2018 Form 10-K Financial Statement

#000152937719000006 Filed on February 21, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017 Q3
Revenue $55.28M $10.87M $14.73M
YoY Change 19.28% -13.78% 25.24%
Cost Of Revenue $70.40M $15.90M $15.38M
YoY Change 21.8% 27.51% 43.6%
Gross Profit $47.90M $9.320M $13.17M
YoY Change 20.35% -15.5% 30.78%
Gross Profit Margin 86.65% 85.72% 89.43%
Selling, General & Admin $8.800M $2.340M $2.060M
YoY Change 4.76% 4.0% -7.62%
% of Gross Profit 18.37% 25.11% 15.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit 0.0% 0.0%
Operating Expenses $8.800M $2.340M $2.060M
YoY Change 6.02% 3.54% -7.62%
Operating Profit $39.10M $6.980M $11.11M
YoY Change 24.13% -20.41% 41.71%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $39.04M $6.210M $11.11M
YoY Change 27.55% -29.27% 41.73%
Income Tax $446.0K $30.00K $54.00K
% Of Pretax Income 1.14% 0.48% 0.49%
Net Earnings $38.60M $6.183M $11.06M
YoY Change 26.93% -29.1% -43.98%
Net Earnings / Revenue 69.82% 56.87% 75.09%
Basic Earnings Per Share $1.35 $0.22 $0.39
Diluted Earnings Per Share $1.35 $0.22 $0.39
COMMON SHARES
Basic Shares Outstanding 28.53M shares 28.59M shares 28.48M shares
Diluted Shares Outstanding 28.66M shares 28.58M shares

Balance Sheet

Concept 2018 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.10M $28.30M $28.20M
YoY Change -60.78% -40.17% -32.54%
Cash & Equivalents $11.10M $28.34M $28.25M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.10M $28.30M $28.20M
YoY Change -60.78% -40.17% -32.54%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.525B $1.726B $1.543B
YoY Change -11.67% 31.39% 4.71%
Other Assets $400.0K $400.0K $400.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.592B $1.742B $1.559B
YoY Change -8.59% 31.33% 2.36%
TOTAL ASSETS
Total Short-Term Assets $11.10M $28.30M $28.20M
Total Long-Term Assets $1.592B $1.742B $1.559B
Total Assets $1.603B $1.770B $1.587B
YoY Change -9.43% 28.86% 1.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.10M $10.40M $10.30M
YoY Change 16.35% 2.97% 3.0%
LONG-TERM LIABILITIES
Long-Term Debt $1.157B $1.337B $1.153B
YoY Change -13.44% 43.65% 6.15%
Other Long-Term Liabilities $8.600M $3.900M $3.700M
YoY Change 120.51% 18.18% 0.0%
Total Long-Term Liabilities $1.166B $1.341B $1.157B
YoY Change -13.05% 43.56% 6.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.10M $10.40M $10.30M
Total Long-Term Liabilities $1.166B $1.341B $1.157B
Total Liabilities $1.178B $1.351B $1.167B
YoY Change -12.83% 43.12% 6.1%
SHAREHOLDERS EQUITY
Retained Earnings -$1.750M -$211.0K
YoY Change 33.59% -89.28%
Common Stock $420.9M $420.7M
YoY Change 0.14% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $425.6M $419.2M $420.5M
YoY Change
Total Liabilities & Shareholders Equity $1.603B $1.770B $1.587B
YoY Change -9.43% 28.86% 1.43%

Cashflow Statement

Concept 2018 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $38.60M $6.183M $11.06M
YoY Change 26.93% -29.1% -43.98%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities $39.22M $7.400M $10.90M
YoY Change 25.39% -10.84% -132.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $157.9M -$181.4M $100.5M
YoY Change -138.91% -191.11% -136.41%
Cash From Investing Activities $157.9M -$181.4M $100.5M
YoY Change -138.92% -191.06% -136.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$214.4M 174.1M -88.80M
YoY Change -160.3% -186.23% -125.76%
NET CHANGE
Cash From Operating Activities $39.22M 7.400M 10.90M
Cash From Investing Activities $157.9M -181.4M 100.5M
Cash From Financing Activities -$214.4M 174.1M -88.80M
Net Change In Cash -$17.25M 100.0K 22.60M
YoY Change -8.82% -98.21% -36.16%
FREE CASH FLOW
Cash From Operating Activities $39.22M $7.400M $10.90M
Capital Expenditures $0.00 $0.00
Free Cash Flow $39.22M $7.400M
YoY Change 25.39% -10.84%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CommonStockSharesOutstanding
28598916 shares
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
28755665 shares
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
283000 USD
CY2018Q4 us-gaap Common Stock Value
CommonStockValue
283000 USD
CY2016 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
5956000 USD
CY2017 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
6569000 USD
CY2018 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
7418000 USD
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1067960000 USD
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
887974000 USD
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2049000 USD
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
CY2016 us-gaap Depreciation
Depreciation
167000 USD
CY2017 us-gaap Depreciation
Depreciation
0 USD
CY2018 us-gaap Depreciation
Depreciation
0 USD
CY2016 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
10196000 USD
CY2017 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
0 USD
CY2018 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
0 USD
CY2015Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
21226000 USD
CY2016Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
0 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
0 USD
CY2018Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
0 USD
CY2016Q1 us-gaap Dividends Cash
DividendsCash
7429000 USD
CY2016Q2 us-gaap Dividends Cash
DividendsCash
7413000 USD
CY2016Q3 us-gaap Dividends Cash
DividendsCash
7406000 USD
CY2016Q4 us-gaap Dividends Cash
DividendsCash
7406000 USD
CY2016 us-gaap Dividends Cash
DividendsCash
29654000 USD
CY2017Q1 us-gaap Dividends Cash
DividendsCash
7690000 USD
CY2017Q2 us-gaap Dividends Cash
DividendsCash
7718000 USD
CY2017Q3 us-gaap Dividends Cash
DividendsCash
7717000 USD
CY2017Q4 us-gaap Dividends Cash
DividendsCash
7722000 USD
CY2017 us-gaap Dividends Cash
DividendsCash
30847000 USD
CY2018Q1 us-gaap Dividends Cash
DividendsCash
8008000 USD
CY2018Q2 us-gaap Dividends Cash
DividendsCash
8036000 USD
CY2018Q3 us-gaap Dividends Cash
DividendsCash
8323000 USD
CY2018Q4 us-gaap Dividends Cash
DividendsCash
8914000 USD
CY2018 us-gaap Dividends Cash
DividendsCash
33281000 USD
CY2016Q4 us-gaap Dividends Payable Current And Noncurrent
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7406000 USD
CY2017Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
7722000 USD
CY2018Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
8914000 USD
CY2017Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
2628000 USD
CY2018Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
3163000 USD
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.42
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.07
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.35
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.23
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.24
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.39
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.22
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.33
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.33
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.35
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.35
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.41
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.35
CY2016Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
180000 USD
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1200000 USD
CY2018Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2300000 USD
CY2016 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y0M7D
CY2017 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y11M11D
CY2018 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
CY2016 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
209000 USD
CY2017 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
153000 USD
CY2016 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2017 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-768000 USD
CY2018 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2801000 USD
CY2017 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2828000 USD
CY2018 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3307000 USD
CY2016 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
25919000 USD
CY2017 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
30407000 USD
CY2018 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
38596000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
30681000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
30610000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
39042000 USD
CY2016 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
30451000 USD
CY2017 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
30432000 USD
CY2018 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
38596000 USD
CY2016 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.91
CY2018 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.35
CY2017 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.07
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.51
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.51
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
230000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
178000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
446000 USD
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2016 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.91
CY2017 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.07
CY2018 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.35
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
4221000 USD
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 USD
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 USD
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
14417000 USD
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2017 us-gaap Income Taxes Paid
IncomeTaxesPaid
240000 USD
CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
360000 USD
CY2016 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
380000 USD
CY2017 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
-71000 USD
CY2018 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
535000 USD
CY2016 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-40016000 USD
CY2017 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2530000 USD
CY2018 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-198000 USD
CY2016 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-10146000 USD
CY2017 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1066000 USD
CY2018 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
16000 USD
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
61453 shares
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
72708 shares
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
127221 shares
CY2016 us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
81963000 USD
CY2017 us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
97541000 USD
CY2018 us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
118284000 USD
CY2016 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
36856000 USD
CY2017 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
51193000 USD
CY2018 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
63002000 USD
CY2016 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
45107000 USD
CY2017 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
46348000 USD
CY2018 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
55282000 USD
CY2016 us-gaap Interest Paid Net
InterestPaidNet
30066000 USD
CY2017 us-gaap Interest Paid Net
InterestPaidNet
41891000 USD
CY2018 us-gaap Interest Paid Net
InterestPaidNet
56719000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
1351049000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
1177737000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1770219000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1603324000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
957960000 USD
CY2018Q4 us-gaap Line Of Credit
LineOfCredit
777974000 USD
CY2017Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1540989000 USD
CY2018Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1475989000 USD
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
887974000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
0 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
36280000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
184003000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
667691000 USD
CY2016 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
40916000 USD
CY2017 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
10681000 USD
CY2018 us-gaap Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
746800000 USD
CY2017Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
1726283000 USD
CY2018Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
1524873000 USD
CY2018Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
1524900000 USD
CY2017 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
MortgageLoansOnRealEstateCostOfMortgagesSold
73900000 USD
CY2017Q4 us-gaap Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
1737286000 USD
CY2018Q4 us-gaap Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
1534700000 USD
CY2018Q4 us-gaap Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
1534743000 USD
CY2017 us-gaap Mortgage Loans On Real Estate Interest Rate
MortgageLoansOnRealEstateInterestRate
0.050
CY2018 us-gaap Mortgage Loans On Real Estate Interest Rate
MortgageLoansOnRealEstateInterestRate
0.054
CY2017 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
878834000 USD
CY2018 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
510529000 USD
CY2018 us-gaap Mortgage Loans On Real Estate Number Of Loans
MortgageLoansOnRealEstateNumberOfLoans
44 Loan
CY2017 us-gaap Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
21455000 USD
CY2018 us-gaap Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
33693000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
73057000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
355569000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-214396000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-60297000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-405768000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
157924000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4490000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
31276000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
39218000 USD
CY2016 us-gaap Net Income Loss
NetIncomeLoss
44868000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
6453000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
6713000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
11058000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
9318000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
6183000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
30432000 USD
CY2018 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2017 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
0 USD
CY2018 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
0 USD
CY2016 us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
354000 USD
CY2017 us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
0 USD
CY2018 us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
0 USD
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1436000 USD
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
40336000 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2016 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
29400000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
9303000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
9957000 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
10018000 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
38596000 USD
CY2016 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
4532000 USD
CY2017 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
25000 USD
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
30407000 USD
CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
38596000 USD
CY2016 us-gaap Noninterest Expense
NoninterestExpense
14426000 USD
CY2017 us-gaap Noninterest Expense
NoninterestExpense
14970000 USD
CY2018 us-gaap Noninterest Expense
NoninterestExpense
16240000 USD
CY2018 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2017Q4 us-gaap Other Assets
OtherAssets
15214000 USD
CY2018Q4 us-gaap Other Assets
OtherAssets
66983000 USD
CY2017Q4 us-gaap Other Liabilities
OtherLiabilities
3933000 USD
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
8604000 USD
CY2016 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
639413000 USD
CY2017 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
30531000 USD
CY2018 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
32088000 USD
CY2016 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5563000 USD
CY2017 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
8405000 USD
CY2018 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2322000 USD
CY2016 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
861444000 USD
CY2017 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
900289000 USD
CY2018 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
543077000 USD
CY2016 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
40916000 USD
CY2017 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
10681000 USD
CY2018 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2016 us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
721684000 USD
CY2017 us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
411298000 USD
CY2018 us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
695183000 USD
CY2016 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
73004000 USD
CY2017 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
0 USD
CY2016 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
80000000 USD
CY2017 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
CY2016 us-gaap Professional Fees
ProfessionalFees
2228000 USD
CY2017 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
0 USD
CY2018 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
0 USD
CY2017 us-gaap Professional Fees
ProfessionalFees
1674000 USD
CY2018 us-gaap Professional Fees
ProfessionalFees
1945000 USD
CY2016 us-gaap Profit Loss
ProfitLoss
44868000 USD
CY2018 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
CY2016 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
1288698000 USD
CY2017 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
923882000 USD
CY2017 us-gaap Profit Loss
ProfitLoss
30432000 USD
CY2018 us-gaap Profit Loss
ProfitLoss
38596000 USD
CY2016 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-146000 USD
CY2017 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0 USD
CY2018 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0 USD
CY2016 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2017 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
45000000 USD
CY2018 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2018 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
642241000 USD
CY2016 us-gaap Proceeds From Loan And Lease Originations And Principal Collections1
ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1
6813000 USD
CY2017 us-gaap Proceeds From Loan And Lease Originations And Principal Collections1
ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1
9323000 USD
CY2018 us-gaap Proceeds From Loan And Lease Originations And Principal Collections1
ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1
5818000 USD
CY2016 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
11000 USD
CY2017 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
12000 USD
CY2018 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2016 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
ProceedsFromSaleOfMortgageLoansHeldForSale
571714000 USD
CY2016 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
255275000 USD
CY2017 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2018 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2016 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1030760000 USD
CY2017 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
746635000 USD
CY2018 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
822227000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
375000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
379000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
379000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1750000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3565000 USD
CY2017Q1 us-gaap Revenues
Revenues
10339000 USD
CY2017Q2 us-gaap Revenues
Revenues
10411000 USD
CY2017Q3 us-gaap Revenues
Revenues
14726000 USD
CY2017Q4 us-gaap Revenues
Revenues
10872000 USD
CY2018Q1 us-gaap Revenues
Revenues
13137000 USD
CY2018Q2 us-gaap Revenues
Revenues
13636000 USD
CY2018Q3 us-gaap Revenues
Revenues
13984000 USD
CY2018Q4 us-gaap Revenues
Revenues
14525000 USD
CY2017Q4 us-gaap Secured Debt
SecuredDebt
107595000 USD
CY2018Q4 us-gaap Secured Debt
SecuredDebt
108345000 USD
CY2016 us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
ServicingAssetAtFairValueOtherChangesThatAffectBalance
6457000 USD
CY2017 us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
ServicingAssetAtFairValueOtherChangesThatAffectBalance
0 USD
CY2018 us-gaap Servicing Asset At Fair Value Other Changes That Affect Balance
ServicingAssetAtFairValueOtherChangesThatAffectBalance
0 USD
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
312000 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
581000 USD
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
1102000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
156749 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
112052 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
202010 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
66791 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
779000 USD
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
347000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
854000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1390000 shares
CY2016Q4 us-gaap Share Price
SharePrice
11.06
CY2015Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
20000000 USD
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
30000000 USD
CY2015Q2 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P1Y
CY2016 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
129916 shares
CY2017 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2018 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2016 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1436000 USD
CY2016 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1400000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
419170000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
425587000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
456488000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
429673000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
419170000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
425587000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28523306 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28550945 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28656660 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28461853 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28478237 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28529439 shares
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash, loans held for investment and interest receivable. The Company places its cash and cash equivalents with financial institutions and, at times, cash held may exceed the FDIC&#8209;insured limit. The Company has exposure to credit risk on its loans held for investment. The Company and the Company&#8217;s Manager seek to manage credit risk by performing due diligence prior to origination or acquisition and through the use of non&#8209;recourse financing, when and where available and appropriate.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates in the Preparation of Financial Statements</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of 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.</font></div></div>

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0001529377-19-000006-index-headers.html Edgar Link pending
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0001529377-19-000006.txt Edgar Link pending
0001529377-19-000006-xbrl.zip Edgar Link pending
acre-20181231.xml Edgar Link completed
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acre-20181231_cal.xml Edgar Link unprocessable
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