2014 Q1 Form 10-Q Financial Statement
#000120677414001617 Filed on May 14, 2014
Income Statement
Concept | 2014 Q1 | 2013 Q1 |
---|---|---|
Revenue | $10.50M | $4.600M |
YoY Change | 128.26% | -36.99% |
Cost Of Revenue | $6.800M | $2.300M |
YoY Change | 195.65% | 109.09% |
Gross Profit | $3.700M | $2.300M |
YoY Change | 60.87% | -63.49% |
Gross Profit Margin | 35.24% | 50.0% |
Selling, General & Admin | $1.200M | $400.0K |
YoY Change | 200.0% | |
% of Gross Profit | 32.43% | 17.39% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | ||
YoY Change | ||
% of Gross Profit | ||
Operating Expenses | $2.232M | $300.0K |
YoY Change | 643.96% | |
Operating Profit | $1.468M | $2.000M |
YoY Change | -26.59% | -68.25% |
Interest Expense | $3.904M | $514.0K |
YoY Change | 659.47% | 78.03% |
% of Operating Profit | 265.91% | 25.7% |
Other Income/Expense, Net | ||
YoY Change | ||
Pretax Income | $2.483M | $2.000M |
YoY Change | 24.14% | -67.74% |
Income Tax | $0.00 | $0.00 |
% Of Pretax Income | 0.0% | 0.0% |
Net Earnings | $2.483M | $1.974M |
YoY Change | 25.8% | -68.34% |
Net Earnings / Revenue | 23.65% | 42.91% |
Basic Earnings Per Share | $0.28 | $0.32 |
Diluted Earnings Per Share | $0.28 | $0.32 |
COMMON SHARES | ||
Basic Shares Outstanding | 7.971M shares | 5.142M shares |
Diluted Shares Outstanding | 8.898M shares | 6.069M shares |
Balance Sheet
Concept | 2014 Q1 | 2013 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $30.10M | $12.80M |
YoY Change | 135.16% | |
Cash & Equivalents | $30.09M | $12.81M |
Short-Term Investments | ||
Other Short-Term Assets | ||
YoY Change | ||
Inventory | ||
Prepaid Expenses | ||
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $30.10M | $12.80M |
YoY Change | 135.16% | |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | ||
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $658.5M | $466.8M |
YoY Change | 41.07% | |
Other Assets | $5.900M | $9.900M |
YoY Change | -40.4% | |
Total Long-Term Assets | $668.1M | $478.9M |
YoY Change | 39.5% | |
TOTAL ASSETS | ||
Total Short-Term Assets | $30.10M | $12.80M |
Total Long-Term Assets | $668.1M | $478.9M |
Total Assets | $698.2M | $491.7M |
YoY Change | 41.99% | |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $3.100M | $3.600M |
YoY Change | -13.89% | |
Accrued Expenses | $1.900M | $200.0K |
YoY Change | 850.0% | |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $456.6M | $295.6M |
YoY Change | 54.47% | |
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $465.2M | $299.4M |
YoY Change | 55.38% | |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $54.80M | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $1.600M | $1.100M |
YoY Change | 45.45% | |
Total Long-Term Liabilities | $56.40M | $1.100M |
YoY Change | 5027.27% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $465.2M | $299.4M |
Total Long-Term Liabilities | $56.40M | $1.100M |
Total Liabilities | $521.5M | $300.5M |
YoY Change | 73.57% | |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$5.923M | $6.941M |
YoY Change | -185.33% | |
Common Stock | $798.00 | $798.00 |
YoY Change | 0.0% | |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $158.3M | $171.3M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $698.2M | $491.7M |
YoY Change | 41.99% |
Cashflow Statement
Concept | 2014 Q1 | 2013 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $2.483M | $1.974M |
YoY Change | 25.8% | -68.34% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | $1.700M | $129.0K |
YoY Change | 1218.03% | -84.46% |
INVESTING ACTIVITIES | ||
Capital Expenditures | ||
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$102.1M | -$299.5M |
YoY Change | -65.91% | 711.65% |
Cash From Investing Activities | -$102.1M | -$299.5M |
YoY Change | -65.91% | 710.86% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | $0.00 | -$113.7M |
YoY Change | -100.0% | |
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 73.50M | $293.1M |
YoY Change | -74.92% | 714.92% |
NET CHANGE | ||
Cash From Operating Activities | 1.700M | $129.0K |
Cash From Investing Activities | -102.1M | -$299.5M |
Cash From Financing Activities | 73.50M | $293.1M |
Net Change In Cash | -26.90M | -$6.253M |
YoY Change | 330.21% | 4479.05% |
FREE CASH FLOW | ||
Cash From Operating Activities | $1.700M | $129.0K |
Capital Expenditures | ||
Free Cash Flow | ||
YoY Change |
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|
1412643 | USD |
CY2013Q1 | us-gaap |
Interest Expense Other Short Term Borrowings
InterestExpenseOtherShortTermBorrowings
|
USD | |
CY2014Q1 | us-gaap |
Interest Expense Other Short Term Borrowings
InterestExpenseOtherShortTermBorrowings
|
1830907 | USD |
CY2013Q1 | us-gaap |
Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
|
514035 | USD |
CY2014Q1 | us-gaap |
Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
|
660402 | USD |
CY2013Q1 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
2921998 | USD |
CY2014Q1 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
5589081 | USD |
CY2013Q1 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
3436033 | USD |
CY2014Q1 | us-gaap |
Interest Income Operating
InterestIncomeOperating
|
9493033 | USD |
CY2013Q1 | us-gaap |
Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
|
3407127 | USD |
CY2014Q1 | us-gaap |
Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
|
3740615 | USD |
CY2013Q1 | us-gaap |
Interest Paid
InterestPaid
|
384847 | USD |
CY2014Q1 | us-gaap |
Interest Paid
InterestPaid
|
2622379 | USD |
CY2013Q4 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
1369327 | USD |
CY2014Q1 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
1928256 | USD |
CY2013Q4 | us-gaap |
Liabilities
Liabilities
|
442312496 | USD |
CY2014Q1 | us-gaap |
Liabilities
Liabilities
|
521524476 | USD |
CY2013Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
620081058 | USD |
CY2014Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
698216777 | USD |
CY2013Q4 | us-gaap |
Minority Interest
MinorityInterest
|
18518754 | USD |
CY2013Q4 | us-gaap |
Line Of Credit
LineOfCredit
|
236058976 | USD |
CY2014Q1 | us-gaap |
Line Of Credit
LineOfCredit
|
297401891 | USD |
CY2014Q1 | us-gaap |
Minority Interest
MinorityInterest
|
18406642 | USD |
CY2013 | us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
1965060 | USD |
CY2014Q1 | us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
370766 | USD |
CY2013Q1 | us-gaap |
Mortgage Loans On Real Estate Amortization Of Premium
MortgageLoansOnRealEstateAmortizationOfPremium
|
28906 | USD |
CY2014Q1 | us-gaap |
Mortgage Loans On Real Estate Amortization Of Premium
MortgageLoansOnRealEstateAmortizationOfPremium
|
1602823 | USD |
CY2013Q4 | us-gaap |
Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
|
331785542 | USD |
CY2014Q1 | us-gaap |
Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
|
415613711 | USD |
CY2014Q1 | us-gaap |
Mortgage Loans On Real Estate Maximum Interest Rate In Range
MortgageLoansOnRealEstateMaximumInterestRateInRange
|
0.122 | pure |
CY2014Q1 | us-gaap |
Mortgage Loans On Real Estate Minimum Interest Rate In Range
MortgageLoansOnRealEstateMinimumInterestRateInRange
|
0.0175 | pure |
CY2014Q1 | us-gaap |
Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
|
100400000 | USD |
CY2013Q1 | us-gaap |
Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
|
17700000 | USD |
CY2013Q2 | us-gaap |
Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
|
134500000 | USD |
CY2013Q3 | us-gaap |
Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
|
162400000 | USD |
CY2013Q3 | us-gaap |
Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
|
98200000 | USD |
CY2014Q1 | us-gaap |
Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
|
100400000 | USD |
CY2014Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="text-align: justify"><font style="font-family: Times New Roman; font-size: 80%">1.</font> <strong style="font-family: Times New Roman; font-size: 80%">Formation and Organization</strong></p> <p style="text-align: justify"> <font style="font-family: Times New Roman; font-size: 80%">ZAIS Financial Corp. (the "Company") was incorporated in Maryland on May 24, 2011, and has elected to be taxed and to qualify as a real estate investment trust ("REIT") beginning with the taxable year ended December 31, 2011. The Company was initially capitalized and commenced operations on July 29, 2011, when it completed an exchange of a mutually agreed upon portion of the shareholders' and limited partners' interests in the ZAIS Matrix VI-A Ltd. and ZAIS Matrix VI-B L.P. funds (the "Matrix Funds") managed by ZAIS Group, LLC ("ZAIS"), which included cash of $3,036,222 and real estate securities having a fair value of $57,416,118, for 3,022,617 shares of the Company's common stock. On February 13, 2013, the Company completed its initial public offering ("IPO"), pursuant to which the Company sold 5,650,000 shares of its common stock at a price of $21.25 per share for gross proceeds of $120.1 million. Net proceeds after the payment of offering costs of $1.2 million were $118.9 million.</font></p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman"> </font> The Company primarily invests in, finances and manages performing and re-performing residential mortgage loans, which may be seasoned or recently originated. The Company also invests in, finances and manages residential mortgage-backed securities ("RMBS") that are not issued or guaranteed by a federally chartered corporation, such as the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or an agency of the U.S. Government, such as the Government National Mortgage Association ("Ginnie Mae") ("non-Agency RMBS") with an emphasis on securities that, when originally issued, were rated in the highest rating category by one or more of the nationally recognized statistical rating organizations. The Company also has the discretion to invest in mortgage servicing rights ("MSRs"), RMBS that are issued or guaranteed by a federally chartered corporation or a U.S. Government agency ("Agency RMBS"), including through To-Be-Announced ("TBA") contracts, and in other real estate-related and financial assets, such as interest only strips created from RMBS ("IOs"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). The Company refers collectively to the assets it targets for acquisition as its target assets.</p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman"> </font> The Company is externally managed by ZAIS REIT Management, LLC (the "Advisor"), a subsidiary of ZAIS, and has no employees. The Company is the sole general partner of, and conducts substantially all of its business through, ZAIS Financial Partners, L.P., the Company's consolidated operating partnership subsidiary (the "Operating Partnership").</p> <p style="font-family: Times New Roman; font-size: 80%; text-align: justify"> <font style="font-family: Times New Roman"> </font> The Company's charter authorizes the issuance of up to 500,000,000 shares of common stock with a par value of $0.0001 per share, and 50,000,000 shares of preferred stock, with a par value of $0.0001 per share. The Company's board of directors is authorized to amend its charter, without the approval of stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series of capital stock or to classify and reclassify any unissued shares of its capital stock into other classes or series of stock that the Company has authority to issue.</p> <!--EndFragment--></div> </div> | |
CY2013Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
293083943 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
73478889 | USD |
CY2013Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-299465665 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-102121660 | USD |
CY2013Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
128980 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
1666975 | USD |
CY2013Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
299094 | USD |
CY2014Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
258654 | USD |
CY2013Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
1659222 | USD |
CY2014Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
2224205 | USD |
CY2013Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
1958316 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
11720695 | USD |
CY2013Q1 | us-gaap |
Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
|
10839809 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
|
84795975 | USD |
CY2013Q1 | us-gaap |
Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
|
USD | |
CY2014Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
2482859 | USD |
CY2013Q1 | us-gaap |
Noninterest Expense
NoninterestExpense
|
2103818 | USD |
CY2014Q1 | us-gaap |
Noninterest Expense
NoninterestExpense
|
4098323 | USD |
CY2013Q1 | us-gaap |
Noninterest Income
NoninterestIncome
|
1155515 | USD |
CY2014Q1 | us-gaap |
Noninterest Income
NoninterestIncome
|
992101 | USD |
CY2013Q4 | us-gaap |
Other Assets
OtherAssets
|
2666799 | USD |
CY2014Q1 | us-gaap |
Other Assets
OtherAssets
|
1473826 | USD |
CY2013Q1 | us-gaap |
Other Interest And Dividend Income
OtherInterestAndDividendIncome
|
USD | |
CY2014Q1 | us-gaap |
Other Interest And Dividend Income
OtherInterestAndDividendIncome
|
102865 | USD |
CY2012Q4 | us-gaap |
Other Liabilities
OtherLiabilities
|
5800000 | USD |
CY2013Q1 | us-gaap |
Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
|
USD | |
CY2014Q1 | us-gaap |
Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
|
4803750 | USD |
CY2013Q1 | us-gaap |
Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
|
5158750 | USD |
CY2014Q1 | us-gaap |
Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
|
USD | |
CY2013Q1 | us-gaap |
Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
|
148379 | USD |
CY2014Q1 | us-gaap |
Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
|
USD | |
CY2012Q4 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
763000 | USD |
CY2013Q1 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
296721567 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
|
10676953 | USD |
CY2013Q4 | us-gaap |
Pledged Assets Not Separately Reported Other Financial Instruments
PledgedAssetsNotSeparatelyReportedOtherFinancialInstruments
|
0 | USD |
CY2014Q1 | us-gaap |
Pledged Assets Not Separately Reported Other Financial Instruments
PledgedAssetsNotSeparatelyReportedOtherFinancialInstruments
|
11087508 | USD |
CY2013Q4 | us-gaap |
Pledged Assets Separately Reported Other Assets Pledged As Collateral At Fair Value
PledgedAssetsSeparatelyReportedOtherAssetsPledgedAsCollateralAtFairValue
|
1360528 | USD |
CY2014Q1 | us-gaap |
Pledged Assets Separately Reported Other Assets Pledged As Collateral At Fair Value
PledgedAssetsSeparatelyReportedOtherAssetsPledgedAsCollateralAtFairValue
|
2416464 | USD |
CY2013Q4 | us-gaap |
Pledged Financial Instruments Not Separately Reported Securities For Repurchase Agreements
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesForRepurchaseAgreements
|
331522165 | USD |
CY2014Q1 | us-gaap |
Pledged Financial Instruments Not Separately Reported Securities For Repurchase Agreements
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesForRepurchaseAgreements
|
415348056 | USD |
CY2013Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
15379 | USD |
CY2014Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
USD | |
CY2013Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2014Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2013Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
50000000 | shares |
CY2014Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
50000000 | shares |
CY2013Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2014Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2013Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2014Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2013Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
USD | |
CY2014Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
USD | |
CY2013Q1 | us-gaap |
Proceeds From Collection Of Retained Interest In Securitized Receivables
ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables
|
7386718 | USD |
CY2014Q1 | us-gaap |
Proceeds From Collection Of Retained Interest In Securitized Receivables
ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables
|
8034673 | USD |
CY2013Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
118862500 | USD |
CY2014Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
USD | |
CY2011Q3 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
3036222 | USD |
CY2013Q1 | us-gaap |
Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
|
USD | |
CY2014Q1 | us-gaap |
Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
|
61342915 | USD |
CY2013Q1 | us-gaap |
Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
|
USD | |
CY2014Q1 | us-gaap |
Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
|
3490970 | USD |
CY2013Q1 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
222304476 | USD |
CY2014Q1 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
29607805 | USD |
CY2013Q1 | us-gaap |
Professional Fees
ProfessionalFees
|
1261184 | USD |
CY2014Q1 | us-gaap |
Professional Fees
ProfessionalFees
|
1811851 | USD |
CY2013Q1 | us-gaap |
Profit Loss
ProfitLoss
|
1973695 | USD |
CY2014Q1 | us-gaap |
Profit Loss
ProfitLoss
|
2482859 | USD |
CY2013Q1 | us-gaap |
Realized Investment Gains Losses
RealizedInvestmentGainsLosses
|
USD | |
CY2014Q1 | us-gaap |
Realized Investment Gains Losses
RealizedInvestmentGainsLosses
|
73619 | USD |
CY2013Q1 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
42775904 | USD |
CY2014Q1 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
9018921 | USD |
CY2013Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
2128236 | USD |
CY2014Q1 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
5850364 | USD |
CY2013Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-4958607 | USD |
CY2014Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-5922756 | USD |
CY2013Q4 | us-gaap |
Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
|
138591678 | USD |
CY2014Q1 | us-gaap |
Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
|
159180562 | USD |
CY2013Q4 | us-gaap |
Senior Notes
SeniorNotes
|
54539051 | USD |
CY2014Q1 | us-gaap |
Senior Notes
SeniorNotes
|
54763990 | USD |
CY2012Q4 | us-gaap |
Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares Indexed
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfSharesIndexed
|
515035 | shares |
CY2013Q1 | us-gaap |
Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares Indexed
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfSharesIndexed
|
265245 | shares |
CY2013Q1 | us-gaap |
Sponsor Fees
SponsorFees
|
488385 | USD |
CY2014Q1 | us-gaap |
Sponsor Fees
SponsorFees
|
702755 | USD |
CY2013Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
159249808 | USD |
CY2014Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
158285659 | USD |
CY2013Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
177768562 | USD |
CY2014Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
176692301 | USD |
CY2012Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
65140795 | USD |
CY2013 | us-gaap |
Stockholders Equity Other
StockholdersEquityOther
|
-5440175 | USD |
CY2011Q3 | us-gaap |
Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
|
3022617 | shares |
CY2013 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
118862500 | USD |
CY2013 | us-gaap |
Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
|
133000 | USD |
CY2014Q1 | us-gaap |
Threshold Period Past Due For Writeoff Of Financing Receivable
ThresholdPeriodPastDueForWriteoffOfFinancingReceivable
|
P60D | |
CY2013Q1 | us-gaap |
Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
|
495280 | USD |
CY2014Q1 | us-gaap |
Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
|
-2961554 | USD |
CY2013Q1 | us-gaap |
Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
|
903277 | USD |
CY2014Q1 | us-gaap |
Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
|
2736058 | USD |
CY2014Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="text-align: justify"><strong><em style="font-family: Times New Roman; font-size: 80%">Estimates</em></strong></p> <p style="text-align: justify"> <font style="font-family: Times New Roman; font-size: 80%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates.</font></p> <!--EndFragment--></div> </div> | |
CY2013Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
6068967 | shares |
CY2014Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
8897800 | shares |
CY2013Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
5142053 | shares |
CY2014Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
7970886 | shares |
CY2013Q1 | zfc |
Accretion Amortization Of Discounts And Premiums Other Investments
AccretionAmortizationOfDiscountsAndPremiumsOtherInvestments
|
USD | |
CY2014Q1 | zfc |
Accretion Amortization Of Discounts And Premiums Other Investments
AccretionAmortizationOfDiscountsAndPremiumsOtherInvestments
|
39791 | USD |
CY2013Q1 | zfc |
Payments Of Dividends Common Stock And Noncontrolling Interest
PaymentsOfDividendsCommonStockAndNoncontrollingInterest
|
USD | |
CY2014Q1 | zfc |
Payments Of Dividends Common Stock And Noncontrolling Interest
PaymentsOfDividendsCommonStockAndNoncontrollingInterest
|
8452910 | USD |
CY2013Q1 | zfc |
Proceeds From Sale Of Real Estate Securities
ProceedsFromSaleOfRealEstateSecurities
|
6801398 | USD |
CY2014Q1 | zfc |
Proceeds From Sale Of Real Estate Securities
ProceedsFromSaleOfRealEstateSecurities
|
2072198 | USD |
CY2013 | zfc |
Profit Loss Attributable To Common Stockholders
ProfitLossAttributableToCommonStockholders
|
7538086 | USD |
CY2014Q1 | zfc |
Profit Loss Attributable To Common Stockholders
ProfitLossAttributableToCommonStockholders
|
2482859 | USD |
CY2012Q4 | zfc |
Stock Issued During Period Value Subsidiary And Reporting Entity
StockIssuedDuringPeriodValueSubsidiaryAndReportingEntity
|
25151174 | USD |
CY2013Q1 | zfc |
Unrealized Gain Loss On Mortgage Loans
UnrealizedGainLossOnMortgageLoans
|
-28906 | USD |
CY2014Q1 | zfc |
Unrealized Gain Loss On Mortgage Loans
UnrealizedGainLossOnMortgageLoans
|
689604 | USD |
CY2013Q1 | zfc |
Unrealized Gain Loss On Other Investment Securities
UnrealizedGainLossOnOtherInvestmentSecurities
|
USD | |
CY2014Q1 | zfc |
Unrealized Gain Loss On Other Investment Securities
UnrealizedGainLossOnOtherInvestmentSecurities
|
370764 | USD |