31,300

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	$ 95	$ 0
Restructuring costs incurred	64	276
Cash payments	(70)	148
Non-cash activity	(10)	33
Restructuring costs liability, Ending Balance	79	95
Total cumulative restructuring costs incurred or expected to be incurred	330	276
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	0	0
Restructuring costs incurred	0	97
Cash payments	0	97
Non-cash activity	0	0
Restructuring costs liability, Ending Balance	0	0
Total cumulative restructuring costs incurred or expected to be incurred	97	97
Fixed asset disposal
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	0	0
Restructuring costs incurred	0	33
Cash payments	0	0
Non-cash activity	0	33
Restructuring costs liability, Ending Balance	0	0
Total cumulative restructuring costs incurred or expected to be incurred	33	33
Lease termination
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	85	0
Restructuring costs incurred	64	124
Cash payments	(70)	39
Non-cash activity	0	0
Restructuring costs liability, Ending Balance	79	85
Total cumulative restructuring costs incurred or expected to be incurred	187	124
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	10	0
Restructuring costs incurred	0	22
Cash payments	0	12
Non-cash activity	(10)	0
Restructuring costs liability, Ending Balance	0	10
Total cumulative restructuring costs incurred or expected to be incurred	$ 13	$ 22

RESTRUCTURING COSTS (Details Te

RESTRUCTURING COSTS (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Total	$ 54	$ 276

COMMITMENTS AND CONTINGENCIES64

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2016USD ($)
Long-Term Debt Obligations,2017	$ 0	[1],[2]
Operating Lease Obligations,2017	301
Total2017	301
Long-Term Debt Obligations,2018	0	[1],[2]
Operating Lease Obligations,2018	209
Total2018	209
Long-Term Debt Obligations,2019	15,240	[1],[2]
Operating Lease Obligations,2019	2
Total2019	15,242
Long-Term Debt Obligations,2020	0	[1],[2]
Operating Lease Obligations,2020	2
Total2020	2
Long-Term Debt Obligations,2021	3,375	[1],[2]
Operating Lease Obligations,2021	0
Total2021	3,375
Long-Term Debt Obligations	18,615	[1],[3]
Operating Lease Obligations	514
Total	$ 19,129
[1]	Amounts exclude interest, which is variable based on 30-day LIBOR plus spreads ranging from 3.10% to 3.85%.
[2]	Represents principal gross of discounts and debt issuance costs
[3]	Represents principal payments gross of discounts and debt issuance costs.

COMMITMENTS AND CONTINGENCIES65

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating Leases, Rent Expense	$ 0.2	$ 0.4
Operating Leases, Income Statement, Sublease Revenue		0.2
Debt Instrument, Description of Variable Rate Basis	LIBOR plus spreads ranging from 3.10% to 3.85%.
Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.85%
Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.10%
General and Administrative Expense [Member]
Operating Leases, Rent Expense		$ 0.1
Other Investments [Member]
Unfunded Loan Commitment Related To Investment Portfolio	$ 55
Other Loan [Member]
Unfunded Loan Commitment Related To Six Revolving Loan Agreement	$ 1.8

QUARTERLY FINANCIAL DATA (UNA66

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Total revenue	$ 2,158	$ 1,698	$ 1,533	$ 1,143		$ 1,008	$ 578	$ 157	$ 0	$ 6,532	$ 1,743
Net income (loss)	4,489	4,994	5,412	1,122	[1]	$ (831)	$ (1,407)	$ (558)	$ (147)	16,017	(2,943)
Net income attributable to common stockholders	$ 3,493	$ 4,994	$ 5,412	$ 1,122						$ 15,021	$ (2,943)
Net income (loss) per common share-basic	$ 0.53	$ 0.84	$ 0.89	$ 0.18		$ (0.15)	$ (0.24)	$ (0.10)		$ 2.42	$ (0.69)
Net income (loss) per common share-diluted	$ 0.53	$ 0.84	$ 0.89	$ 0.18		$ (0.15)	$ (0.24)	$ (0.10)		$ 2.42	$ (0.69)
[1]	Includes $2.0 million in transaction and other expenses.

QUARTERLY FINANCIAL DATA (UNA67

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Transaction and other expenses	$ 2,129	$ 262

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Development Property Investment [Member] - USD ($) $ in Thousands	1 Months Ended
	Jan. 26, 2017	Dec. 31, 2016
Other Commitment		$ 101,800
Subsequent Event [Member]
Other Commitment	$ 105,589
Subsequent Event [Member] | Investment Portfolio One [Member]
Investment Maturity Date	1/4/2017
Loans Receivable Commercial Real Estate Metropolitan Statistical Area	New York City
Other Commitment	$ 16,117
Subsequent Event [Member] | Investment Portfolio Two [Member]
Investment Maturity Date	1/18/2017
Loans Receivable Commercial Real Estate Metropolitan Statistical Area	Atlanta 3
Other Commitment	$ 14,115
Subsequent Event [Member] | Investment Portfolio Three [Member]
Investment Maturity Date	1/31/2017
Loans Receivable Commercial Real Estate Metropolitan Statistical Area	Atlanta 4
Other Commitment	$ 13,678
Subsequent Event [Member] | Investment Portfolio Four [Member]
Investment Maturity Date	2/24/2017
Loans Receivable Commercial Real Estate Metropolitan Statistical Area	Orlando 3
Other Commitment	$ 8,056
Subsequent Event [Member] | Investment Portfolio Five [Member]
Investment Maturity Date	2/24/2017
Loans Receivable Commercial Real Estate Metropolitan Statistical Area	New Orleans
Other Commitment	$ 12,549
Subsequent Event [Member] | Investment Portfolio Six [Member]
Investment Maturity Date	2/27/2017
Loans Receivable Commercial Real Estate Metropolitan Statistical Area	Atlanta 5
Other Commitment	$ 17,492
Subsequent Event [Member] | Investment Portfolio Seven [Member]
Investment Maturity Date	3/1/2017
Loans Receivable Commercial Real Estate Metropolitan Statistical Area	Fort Lauderdale
Other Commitment	$ 9,952
Subsequent Event [Member] | Investment Portfolio Eight [Member]
Investment Maturity Date	3/1/2017
Loans Receivable Commercial Real Estate Metropolitan Statistical Area	Houston
Other Commitment	$ 13,630

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Mar. 07, 2017	Feb. 03, 2017	Dec. 14, 2016	May 09, 2016	Jan. 26, 2017	Nov. 17, 2016	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared							$ 1.4	$ 1.05
Proceeds from Collection of Loans Receivable				$ 5.6
Development Property Investment [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage							49.90%
Construction Loans [Member]
Subsequent Event [Line Items]
Proceeds from Collection of Loans Receivable			$ 5.2			$ 4.5
Class A ship Units [Member] | Development Property Investment [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage							49.90%
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.35
Preferred Stock, Dividends Per Share, Declared	$ 17.50
Subsequent Event [Member] | Construction Loans [Member]
Subsequent Event [Line Items]
Proceeds from Collection of Loans Receivable					$ 6.7
Subsequent Event [Member] | Class A ship Units [Member] | Development Property Investment [Member]
Subsequent Event [Line Items]
Investment Owned, Balance, Principal Amount		$ 1.3
Equity Method Investment, Ownership Percentage		74.90%
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		50.00%

SCHEDULE IV -MORTGAGE LOANS ON

SCHEDULE IV -MORTGAGE LOANS ON REAL ESTATE (Details) - First Mortgage [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Prior Liens	$ 0
Face Amount of Loans	96,990
Carrying Amount of Loans	115,039	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Orlando [Member]
Location	Orlando
Interest Rate	6.90%
Final Maturity Date	May 1, 2021
Periodic Payment Terms	-	[2],[3]
Prior Liens	$ 0
Face Amount of Loans	5,308
Carrying Amount of Loans	7,302	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Atlanta 1 [Member]
Location	Atlanta
Interest Rate	6.90%
Final Maturity Date	Jul. 1, 2021
Periodic Payment Terms	-	[2],[4]
Prior Liens	$ 0
Face Amount of Loans	7,694
Carrying Amount of Loans	10,404	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Tampa [Member]
Location	Tampa
Interest Rate	6.90%
Final Maturity Date	Jul. 1, 2021
Periodic Payment Terms	-	[2],[5]
Prior Liens	$ 0
Face Amount of Loans	5,285
Carrying Amount of Loans	6,279	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Atlanta 2 [Member]
Location	Atlanta
Interest Rate	6.90%
Final Maturity Date	Jul. 1, 2021
Periodic Payment Terms	-	[2],[4]
Prior Liens	$ 0
Face Amount of Loans	5,620
Carrying Amount of Loans	8,900	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Charlotte [Member]
Location	Charlotte
Interest Rate	6.90%
Final Maturity Date	Aug. 1, 2021
Periodic Payment Terms	-	[2],[4]
Prior Liens	$ 0
Face Amount of Loans	6,842
Carrying Amount of Loans	9,853	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Milwaukee [Member]
Location	Milwaukee
Interest Rate	6.90%
Final Maturity Date	Aug. 1, 2021
Periodic Payment Terms	-	[2],[4]
Prior Liens	$ 0
Face Amount of Loans	5,608
Carrying Amount of Loans	7,008	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project New Haven [Member]
Location	New Haven
Interest Rate	6.90%
Final Maturity Date	Sep. 1, 2021
Periodic Payment Terms	-	[2],[6]
Prior Liens	$ 0
Face Amount of Loans	5,257
Carrying Amount of Loans	6,730	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Pittsburgh [Member]
Location	Pittsburgh
Interest Rate	6.90%
Final Maturity Date	Sep. 1, 2021
Periodic Payment Terms	-	[2],[6]
Prior Liens	$ 0
Face Amount of Loans	3,497
Carrying Amount of Loans	4,551	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Raleigh [Member]
Location	Raleigh
Interest Rate	6.90%
Final Maturity Date	Sep. 1, 2021
Periodic Payment Terms	-	[2],[4]
Prior Liens	$ 0
Face Amount of Loans	1,460
Carrying Amount of Loans	1,396	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Jacksonville [Member]
Location	Jacksonville
Interest Rate	6.90%
Final Maturity Date	Oct. 1, 2021
Periodic Payment Terms	-	[2],[7]
Prior Liens	$ 0
Face Amount of Loans	5,852
Carrying Amount of Loans	7,962	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Austin [Member]
Location	Austin
Interest Rate	6.90%
Final Maturity Date	Oct. 27, 2021
Periodic Payment Terms	-	[2],[4]
Prior Liens	$ 0
Face Amount of Loans	4,366
Carrying Amount of Loans	5,192	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-Storage Development Project Orlando 1 [Member]
Location	Orlando
Interest Rate	6.90%
Final Maturity Date	Nov. 17, 2022
Periodic Payment Terms	-	[4],[8]
Prior Liens	$ 0
Face Amount of Loans	1,342
Carrying Amount of Loans	1,237	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-Storage Development Project Charlotte 1 [Member]
Location	Charlotte
Interest Rate	6.90%
Final Maturity Date	Sep. 20, 2022
Periodic Payment Terms	-	[2],[4]
Prior Liens	$ 0
Face Amount of Loans	1,446
Carrying Amount of Loans	1,298	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-Storage Development Project Jacksonville1 [Member]
Location	Jacksonville
Interest Rate	6.90%
Final Maturity Date	Nov. 17, 2022
Periodic Payment Terms	-	[4],[8]
Prior Liens	$ 0
Face Amount of Loans	624
Carrying Amount of Loans	551	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage Development Project West Palm Beach [Member]
Location	West Palm Beach
Interest Rate	6.90%
Final Maturity Date	Mar. 1, 2017
Periodic Payment Terms	-
Prior Liens	$ 0
Face Amount of Loans	6,712
Carrying Amount of Loans	6,702
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage Development Project Sarasota [Member]
Location	Sarasota
Interest Rate	6.90%
Final Maturity Date	Mar. 1, 2017
Periodic Payment Terms	-	[9]
Prior Liens	$ 0
Face Amount of Loans	3,485
Carrying Amount of Loans	3,473	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage Development Project Miami 3 [Member]
Location	Miami
Interest Rate	6.90%
Final Maturity Date	Jul. 1, 2017
Periodic Payment Terms	-	[9]
Prior Liens	$ 0
Face Amount of Loans	6,517
Carrying Amount of Loans	6,264	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property New Orleans [Member]
Location	New Orleans
Interest Rate	6.90%
Final Maturity Date	Jul. 1, 2021
Periodic Payment Terms	-	[10]
Prior Liens	$ 0
Face Amount of Loans	2,800
Carrying Amount of Loans	2,768	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property Newark [Member]
Location	Newark
Interest Rate	5.85%
Final Maturity Date	Aug. 1, 2022	[11]
Periodic Payment Terms	-	[10]
Prior Liens	$ 0
Face Amount of Loans	3,480
Carrying Amount of Loans	3,441	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property Nashville 1 [Member]
Location	Nashville
Interest Rate	6.90%
Final Maturity Date	Nov. 1, 2021
Periodic Payment Terms	-	[10]
Prior Liens	$ 0
Face Amount of Loans	1,210
Carrying Amount of Loans	1,204	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property Chicago [Member]
Location	Chicago
Interest Rate	6.90%
Final Maturity Date	Dec. 22, 2022
Periodic Payment Terms	-	[10]
Prior Liens	$ 0
Face Amount of Loans	2,500
Carrying Amount of Loans	2,492	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Land [Member]
Prior Liens	0
Face Amount of Loans	10,085
Carrying Amount of Loans	10,032	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Development investments with a profits interest [Member]
Prior Liens	0
Face Amount of Loans	60,201
Carrying Amount of Loans	78,663	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Construction loans - first mortgages [Member]
Prior Liens	0
Face Amount of Loans	16,714
Carrying Amount of Loans	16,439	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Operating property loans - first mortgages [Member]
Prior Liens	0
Face Amount of Loans	9,990
Carrying Amount of Loans	9,905	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Mortgage Loans Excluding Land [Member]
Prior Liens	0
Face Amount of Loans	86,905
Carrying Amount of Loans	105,007	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Land Denver 1 [Member]
Location	Denver
Interest Rate	6.90%
Final Maturity Date	Mar. 1, 2017
Periodic Payment Terms	-	[12]
Prior Liens	$ 0
Face Amount of Loans	1,800
Carrying Amount of Loans	1,796	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Land Denver 2 [Member]
Location	Denver
Interest Rate	6.90%
Final Maturity Date	Mar. 1, 2017
Periodic Payment Terms	-	[12]
Prior Liens	$ 0
Face Amount of Loans	1,030
Carrying Amount of Loans	1,027	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Land Fort Lauderdale [Member]
Location	Fort Lauderdale
Interest Rate	6.90%
Final Maturity Date	Mar. 1, 2017
Periodic Payment Terms	-	[12]
Prior Liens	$ 0
Face Amount of Loans	1,324
Carrying Amount of Loans	1,321	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Land Atlanta [Member]
Location	Atlanta
Interest Rate	6.90%
Final Maturity Date	Jun. 7, 2017
Periodic Payment Terms	-	[12]
Prior Liens	$ 0
Face Amount of Loans	3,018
Carrying Amount of Loans	2,994	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Land Houston [Member]
Location	Houston
Interest Rate	6.90%
Final Maturity Date	Mar. 14, 2017
Periodic Payment Terms	-	[12]
Prior Liens	$ 0
Face Amount of Loans	2,913
Carrying Amount of Loans	2,894	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
[1]	The face amount of loans in Column F approximate the aggregate cost for federal income tax purposes.
[2]	Development loan investments with a profits interest are comprised of a construction loan secured by a first mortgage on the development project and a mezzanine loan secured by a first priority security interest in the membership interests of the owners of the project. These loans are entered into simultaneously and are valued as a single instrument for accounting purposes.
[3]	Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 15th month - no prepayment premium; on or after 15th month but prior to 28th month, 3%; on or after 28th month but prior to 40th month, 2%; on or after 40th month but prior to 52nd month, 1%; on or after 52nd month - no prepayment premium.
[4]	Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 37th month - no prepayment premium; on or after 37th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium.
[5]	Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 25th month - no prepayment premium; on or after 25th month but prior to 37th month, 3%; on or after 37th month but prior to 49th month, 2%; on or after 49th month but prior to 61st month, 1%; on or after 61st month - no prepayment premium.
[6]	Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 19th month - no prepayment premium; on or after 19th month but prior to 31st month, 3%; on or after 31st month but prior to 43rd month, 2%; on or after 43rd month but prior to 55th month, 1%; on or after 70th month - no prepayment premium.
[7]	Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 19th month - no prepayment premium; on or after 19th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium.
[8]	Development loan investments with a profits interest are comprised of a construction loan secured by a first mortgage on the development project
[9]	Interest only monthly; balloon payment due at maturity subject to contribution agreements from equity REIT; no prepayment permitted for all or any portion of the loan prior to completion of construction and receipt of certificate of occupancy.
[10]	Interest only monthly; balloon payment due at maturity; no prepayment during first 36 months, thereafter stepdown prepayment of 3%, 2%, 1%, no prepayment the last 90 days prior to maturity.
[11]	Original maturity date is August 1, 2022 with an option to extend 36 months to August 1, 2025.
[12]	Balloon payment, including interest, due at maturity; any prepayment of the Loan shall be made by paying on the date of prepayment (i) the amount of principal being prepaid, (ii) all accrued interest, and (iii) all other sums due under the note and the other loan documents.

SCHEDULE IV - MORTGAGE LOANS 71

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fundings of principal, net of unamortized origination fees	$ 45,689	$ 63,996
Payment-in-kind interest	3,856	973
Repayments of principal	(15,037)	(6,019)
Net unrealized gains	18,370	872
First Mortgage [Member]
Balance as of December 31, 2015	60,515
Fundings of principal, net of unamortized origination fees	59,102
Contribution of assets to Heitman Joint Venture	(7,693)
Payment-in-kind interest	3,856
Repayments of principal	(19,111)
Net unrealized gains	18,370
Balance as of December 31, 2016	$ 115,039	$ 60,515

SCHEDULE IV - MORTGAGE LOANS 72

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details Textual)	12 Months Ended
	Dec. 31, 2016
Land [Member]
Mortgage Loans on Real Estate, Periodic Payment Terms	Interest only monthly; balloon payment due at maturity; any prepayment of the Loan shall be made by paying on the date of prepayment (i) the amount of principal being prepaid, (ii) all accrued interest, and (iii) all other sums due under the note and the other loan documents. Balloon payment, including interest, due at maturity; any prepayment of the Loan shall be made by paying on the date of prepayment (i) the amount of principal being prepaid, (ii) all accrued interest, and (iii) all other sums due under the note and the other loan documents.
Self-storage development project [Member]
Mortgage Loans on Real Estate, Periodic Payment Terms	Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 15th month - no prepayment premium; on or after 15th month but prior to 28th month, 3%; on or after 28th month but prior to 40th month, 2%; on or after 40th month but prior to 52nd month, 1%; on or after 52nd month - no prepayment premium. Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 25th month - no prepayment premium; on or after 25th month but prior to 37th month, 3%; on or after 37th month but prior to 49th month, 2%; on or after 49th month but prior to 61st month, 1%; on or after 61st month - no prepayment premium. Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 37th month - no prepayment premium; on or after 37th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium. Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 19th month - no prepayment premium; on or after 19th month but prior to 31st month, 3%; on or after 31st month but prior to 43rd month, 2%; on or after 43rd month but prior to 55th month, 1%; on or after 70th month - no prepayment premium. Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 19th month - no prepayment premium; on or after 19th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium.
Self-storage property [Member]
Mortgage Loans on Real Estate, Periodic Payment Terms	Originial maturity date is August 1, 2022 with an option to extend 36 months to August 1, 2025. Interest only monthly; balloon payment due at maturity; no prepayment during first 36 months, thereafter stepdown prepayment of 3%, 2%, 1%, no prepayment the last 90 days prior to maturity.