0001144204-15-049101.txt : 20150813 0001144204-15-049101.hdr.sgml : 20150813 20150813171417 ACCESSION NUMBER: 0001144204-15-049101 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150813 DATE AS OF CHANGE: 20150813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Jernigan Capital, Inc. CENTRAL INDEX KEY: 0001622353 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 471978772 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36892 FILM NUMBER: 151051582 BUSINESS ADDRESS: STREET 1: 1395 BRICKELL AVENUE CITY: MIAMI STATE: FL ZIP: 33131 BUSINESS PHONE: 305-381-9696 MAIL ADDRESS: STREET 1: 1395 BRICKELL AVENUE CITY: MIAMI STATE: FL ZIP: 33131 10-Q 1 v417471_10q.htm 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

001-36892
(Commission file number)

JERNIGAN CAPITAL, INC.
(Exact name of registrant as specified in its charter)

Maryland		47-1978772
State or other jurisdiction of incorporation or organization		(I.R.S. Employer Identification No.)

1395 Brickell Avenue		33131
Miami, Florida		(Zip Code)
(Address of principal executive offices)

(305) 381-9696
Registrant’s telephone number, including area code

Indicate by check mark whether the Registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such report(s), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

Large accelerated filer ¨	Accelerated filer ¨

Non-accelerated filer x (Do not check if a smaller reporting company)	Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of August 13, 2015, 6,110,000 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding.

Table of Contents

	Page

PART I. FINANCIAL INFORMATION	1

Item 1. Consolidated Financial Statements	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3. Quantitative and Qualitative Disclosures About Market Risk	27

Item 4. Controls and Procedures	28

PART II. other information	29

Item 1. Legal Proceedings	29

Item 1A. Risk Factors	29

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3. Defaults Upon Senior Securities	29

Item 4. Mine Safety Disclosures.	29

Item 5. Other Information	30

Item 6. Exhibits	30

-i-

In this quarterly report on Form 10-Q (“report”), unless the context indicates otherwise, references to “Jernigan Capital,” “we,” “the company,” “our” and “us” refer to the activities of and the assets and liabilities of the business and operations of Jernigan Capital, Inc.; “operating partnership” refers to Jernigan Capital Operating Partnership LP, a Delaware limited partnership; and “our Manager” refers to JCap Advisors, LLC, a Florida limited liability company.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

JERNIGAN CAPITAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands—except share data)

	6/30/2015			12/31/2014
	(Unaudited)
ASSETS:
Cash	$	88,444		$	1
Restricted cash		106			15
First mortgages		14,429			-
Mezzanine loans.		6,424			-
Other investment		881			-
Interest receivable		32			-
Other assets		86			-
Total Assets.	$	110,402		$	16

LIABILITIES:
Due to Manager	$	698		$	-
Accounts payable, accrued expenses, and other liabilities		416			15
Dividends payable		2,139			-
Total Liabilities		3,253			15

EQUITY:
Jernigan Capital, Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding at June 30, 2015 and December 31, 2014, respectively;
Common stock, $0.01 par value, 500,000,000 and 1,000 shares authorized at June 30, 2015 and December 31, 2014, respectively;
6,110,000 and 1,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively		61			-
Additional paid-in capital		110,364			1
Accumulated deficit		(3,426	)		-
Total Jernigan Capital, Inc. stockholders’ equity		106,999			1
Non-controlling interests		150			-
Total equity		107,149			1
Total Liabilities and Equity	$	110,402		$	16

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

JERNIGAN CAPITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands—except share and per share data)

	For the Three Months Ended June 30, 2015			For the Six Months Ended June 30, 2015
Net interest income:
Interest income from real estate loans	$	145		$	145
Net interest income		145			145

Expenses:
General and administrative expenses reimbursed to affiliate		520			520
General and administrative expenses		120			266
Unreimbursed investment expenses		150			150
Management fees to affiliate		409			409
Deferred termination fee to affiliate		150			150
Total expenses		1,349			1,495
Other interest income		63			63

Net Loss	$	(1,141	)	$	(1,287	)

Basic and diluted net loss per share of common stock	$	(0.20	)	$	(0.44	)
Basic and diluted weighted average shares of common stock outstanding		5,934,066			2,983,425
Dividend declared per share of common stock	$	0.35		$	0.35

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

JERNIGAN CAPITAL, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

For the six months ended June 30, 2015

(in thousands)

Cash flows from operating activities
Net loss	$	(1,287	)
Stock-based compensation		34
Deferred termination fee to affiliate		150
Interest capitalized on outstanding loans		(80	)
Accretion of deferred loan origination fees and costs		(3	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Interest receivable		(32	)
Other assets		(86	)
Due to Manager		698
Accounts payable, accrued expenses, and other liabilities		206
Net cash used in operating activities		(400	)

Cash flows from investing activities
Funding of first mortgages		(14,343	)
Funding of mezzanine loans		(6,424	)
Acquisition of other investment		(881	)
Net cash used in investing activities		(21,648	)

Cash flows from financing activities
Net proceeds from issuance of common stock		110,491
Net cash provided from financing activities		110,491
Net change in cash and cash equivalents		88,443

Cash and cash equivalents at the beginning of the year		1

Cash and cash equivalents at the end of the period	$	88,444

Supplemental disclosures of non-cash activities:
Restricted Cash – customer due diligence deposits and retained borrower funds for loan costs	$	91
Accrued offering costs		100
Accounts payable withheld from loan funding		3
Retirement of common stock		1
Dividend declared		2,139

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

JERNIGAN CAPITAL, INC.

CONSOLIDATED STATEMENT OF EQUITY (Unaudited)

For the six months ended June 30, 2015

(in thousands—except share data)

	Shares			Common Stock		Additional Paid-In-Capital			Accumulated Deficit			Total Stockholders’ Equity			Non-Controlling Interests		Total Equity
Balance at December 31, 2014		1,000		$	-	$	1		$	-		$	1		$	-	$	1

Retirement of stock		(1,000	)		-		(1	)		-			(1	)		-		(1	)
Public offering of common stock		5,750,000			58		114,942			-			115,000			-		115,000
Private placement of common stock		250,000			2		4,998			-			5,000			-		5,000
Equity offering costs		-			-		(9,609	)		-			(9,609	)		-		(9,609	)
Issuance of restricted stock		110,000			1		(1	)		-			-			-		-
Stock-based compensation		-			-		34			-			34			-		34
Deferred termination fee to affiliate		-			-		-			-			-			150		150
Dividends declared		-			-		-			(2,139	)		(2,139	)		-		(2,139	)
Net loss		-			-		-			(1,287	)		(1,287	)		-		(1,287	)
Balance at June 30, 2015		6,110,000		$	61	$	110,364		$	(3,426	)	$	106,999		$	150	$	107,149

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

JERNIGAN CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

June 30, 2015

(in thousands, except share and per share data, percentages and as otherwise indicated)

1. ORGANIZATION AND FORMATION OF THE COMPANY

Jernigan Capital, Inc. (together with its consolidated subsidiaries, the “Company”) makes debt and equity investments in newly-constructed and existing self-storage facilities. The Company is a Maryland corporation that was organized on October 1, 2014. The Company closed its initial public offering of its common stock (the “IPO”) on April 1, 2015, and has used proceeds of the IPO primarily to fund real estate loans to private developers, owners and operators of self-storage facilities. The Company is structured as an Umbrella Partnership REIT (“UPREIT”) and conducts its investment activities through its wholly owned operating partnership, Jernigan Capital Operating Partnership L.P. (the “Operating Partnership”). The Operating Partnership is a consolidated subsidiary of the Company.

The Company intends to elect to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for its taxable year ending December 31, 2015. As a REIT, the Company generally will not be subject to U.S. federal income taxes on REIT taxable income, determined without regard to the deduction for dividends paid and excluded capital gains, to the extent that it annually distributes all of its REIT taxable income to stockholders and complies with various other requirements for qualification as a REIT set forth in the Code.

2. GENERAL

The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

The accompanying unaudited interim financial statements include all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods included herein.

Substantially all operations are conducted through the Operating Partnership, which is a wholly-owned subsidiary of the Company and of which the Company is the sole General Partner. The Operating Partnership was formed on March 5, 2015. All significant intercompany transactions and balances have been eliminated in consolidation.

3. SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates.

Offering Costs

Underwriting commissions and offering costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in capital. Offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s common stock.

Organization Costs

Costs incurred to organize the Company are expensed as incurred.

Fair Value Measurement

Under FASB ASC Topic 820, “Fair Value Measures and Disclosures,” the fair value of financial instruments will be categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the balance sheet will be categorized based on the inputs to the valuation techniques as follows:

Level 1 — Quoted prices for identical assets or liabilities in an active market.

Level 2 — Financial assets and liabilities whose values are based on the following: (i) Quoted prices for similar assets or liabilities in active markets; (ii) Quoted prices for identical or similar assets or liabilities in non-active markets; (iii) Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.

Level 3 — Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.

As of December 31, 2014, the Company’s only financial instrument was cash, and as of June 30, 2015, the Company’s financial instruments consisted of cash, restricted cash, originated loans, receivables and payables. The fair value of the financial instruments was estimated to approximate their respective carrying amounts.

The carrying values of cash, restricted cash, receivables and payables approximate their fair values due to their short-term nature. These instruments are categorized as Level 1 instruments in the measurement of fair value.

The loans are categorized as Level 3 instruments in the measurement of fair value. The carrying value of loans approximates their fair values. To determine estimated fair values of the loans, market rates of interest, which include credit assumptions, are used to discount contractual cash flows.

Restricted Cash

The Company’s restricted cash balance includes customer due diligence deposits made in advance of prospective loan closings, as well as borrower funds retained for future loan related expenses. Under term sheets and loan agreements with prospective borrowers, the Company is permitted to utilize such deposits to pay third party (plan review, inspection, environmental, appraisal and legal) costs incurred by the Company in the due diligence or closing of loans.

Loans and Allowance for Loan Losses

In connection with the Company’s lending activities, management may also originate certain acquisition, development, and construction loans with certain participation arrangements that will be accounted for under FASB ASC Topic 310-10-25, Receivables.

Interest income will accrue as earned on a simple interest basis. Accrual of interest will be discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company will recognize income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan losses. Interest that had accrued in the current year is reversed out of current period income.

The allowance for loan losses will represent management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses will be increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable will be charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely.

The evaluation of the adequacy of the allowance for loan losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications.

A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment will be measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses will be established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. The Company has determined that an allowance for loan losses was not necessary at June 30, 2015.

Origination Fees and Costs

The Company offsets its loan origination fee with its related direct loan origination costs and the net amount is deferred and recognized as an adjustment to loan yield in interest income as required by ASC 310. These direct loan costs only include the salaries and benefits required to evaluate, negotiate, prepare, process and close a loan transaction. The direct loan origination costs were determined by examining the average salaries of the loan personnel of the Manager, and by examining the average hours required by the loan personnel to evaluate negotiate, prepare, process and close a loan. Employees’ compensation and fringe benefits related to unsuccessful loan origination efforts and other lending-related costs are charged to expense as incurred.

Derivative Instruments

The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions.

In accordance with FASB ASC Topic 815, “Derivatives and Hedging,” management will measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in the Company’s balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which management elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument will be recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative will be reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges will be recognized in earnings. As of June 30, 2015, the Company had not entered into any derivative instruments.

Variable Interest Entities

A Variable Interest Entity (“VIE”) is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management will base the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management will reassess the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.

A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management will determine whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.

Management will analyze and evaluate new investments and financings to determine whether they are a VIE, as well as reconsideration events for existing investments and financings, which may vary depending on type of investment or financing. As of June 30, 2015, the Company had no financings or investments with entities that are VIEs.

Equity Investments

The Company may report certain limited portions of its investments as investments in joint ventures. Investments in joint ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method as prescribed by FASB ASC 323-30, Investments — Equity Method and Joint Ventures, Partnerships, Joint Ventures, and Limited Liability Entities, (“ASC 323-30”).

Recent Accounting Pronouncements

In January 2014, the FASB issued an Accounting Standards Update (“ASU”) 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Sub Topic 310-40)—Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure occurs and requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on future results of operations or financial condition.

In June 2014, the FASB issued ASU 2014-10, Development Stage Entities: Elimination of Certain Financial Reporting Requirements, Including Amendment to Variable Interest Entities Guidelines in Topic 810, Consolidation. The standard will eliminate the reporting requirements for certain disclosures for development stage entities. Public entities are required to apply the presentation and disclosure requirements for annual reporting periods effective January 1, 2015. The Company has adopted this guidance effective April 1, 2015, and it did not have a material impact on the reporting of results of operations or financial condition.

In February 2015, the FASB issued guidance that requires an entity to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption will have a material impact on its consolidated financial statements.

In April 2015, the FASB issued guidance that simplifies presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discount or premiums. The recognition guidance for debt issuance costs are not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015. The Company does not expect adoption will have a material impact on its consolidated financial statements.

Segment Reporting

The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.

Income Taxes

The Company intends to elect to be taxed as a REIT and to comply with the related provisions of the Code commencing with its taxable year ending December 31, 2015. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company expects to have no taxable income prior to electing REIT status. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements.

Comprehensive Income

For the three and six months ended June 30, 2015, comprehensive income equaled net income; therefore, a separate consolidated statement of comprehensive income is not included in the accompanying consolidated financial statements.

4. LOANS AND OTHER INVESTMENT

As of June 30, 2015, the Company had made loans secured by real estate containing existing or to-be-constructed self-storage properties. The Company has made one preferred equity investment that is classified as an other investment on the consolidated balance sheet. This investment consists of a 49.9% non-controlling interest in a limited liability company which is accounted for under the equity method. Capital contributions, distributions and any profits and losses of the entity are allocated in accordance with the terms of the limited liability company agreement. The company funded a first mortgage loan to a wholly-owned subsidiary of the preferred equity investee. The balance of the loan at June 30, 2015 is $0.8 million.

The aggregate originated commitment under these investments at closing was approximately $74.5 million and outstanding principal was $22.4 million as of June 30, 2015, as described in more detail in the tables below. Such investments are referred to herein as the Company’s investment portfolio. As of June 30, 2015, all of the Company’s loans are interest-only with a fixed interest rate of 6.90%, and a loan term of 72 months. The Company funds development loans to finance ground-up construction of self-storage facilities or major self-storage redevelopment opportunities, which loans are funded over time as the developer completes the project, are secured by first mortgages on the projects and first priority security interests in the membership interests of the owners of the projects, typically have maturities of six years, and typically provide the Company with a 49.9% interest in the positive cash flows (including sale and refinancing proceeds after debt repayment) of the project. The Company will record income from these cash flows upon realization. No income from the interest in cash flows was recorded as of June 30, 2015.

The Company’s loans are accounted for at amortized cost. The following tables summarize the Company’s loans held for investment and other investment, as of June 30, 2015:

Loans	Outstanding Principal (1)		Unamortized Fees/Costs		Net Balance
First mortgages	$	14,998	$	569	$	14,429
Mezzanine loans		6,535		111		6,424
Other investment		889		8		881
Total	$	22,422	$	688	$	21,734

(1) Outstanding Principal includes capitalization of interest.

A more detailed listing of the Company’s current investment portfolio, based on information available as of June 30, 2015, is as follows:

Closing Date	Metropolitan Statistical Area (MSA)	Type of Loan	Commitment Amount		Total Fundings		Unfunded Commitment
4/9/2015	Detroit	Refinance	$	3,182	$	3,182	$	-
4/21/2015	Orlando	Development		5,333		1,717		3,616
5/14/2015	Miami	Development		13,867		1,679		12,188
5/14/2015	Miami	Development		14,849		2,681		12,168
6/8/2015	Dallas	Development		7,243		2,771		4,472
6/10/2015	Atlanta	Development		8,132		3,504		4,628
6/19/2015	New Orleans	Refinance		2,800		2,800		-
6/19/2015	Tampa	Development		5,370		1,805		3,565
6/26/2015	Atlanta	Development		6,050		1,915		4,135
6/29/2015	Charlotte	Development		7,624		368		7,256
		Totals	$	74,450	$	22,422	$	52,028

Development loan types are predominantly comprised of a first mortgage and a mezzanine loan, with the exception of the Orlando Metropolitan Statistical Area (MSA) which is comprised of a first mortgage and preferred equity investment. Refinance loan types consist of only a first mortgage on an existing stabilized property.

Credit Quality Indicator

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends among other factors. The Company analyzes loans individually by classifying the loans as to credit risk.

Asset quality ratings are divided into two groups: Pass (unclassified) and Classified. Within the unclassified group, certain loans that display potential weakness are risk rated as special mention. In addition, there are three classified risk ratings: substandard, doubtful and loss. These specific credit risk categories are defined as follows:

Special Mention. Loans classified as special mention have potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

Loss. Loans classified as loss are considered uncollectible and of such little value, that continuance as assets is not warranted. Although there may be a chance of recovery on these assets, it is not practical or desirable to defer writing off the asset.

The Company monitors loans on a monthly basis to determine if they should be included in one of the categories listed above. All impaired credits classified as Substandard, Doubtful or Loss are analyzed on an individual basis for a specific reserve requirement. This analysis is performed on each individual credit at least quarterly or more frequently if warranted. As of June 30, 2015, all loans have been originated within 90 days. The Company noted no material change in credit quality for all loans and were categorized as pass, without special mention.

5. STOCKHOLDERS’ EQUITY

The Company was organized in Maryland on October 1, 2014, and under the Company’s Articles of Incorporation, as amended, the Company is authorized to issue up to 500,000,000 shares of common stock and 100,000,000 shares of preferred stock. The sole stockholder of the Company prior to the closing of its IPO was the founder and chief executive officer, who is an affiliate of the Company. The founder’s initial capital contribution to the Company was $1,000, made on October 2, 2014, in exchange for 1,000 shares of common stock. These shares were retired effective with the IPO.

Common Stock Offering

On April 1, 2015, the Company closed its IPO and received $93.0 million in proceeds, net of underwriter’s discount. Simultaneously, the Company received $5.0 million in proceeds from the concurrent private placement with an affiliate of its founder. In connection with these transactions, the Company issued 5,000,000 and 250,000 shares of common stock, respectively and the initial 1,000 shares of common stock issued on October 2, 2014 were retired.

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 shares of common stock and received $14.0 million, net of underwriter’s discount.

Equity Incentive Plan

In connection with the IPO, the Company established the 2015 Equity Incentive Plan for the purpose of attracting and retaining directors, executive officers, investment professionals and other key personnel and service providers, including officers and employees of the Manager and other affiliates, and to stimulate their efforts toward our continued success, long-term growth and profitability. The 2015 Equity Incentive Plan provides for the grant of stock options, share awards (including restricted common stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity-based awards, including Long-Term Incentive Plan (“LTIP”) units, which are convertible on a one-for-one basis into Operating Partnership (“OP”) Units. A total of 200,000 shares of common stock are reserved for issuance pursuant to the 2015 Equity Incentive Plan, subject to certain adjustments set forth in the plan. On April 1, 2015, each non-employee director of the Company received an award of 2,500 shares of restricted common stock (total of 10,000 shares) which vest ratably over a three-year period. On June 15, 2015, in connection with the appointment of the Company’s President and Chief Operating Officer, 100,000 shares of restricted common stock were granted, which shares vest ratably over a five-year period.

Restricted Stock Awards

The 2015 Equity Incentive Plan permits the issuance of restricted stock awards to employees and nonemployee directors. Nonvested shares at June 30, 2015 aggregated 110,000, of which none will vest during 2015, 23,333 will vest in 2016, 2017, and 2018, and 20,000 will vest in 2019 and 2020. Expenses related to restricted stock awards are charged to compensation expense and are recognized over the vesting period of the awards. For restricted stock issued to non-employee directors of the Company, compensation expense is based on the market value of the shares at the grant date. The Company’s President and Chief Operating Officer is an employee of the Manager and as such is not an employee of the Company. For restricted stock issued to non-employees, compensation expense is based on the market value of the shares at the reporting date.

The Company recognized approximately $34.0 thousand of restricted stock award expenses for the three and six months ended June 30, 2015. The Company expects to recognize additional expenses of approximately $0.2 million in 2015.

A summary of changes in the Company’s restricted shares for the six months ended June 30, 2015 is as follows:

	Shares		Weighted average grant date fair value
Nonvested at beginning of year		-	$	-
Granted		110,000		20.13
Vested		-		-
Forfeited		-		-
Nonvested shares at end of period		110,000	$	20.13

Nonvested restricted shares receive dividends which are nonforfeitable.

6. DIVIDENDS & DISTRIBUTIONS

The following table summarizes the Company’s dividends declared during the six months ended June 30, 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

7. EARNINGS PER SHARE

The following information sets forth the computations of basic and diluted earnings per common share:

	For the three months ended June 30, 2015			For the six months ended June 30, 2015
Numerator:
Net loss	$	(1,141	)	$	(1,287	)
Less: Dividends declared on unvested restricted shares		(39	)		(39	)
Net loss attributable to common shareholders	$	(1,180	)	$	(1,326	)
Denominator:
Weighted-average number of common shares – basic		5,934,066			2,983,425
Unvested restricted stock shares (1)		-			-
Weighted-average number of common shares – diluted		5,934,066			2,983,425

Net loss per share attributable to common stockholders	$	(0.20	)	$	(0.44	)

(1) Anti-dilutive for the three and six months ended June 30, 2015

8. RELATED PARTY TRANSACTIONS

The Company’s founder was reimbursed for $0.1 million of organizational costs and $0.1 million of offering costs in April 2015 following the closing of the Company’s IPO.

On April 1, 2015, the Company entered into a management agreement with its Manager. Pursuant to the terms of the management agreement, the Manager will be responsible for (a) the Company’s day-to-day operations, (b) determining investment criteria and strategy in conjunction with the Company’s Board of Directors, (c) sourcing, analyzing, originating, underwriting, structuring, and acquiring the Company’s portfolio investments, and (d) performing portfolio management duties. The Manager has an Investment Committee that approves investments in accordance with the Company’s investment guidelines, investment strategy, and financing strategy.

On April 1, 2015, concurrent with its initial public offering, the Company received $5.0 million in proceeds from the private placement with an affiliate of its founder. In connection with this transaction, the Company issued 250,000 shares of common stock to the affiliate.

The initial term of the management agreement will be five years, with up to a maximum of three, one-year extensions that end on the applicable anniversary of the completion of the Company’s offering. The Company’s independent directors will review the Manager’s performance annually. Following the initial term, the management agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors based upon: (a) the Manager’s unsatisfactory performance that is materially detrimental to the Company; or (b) the Company’s determination that the management fees payable to the Manager are not fair, subject to the Manager’s right to prevent termination based on unfair fees by accepting a reduction of management fees agreed to by at least two-thirds of the independent directors. The Company will provide its Manager with 180 days’ prior notice of such a termination. Upon such a termination, the Company will pay the Manager a termination fee except as provided below.

No later than 180 days prior to the end of the initial term of the management agreement, the Manager will offer to contribute to the Company’s Operating Partnership at the end of the initial term all of the assets or equity interests in the Manager at the internalization price and on such terms and conditions included in a written offer provided by the Manager.

Upon receipt of the Manager’s initial internalization offer, a special committee consisting solely of the Company’s independent directors may accept the Manager’s proposal or submit a counter offer to the Manager. If the Manager and the special committee are unable to agree, the Manager and the special committee will repeat this process annually during the term of any extension of the management agreement. Acquisition of the Manager pursuant to this process requires a fairness opinion from a nationally recognized investment banking firm and stockholder approval, in addition to approval by the special committee.

If the Company does not acquire the assets or equity interests of the Manager in an internalization transaction as described above and the management agreement terminates other than for Cause, voluntary non-renewal by the Manager or the Company being required to register as an investment company under the Investment Company Act of 1940, then the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee equal to the greater of (i) three times the sum of the average annual Base Management Fee and Incentive Fee earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, or (ii) the offer price, which will be based on the lesser of (a) the Manager’s earnings before interest, taxes, depreciation and amortization (adjusted for unusual, extraordinary and non-recurring charges and expenses), or “EBITDA” annualized based on the most recent quarter ended, multiplied by a specific multiple, or EBITDA Multiple, depending on the Company’s achieved total annual return, and (b) the Company’s equity market capitalization multiplied by a specific percentage, or Capitalization Percentage, depending on the Company’s achieved total return (the Internalization Price). Any Termination Fee will be payable by the Operating Partnership in OP 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, the Company estimates the deferred termination fee payable and accrues the expense over the term of the management agreement. The Company recorded $150 of expense for the deferred termination fee for the three and six months ended June 30, 2015.

The Company also may terminate the management agreement at any time, including during the initial term, without the payment of any termination fee, with 30 days’ prior written notice from the board of directors, for cause. “Cause” is defined as: (i) the Manager’s continued breach of any material provision of the management agreement following a prescribed period; (ii) the occurrence of certain events with respect to the bankruptcy or insolvency of the Manager; (iii) a change of control of the Manager that a majority of the Company’s independent directors determines is materially detrimental to the Company; (iv) the Manager committing fraud against the Company, misappropriating or embezzling the Company’s funds, or acting grossly negligent in the performance of its duties under the management agreement; (v) the dissolution of the Manager; (vi) the Manager fails to provide adequate or appropriate personnel that are reasonably necessary for the Manager to identify investment opportunities for the Company and to manage and develop the Company’s investment portfolio if such default continues uncured for a period of 60 days after written notice thereof, which notice must contain a request that the same be remedied; (vii) the Manager is convicted (including a plea of nolo contendere) of a felony; or (viii) the departure of Mr. Jernigan from the senior management of the Manager, or the Company, during the term of the management agreement other than by reason of death or disability.

The Manager may terminate the management agreement if the Company becomes required to register as an investment company under the 1940 Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay the Manager a termination fee. The Manager may also decline to renew the management agreement by providing the Company with 180 days’ written notice, in which case the Company would not be required to pay a termination fee.

The management agreement provides for the Manager to earn a base management fee and an incentive fee. In addition, the Company will reimburse certain expenses of the Manager, excluding the salaries and cash bonuses of the Manager’s chief executive officer or chief financial officer, and half of the salary of the president and chief operating officer. In the event that the Company terminates the management agreement per the terms of the agreement, other than for cause or the Company being required to register as an investment company, there will be a termination fee due to the Manager. Amounts reimbursed to the Manager for expenses totaled $0.5 million during the three and six months ended June 30, 2015.

Management Fees

The Company does not intend to employ personnel. As a result, the Company will rely on the properties, resources and personnel of the Manager to conduct operations. The Company will pay the Manager a base management fee in an amount equal to 0.375% of the Company’s stockholders’ equity (a 1.5% annual rate) calculated and payable quarterly in arrears in cash. For purposes of calculating the base management fee, the Company’s stockholder’s equity means: (a) the sum of (i) the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus (ii) the Company’s retained earnings at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods); less (b) any amount that the Company pays to repurchase the Company’s common stock since inception. It also excludes (x) any unrealized gains and losses and other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, and (y) one-time events pursuant to changes in GAAP (such as a cumulative change to the Company’s operating results as a result of a codification change pursuant to GAAP), and certain non-cash items not otherwise described above (such as depreciation and amortization), in each case after discussions between the Company’s Manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. As a result, the Company’s stockholders’ equity, for purposes of calculating the base management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements. The base management fee is payable independent of the performance of the Company’s portfolio. The base management fee of the Company’s Manager shall be calculated within 30 days after the end of each fiscal quarter and such calculation shall be promptly delivered to the Company. The Company is obligated to pay the base management fee in cash within five business days after delivery of the written statement of the Manager to the Company setting forth the computation of the management fee for such quarter. The base management fee for the quarter ended June 30, 2015 was $0.4 million.

Incentive Fee

The Manager will be entitled to an incentive fee with respect to each fiscal quarter (or part thereof that the management agreement is in effect) in arrears in cash. The incentive fee will be an amount, not less than zero, determined pursuant to the following formula:

IF = .20 times (A minus (B times .08)) minus C

In the foregoing formula:

• A equals our Core Earnings (as defined below) for the previous 12-month period;

• B equals (i) the weighted average of the issue price per share of the Company’s common stock of all of its public offerings of common stock, multiplied by (ii) the weighted average number of all shares of common stock outstanding (including (i) any restricted stock units and any restricted shares of common stock in the previous 12-month period and (ii) shares of common stock issuable upon conversion of outstanding OP Units); and

• C equals the sum of any incentive fees earned by the Manager with respect to the first three fiscal quarters of such previous 12-month period.

Notwithstanding application of the incentive fee formula, no incentive fee shall be paid with respect to any fiscal quarter unless cumulative annual stockholder total return for the four most recently completed fiscal quarters is greater than 8%. Any computed incentive fee earned but not paid because of the foregoing hurdle will accrue until such 8% cumulative annual stockholder total return is achieved. The total return will be calculated by adding stock price appreciation (based on the volume-weighted average of the closing price of our common stock on the NYSE (or other applicable trading market) for the last ten consecutive trading days of the applicable computation period minus the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period) plus dividends per share paid during such computation period, divided by the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period. For purposes of computing the Incentive Fee, “Core Earnings” is a defined as net income (loss) determined under GAAP, plus non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that we foreclose on any facilities underlying our target investments), any unrealized losses or other non-cash expense items reflected in GAAP net income (loss), less any unrealized gains reflected in GAAP net income. The amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the independent directors.

For purposes of calculating the incentive fee prior to the completion of a 12-month period following this offering, Core Earnings will be calculated on the basis of the number of days that the management agreement has been in effect on an annualized basis.

The Manager will compute each quarterly installment of the incentive fee within 45 days after the end of the fiscal quarter with respect to which such installment is payable and promptly deliver such calculation to the Company’s board of directors. The amount of the installment shown in the calculation will be due and payable no later than the date which is five business days after the date of delivery of such computation to the board of directors. The calculation generally will be reviewed by the board of directors at their regularly scheduled quarterly board meeting. As of June 30, 2015, the Manager did not earn an incentive fee.

9. 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 would require disclosure in this Form 10-Q or would be required to be recognized in the accompanying consolidated financial statements as of and for the three and six months ended June 30, 2015.

On July 2, 2015, the Company closed a $6.8 million construction loan and $0.8 million mezzanine loan for the purpose of funding a self-storage facility development in Milwaukee, Wisconsin. The Company funded $2.5 million at closing, with the balance to be funded over the construction period and remaining term of the loans. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents. The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility, is evidenced by a note and pledge agreements and other customary mezzanine loan security documents.

On July 8, 2015, the Company funded a $3.5 million first mortgage loan secured by an existing self-storage facility in Hackettstown, NJ. The entire loan amount was funded at closing.

On July 14, 2015, the Company closed a $1.6 million mezzanine loan transaction for a self-storage facility development in Miami/West Palm Beach, FL, funding $1.3 million at closing. The mezzanine loan, which was secured by a pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility, was evidenced by a note and pledge agreements and other customary mezzanine loan security documents. On August 5, 2015, the Company closed a $7.5 million construction loan for the purpose of funding the development of this facility. The Company funded $1.7 million at closing, of which $1.3 million was used to repay the mezzanine loan referenced above, with the balance to be funded over the construction period and remaining term of the loan. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents.

On July 31, 2015, the Company closed a $6.2 million construction loan and a $0.7 million mezzanine loan for the purpose of funding a self-storage development in North Haven, CT. The Company funded $0.6 million at closing, with the balance to be funded over the construction period and remaining term of the loan. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents. The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility, is evidenced by a note and pledge agreements and other customary mezzanine loan security documents.

On August 5, 2015, the Company closed a $4.8 million construction loan for the purpose of funding a self-storage facility development in Sarasota, FL. The Company funded $0.9 million at closing, with the balance to be funded over the construction period and remaining term of the loan. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents.

On August 10, 2015, the Company closed a $4.7 million construction loan and $0.6 million mezzanine loan for the purpose of funding a self-storage facility development in Pittsburgh, PA. The Company funded $1.7 million at closing, with the balance to be funded over the construction period and remaining term of the loans. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents. The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility, is evidenced by a note and pledge agreements and other customary mezzanine loan security documents.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Note Regarding Forward-Looking Statements

We make statements in this Quarterly Report on Form 10-Q that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). These forward-looking statements include, without limitation, statements about our estimates, expectations, predictions and forecasts of our future business plans and financial and operating performance and/or results, as well as statements of management’s goals and objectives and other similar expressions concerning matters that are not historical facts. When we use the words “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” or similar expressions or their negatives, as well as statements in future tense, we intend to identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual financial and operating results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such differences are described in the section entitled “Risk Factors” in the prospectus relating to our IPO, which was filed with the SEC on March 30, 2015, which factors include, without limitation, the following:

our ability to successfully source, structure, negotiate and close loans secured by self-storage facilities

changes in our business strategy and the market’s acceptance of our lending terms

availability, terms and our rate of deployment of equity and debt capital

our manager’s ability to hire and retain qualified personnel

changes in the self-storage industry, interest rates or the general economy

the degree and nature of our competition

general volatility of the capital markets and the market price of our common stock.

Given these uncertainties, undue reliance should not be placed on our forward-looking statements. We assume no duty or responsibility to publicly update or revise any forward-looking statement that may be made to reflect future events or circumstances or to reflect the occurrence of unanticipated events. We urge you to review the disclosures concerning risks in the sections entitled “Risk Factors,” “Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the prospectus relating to our IPO, which was filed with the Securities and Exchange Commission (“SEC”) on March 30, 2015.

Overview

Jernigan Capital, Inc. 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. We originate self-storage investments through our national network of contacts developed by our origination team, who average over 25 years in the self-storage industry. By utilizing our internal origination capabilities and contacts, we are able to: (1) offer financing solutions that meet the unique needs of our customers; (2) have direct access to our customers and enhance our underwriting, structuring and due diligence processes; (3) provide meaningful insight into our customers’ pro forma capital structures and decisions; (4) actively negotiate flexible transaction pricing and terms; and (5) earn origination and structuring fees. Although we seek to internally originate our real estate investments, we may at times source self-storage investments through mortgage brokers and other third parties.

While we maintain the flexibility to structure financing to meet the needs of our customers, since our IPO our self-storage investments have consisted primarily of:

Development Loans: The Company funds development loans to finance ground-up construction of self-storage facilities or major self-storage redevelopment opportunities, which loans are funded over time as the developer completes the project. Funding of construction draws on development loans typically commences 60 to 90 days following the loan closing, subject to the timing of building permits, which sometimes can be delayed up to 120 days following closing. These loans are secured by first mortgages on the projects and first priority security interests in the membership interests of the owners of the projects, typically have maturities of six years, and typically provide us with a 49.9% interest in the positive cash flows (including sale and refinancing proceeds after debt repayment) of the project; and

Stabilized Asset Loans: The company funds loans to finance the acquisition of, refinance existing indebtedness on (typically bank, life company or commercial mortgage-backed security (“CMBS”) loans), or recapitalize stabilized self-storage facilities, which loans are fully funded at the time of origination, secured by first mortgages on the projects financed and typically have maturities of three to six years.

We have funded all of our loans to date with net proceeds from our IPO, but we have had preliminary discussions with several financial institutions regarding a credit facility and other debt financing transactions. We expect to procure a credit facility and/or engage in another form of secured financing transaction in the third quarter of 2015. In the future, we expect to bifurcate loans we originate into a senior tranche, or First Mortgage Loan, which we expect to sell to third party investors or obtain financing through the issuance of debt secured by the First Mortgage Loan, and a junior tranche, or Junior Mortgage Loan, which we expect to retain. We also may originate or acquire mezzanine loans, which typically take the form of subordinated loans secured by second mortgages on the underlying facility or loans secured by a pledge of the ownership interests of either the entity owning the facility or a pledge of the ownership interests of the entity that owns the interest in the entity owning the facility. We expect to hold for investment any mezzanine loans we originate or acquire. The majority of loans we originate together with any concurrent mezzanine loans typically range from $5 million to $15 million in committed principal amount, have combined loan-to-value (“LTV”) or loan-to-cost (“LTC”) ratios of up to 90%, and have either fixed or floating interest rates. We intend to elect and qualify to be taxed as a REIT, commencing with our taxable year ending December 31, 2015. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all or substantially all of our taxable income to stockholders and maintain our qualification as a REIT. We also intend to operate our business in a manner that will permit us to maintain our exemption from registration under the Investment Company Act of 1940.

Factors Impacting Our Operating Results

The results of our operations are affected by a number of factors and primarily depend on, among other things, the level of our net interest income, the market value of our assets and the supply of, and demand for, commercial mortgage loans and other loans in the self-storage industry. Our net interest income, which reflects the amortization of origination fees and direct costs, is recognized based on the contractual rate and the outstanding principal balance of the loans we originate. The objective of the interest method is to arrive at periodic interest income that yields a level rate of return over the loan term. Interest rates will vary according to the type of loan, conditions in the financial markets, credit worthiness of our borrowers, competition and other factors, none of which can be predicted with any certainty. Our operating results may also be impacted by credit losses in excess of initial anticipations or unanticipated credit events experienced by borrowers. In the future we may make equity investments in self-storage facilities, either for fee simple ownership by our Operating Partnership or in joint ventures with institutional or other strategic partners. In the event we own self-storage facilities in the future, our operating results will also include rental income and related operating expenses from such self-storage facilities. In that regard, in connection with many of our development loans, we have obtained rights of first refusal in connection with potential future sales of self-storage facilities that we finance.

Changes in Fair Value of Our Assets.

We typically hold our target investments as long-term investments. We evaluate our loans for impairment on a quarterly basis and impairments will be recognized when it is probable that we will not be able to collect all amounts estimated to be collected at the time of origination. We evaluate impairment (both interest and principal) based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, if repayment is expected solely from the collateral. Although we hold our target loans as long-term investments, we may occasionally classify some of our loans as held-for-sale. Loans classified as held-for-sale will be carried at the lower of cost or fair value.

Changes in Market Interest Rates.

With respect to our business operations, increases in interest rates, in general, may over time cause: the interest expense associated with our borrowings to increase; the value of our loan portfolio to decline; interest rates on our floating rate loans to reset, although on a delayed basis, to higher interest rates; and to the extent we enter into interest rate swap agreements as part of our hedging strategy, the value of these agreements to increase. Conversely, decreases in interest rates, in general, may over time cause: the interest expense associated with our borrowings to decrease; the value of our mortgage loan portfolio to increase; interest rates on our floating rate loans to reset, although on a delayed basis, to lower interest rates; and to the extent we enter into interest rate swap agreements as part of our hedging strategy, the value of these agreements to decrease.

Credit Risk.

We are subject to varying degrees of credit risk in connection with our target investments. Our Manager seeks to mitigate this risk by seeking to originate or acquire loans of higher quality at appropriate prices given anticipated and unanticipated losses, by utilizing a comprehensive review and selection process and by proactively monitoring originated or acquired loans. Nevertheless, unanticipated credit losses could occur that could adversely impact our operating results.

Market Conditions.

We believe that present market conditions are favorable for realizing attractive risk-adjusted returns on investments in self-storage facilities owned by private operators. While construction in the self-storage industry remains low compared to historical averages, the industry is seeing increased construction starts recently and the trend is expected to continue upwards. In addition, the number of purchase and sale transactions has been increasing, fueled by investor appetite for self-storage’s cash flow performance. The key demand factors of the self-storage industry include population mobility and new job creation, both of which are experiencing increases since the recession. These factors have created demand for self-storage, which in turn has developers looking to develop and match demand with supply. The main deterrent for developers is the lack of financing available in the sector. Currently, lenders are only willing to lend up to 70% LTV, whereas our substantial industry knowledge will enable us to make loans at ratios of 90% LTC and LTV.

Recent Developments

Since the closing of the Company’s initial public offering on April 1, 2015, the Company has committed an aggregate of $74.5 million principal amount in loans and one preferred equity investment. Loans aggregating $68.4 million of committed principal amount, are development loans for eight properties. Facilities financed are in the Dallas, Atlanta, Charlotte, Miami, Orlando, Tampa, Detroit and New Orleans MSAs.

In April and May 2015, the Company closed loans with an aggregate committed principal amount of $36.3 million, and one preferred equity investment of $0.9 million. Loans with an aggregate committed principal amount of $33.1 million, were for the development of new self-storage facilities, and one loan with an aggregate principal amount of $3.2 million was for the purpose of refinancing existing debt on a stabilized self-storage facility. The facilities financed are in the Detroit, Orlando, and Miami MSAs.

During June 2015, the Company closed loans with an aggregate committed principal amount of $37.2 million. Loans with an aggregate committed principal amount of $34.4 million, were for the development of new self-storage facilities, and one loan with an aggregate principal amount of $2.8 million was for the purpose of refinancing existing debt on a stabilized self-storage facility. The facilities financed are in the Dallas, Atlanta, Charlotte, Tampa and New Orleans MSAs.

On July 8, 2015, the Company funded a $3.5 million first mortgage loan secured by an existing self-storage facility in Hackettstown, NJ. The entire loan amount was funded at closing.

The total loan closings expected for third and fourth quarters 2015 have committed principal amounts of approximately $183.0 million.

Lending and Investing Activity

As of June 30, 2015, all of the Company’s loans are interest-only with a fixed interest rate of 6.90%, and loan term of 72 months. A detailed listing of the Company’s current investment portfolio, based on information available as of June 30, 2015 is as follows:

Location	Closing Date	Maturity Date	Metropolitan Statistical Area (MSA)	Type of Loan	Commitment Amount		Total Fundings		Unfunded Commitment		Origination Fees		Profits Interest
Lake Orion, MI	4/9/2015	5/1/2021	Detroit	Refinance	$	3,182	$	3,182	$	-	$	32		-
Ocoee, FL	4/21/2015	5/21/2021	Orlando	Development		5,333		1,717		3,616		53		49.9	%
36^thSt Miami, FL	5/14/2015	6/1/2021	Miami	Development		13,867		1,679		12,188		139		49.9	%
79^thSt Miami, FL	5/14/2015	6/1/2021	Miami	Development		14,849		2,681		12,168		148		49.9	%
Dallas, TX	6/8/2015	7/1/2021	Dallas	Development		7,243		2,771		4,472		72		49.9	%
Alpharetta, GA	6/10/2015	7/1/2021	Atlanta	Development		8,132		3,504		4,628		81		49.9	%
Mandeville, LA	6/19/2015	7/1/2021	New Orleans	Refinance		2,800		2,800		-		28		-
Riverview, FL	6/19/2015	7/1/2021	Tampa	Development		5,370		1,805		3,565		54		49.9	%
Marietta, GA	6/26/2015	7/1/2021	Atlanta	Development		6,050		1,915		4,135		61		49.9	%
Charlotte, NC	6/29/2015	7/1/2021	Charlotte	Development		7,624		368		7,256		76		49.9	%
				Totals	$	74,450	$	22,422	$	52,028	$	744

Development loan types are predominantly comprised of a first mortgage and a mezzanine loan, with the exception of the Orlando MSA which is comprised of a first mortgage and preferred equity investment. Refinance loan types consist of only a first mortgage on an existing stabilized property.

Business Outlook

As of the date of this report, we have entered into active term sheets for lending transactions for an aggregate principal amount of approximately $147.1 million. The states represented in the executed and offered term sheets are Arizona, Colorado, Connecticut, Florida, Illinois, Massachusetts, New Jersey, New York, North Carolina, and Pennsylvania. The term sheets are subject to entry into definitive agreements and other contingencies, and there can be no assurance that the loans will close on the terms anticipated, or at all. We anticipate that we will close loans during the third and fourth quarters of 2015 (including those that have closed since June 30, 2015 and reflected in the Subsequent Events footnote to our financial statements above) having $183.0 million of aggregate committed principal.

Critical Accounting Policies

Our financial statements are prepared in accordance with GAAP which requires the use of estimates and assumptions that involve the exercise of judgment as to future uncertainties. In accordance with SEC guidance, the following discussion addresses the accounting policies that we believe apply to us based on the nature of our initial operations. Our most critical accounting policies involve decisions and assessments that could affect our reported assets and liabilities, as well as our reported revenues and expenses. We believe that all of the decisions and assessments used to prepare our financial statements are based upon reasonable assumptions given the information available to us at that time. Our critical accounting policies and accounting estimates will be expanded over time as we fully implement our strategy. Those accounting policies and estimates that we believe are most critical to an investor’s understanding of our financial results and condition and require complex management judgment are discussed below.

Use of Estimates

Offering and Organization Costs

Underwriting commissions and costs incurred in connection with the stock offerings are reflected as a reduction of additional paid-in-capital. Costs incurred to organize our Company are expensed as incurred.

Loans and Allowance for Loan Losses

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discount, unearned loan fees and an allowance for loan losses. The allowance for loan losses is established through a provision for loan losses charged to expense in accordance with FASB Topic ASC 310, “Receivables.” Loan principal considered to be uncollectible by management is charged against the allowance for loan losses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation takes into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay. In connection with our lending activities we may also originate certain acquisition, development, and construction loans with certain participation arrangements that will be accounted for under FASB ASC Topic 310-10-25, “Receivables.” Interest income is accrued as earned on a simple interest basis. Accrual of interest is 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. We recognize income on impaired loans when they are placed into nonaccrual 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 us. If these factors do not exist, we will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan losses. Interest that had accrued in the current year is reversed out of current period income.

The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The evaluation of the adequacy of the allowance for loan losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications. A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment is measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of our impaired loans are measured based on the estimated fair value of the loan’s collateral.

Fair Value Measurement

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 loans are categorized as Level 2 instruments in the measurement of fair value. The carrying value of loans approximates their fair values. To determine estimated fair values of the loans, market rates of interest, which include credit assumptions, are used to discount contractual cash flows.

Variable Interest Entities

A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. We base the qualitative analysis on our review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. We reassess the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.

A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. We determine whether we are 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 us 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 our business activities and the other interests. We reassess the determination of whether we are the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. We will analyze and evaluate new investments and financings to determine whether they are a VIE, as well as reconsideration events for existing investments and financings, which may vary depending on type of investment or financing.

Equity Investments

We may report certain limited portions of our investments as investments in joint ventures. Investments in joint ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method as prescribed by FASB ASC 323-30, Investments — Equity Method and Joint Ventures, Partnerships, Joint Ventures, and Limited Liability Entities, (“ASC 323-30”).

Equity Incentive Plan

In connection with the IPO, the Company established the 2015 Equity Incentive Plan for the purpose of attracting and retaining non-employee directors, executive officers, investment professionals and other key personnel and service providers, including officers and employees of the Manager and other affiliates, and to stimulate their efforts toward our continued success, long-term growth and profitability. The 2015 Equity Incentive Plan provides for the grant of stock options, share awards (including restricted common stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity-based awards, including Long-Term Incentive Plan (“LTIP”) units, which are convertible on a one-for-one basis into Operating Partnership (“OP”) Units. A total of 200,000 shares of common stock are reserved for issuance pursuant to the 2015 Equity Incentive Plan, subject to certain adjustments set forth in the plan. On April 1, 2015, each non-employee director of the Company received an award of 2,500 shares (total of 10,000) of restricted common stock, which vest ratably over a three-year period. On June 15, 2015, in connection with the appointment of the Company’s President and Chief Operating Officer, 100,000 shares of restricted common stock were granted, which shares vest ratably over a five-year period.

Derivative Instruments

We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in the debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions.

In accordance with FASB ASC Topic 815, “Derivatives and Hedging,” we will measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825 “Financial Instruments,” the changes in fair value of the derivative instrument will be recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative will be reported in other comprehensive income. Changes in the effective portions of cash flow hedges will be recognized in earnings.

Income Taxes

We intend to elect to be taxed as a REIT and to comply with the related provisions of the Code, commencing with the taxable year ending December 31, 2015. Accordingly, we generally will not be subject to U.S. federal income tax to the extent of our distributions to stockholders and as long as certain asset, income and share ownership tests are met. We expect to have little or no taxable income prior to electing REIT status. To qualify as a REIT, we must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements.

Recent Accounting Pronouncements

In January 2014, the FASB issued ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Sub Topic 310-40)—Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure occurs and requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on future results of operations or financial condition.

In February 2015, the FASB issued guidance that requires an entity to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption will have a material impact on its consolidated financial statements.

Results of Operations

We commenced operations on April 1, 2015 upon closing of our IPO. Prior to that time, we had no operations, and there are no comparable periods for which operating results are presented. The following table reflects our operating results for the three and six months ended June 30, 2015 (in thousands):

	For the Three Months Ended June 30, 2015			For the Six Months Ended June 30, 2015
Net interest income:
Interest income from real estate loans	$	145		$	145
Net interest income		145			145

Expenses:
General and administrative expenses reimbursed to affiliate		520			520
General and administrative expenses		120			266
Unreimbursed investment expenses		150			150
Management fees to affiliate		409			409
Deferred termination fee to affiliate		150			150
Total expenses		1,349			1,495
Other interest income		63			63
Net Loss	$	(1,141	)	$	(1,287	)

Our interest income from real estate loans consisted of interest earned on advances of construction loans, mezzanine loans, and stabilized asset loans on self-storage properties, as well as accretion of net loan origination fees. Interest rates on each of the loans are 6.90% for a term of 72 months.

General and administrative expenses reimbursed to affiliate of $520 consisted of expenses incurred by our Manager in operating our business, including, without limitation, office rent, compensation expense for its employees (other than our chief executive officer, chief financial officer, and half the salary for our president and chief operating officer), software costs of $62, travel expenses and other business development expenses. Of our general and administrative expenses reimbursed to affiliate incurred in the second quarter, approximately $40 consisted of the cost of our developers’ conference, which brought together over 30 self-storage developers from around the United States for two days of idea sharing, networking and education about current developments in the self-storage industry. General and administrative expenses of $120, for the three months ended June 30, 2015, consisted predominantly of fees for general corporate legal services from outside counsel, director and officer liability insurance, and $34 of compensation expenses related to restricted stock awards. In addition, general and administrative expenses for the six months ended June 30, 2015 included $146 of organization costs. The unreimbursed investment expenses consisted of legal fees incurred by us in connection with the structuring for tax purposes of our loan investments. The management fee of $409 relates to the fee earned by the Manager pursuant to the management agreement. The deferred termination fee to affiliate of $150 represents the accrual over the term of the management agreement of the deferred termination fee payable by the Operating Partnership in OP Units.

Other interest income consisted of the interest earned on cash held at financial institutions.

Liquidity and Capital Resources

Liquidity is a measure of our ability to meet potential cash requirements, including ongoing commitments to repay borrowings, fund and maintain our assets and operations, make distributions to our stockholders and other general business needs. We will use significant cash to originate our target investments, repay principal and interest on our borrowings, make distributions to our stockholders and fund our operations. As of June 30, 2015, we had unrestricted cash of approximately $88.4 million. In the future, our primary sources of cash will generally consist of unused borrowing capacity under our financing sources, the net proceeds of future offerings, payments of principal and interest we receive on our portfolio of assets and cash generated from our operating results. We expect that our primary sources of financing will be, to the extent available to us, through (a) credit facilities, (b) loan sales, (c) other sources of private financing, including warehouse and repurchase facilities, and (d) public offerings of our equity or debt securities. In the future, we may utilize other sources of financing to the extent available to us. The sources of financing for our target investments are described below.

Cash Flows

The following table sets forth changes in cash and cash equivalents for the six months ended June 30, 2015:

	For the six months ended June 30, 2015
Net loss	$	(1,287	)
Adjustments to reconcile net loss to net cash used in operating activities		887
Net cash used in operating activities		(400	)
Net cash used in investing activities		(21,648	)
Net cash provided by financing activities		110,491
Change in cash and cash equivalents	$	88,443

Cash increased by $88.4 million during the six months ended June 30, 2015. Net cash used in operating activities totaled $(0.4) million during the six months ended June 30, 2015. The primary components of cash used in operations were net loss of $1,287 and an increase of $786 for changes in operating assets and liabilities.

Net cash used in investing activities for the six months ended June 30, 2015 totaled $21.7 million, and related primarily to the origination of new loans held for investment.

Net cash provided by financing activities for the six months ended June 30, 2015 totaled $110.5 million and related primarily to the gross proceeds from the issuance of our common stock of $120.0 million, less offering costs of $9.6 million.

Credit Facility

We have had preliminary discussions with several financial institutions regarding a credit facility and other debt financing transactions. We expect to procure a credit facility and/or engage in another form of secured financing transaction in the third quarter of 2015.

Equity Capital Policies

Subject to applicable law, our board of directors has the authority, without further stockholder approval, to issue additional authorized common stock and preferred stock or otherwise raise capital, including through the issuance of senior securities, in any manner and on the terms and for the consideration it deems appropriate, including in exchange for property. Stockholders will have no preemptive right to additional shares issued in any offering, and any offering may cause a dilution of your investment.

Leverage Policies

To date we have funded our loan portfolio exclusively with the proceeds of the IPO and private placement. In the future, we may utilize equity raised in follow-on offerings and/or borrowing against our target investments in accordance with our investment guidelines in order to increase the size of our loan portfolio and potential return to stockholders. Our investment guidelines state that our leverage will generally not exceed 25-35% of the total value of our loan portfolio. We may borrow up to 100% of the principal value of certain First Mortgage Loans. During periods where our portfolio consists mostly of mortgage loans that have not been bifurcated, we may borrow up to 65% of the principal value of such loans pending tranching of such loans and sale of First Mortgage Loans resulting from such tranching. Our actual leverage will depend on our mix of loans. Our charter and bylaws do not limit the amount of indebtedness we can incur, and our board of directors has discretion to deviate from or change our investment guidelines at any time. We will use corporate leverage for the sole purpose of financing our portfolio and not for the purpose of speculating on changes in interest rates. Our financing strategy focuses on the use of match- funded financing structures. This means that we will seek to match the maturities and/or repricing schedules of our financial obligations with those of our loan portfolio to minimize the risk that we will have to refinance our liabilities prior to the maturities of our loans and to reduce the impact of changing interest rates on earnings. We will disclose any material changes to our leverage policies in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Form 10-Q or Form 10-K for the period in which the change was made, or in a Current Report on Form 8- K if required by the rules of the SEC or the board of directors deems it advisable, in its sole discretion.

Policies with Respect to Other Activities

We have not engaged in trading, underwriting or agency distribution or sale of securities of other issuers and do not intend to do so. At all times, we intend to make investments in a manner as to qualify as a REIT, unless because of circumstances or changes in the Code or the regulations of the U.S. Department of the Treasury, our board of directors determines that it is no longer in our best interest to qualify as a REIT. We intend to make investments in such a way that we will not be treated as an investment company under the Investment Company Act of 1940. We also are subject to the information reporting requirements of the Exchange Act. Pursuant to these requirements, we file periodic reports, proxy statements and other information, including audited consolidated financial statements, with the SEC. We intend to furnish our stockholders with annual reports containing consolidated financial statements audited by our independent certified public accountants and with quarterly reports containing unaudited consolidated financial statements for each of the first three quarters of each fiscal year.

Future Revisions in Policies and Strategies

The board of directors has the power to modify or waive our investment policies and strategies without the consent of our stockholders to the extent that the board of directors (including a majority of our independent directors) determines that a modification or waiver is in the best interest of our stockholders. Among other factors, developments in the market that either affect the policies and strategies mentioned herein or that change our assessment of the market may cause our board of directors to revise our policies and strategies.

Contractual Obligations and Commitments

Since the closing of the Company’s initial public offering on April 1, 2015 through June 30, 2015, the Company has committed an aggregate of $74.5 million principal amount in loans and one preferred equity investment, $22.4 million of which has been funded as of June 30, 2015.

Closing Date	Metropolitan Statistical Area (MSA)	Type of Loan	Commitment Amount		Total Fundings		Unfunded Commitments
4/9/2015	Detroit	Refinance	$	3,182	$	3,182	$	-
4/21/2015	Orlando	Construction		4,444		828		3,616
		Preferred Equity		889		889		-
5/14/2015	Miami	Construction		12,326		138		12,188
		Mezzanine		1,541		1,541		-
5/14/2015	Miami	Construction		13,199		1,031		12,168
		Mezzanine		1,650		1,650		-
6/8/2015	Dallas	Construction		6,438		1,966		4,472
		Mezzanine		805		805		-
6/10/2015	Atlanta	Construction		7,228		2,600		4,628
		Mezzanine		904		904		-
6/19/2015	New Orleans	Refinance		2,800		2,800		-
6/19/2015	Tampa	Construction		4,773		1,208		3,565
		Mezzanine		597		597		-
6/26/2015	Atlanta	Construction		5,378		1,243		4,135
		Mezzanine		672		672		-
6/29/2015	Charlotte	Construction		6,777		-		6,777
		Mezzanine		847		368		479
			$	74,450	$	22,422	$	52,028

As of June 30, 2015, we had unrestricted cash of approximately $88.4 million. We anticipate that the $52 million of unfunded commitments will be funded over the next 9 months out of our cash balances and proceeds from our anticipated credit facility, with an estimated $30 million being funded during the third and fourth quarters of 2015. We anticipate total loan commitments during the third and fourth quarters of 2015 and first quarter 2016 will aggregate $182.0 million, of which approximately $50 million will be funded during that period. We intend to satisfy those funding commitments with remaining unrestricted cash and out of proceeds from our anticipated credit facility.

Off-Balance Sheet Arrangements

We do not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured investment vehicles, special purpose entities or VIEs, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Further, we have not guaranteed any obligations of unconsolidated entities or entered into any commitment or intent to provide additional funding to any such entities.

Dividends

For the quarter ended June 30, 2015, we declared a dividend to our stockholders of $0.35 per share, payable on July 15, 2015 to stockholders of record on July 6, 2015. We intend to make regular quarterly distributions to holders of our common stock. U.S. federal income tax law generally requires that a REIT annually distribute at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. We intend to pay regular quarterly dividends to our stockholders in an amount equal to our net taxable income, if and to the extent authorized by our board of directors. Before we pay any dividend, whether for U.S. federal income tax purposes or otherwise, we must first meet both our operating requirements and debt service on any secured funding facilities, other lending facilities, repurchase agreements and other debt payable. If our cash available for distribution is less than our net taxable income, we could be required to sell assets or borrow funds to make cash distributions or we may make a portion of the required distribution in the form of a taxable stock distribution or distribution of debt securities. In addition, prior to the time we have fully deployed the net proceeds of the IPO and private placement to originate our target investments, we may fund quarterly distributions out of such net proceeds.

Inflation

Virtually all of our assets and liabilities will be interest rate sensitive in nature. As a result, interest rates and other factors influence our performance far more so than does inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes in inflation rates. Our financial statements are prepared in accordance with GAAP and our distributions will be determined by our board of directors consistent with our obligation to distribute to our stockholders at least 90% of our REIT taxable income on an annual basis in order to maintain our REIT qualification; in each case, our activities and balance sheet are measured with reference to historical cost and/or fair market value without considering inflation.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We seek to manage our risks related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market value while, at the same time, seeking to provide an opportunity to stockholders to realize attractive risk-adjusted returns through ownership of our capital stock. While we do not seek to avoid risk completely, we believe the risk can be quantified from historical experience and seek to actively manage that risk, to earn sufficient compensation to justify taking those risks and to maintain capital levels consistent with the risks we undertake.

Credit Risk

We expect to be subject to varying degrees of credit risk in connection with holding a portfolio of our target investments. We will have exposure to credit risk on our loans. Our Manager will seek to manage credit risk by performing deep credit fundamental analysis of potential assets. Credit risk will also be addressed through our Manager’s on-going review, and investments will be monitored for variance from expected prepayments, defaults, severities, losses and cash flow on a monthly basis. Our investment guidelines do not limit the amount of our equity that may be invested in any type of our target investments. Our investment decisions will depend on prevailing market conditions and may change over time in response to opportunities available in different interest rate, economic and credit environments. As a result, we cannot predict the percentage of our equity that will be invested in any individual target investment at any given time.

Interest Rate Risk

Interest rates are highly sensitive to many factors, including fiscal and monetary policies and domestic and international economic and political considerations, as well as other factors beyond our control. We will be subject to interest rate risk in connection with our assets and our related financing obligations. In general, we expect to finance the origination or acquisition of our target investments through financings in the form of borrowings under bank credit facilities (including term loans and revolving facilities in part). We may mitigate interest rate risk through utilization of hedging instruments, primarily interest rate swap agreements. Interest rate swap agreements are intended to serve as a hedge against future interest rate increases on our borrowings. We may also seek to limit the exposure of our borrowings to future fluctuations of interest rates through our use of interest-rate caps and other interest rate hedging instruments.

Interest Rate Mismatch Risk

We may fund a portion of our origination or acquisition of mortgage loans with borrowings that are based on LIBOR, while the interest rates on these loans may be indexed to non-LIBOR or indices, such as U.S. Treasury Yields and other similar index rates. Accordingly, any increase in LIBOR relative to other index rates will generally result in an increase in our borrowing costs that may not be matched by a corresponding increase in the interest earnings on these loans. Any such interest rate index mismatch could adversely affect our profitability, which may negatively impact distributions to our stockholders. To mitigate interest rate mismatches, we may utilize the hedging strategies discussed above.

Our analysis of risks is based on our Manager’s experience, estimates, models and assumptions. These analyses rely on models which employ estimates of fair value and interest rate sensitivity. Actual economic conditions or implementation of decisions by our management may produce results that differ significantly from the estimates and assumptions used in our models and management’s projected results.

Market Risk

Held-for-sale loans will be reflected at their estimated fair value, with the difference between amortized cost and estimated fair value reflected in accumulated other comprehensive income. The estimated fair value of these investments fluctuates primarily due to changes in interest rates and other factors. Generally, in a rising interest rate environment, the estimated fair value of the fixed-rate securities would be expected to decrease; conversely, in a decreasing interest rate environment, the estimated fair value of the fixed-rate securities would be expected to increase. As market volatility increases or liquidity decreases, the fair value of our investments may be adversely impacted. If we are unable to readily obtain independent pricing to validate our estimated fair value of any available-for-sale investment in our portfolio, the fair value gains or losses recorded in other comprehensive income may be adversely affected.

Real Estate Risk

Self-storage loans are subject to volatility and may be affected adversely by a number of factors, including, but not limited to, national, regional and local economic conditions (which may be adversely affected by industry slowdowns and other factors); local real estate conditions; changes or continued weakness in specific industry segments; construction quality, age and design; demographic factors; and retroactive changes to building or similar codes. In addition, decreases in property values reduce the value of the collateral and the potential proceeds available to a borrower to repay the underlying loans or loans, as the case may be, which could also cause us to suffer losses.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report on Form 10-Q. The controls evaluation was conducted under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Disclosure controls and procedures are controls and procedures designed to reasonably assure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as this Report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures are also designed to reasonably assure that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Based on the controls evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Form 10-Q, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified by the SEC, and that material information related to our company and our consolidated subsidiaries is made known to management, including the Chief Executive Officer and Chief Financial Officer, particularly during the period when our periodic reports are being prepared.

Internal Control Over Financial Reporting

Since we commenced our principal operations in April 2015, we have implemented additional controls that are necessary to monitor our operations and report our financial results.

PART II. other information

Item 1. Legal Proceedings

Neither we nor any of our affiliates are the subject of any legal or regulatory proceedings. We and our affiliates may be involved, from time to time, in legal proceedings that arise in the ordinary course of business.

Item 1A. Risk Factors

For a discussion of potential risks and uncertainties related to our Company see the information under the heading “Risk Factors” in the prospectus related to our IPO dated March 26, 2015, filed with the SEC on March 30, 2015, in accordance with Rule 424(b) of the Securities Act, which is accessible on the SEC’s website at www.sec.gov. There have been no material changes to the risk factors previously disclosed in the prospectus.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

Concurrently with the closing of the IPO on April 1, 2015, pursuant to a private placement agreement dated March 26, 2015, we completed a private placement in which we sold 250,000 shares of our common stock to an affiliate of Mr. Jernigan at a price per share of $20, resulting in total proceeds to the Company of $5.0 million. No underwriting costs were incurred in connection with the private placement. The private placement was made pursuant to the exemption provided under Section 4(a)(2) of the Securities Act, based on representations made by the participant in the private placement.

Use of Proceeds from Registered Securities

On April 1, 2015, we completed the IPO, pursuant to which we sold 5,000,000 shares of our common stock at a price per share of $20 and generated gross proceeds of $100.0 million. On April 9, 2015, we sold an additional 750,000 shares of our common stock at a price per share of $20 to the underwriters of the initial public offering pursuant to the underwriters’ option to purchase additional shares. The aggregate net proceeds to us in the IPO, including the overallotment shares, after deducting the underwriting discount and commissions and expenses payable by us, were approximately $105.0 million. All of the shares were sold pursuant to our registration statement on Form S-11, as amended (File No. 333-203185), that was declared effective by the SEC on March 26, 2015. Raymond James & Associates, Inc. served as the book-running manager for the offering. Robert W. Baird & Co. Incorporated and Wunderlich Securities, Inc. served as co-managers.

As of August 13, 2015, the net proceeds from the IPO had been used as follows: (i) approximately $244 thousand to reimburse Mr. Jernigan for amounts advanced or incurred in connection with the IPO and organization costs; (ii) funding of one (1) preferred equity and twenty-one (21) loan transactions totaling $34.0 million funded of $110.1 million in total commitments, which includes repayment of the initial land acquisition financing of the Miami FL (79^th Street) project, and (iii) approximately $2.1 million in dividends to shareholders. The remaining net proceeds will be used to pay outstanding expenses incurred in connection with the IPO, to fund the loans subject to term sheets as described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Business Outlook”, paying the Manager’s fees, for general corporate purposes, including working capital, and, potentially, paying distributions to the Company’s stockholders.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information

Corporate Office Relocation.

On August 11, 2015, the Board of Directors of the Company approved a plan to relocate the Company’s corporate offices to Memphis, Tennessee and close its offices in Miami, Florida, and Cleveland, Ohio. Effective as of August 17, 2015, the Company will reside at International Place Tower II, 6410 Poplar Avenue, Suite 650, Memphis, Tennessee 38119. The decision to relocate reflects the Company’s intention to consolidate its Company operations and support functions, including legal, accounting, loan administration and business development, in Memphis. The Company expects the relocation and consolidation to be completed by the end of the third quarter of 2015.

The Company expects to record a one-time charge of approximately $275,000 in the third quarter of 2015 related to the cost of relocating and consolidating its offices, the substantial majority of which represents future cash expenditures. These estimated costs include approximately $125,000 in cash costs in connection with the severance and benefits provided to the Cleveland and Miami employees, $125,000 in lease termination costs, and $25,000 in other associated costs.

Management Changes.

On August 10, 2015, Gregory W. Ward resigned as the Chief Financial Officer and Secretary of the Company and JCap Advisors, LLC (the “Manager”), effective as of that date.

On August 11, 2015, the Company appointed William C. Drummond as Senior Vice President, Chief Financial Officer and Secretary of the Company, effective as of that date. Mr. Drummond also will serve as Senior Vice President and Chief Financial Officer of the Manager.

From January 2013 to August 2015, Mr. Drummond, age 62, was a Principal with The Marston Group PLC, where he provided accounting consulting services. Mr. Drummond previously served as an audit partner for Ernst & Young from July 1986 to June 2012, and was the managing partner of the Memphis office from July 2007 to June 2012. During his time at Ernst & Young, Mr. Drummond was the audit partner for over 15 public company clients.

In connection with his appointment as Senior Vice President, Chief Financial Officer and Secretary of the Company, Mr. Drummond will receive 25,000 restricted shares of the Company’s common stock pursuant to the Company’s 2015 Equity Incentive Plan, which shares will vest in three approximately equal annual installments on each of the first three anniversaries of the date of grant. The Company does not intend to pay any cash compensation to Mr. Drummond for his service as an executive officer. Mr. Drummond will be compensated by the Manager, which receives management fees and reimbursement of certain expenses pursuant to the Management Agreement dated as of April 1, 2015 between the Manager and the Company.

In addition, the Company has entered into an indemnification agreement with Mr. Drummond substantially identical to those entered into with its other executive officers. The indemnification agreement provides for indemnification of Mr. Drummond to the fullest extent permitted by Maryland law. Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages, except for liability resulting from (1) actual receipt of an improper benefit or profit in money, property or services or (2) active and deliberate dishonesty that is established by a final judgment and is material to the cause of action. The Company’s charter and bylaws provide for indemnification of its officers and directors against liabilities to the maximum extent permitted by Maryland law. Further, the Company’s charter generally authorizes the Company, and our bylaws obligate the Company, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of such a proceeding.

There were no arrangements or understandings between Mr. Drummond and any other persons pursuant to which Mr. Drummond was selected as an officer.

Item 6. Exhibits

The exhibits listed in the accompanying Exhibit Index, which is incorporated herein by reference, are filed or furnished as part of this Quarterly Report on Form 10-Q.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		JERNIGAN CAPITAL, INC.

Date: August 13, 2015	By:	/s/ Dean Jernigan
		Dean Jernigan
		Chairman, President and Chief Executive Officer (Principal Executive Officer)

Date: August 13, 2015	By:	/s/ William C. Drummond
		William C. Drummond
		Senior Vice President, Chief Financial Officer and Secretary (Principal Financial and Accounting Officer)

EXHIBIT INDEX

Exhibit Number		Exhibit Description

10.1		Restricted Stock Agreement with John A. Good (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K, filed on June 16, 2015)
10.2		Indemnification Agreement with John A. Good (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-k, filed on June 16, 2015)
31.1*		Rule 13a-14(a) Certification of Chief Executive Officer
31.2*		Rule 13a-14(a) Certification of Chief Financial Officer
32.1*		Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
101.INS*		XBRL Instance Document
101.SCH*		XBRL Taxonomy Extension Schema
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase
101.DEF*		XBRL Taxonomy Definition Linkbase
101.LAB*		XBRL Taxonomy Extension Label Linkbase
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase

* Filed herewith.

EX-31.1 2 v417471_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Dean Jernigan, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Jernigan Capital, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) [Language omitted in accordance with SEC Release Nos. 34-47986 and 34-54942] for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

[Language omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 13, 2015	/s/ DEAN JERNIGAN
	Dean Jernigan
	Chairman and Chief Executive Officer

EX-31.2 3 v417471_ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT

TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, William C. Drummond, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Jernigan Capital, Inc.;

[Language omitted in accordance with SEC Release Nos. 34-47986 and 34-54942];

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 13, 2015	/s/ WILLIAM C. DRUMMOND
	William C. Drummond
	Senior Vice President, Chief Financial Officer and Secretary

EX-32.1 4 v417471_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Jernigan Capital, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dean Jernigan, the Chairman and Chief Executive Officer of the Company, and I, William C. Drummond, the Senior Vice President, Chief Financial Officer and Secretary of the Company, certify, to our knowledge, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 13, 2015	/s/ DEAN JERNIGAN
	Dean Jernigan
	Chairman and Chief Executive Officer

	/s/ WILLIAM C. DRUMMOND
	William C. Drummond
	Senior Vice President, Chief Financial Officer and Secretary

EX-101.INS 5 jcap-20150630.xml XBRL INSTANCE DOCUMENT 0001622353 2015-01-01 2015-06-30 0001622353 2015-04-01 2015-04-30 0001622353 2015-04-01 2015-06-30 0001622353 2015-06-30 0001622353 2015-08-13 0001622353 2014-10-01 0001622353 2014-10-02 0001622353 2014-12-31 0001622353 us-gaap:ConstructionLoansMember jcap:LoanTransactions1Member us-gaap:SubsequentEventMember 2015-07-01 2015-07-02 0001622353 jcap:MortgageLoanMember us-gaap:SubsequentEventMember 2015-07-08 0001622353 jcap:MezzanineLoansMember jcap:LoanTransactions1Member us-gaap:SubsequentEventMember 2015-07-01 2015-07-14 0001622353 us-gaap:CommonStockMember 2014-12-31 0001622353 us-gaap:CommonStockMember 2015-06-30 0001622353 us-gaap:CommonStockMember 2015-01-01 2015-06-30 0001622353 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-06-30 0001622353 us-gaap:RetainedEarningsMember 2015-01-01 2015-06-30 0001622353 jcap:FounderMember 2015-04-01 2015-04-30 0001622353 us-gaap:PrivatePlacementMember 2015-04-01 2015-04-30 0001622353 us-gaap:RestrictedStockMember 2014-12-31 0001622353 us-gaap:RestrictedStockMember 2015-01-01 2015-06-30 0001622353 us-gaap:RestrictedStockMember 2015-06-30 0001622353 us-gaap:IPOMember us-gaap:CommonStockMember 2014-10-03 2014-10-31 0001622353 us-gaap:IPOMember 2015-04-01 2015-04-30 0001622353 us-gaap:OverAllotmentOptionMember us-gaap:CommonStockMember 2015-04-01 2015-04-30 0001622353 us-gaap:OverAllotmentOptionMember 2015-04-01 2015-04-30 0001622353 jcap:EquityIncentivePlan2015Member 2015-04-30 0001622353 us-gaap:DirectorMember us-gaap:RestrictedStockMember 2015-04-01 2015-04-30 0001622353 us-gaap:RestrictedStockMember 2015-04-01 2015-04-30 0001622353 us-gaap:RestrictedStockMember 2015-06-01 2015-06-15 0001622353 us-gaap:RestrictedStockMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2015-01-01 2015-06-30 0001622353 us-gaap:RestrictedStockMember jcap:ShareBasedCompensationAwardTrancheFourMember 2015-01-01 2015-06-30 0001622353 us-gaap:RestrictedStockMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2015-01-01 2015-06-30 0001622353 us-gaap:RestrictedStockMember jcap:ShareBasedCompensationAwardTrancheFiveMember 2015-01-01 2015-06-30 0001622353 us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2015-01-01 2015-06-30 0001622353 us-gaap:ScenarioForecastMember 2015-01-01 2015-06-30 0001622353 us-gaap:LimitedLiabilityCompanyMember 2015-06-30 0001622353 us-gaap:LoanOriginationCommitmentsMember 2015-06-30 0001622353 jcap:InvestmentPortfolioOneMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioTwoMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioThreeMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioFourMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioFiveMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioSixMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioSevenMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioEightMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioNineMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioTenMember 2015-01-01 2015-06-30 0001622353 jcap:InvestmentPortfolioOneMember 2015-06-30 0001622353 jcap:InvestmentPortfolioTwoMember 2015-06-30 0001622353 jcap:InvestmentPortfolioThreeMember 2015-06-30 0001622353 jcap:InvestmentPortfolioFourMember 2015-06-30 0001622353 jcap:InvestmentPortfolioFiveMember 2015-06-30 0001622353 jcap:InvestmentPortfolioSixMember 2015-06-30 0001622353 jcap:InvestmentPortfolioSevenMember 2015-06-30 0001622353 jcap:InvestmentPortfolioEightMember 2015-06-30 0001622353 jcap:InvestmentPortfolioNineMember 2015-06-30 0001622353 jcap:InvestmentPortfolioTenMember 2015-06-30 0001622353 us-gaap:FirstMortgageMember 2015-06-30 0001622353 us-gaap:OtherInvestmentsMember 2015-06-30 0001622353 jcap:MezzanineLoansMember 2015-06-30 0001622353 jcap:MezzanineLoansMember us-gaap:SubsequentEventMember 2015-07-01 2015-07-02 0001622353 jcap:MezzanineLoansMember us-gaap:SubsequentEventMember 2015-07-01 2015-07-14 0001622353 us-gaap:ParentMember 2015-01-01 2015-06-30 0001622353 us-gaap:NoncontrollingInterestMember 2015-01-01 2015-06-30 0001622353 us-gaap:ConstructionLoansMember jcap:MiamiWestPalmBeachFlMember us-gaap:SubsequentEventMember 2015-08-01 2015-08-05 0001622353 jcap:MezzanineLoansMember jcap:MiamiWestPalmBeachFlMember us-gaap:SubsequentEventMember 2015-08-01 2015-08-05 0001622353 us-gaap:ConstructionLoansMember jcap:NorthHavenCtMember us-gaap:SubsequentEventMember 2015-07-01 2015-07-31 0001622353 jcap:MezzanineLoansMember jcap:NorthHavenCtMember us-gaap:SubsequentEventMember 2015-07-01 2015-07-31 0001622353 us-gaap:ConstructionLoansMember jcap:SarasotaFlMember us-gaap:SubsequentEventMember 2015-08-01 2015-08-05 0001622353 us-gaap:ConstructionLoansMember jcap:PittsburghPaMember us-gaap:SubsequentEventMember 2015-08-01 2015-08-10 0001622353 jcap:MezzanineLoansMember jcap:PittsburghPaMember us-gaap:SubsequentEventMember 2015-08-01 2015-08-10 0001622353 jcap:MiamiFlFundingMember jcap:LoanTransactions1Member us-gaap:SubsequentEventMember 2015-07-02 0001622353 jcap:MezzanineLoansMember jcap:LoanTransactions2Member us-gaap:SubsequentEventMember 2015-07-14 0001622353 jcap:PittsburghPaMember us-gaap:SubsequentEventMember 2015-08-10 0001622353 jcap:NorthHavenCtMember us-gaap:SubsequentEventMember 2015-07-31 0001622353 jcap:SarasotaFlMember us-gaap:SubsequentEventMember 2015-08-05 0001622353 jcap:MiamiWestPalmBeachFlMember us-gaap:SubsequentEventMember 2015-08-05 0001622353 jcap:LoanTransactions1Member us-gaap:SubsequentEventMember 2015-07-01 2015-07-02 0001622353 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001622353 us-gaap:RetainedEarningsMember 2014-12-31 0001622353 us-gaap:ParentMember 2014-12-31 0001622353 us-gaap:NoncontrollingInterestMember 2014-12-31 0001622353 us-gaap:AdditionalPaidInCapitalMember 2015-06-30 0001622353 us-gaap:RetainedEarningsMember 2015-06-30 0001622353 us-gaap:ParentMember 2015-06-30 0001622353 us-gaap:NoncontrollingInterestMember 2015-06-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure 10-Q false 2015-06-30 2015 Q2 Jernigan Capital, Inc. 0001622353 --12-31 Non-accelerated Filer JCAP 6110000

88444000

1000

106000

15000

110402000

16000

3253000

15000

61000

110364000

1000

-3426000

107149000

1000

110402000

16000

-1287000

698000

-400000

88443000

1000

88444000

14429000

6424000 0

881000

32000

86000

698000

416000

15000

2139000

0.01

500000000

1000

6110000

1000

6110000

0.01

100000000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">1. ORGANIZATION AND FORMATION OF THE COMPANY</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Jernigan Capital, Inc. (together with its consolidated subsidiaries, the “Company”) makes debt and equity investments in newly-constructed and existing self-storage facilities. The Company is a Maryland corporation that was organized on October 1, 2014. The Company closed its initial public offering of its common stock (the “IPO”) on April 1, 2015, and has used proceeds of the IPO primarily to fund real estate loans to private developers, owners and operators of self-storage facilities. The Company is structured as an Umbrella Partnership REIT (“UPREIT”) and conducts its investment activities through its wholly owned operating partnership, Jernigan Capital Operating Partnership L.P. (the “Operating Partnership”). The Operating Partnership is a consolidated subsidiary of the Company.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company intends to elect to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for its taxable year ending December 31, 2015. As a REIT, the Company generally will not be subject to U.S. federal income taxes on REIT taxable income, determined without regard to the deduction for dividends paid and excluded capital gains, to the extent that it annually distributes all of its REIT taxable income to stockholders and complies with various other requirements for qualification as a REIT set forth in the Code.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">3. SIGNIFICANT ACCOUNTING POLICIES</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Use of Estimates</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Offering Costs</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Underwriting commissions and offering costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in capital. Offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s common stock.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Organization Costs</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Costs incurred to organize the Company are expensed as incurred.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Fair Value Measurement</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Under FASB ASC Topic 820, “Fair Value Measures and Disclosures,” the fair value of financial instruments will be categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Financial assets and liabilities recorded at fair value on the balance sheet will be categorized based on the inputs to the valuation techniques as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.65in; MARGIN: 0in 0in 0pt 0.65in"> <font style="FONT-SIZE: 10pt">Level 1  Quoted prices for identical assets or liabilities in an active market.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.65in; MARGIN: 0in 0in 0pt 0.65in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.65in; MARGIN: 0in 0in 0pt 0.65in"> <font style="FONT-SIZE: 10pt">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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.65in; MARGIN: 0in 0in 0pt 0.65in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.65in; MARGIN: 0in 0in 0pt 0.65in"> <font style="FONT-SIZE: 10pt">Level 3  Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">As of December 31, 2014, the Company’s only financial instrument was cash, and as of June 30, 2015, the Company’s financial instruments consisted of cash, restricted cash, originated loans, receivables and payables. The fair value of the financial instruments was estimated to approximate their respective carrying amounts.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The carrying values of cash, restricted cash, receivables and payables approximate their fair values due to their short-term nature. These instruments are categorized as Level 1 instruments in the measurement of fair value.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The loans are categorized as Level 3 instruments in the measurement of fair value. The carrying value of loans approximates their fair values. To determine estimated fair values of the loans, market rates of interest, which include credit assumptions, are used to discount contractual cash flows.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Restricted Cash</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company’s restricted cash balance includes customer due diligence deposits made in advance of prospective loan closings, as well as borrower funds retained for future loan related expenses. Under term sheets and loan agreements with prospective borrowers, the Company is permitted to utilize such deposits to pay third party (plan review, inspection, environmental, appraisal and legal) costs incurred by the Company in the due diligence or closing of loans.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="COLOR: #2e74b5; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Loans and Allowance for Loan Losses</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discount, unearned loan fees and an allowance for loan losses. The allowance for loan losses will be established through a provision for loan losses charged to expense in accordance with Financial Accounting Standards Board (“FASB”) Topic Accounting Standards Codification (“ASC”) 310, “Receivables.” Loan principal considered to be uncollectible by management is charged against the allowance for loan losses. The allowance will be an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation will take into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">In connection with the Company’s lending activities, management may also originate certain acquisition, development, and construction loans with certain participation arrangements that will be accounted for under FASB ASC Topic 310-10-25, Receivables.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Interest income will accrue as earned on a simple interest basis. Accrual of interest will be discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company will recognize income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan losses. Interest that had accrued in the current year is reversed out of current period income.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The allowance for loan losses will represent management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses will be increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable will be charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The evaluation of the adequacy of the allowance for loan losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment will be measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses will be established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. The Company has determined that an allowance for loan losses was not necessary at June 30, 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Origination Fees and Costs</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company offsets its loan origination fee with its related direct loan origination costs and the net amount is deferred and recognized as an adjustment to loan yield in interest income as required by ASC 310. These direct loan costs only include the salaries and benefits required to evaluate, negotiate, prepare, process and close a loan transaction. The direct loan origination costs were determined by examining the average salaries of the loan personnel of the Manager, and by examining the average hours required by the loan personnel to evaluate negotiate, prepare, process and close a loan. Employees’ compensation and fringe benefits related to unsuccessful loan origination efforts and other lending-related costs are charged to expense as incurred.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Derivative Instruments</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">In accordance with FASB ASC Topic 815, “Derivatives and Hedging,” management will measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in the Company’s balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which management elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument will be recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative will be reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges will be recognized in earnings. As of June 30, 2015, the Company had not entered into any derivative instruments.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> </div><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Variable Interest Entities</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">A Variable Interest Entity (“VIE”) is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management will base the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management will reassess the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management will determine whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Management will analyze and evaluate new investments and financings to determine whether they are a VIE, as well as reconsideration events for existing investments and financings, which may vary depending on type of investment or financing. As of June 30, 2015, the Company had no financings or investments with entities that are VIEs.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Equity Investments</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company may report certain limited portions of its investments as investments in joint ventures. Investments in joint ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method as prescribed by FASB ASC 323-30, <i>Investments  Equity Method and Joint Ventures, Partnerships, Joint Ventures, and Limited Liability Entities</i>, (“ASC 323-30”).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Recent Accounting Pronouncements</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">In January 2014, the FASB issued an Accounting Standards Update (“ASU”) 2014-04, ReceivablesTroubled Debt Restructurings by Creditors (Sub Topic 310-40)Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure occurs and requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on future results of operations or financial condition.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">In June 2014, the FASB issued ASU 2014-10, Development Stage Entities: Elimination of Certain Financial Reporting Requirements, Including Amendment to Variable Interest Entities Guidelines in Topic 810, Consolidation. The standard will eliminate the reporting requirements for certain disclosures for development stage entities. Public entities are required to apply the presentation and disclosure requirements for annual reporting periods effective January 1, 2015. The Company has adopted this guidance effective April 1, 2015, and it did not have a material impact on the reporting of results of operations or financial condition.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">In February 2015, the FASB issued guidance that requires an entity to evaluate whether they should consolidate certain legal entities.  All legal entities are subject to reevaluation under the revised consolidation model.  Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds.  This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015.  Early adoption is permitted.  The Company does not expect adoption will have a material impact on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">In April 2015, the FASB issued guidance that simplifies presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discount or premiums.  The recognition guidance for debt issuance costs are not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015.   The Company does not expect adoption will have a material impact on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Segment Reporting</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Income Taxes</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company intends to elect to be taxed as a REIT and to comply with the related provisions of the Code commencing with its taxable year ending December 31, 2015. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company expects to have no taxable income prior to electing REIT status. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="COLOR: #2e74b5; FONT-SIZE: 10pt">  </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Comprehensive Income</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">For the three and six months ended June 30, 2015, comprehensive income equaled net income; therefore, a separate consolidated statement of comprehensive income is not included in the accompanying consolidated financial statements.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">8. RELATED PARTY TRANSACTIONS</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The Company’s founder was reimbursed for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.1</font> million of organizational costs and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.1</font> million of offering costs in April 2015 following the closing of the Company’s IPO.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">On April 1, 2015, the Company entered into a management agreement with its Manager. Pursuant to the terms of the management agreement, the Manager will be responsible for (a) the Company’s day-to-day operations, (b) determining investment criteria and strategy in conjunction with the Company’s Board of Directors, (c) sourcing, analyzing, originating, underwriting, structuring, and acquiring the Company’s portfolio investments, and (d) performing portfolio management duties. The Manager has an Investment Committee that approves investments in accordance with the Company’s investment guidelines, investment strategy, and financing strategy.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">On April 1, 2015, concurrent with its initial public offering, the Company received $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.0</font> million in proceeds from the private placement with an affiliate of its founder. In connection with this transaction, the Company issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 250,000</font> shares of common stock to the affiliate.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in"> No later than 180 days prior to the end of the initial term of the management agreement, the Manager will offer to contribute to the Company’s Operating Partnership at the end of the initial term all of the assets or equity interests in the Manager at the internalization price and on such terms and conditions included in a written offer provided by the Manager.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in"> 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; size: 8.5in 11.0in"> If the Company does not acquire the assets or equity interests of the Manager in an internalization transaction as described above and the management agreement terminates other than for Cause, voluntary non-renewal by the Manager or the Company being required to register as an investment company under the Investment Company Act of 1940, then the Company shall pay to the Manager, on the date on which such termination is effective, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">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).</font> Any Termination Fee will be payable by the Operating Partnership in OP 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, the Company estimates the deferred termination fee payable and accrues the expense over the term of the management agreement. The Company recorded $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">150</font></font> of expense for the deferred termination fee for the three and six months ended June 30, 2015.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">   </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The Company also may terminate the management agreement at any time, including during the initial term, without the payment of any termination fee, with 30 days’ prior written notice from the board of directors, for cause. “Cause” is defined as: (i) the Manager’s continued breach of any material provision of the management agreement following a prescribed period; (ii) the occurrence of certain events with respect to the bankruptcy or insolvency of the Manager; (iii) a change of control of the Manager that a majority of the Company’s independent directors determines is materially detrimental to the Company; (iv) the Manager committing fraud against the Company, misappropriating or embezzling the Company’s funds, or acting grossly negligent in the performance of its duties under the management agreement; (v) the dissolution of the Manager; (vi) the Manager fails to provide adequate or appropriate personnel that are reasonably necessary for the Manager to identify investment opportunities for the Company and to manage and develop the Company’s investment portfolio if such default continues uncured for a period of 60 days after written notice thereof, which notice must contain a request that the same be remedied; (vii) the Manager is convicted (including a plea of nolo contendere) of a felony; or (viii) the departure of Mr. Jernigan from the senior management of the Manager, or the Company, during the term of the management agreement other than by reason of death or disability.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The Manager may terminate the management agreement if the Company becomes required to register as an investment company under the 1940 Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay the Manager a termination fee. The Manager may also decline to renew the management agreement by providing the Company with 180 days’ written notice, in which case the Company would not be required to pay a termination fee.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The management agreement provides for the Manager to earn a base management fee and an incentive fee. In addition, the Company will reimburse certain expenses of the Manager, excluding the salaries and cash bonuses of the Manager’s chief executive officer or chief financial officer, and half of the salary of the president and chief operating officer. In the event that the Company terminates the management agreement per the terms of the agreement, other than for cause or the Company being required to register as an investment company, there will be a termination fee due to the Manager. Amounts reimbursed to the Manager for expenses totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.5</font></font> million during the three and six months ended June 30, 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <b><font style="FONT-SIZE: 10pt">Management Fees</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The Company does not intend to employ personnel. As a result, the Company will rely on the properties, resources and personnel of the Manager to conduct operations. The Company will pay the Manager a base management fee in an amount equal to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.375</font>% of the Company’s stockholders’ equity (a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.5</font>% annual rate) calculated and payable quarterly in arrears in cash. For purposes of calculating the base management fee, the Company’s stockholder’s equity means: (a) the sum of (i) the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus (ii) the Company’s retained earnings at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods); less (b) any amount that the Company pays to repurchase the Company’s common stock since inception. It also excludes (x) any unrealized gains and losses and other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, and (y) one-time events pursuant to changes in GAAP (such as a cumulative change to the Company’s operating results as a result of a codification change pursuant to GAAP), and certain non-cash items not otherwise described above (such as depreciation and amortization), in each case after discussions between the Company’s Manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. As a result, the Company’s stockholders’ equity, for purposes of calculating the base management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements. The base management fee is payable independent of the performance of the Company’s portfolio. The base management fee of the Company’s Manager shall be calculated within 30 days after the end of each fiscal quarter and such calculation shall be promptly delivered to the Company. The Company is obligated to pay the base management fee in cash within five business days after delivery of the written statement of the Manager to the Company setting forth the computation of the management fee for such quarter. The base management fee for the quarter ended June 30, 2015 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.4</font> million.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <b><font style="FONT-SIZE: 10pt"> </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <b><font style="FONT-SIZE: 10pt">Incentive Fee</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The Manager will be entitled to an incentive fee with respect to each fiscal quarter (or part thereof that the management agreement is in effect) in arrears in cash. The incentive fee will be an amount, not less than zero, determined pursuant to the following formula:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">IF = .20 times (A minus (B times .08)) minus C</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">In the foregoing formula:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">• A equals our Core Earnings (as defined below) for the previous 12-month period;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="center"><b><font style="FONT-SIZE: 10pt">  </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">• B equals (i) the weighted average of the issue price per share of the Company’s common stock of all of its public offerings of common stock, multiplied by (ii) the weighted average number of all shares of common stock outstanding (including (i) any restricted stock units and any restricted shares of common stock in the previous 12-month period and (ii) shares of common stock issuable upon conversion of outstanding OP Units); and</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">• C equals the sum of any incentive fees earned by the Manager with respect to the first three fiscal quarters of such previous 12-month period.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">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 <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8</font>%. Any computed incentive fee earned but not paid because of the foregoing hurdle will accrue until such 8% cumulative annual stockholder total return is achieved. The total return will be calculated by adding stock price appreciation (based on the volume-weighted average of the closing price of our common stock on the NYSE (or other applicable trading market) for the last ten consecutive trading days of the applicable computation period minus the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period) plus dividends per share paid during such computation period, divided by the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period. For purposes of computing the Incentive Fee, “Core Earnings” is a defined as net income (loss) determined under GAAP, plus non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that we foreclose on any facilities underlying our target investments), any unrealized losses or other non-cash expense items reflected in GAAP net income (loss), less any unrealized gains reflected in GAAP net income. The amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the independent directors.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">For purposes of calculating the incentive fee prior to the completion of a 12-month period following this offering, Core Earnings will be calculated on the basis of the number of days that the management agreement has been in effect on an annualized basis.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The Manager will compute each quarterly installment of the incentive fee within 45 days after the end of the fiscal quarter with respect to which such installment is payable and promptly deliver such calculation to the Company’s board of directors. The amount of the installment shown in the calculation will be due and payable no later than the date which is five business days after the date of delivery of such computation to the board of directors. The calculation generally will be reviewed by the board of directors at their regularly scheduled quarterly board meeting. As of June 30, 2015, the Manager did not earn an incentive fee.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0.00375 0.015 0.08

6800000

3500000

1600000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">7. EARNINGS PER SHARE</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 26.4pt; MARGIN: 0in 0in 0pt 4.4pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 26.4pt; MARGIN: 0in 0in 0pt 4.4pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following information sets forth the computations of basic and diluted earnings per common share:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 26.4pt; MARGIN: 0in 0in 0pt 4.4pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.75in; WIDTH: 89%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>For the three</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>For the six</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>months ended</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>months ended</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>June 30, 2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>June 30, 2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="64%"> <div>Numerator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Net loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,141)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,287)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Less: Dividends declared on unvested restricted shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(39)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(39)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Net loss attributable to common shareholders</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>(1,180)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>(1,326)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="64%"> <div>Denominator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Weighted-average number of common shares  basic</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,934,066</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,983,425</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Unvested restricted stock shares (1)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Weighted-average number of common shares  diluted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,934,066</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,983,425</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Net loss per share attributable to common stockholders</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.20)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.44)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>(1) Anti-dilutive for the three and six months ended June 30, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 26.4pt; MARGIN: 0in 0in 0pt 4.4pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 26.4pt; MARGIN: 0in 0in 0pt 4.4pt"> <font style="FONT-SIZE: 10pt">The following information sets forth the computations of basic and diluted earnings per common share:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 26.4pt; MARGIN: 0in 0in 0pt 4.4pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.75in; WIDTH: 89%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>For the three</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>For the six</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>months ended</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>months ended</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>June 30, 2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>June 30, 2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="64%"> <div>Numerator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Net loss</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,141)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,287)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Less: Dividends declared on unvested restricted shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(39)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(39)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Net loss attributable to common shareholders</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>(1,180)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>(1,326)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="64%"> <div>Denominator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Weighted-average number of common shares  basic</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,934,066</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,983,425</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Unvested restricted stock shares (1)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Weighted-average number of common shares  diluted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>5,934,066</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2,983,425</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>Net loss per share attributable to common stockholders</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.20)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(0.44)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="64%"> <div>(1) Anti-dilutive for the three and six months ended June 30, 2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

-1141000

39000

-1180000

-1326000

5934066

2983425

5934066

2983425

-0.20

-0.44

2015-06-03

2015-07-06

2015-07-15

0.35

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Loans and Allowance for Loan Losses</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discount, unearned loan fees and an allowance for loan losses. The allowance for loan losses will be established through a provision for loan losses charged to expense in accordance with Financial Accounting Standards Board (“FASB”) Topic Accounting Standards Codification (“ASC”) 310, “Receivables.” Loan principal considered to be uncollectible by management is charged against the allowance for loan losses. The allowance will be an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation will take into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">In connection with the Company’s lending activities, management may also originate certain acquisition, development, and construction loans with certain participation arrangements that will be accounted for under FASB ASC Topic 310-10-25, Receivables.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Interest income will accrue as earned on a simple interest basis. Accrual of interest will be discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company will recognize income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan losses. Interest that had accrued in the current year is reversed out of current period income.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The allowance for loan losses will represent management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses will be increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable will be charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The evaluation of the adequacy of the allowance for loan losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment will be measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses will be established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. The Company has determined that an allowance for loan losses was not necessary at June 30, 2015.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Variable Interest Entities</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">A Variable Interest Entity (“VIE”) is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management will base the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management will reassess the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management will determine whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Management will analyze and evaluate new investments and financings to determine whether they are a VIE, as well as reconsideration events for existing investments and financings, which may vary depending on type of investment or financing. As of June 30, 2015, the Company had no financings or investments with entities that are VIEs.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0.9

34000

-80000

-3000

32000

86000

206000

14343000

6424000

881000

-21648000

110491000

1000

2139000

100000

145000

520000 520000

120000

266000

1349000

1495000

63000

5934066

2983425

1000

6110000

1000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>2. GENERAL</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accompanying unaudited interim financial statements include all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods included herein.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Substantially all operations are conducted through the Operating Partnership, which is a wholly-owned subsidiary of the Company and of which the Company is the sole General Partner. The Operating Partnership was formed on March 5, 2015. All significant intercompany transactions and balances have been eliminated in consolidation.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

1000

58000

114942000

5750000

2000

4998000

250000

9609000

34000

2139000

-1287000

100000 100000

5000000

250000

500000 400000 500000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">5. STOCKHOLDERS’ EQUITY</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">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 <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 500,000,000</font> shares of common stock and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100,000,000</font> shares of preferred stock. The sole stockholder of the Company prior to the closing of its IPO was the founder and chief executive officer, who is an affiliate of the Company. The founder’s initial capital contribution to the Company was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,000</font>, made on October 2, 2014, in exchange for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,000</font> shares of common stock. These shares were retired effective with the IPO.</font></div> </div> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><u><font style="FONT-SIZE: 10pt">Common Stock Offering</font></u></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">On April 1, 2015, the Company closed its IPO and received $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">93.0</font> million in proceeds, net of underwriter’s discount. Simultaneously, the Company received $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.0</font> million in proceeds from the concurrent private placement with an affiliate of its founder. In connection with these transactions, the Company issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,000,000</font> and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 250,000</font> shares of common stock, respectively and the initial <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,000</font> shares of common stock issued on October 2, 2014 were retired.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">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 <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 750,000</font> shares of common stock and received $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14.0</font> million, net of underwriter’s discount.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><u><font style="FONT-SIZE: 10pt">Equity Incentive Plan</font></u></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">In connection with the IPO, the Company established the 2015 Equity Incentive Plan for the purpose of attracting and retaining directors, executive officers, investment professionals and other key personnel and service providers, including officers and employees of the Manager and other affiliates, and to stimulate their efforts toward our continued success, long-term growth and profitability. The 2015 Equity Incentive Plan provides for the grant of stock options, share awards (including restricted common stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity-based awards, including Long-Term Incentive Plan (“LTIP”) units, which are convertible on a one-for-one basis into Operating Partnership (“OP”) Units.  A total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 200,000</font> shares of common stock are reserved for issuance pursuant to the 2015 Equity Incentive Plan, subject to certain adjustments set forth in the plan. On April 1, 2015, each non-employee director of the Company received an award of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,500</font> shares of restricted common stock (total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,000</font> shares) which vest ratably over a three-year period. On June 15, 2015, in connection with the appointment of the Company’s President and Chief Operating Officer, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100,000</font> shares of restricted common stock were granted, which shares vest ratably over a five-year period.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><u><font style="FONT-SIZE: 10pt">Restricted Stock Awards</font></u></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The 2015 Equity Incentive Plan permits the issuance of restricted stock awards to employees and nonemployee directors. Nonvested shares at June 30, 2015 aggregated 110,000, of which none will vest during 2015, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 23,333</font></font></font> will vest in 2016, 2017, and 2018, and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 20,000</font></font> will vest in 2019 and 2020. Expenses related to restricted stock awards are charged to compensation expense and are recognized over the vesting period of the awards. For restricted stock issued to non-employee directors of the Company, compensation expense is based on the market value of the shares at the grant date. The Company’s President and Chief Operating Officer is an employee of the Manager and as such is not an employee of the Company. For restricted stock issued to non-employees, compensation expense is based on the market value of the shares at the reporting date.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company recognized approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">34.0</font></font> thousand of restricted stock award expenses for the three and six months ended June 30, 2015. The Company expects to recognize additional expenses of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million in 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>A summary of changes in the Company’s restricted shares for the six months ended June 30, 2015 is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in 0in 0in 0.75in; WIDTH: 80%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="56%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Weighted</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="56%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>average grant</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="56%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div>Shares</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>date fair value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="56%"> <div>Nonvested at beginning of year</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="56%"> <div>Granted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>110,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>20.13</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="56%"> <div>Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="56%"> <div>Forfeited</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="56%"> <div>Nonvested shares at end of period</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>110,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>20.13</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Nonvested restricted shares receive dividends which are nonforfeitable.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

110000

20.13

500000000

100000000

1000

93000000

1000

5000000

750000

14000000

200000

2500

10000

100000

P3Y

P5Y

23333

20000

23333

20000

23333

34000

200000

34000

0.499

22400000

0.0690

P72M

74500000

Detroit Orlando Miami Miami Dallas Atlanta New Orleans Tampa Atlanta Charlotte Refinance Development Development Development Development Development Refinance Development Development Development 4/9/2015 4/21/2015 5/14/2015 5/14/2015 6/8/2015 6/10/2015 6/19/2015 6/19/2015 6/26/2015 6/29/2015 74450000 3182000 5333000 13867000 14849000 7243000 8132000 2800000 5370000 6050000 7624000

22422000

3182000

1717000

1679000

2681000

2771000

3504000

2800000

1805000

1915000

368000

52028000 0 3616000 12188000 12168000 4472000 4628000 0 3565000 4135000 7256000

569000

8000

688000

111000

14998000

6535000

889000

21734000

14429000

6424000

881000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">A more detailed listing of the Company’s current investment portfolio, based on information available as of June 30, 2015, is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="WIDTH: 81%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Metropolitan</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">Closing</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Statistical</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Commitment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Unfunded</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">Date</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Area (MSA)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Type of Loan</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Amount</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Total Fundings</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Commitment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4/9/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Detroit</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Refinance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,182</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,182</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4/21/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Orlando</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,333</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,717</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,616</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5/14/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Miami</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">13,867</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,679</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12,188</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5/14/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Miami</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">14,849</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,681</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12,168</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/8/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Dallas</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,243</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,771</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,472</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/10/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Atlanta</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">8,132</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,504</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,628</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/19/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">New Orleans</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Refinance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,800</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,800</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/19/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Tampa</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,370</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,805</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,565</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/26/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Atlanta</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6,050</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,915</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,135</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/29/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Charlotte</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,624</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">368</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,256</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Totals</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">74,450</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">22,422</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">52,028</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">  <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility The mezzanine loan, whichwas secured by a pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility 91000 3000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The Company’s loans are accounted for at amortized cost. The following tables summarize the Company’s loans held for investment and other investment, as of June 30, 2015:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.5in; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Outstanding</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Unamortized</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"> <div style="CLEAR:both;CLEAR: both">Loans</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Principal (1)</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Fees/Costs</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Net Balance</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">First mortgages</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">14,998</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">569</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">14,429</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Mezzanine loans</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6,535</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">111</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6,424</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Other investment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">889</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">8</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">881</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">22,422</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">688</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">21,734</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">  <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">(1)   Outstanding Principal includes capitalization of interest.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

800000

150000

106999000

1000

150000 150000

409000

150000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt">4. LOANS AND OTHER INVESTMENT</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">As of June 30, 2015, the Company had made <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> loans</font> secured by real estate containing existing or to-be-constructed self-storage properties. The Company has made one preferred equity investment that is classified as an other investment on the consolidated balance sheet. This investment consists of a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 49.9</font>% non-controlling interest in a limited liability company which is accounted for under the equity method. Capital contributions, distributions and any profits and losses of the entity are allocated in accordance with the terms of the limited liability company agreement.  The company funded a first mortgage loan to a wholly-owned subsidiary of the preferred equity investee. The balance of the loan at June 30, 2015 is $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.8</font></font> million.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The aggregate originated commitment under these investments at closing was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">74.5</font> million and outstanding principal was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">22.4</font> million as of June 30, 2015, as described in more detail in the tables below. Such investments are referred to herein as the Company’s investment portfolio. As of June 30, 2015, all of the Company’s loans are interest-only with a fixed interest rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6.90</font>%, and a loan term of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">72</font> months. The Company funds development loans to finance ground-up construction of self-storage facilities or major self-storage redevelopment opportunities, which loans are funded over time as the developer completes the project, are secured by first mortgages on the projects and first priority security interests in the membership interests of the owners of the projects, typically have maturities of six years, and typically provide the Company with a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 49.9</font>% interest in the positive cash flows (including sale and refinancing proceeds after debt repayment) of the project. The Company will record income from these cash flows upon realization. No income from the interest in cash flows was recorded as of June 30, 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The Company’s loans are accounted for at amortized cost. The following tables summarize the Company’s loans held for investment and other investment, as of June 30, 2015:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in 0in 0in 0.5in; WIDTH: 85%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Outstanding</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Unamortized</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="48%"> <div style="CLEAR:both;CLEAR: both">Loans</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Principal (1)</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Fees/Costs</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Net Balance</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">First mortgages</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">14,998</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">569</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">14,429</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Mezzanine loans</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6,535</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">111</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6,424</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Other investment</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">889</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">8</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">881</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="48%"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">22,422</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">688</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">21,734</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">  <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">(1)   Outstanding Principal includes capitalization of interest.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>A more detailed listing of the Company’s current investment portfolio, based on information available as of June 30, 2015, is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="WIDTH: 81%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Metropolitan</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">Closing</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Statistical</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Commitment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Unfunded</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">Date</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Area (MSA)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Type of Loan</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Amount</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Total Fundings</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Commitment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4/9/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Detroit</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Refinance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,182</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,182</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4/21/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Orlando</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,333</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,717</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,616</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5/14/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Miami</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">13,867</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,679</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12,188</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5/14/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Miami</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">14,849</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,681</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">12,168</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/8/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Dallas</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,243</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,771</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,472</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/10/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Atlanta</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">8,132</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,504</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,628</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/19/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">New Orleans</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Refinance</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,800</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,800</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/19/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Tampa</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">5,370</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,805</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">3,565</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/26/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Atlanta</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6,050</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,915</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">4,135</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">6/29/2015</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Charlotte</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both">Development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,624</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">368</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">7,256</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="16%"> <div style="CLEAR:both;CLEAR: both">Totals</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">74,450</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">22,422</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div style="CLEAR:both;CLEAR: both">52,028</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">  <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">Development loan types are predominantly comprised of a first mortgage and a mezzanine loan, with the exception of the Orlando Metropolitan Statistical Area (MSA) which is comprised of a first mortgage and preferred equity investment. Refinance loan types consist of only a first mortgage on an existing stabilized property.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt">Credit Quality Indicator</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends among other factors. The Company analyzes loans individually by classifying the loans as to credit risk.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">Asset quality ratings are divided into two groups: Pass (unclassified) and Classified. Within the unclassified group, certain loans that display potential weakness are risk rated as special mention. In addition, there are three classified risk ratings: substandard, doubtful and loss. These specific credit risk categories are defined as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt">Special Mention.</font></strong> <font style="FONT-SIZE: 10pt">Loans classified as special mention have potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt">Substandard.</font></strong> <font style="FONT-SIZE: 10pt">Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt">Doubtful.</font></strong> <font style="FONT-SIZE: 10pt">Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 24.45pt; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt"> </font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; size: 8.5in 11.0in"> <strong><font style="FONT-SIZE: 10pt">Loss.</font></strong> <font style="FONT-SIZE: 10pt">Loans classified as loss are considered uncollectible and of such little value, that continuance as assets is not warranted. Although there may be a chance of recovery on these assets, it is not practical or desirable to defer writing off the asset.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.45pt; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="left"><font style="FONT-SIZE: 10pt">The Company monitors loans on a monthly basis to determine if they should be included in one of the categories listed above. All impaired credits classified as Substandard, Doubtful or Loss are analyzed on an individual basis for a specific reserve requirement. This analysis is performed on each individual credit at least quarterly or more frequently if warranted. As of June 30, 2015, all loans have been originated within 90 days. The Company noted no material change in credit quality for all loans and were categorized as pass, without special mention.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

a termination fee equal to the greater of (i) three times the sum of the average annual Base Management Fee and Incentive Fee earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, or (ii) the offer price, which will be based on the lesser of (a) the Managers earnings before interest, taxes, depreciation and amortization (adjusted for unusual, extraordinary and non-recurring charges and expenses), or EBITDA annualized based on the most recent quarter ended, multiplied by a specific multiple, or EBITDA Multiple, depending on the Companys achieved total annual return, and (b) the Companys equity market capitalization multiplied by a specific percentage, or Capitalization Percentage, depending on the Companys achieved total return (the Internalization Price).

1000

-1000

110000

150000

1000

115000000

5000000

9609000

34000

2139000

-1287000

7500000

1300000

6200000

700000

4800000

4700000

600000

2500000

1300000

1700000

600000

900000

1700000

800000

1000

61000

110364000

-3426000

106999000

150000

The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility

Anti-dilutive for the three and six months ended June 30, 2015 Outstanding Principal includes capitalization of interest.

EX-101.SCH 6 jcap-20150630.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink 102 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 103 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 104 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 105 - Statement - CONSOLIDATED STATEMENT OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 106 - Statement - CONSOLIDATED STATEMENT OF EQUITY link:presentationLink link:definitionLink link:calculationLink 107 - Disclosure - ORGANIZATION AND FORMATION OF THE COMPANY link:presentationLink link:definitionLink link:calculationLink 108 - Disclosure - GENERAL link:presentationLink link:definitionLink link:calculationLink 109 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 110 - Disclosure - LOANS AND OTHER INVESTMENT link:presentationLink link:definitionLink link:calculationLink 111 - Disclosure - STOCKHOLDERS' EQUITY link:presentationLink link:definitionLink link:calculationLink 112 - Disclosure - DIVIDENDS & DISTRIBUTIONS link:presentationLink link:definitionLink link:calculationLink 113 - Disclosure - EARNINGS PER SHARE link:presentationLink link:definitionLink link:calculationLink 114 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:definitionLink link:calculationLink 115 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:definitionLink link:calculationLink 116 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:definitionLink link:calculationLink 117 - Disclosure - LOANS AND OTHER INVESTMENT (Tables) link:presentationLink link:definitionLink link:calculationLink 118 - Disclosure - STOCKHOLDERS' EQUITY (Tables) link:presentationLink link:definitionLink link:calculationLink 119 - Disclosure - DIVIDENDS & DISTRIBUTIONS (Tables) link:presentationLink link:definitionLink link:calculationLink 120 - Disclosure - EARNINGS PER SHARE (Tables) link:presentationLink link:definitionLink link:calculationLink 121 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details Textual) link:presentationLink link:definitionLink link:calculationLink 122 - Disclosure - LOANS AND OTHER INVESTMENT (Details) link:presentationLink link:definitionLink link:calculationLink 123 - Disclosure - LOANS AND OTHER INVESTMENT (Details 1) link:presentationLink link:definitionLink link:calculationLink 124 - Disclosure - LOANS AND OTHER INVESTMENT (Details Textual) link:presentationLink link:definitionLink link:calculationLink 125 - Disclosure - STOCKHOLDERS' EQUITY (Details) link:presentationLink link:definitionLink link:calculationLink 126 - Disclosure - STOCKHOLDERS' EQUITY (Details Textual) link:presentationLink link:definitionLink link:calculationLink 127 - Disclosure - DIVIDENDS & DISTRIBUTIONS (Details) link:presentationLink link:definitionLink link:calculationLink 128 - Disclosure - EARNINGS PER SHARE (Details) link:presentationLink link:definitionLink link:calculationLink 129 - Disclosure - RELATED PARTY TRANSACTIONS (Details Textual) link:presentationLink link:definitionLink link:calculationLink 130 - Disclosure - SUBSEQUENT EVENTS (Details Textual) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 jcap-20150630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 jcap-20150630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 jcap-20150630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document And Entity Information [Abstract] Document Information [Table] Class of Stock [Axis] Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Document Type Amendment Flag Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Trading Symbol Entity Common Stock, Shares Outstanding Statement of Financial Position [Abstract] Statement [Table] Class of Stock [Domain] Statement [Line Items] Assets [Abstract] ASSETS: Cash Restricted Cash and Cash Equivalents Restricted cash Mortgage Loans on Real Estate, Ending Balance First mortgages Mezzanine loans Mezzanine loans gives the lender the rights to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Liabilities [Abstract] LIABILITIES: Due to Officers or Stockholders Due to Manager Accounts Payable and Other Accrued Liabilities Accounts payable, accrued expenses, and other liabilities Dividends Payable Dividends payable Liabilities Total Liabilities Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Jernigan Capital, Inc. stockholders’ equity: Preferred Stock, Value, Issued Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding at June 30, 2015 and December 31, 2014, respectively; Common Stock, Value, Issued Common stock, $0.01 par value, 500,000,000 and 1,000 shares authorized at June 30, 2015 and December 31, 2014, respectively; 6,110,000 and 1,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively Additional Paid in Capital Additional paid-in capital Preferred Stock, Par or Stated Value Per Share Preferred Stock, Par Value (in dollars per share) Preferred Stock, Shares Authorized Preferred Stock, Shares Issued Preferred Stock, Shares Outstanding Income Statement [Abstract] Interest Income (Expense), Net [Abstract] Net interest income: Statement of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] Cash flows from operating activities: Net Income (Loss) Attributable to Parent Net loss Income for the year Net Loss Net loss Share-based Compensation, Total Stock-based compensation Increase (Decrease) in Interest and Dividends Receivable, Total Interest receivable Amortization of Other Deferred Charges Deferred termination fee to affiliate Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] Cash flows from investing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] Cash flows from financing activities Cash and Cash Equivalents, Period Increase (Decrease) Net change in cash and cash equivalents Statement of Stockholders' Equity [Abstract] Equity Components [Axis] Equity Component [Domain] Common Stock [Member] Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total Balance Total equity Balance Shares, Outstanding, Beginning Balance Balance (in shares) Balance (in shares) Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Basis of Accounting [Text Block] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Use of Estimates, Policy [Policy Text Block] Offering Costs [Policy Text Block] Disclosure of offering costs policy. Maintenance Cost, Policy [Policy Text Block] Fair Value Measurement, Policy [Policy Text Block] Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] Origination Fees and Costs [Policy Text Block] Disclosure of origination fees and costs policy. Derivatives, Policy [Policy Text Block] Consolidation, Variable Interest Entity, Policy [Policy Text Block] Significant Accounting Policies [Table] Range [Axis] Range [Domain] Significant Accounting Policies [Line Items] Significant Accounting Policies. Stockholders' Equity Note [Abstract] Stockholders' Equity Note Disclosure [Text Block] Schedule of Stock by Class [Table] Sale of Stock [Axis] Common Stock, Shares Authorized Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Schedule of Related Party Transactions, by Related Party [Table] Related Party [Axis] Related Party [Domain] Short-term Debt, Type [Axis] Annual Rate Of Interest It represents the annual rate of interest. Cumulative Annual Stockholder Total Return It represents the cumulative total return to the stockholder. Subsequent Events [Abstract] Subsequent Events [Text Block] Subsequent Events [Text Block] Subsequent Event [Table] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Loans Receivable, Net Subsequent Event [Member] Percentage Of Taxable Income Distributed Percentage Of Taxable Income Distributed. Percentage Of Base Management Fee 1 Percentage Of Base Management Fee Represents the percentage of base management fee. Stock Repurchased and Retired During Period, Value Retirement of stock Retirement of common stock Additional Paid-in Capital [Member] Retained Earnings [Member] Accumulated Deficit [Member] Long-term Debt, Type [Axis] Short-term Debt, Type [Domain] Repayments of Debt Derivative Instrument [Axis] Long-term Debt, Type [Domain] Construction Loans [Member] Debt Instrument [Axis] Derivative Contract [Domain] Financial Instrument [Axis] Debt Instrument, Name [Domain] Miami, FL, funding [Member] Mezzanine Loans [Member] Loan Transactions 1 [Member] Loan Transactions 2 [Member] Other Investments, Total Other investment Interest Receivable Interest receivable Other Assets Other assets Assets Total Assets Stockholders' Equity Attributable to Parent [Abstract] EQUITY: Liabilities and Equity Total Liabilities and Equity Common Stock, Par or Stated Value Per Share Common Stock, Par Value (in dollars per share) Common Stock, Shares, Issued Common Stock, Shares Issued Common Stock, Shares, Outstanding Common Stock, Shares Outstanding Retained Earnings (Accumulated Deficit) Accumulated deficit Document Information [Line Items] Secured Loan Non Recourse Pledge Description Description of the terms of non recourse pledge of secured loan obtained during the period. Secured Loan Pledge Description Description of the terms of pledge of secured loan obtained during the period. Geographical [Axis] Financial Instruments [Domain] Mortgage Loan [Member] Earnings Per Share [Abstract] Earnings Per Share [Text Block] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] Net Income (Loss) Available to Common Stockholders, Basic [Abstract] Numerator: Preferred Stock Dividends and Other Adjustments, Total Less: Dividends declared on unvested restricted shares Net Income (Loss) Available to Common Stockholders, Basic, Total Net loss attributable to common shareholders Weighted Average Number of Shares Outstanding, Diluted [Abstract] Denominator: Weighted Average Number of Shares Outstanding, Basic Weighted-average number of common shares - basic Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Unvested restricted stock shares Weighted Average Number of Shares Outstanding, Diluted Weighted-average number of common shares - diluted Earnings Per Share, Basic and Diluted, Total Net loss per share attributable to common stockholders Basic and diluted net loss per share of common stock (in dollars per share) Equity [Abstract] Preferred Stock [Text Block] Schedule of Dividends Payable [Table Text Block] Class of Stock [Line Items] Dividends Payable, Date Declared Dividends Payable, Date of Record Dividends Payable, Date to be Paid Dividends Payable, Amount Per Share Dividend declared per share of common stock (in dollars per share) Equity Method Investments, Policy [Policy Text Block] New Accounting Pronouncements, Policy [Policy Text Block] Segment Reporting, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Comprehensive Income, Policy [Policy Text Block] Interest Costs Capitalized Interest capitalized on outstanding loans Accretion Expense Accretion of deferred loan origination fees and costs Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash used in operating activities: Increase (Decrease) in Other Operating Assets and Liabilities, Net [Abstract] Changes in operating assets and liabilities: Increase (Decrease) in Other Operating Assets, Total Other assets Increase (Decrease) in Due to Officers and Stockholders Due to Manager Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total Accounts payable, accrued expenses, and other liabilities Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the period Payments to Purchase Mortgage Loans Held-for-sale Funding of first mortgages Payments To Purchase Mezzanine loans Funding of mezzanine loans It represents the amount of payments incurred to purchase mezzanine loans during the period. Costs and Expenses [Abstract] Expenses: Payments to Acquire Other Investments Acquisition of other investment Net Cash Provided by (Used in) Investing Activities, Continuing Operations, Total Net cash used in investing activities Interest and Fee Income, Loans, Commercial and Residential, Real Estate Interest income from real estate loans Interest Income (Expense), Net, Total Net interest income Proceeds from Issuance of Common Stock Net proceeds from issuance of common stock Net Cash Provided by (Used in) Financing Activities, Continuing Operations, Total Net cash provided from financing activities Interest Income, Other Other interest income General And Administrative Expenses Reimbursed To Affiliate General and administrative expenses reimbursed to affiliate It represents the amount of general and administrative expenses to be reimbursed to affiliate during the period. Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Supplemental disclosures of non-cash activities: General and Administrative Expense, Total General and administrative expenses Restricted Cash Received From Customer Deposits And Borrowed Funds Restricted Cash - customer due diligence deposits and retained borrower funds for loan costs It represents the amount of restricted cash received from customer deposits and borrowed funds. Unreimbursed Investment Expenses Unreimbursed investment expenses It represents the amount of unreimbursed investment expenses to affiliate during the period. Accrued Offering Cost Accrued offering costs It represents the amount of Accrued Offering Costs. Accounts Payable With Held From Loan Funding Accounts payable withheld from loan funding It represents the amount of accounts payable with held from loan funding. Management Fee Expense Management fees to affiliate Dividends Dividend declared Dividends declared Weighted Average Number of Shares Outstanding, Basic and Diluted Basic and diluted weighted average shares of common stock outstanding (in shares) Stock Repurchased and Retired During Period, Shares Retirement of stock (in shares) Stock Issued During Period, Value, New Issues Issue of share capital Public offering of common stock Stock Issued During Period, Shares, New Issues Public offering of common stock (in shares) Stock Issued During Period, Value, Other Private placement of common stock Stock Issued During Period, Shares, Other Private placement of common stock (in shares) Payments of Stock Issuance Costs Equity offering costs Stock Issued During Period, Value, Restricted Stock Award, Gross Issuance of restricted stock Stock Issued During Period, Shares, Restricted Stock Award, Gross Issuance of restricted stock (in shares) Reimbursement Of Organization Costs Reimbursement received or receivable for the organizational costs incurred during the reporting period. Reimbursement Of Offering Costs Reimbursement received or receivable for the offering costs incurred during the reporting period. Founder [Member] EX-101.PRE 10 jcap-20150630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`$F3#4?U42*BIP$``&<4```3````6T-O;G1E;G1?5'EP97-= M+GAM;,V8RV[",!!%?P5E6Q%CT]*'@$WIMD5J?\!-)L3"CBW;!/C[V@&J-J(5 MM$2:31[<\=R;C',6C-^V!EQOHV3E)DGIO7D@Q&4E*.Y2;:`*2J&MXC[_[V".9CE]JL%;DT'O<";'W).'&2)%Q+W1%ZBIO=>WK MHA`9Y#I;J;`D]<$:KH*>].;<^F>N0@NRD:01=D>:1IU76I!-C2N%V5L];4(7%WZ;)$%U)SFT%_Z63*@X M-%,MOJV(]W]\EM9+K)6<6;X6+8.ZLS'%< M:W/]T]`;T9'FU"$DSLK!D.08(LEQC23'#9(<(R0Y;I'DN$.2XQY)#CK`$@0+ M42D6I%(L3*58H$JQ4)5BP2K%PE6*!:P4"UD9%K(R+&1E6,C*L)"582$KPT)6 MAH6L#`M9&1:R,BQD'7Z2E33_+TX_`%!+`P04````"`!)DPU'2'4%[L4````K M`@``"P```%]R96QS+RYR96QSK9++;L)`#$5_)9I]<4HE%A%AQ88=0OR`.^,\ ME,QXY#$B_?N.V(#"0ZW$TJ][CZZ\#JFL#C2B]AQ2U\=43'X,JQW8OG*\M"_V/Z'D4 MX$G1H>)%]2-F`Q+M*;V"^GH`A3&^.R6:E((C-Z."N[_8_`)02P,$%`````@` M29,-1Z^6X@AN`0``-Q,``!H```!X;"]?1O@T( M+(W_JQ\6^]:GNR>I;:BZUI=5[V?O3=WZW?#^D)0A]#MC?%Y*8_V\ZZ4=5J^= M:VP8'EUA>IO?;"&&TW1EW'1.%^=H@,?$@C@!-&;U;T9HS>K.C-H+.V M=MC&Z,V*WHS1FQ6]&:,W*WHS1F]6]&:,WJSHS1B]6=&;,7JSHC=C],X4O3., MWME$;U]:)Y?GX*JV$^N^39<+9K@[<.]EL>GC%/5AHG68=A)S'A]^-=LG/H9 M8G[](SM^`%!+`P04````"`!)DPU'T2K#?*0"```F"0``$````&1O8U!R;W!S M+V%P<"YX;6R]5EU3HS`4_2L9'G;=AQ6LC@_=RDR$V&:V`DO2[KAO$5*;D0:& MQ([ZZS>`[5*E57Q87KBY.>=^G!LFC*1RAE&9%[S4@BOPN,JD&AKGA;74NAC: MMDJ6?,74L8%(L[O(RQ739EG>V?EB(1+NY\G#BDMM#QSGW.:/FLN4I]^+;5#+ M'5598%%D(F%:Y-*]%DF9JWRA`7I,>#:R7P-JAHE,>/)0"OWD.@VF[:HQ)&$9 M]TPN=\$RQ1O4/V>-\?)5P>23W:RF0MZK64%SGVG>9NUN--&7K.2I2;H3?>NL M,9,GTV=6<;TEDW<\;6/?;FZTF/-259V>#(X=\VPEV/B;V)RE0MY%3)3*':WU M<,T3G9&L[ M*Y0NW=]Y>:^6G&LULK?.VFQCV[8X69&MY84#"*?8A13ZXA%,8 M>`B0"4*4],6#HXB]SR'4O*Y18/#A%0@C%/?@5!0/D@GHR4&_9IAVW=*6CH_9R$4Q_%Y&O3VDTGT,=S[*/`)^`+6Q4_ M@($C?'EK.JNNQ($X\"42X`9BYDJC%$G+$;36N,(QO0&T-B4#[W]437Y_LJ=G/=4#AQ1=OMA^6JT^9*_]=>QH7Y0S<-Y#BHP..FM@,]U?\[@ M]!.7--M>^; M5[>+O?M7Y/X%4$L#!!0````(`$F3#4=!',$8/P$``&D#```1````9&]C4')O M<',O8V]R92YX;6S-DTU/PS`,AO\*ZKU+LVG3%'4]`.+$)"2&0-Q"XFUAS8<2 M3UW_/5G6M0RX[,:MKOT^?ATGI7!,6`]/WCKPJ"#<''1M`A-ND6T1'2,DB"UH M'D:QPL3DVGK-,89^0QP7.[X!,BZ*&=&`7'+DY`C,74_,JE(*)CQPM+[#2]'C MW=[7"28%@1HT&`R$CBC)JA>S,[8Q)1GT51D=USS@TDJU5B!OVZ'L=RIV1O`Z MG.0@^_;I[Y\>4H9D7>4AJ+ZJ:9I1,TEU<6!*WI:/S^EL4XG*SIGXQFCT_?C9!?^!L.Z&^+?.CX;3-M%A35< MN=NDD6FYZ3.!)`3AE4-ES56XA/DF3K"P__@$@=>#.F&Z;#MH&^MEJ-+]&J+C MRXDKVUC?GE(_HHM757T!4$L#!!0````(`$F3#4>97)PC$`8``)PG```3```` M>&PO=&AE;64O=&AE;64Q+GAM;.U:6W/:.!1^[Z_0>&?V;0O&-H&VM!-S:7;; MM)F$[4X?A1%8C6QY9)&$?[]'-A#+E@WMDDVZFSP$+.G[SD5'Y^@X>?/N+F+H MAHB4\GA@V2_;UKNW+][@5S(D$4$P&:>O\,`*I4Q>M5II`,,X?+&A`T%116F]?(+3E'S/X%/F7/Z3H=,H%N,!M8('_.;Z?D3EJ(X53"Q,!J M9S]6:\?1TDB`@LE]E`6Z2?:CTQ4(,@T[.IU8SG9\]L3MGXS*VG0T;1K@X_%X M.+;+THMP'`3@4;N>PIWT;+^D00FTHVG09-CVVJZ1IJJ-4T_3]WW?ZYMHG`J- M6T_3:W?=TXZ)QJW0>`V^\4^'PZZ)QJO0=.MI)B?]KFNDZ19H0D;CZWH2%;7E M0-,@`%AP=M;,T@.67BGZ=90:V1V[W4%<\%CN.8D1_L;%!-9ITAF6-$9RG9`% M#@`WQ-%,4'RO0;:*X,*2TER0UL\IM5`:")K(@?5'@B'%W*_]]9>[R:0S>IU] M.LYKE']IJP&G[;N;SY/\<^CDGZ>3UTU"SG"\+`GQ^R-;88C'(CN]WV6'WV3T=N(]>IP+,BUY1& M)$6?R"VZY!$XM4D-,A,_")V&F&I0'`*D"3&6H8;XM,:L$>`3?;>^",C?C8CW MJV^:/5>A6$G:A/@01AKBG'/F<]%L^P>E1M'V5;SCFED)O816:I^JAS0^J!XR"@7QN1X^Y7IX"C>6QKQ0KH)[`?_1VC?" MJ_B"P#E_+GW/I>^Y]#VATK\>WZV22$KYI9+2,6D$N!LT$DN/R+RO`JQ`GH9%LE"0AMNZ5/U2I77Y:^Y*+@\6^3IKZ%T/BS/^3Q?Y[3-"S-#MW)+ZK:4 MOK4F.$KTL@'37[]EUVY".E,%.70[@:0KX#;;J=W#HX MGIB1N0K34I!OP_GIQ7@:XCG9!+E]F%=MY]C1T?OGP5&PH^\\EAW'B/*B(>ZA MAIC/PT.'>7M?F&>5QE`T%&ULK"0L1K=@N-?Q+!3@9&`MH`>#KU$"\E)58#%; MQ@,KD*)\3(Q%Z'#GEUQ?X]&2X]NF9;5NKREW&6TB4CG":9@39ZO*WF6QP54= MSU5;\K"^:CVT%4[/_EFMR)\,$4X6"Q)(8Y07IDJB\QE3ON>;G*YZ M(G;ZEW?!8/+]<,E'#^4[YU_T74.N?O;=X_INDSM(3)QYQ1$!=$4"(Y4U#VT%SU&\Z.9X!ZSAW.;>KC"1:S_6-8>^3+?.7#; M.MX#7N83+$.D?L%]BHJ`$:MBOKJO3_DEG#NT>_&!()O\UMND]MW@#'S4JUJE M9"L1/TL'?!^2!F.,6_0T7X\48JVFL:W&VC$,>8!8\PRA9CC?AT6:&C/5BZPY MC0IO0=5`Y3_;U`UH]@TT')$%7C&9MC:CY$X*/-S^[PVPPL2.X>V+OP%02P,$ M%`````@`29,-1]D&ULS59=:]LP M%/TK0AFCA1';V9JNJVT8A)'"A5/TE")I\@1EJQJ+&7.^40C*D]%)6 M05-+C(K&.#$:3,)P&C!$.$QCWK(94PW(1/^[%>KV M'7#CZ,-H%#Y>WN[B%W;C$@+'\:U(8#2]@L'S2&(`>^&]'2-<2!O;1=B-,PY])%EE"0S[W_/#99[=#N9XA-+M MXVD@C6ND%)9\IA>@G\]7M3X<%QP[D=;N@'4ET2J:7&TXV$''S80LL!PB1W`- MI3'%I=(.DE0+,RI1&^E"*<'TI""H$AQ10[GVZ">:-L>4/IC/ZU>YQ=V5P-F8 M.PXA,"K64YV(?NK+P"8UV&1SW)NTDZ-X05<.`;0WJFNZ^DI)Q1EV8ATT$_WJ M$'VTASZ-T9H5+(0D3]K>%$*N`2PA6&*I2+Z)_)&HGN-.]14<=.4^A<<>^34U MG3YK7HTNP;=.S]'!+73?L@S+F?W;>[FDC]>'K\Q^G7!'YMM6S1$23I`8O\G[2@[UD;C7&K+0XHR%I"%>%K#<@\9.Z-;KK5 ML7Q+U)Q%Y[NAW54HTP_;K2B:K,`E:JGZ299"V!-C16B M0;Z,I;2%KT>R6]@0$>`IEFP=K79/-/M6S>[J]NM-77]%]Z6LU*R=>WNMF]E@ MH+9[7C+UHFYX9=[MZK9DV@S;+X-ZMQ-;'M7;0\DK/<##X7305C)1>>_>JME.2+[AK3)@Q)HF9B6?>_?20Y(I30JA M>3'WQF98W_&CB?;07!R$M(/)<.(-+.SQJ.L6;>N"][!\+]3'AQ<>*OB.':3. M3;"/^\X]'X\QGO8,^]E&\#L%@78"L:T6MSQG-W-OZ"%VT/6ED)JW$=-\T=:' M1E1?#,M#.]$JG=GC=E^6HA*E^&[C-B.UK^^6=2N^UY5F,MNVM93=*ONB6V1V M4#]G3(Q:;(\^U.PFM968>].A`=X*)6Z$%/K;W.N>);@I)T$<3TL;-Z@B&9Y2B^N;2KA87PHK>^PE@1I;!*1(6.6L35("5P-3?4= MJJ9DU3FQ#M+\$\I3DYH@/(D!:NH[/,VN+S*3`JL4V5C5X6*HIN]P\VQA_2E$ M03E]AYU_+BUZ9NXUB()Z^@X_7?7M()*KYQ`$M?4=WIXM=$^$."BO[[#WM-RN MJ##4%[OT/9=T[$,4-!D[3#Z7](AKB#JZ@!TNGT7A$41!L;%#[/.H,41!N['+ M;J<*YFA,R..L0]6Q2_5SI*/;$T/5L4/UOVAEF1`'=<<.W5U:N4X(;<<.V_]\ MGYS(`$W'#M-/+A60*7X/42-H^VCXT'_\:CE,UR4J7MB&3'7;F(YF:[LT\]/? ML>.)_>/9\97IW.:>;:],)W60,C1S2;6J6=>$].3'ONS=#U!+`P04````"`!) MDPU'!7$E`4\"``#S!P``&````'AL+W=O5JC[L/CO$":B`6=L)W;]?VQ!*[:%Y"+Z< M,V<\]LQD/>/OHJ14>A]-W8J=7TK9;8-`%"5MB'AB'6W5SH7QAD@UY==`=)R2 MLR$U=8##,`T:4K5^GIFU5YYG[";KJJ6OW!.WIB'\WX'6K-_YR'\LO%774NJ% M(,^"B7>N&MJ*BK4>IY>=OT?;(XHUQ"!^5[07L[&GG3\Q]JXG/\\[/]0^T)H6 M4IL@ZG.G1UK7VI)2_CL:_=34Q/GX8?W9'%>Y?R*"'EG]ISK+4GD;^MZ97LBM MEF^L?Z'C&1)ML&"U,/]><1.2-0^*[S7D8_A6K?GVPTZ,1AI,P",!3P0$R.J+O'&TC%;E"+^I`J3,)M:<1>7;/PRRX M:S,CXC!'8(-`$R)0MB.P/3=(^RH8*="8.7<625HQ$S/TV*4*A^EE0PJ[$-Y5?3>X17L%LKAV(ZK4[];8]-C?Z$YUE' MKO07X=>J%=Z)257I3:V^,":I\B=\4N6A5!UXFM3T(O5PI<9\Z$G#1++NT6*G M/I__!U!+`P04````"`!)DPU'OZL%JQ\#```G#@``&````'AL+W=OAKEK] MU`7]N6G*[M=&U^:R"B&\/7BN#L?!/8C6R^@>MZL:W?:5:8-.[U?A1W@LA'*2 M4?&]TI=^=ATX\R_&O+J;K[M5&#L/NM;;P351VM.;+G1=NY9LYI_71O_D=('S MZUOKG\=RK?V7LM>%J7]4N^%HW<9AL-/[\EP/S^;R15]K2%R#6U/WXS'8GOO! M-+>0,&C*]^E/Y,KW)XVL8'R"N`>(>`.J?`?(:(%%`-#D;Z_I4#N5ZV9E+ MT$T?XU2Z;PZ/TO;#G%IWR\9./E+%Y-\1DJ8I*THR0;)7FN%"JUH"K@?2C6AZ(^ MLC)3YDC'RD)$.J M\``LJ,AC(V-M9-0&(!L9R9#G2%-0C<=%SKK(J0LTC38YR8`E!95X3"Q8$PMJ M0B(3"]H5>'Q2B<>$`RC'G)C:(-")Z0B%6,4$/8S.PP[P$!`(?:1GN@&/+Q"T MGA37(^A(7^2X&"KR]2P/0J`DE)B$($D2!?@3,R(?@X!G(5`82@Q#H*03(#&% M&)6O5W@>`@4B3K*!.>NRZ^1+)+9"5=YNX9D(*1EMRE<-CS.@/%.>OQ3P*`+* M(H59!#FI-,5$9#2^4G@<`>61PCP"2AL+`IGBGP2G\ZQ!>"H)2B6\/M@(2IL/ M4@D\>QB9IV,$SR0!U$N"O0"WE%@L\/3A=!XSGM49Q9O">!.47)#$V,E_XTWP M>!,4;PKC33#DBC-0I%L8G<<,#SA!`:F$';]N('RZFCW;7=;VJ]']QE9J^[:1\SW0SF=-N6W?>& MZ]]02P,$%`````@`29,-1Z.Y.8X3`@``/0<``!@```!X;"]W;W)K217S[_W.^@RT[[PG]8!5"W/EL<,NV;L5YMP&`'2O40+8B'6K% MRHG0!G(QI&?`.HI@J4P-!H'G):"!=>L6N9I[HT5.+AS7+7JC#KLT#:1_=PB3 M?NOZ[FWBO3Y77$Z`(@>3KZP;U+*:M`Y%IZW[Q=_L,ZE0@E\UZMFL[TCV`R$? M1$`8';F,`$5S17N$L0PD$O\98_Y/*8WS_BWZ-U6MH#]`AO8$_ZY+ M7@E8SW5*=((7S-])_QV-)<0RX)%@IOZ=XX5QTMPLKM/`SZ&M6]7VPTJ&<#2$F@$,9*JNKY##(J>D=^BP%QV46^YO0O'ECG)2?BA1$Q-K M4E'DUR+*^-/PWG%>6"*;(R12:3M@&[R,BDLSQ2 M+!AB*T-L,H0:0_R4X9%BP9!8&1*3(=(8DE=.R1/1@B2UDJ0F2:R1I$:M\9U3 M8BK]NP=D;<59FSB)AK,VDB2^;X$Q=?=A,BM,9L*D&DSV(HRIL\"`V4W7P3/Z M">FY;IES(%Q0H``!@```!X;"]W;W)KPSDN>5LWYGJ*B`(Q4'-RL8O\F[LI2UR<5%5V?"7UI.7NF;M MGS6OQ&WE8_\^\%H>3\H,!$4>/'S[LN:-+$7CM?RP\C_CY0;'1M(I?I;\)D=M MS\!OA7@SG>_[E8\,`Z_X3IDIF'Y<^897E9E)K_Q[F/3?FL8X;M]G_]J5J_&W M3/*-J'Z5>W72M,CW]OS`+I5Z%;=O?*@A,A/N1"6[3V]WD4K4=XOOU>R]?Y9- M][SU;U(TV-P&,AC(PY#-ZL-!'T[U0<_55?6%*5;DK;AY;?]5G)GYQO$RU/NV M,X-FFW1%4K\SBB*_%E&:!UJ(`6-$D%7'O&;"D3@Y$LAA[=4Z@7L%.*"&Q+&;(W5RI)`C MMCA2R!'9'/.:"4?FY,@@1V)Q9&`-BNSC.J^9<)@$=,4&@B0@-]!_;,D'HBG+ MDPC#D"6S63!<)J0@QAPJFCTY>=@=99@`F@39-`2L,SJ?`\NL9DKB#D4,4S&Q M4Q'#R/N$,<4VC$M&TN0)CSL<,4S'Q$Y'/(Z^M%\(+8B-XU11^@3'G9$X@CBA MC1/!!,M"BNS3OW$(29:&E#S[\;AS%\/@3>S@Q3$H'BU"^R_D(U5/$XRN"6=V MY#]8>RP;Z6V%TA>.[LYP$$)Q/2-:Z!)/^A[XZ%3\H$PST>VVOQGU'27.]XO> MX[99_`502P,$%`````@`29,-1R?CZ$\-`P``>PT``!@```!X;"]W;W)K&D.1VU?1%49W?QV32?[L5%],,C])OS"'AZ3V)I, M%K\:>1E7SX%-_E6I-]OXL=N$L1ZVZ MJTL8=/7'?&_ZZ7Z9O_!X<:,=8'&`FX.8\IYUIBR_UKJNRD%=@F$>VE-M_R![ M`#,.6_O2=MMD.)IOUJ(JWZLB*Z-W&V5R;P&22B9M)9*+?)("4@)5_,DOD MM']"^BC8+4*)#&RG_6*+!&0DMP4H*CFN&,]A>D MOT`I)N"D*(@4@=:P6%/LQ%@E<>&)B='VE#_S(,JP3.[*,"23"^Z1H3%E@&5< MSA:;M0S$OM[0-#.,,W=_#4OPH*6QIT89S3-+<0EY2I#1N#+,*T_=3#&P=RQ- M4I\2#2W#U'(T"Q/8YBEX)B!&D\L(=%$I$>QR'WV,QI=QK(-JB6,=8'GJJUH: M=";P;_9$`)IBP!1S=\H$3#%C<2H\HP(TR(!!%N[$"1CD_RIYEES,\BK"HH19 MYCSU52[0-`.F6;@T`Z;9UQL:9JST# MEM",)YAQX3*>K!F?-Y'`$G>G&ZTVUJ?Z('_6PZ'IQ^!5:;-%GW;9>Z6T-!'C M>U-.1W,2NC5:N=?VL3#/PWPVF!M:G:Y'G=MYJ_H'4$L#!!0````(`$F3#4?# M;?DGI@,``-,2```8````>&PO=V]R:W-H965T&ULC5C;DII` M$/T5RO==&"X#;*E549'D(55;>4B>61V56F`,L.OF[S.#>)GIEN%%+IX^ISES MZ8;IB=?OS8&QUOHJBZJ930YM>WRQ[69S8&76//,CJ\0_.UZ762LNZ[W='&N6 M;;N@LK!=QZ%VF>759#[M[KW6\RG_:(N\8J^UU7R495;_6[""GV83,KG<^)7O M#ZV\8<^G]C5NFY>L:G)>637;S2;?R$M*(@GI$+]S=FKNSBV9_!OG[_+BQW8V M<60.K&";5E)DXO#)EJPH))-0_MN3WC1EX/WYA7W=/:Y(_RUKV)(7?_)M>Q#9 M.A-KRW;91]'^XJ?OK'^&0!)N>-%TO];FHVEY>0F96&7V=3[F57<\G?^)G#X, M#W#[`/<:0,A@@-<'>-<`UQT,\/L`_QK@T<&`H`\(;@KQ8`#M`^CM&885PCX@ MO*74F6N?W>W&9I6UV7Q:\Y-5GR?4,9/SEKR$8O0W\J8<;#$NC?A/(N;3SSEQ MG*G]*8EZS.(>XW:8(%8A2P@A#E$Q*PSCJI@$PW@J9HUA?!638IC@BK&%)5=? M7-07]X[`[PFHYLL94W68\(S1;($(S=N5D2,Q7!(Z^42PIL#[0!G"%,?FQK^\#$*;[/RZE=(A(,2=$ MS0D1<_0)%P*)()29/!"*4*$($=),6410"(Y!!,9`HUE!&C^.M7%*($@?@#'9 MI$,TBBLQZDJ,N**5@V4,)-P!]V5?@I5!!U'2BLJB!RFK+:9@32HP?`<:QY0@ M,'T4QC&E@TRJ00_Z!((8%.@&$5.^2P6"%JL5P@+V9[/2V@Q)!R&J*WB70)`V M@5#]D5UDJQJ8H7@-)K`(AWIU)+`(>[Z>C6>>G6::!,&``3#3I(,TJBUXTT!@ MUT"!+;`0BU*A^V(L^2LS)#%#UF9(:DA8]05O'@C2/9!0-P9I'USB@0T-PH`U M1D@R3FP]#I8."JH&X6T/@7U/"/R!W<,3<2.]]45@P!\C)!DGMAX'2P<%57_P MSH=@K0]862'83,2;@6CH=(<@CH)M'^$2+W\4[#P0]^3Y+M5]PE*C<0PF$H)[ MN-;PWHU@S1NP`+9"%"T#]MVK^S';LY]9O<^KQGKC;GZ'6O^'U!+`P04````"`!)DPU'$!X7 MYJ`!``"Q`P``&````'AL+W=ODW57D6&I:5=V'E:H^[#X3>VRC`N,"CKM_OX`=UTK=%V"&<\ZC\AOL7@5W6@6;0`"DH?%428SO``2D6A4/A]TOPL M&8G+]47]*74;W)^$@P=4?V7EVV`VHZ2"6O3*O^+P#%,+MU&P1.722,K>>=07 M"B5:?(RS-&D>QIV?V41;)_")P*\(;"R4;#X*+XK+2=B#>XV?-P$&5, MQKZ#11?V(J+(S\6&9SD[1Z$);J33WB1 M=Z*!W\(VTCAR0A]N-MU-C>@A6,EN;BEIP_^9`P6UC\L?86W')S4&'KO+!YE_ M:?$?4$L#!!0````(`$F3#4?F652ZH0$``+$#```8````>&PO=V]R:W-H965T M&UL=5/;CML@$/T5Q`18VFQ5M0^55OO0/A-[;*,% MQ@4<;_^^@!VOE;HOP`SGG#G#I1C1OKD.P)-WK8P[T<[[_LB8JSK0PCU@#R;L M-&BU\"&T+7.]!5$GDE:,9]DCTT(:6A8I]V++`@>OI($72]R@M;!_SJ!P/-$= MO25>9=OYF&!EP19>+348)]$0"\V)/NV.YSPB$N"GA-&MUB1ZOR"^Q>![?:)9 MM``**A\51)BN\`Q*1:%0^/>L^5$R$M?KF_K7U&UP?Q$.GE']DK7O@MF,DAH: M,2C_BN,WF%LX1,$*E4LCJ0;G4=\HE&CQ/LW2I'F<=CYG,VV;P&<"OR.PJ5"R M^45X41861V*GH^U%O,'=D8>#J&(R]ATLNK`7$65Q+7<\+]@U"LV8\QK#)\R" M8$%]*<&W2ISY/W2^3=]O.MROZ/O9X7_JYYL"^4H@GP4.=RUN81[OBK#5F6JP M;7HZCE0X&#\=WI)=7N<33W?R`2^+7K3P0]A6&DJT!)THP$` M`+$#```8````>&PO=V]R:W-H965T&UL;5/+;N0@$/P5Y`\( M'L9Y[,AC*9,H2@XK13GLGAF[;:,`[0`>9_]^`3]B);X`W5155_/(!S3OM@5P MY%-);8])ZUQWH-26+2ANK[`#[7=J-(H['YJ&VLX`KR))2R>%AE=#;*\4-_].('$X)KMD3KR)IG4A08N<+KQ**-!6H"8&ZF-ROSN< MLH"(@#\"!KM:D^#]C/@>@I?JF*3!`D@H75#@?KK``T@9A'SACTGSJV0@KM>S M^E/LUKL_;)J0"FK>2_>&PS-,+5P'P1*EC2,I>^M0S92$*/XY MSD+'>1AWLIFV36`3@2V$NS0:'PM%FX_<\2(W.!`S'FW'PPWN#LP?1!F2H6]O MT?J]@"CR2[%CMSF]!*$)&UL=5/;;MP@$/T5Q`<$WY)&*Z^E;*HH?:@4Y:%]9NVQC0*, M"WB=_GT`>QTK=5^`&`R6[6)'@_([Z%X$=SI$FP M`!)J%Q2XGR[P"%(&(5_XSZ+Y63(0M^NK^E/LUKL_;$))`RT? MI7O%Z1F6%FZ#8(W2QI'4HW6HKA1*%'^?9Z'C/,T[=_E"VR=D"R%;"?=)-#X7 MBC:_<\>KTN!$S'RT`P\WF!XR?Q!U2(:^O47K]P*B*B]5FJ)5-ZV."%3F;>9748)Q$0RS41_JP M.9QV$9$`;Q(&MUB3Z/V,^!&#W]619M$"*"A]5!!ANL`C*!6%0N&_D^97R4A< MKJ_J3ZG;X/XL'#RB>I>5;X/9C)(*:M$K_XK#,TPM[*-@B7*#1A3DL,'S$S@@7UN01?*W'B/^A\G;Y==;A=T+>3 MP]MU@=VJP&XAL)L$[KZUN(:Y_U:$+B@3_"-M(XV8&RR()I&T8CS+/C$MI*%5F7+/MBIQ]$H:>+;$C5H+^_<,"J<3 MS>DM\2*[WL<$JTJV\AJIP3B)AEAH3_0Q/YZ+B$B`7Q(FMUF3Z/V"^!J#'\V) M9M$"**A]5!!ANL(3*!6%0N$_B^9[R4CJP7;IZ3A2XVC\?'AK=GV=CSS=R3N\*@?1P4]A.VD4].'_K(&"UL?EY["V\Y.:`X_#[8.LO[3Z!U!+`P04````"`!)DPU'=%>K M`:,!``"Q`P``&0```'AL+W=O!%MYT*"E05;>+50H*U`30PT M1_JP.YSR@(B`?P)&NUJ3X/V,^!J"/_61)L$"2*A<4.!^NL`C2!F$?.&W6?.K M9""NUU?U7[%;[_[,+3RB_"]JUWFS"24U-'R0[@7'WS"WL`^"%4H;1U(-UJ&Z M4BA1_'V:A8[S..UDZ4S;)J0S(5T(]TDT/A6*-I^XXV5A<"1F.MJ>AQO<'5)_ M$%5(AKZ]1>OW`J(L+N4NSPIV"4(SYK3&I!-F03"OOI1(MTJ;3K, M5O1L=IAO"^2;`OE*()\%]M]:W,+JP+3QZ5A2X:#=='A+=GF=#_$2 MV1>\+'K>PE]N6J$M.:/S-QOOID%TX*TD-WM*.O]_ED!"X\+RSJ_-]*2FP&%_ M_2#++RT_`5!+`P04````"`!)DPU'I+5"O:0!``"Q`P``&0```'AL+W=OSCGW7#Z*$5=2VR/MG.L/C-FJ`\7M M#?:@_4Z#1G'G0],RVQO@=20IR;(D^<$4%YJ61%P9&8Z6A['FXP/63^(*J0#'U[B];O!4197,HTORW8)0C- MF-,:DTV8!<&\^E(BVRIQRK[1LVWZ;M/A;D7?S0[OM@7R38%\)9#/`C^_M+B! MV2=?BK#5F2HP;7PZEE0X:#<=WI)=7N=]%N_D$UX6/6_A#S>MT):&UL=5/; M;MP@$/T5Q`<$W[:M5EY+V511^U`IRD/[S-IC&P48!_`Z_?L"]CI6XKX`,YQS MY@R7^>&(V.V[D%Q>X<#:+_3HE'<^=!TS`X&>!-)2K(L M2;XPQ86F51ES3Z8J<712:'@RQ(Y*BX"(@-\")KM9D^#]@O@2@I_-B2;!`DBH75#@?KK"`T@9A'SA MUT7SO60@;M4/X1C>N]V822!EH^2O>,TP]86C@$P1JEC2.I M1^M0W2B4*/XVST+'>9IW\G2A[1.RA9"MA&])-#X7BC:_<\>KTN!$S'RT`P\W MF!XS?Q!U2(:^O47K]P*B*J]5>DA+=@U""^:\Q60S9D4PK[Z6R/9*G+-/]&R? MGN\ZS#?T?''X'X%B5Z#8"!2+0/ZAQ3U,\:$(VYRI`M/%IV-)C:-V\^&MV?5U MWF?Q3M[A53GP#GYQTPEMR06=O]EX-RVB`V\EN3M0TOO_LP826A>67_W:S$]J M#AP.MP^R_M+J'U!+`P04````"`!)DPU'$FE!JU`"``#K"```&0```'AL+W=O M9I>*FJ[+A M;])3M[IF\M^15Z+;^\1_;KR7UT+;C2!+@]'N7-:\4:5H/,DO>_]`=D<26TB/ M^%WR3DWFGG7^),2'7?P\[_W0^L`KGFM+PW]4WI47]-/&] MFGT.8]GT8S>\2<*'&3:@#P/J&`2#4._F-Z99EDK1>7*XVY;9$)(=-1>1VTU[ M;N.B,N\L(DOO&8FB-+A;H@?F.,70`3,B`L,^2E`D<:0S5C>JH!!0N*&'H(78DX5* M)7.*V(T^!"V$G\!R/1`**-P$@*"%#""XKLD*4+@Y`$$+24!P^1-0V[&;!A"T ME`?X"T!`><>S/$"@I3S`'P$"*CR9Y0$"+>4!_@X04.3)+`\0R,V#8-*,:BZO M?<]57BYNC1ZZSK@[]O4#[9O9%SQ+6W;EOYB\EHWR3D*;EM@WM8L0FAM?PA=S MMX7Y\Q@7%;]H.XW-7`Z]>%AHT3Y_+<;_F^P_4$L#!!0````(`$F3#4=9W"%% ML`$``!8$```9````>&PO=V]R:W-H965T0/*`Y9&D6.I:95U3Y4JOHP\TSL:QN5Q04<=_Y^6!S7RC`O`2YGNP92C$I_ MF@[`HF_!I3EFG;7]`6-3=2"HN5,]2+?3*"VH=4O=8M-KH'4@"8Y)GN^PH$QF M91%J[[HLU&`YD_"ND1F$H/K/";@:C]DJNQ8^6-M97\!E@6=>S01(PY1$&IIC M]K`ZG+8>$0"_&(QF,4<^^UFI3[]XK8]9[B,`A\IZ!>J&"SP"YU[(&7]-FC^6 MGKB<7]6?0[%3\-ZMMY\+F&:JAH0.W'VI\@:F%D+!2W(1?5`W&*G&E M9$C0[S@R&<8Q[NSV$RU-(!.!S(1]'H)'HQ#SB5I:%EJ-2,=/VU-_@JL#<1^B M\D7?MXMHW)Y'E,6E7.TW!;YXH0ES6F)(Q,P([-1G"Y*R.)%_Z"1-7R<3KA?T M=71?_T=@DQ38+`0V4XO;FQ93F%W:9)LTV28$[F],4IC]C0E>')P`W8;[:5"E M!FGC"QL75O775SC_%91_`5!+`P04````"`!)DPU'Q\'/$Z$!``"Q`P`` M&0```'AL+W=O-`VSO0%119)6C&?9'=-"=K3(H^_9%#D. M3LD.G@VQ@];"?!Y!X7B@&WIQO,BF=<'!BIS-O$IJZ*S$CABH#_1QLS_N`B(" M7B6,=G$F(?<3XGLP_E0'FH440$'I@H+PVQF>0*D@Y`/_FS2_0P;B\GQ1_Q6K M]=F?A(4G5&^R*W.!(3&IM+\($-WON&U$&9ZC;IVC]74`4 M^;G8W#_D[!R$)LQQB>$),R.85Y]#\+401_X?G:_3MZL9;A?T;8J^O5L7V*T* M[!8"NR3PD%V5N(:Y+I(M>JK!-/'I6%+BT+G4O-D[O\Y''F?R#2_R7C3P5YA& M=I:D`0``L0,``!D```!X;"]W;W)K&UL;5/;;MP@$/T5Q`<$+^NTR)W\? MP%['2OT"S'#.F3-`\ZBN%$BW>IEF:-(_33GX_T[8)?";PA7"7)>-3H63SA_"B M+"R.Q$Y'VXMX@[L##P=1Q63L.UAT82\BRN)2[NYYP2Y1:,:&PO=V]R:W-H965T7](0L7FQ/>-SSISQI1BU>;<=@$.? M4BA[Q)US_8$06W4@F;W1/2B_TV@CF?.A:8GM#;`ZDJ0@-,OV1#*N<%G$W*LI M"STXP16\&F0'*9GY=P*AQR/>X&OBC;>="PE2%F3FU5R"LEPK9*`YXH?-X90' M1`3\X3#:Q1H%[V>MWT/P4A]Q%BR`@,H%!>:G"SR"$$'(%_Z8-+]+!N)R?55_ MBMUZ]V=FX5&+O[QVG3>;851#PP;AWO3X#%,+NR!8:6'CB*K!.BVO%(PD^TPS M5W$>T\[^?J*M$^A$H#/A+HO&4Z%H\Q=SK"R,'I%)1]NS<(.;`_4'485DZ-M; MM'XO(,KB4F[N=P6Y!*$)GZ_3MJL/M@KY-U?-\ M72!?%<@7`OG4XOY'BVN8VQ]%R.),)9@V/AV+*CTHEPYOSLZO\X'&._F&ET7/ M6OC-3,N516?M_,W&NVFT=N"M9#<[C#K_?^9`0./"\M:O37I2*7"ZOWZ0^9>6 M7U!+`P04````"`!)DPU'-8+YS*,!``"Q`P``&0```'AL+W=OLLTUV M3;R*MG,A0%D8'(E)1]OS<(.;`_,'485DZ-M;M'XO(,KB4F[N[PIZ"4(3YK3$L(29 M$=2KSR786HD3^X_.UNG;58?;!7T[.;Q?%]BM"NP6`KM4/\^_M;B&^=XD79RI M`M/&IV-)A8-VZ?#F[/PZ'UB\DR]X6?2\A=_38/HP%O);_89 MZ?S_F0,)C0O+'WYMTI-*@:O*6J[?)W8E55#[Q,ZOUSH&+BBH]%4=/G@6C^R:H*CWB M^[%7T:)V\ZQ9>Q9YQB^J+&KV+!QYJ2HJ_JY9R6\K%]S[PDMQ/"FSX.69U\?M MBXK5LN"U(]AAY7Z!Y880`VD0OPIVDX.Q8Y+?(#.&.E[+Y=787J7AU#W&=BKZUSZ)NGK=V)R)=&!Y`N@#R"$@_#`BZ@*`/ M(.U)V\R:P:19]><^"3SKH:H MPVR&&-)A@A[C:?Y>A*`B9$`0=`0A3A"@!,&`(.P(HO=9KC%,/#I)BZD;S*+% MD)`0/)40325$9!8CF7`@$S68.$EPD0@5B1"19"02340(+`++M<:H3(S(I#C! M`B58S"]L@A(D,PJ+8<:%32:7`6&:6NX\15-)9Q0VG7"S,L#\YL_H[0= MZ/UQ0F)3LC@;IDK@6RAPW\(GC`NX],+4O M`%AT`NACDV1D&3(D^-G"2V_SWN M8YAC9)@ZV?*R(+B/R1P?$W_RO4D22W4([F("'0468OG:DO]?]!H#P?A#Z`VZ MB(J)8]-=26?'+[5J6X%^M>_@UDT7,EXG>J/K3QY$>7:F1_:3BF-12V?+E>YR MFC[EP+EB.DO_25ODI+O/?E*R@S+#A1Z+MA]K)XJ?[^UEW^/F_P!02P,$%``` M``@`29,-1U(JQ1UY!0``^R(``!D```!X;"]W;W)K&ULE9K=;N)($(5?!?$`@[NK^H>((&T8K78O5AK-Q>ZU`YV`QL:,[839MU_; M.`SC/I7MW(1@3G>UX7SN.N#5N:J_-?L0VMF/LC@V]_-]VY[N%HMFNP]EWGRJ M3N'8O?)4U67>=D_KYT5SJD.^&P:5Q4)GF5V4^>$X7Z^&8U_J]:IZ:8O#,7RI M9\U+6>;UOP^AJ,[W/;R&32B*?J:N\O=Q MTI\U^X&W_[_-_OMPNMWR'_,F;*KBG\.NW7>KS>:S77C*7XKV:W7^(XSG8/H) MMU71#']GVY>FK%,+RL;SNMSWN;K55V=9_7EPSCE_6>N[JA[Y[;]P?Z-ZLZIZ5[K%>O5ZUHK M6BU>^XE&S>96HP>-65XEBV[Z:PT-:^B;\72ID3&>@.`$=#,!CXODR2(OFN.@ M<8/&,9L,EV%8AD$9\VN9!Z#)[&0I?+,4<]%HUAHOQ<"E&+"4:1D3G;'1F?:X MC(5E+"CC\`0.3N#2/UH/)_!@!7YRHD@C&'`)BRSC"70V*8(T"A?IKPL(I0Q, MH:3J5R"Z:'("G4PP`K0&;L>B80+ MC<(,*P!H[/IE?$TD$O#2&&,-"(UI\9%(2\T&9E2#O3,R/A*1<#G1&&2-&)T:'XHD MFV"0-6`T,OXHNK6)(F^E2AAEC3;:R/D^=KYUTD>$6=:(Y6I]`C1W*LGZF&8" M-)/0EQ'FE);IUF<,(*/==&I])))V;<:4,MA,(^LC$4GG@U%F1.G4^E`D6)\Q MRIR2>1F$7LW2&R>$WH34NV$0:9T3G,\89D[)M!S#S.P$US)FF0'+)#3/C"GE M#^1:QOAQ2K)%(A*:.\:,#;%+2K8F[8J^DBYO! M))N4=&M`NC62$PQ&V:2D6Q.CS%9JT@U&V0"429I"^-[I`P'78/Q,2L!%(A*V M;(,9-2D!%XE8:'8,!MFD!%PH$B[$!H-L4@*NB9MB[3/AA"PFV:8$7!L'W'<* M891M2L"U,CS$KJSAU&V0&469H"0^H^ MD&P]QL^G)%LD8J'!]YA1GY)LD8@%0WH,LD])ME`DU<$@^Y1DZT&RM=*/-1Z3 M[%.2K8^3+4E?M'A,LD\)MCXFV6DC.0&3[-\@14,PDQXP.?V]^@&)U+1=6-S< M45"&^GFXTZ*9;:N78WNY+>!Z]'HWQ\-P[\7TN+=W#]VI]/&K[?_N+9'VY-^/RI*U. M;[>:7.]W6?\'4$L#!!0````(`$F3#4?%CLEZ$0(``"T'```9````>&PO=V]R M:W-H965T%R_F#_YMHU M]L]4L2?!?S<771NW@>]=6$5O7+^(X3N;>G`.2\&5^_7*F]*B?93X7DO?QK'I MW#B,3])@*H,+R%1`Y@+L"M`HY&Q^I9H6N12#)\=WVU/["?&!F!=1VDW;M[&H MS#.+*/)[0<(T1W=+-&%.2PQQF"B;(?;$DW&WT:>,+120`=-(-BHV4 MX8_WBN$080*X6(=@`BW;#79;5N&L82!(\4:0,)PD''ZB6S@F&,A`O$XC!'J7 M>;0X"7MZ93^IO#:=\LY"FT/5'8N5$)H9PF!G"&MS=\T+SBIMIXF9R_$T'Q=: M](_+:;XABW]02P,$%`````@`29,-1\AT$RUA`@``?0@``!D```!X;"]W;W)K M&ULE9;;KJ(P%(9?A?``TG)4@R0>,IFYF&1G7\Q< M5ZQ"-J5,6V7/VT\+B%B7.XX74LJ_UO=W85=-6RX^9$&IR^W;RLU2<74-. MZ-]>0\R/!"]#7>K<3)K*ZB)(_A>3:-!LIAI_T`3WFMVC!H\* M3SL8;?B0C8T/(,)[Q!;21)8-0`/;",!J!)/P8$#$<((03!!.$H1#@L3RV&OJ M3A-U&@0C(A`1`8BY]<:B!P1&YF-5](G,\@NH[F5WIF/0=`R87EB<^-6Z)"`B M>40D]E*25Q%S$#$'$-A"S/^K6@N0LP`XUJ;<+2:3\7*N^?8VSXXFZ]DV3M^8W>+GMS\5;FBQMR(G^).)4UM+9 M*-]?#?OS'D?T#4$L# M!!0````(`$F3#4>6D&+EFP0``$@:```9````>&PO=V]R:W-H965TIZNJ'F6=BRTLUBP=PW//W MPQ8'I",:\A!C?.YR))U[A5C>LOQ7<5*J='XG<5H\+DYE>7EPW6)W4DE4?,LN M*JU^.61Y$I75U_SH%I=<1?O&*(E=1HCG)M$Y7:R6S;T?^6J97)_SOOR5&5+%LY>':)K7/[,;J^JXR!KA[LL+IK_SNY: ME%GR:;)PDNAW^WE.F\];^TM`.C-LP#H#=C>XQ\$&O#/@7P9BU$!T!F*J@>P, MY-24O,[`FVK@=P;^U)2"SB"8:A!V!J%FX+;SU\S^W9R\7;*7J%8& M?0BK];6K;];+J9KYHOJM1JR6'ROF^TOWHW;48=9]#&LQ'A]BO@.,'PPQ6Q-# M[PBWRO*>*D.IKAE(0PQ#;!!&#C'/`..'&AV`T`]Z-B8<=".A`]!R(QH'4B'QO(6D#D2V$='_:N$U&OIA(:H#>IK@; M4)20HC0I4HVBA.D@BI.1+Y.1;U.0`YX>Y.D9/%F@K=M7KQ?*-\=]$,6'47P0 M12L8&]^($O(Q/@&,%(!(>DT(QM?1($H(HX0@BJ:`;6B.&B4BM(>J>S`JR`0$ M\_1J2XQH7)@+<0"3`#9,R-(A*$C(M[B`E?N)LNDEB.(B1OF?AV7;@?K#PD:6 M%,7ECIKUC@6!Q04N)U3.((R52I%40YVP9TPPX]6?)1)6*P5R#6U#AF5(@QE\ ML<8H$%FHU>`U#2UE4).\#:M4.?+S1XW4@(Y5@T' MJ@DM)9]C2?`9/8Y;-NJHQQE\^2R^6#D<*"<,+2ZP)/B,%L>Q)#AH<7K)WW#0 MXJ1M.7,L'&X*AUM=8$7P&1V.8T5PL\-Q8M`U6]+8%D9@Y0A3.9PPBPLL"4&G M$Q98$L+L$ISH/:\#]?=L(TMQIV9_V)9:/1/*Q-&*)92%G;+0\+`L/ MM`NJ/U-YYD8+SJ_;.WI.5'YL7EP4SBZ[IF5[@GF_>W\Y\L3JHVOM_IH^/+>O M.+[HZ M;U]TM%_*[/+YWN;^\FCU/U!+`P04````"`!)DPU'FG<"J_@!``"]!0``&0`` M`'AL+W=O%R.*N][-,Q-[YGG&1DFZ M'IZY(T9*,?][`<*FL^N[]\!+U[12!U">H957=11ZT;'>X5"?W2?_5*0:80"_ M.IC$9N_HW*^,O>K#C^KL>CH%(%!*K8#5 MK-/\)_46FIT0+(1@)?CQ?PGA0@@?A,A4.F=FZOJ*)2"04E\M`IO%)?A`#]X;%!;$ MT>X06HL(-_QPYL>Q72"R"D0;@6BYA5V2%QLFM)L8U&"\0_A)*:G5);6X?-FYI!N79'YY/]R! MBH\@;Y<'VK0+!=Z8,2*=/UPKDRJ9K6 MM%W-F`25B'=0S]NJ6;H>"-12;Q.UY_-XF0^2#?=AN4[L_!]02P,$%`````@` M29,-1P6UQ2]\`@``GP@``!D```!X;"]W;W)K&UL MC59-CYLP$/TKB'L#MOF,"%*3J&H/E59[:,\.<1*T@%/;V6S_?6U#6&)FL[V` M/]Z\>3/8,Q17+E[DB3'EO;5-)U?^2:GS,@AD=6(ME0M^9IW>.7#14J6GXAC( MLV!T;XW:)L!AF`0MK3N_+.S:DR@+?E%-W;$GXTW")L(!;QJV97.1E[1OR.\QN5;5C3&";M^<]`^N[3&$['-_9O-EPM?T=9&*MS<3WVOI6_^N._N^]CM9.)C!!G@PP*-! M0AX:D,&`C`;Y0WPTX*-[?-`'8M.PI8J6A>!73_3?[DS-$4'+2">Z,HLFKSH% M4N\91%F\E@2'1?!JB`;,9HK!%A/G]Y#M0TB@%8PR,"@#3^S)(`/!!`0D(!." MR!*DJ1-&#^DL)+60+PA%R(D$0N$LA;5$H)9HIH5@[(B))F[BW@UQD_H8.8XG&B&PO=V]R:W-H M965TS>)E[+4R'UA)=GWF!W*&O:B)(U#J?'I;O"SUN<:HA!_"KI M58R^'2U^Q]B;'OPX+%VD-="*[J5V0=3K0C>TJK0GQ?RG=_K!J0W'WS?OWTRX M2OZ."+IAU>_R(`NE%KG.@1[)N9*O[/J=]C%$VN&>5<(\G?U92%;?3%RG)N_= MNVS,^]K]25!O!AOXO8$_&`P\L$'0&P1?-0A[@W`P2(TDKPO%)&)+),DSSJX. M[U:O)7J3X.=0I7JO)W5F51*$^J<1>7;)@P!EWD4[ZC'K,<8W&#\.[C$;`).D M]YCM%(,'A*=4#E)]2.K:!V1$E@P`8XEXA+@3$8#Y"D;F09^OF2A"T$$X$":QA#S&W`E)0"$)X,#:>YL. MTQA,8C`1LO;Y]C'F3D@*"DD!(0M+2#HBB0PFG"-9@"2+*4EH1P)A9G:I[HI0 M7T"`"]\N>C3)&(YL+9^`[L7,-"D\%8/B&1=@\UAA_^N%B^'2QP&@(K)[93!9 M7U_MHKDEQG"3P$`'0#-]"L,M`$?_$3! M9RTYT9^$G\I&.#LFU2EOSNDC8Y(J,>A)+6*AKFO#H*)'J3\3]&2V'^#U!+`P04````"`!)DPU'#Y/69NL#```C%@``&0```'AL+W=O3+E2W70NO9^YUE1W]!Y4LW-41?-/WM3YDG=7);/?G4L=;+K@O+,YT$0^GF2%K/5LKOWK5PM MS6N=I87^5GK5:YXGY9\[G9G3[8S-WF]\3Y\/=7O#7RW]2]PNS751I:;P2KV_ MG7UB-X]JT4HZQ8]4GZK>;Z_M_),Q+^W%E]WM+&C[H#.]K=L42?/UIMFSMAY4 MFW!KLJK[]+:O56WR]Y"9ER>_S]]IT7V?SO\L`AN&`[@-X&,#A`T0EP`F_QL@ M;8`X$04;4<"FQ`E"F"`<;S."":*/;3Y$CLU@'N)&%K"1!;"I M<((8)HC'VVR7/D1:,&(\K>CLE#%K-28:(I!FP"SQM!B>_(Q/L(NG/Q,?V[VS MHE'SEV%*F(N)4%0*S`!3$]QB"ECXL=M'*^J[%7-B%C(,"W-I$6I!I,`HL,4$ MMQ@&%H->Q,.5/`;0$EWE&!GN(B/"@$B!8>!LO%M.5`*W%#AC>V]%?;><&EN. MB>&`&$:YQ3!P.<$MAH&#BA"RH5LD(JHCQ\1PEQ@1BNMV-E!$E">.B>&`F)`: M&$P,GT`,Q\3P$<2L>>PN_FQ.-"0P,@(A0RS^`B,C)B`C,#("[9Z&15VXR`34 MXB^(/9:+C#-9'Z"(VLIAK@0H,B'555`G3NHC-F9W4$1-`$R,0L00>RZ% MB5$3B%&8"F'N%B!G.(;_W*NR8/.NO2?F<%I7W9.K:Y-U[L;TQM6X2!O/F M\1UTLKM<9'I?MS^CYG=Y?H=YOJC-\?V5[.6]\.HO4$L#!!0````(`$F3#4=B MNA'5GU4``'PO`0`4````>&PO5[]RQ\>ZGKY M[LV;:OJ0+I)J4"S3')[<%>4BJ>'7\OY-M2S39%8]I&F]F+\9[>X>OEDD6?Z' M:)5G?UVE)\4JK__E#WMO#_[PIS]6V9_^6/_IM)BN%FE>1^-\%IWE=58_1^;0350])F59_?%/_Z8]O\!O^[C#Z6.3U0P7?S-)9\^F?5_D@VMN-H]'N M\*#Y<+RZ'T3#O>Z';CUV$3]^R/(T.J_31?7?FA_(FJ_3^ZRJRP2^O$@6:6M! M:9EG]TD>G23+K$[F,8P_'?2,=0+SE\D<7IFEGZ-_39^;[YVLRA+7^#ZKIO#> MOZ5)B7"(3I.Z-?/.SG"TLS?LF>I]-D]+6%2=WA=E:YZ+(M])IM,4WH$W9OQV M+\1NGY>MV8>[.]^WX`]OS^B+]_/DOOGT+IE7K6'<'%=IF16SWLWJN?^G?_JG MM8BEKPGLG=_>ELDLR^^CF^?%I)BW%GDRONH[^6*Q`'R[ MJ8OISW%T0Y@?7:[JJDYR'+&%")<7-YGT3?C#^.+D[/HYKNSL]L; MN#F?;DZCK:^VHZ^B+(]N'XI5!:.T%GN:3@%F0[H.^ZVSNKF!L=ZUYDVJA^;? MKE/`_VR*>#+M>/P^*X&2+(JROD_NV_?Y8_K++TF.UVQ>)'GK\67]`'B:Y8\P M"9Y!\_EY7J<`JSHJTVF:/2:3>0LW>(BDJM*Z?6`%W,EHW/GLP_GXF_,/Y[?G M9VTXG*[2J"ZBCTD.>VK=C/%TB@2OBI;),ZXHCN`RE2L`4/H9:&>55O`7P.2" M5C;/DDDVS^JL#9S3[#&;P:5Q(W6O_T/_"-WT)ZH0T1Z*^2PMJW_\[7]$Z5]7 M@(:M;5Z5Z5T*)&?&'\315[N#W2$LIHP>D_D*-C;`*1,%Q.`BB)F#"=;+=-IG3VF\^>O M6PC)%Z=O>0=F>3C\L'NAOVTMT6$\'/:,_3ONN85=LUF&W`D.?IEDLQVXXU,^ MW`X\7"U64\-@M=!>^C7Y`Q(FV`*@SV$]2PM6# MDZ$!ME\<0`CWV"'6IE^<$[IL^O8ZQA`PDM=NJ),-]>^F\_7NK7P1@[NYA7\^ MGEW`^5Z^CRZOSJ['M^?P`IQN(/!MS/H(VUIXG-8.=^&':;%(6P3Q/'P>W97% M`BXKHC7LI.YA8ATCM^0`80RM&;]-\Q1E0KP.R6R1Y21M(F5PS`06D"TFJ[(" M1`&FE-S=P1WJ$)(V&*KYR:?*W``86`Q+W/#5 MVH^$AO1,K]+"6E#C:7PHJM;'WR15-B7@S++Y"FEF#F_.X4U_8Z+B+IH:EK/A MO6H/_91F]P_X0_((9W*?*M]HCF^9!\[%K[4F4$$!R/P4U@+C?NF2NR\@WK^3 M\;=>;#=O M+M9+\.,I,/$J4_@5+PCTK;UNLN[F7N_@3/+I^F]PHF593--TIA`"S@6?M6Y, M[Q+A<[QVL]=-.B5,B$AL@T$(8_`'%(Q`;`68=.^OZT44*`&@T20%-,SE0/`/ MSZ"COGH4)"#R_9(TY-956RV7MH&;:,?G$E^H6H!?V?&$7C ME!6-WG=90.]]C-K$B=$FE&I7O5]\D\SIU@(2KS5IZ'N&C;[X37C&G8?;\7UY_Y-_@-M]^ M=Q:=7'Z\&E_\6^O#$O3O[!<2)>((;D!5S+,92Q9(!$$7K)#N*A]]S]P&+N4- M*AX+HN,_CBC2O6=7 M]&%P-7"@[WP%%\G;[1Z!<*<;KY_U<`10#:@!KT3"!R>2SM-IC3],0)]./@L0 M@],S4`%0@["/8'1`A+,&="0\0`Z,TL`UG&Z^PNEF1)6'QT>',8V[(*$D)HD, MP0DSDC"%4B@*++C#II7S8!"-<4DX8VSW%-VSG0+.XRF;ST&PK'$7`(.?9$^? M!C<#4+=F9,T02PQNLD(4)XS0!?##&!"3C0RH>0/E`)4/0'&?E&0PP;EA^8`N MI,;!'F;&[I[I]9_.5S/RC\ ML%?8C-S3CD7B2-;@*FB\6,X168G>/<)5!,E.=*@2J58,@/A2ZBZ M`A=N7(W/D6#F`NA9VO)!?GMV<78]_M!ENJ![*Y(R'N7KB?]H$,GX%F'_\;?_ MT2#@=X[M5)[MH!$#QEJ270.VD,!*RAFQ9@)+XE<&A`@^!QVE,EB$GLQES=_B M]C\!#26;:E*SZC(&!03`1A?@V_'XRE]0')J6BH.O\F0URW@@0*=LT;U<6`%B M"AUWCJ[D.3JG5B71Z63VTTI9S=-#-GW`W<6ZLF()])T9\,)9TF)@2-.TJO#V MXS$G0#6S,EHV.#9^#W]:S04;\'==)VMS;FE`]$&FSD",N0'"4B7GRYNSR^^C:Y`S3LY M/[OIT4-I/S#H%.]\OS1W8W;1^>6K+^@>X,+Z%4>?*J+Z9R`%+>CFX#'PO0R0 M\.4+S<##:)?,R`"I,-%#6NTMIO?`9&BYC-E\2NP.0*Z)48]?QP0-D*P!,@V6FZ,T>AW*[L(0/2"911I,>N)]%] M]I@R"7[([A_0:NY6!4/_=574I#%D4S9IDUB=PDTM?TZ%_Z``14Y8M7(70:A# MM/6!UC5D>1UGFA=/S8E6>3%!$B5R$L%!/MP#%GT>`&@E#K`%GQ(?2.<1W"&G M0_Q$5PC=><0"`I13?QPL6#AUX&78`W\*SDS6SK"F]8@L6`4L1\[0@'QAT-"= MMZYT8/3P;E\!BA8@#'$(@\4^7I8PL8@B\U[&O!YR:`Y1=:U!H:1KV!()-4+$,[GNCLY$-P=4"CX:J8B+@EL M[#Q#.ER6Q:3@8+T)$`Y_:7B6"+AQPML.)#Z"U`JP`M4CQ3]:O%W[LQ[,'A[, M%>^]*+L1Q)V"(A.Q9SP>X!GAA29>T+X=Q2,)[CVWA-1&6&E'U$R3GQ0YPJB# M`I"#E4;$/!MXT8^6'*/?BD4<4I96PX#MU+M-!U'3+-57T!BXXKB(+J%[TXBV2 M&3D\D]FCFO0!5@XUV8D'LA0*O&11>DKG2/>;'C_G"41*=K="#.*/RY2=3QH8 M,A"1CE"-F)_P#WPYN0>Q2&6Q^B%8BDY8A2:IC$(E0%V1F[:J,XP?`&H*Y^"V MB9;0!(EJ5L[(=O@<;2WGM+S'+'U"-9\G0AM\FC]F99&S,S4F[$FR2L)SYND] M1J\UY.O)<[@H1M<0YL@-&)(.,X%Z,X+"P&/DBG0&"$+\.\7"P!GR.T2MC?J% MUF&U).1L-!>>@+M%4Y4S-L"_<)53HNQR-O`$5=,YC`B_DTA;(HA`NR$,)9UP MINYG)DRX[%5.BHAC=3PO?(`1.?0\34K$`T7MV/^)7;8:BX'''6R9'L]IRV+B MZ7OLQ"6TET[F&:"1MX(D[/ROU&)HOYL^).4]XXG@8Y?5RLLW1H._P4"4I`14 M_Z9`ZR1:I%`M(9,LJR6=;Y\4,V_YPX]`C:%O]H:LQ%Q[ZCU`985.WL.7V!A< M&%XU['F53T&`0ES%XP3$,SB1^2TF9`65X]L4S@I7/!L^\B;63=)YECZ:(P#Z M\=<5,1C@P)=43)'P%X MY,4"7D'S7L9F%.8I""ZQI9#^H.00PW_-Q8<[#-K7R\:,N1C_O=LEMN=,L\VK MPHM(SH*3^+"A6/U*;`T5]P[[AW!FWA_-KU\C\ M3N:6M;N%$6'#6[[200@#GA[2O.NB`%3N:C+(,*HAS-TADS5S!2PAK2I[X@Q( MOA%X>^[024",+PE/OR'_NB%(NUV1Y3:I[5!V1_#.K%A-:E`S0F\5;175UWLR MX`@8<51XGFF(7<5[AN6P78>"$\3"P.TP3L,:!%;Y!0O'FLI)FP0[EEV+YI0$?KGV$11I>[*SPKR M:!&M"H4,Y^WJ`@K!6=CY7W!3B5NA@*3(.P`2DU$_,?$YFHJ2M3-G4`B9`Q?! M'_&2B]>`##*Z,04*ET%@ M9^%:AY5P(E7!'M*,Z9/W#CO:AWZ-9U4!D\U6!$.AM73^#%"<9S^G\^>6:*`F M%I)GIL[$VX\'JF/%*"LAJ2'#NQ"3F&2H/)D_BY/V(!ZZ3PF@;KA MB!'BB.2`QGS[^43TFM%*:HRY!VSY#G@!'"5FLY$**2MD"8OMQ"69C4AC`TCF M=CUUB0YUU5T?D_+9.6&\!">R"T>C>.%%OR)9@=W!&GF+%CB^I![*,:WID1RF M;5?.S,7T3Q$8]ZD?O@R%?2LB1NC[HZ2`%5F=4(4M4"?*%-;3.6C@3@I'_BX\ M6W'2R]B.PR%[BKW)3,&>F1QD.KQ'%%UB05022D! M-T8`1/O`ZN!U8_25,(XP73"K;V@#N;L_E/U%6Y,G;)_0BZ0&^:LA% MF4$39/S^R2Q=8@`0V6;7Z-N="C7MOB'SX504S19:VM+/')^&C[KL9T)L^RQK M53O6H>V";!P"GK<[P,"_T#6-O4GBT%08A:(O6E6:3&>=I8),O8AW/A*DF4F* M_E*?B_)>[1_L,;5SHS"02F!<5PZ+#ZU4H]H,`#*MVR^S=4HO+XH7HLX32Y4T M&0[@%WE60_E\%(S*0]%SAD'WE.\1ZE5)I7$!1'E0,0.53`W'=FV\'C+Z*^FA M&!+@SJ5FE$[@*M_QYF1,M-(PYTA11KHOZHQ^E(BCF.,B*U&7,!)3K[$)&>'C M70\H8(JI/76\X)\3(9LD!&@JF"XXT/U!#$9EVV&MY)ZSP-4[UD.Q*D,`=HQH M0/`J"`RB,U!LBV=`-K0/V.0K>O<.]=#4PGRNKHI5#@H-#@IJ81M@HHK:)'DV M).SH$()[1CPUUK;`Y7^:4G`JTKQS8^NW5P*EA54E+C9^M=OC@B;/=';/L5T4 MBH5*@9'K0JJ*-B,TRQ?3C!;M;A8KUFCM'D0G8K*0$8PG3>WW/"5LCD.OX2_A M-'=S#)25H"UG4IEX!P"<7XV(J1(\!L:C-<`Y/-C1X&B8>"^)+'&`#,M1P@=% ME&/./ZG5D3F0@"#ESP7%:R(PB?BB?.4-[QD!$Q%VH=$;;&&#(W]3:&1)$W8M M!Y_/@\O#6".)';:^!`=)9R!#9D!&(@23B?\BTU;+7MN(#D$?X3_^]A\>O1A= MOX,I8$$4$6*D)&)]&IB0)N0U<,AF')-;3+DH9D<0H_-%X(`@ALYFK#EK-`Y+ M=IRF8-B2TN!R)N<@05$N'-1#-%1HT8[%,@@2[0ZW\'L,EC40`$4%I*M$(I5L M9`E"OHJ#EY&AA1_H6^C=63NRDW;DDQ:F$&+B&&K6=">1BF#"ML?CD)9P7:TCE+Z]3L_D5`""`P?L$Q3Q8DLJ81 M0=3`)WC0?6D&T0_`64EW%*47GH$UP7V$I8"P.*6])-%C4=LJ&3(2:HLP@XA.)!\D=J(L%TP. M4E:,/9&B5'LGM?4Y+&N3-2"BF6&,R5.F2]@!XGQ]NOU"1DN)K9GD"HVR-]&) M('^3)MJ,"UTM$437?):%TQO5>8,,:` M-7E*#_R8+'H[B^1G8F:B`S/=GH-LAO44?#R49Z,J?'=NS(="P?U**N>^IQL8 MK+0-`K0A5BCS\7WFI*/0CN7AGRC\R51"QO$IFS(DF=I%Y8:N,#9K*.HO,`=E MTH@?)FD>I%:$)",+=F,5:A83V*U31]"[R*(*3:$"54/H$SR-I$,U+K5$P/B"AEV MR`H)@\$.\F2^EL%KO3P51-+[%V!+[,ED_&52=EB\F+OE#X<'@S9M&T MPZW@M?;Y^T@5O6Z-<`BQ@#8/A,D-KA5-B\8;M?8J.G.FNQ-Q-`'J@11)[6YU M\4[-=/X0OA#^/!ZCBI!(\6CY.;ZVL0FD`;4);)ADQE^88R69Z>=TGCT4A8^7 M<`IYZ8HB:*HSR^QHX6P3RJ\;_F2/'K37Y:I802!?9'P;Y3=.&AXRE3O5.FJ/5 M\1JP"5!5J92$*O>RBM?B+@GH+/Q05A$YFP:13;OX:36[9QILM%KV]`7+\/E` M)H-A4JSJP-U%Z@L;\AIRNT59CE\[(!%5(=].N-!4B[OZ(,ED,XG*J,Z()9$=H#J4\&XJ)_OVE78"QR+%"I MF16+0^I1L?DBR$C^J(>HIM17J"*?;1@L42E!$1EQ`:A0$/]%8_6TS"9L<'+*U-YH;P=/P:[^U[\K M$#_*Y[#X/]-^?I#]Q#;#"WYK/L4O/@A8M8#L.NOJT)(D^IXR-.D4\HI[U'L9`36%#2!KH(NT#/1HF.#?&DH#$^ M5]/YE#5"(KG"U^[\("ST:3R.5?.U>FB_/3;%-_W^[$YRL`%@0#"<1I: M)ZYC\AO,Q%?KU&='!R1!CW:O58S$J#\-@31Y?GEZ=^\S3=%ABZC9!8$1(2@X M@(S&J\'LYL"D8!=6X6OV<.R."V@?'FA`NW-QF1Q.25MYY6`'$F\P$SL''0:L M\'Z5S=1WS6$IXE9":QGJ@@G&;L(DR5PE*W03,*O2Y#DLZ^331CT%MK%"9%,C M0MQ]R1SD,&#QU,=[X7V#D]/K_"XZDR1,V86:3[UMYMKQ[6N3(4T5)$0*\H6( M89=K+`+?`G!29RE5N]]NHWX&0[82LL",U66*:BR!K*B5L^V,?*:8$IN^/`0J M@H!2]$$D-6$<,0>_.0#^^QHJ8'.$P!;*]%,&HIMACL5CIY-#BE'5J$7Z1 M<0KZ,IQ_8E&-#6P.7M;-T6RA0" MJ53,V>C6C(7$"G[#==D:;N.+V=US(TC"RL=.*C&,5@1WSF?J6'5;$W"/MU`Z MVJ8,H2YC%RE56Z/MQBU!9)4$!J&W3I25=77!.NE:/`R_MVWC6$/`V8@9CU5M M(0_823%_5),R;BJ6R-(5`(7N6%&E&LN&5#Y-PV!3L>`DNKYG_@V1%6$,Z]S? M=JI>$E530&;RD`W'B6G2]`N08)3MO74$9SYV59HRG-5<2V=^5#6&J,)ER%T6> M/JL20^D?(J58EA4R6"F*X[1)MV=*%^'B[1A8*$I&4?8Q5]Z#_2+>A,.>$5(X M'FN31D)2.2M2RV[])\0\^LE@J^!15WH]D3LFM)O0.@I.9HFO65*"G"BN*B*[ MY$A:0A1@Z3^IN]]RO,>'=K9<2XFMNJ)&JT::FJ]LH66L)[5W0,4N_XXT6O7[ MN(2G@LID+++50HS)XFAHWZ2N36BP#],1EA0]:>5MP1FO2`TPELA.J:_-5C<4 MV?X/XI-AF'M0HI9L43<,/R M1-5\2.D)*;:]("X\V!F.J5P3EE9(N3JI,X1O6J6I#TB$>#XV;N,Z38V:26(! M<962N*A'1S&D!`.6J&JNSQ)!GW3L0H508N&:QT]:$:9.]2HO,,'<`IPO4N54 MG;QHEF1RD>^I!B)R024*9*2,3JZY].S/)P01^30ZBD&A0VT..%E'Q[O_^86B M4/BH!8L%TE"%0KL>U(!6X!VU@G3OQ?1,A2%$P/O<*BQJ;65=_EXT^"1HSLA3 MC=(BDW>9HBX-*?SV>M=_%R#[OL1H:Q8&Z5'4J:COB64W5_^A3GJ!QANPP#+LK1_Q1<\$X MQC<:_@O7#FR/XX?`(AQ\-X[=[^[0VNP^_:I\3K57& MG3BE4OD`;9UEL2S0(99')P)"K$=&+B48Y<0#_U..PF_*?8^B<9DFT=;'F_$V MM5W"80FUQBPM\:JE.'=EA]E_<_R&:@6?XMP9,GIUW7\5[<7#HY'Y=P=>'PWY M_%;>/WP M[7$T',$<1^O?WX^/]H^C47P(YX#O'QY%AV^.9/E`20'7[/MOX]'^'KS^]NTP M@G,'/#M\,]SEU\/XN'>"-9]L+L/[Q^.!R-2'S=A>V>K1[@#,<'L#;H\/^M1S&NP?X_C$\WX=UT?LR M^@FPLGD!VD-CMX>`N7L`$]CWP2$?>477+=Z'L0S*'HSB7=B=_9H#5P%S7%F] M68$Z.+E.B2:3H8$\86$)>&;!C6KOL1=`O-8J4E+%U3 ME%;UUH$Y,K-1T1'(5H3A!*UA)078%7BM2;WXA:4I,@`/Q$8??<]9MMBB#*".X*$#^<=-+D0+A&7)"-@"=E4JVV0ZL). MZ^J=\RC:*!\W=FP3AA1O4V6D3!L@-T=S^I?DE#\2MS3N$"$Z(#[=FGB<\1RN13+R3@]B,!?/Q6L M/0!XKM"GO;7*?0('UY\Z<;\/HK^H$8"RX7RF!XT1>^N>SR\!P6XY3YY-1M!3 MFOS,'NU2XH!+#=PCW0C]L_BJ6"OD2G! MYYWUZ!AF5-V#D![N&77]8?<'BJ"NA":>0P^4_`MB5=1J!H#N$IKM0_/U4J%L M_41%6R4IB63?!,1"4QF.8DR*TBS?9.4LYQADZ195%79=8B]`)_V.GK\[+PR; M]?"ET_LI+4"DGVFL]CS[ZTHMDBX";L+ZU;,+R^32%I MI6RZ(*&?\YUB343%1`*RO&B]K6RAZ8,#JOS2#28"N-1_U;2_1F8P5V[EM/2L MKN>I]MR38@!4O$#S;26C0/2[)[*1TVF-YQ@GRF5E44?G7-*$XIBU]C\E$#\+ M2"JI3^:R(7'`)8)=:[!A-%.I.>R4AQ1IF4Y*!WZ0$4*>!#R+7?!S5>$25HR1 M)]$I!($OC(S.^S-)`Z658H'E0GI:.^="8<#?'SG+V6>;,:5IGL*-Q37%ZXCJ M]LCQ"">=B0CC.:G-+?1,0+1):RH0H[ISB;#1VM?0I5`H,ZX6FU+[!1"R$H`R M?W;!SW00:YK[-KM%`QR(/Z.$N>&V)$3J7X\L);/4UK M'5ZFR@::8^E+H5`V5J,F&`:\Q2YTNWI]"9&T966%4Y+%QQ&G1A6)3HGZJ[W\"R11NY@`JF$P2U]:((',+E_WNH. M]F%C+H(-@Z30$G>%]?T^E*DLB`@J4<).SL-;:.L4T7_!E(L\]O)$.GZ$SB;`V"C=W8 M'#JG.8V-3$LSO`\AC]4>C\&=5&%%M#)-8:R+)Q3\BE6I/#&E+"P,'XK)GLWU M$$&Y>%)A#S:5U2['ZG8]8&5#7J"]IV;DA?8B*K0D(%O&DR>*73-Y9K:ZGT5( M/I-&XYT5<,EJ.]97ED!@,.T*T82BTC'%2[M=^0YC[ED0@$TKB=5!EKEM<1'.6O[TN=/O_6[^("0O$5(-N"#X7D?;L^OI*M%5@?E'N!,X.*P2$,\'UCW M#BQQ!UDX\U#2(;O+S>/8ESPR-A6@5`:JEH'@'RG%B`^(:%G:94LN,KT:\WY? M.FSR)TM6QKH&20(^=%TX=$988D-F^8._9@-@+W2GTIGKC=QJ5*PVXEDD38_C MR%7NIS;/)+;C*-&,76U,$$=[9"P<\;XM/;)IX0W3\1[2IMW!*/I+LT\F8[1U&%///)Q[9!I\UN61W0;L++!<"_Z@;_;@?][7Y1W:::_=8%& M&N5)$2(=Z"L9RG]ACX4_UHP-WV'$XV).-?%Q:A+/6XVMSG\X/SV[.+V)_DNR M6'X=G9[?W%Z??_.)6N'VM./JES(:O85_@T!Q"+K6NB5Q+5LMPQS1IH#R+;"A MT"\2L6]%AEFK<9$S!^#^O`!4/[2_JF(>3WAWLX3^C>+AW'+6`/[Z^.+_X]B:Z.KN.;KX;7Y^U MWI`41UHV(?.:H^IZ^=6G]780M9?5<`CJ;RU8]P.^\=L%QMNB6?1=I.U:`4I; MPWBX/]SFGT9';[>C#\#]WD7M5FT1A;WUWIZMO>-M_H\;'84(=*FJPJ[^W'NX>' M@`+'1WOQ_N@`6$#'PNERZ?*'VT127C.=-@SNFO"BW9^X#QS6?PQ``-+*T-@= M[.]OT\+&P&9V:#:-7'F-I[AU!Z[//E`WRZOQ-:H8U^.+F_%))ZFZELB%*XJ/ MN[5]6/KOQ)J/ODA+.AI$_2MO%4:^*UC[>4J")MP(/"010_K?>@4D#3*7;:*Z M2_/T$1LBB6((<*@-!(66/16LMTFR\GS3EWLP#\F M\":.MB;;8=TG+Y1/22O)$D8;;/R1WC]+0/Y/JWQ-N5`N>HO%W;T&L#7=CBH0 MGZ>4%<@&#_K1%0S!7U:F&TL] M:0`\6_E,987N`V=NA^&.%`8H(7A:8'^I!".P[3 MJ-S?!QW8"*>B1F>':#UM!D/4-8HRZLBJ&2,H]'O;5J`'M1D3[Y#H2*0EK8+5 M?KP0(!:N9!#X*B8)G4.6,'ZH\CV`TMQ59S*%+$&]R+"&I.D^)7JY,5X'145D MLX/6=<]R5^G*"\^:+TW9X.:2,78%":<B%BU;+'7U4[%#IA8@S3$M_DL'>SML&.=)76BNF]A>YD@1" MF7C#3[58<$IGQ^4VI?J9AG%ZK51QE,-)A1VM0UH,IW6%S9L&QM#&:Z;V^4A$ MRMA)*[TB*7(^B7(I,#(/["I&-)@D^<]<_@61.9]9G4`D$NQ#D?E@!-=2YA'] M2<_=\'*'T@H59YDK?>G&-&"0B2,K1$X30QYQP0+)+R9GFCO-3L;I.*8V3B4R MA.+N2;*J`"\>BSD@'5B^ ML2UUUV7"$*8&I;E0N5,B'%P)YR@FDT:A18(<25$";;,2XB[B_=>5Y\GW5`*" MU%&L@\(J8`V,6WIRKGRG*-%?Q83[#=;-,34&WHOJZ(V8^!>IC-^`K[E4H_T= M4C35ON8817-;(+LF\ZG6-7>H9"@XU0;MO>/O_W'V3?G MMZ=CK%S'!]IN$&?@Z8`GKKS%:EYG7$`:I1SO=)8'*@X-GI), M'S`-8R9&=9=*`ZI=+CI:A\RH]0BD_D48A]N[3%\/FA9Z$GYV99Z^9LF\5NX' M?MX@:M1(;7L0#0]"NSB5;T3&Z2A7/W&CPK'/=#NM-\3),@?/\ MN4D31`_;:TJ4*H:(9.D2MR:JNQOO'64X(Y$=('H1N47L"JHUO1,B$]X.[RN; ME!2"((MTKGY?!G^=>NG-SXFM2L&$Y6MSI3OK54FI$LE[I+@Q)1+(37^Y3.XY%E%$@&@`@O0R-$7D_277^9=QA5*VZ3K)'[>^[*H M*LP52N^I897KL-`L&Q]7"SW M+Z4QI((3A6ZOLP09`]:=]B.[2S`:4N\0PG!*%:PY'$C8*@#I4%0Q3D!LW&R4 ME=+B+G8^/OHK933AR)1^11*0Z^=!TD&R2-FTN$AG0&4)^`WH4YQW_L@6)22JM MTAQ)ET&@9A'E\"3B+AF_E\@8J9*R8Q$].'TVX71J0,W`FZ]PV)#&9Z&`S=VL MJM\L?%*R-8B;0N!;LJ)O!T)4,
)+LF159A;XAZAC[RI13K9KH#`<4&B=I M@7:U+QH3VF`BGBAUBWG#N9C;.D$V>9:;W:!*;3-)B/2_>3L]6^A<7"MBPQ`- ME`IA,*I`&9J1(FEGY^,D:)9F\'BSO9(X)3Q/$Z&O=0/2S[9(7%`TG?LI%2!C MMKYC9@TBSUT[5(=Z$=(CGXP@CUAX`Z7F3L>C"1W76VI%'JFXAX/XU%L9A#9/ M`C^;[)IQQ$;QZT64I5R*P(%B3$P-C9&$F=]!%]0X?]>'K*61^;ZIWOPQEKK- MQM74,'AR534Y89)`R3R_.SAHZ&55=WHWYR#[L!'/_RA\,Y%`^TY,FVN(KF;- M4,\?^`"=-X))?57LQ6:'-E3C9>HR?;9(1]=5D=[2[-1WNNWN8._M030$6.P. M]AM*J:4WKDT%EH^8,Y";%Z\E%)*0VE`KMZ1ED++23ONUH?-D/F0]?9OV`"(I M5JM`UQE=OX_^ M)1J,=D7IWQICH?85_/"-_&6P>[2]+7\\T5N(G.&^"`;ZQ]_^5S3F`Z@H!.X$ MN8>+9]A*O")`MN)M'R:(#I4"AA^.`F/`US3F-SJFJ@Y/S3`AM>!2""F;6[V3 MO"O5PT:^%7=J[:5R!*$/K!6YV51]G5+16I1W\^/P/7&@MJ^WU4PZP:PKTO;]SV&G:%AE;Q.'#^G>IA=^^45Q\1M?TU#XK&=Z+$9 M,Q)7/C`H7?48B+JT,,[C8P-5>/8-_:YE)QCPW2L,KIBDI;/BZ*FW/;/F^5#4P(OLWNJMS0KD4*H5KS MB!H<48R/K8RA%C1O+K#["EO_!6[3I(4Y)M;K(?-^U+AQZUT_+&^[:V:[X"_^ MLI"*LIYT4O5F3!UP!%0R(D)#5M;PU--2<%OH*"(*[M,94/F%0[7:0IL#P'3[ M!U:':M@?&Z?>1`QCK;739=ZA*?'`BV5-"OT<7=G\@3NXHMETDDOJMLPQ4@$P M**MC9ZT>L.FM]F$TH[N>I%J25M:6!WX]9SIUN;SDTW5DS4@D]`0A?1<'?G>TJ4U/PO*_^W M6EJ05O&J*B;BS]!"9:2C;!B+1T$^%+`Z6I/RDF!-B\$1%0$9@4Q,ZFHSN5^O M[`W?1=SEM8"9#@XA/_MK0$& MAOH%T/B_!H"W`U1FWM)Z=8-[ZY*<^,1'<.)OX7^'%`JVND=[WL$+7^T3GAR; M+X:=16:"3W@26&&+1IU_>W'^_OQDC'5K3DXN/UWN]V\\M/G#ATII74XXA>?8Y^E']?3>N:(TH/*ZY?9`3!38@6OD3!@EKZ M'@M^>=^](:-DY/TY*`E/]:VT_J565F1)QK?/D&X\VK\IK.A:N7ZJ6AR5NS[, M,O)7=G1";9=*7M4U MU\QMNX'RN/YR(W2V`3WI4OO'I=Q MLMWI:Y<[?;6^85SUL>45=7@C&3_HL=7=.-#K/#[A.'"LDZ)EW'Y9#D)PI0*P M+]KKV@.*8=8/)P'D)"3LS-%O%/1?RT`Z+JA+=4Y]LNW$@>:(M#;:W'2E?7$6`K7]79F"0B%A"@G,[I8"'-U!2\ M+H@FC._@M3.L:3V1!KUVM-DQ(%\8-#2*&*]T8$J9"Q2IJ(L!H^\M'[3YD@+L M7474N70TIPZ995E,"BXK!)*HN302^0+"2L+;#CH?$Z16\S#`MJNYH]PY/)@K MWGM1=B.(.P5%)O654T>MX$*'[8#<[<#T=;R@W;=$=>YF==+]N,47J<)7%P4@ MR1W-Z+$6$^U6XH/XA4Y*HC6'9VP_PQ%M#C7]P92PD`[VI>\(8JTH58L@.]-1 M)R-);.]K#=#DS%EGRR#[$F=2!\64G=G$MM6NUNRB;\T=L]IFV]YWE97<1YUS MW`$>TFR$*TGZ;27M8AQ*:.QKVJ\VI)_-#N"^=7?GD'N_8O5+3E,=+JX-)/2,BQ>98@YZ%GXH2N!K4UAJ7:+ MZQ'?$KY.*.<>"Z'A#V^5$IKSM(T0C5PTW$Y7V\3U-)B09&D M:+6A\*(I18=@^:Z*BY]2=/.C6J.T&!A>%>X@SJ4XJZ"!E9;>XV@F*5,AP312 M"8P^U@K,ZG\=B(A)J$_,6/@9OFQZ.)+L;Y?B:OVUZJ.X0<(Q83-B=9E4@9.>P;L-W46\28 MZA8EAM\`YLB=I*BIWI1V45Y7B><#7#WIT\2T)L;:2,63J\U.!4X_<#/$+T4S M/VW_'!]\8;^&Z9/EI5KC$M1\@P6DB_G,N&APPI3XG6`(Q>C"@6%\WHH%??0- M/V-%*FJ@4"=2MJ`.C/2KG-1,7Q*=YL6TIE2>B[=,+WSL_T2(=J>5'Q#I@BW3 M8^XQ*:Z!OL?>(Q[4>V%3;V)",9O?=?1F[TAS]%)?9YLM3@K%4ANHK%&Q#5;6 M.M\^P5XGZL7CUEPG],W>D%4[TYEK@"HH%G1S#4--+=.YQ66-'6ONR27Y41G4H$/,SSDZ MA;@/E13&X_Z1:LLDZ&D((N_/C$"KKM'41>IIV`F0")<4"*6B[F$7:9861&#\ M);6,TL\8.\G1QT%*T:_8Q'8#A.;IPI3_:M4N-6E7ON.@Z2#CB#(&C9F+#W=X MT%P(QW\/S9#MY?(-\Z2*N[<6G(Z+5=4^T^H$577 MH68CIF60^&3'^#)7S7&/G-<1"9L&@],@A`'4G:[CHL3B8[2]9]TA(\"<0[)1 M.-$4993:3;%W.NOI-[0"-P3I_!1(R<4/?7U'LZ/,EY_LB&QR#B,%(XZJ]0'E M8"4MB(UJP-6G:O=A%9.!R-T)&%0B*J%;73\VXC%I9[8%*5NZ7071PMQQVJ!K M"TYW^5%J(*,-G74#ADI,D5$1_H1Z%;H4" MDB+O``B7&H2_<<@%DFQ"T9D_(*_NV`1RO.32LB4,AQ#`42ZZX0149+)XB1&X M2R/=H^QR.H?'Q&0*^!NV5.V*)G3?O\^'LP-G`4Y&=I+(H MU6]@F<^'/K<8O]:TW9C7\R*,$]I/%V-(-T6!TJBDROE83C5Z,LL.*62BZF:.$%'^WSQ9`YLVXGCS5VA]$WP$O>*0H9E:L9852HH&LYQ3]/.<6\ABW8-;#9=)5H\>N MQLYSYR4XD5W(^&>$%U>[#F4%KN`O>>#D*A@;]:"=27.\SDGOL8^7@V;QH)XK]##7T0O1<<8;I@5M_0!O*P(@YM39ZP MU48ODG(DPVM]QV\A;1-3_5\)$8:KN/BD4"=T3$SF$(8_6Z4#J]#Z8O]H"#!V M6%W:+)U3H!9;^S0P#.@]7,S*1%FYRMM!Q6(]3N!O?O=Z[&)CLU(<`)#_]=6* M;5EDIFKP4IK5VL==>9>SQ+F6M:)J>RN74XJ]9HTC,J]S3=H\^Y?\K[93KR$7 M909-,MM/.'+Y>8#S:_3M3H6:F\6%F\>IJ"YT:'_$6AOIK*)'759%(;9]]L;0 M'V`*6P0I9N$A<`]\ZEVS5&4[ MJ$$+114YISZ0!?,+`QSZQ[3;0WF#"I_7E38:\-^Y-(*,X@VDP2$%)[9?EI:$ M0A]0@A&+`2?34,3H!9WO#D?&Z?A@RB&W1=U1C]RQ`W]H,4V9MH9 M0EBOKP#!&+0>4%3>VR`6TI#/B5!FDC,D)M\M.#`O]*2IL$S7.]8#AL0%`.P8 MT382?@T$!M&95G)%$P2&C*54?4DXXQVJNJF%^5Q]1*M<"@YC^?@6P+12L0]5 M$5O%C@[AVV%V&/36A72 MFK!K>6U=;I^I6T>J.Q?R2ZU#QD'2V?>0EY&-"\%D:D%R>F33W-P(^4''[S_^ M]A\&5VD1W\$4F+V`-F(CY!'GUF@32ADPR&:\S29UQ_5X[WJQHOSYF3:.D%`Q M%DRK[4:$A]+WIB6OP@;Y5E-)=MV]D)ZS))RU,(<3$,=0JZTXB%;F^*:XM3?/T5G@7 MG[7W.!A*`@#MV6:+I/V^<4EX#9!T%I$MSSJ!5@A757' M$OVZ)'34X%B[_^8`6\[968&V=,[2.C6[?Q_U[B&P47M*,@8&Y5`Q-;7STK3] MU[9)>AS]H,WIG9GM#),YG[^<"_6,C!+$N'=:>U!USQCAJ798J:T`$-\,82[%,ETCK,761ZO:+2!OV41:CZV\(2D@76K$^5%"IPT#))T--H`C*-)^)*T@0]R@G" M+_0/;&X:V-QJO@E:.R#\7JU3N4C\5#+475JD">YR"[92NVL3>ANP1%/N!_@@ M&D)W%@G5>%/3`?,+Z3'H(6;8MRH4G1OS<75PKY/*Q5[0S0]6V@8!FEXKSD+V M-8A"\Y^'?Z+P=Y5,NPOR('FQ'D2V!BGJ4VF222-6GS04D,2EL?@"-4:6D0$4 M:.MS.2[FVI"=@6(GGAX*=!P4MF^V[_[!CO5[@B2E(!8LVW#\X9*M?X6J*J0J M>`QGIRPFU2@1_88Z59+6?TWGV4!0^S,09&4HA>S[3R%0V:A'*KQMN>(\>7)93 M&O2P"P5!8PN+>?E>4>HI48%&#.:4;RP&Q,JD!'(G\T=ED8YWV+;F9$+@>%J7 M11-&C$X[*[HZIZXY6AVO`9L`595*2=Q[+ZMX+>Z28L!"%Y4.EXSS&W-Y?EK- M[ID&&TV=':3!,ISCPV8+N1:QUGLK]L^&OM"LK&5*CC^@%8BM%!4=)@--M4,M MH.?\Y.U;+OWGQ#3OK!I/P31!*?)&'ST#8+8I)TQUC+K73?2EU(F$N?1/%YMP M#O*#A-7[I(>V+=%5^J\W%ESM_HHR6`[A<*HRHHN,1FBWI%CIVO(18%+,3)70 MW\%ZXOH)^94U+2>,K[Z_K=!-*_B'=*IBXT]0P_ZG(D/C//S**6GGZQZ+/TY@ M0P$%?%H6PNGGM`3Q)@VS*K+\#C`W@>=O5__KW*#P?7/R?:3\_R'YB6U`:?FL^I7!'`>L'E_VI"D03 M&[`7N8EQNRJ!":U@Q[\31EQS&<_>&=!V\N?2.G!`79V]X/(H5__?@NL88*^K%/4\BD$6/LVD-N'FVZCDK)ULYJ8 M,*3]W>U?_WZ=AHY&1-!KJ1N%_.XZA?^<460E()/Z'T@Y17416]5$'[4'./O( MJ'CV>Q1W.;Q?TJ=^FU$K&[:?$_:2\'VU,;FFX1!(4OKJU,4R*=B35T(9.$I)O(QH?>3FR:X6J4B,Z-)A M%JP)N,6=J69E.(L-'2,;)3&8[DOF((?QJZ<^_`_O&YR<$H]WT1D2;"^ZJ#G: MV[JNG3QR[?N_5DCD5+H;PU]FZBE:8^GXUG4?P7-7.^IN'`5F&(:LZWU-`D,J MBTPUM$169#K2,FMW1E.?<2FF1`^!BB"@_`.[XE"E)L=0.!W8NYXPK$-#A\B) M[+TGYCJVEN+*#H?BG,5BI9-#BU/6QTGX1<9*BUM^@$9/%L+OVA42Z4>X$(H4 MU/1*U'N?3DJE\0=M]'-K%2>"%J+/C0G'27Z!-">MD8TV[D4+3"TP!X>]D,._ M<5"\;]A1IL9VX&M9H@VE2NTD5.,9T^D&W,,>F<-\+@F=B>(W5AT>;N.+6*`U MC)FQ`5V@O6.Q42/FXHET%BJZ'"W?7'>J)H",DN+$=?T(%R[0U2\LAV+9_.- MK<71.#M3X->3#*IY)8HHZMETI3JS&`*RX<92/"'=CK,[H^L5(,43*D97^JJFU-.DD@IEF6%#%9*V#DMV>V9QZBSQ M!>R"BE9-:E_7B%V<)"WY+F-)W?V6XST^TK?EJDO@4XV2=<:X1BZGXHZ+&\') MG$,O=DFJ>6W\:"XK$'$"<#5;+<1(+HZ;]DWJVH3&?C$=84G1D]9(ZR2M2`TP M%M9.J:_-5C<4V?[/X$RK>$U*5ALO3'VY(M8:LF=[RF4#BPX7X?:DTSO%T4KH M?>$4G%ME4C1&QYRQ_62550]J(==(7J45,,P]J&E+]D48D2(G/E3): M?1"?+3#(OG(Y7UTWI7QP-*;R9E]-5S*>,LZYPZ01>"LU,0*5`"RD]&[2#N*, ME7A:1WG.,4^WR>1E'ZW[,;> M;A?J;GJWS:@BXR+E#G_..P$CD_3!+?+8TM7,FS]8`W^Z-3[.4\)HC2CV:7`S M`(8^XU!(WC=,ZCIY?:XE5IR*^&,U&VS$Q56-BK`3J23BDWL%/>&:\80!"K&+ M2`L66&+008'MUE:LZ/!Z6R<^ MX^"7XW+7J(U.P2\7H8L[(PRX`"S&CJ<:SF]B/6:MRZ)2-6 MJT89&Y*^0[,,PLQ:$,<`-2YE:/_Z(PWT&T)03=K5IUR:`Z%AD19PY2@Y*CH8 MHOJ&PU.Q:?`W(G&\I_JY:@7"SL##_?CX^`@[>AX>\Z_[H^/H8U`*KXH.XX.] M@V@X',)/^Z-]V90Q,AT='4='\-^A]-?^*AJ-X,T15J`[PN%'P_CMWCZMS>[# MK]KG]8>->$Q"79LW2VP\OF1DZBN7KO1;03WFJ(P9IOXC]L[%[=!5E\LE+K0[ M=,2V4(K):WB$43GKK,O;D(4%>#ZF-3;.0U]H'IU(FOT-RJ85EZ0YH4XN4N-* M"B%23_1QF2;1UL>;\79T*WX/2GX>VT[H[U=T$I4=9O_-\1MJ\GR*_OQT?[Q]$H/@3R?*#7 M`$K[_MMXM+\'K[]].XP`U]^.X.WA+K\^KF'U=1*\?Q0/]T:P[H/=?7C_<(2C M#P4Z:*^'':=X0SR$1O'1[J[\=\>\?9L`TC0A\W87MGJT>X`S'![`VZ/#_K4< MQKL'^/XQ/-^'=='[,OH),,QY`0I68[>'<%OW`":P[X-#/G*\]F]A[S"6N:8' MHW@7=M>Z8K>7)__ZW>6'T[/KFW^.SK[_='[[;[VDT-Y'ZEN_P_A_8F*7@_HB M-U3/#YE+ZX]42QS58G3O/G_!3:Y6BX7X:ALQ=CWE1J0.NGK=7^B#WKBM?VG6 M@`=Q&6VW/"89:HR_]J+0%O));=0@6"I)"5X9#[+8]V!\.]Z`?^ M#MO+`]NY2S/]S8\I&]%.R7>:.JH#?25#M:*XSW\X/SV[.+V)_@O@[-?1Z?G- M[?7Y-Y^X)_HFAW^:H1T'Q>`KJ1W]6\_O]L%V+.`V]WRBP/NJUC'.W,08*IV8 MLK\O'^4[;/HFDB?13S?$-8?@TNE=:=X4V=PL)95?>$S!#BK2>FA_49V6NG3L MX3]`M/:.6X=P-KZ^.+_X]B:Z`C'DYKOQ]=E&D'=5UW$OA'4QMFF47/C3;+Y" MS/A]3L/RM$I*`HH>8XIZ$XN;N"7,9`FN'>)2FI'A(+C>=PW1\WW?/5QS*C#Z#^OC.XZ\Z?3-!RJ=J$8FOO M>)O_XT9/:M80-)_<[D_E?U[!T:ZL8&]TN`VT&\..4X/K?_%W4VPV M.-R(KFUPA/"[G.(+!V]$?=8%FB^$JD'[A$3+\..T36T=VM@E@+H/=JK8(.-M M/E-UI'V`1C.R&I%7?-H):J30M/9KU*/F,R?9;[3'VZ>B=X].3VHGK)+:U%ZL MD^0WFYO(8M_L3HMJ@1&5JHTF>(^M:/K&[_X"R7;?%ZJGM?9-:MM&X]\`_>\? M7A2[Y@/1K3:;`*,/UTW1C9I&-=QHFC,*T.Z;AE3'C<:YR-;<,:==;H9-:_<] MZMZW4T-_"T53IOL27?N8S>,(8@HZBL7'"RT=01=RZ.P.I_B!M.FY:+YTMN1 MB$Q=ELP@T=W3]W[N&`2M=NXRY,>]`S$,;%5(X/&MEUK!E&JC[QL6U&&;RZ0P MC:-+YUPP@MGD&2,Z.PANMQW$"5H[;0.&+HBT^#''0)<2'H]0X;:*:"I MPMBB8LO27Y$V.TTX*$_6LD9.8]-$_((MHN\K,4[T/68K1=]39[AX>4T]MHSF MASWFEX;=Y;6;W734'F!L^GDWL#;]NA>8KX?)AL!>>R_1+?;6(O_EM!ZX MNM^=#W='ZQ[V?'G"4GB;L!=<8H7B+\XU_N%<$MDDTE![AK08=$E.[V>^;G&D M^'N=UAA8M.%D&,3)FC$-TQ9$&Q0&M&&TDD9G7)FA;19*^I.4TF]`*[U,K78OP$ MWGW5B9F]Q/C_WI*)-E3]2_X=5D+_$&Q(`^V*\6;LA/'`FI5.?%-9N!.5[P/0>^*^UJR7P%Q^SV3=1/`:\H_9_6R7DI+8'S MZK+_.A-`SCFZ[Y0-_WP//$U&U8S>:&%[:^I^2P]PTATL*,Y*$U_RC:!J3W+= M3OJ^>=W,-]),2@[TPEETY4@%4F@K\I%CKW0'&1G8:VDJ[^+0Y,F+7S!)M3Q& M,?M@3L4&WVV[C/_3/_U3IP6A9S1*&$)?3GNX^2`Z?.UP'-IUE63=XX'DOOF` MHD\ZM\V+GVSB,#)GTZ]1O_JLO#^EI9[])@]*EVUW4S=*6P/V'I0^0?A%#\<. M^U/:=L_UKI0OF$\<*KV0>)4OI:4I?I$3I<7SSCZ,;\].HZOQ-8C[M]?CBYOQ M24@+.F3_%U#J6N(>KR@UP!"CM:KKF".*R8YS>>=T^Y:2/3AHFTI.?"=N&>;& M=.)F`_@U=>)N?GG4Y8X)G3LHM=C'K2&$5$>F6VVF*RH_O-M MH>7HFF]O,,V)E)8B2Y"SZ\R3;%%A=AGFPBZ[B'X2V@2#X-^M0FXX#* M6/F"<:G.%FG0Z[TVM?(D^KMCR82#7D#!OW1WA#>>_-%^V(KEP+75<3`1/*;R'%2#@%IP4@6P%@&#,=FV MFZV\@WQ"L9+.6113+#%5Y%K"LC.?TR9^,VF%P64@-2,Z7X&(-8\Q6K=,N*I. MR?5BI+OOJN1FF%3P3Q*U!1FW:6]GWYS?GHZCL,&ZWXD!HX,949,X@HM69UQ@ MF3KHNHAU>9#:\3^ZOX6)^S[0`XL^/&#(^(SK,_O$`KRMG$NW-=D./]%$<"EQ M$+KB>A?H*R73$D_"SZ[,TXT7RZN,MC@/"*"4FP$17[9;WL"Q/5=`%58O3[4( MZ`D?69ND"@5A0?&NHZ7GRY\$;5U;TF6SD7DG`VAV*+>&T8W,^N/5_<#U'^Y\ MN-MC(F4I;'_-0S$A=3_4X/GN+X^Z'Y(W[W:R3_,JD`X=;.?)75=04'?@\+O!KW.\JMFV*M_=YR M[BH:KM&;7=5JZO(W:?%L`B,N/J:4-\1!HP6]9JX;:=Y-WUR0CT5:F5]Q)^\U M7!#CG?X_ZI&^=NM?L-O_9WJ@M["D)X0#4.3U]W#-8)O>NC5#;'K7^D=X#=*_ M:IC1&BN$:3;T.X!X_7B;0GG]*!M1OO5#;'A6ZP?9[+C>5%7]I_\-4$L!`A0# M%`````@`29,-1_51(J*G`0``9Q0``!,``````````````(`!`````%M#;VYT M96YT7U1Y<&5S72YX;6Q02P$"%`,4````"`!)DPU'2'4%[L4````K`@``"P`` M````````````@`'8`0``7W)E;',O+G)E;'-02P$"%`,4````"`!)DPU'KY;B M"&X!```W$P``&@``````````````@`'&`@``>&PO7W)E;',O=V]R:V)O;VLN M>&UL+G)E;'-02P$"%`,4````"`!)DPU'T2K#?*0"```F"0``$``````````` M````@`%L!```9&]C4')O<',O87!P+GAM;%!+`0(4`Q0````(`$F3#4=!',$8 M/P$``&D#```1``````````````"``3X'``!D;V-097)PC$`8``)PG```3``````````````"``:P(``!X M;"]T:&5M92]T:&5M93$N>&UL4$L!`A0#%`````@`29,-1]D6QE&PO=V]R:V)O;VLN M>&UL4$L!`A0#%`````@`29,-1P5Q)0%/`@``\P<``!@``````````````(`! M#14``'AL+W=O_ MJP6K'P,``"<.```8``````````````"``9(7``!X;"]W;W)K&PO=V]R:W-H965T&UL4$L!`A0#%`````@` M29,-1^O]$U.=`@``>0H``!@``````````````(`!,!T``'AL+W=O&PO=V]R M:W-H965T&UL4$L!`A0#%`````@`29,-1Q`>%^:@`0``L0,` M`!@``````````````(`!(B<``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`29,-1_M4$K2B`0``L0,``!D``````````````(`! MJ"P``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%``` M``@`29,-1W17JP&C`0``L0,``!D``````````````(`!-3(``'AL+W=O&PO=V]R:W-H965T*O.BNH@$``+$#```9``````````````"``>HU``!X M;"]W;W)K&UL4$L!`A0#%`````@`29,-1Q)I0:M0 M`@``ZP@``!D``````````````(`!PS<``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`29,-1ZE29:>D`0``L0,``!D````` M`````````(`!"3X``'AL+W=O&PO=V]R M:W-H965T&UL M4$L!`A0#%`````@`29,-1X:]43NF`@``[PH``!D``````````````(`!F4,` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` M29,-1\AT$RUA`@``?0@``!D``````````````(`!;DX``'AL+W=O&PO=V]R:W-H965T:=P*K^`$``+T%```9``````````````"``=A5``!X;"]W M;W)K&UL4$L!`A0#%`````@`29,-1P6UQ2]\`@`` MGP@``!D``````````````(`!!U@``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`29,-1V*Z$=6?50``?"\!`!0````````` M`````(`!K6$``'AL+W-H87)E9%-T&UL4$L%!@`````G`"<`@PH` '`'ZW```````` ` end XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R25.htm IDEA: XBRL DOCUMENT v3.2.0.727

STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member] - $ / shares
1 Months Ended 6 Months Ended

Jun. 15, 2015

Apr. 30, 2015

Jun. 30, 2015

Class of Stock [Line Items]

Shares, Nonvested at beginning of year 0

Shares, Granted 100,000 10,000 110,000

Shares, Vested 0

Shares, Forfeited 0

Shares, Nonvested shares at end of period 110,000

Weighted average grant date fair value, Nonvested at beginning of year $ 0

Weighted average grant date fair value, Granted 20.13

Weighted average grant date fair value, Vested 0

Weighted average grant date fair value, Forfeited 0

Weighted average grant date fair value, Nonvested shares at end of period $ 20.13

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ClassOfStockLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iv)(3)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(3)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(i)-(ii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(i)-(ii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 14 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727

SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

3. SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates.

Offering Costs

Underwriting commissions and offering costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in capital. Offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s common stock.

Organization Costs

Costs incurred to organize the Company are expensed as incurred.



Fair Value Measurement

Under FASB ASC Topic 820, “Fair Value Measures and Disclosures,” the fair value of financial instruments will be categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the balance sheet will be categorized based on the inputs to the valuation techniques as follows:

Level 1 — Quoted prices for identical assets or liabilities in an active market.

Level 2 — Financial assets and liabilities whose values are based on the following: (i) Quoted prices for similar assets or liabilities in active markets; (ii) Quoted prices for identical or similar assets or liabilities in non-active markets; (iii) Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.

Level 3 — Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.

As of December 31, 2014, the Company’s only financial instrument was cash, and as of June 30, 2015, the Company’s financial instruments consisted of cash, restricted cash, originated loans, receivables and payables. The fair value of the financial instruments was estimated to approximate their respective carrying amounts.

The carrying values of cash, restricted cash, receivables and payables approximate their fair values due to their short-term nature. These instruments are categorized as Level 1 instruments in the measurement of fair value.

The loans are categorized as Level 3 instruments in the measurement of fair value. The carrying value of loans approximates their fair values. To determine estimated fair values of the loans, market rates of interest, which include credit assumptions, are used to discount contractual cash flows.

Restricted Cash

The Company’s restricted cash balance includes customer due diligence deposits made in advance of prospective loan closings, as well as borrower funds retained for future loan related expenses. Under term sheets and loan agreements with prospective borrowers, the Company is permitted to utilize such deposits to pay third party (plan review, inspection, environmental, appraisal and legal) costs incurred by the Company in the due diligence or closing of loans.

Loans and Allowance for Loan Losses

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discount, unearned loan fees and an allowance for loan losses. The allowance for loan losses will be established through a provision for loan losses charged to expense in accordance with Financial Accounting Standards Board (“FASB”) Topic Accounting Standards Codification (“ASC”) 310, “Receivables.” Loan principal considered to be uncollectible by management is charged against the allowance for loan losses. The allowance will be an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation will take into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay.

In connection with the Company’s lending activities, management may also originate certain acquisition, development, and construction loans with certain participation arrangements that will be accounted for under FASB ASC Topic 310-10-25, Receivables.

Interest income will accrue as earned on a simple interest basis. Accrual of interest will be discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company will recognize income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan losses. Interest that had accrued in the current year is reversed out of current period income.

The allowance for loan losses will represent management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses will be increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable will be charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely.

The evaluation of the adequacy of the allowance for loan losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications.

A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment will be measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses will be established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. The Company has determined that an allowance for loan losses was not necessary at June 30, 2015.

Origination Fees and Costs

The Company offsets its loan origination fee with its related direct loan origination costs and the net amount is deferred and recognized as an adjustment to loan yield in interest income as required by ASC 310. These direct loan costs only include the salaries and benefits required to evaluate, negotiate, prepare, process and close a loan transaction. The direct loan origination costs were determined by examining the average salaries of the loan personnel of the Manager, and by examining the average hours required by the loan personnel to evaluate negotiate, prepare, process and close a loan. Employees’ compensation and fringe benefits related to unsuccessful loan origination efforts and other lending-related costs are charged to expense as incurred.

Derivative Instruments

The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions.

In accordance with FASB ASC Topic 815, “Derivatives and Hedging,” management will measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in the Company’s balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which management elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument will be recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative will be reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges will be recognized in earnings. As of June 30, 2015, the Company had not entered into any derivative instruments.

Variable Interest Entities

A Variable Interest Entity (“VIE”) is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management will base the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management will reassess the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.

A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management will determine whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.

Management will analyze and evaluate new investments and financings to determine whether they are a VIE, as well as reconsideration events for existing investments and financings, which may vary depending on type of investment or financing. As of June 30, 2015, the Company had no financings or investments with entities that are VIEs.

Equity Investments

The Company may report certain limited portions of its investments as investments in joint ventures. Investments in joint ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method as prescribed by FASB ASC 323-30, Investments — Equity Method and Joint Ventures, Partnerships, Joint Ventures, and Limited Liability Entities, (“ASC 323-30”).

Recent Accounting Pronouncements

In January 2014, the FASB issued an Accounting Standards Update (“ASU”) 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Sub Topic 310-40)—Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure occurs and requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on future results of operations or financial condition.

In June 2014, the FASB issued ASU 2014-10, Development Stage Entities: Elimination of Certain Financial Reporting Requirements, Including Amendment to Variable Interest Entities Guidelines in Topic 810, Consolidation. The standard will eliminate the reporting requirements for certain disclosures for development stage entities. Public entities are required to apply the presentation and disclosure requirements for annual reporting periods effective January 1, 2015. The Company has adopted this guidance effective April 1, 2015, and it did not have a material impact on the reporting of results of operations or financial condition.

In February 2015, the FASB issued guidance that requires an entity to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption will have a material impact on its consolidated financial statements.

In April 2015, the FASB issued guidance that simplifies presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discount or premiums. The recognition guidance for debt issuance costs are not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015.   The Company does not expect adoption will have a material impact on its consolidated financial statements.

Segment Reporting

The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.

Income Taxes

The Company intends to elect to be taxed as a REIT and to comply with the related provisions of the Code commencing with its taxable year ending December 31, 2015. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company expects to have no taxable income prior to electing REIT status. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements.

Comprehensive Income

For the three and six months ended June 30, 2015, comprehensive income equaled net income; therefore, a separate consolidated statement of comprehensive income is not included in the accompanying consolidated financial statements.

X

- References
No definition available.
+ Details

Name: us-gaap_AccountingPoliciesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for all significant accounting policies of the reporting entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18861-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18726-107790

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18743-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18854-107790

+ Details

Name: us-gaap_SignificantAccountingPoliciesTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 15 R29.htm IDEA: XBRL DOCUMENT v3.2.0.727

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended

Apr. 30, 2015

Jun. 30, 2015

Jun. 30, 2015

Related Party Transaction [Line Items]

Annual Rate Of Interest 1.50%

Cumulative Annual Stockholder Total Return 8.00%

Percentage Of Base Management Fee 0.375% 0.375%

Expenses Reimbursed To Manager $ 500 $ 500

Base Management Fee 400

Contract Termination Claims, Description a termination fee equal to the greater of (i) three times the sum of the average annual Base Management Fee and Incentive Fee earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, or (ii) the offer price, which will be based on the lesser of (a) the Managers earnings before interest, taxes, depreciation and amortization (adjusted for unusual, extraordinary and non-recurring charges and expenses), or EBITDA annualized based on the most recent quarter ended, multiplied by a specific multiple, or EBITDA Multiple, depending on the Companys achieved total annual return, and (b) the Companys equity market capitalization multiplied by a specific percentage, or Capitalization Percentage, depending on the Companys achieved total return (the Internalization Price).

Amortization of Other Deferred Charges $ 150 $ 150

Private Placement [Member]

Related Party Transaction [Line Items]

Stock Issued During Period, Shares, New Issues 250,000

Founder [Member]

Related Party Transaction [Line Items]

Reimbursement Of Organization Costs $ 100

Reimbursement Of Offering Costs 100

Proceeds from Issuance of Private Placement $ 5,000

X

- Definition
It represents the annual rate of interest.
+ References
No definition available.
+ Details

Name: jcap_AnnualRateOfInterest

Namespace Prefix: jcap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Value of base management fee incurred during the reporting period.
+ References
No definition available.
+ Details

Name: jcap_BaseManagementFee

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
It represents the cumulative total return to the stockholder.
+ References
No definition available.
+ Details

Name: jcap_CumulativeAnnualStockholderTotalReturn

Namespace Prefix: jcap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount reimbursed to manager for the expenses incurred during the reporting period.
+ References
No definition available.
+ Details

Name: jcap_ExpensesReimbursedToManager

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Represents the percentage of base management fee.
+ References
No definition available.
+ Details

Name: jcap_PercentageOfBaseManagementFee1

Namespace Prefix: jcap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Reimbursement received or receivable for the offering costs incurred during the reporting period.
+ References
No definition available.
+ Details

Name: jcap_ReimbursementOfOfferingCosts

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Reimbursement received or receivable for the organizational costs incurred during the reporting period.
+ References
No definition available.
+ Details

Name: jcap_ReimbursementOfOrganizationCosts

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
General description of claims, deemed to be reimbursable and included in accounts receivable, relating to the termination of long-term government contracts and programs. Includes claims associated with terminated war and defense contracts. If a reasonable estimate of a termination claim is undeterminable or impossible to make, disclosure is made to discuss the status and circumstances related to the undeterminable claim.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 912

-SubTopic 310

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6223520&loc=d3e55538-109407

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 912

-SubTopic 275

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51673126&loc=d3e54672-109401

+ Details

Name: us-gaap_ContractTerminationClaimsDescription

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of amortization of other deferred costs recognized in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.3)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_OtherAmortizationOfDeferredCharges

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromIssuanceOfPrivatePlacement

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_RelatedPartyTransactionLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of new stock issued during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_SubsidiarySaleOfStockAxis=us-gaap_PrivatePlacementMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=jcap_FounderMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 16 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727

EARNINGS PER SHARE (Details) - Jun. 30, 2015 - USD ($)
$ / shares in Units, $ in Thousands

Total

Total

Numerator:

Net loss $ (1,141) $ (1,287)

Less: Dividends declared on unvested restricted shares (39) (39)

Net loss attributable to common shareholders $ (1,180) $ (1,326)

Denominator:

Weighted-average number of common shares - basic 5,934,066 2,983,425

Unvested restricted stock shares ^[1] 0 0

Weighted-average number of common shares - diluted 5,934,066 2,983,425

Net loss per share attributable to common stockholders $ (0.20) $ (0.44)

[1] Anti-dilutive for the three and six months ended June 30, 2015

X

- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Antidilution

-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Diluted Earnings Per Share

-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Contingent Stock Agreement

-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1377-109256

+ Details

Name: us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1377-109256

+ Details

Name: us-gaap_PreferredStockDividendsAndOtherAdjustments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1505-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 17 R30.htm IDEA: XBRL DOCUMENT v3.2.0.727

SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] - USD ($)
$ in Millions
1 Months Ended

Aug. 10, 2015

Aug. 05, 2015

Jul. 14, 2015

Jul. 02, 2015

Jul. 31, 2015

Jul. 08, 2015

Miami/West Palm Beach, FL [Member]

Subsequent Event [Line Items]

Loans Receivable, Net $ 1.7

North Haven, CT [Member]

Subsequent Event [Line Items]

Loans Receivable, Net $ 0.6

Sarasota, FL [Member]

Subsequent Event [Line Items]

Loans Receivable, Net 0.9

Pittsburgh, PA [Member]

Subsequent Event [Line Items]

Loans Receivable, Net $ 1.7

Mortgage Loan [Member]

Subsequent Event [Line Items]

Loans Receivable, Net $ 3.5

Loan Transactions 1 [Member]

Subsequent Event [Line Items]

Repayments of Debt $ 0.8

Miami, FL, funding [Member] | Loan Transactions 1 [Member]

Subsequent Event [Line Items]

Loans Receivable, Net $ 2.5

Mezzanine Loans [Member]

Subsequent Event [Line Items]

Secured Loan Non Recourse Pledge Description The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility

Secured Loan Pledge Description The mezzanine loan, whichwas secured by a pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility

Mezzanine Loans [Member] | Miami/West Palm Beach, FL [Member]

Subsequent Event [Line Items]

Repayments of Debt 1.3

Mezzanine Loans [Member] | North Haven, CT [Member]

Subsequent Event [Line Items]

Repayments of Debt $ 0.7

Secured Loan Non Recourse Pledge Description The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility

Mezzanine Loans [Member] | Pittsburgh, PA [Member]

Subsequent Event [Line Items]

Repayments of Debt 0.6

Mezzanine Loans [Member] | Loan Transactions 1 [Member]

Subsequent Event [Line Items]

Repayments of Debt $ 1.6

Mezzanine Loans [Member] | Loan Transactions 2 [Member]

Subsequent Event [Line Items]

Loans Receivable, Net $ 1.3

Construction Loans [Member] | Miami/West Palm Beach, FL [Member]

Subsequent Event [Line Items]

Repayments of Debt 7.5

Construction Loans [Member] | North Haven, CT [Member]

Subsequent Event [Line Items]

Repayments of Debt $ 6.2

Construction Loans [Member] | Sarasota, FL [Member]

Subsequent Event [Line Items]

Repayments of Debt $ 4.8

Construction Loans [Member] | Pittsburgh, PA [Member]

Subsequent Event [Line Items]

Repayments of Debt $ 4.7

Secured Loan Non Recourse Pledge Description The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility

Construction Loans [Member] | Loan Transactions 1 [Member]

Subsequent Event [Line Items]

Repayments of Debt $ 6.8

X

- Definition
Description of the terms of non recourse pledge of secured loan obtained during the period.
+ References
No definition available.
+ Details

Name: jcap_SecuredLoanNonRecoursePledgeDescription

Namespace Prefix: jcap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Description of the terms of pledge of secured loan obtained during the period.
+ References
No definition available.
+ Details

Name: jcap_SecuredLoanPledgeDescription

Namespace Prefix: jcap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount after allowance and deduction of deferred interest and fees, unamortized costs and premiums and discounts from face amounts, of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Includes loans held for sale. Excludes loans and leases covered under loss sharing agreements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.7(a))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Name: us-gaap_LoansReceivableNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations.
+ References
No definition available.
+ Details

Name: us-gaap_RepaymentsOfDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.
+ References
No definition available.
+ Details

Name: us-gaap_SubsequentEventLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementGeographicalAxis=jcap_MiamiWestPalmBeachFlMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementGeographicalAxis=jcap_NorthHavenCtMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementGeographicalAxis=jcap_SarasotaFlMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementGeographicalAxis=jcap_PittsburghPaMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FinancialInstrumentAxis=jcap_MortgageLoanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=jcap_LoanTransactions1Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=jcap_MiamiFlFundingMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=jcap_MezzanineLoansMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=jcap_LoanTransactions2Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=us-gaap_ConstructionLoansMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727

GENERAL
6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Accounting [Text Block]

2. GENERAL

The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

The accompanying unaudited interim financial statements include all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods included herein.

Substantially all operations are conducted through the Operating Partnership, which is a wholly-owned subsidiary of the Company and of which the Company is the sole General Partner. The Operating Partnership was formed on March 5, 2015. All significant intercompany transactions and balances have been eliminated in consolidation.

X

- Definition
The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
No definition available.
+ Details

Name: us-gaap_BasisOfAccounting

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 19 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

ASSETS:

Cash $ 88,444 $ 1

Restricted cash 106 15

First mortgages 14,429 0

Mezzanine loans 6,424 0

Other investment 881 0

Interest receivable 32 0

Other assets 86 0

Total Assets 110,402 16

LIABILITIES:

Due to Manager 698 0

Accounts payable, accrued expenses, and other liabilities 416 15

Dividends payable 2,139 0

Total Liabilities $ 3,253 $ 15

Jernigan Capital, Inc. stockholders’ equity:

Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding at June 30, 2015 and December 31, 2014, respectively;

Common stock, $0.01 par value, 500,000,000 and 1,000 shares authorized at June 30, 2015 and December 31, 2014, respectively; 6,110,000 and 1,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively $ 61 $ 0

Additional paid-in capital 110,364 1

Accumulated deficit (3,426) 0

Total Jernigan Capital, Inc. stockholders’ equity 106,999 1

Non-controlling interests 150 0

Total equity 107,149 1

Total Liabilities and Equity $ 110,402 $ 16

X

- Definition
Mezzanine loans gives the lender the rights to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full.
+ References
No definition available.
+ Details

Name: jcap_MezzanineLoans

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying values as of the balance sheet date of liabilities incurred and payable to vendors for goods and services received, and other costs not separately disclosed in the balance sheet that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered.
+ References
No definition available.
+ Details

Name: us-gaap_AccountsPayableAndOtherAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.30(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

+ Details

Name: us-gaap_AdditionalPaidInCapital

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.18)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 12

-Article 7

+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_AssetsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Cash

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.15(5))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.15(5))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 15

-Subparagraph a

-Article 7

+ Details

Name: us-gaap_DividendsPayableCurrentAndNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amounts due to recorded owners or owners with a beneficial interest of more than 10 percent of the voting interests or officers of the company.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.15(4))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.17)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k)(1))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 946

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.6-04.12(a)(1))

-URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996

+ Details

Name: us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.8)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_InterestReceivable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19-26)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Liabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_LiabilitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.32)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 25

-Article 7

+ Details

Name: us-gaap_LiabilitiesAndStockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 27

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 7

+ Details

Name: us-gaap_MinorityInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total carrying amount of mortgage loans as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section S99

-Paragraph 6

-Subparagraph (SX 210.5-04.(c) Schedule IV)

-URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 948

-SubTopic 310

-Section S99

-Paragraph 1

-Subparagraph (SX 210.12-29.6)

-URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014

+ Details

Name: us-gaap_MortgageLoansOnRealEstate

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.17)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 10

-Article 7

+ Details

Name: us-gaap_OtherAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Other investments not otherwise specified in the taxonomy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.12)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(f,g))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_OtherInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_RestrictedCashAndCashEquivalents

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31(a)(3))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_RetainedEarningsAccumulatedDeficit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

+ Details

Name: us-gaap_StockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4I

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4590271-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568740-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568447-111683

+ Details

Name: us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 20 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($)
$ in Thousands

Total

Common Stock [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Parent [Member]

Non-Controlling Interests [Member]

Balance at Dec. 31, 2014 $ 1 $ 0 $ 1 $ 0 $ 1 $ 0

Balance (in shares) at Dec. 31, 2014 1,000

Retirement of stock (1) $ 0 (1) 0 (1) 0

Retirement of stock (in shares) (1,000)

Public offering of common stock 115,000 $ 58 114,942 0 115,000 0

Public offering of common stock (in shares) 5,750,000

Private placement of common stock 5,000 $ 2 4,998 0 5,000 0

Private placement of common stock (in shares) 250,000

Equity offering costs (9,609) $ 0 (9,609) 0 (9,609) 0

Issuance of restricted stock 0 $ 1 (1) 0 0 0

Issuance of restricted stock (in shares) 110,000

Stock-based compensation 34 $ 0 34 0 34 0

Deferred termination fee to affiliate 150 0 0 0 0 150

Dividends declared (2,139) 0 0 (2,139) (2,139) 0

Net loss (1,287) 0 0 (1,287) (1,287) 0

Balance at Jun. 30, 2015 $ 107,149 $ 61 $ 110,364 $ (3,426) $ 106,999 $ 150

Balance (in shares) at Jun. 30, 2015 6,110,000

X

- Definition
Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 405

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957935&loc=d3e64057-112817

+ Details

Name: us-gaap_Dividends

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of amortization of other deferred costs recognized in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.3)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_OtherAmortizationOfDeferredCharges

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash outflow for cost incurred directly with the issuance of an equity security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsOfStockIssuanceCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_ShareBasedCompensation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Number of shares issued which are neither cancelled nor held in the treasury.
+ References
No definition available.
+ Details

Name: us-gaap_SharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of new stock issued during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed.
+ References
No definition available.
+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesOther

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

+ Details

Name: us-gaap_StockIssuedDuringPeriodValueNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Value of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed.
+ References
No definition available.
+ Details

Name: us-gaap_StockIssuedDuringPeriodValueOther

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Aggregate value of stock related to Restricted Stock Awards issued during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

+ Details

Name: us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Number of shares that have been repurchased and retired during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

+ Details

Name: us-gaap_StockRepurchasedAndRetiredDuringPeriodShares

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

+ Details

Name: us-gaap_StockRepurchasedAndRetiredDuringPeriodValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4I

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4590271-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568740-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568447-111683

+ Details

Name: us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_ParentMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

ZIP 21 0001144204-15-049101-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-15-049101-xbrl.zip M4$L#!!0````(`-2)#4?@;?3O1:<``*@J"``1`!P`:F-A<"TR,#$U,#8S,"YX M;6Q55`D``[\(S56_",U5=7@+``$$)0X```0Y`0``[%U[<^*XEO]_J_8[Z+*U M4S-5@6`@))UTYQ:=1U_N30*3I._.W*VME+`%:-K8M&3G,5O[W?=(LL$V-K8) M2:"CF>F>Q)9TCHY^YRG9_OC7QXF-[@GCU'4^58Q:O8*(8[H6=4:?*E]OSZL' M%?37XW__MX]_J5;1%^(0ACUBH<$3.L4>OF78_,;#_LBHP;]U)'YJ5CO^J-JH M&WOHO^O&H;%_:+3^!_UO__+_T-G-+:JBAX>'F@5#>'*(FNE.4+4:$OJ,.1"! M<7[[?'V!&C4CN//JI,O:\Z>'NKACR#\(<.L(.7*<> MML6XNX*+>KL)4U.=;.I\BW42`]9<-H*6]>:NN#T`!L+FXJY%9QVBC=N[ZN:L MZ<+0#TW9UOCPX<.NO#MKRFE:0QC4V/WM\N+&'),)KE*'>S"9&"]T">_)]I2[ MK8:QOZR':A%VL,B4$5.L<6:?#[N8FZ\<=C=='W'8T]Q87%BUD;N_6YP M4ZQ'LUHWJDUCULUG#&"7U2^X*SJVXATM0M/[P(V4YN31'*>W%W1=U+F8V#JG@\^H(1U1EB/E` MKF=P(V7JC_82U/QV$8&R[[$E8(&[%=!=A#X*^!]R">QK,D12'0Z]IRGY5.%T M,K4%:N6U,2/#3Q6AV]50=VN/'$"V"P,I$W'B.AYY]-`-,3TP/=(\``EE(,S@ M)@40]^O&'?PGQKEUZ^V[9EW^K%B:]2".1[VGX-KL*K7$]2$E#$FV26R:H-@2AAUK20'H,W,`TM+CL,%JAOA./-[ MX5"1Z5B13NUJLSXG;@5=HBQ%B(>7`AD&8Z<*MA41;&O+!=M:1;"M5Q#LMB-V M)<&^$&([O.=LG4"52_=2)!/>69=D#NZ,YO9*YJ!J-%](,D8]4,C6]DFF537J M$15\`23..NN<68:4`D^"S)B"#ME$Z((S/#`F':?L3I[0>HVKN# M.(][S)>]+USL\$LR&1#FXB673DB<.;)]C?^@)/O/OQZ=@]_15LG;H4D7GE!DPZ6C`3O,WK!#0L8>9S: MU*3!%)`52O]3)8CR#],$5CD.[V;(^N-NZO@1SLJPL+@"E6,1Z1]FK-MZJ6>N M:$:#/!X"^KMI2[..Z&E_E>AI/V+5UAT]@68>*,V\=)DWPB,BUBVJ-.?4P8Y) ML?V.]2Q#!@'2%R7WOD`>C]L`K0^S1>S+OLX10V6RH@#:TET+HF'H:PUCK# M#,+;$=>8"INE2T:#*7OG].[<]1V+L"B&KHDMCE?T@=^G:!;S^2EZ9[L!56:. M,J6+R>GM$+6Q6\9S1/5E9D[Z-C:ERB;K$-2BF#W=8)OTAC*:V&XD+9E2V"1= M(AI$*9GX->$>HR8HX$+TW7G`S-K^RE5B&G.#E#+Q'RSCSHQG])KKK&II<49# MY,W-PLL58<1Y#GD&J'7KPL_/*=?L]'6_,A+#F#8?MJA.IHS;-/EC5@BP'VI9W?)L7$&5!9R2#V[@GKV+;KB1:]J4AR-=XRA?*N#>9V:($& M]'H`_9Z@)+.).824.G8=4\SO7M1E''$]"B-Q[0I/MCRIB,]"UC&7SOVM$HO6 M"^WNIEN04\J(Z;FQFO M339C&7C^\5&JH5(:*NU8J150HJ&R05!IKU9J-?9>\Y1!,:CH/A=5!_[OI,P_YE M8"]3F3)+H$'_.J"_?7`UYM_:U,\60:/^E4P]O=<1SAN;^MD2:-`O`7T!XS%F MY,<#\ZJ6="X,#:MEL#*)@V&X\FXW'SWR&NV!AH^U&4L9T9K=3):'!DW*H MZX).*+B1"XH'U`[V1['SI(^B9\]Q]DZ-9:+[P8Z')5'C8J?'Z(@ZTEJ+S7,J MMSUCS\%DO@QA6U&2.:'Y:U:6R^4'0T6&(^K*]V.*"?1=Y@U=F[JSPI>()%/N M7_GB9F\H7Q.PG2"1,7*QJ64UU>7!%>$U2[8UO);`2Y95<(VP)PO1FPLH`F]7F-,"6`4R7,%<$V`U]U/C*Q==,2AI>)>%%[HFC M`98/L+F<-,3*0>R,CL:>AE@NQ")RTA`K![$KJ@MA!1`V%Y,&6,E2A7:210H5 MVD4NV=W1]?OMJ=^_Q>Z?+L!O3P%^4_"A*^B;6T'?$(SH$OC&EL`W!2&ZAKVI M->P-08@N0F]H$7I3\*&KR)M;1=X0C.@R\`:7@3<$([J.N[%UW`U!B"[$;F@A M]BWP<4X9]\*O_T6/R$>_"`A=K@FVS[AXN.64<)/1:?A%SA.X-'+9EC]EL=IL MYZ?O%X3X8Z.FYXT)FRM-[-F*S]C&CDENQH1X%ZZI'IK;:G!DSVCV@KU4>?S8 M&%CM,Y3;BX*U?U-R*T&0\4UL_4W2[?@FZ3OY*NB+?&PZX_.]&OH:^AL$_1?Y M(&[&*9\^9DGHONL/S$7EH<_O+`'.E>N(9LRU;>J,NM"!D8S70KQ+("V3CP:6 M!-9!!%CP\U[X$03I8,PP7X_YXPO7&8$D)^+#[+/7-UU2/*'_!=+M8WORF6!S M?)[^&=8OQ!TQ/!U3,WC]\WORX&FBBWZB(%7J:_;?60L11A"9"_F^XXB#5;06 M.KW(RV33M7;%$%JK[O8$WUIYMU]YX_FO^A#;*B[WRF7>^&\8Y'N2'O.]:WW= M`E>[N(#O6TM73-5?YD-RZ5JZHHO5JKKUKE4KZP8KZ[JRV!O,,'<]K`/@K72H MR>5[WQJZ44%O7$.-^JH:VJ>>QP<^&XW[6.OH%NKHX@)J+5U!2XU7J`8;SSJB MHE5U^X->K:R;JZSR'-G\Z)#`2/3%UD9<3P=>_)7&JNI[;I_[CD6=D3YOL:** MIDAQO2JRN'0!Z8P%?U\*&C^L%SVQM.X3F_.32DG!-_(T39]LV@IG6%C3&EK3 MH@>DUJUI\\!31Y`Z>%L78J-1V/I]0[@_H`O]NL:^/AL[+Y:OW\:&17)=\M;U MYO78UWGA^.70JL\JZ6-"6X;@C$>]RM9KWA-^=<$3ZF'TRWVNWQ"8:F`WL00MJI&X^4"SP@VKHF'J4.L,\P< MZHRX!L7\6Y5IDOFQT:"?@=N$9^#>8N7U0VS;\!#;JR$C\GBCCAZV+GIXM=>F MZ.AA"Z*'5T.#CAXV+'IXM977T<.610]K18;O4`4+/@;$)U=S0C#W&3D.9B&; MA,.%]Z(DQ&@9XW^].@JS%A5XV5*ST`V19<9J536U"#T\=4U9E!15011@\IH,,]_149'LG8MZ MI75G5(Z->O77C[O)D<)9B>L=N&B)&^EXIV MI@J`I8DU*S&-SAPXC?(YY2:V?R>8G<,57IIV2]&.4TT,FDU7L;<:Y;W*\:^- M-+J10:.4SZ2AO"8CRCT&MNX*3\J+NETY_CN!@&Z$'12$^3NHZY@UQ4@:C44> M3H!5ANVN8Y''?Y"GTDSLQQUW%W58]9-. M7Y&*C96RN.YDXCHWGFM^DYZ$]WQ/^%;1)TXY/&753*%H5)`PA;)AX%2114PZ M`:/RJ=*].J\)NQY'_$V':/;9%A%9\]JT\5MHQ M9O((/Y_1+)GMY3"Z]RP^.YR3,F)KYW!CU%OU1HPC1:$HW2PI[.?0;1>@>4'Q M@-K4HZ3$A`^6$VXV]IHQTA$BI>AG3?Q#J>5?0CUB2/Z);9\4%D&COIR%=D)M M$W065CZ]LE:<'2,7@LUVW'!ED%R9LXRU:N185&,5II(UIXX)<9%O"V=Y2H8B MM2PNN1SS6VVV&DFKET=\'>QFB3/'1#^+3XG/L6M;A'&5YD/$9_O"JXH7[(OW M9WM@2`>^AP+ M-(HO8IX36G1^>;2?SVN6X'/\5L)AEN7SBGBP-.Z$7+B\?)K7R'%JD(L<[,?X MB]%+,@-W&,&D/0?)A!8D+E4_$\__?A(,9K.792)"M"MCYS M19'&^OSTE1/P#KVI2)``Y1W@Z5XNU`G,@SH^7`MNNLX*D\OQIE7A21,K\0S^ MTM*'Q2!59?M).9:?6X$,I[F0GG.*B#@[C^)0F59R1##JT,F22(Y1+\6'E%G)$D@KQS(?M!>AD5Z/ M6$H]:_K%DZ(EE&,!28]%XY&@]@N&6437ZI?BLLFQK"*;^1&F&\!S33RH48*%M7"=)>#&&W"M-H_7@GU1NDZ2?Q6663%OY7&;6H4LSV.7<+R/"O7SF9EM[.417YBU+<.UG M"ZX@8TLW1;.XVW\V=\OV0\OMVV8L[L$Z%G<)EWU&A@1,J;4FF_EA)>M3C(MU M\9X!AW;]S7A?V7ZV"^SK&XOV*!]E-!>VN1"UKT@LY3!ZU'AMAA_XIB_KBW;>N32WUU6''`DXX MY`7RU][PG#K8,2FV9Z>J^2GEINV*(3.>U>WA\@0O]_2"22B5^0!7;L3[.RH"SOHAC`Z M1)6?1MX12@QW9;]S];N_W5:[5Z=G`H_UVAYUCM#2Z>3-(OV\*OK9UCEGLOPB*`A-H.B3`W=`OV`**(< M872)V9,M^IHNF[IJQQ"XQ!YZP!RYRN3`\'"U9WJN>'K#V$'"FL4'$\8%FE') M'A##-IKZ`YN:R!V"C11,N<-`.L*$@Z2%"?HY(9!NOQ<3!C3L3!FU`Z)[.W*> M8V#-%^2FS#4)L;@86XP$W>$:N`[H\H0\%PU]:,X(<$/4II`MMT3@SE2^HI&` MH.^)[4+,"ZOC/CABLUJ0<*?JX0$Y=%%QJL4`&PO+(89!7R<#1FP;(XB//3'V MF$[1]5GW%OT"X7@@U'#]$9[M]L*N/%.H>QJX-DQ9S M"-D74I_.*>^@)(;1;`LYQN%%K5];6)K4IE&FE3C21Y182]>+IW#Q`D'6%HW$ MIIN&909NTWF/01@\I6-)]2`V,3WQPX`@#S\&B(ZI4@22@'ONQ3"]@&A01+`= M4DF%/W9@G&M0/<<7Y"TB0&!\.&CO2#KB.0]B[:"ARR2V@0.Y8?5$,$-$!;VG MQ%1/DS4#VU!#'<&BH+P3!10:$8`A%LKQ0&T;.:XG9@4`_".8X]?:30T-B25: MP;3$F1LAO@N@3C^)LV^ZWL@FA%FEAA.T`;VU9<)Y!RL ML*8+ZDA#6RU.68D<*%#%$::.\!"J/\1E4K#"$E/A"1Q?SL`23T2(TUC`'%P( MC6H*DV(D'CV#HVS*9&H+RR&=U3W82=>'64K_Q82K82I59`)MI1/P?XZ(]E/_#[%EA7\/AN?S7ZR9LQ$?V3S'P49\5MD M"V_-8?;":4"(2J54'2_839%'[<03BX0_(S@W-C4XYQ!`'*(#8:N08=3`0KUX M[%\^1FW6T$WWRU7WO'O2N;I%G9.3WM>KV^[5%]3O771/NF"$P9@7A1V?L@*HL%;P1'QL)504I% MP#74B[,#:J_B+9'G#XGD&[H-B0A4Q-\JF@:;$@:R$(.+)U#$<[%@<1Q3UESD M1&6$6VR6+'CL6$6]T)ECFR22U)@(HA6-ES\G<7T"10P+ MAK'\6Y@$\C@E#E<6(>SPQKI28F6VS?6>8\J0VH^Z5&\'$=&75I,W=,'HO'/S M&75N3M"M.Z4F.FC4=Z+EU<4E4RYZ7E'@.Y&"FE2PH>AS+_N`>YH'YW3VLFFN M2EX#B./5ZQQD,7^`N2KI>S+FIW#9FY5AJ3/U/1[6H<3HP:8`,<<._0ZT9"$I M,AQUH#$6Q6A"JK:HITB]K&:+:Z.Q>-AQQA4,_=UW M/5GLIR:1Z8:L@!/()-@W$M2JU'NI3)@\5H>[X9H=.0_[\X7DRU"E=4')=A^2 MA'S''7#"[H,JFI1#T+'Y2PUU8P*2&Q`BGU&KI18D=0F&HE`GP@M@7>4D(J:1 M@IKM7,QDH4J7,_$JV5,>7[.`=R5KR4]0*81X;%Y>"MNC;@ MB!_J54];]6J]ULY:=Z3N%9]$8'P">V_L@?W^-6;4BI@P8?@2MN^5RQAKE9 MPZW(H(Y\9]3"P#!R'X84.?O$M80_4[,++)"8G24^AJA(@UBFKJ"`+>UA-VQ_(5RM2.8"4E`]F4&S#A9Y,,A_E_;7WDK5^ MI.M',ZH??05!EZ4[IIDRA$Y,UH.%EL"TXA&:K,TLACONO=SMS0A[=)#S8D%. M1T:SR7WYUDYFXFS6T;V<+P]UMU_P->/3,5NXJ2N4NR)ZZBM22::UNZ MDIS4_>0"R::(&`0X6"0SO_X]Y_2"!@CN%`E(/35)))%H=)\^^RK^`*K4`S;O MA#]0FA!^15:QGV@#Y2@=2_)I(O,B9=\FJ#.,^*.#R3<.9=-5:[*VL:%_$; MXB4)@H73&`;/^DE"DL9I="P4#$KP-:%6O@^,P2*3HFR5P.9!6*06:X"FI<'`[;IUDT:3%G9P*4KDID!P M?L[TR)26D9$.RD,C*`<4CCB,_!$VNP=*[H,U@O%(M(;&?H@9>R.[S\A:ZS_2 M@T"%0.1*"T!"I:1J#*I24N03<]&DQ+RYP'_"O(88$PH#T8:/C*1!C#*%/QPP MZL4G(R_`)K@?FH0/.9*$:8I?MA\"QJ3#&/1L?2ORA6$ZJ]()K3&RG$@H-7$$ MA_P;\RJ!@:AC8J:UC?::$_0I%WEBO1F[M+U'ASU5D$N.>02V8C'OT0E\#_>! M^?7(]FPG1$L:]\D>;/=M-H;;G:0WQ?EL&N9H:')(*I9:\/R/L^O/U[?OK?]7 M9\?-;DN\N.S9YF0C5U-60J:TE:V&9!7^Z#O#+OJJVL)$]/CJAS.[6G^L-[>"!,T3!>+E+#KW[ M]")BKXF/,$D!MNZPKM(.@*=_\C&37$^GQ^!A*IV>!Q%SGS[S^TG6MKY(Y^XL MM4:CE@Y!)CV;@#]JH48BT.0^R)0&2<)/"3"*O9[O8L*/0WG=$QV'G`0D-F6X MB^M>]E[D/>!=4*.-^2AO<`)?RB=GPZ'^8L# MWW5\?CYM!=IUA#F1%$:5P.4?DBP=@%Z-A4@V@=)[8&II;D(*/]C?3%?RDS=6 ME$-,_8EG]D>3BH6R%Y&%(.2RD30X,,(K6MP`/'"H28_JD1R>I,FM!`27R-2D M()74$S1%26<80/L%%[LOC:U?+9_&YXJJFJ2XK*(3&5VU&_J)CTPEY]J]_\3` M"[D&)ZKI\)F*+&+C57&X`XYSL$/Y?;U6L%"PRY7M` M)NM0*C=\V79UMX3"`A+YU.%6+D*\[FG(O#R1`"@XB"CODS-51'#%SA`[NS%8 M!8QW4Y:\C6,MY_TH)P98ZD2VCYWF,B.`Q.5K3CD(!/V M*@!;/:PYLRC,(GF_S)7!S0/-8WF/23>6G_.]"?@8#KASC]$"NR));$^85HJ;2!\N]U?0 M@TJYS%4K18AL.E<(ZW:XDL9Q,YHBNW\K[,-(>X#M!GVO0>JY>5[$<,$:] M"?=J:\ M5;A\X^@O!0GM)/+A$2#-WT'K`;JI6"+0(W;(K6:>N1M0^@VYIP%M/7T_48`% M\#+"]&@'$U6VEUCEPA[EK3T2@U0^128(Z3EB%`+/9.(<,8%RA?:$K\@K_NMS MT(",Q-9`P'Z3Y8.TPT"<)(9VX M]@@2%G5>J0]J<5%DZ*E`;!)U.;(N!4%RB:?M/N-.\Y1DP+?PHXE/>,A6B@BI MX&JJ.X\J2YV>'XQ[9U!U%"(6NP?U`/ECEV6=L$HG%N\0]D,?P]>:!QG]GB!< M>31,S\^26^LSUYZH'`J^6\R+P#SY4.O604Y?`+$D+%$])*X3U.7D]/+:18!= M-PX!@/R_9/$@OT"=/V-%P9>80YR5@X9K9RH,CT>B"Q:^[23$K;S0B2L;5TQK M<^0CPU!:8E60T)Y)/^FR,75(0>3IS'-VYGFR"0L:4Q%=1 M?Z9T$@+[R3LLX4=YJ07"H3DKZ2"=MBDZELQR0F4N!>]?76@J23;O=3IE95Q(3YZH-R%(4H7>"*5E682'K9=ZLF]C0Q<3*^2#N4/2E(K*+GN%&KR@P\?6]\/Y2> M*N4J;BP$HPK-1NX[!#DUX(<3:V+,C^N@#$W;!Q^X'O[(NVK0#SYR#NYBQ(9Y M4D;AD.O0)FN<\ZCY@`+UFNFL"Z773UOH!&1.8,3G0=MP*C+$@A"C`HH5?R'] M(N!V\LRUAGX_* MI-K8"^,>+CZ(W6G`"3>NU@Q`1#P.Y1("!S7O@A;#W6G5\LI$^QJJ_L\9-6Q$ M+>HJ2:PLW3%>1B]470J@J1V'HLZ'7U!^&CSFC+#^`^-:8(!I%'S`:%*)JFO' M&$3'S%._YQ!]*F'"XR^8%W=DG8DPHEA!JR.1*:K\E4#'/J_2]3.O&;C8LE-, M+'V-?=9S,6BD/Z4QE%F>X"6"&CI?8D MW).+P-_A#N'&4QT%-#<#V8RRL)W9E-"IJ%LKTWGCR%G!*J"?^T4P'4==UN_S M2)9LQL-=(^';3,VSU/."OD!\T?3+\6:B<#KF@7%F;LRC@CA=%&A=8DM.#2)] MAFX*6S0LTCL4(*J'E=27T0),/R"_A0FX7GYT.2!),9JVK?.Q0'H85'P)GF5B*O@B8&=! M,K6)?`])XE(1,B3,V6*R+]$^3L.]$:BD0U#M^%$H3&J=I=\*3#[W+5.WJ)]? M&"BWB299$,-^""?F)9LM5J*OJL9%KMAR](,4]?.;MJBKJ6N M_@'F(V&-2DVX`'&/Z6%E5E_++/L[UHP[F:1R??^XNDCE^CKD+6'\BZ2;NG;O M!_HXR`\]\H/$^PSF+\AEP/@0-#OB7;;UZ).&J'1GOA+P-@O>)-PTY(NP]1T#!HBVCI2*)U]D\%5=EJK)FB'*O;)&=R]D^*D/P.SXA_\"CO4?";:-)8)S7CL=,/R^#PY[PQ&'9 M32(L418KH4K[JM#W?*W)7LH62#0^'-*#21^'(_L'60\BF,3U-Y<]8LPG@9AF MOTA'7^[!DD88($_M4%58D<1-[70:!)AF$J)_BCPFR#,YDNZSZ:1L'A\TYLUSLCBXE1&.%.AF&A"32[8[(13E@SXFPAG8PU$2 MJGXUQ8\HI$>E9T]#'U/^,(]"N1-LX!JND_0B?B`4'=J"'.%AWHEES+,:?.F; M)=^H/HH#"PC`\-9;4J#_&%0\\6V-)_.XH$Q%!0.<0M"4"01[H(XMZ:Q)4D'#B?9)Q&,)T&PWXVC2!)67& MDI]E2@)%%E+V8C@_Q[UBQHF6CCN7UZDL%\5T*E87V#.R?)F.$?GO9?9&^+D<=(8M$2F_RK@]Z^1*YM:1P'8W*_4WX>@DJ#LN91DBCV9$O+320(`:L5 MF85C.TPFT:!_#7;X*'44):SU*1042^$=AU3+\'0SEQ[+I`JGS7V9MJU=N5PW M`ZL4"DOQ('H-SI31J^(T>4BXE4DC=RC[]LC2)CU8?\7]!R[\M)`%3WU.;4,E M?.DMTKM^'*7R?\E1QU,1,HX3'84ISSP9&S7$L!@/VX1TJ1QHTB\I_)A))KR1 M<,\FX;)LE72?OYE(/U+QLZ?4_6G>66RT'?GYW)CGS=BVWPUAMB-JH6; M_;J*5O-%B74\_832^T%`3<89="-GF'QZ:1>(?CY*[$NV0TR"">/34EVA$(T+ M&)$K$/)NQQ%PP2VJJ^1&3.BM$*$W+G:4L2+5(MUAF58_0A[,3HT3_,MW,-T- M?N7C-*[F?2S2B04E4L4/YPTZ/;.?+`#SD*4;TCK>``05RB:IQ@FUBO.L=(U? M*#418`T M_Z8#_B$.6-%'U\%OV4_QB<\"SI]E5"'M&*/75[+5UV*'J:%Y):'_$F<.8#$H M?$.KE;\)0.&/`0T+Q<@*)#.>(V+Y;]N+47%(6@(2X3I\$KCMY3'MW]!N"L0&GPX3G`/.=18(UYN9Z,I.VQ^-99,<(XW&0+,)= M6*'PP8GY2\FD)%5NHKIMR&<9?C\YCS[G$4Q-L"J`PVD&A*B5HC3BOBA.4L$_ MI0,Z5'_.3S^2I^>YO;TTD+J3Q:]7.I\C&]?S7#+M%`1&A*#`";3>DB`>SWK& M08JJ>+/+'AR/4MUXI;!J7HGZ*<=4E?GNC-1CHIG[BHNU1(%=7T1MZ3)@AP^Q MTY?%6KSX562;8[(%>K9M[*$"+[%=Z<;`!$MN_\F15["82.0@J1_D520;17GG M3`\MGGR.I]`4N["<)WT3D/D!F4AUXKUU@3I=XJ20*4])./]6>1YNM1&>-)]: M^',Z.%!5)LG.CNE9OP$F,I7=)%-)8'^I09@ZTU"D&EE#YP7=^Q46 M)W0#J=VTIFE=(8;("A2"68O(:GG3*5].."07O18$24P];(B74$D"0:Q6SGS* M.VXE$X\#ID7%DM',&!T,F?XZ_)PZN^OKWXGN\*>9%GYFR>1])4<&(*,Y/3Z3R;)E$+WS^&.(BGY39+2_%MM9;$$W*C\Y$# MUFT,R%&W#X^EGILX`!33[O0B/FN\614'PFE_E'8U\CTVD7YPZJZI(_U]5E5+ M*Y9C+J-4:$*=GOIR@A0"B&#;#N%8]8-92B4_C?Y$90G-4MOH!2&*TC+U/IWI M\R22K.\S7?5,'B;9/EM*.:*S^MP!L2:.\)R2ARL8RX@=ZK?$S/DTF&E,?=<':4_RVE:,G!NFB6SC!P2"BLDK MH64;Y!J9TXKE*G3\"DGU-7@C[QC%@1.CK70G>'EQE(2FI`Z>"J-[U"TI4:*2 MVA=,U4A*7JCM3NB(\>1RS3Z/K<9..)1I2[)'C]058)F'P(_'//-.L^X\TDC] MA\`>#ZF)2M+$0"1PD$;)*S4$HY'[IDYZO!N%U-+E>57+5(?/`MII4" MA0)-TSJ?>FF.FH8SWPW_>/:M7_%:YGO[YTYSL%^MBJ7S"6J$W:?4"ZK'$=U: M(K@+T53M]N+JGKO$TQ:.KMFH;FDJA^_,QUD;_FC$*/XYRN0B`55]T4FN]?0%?#N-S09A3(,!Y/D?M(@HC13KK`!A-01&2:/ MN\!7(^NT^D\)`5H[LP.1\38%BQ$JOQ(*/"M-MV2+R"J7&3M@E9AWGJ7*OC@G M+;,.4V:^>BG27&EJM/#\_4073#1$YPE&$C%XDAPQR1O+J][#)!$;P[S8/(3_ MB?)L`X:QP0JJ.-B"@ORGNA6D;!_>`RMG81&4$VF9RLA%]8G!3K7V'_R,.W/O5]O=&E7X^L)P^H!@NTO]^ M7#_XF,%X4^ZW/(,\.0(1][ES?W%NW71N[__/NK_M?+WKG-U?77^]*QZG_&#- M@VKYN.=FY]$4)SU;/CGFP.>1GB?*!G9&W9AZ1Z.)]X_<%XC36;]DSO=+Y9<0 M*>27?!6A>E1+0=0:@1HJ/(V9NK*D\=/N=C`8\-(3.4E*YBS*9&C6K M%.'JYGHOFIQ!_52?."\;:$_EHJ;*ZO6N"JHF,3&Y1#,L3#H(T#6LZJ%2[3OS MUJCHS;2TI@#A&%W7-!D)*.V-_78F,O7MR6'D'\)_-"]0Q7K3?9ON^IE$M7J! M0YY>KD!%J-\\3$3>U5^QM\3@#SYK".?V4ED;E5N]Z;VU0C\.>E1QQ8L3Z$?5 M40M_(6;R!!N@W[2\.C&TMY<$#_)?G70OU]*1^<-O^F^E+XO\3NJ;&N#[<5)N M*Z$^Y.7'Z;@?Q;Y$$(1&:9+K*YWBG/5FS=JS!OL'E2Q3T?\L;Z&2KJ!0?R], MVG/=4F6!O88GN>@[-21-TFS]#!^4-Z MD6QN=S1!XBG'9$8DJ%;,HC872H1,`L#2VHKN+9]U+E5X/PZHJM+2WZX:5\<>U>K2FS&MH$HE$S^TK1=3FRUDRJJH*D.K-R_#M!P M>EHK0OV`1[R28?J#G%`$'P6L03H%*K"NZD'&)8$!PFA MZ2@GY@ M"\UT'D_!Z+T:H)JY-LRWT7Q0VJN3$@+24G@6T1AN5F98VI8G?*SN)-V84CDJ MNK;W@W=60QY#_B,5PA9^$MNM$`<0[=!$K0U](*E_"EZ&#^SY$%B[0/-HJ>'$SH!Y["G!-[FO3)>D+M.JS?J\Q(4G]HN.A+K35#R3U+W,KQ,@ M1I%J/HQ^"*G.ICA219J>5"GBR_:'2M!*55=/&:YLU6^2HU+_)TXLJ`?JVT3C MR["I&8^^1_0&HN98*4!R[H-(9OZ$W06UOC67(FI_Y6%U/9J4^!G,JJT%+3D:C)5T#%_>Y$6O,4?Z?2"3AU$)&Z MHBE]?>'N2KT(C4G'X=:D5'%`2Y+IW=(YD9I`Y&(;*0[&.0:O[`$,CV,:@J*R M"N6,46-I,!FQ`[2L5[2Q3EI2V1L^W40VQ/!B$`;`D4&N!#9O2AGP=HN<3M!; M28$MFE\A^G3P`1;A6SJF5D5_\>GJ_KRC]__F%\W+L?6C:G!60*4$C8HUBMW( MX4,#T39-$F/%!XS>RE]E?5%_2_<.FJ%&V+TA)JGV^?C!)*<^B@-/!`GF>`!D MSQ#1U,H>.U'"O69N.YD)2!L_2S]VHWVZSA'XWJTWG..D&>H-8ERF&XC5`4YS MKU'S)4N:6DO?A2"U?,,"F/?UC?7-H^%=.AO(K@K235?I)>W+-J&VXRI8<@LB MT?_0"WM'7EC9N0Y-!=08`2&),0"V\H:A:(,YHQ'KHX\65D3<9ZKA7`YMRIJH M4V'`\:J)=)M.7F/(V[OI$2=M5FK.B24\^H6#FT.11&PF(Q/P\A M(#%D)@@'RV6%90:N;5E/X\]1^\\IM7!_"N(SI(GP62=HF2F=;+;:1M/Q)J0K MZ*TB-=F>=E7+7LH96J0UTK*I2[K4@UBWPM5*%^&HV/'\3"\U0VHT:,XA*JQ2J9?SPMQ))DEMMZ_BJM! M'S0%)+<'L6C6)^IAP['FD$8S+HC'46_"6^:%6$#L):.%Q9GH%?`.6PQ7X#$T MWGPKH_*+4NB1_9Q3**$ MENS8.1I*TA;#LT9C/`1\,Q8T#`%8[)?DSG`"M1^8/I*(N_DH9_;@R ME1^05L`(:X1+-+1'C&?FH";"^G0)F5N@4:O>HT,UH-J4&]B:RVS[W.F+ MV!^PM[P;[`!@(N-3CXY=Y$:>XUTAL2;7# M27NSN@R3\L.U/3W4]Z'3BX3.,>68Z>-K:542Q"ES11CQ]`P)Y$HRX*(GAR^H M>"?U#1$55_IN%\9`TQEM:B2=F#O'#^R)K()`@)Q5`):`G M.JYP54U)/O93[TN?&L)+DT&ZOA=//Y=6XH<.0S-4NB1\'!7#OG%2AL>RWZ%HND_+I*43XM%"`B)@T*I(!(2FBM\)C6/-:>!.J,6 MDL[XT,GXV8)WO,*U*^5OFO8K]^-LYLR1U1&S^K3R@DQR#>\W+FZ:_&)%]FP` M!<[Q;,C$2UT56\EQ47I.4HY3%+'^<5F9LO?$U:6+Q]+!H3TW)S`"?V&S$][- M@$0[S5Y//`HTK\$6+2=S93=F@*@NO-B>U\%H%CR`52-"-L^:,R^RI3#C42MS MR4M4G-*4\Y0/'J`63:14D&.KJ>C5H\9Q6@[\9R+J*R M##QR8W3,]L(D<5B$H*5+UJ.0DU[5@)%WV;9K;K*R6!_C4`%W:X4.]>[S9+?# M-["6WQ.3Q<@QZR/4;!'Q2KKMD,V7O%03^)EHLW`.I[[_MF*-W3A,?+QYFPT8 M*L&P$14SGLX*7#+B_4:YWOE@/E[WQ@NT:7<8+B;-64`(5V*4F^TK-1RA%`>\ M;$[-'?)E.%TT-'O[@0+A%(DE-R&GPBD]=XPN/-(Z`:EZ0SO4ZOIG`"3Y0JK2 M(W.#H&!'W#SF1@*V`OW)]Q)[V$6.KGP7+KDI1CD MA=_N<'7NV,:&3")0/GE+]1(8NY&A!#VU3!NWC`]9;W@R-\J`7CPBNG^40YGG M9;J:W/ MS:QX6^$3FJ6'@WN7L9M@'/)2DBZ+GAB;?9_9M,'E@R.T%RV);H-`RVPYO8(\ MJDRU$UN*V:O1@2JC*."\@"Q1LE%57\<%)!0._2=O7AY%;D<-TA=R%8*DL$.' MFK3;T^&<6:]4,8O9[YGSM,0.GB:&0RP3(2Q2&AJIP(;&Z`DK,QR=[,F8L%5< M#3)$N3C@TF@<47C-Q2*GQ.@6>TOK5MB%F`\?3#LD9RA71'IBTU2?I=K6:?L7 M;U8H+!V*J?8J&1U0%Q`A$X$^`#LOOD69%"<=2C/N$9DK0$`14)I]4]*;E M2MOCU!1ARST(FKG>@@+6)I:N;]Z6CI/*72SRB5ZCO9IMI$`-M5TQ\"'C;)Y* MC,ACHF]\/J-;AHVMO+I`+?!$^A#/TGV;:R3=#]G4-H2S5!JD%3ZK5LG%OUG@ M5Y+\B'XFPY]I:2(HI8#5OR\>NR@0-FY][U>7UJ_64;TJVB[?1)_ M.:J>O'TK_GA6OO.5^FZ2P?`/OB&1(C%LE5O7_F!UN!<.M,PX``4O8#B1@+LT MWMA)WAV5];Y5NAF63CL^$%6MGJH0*`Z>6C8HS=ZO!SWJ)Z3"'TMK&X7IG"FQ M8%L7_DE>N/39/3$LB$>;/)U'3FU"1`+YF)M'P5P[*N7Z0?\!KX2E-MKI#BQ3 M/4&RQ0G*^3:U.2^F=KIB^1D=1OPXHH%7R':T?#`\,<_1QKZQB;_(BBGGG@?& MTQ_GKR^3#6=0`7?CX!%F/8^^1C1YJ=L#YJZ!K2T[GFE[E^4`;['>HU\8VBHB MX]P!Y9Q)RM$JJ)6T)/*4ZP"21"4&41.8 MNDRDSPPRFN8P#OJNL.]X:8^%SGF74]3)/U[GG7JZDJW1>T&0R8DWTW?DPRD_7255V*.;%YD" M'ULK\=':@EMO,`CX5G?"\/1@'B^C.UHF0%J99L<+ZWG38Q7(__3$DAG,%(1& MSFSW,!=?U9BXU&01D5V*HP5LX/(95S+L M-P6C"O=AB$[6GM^ MX"X_2&?4JGVK58NR6=**0:IA0+I)H#UEE^D-HYVD6V`EX_C(D>J^')8GQH)2 MLHLR18FYSG=08Z_;+B*W&JM57J?XM"5M/Z5VROG;&6?1- M)FDY2=MO[/R9:&O3JXC\+H=&T(KIOF%OR/HQ!KD2E.!/XC0AZD+:(6:1BEVG M&UG)V>*\7B-;E;%"LG%YYI"L,%%$#B/YJP?/)0T]K@?8WR;)8`8]LY8>/M() MK[U90T<:!^3OHR^"G&$'6*SEC&PW_/6@=?"Q>E2M-HY;_WJWQ$M3^^L0([^% MLUT/KN1`ZY5'HC3G[*Y!NZO)O>6],+6C,V7F\J_>)4;N/5JQM]R(77F/K3E[ MK-,>3\06E]O!],P9T8(@O!Z@" M%6#]VYF/Y"O28&MK8/MV=ZY#[1`0KWU2Q?_IA)(&0Q9,=,I;ZEJ.5/:513E$ M```ZX0#Z`K;-`R`O/J;O_5+F:VWYN,?SC]MH98X[?9R-\*+6Y,=>]9:_L+__ MMD$/9%-(=,ZH.SL@<_+(K1/^V`JT3N9#"Y2KU9!#*K/`P.[0:['!E*;3HDYI MFEO2`S<$1+]LN._XR((]?+WZ^MN==7-Q:]W]WKF]F!:_Z46?5;FMMX^:J,CF M!3::^%'Q]?-M'F&;CN<4%.Y3>3R.1_FF/&63T9B%G!Q'TNK06NOQ[AJ.2RYK M50PP9HF+%HGO^7,>7@#J6&G;#BV[/Z_.[W_'CZO_3+;,M=LL)Y)'Q'^.CEO: MTR>GH.Y^NKX]O[@]/+O^_+ES
O[,&5V^.0?;"N_[BXO?Q\_>=["QL#P=I+ MZ<%\*X'$!#$+#GRDV1!=0J[/UAPE/NKL\YG^2JXA<@?B2_^*?;8K,*1R!;X M]:#=_&>*)>?<>]A+/TA5[NB_!"*'UMSNR[O=T/GY:N]6.!\,>R[^X5X[`?-^ M$\F1J=#%W*FYTQ=SIX89E^9PST6XPO#Z='U_?_U%[=BJC7]:-(2]/*0]->`^ M^05]9N;^S?V_ROO?G,F[;!"M`X5/G;/_^>WV^MO7,LO638X.RQ1.WV[7)%XG;SRP,WUOGJF(/9S!0 MPT;?LV*JP8*?IXK[C9:6=]S5W'8%1Y;=`V2[=LTSL9#(/" M'W<>']!9E8FJ+@L/$U8M\7$-.1AR>-VJPFZ]&'^*GH*'TRV2=3]&*#M:MV`G M5+MLE,QB'W5-Y_S\ZNMOA[=B%[+IP_YAD,,<6Y731K-2;;=+=^4& MPPV&+X/A]& M_6N0_[LU[/=/_454!8MXW"(QNV*56.:;ZE'=%`08O'^%>-]L&KQ_[6K"_C7&(J)"$8_[ M0A.8]PB/0AI0AAP,.1AR*#0YO$I%X4WMK=7Q(N>0HODT"M;G@W!I:@]-'`N= MGQ8?-6#1A('TB%F#0L4^;DD]K+N-A);X?@TZ&W1^0?>[(P&?S`JG7[#[".?L.JOX_7/>9K@/;YD_;G`)]6BS@5> M=QAJ68:RFI&U\Z!C1M::D;4K2=ZUS\\S(VM?Y^V:D;6&/9?@<*^=@,UX M4W.G+_M.#3,NS>',R%(SLM3-"-K#=D8 MLBDHV9B1M8543I@9G88<##D4`1Z&',JE*NS6BV%&UA:; MD;Z(5B"EFOMA)MN4Y+@&P\UDFQX1'(0TH0PZ&'`PY%)H<7J6B8$;6OA:.^MHXIN&(!IT-.I?N M?O MB`X@3/CKP6'CX.-AK=8$0%63;:?>E]W,3<`&+`A8_PX#&.>RP2*:(F;:2TZ4*/>WN:!9-)NA^?L?J64W>L!T7]X M'4=A!-H[,(4U[Z>M'8=G_^HGNOIZ>?"Q==IH5MOMY$0K;6F;YUGB>HX7GZ=^ M>M)HUEM;.@_:5=*LNF.].'`BAX47/WMN#%;4)8C-LV3*\S0+[XS\V(M6O[>3 MQ>?4<'`KF]S%R9>XX=/]GWP&P@@Q/(4W*]_N:75[5#EK4]L]T^)[.ZUMCS*7 M/=,"?6GU>\FH%M_'+/A.*^M'J8,4P,!T=UD*4 M'KKZ=IL''X7>+Q5Q-9-]',$_(MN:&Q=69@A\A?^A8MVQP!E8*3-"+K?N//FI MT?#ZW/LP"GSO02KR.-9>OBZS##W2/K+.K_ZX.K_X>G['ZVWP'_C;W?WMU:=O M]U?77^_((,"%E'60?D?*GBG6\3+&V@X/04;NU5<`+"!(]:CE@-$Z]V"+CG(_ M1'>IZ_I/R/:XJ1C&HY$=.'_#3M"+BB+$]B;\T"?UVO&'T.I/-XWO@_3!)>") M^=[6]]-`*SJ4YEWXEO=NI3>/6__SZOS^=_Q8=Y.(J\IP$'DX^*=V5&]I3Q\W M_JE",&?7GS]W;N[@E3VX>GL?K_]\;STZH0-K+V7_KQAI*/*D MXGK;3*N=>[8B7][6/8CF\LSEF M?L/E/-7HW(ZTZ=[2"GBU*/$2KCE/#M^RGA_TM8O&:S>7_+(N^<:>8/S,W/(2 M8GI7-__\@MPF[[^YYC(3\X(KOOY(J'%@]8:M5 MRH2MPN?4F,RC9:!D,H],YM$K==>5X_),\HJY/'-Y18QOFLW77&)B-IE'SZZVO:2L`Y-YM#\#IA@88#*/ M#`:8S*/=:0LF1\+D2"3`,YE'AJH,59G,(Y-YM'9_TIDI1=DLI.P7T6%]+MS4 MY_;D"^:G=+S^_S$[6#T;J7WP$?]X6&T?5AO)-E=XYS+;O1YP]^O&VSV6VSV& M'<_?[HQWSMJN]N2]_XG=V,[FNSU)=EMK3>]V\2L7P99WW),MQ](;[(37WJR- MG2[9XPS%_&PHI]^>W>NW$)OPAL!TX'RK=W4%0C6)UI6L9E'>%UR&Y0\L M=1VTTU3VEUIJIP`-D>!%\:0`BW(DF($2CH?5;IW-C!>P_L1/`(6#[]@-]&:=;CNP?S&** MT'`^A1V&\6B,;\7,1SNR[,&`]2(0:4%DP_*P*S_`]W-'*G^H[X0]UP]C>,.1 MU>E%,>P*?HY=ZLD"C:SP] MO.S,#Z/P!NZP-UD_#[A6K165OZU,"<7D>?*Z++JO'7*\,F?M;GWOWSP@\R?L M)$Q]<$45]?"*@/'U8LS*%QS0`Y:%C),XX*P$;AKJJQ:"94$/ M"MC`A6>1O\$?X-=^W),L&/D%_@S,;0P*UR&^RAX[D>T>6=?I[0"7!/Z'7'8< M^`-&^X;'!@SI#O]-*R`+?K0#QX_QB8?8M2,_F%C`H(&QXS?IH-A:?LE3PB). M&`FA0=.&;)=)Z9$'`GV\<>GY\$).F]4SOX!`BQB*489?Y]_>G#O7B\J=R\B) M@P?;<_[F&&VX\1[W?I;F0,"Z?'XW3.`/VXW9%V:CEHSZ][:X3<-PFZUQ&[PGBR[*TF[*<)P]ZG_69>?ND]6Y.[/N M_;'3LT[JU8HE=9AZ->?*N'YXGIBD%?7UV@?B50-\YI&>`=TH,:0=#Y2GF%O2 M3X[K6EVPN<&6>_"Q$K!O=6UD:B"((K+/'?@S6-E"O7*\<0S/`5_$WW!U+K0B MUAMZSG]B/OY17P[XB`\Z)LV&/'39(W/UG0T=%MA!;S@YLN[3>U:?6`_.HRA0 M'#H/0["HDUW!TO^)?51DX4\]1JX!9!F/#*S^X`>#K>)P2O3*14X/#@^&/_X1 M_N8Z=M=Q:8"']>8S[:OVEG:/;W+]I^R+8L_OABQX)+XMX"`>;+P]LJY2`(I# M+CU&_+;XA>1>P<"&*T#=%K;._0>H4!.@0@EU!8L*]Y!(\'+8.V'ZSL3>.:QI M/]S'`=\+G0?/&0`DN&\=,)#H2G`]T'GJ)7`UC&(`LGW'WNHSFU M]3WD!3DZL_4$^DG/#H<5$QC^XONV%^)4>$F"8.$TAL&S/FA9B%2.QS1.HV.A8%""KPGE*J`%X2/T M!".^5T!]H[]T(DP6ZS/R#3N M/]*#P/*`HRJ5"[FBA5YV3)^H(`]_`BZ"_^VB@?J$"5\Q-L@+&.:.(6OU\4\H MP/G#`7.)Y8J((?!D[O0G24]>.^$'P"_;#P%CTCL/1HV^%?G",*7@HF-WC/P] M$AID',$A_\;V?L"MU3'A`U!*X$$G0/4DB";6F[%+VWMTV%,%1=*8YUI4+.8] M.H'OX3YLMT(RQG9"=%O@/MF#[;[-9FMT)^E-<:&6ACE:]1R22GZ]&#&P"3?/ M2H;/"!GX\F>0*`S6D+IE!]T_B*27?H#?^>R'\/G:$J&PK39?2(;=9ZZ@`G1V=`&7`7P:;M M`&3G)Q_^8[W10]Z=NT]:2/NMB(SG/GWF]\G-1^Y"?9'.W5EJC48M'5=/."O( M(2U^3@2:W`?YAT#H\%,"C&(/^ZFBL"2)--%QR$E`8C_8:.?QZU[V7N0]X%UR M%,EB:9>Y#GO4K@P4F/_$Y&#P`5]#/^CB?74)-\4M`6#83R4'%(<$4'H/3"W-_2+"N?LWTRW7Y(T5Y>55?[(` M/DC&%0MU'$06@I#+1M**QK0%5&3@,``/SQ_!5^"_/!DV%*8O@DN4"E#D5>IC MFD*J,PR@_1T'&5X[6[]:/C$:U*\^>5)1MZ905D4G,KIJ-_03QZ^J#K%[H+^% M#M>4^^C0\R+.2Q,"=G8(_Z^W*E:*DY7NVLJ-QHR+T\D``H.(LJDYTP5$5RQ M,\3.;@S6%PM#G;=QK.6\'^7$`!`N(AO33O.Y&:$4M12E&"$#IR>U)?63P7?Z M?MR-!K'+18.T&.G(F.KR0/FV`IRX*GSN!#+PPL\.V^)IN&#"]F2:&8]#+Q/`J%]ZA%(D2:NRQ0$'(#X<45S60U'#(XMQ MA#%HXBD@69P'$;WT=0XD\\1"IH1<'_<=<>F\2CF7@F.JOWD@I)0!MK]8%K2CRC.`)]\4+3`)N M@A7`FNZ#2J_XRAS51Q$/83NWP`6!Y0$#@FW5A^SOLJE@/&J#?AH1H>PN&O3:UXA!Z+"K=?`V!+`M*)221AKL)0 M&M=0*8CS6`'<2.@C=X:+YD)!!JGZB>#!ZN")#(C9R^T(EL(\87<"4'2='\PU M.OCNV4':8*2;)QNUIS+)9Q.==-Q7T/Y%84JU@4)<5L@N]FQW@M(._E*0T$XB;*<)I/D[:#U`-Q5+1"_% M#KG5S-/1`\HIHS``H*VG[R<*L!F$#)L^VL%$U8TG5KFP1RD'3C-(Y5-D@I"> M@QRG+ZP!P1$3*%=H3_B*O.KS/@<-R$CL:0?L-UD^2#M\=+/?18L/)>U`;[3*IVG/M$20LS8/R9?L&%>Q'AI[*+DBB6T?6I2!( M+O&TW6?<:9Z2#/@6?C3Q"<]#D")"*KB:ZLY3):1.SP_&O3.H.@H1"ZN&HNM0 MU@FK=&+Q#F$_]#$G0_,@H]\3A"N/.NI)AW)K?>;:$Y48Q'>+R3Y8_!%:#\PC M=Q4W:!#$DK!$=:&X3E"7D]/+:Q=9([IQ"`#D_R6+!_D%ZOP9*PJ^Q!SBK!PT M7#M3N25X)+I@X=M.\C:4%SIQ9>.*:6V.?&08LDRL"E+N@IS2I(RYY6CH@O9$ M\DF?C7'*&")/9XZC.]>335#(F)+X*HR,9C)KV,\>8_V0/LK+EQ$.S5F9-.E< M9(3\G-+TS*7@_:L+365^Y[U.IZQ,P;N$6=K"QO!&5LV:%S*@Y$3$1P^4NS!$ MZ0)/I%(M7TSX=IV0:[K[B?`3`E.]9`R7VE(?E'91H[0EC,AJEV1=RJB9J;@O M1EH/&HI488*:).S@XN`^8`"ZX7ID@&5@Y^V4+G(6L.`VH.VX53@C04A!EV4 MI/M"ZEO`W1`SUQKZ<9`&8,Z*&@A6@L"1=3$:N_X$:%P/SL&U88@Z47T'Z")G M.NQ=F8@?>V'8F.:E2YMKF-6!^?U^SR&.IL0O#PAB0NR1=2;BVF(% MK5I/%@+P5P+G\WDO!#_SFH$;H[^`!R-5W+V;5!(`DX]0>DGG-PZAPRBFJIS@ M%0O**!*%JF3?\`Z-W"LF#&WAF..NA6XD:U:YH$P<`'[W+V'$DE6'WK(D-]L0]1RS3111[?\.]PAW'BJ;XOF]R(GAFP? MPFS*Y%;4K15#ON'Z)'7E$Y28^\70PL++?I^'5F6_/>ZK"]]F.DM(S3CH"\07 M;5`%O>6A<#H(AXD/W+N$*O5TZ;4%UK2V3U3*T6]FBYZ$>A\81/6PDOHRNB32 M#\AO8>;]W)65'TL\,D6BQ!%P#9GQI6Z$"9=GUH-%M4_Y"3HG]30.)%F0N@!- M$$#T=TERWJ:=/?E8(%U>*N`)SV+F"6?1\X&=!+R;Y$ M0UT-]T:@Q`]!&>9'H;B]=99^*S#YW+=,W:)^?F'.I2#065`D3*D'E(9!DDFV M+8(/\HFI]#K[8@5\JEI-]66&6_@#K$!<3.9O7(`$BB9K%R*<%%5SWX[&*:&5 MI+L0O!R3_K^_V-F,.YFD\L?_N+I(Y8\[Y")B_(ND7KIV[PO1)R5/J+U\)V),%;Q*^*7+`V/J+'$\((W25T.]`K7KN MV-!^9+-?2E+>=UU\LVX6B#V@;-"6T=+;Q.MLGMZM*A_D\7VQ&B.3($FC)3F* MZ5E:*^$P[E*8,-O4/1XC6Q2T$SM=!H$F+H4HE.-BV"'`O[IC(X$_K:$/R4-4")DC\>9>790 MTE(_G>C/8\[&0GE.%@>W,HK#2,;7U50%\D-W)X2B8.^.,+#'/:"`8Y@7(PK] M4_R(PL14-OHT]#&-%'-SE$?`!J[A.LF`A0="T:$MR!$>YBVKQCQ3QI<.:7(( M)ZR#%Z6`[:SW[D&G.6AIXML:3^:Q9IG>##8TI350=AGL@5I;I3-Q17$,]S/S M#)R!7%0&IVF6%GZ99[1Q9J#\PR*[AIZ0<.+#'P#(.?V&X&O3!);T8Y#\+%/. M*S+;LA?#^3GNM3M)I7C/Y74JYD1E%S&ENZ!K\M1 M1\@BD2:>O.N#7A)'OOQI2>:0`8JB#R')G]"NE^S+'\QUAKZ?E.FIT%(@Y(N4 M>Z%P+&%2U;1$^I`I2TK0)'7F<1R,*>9`.9\(*@W*FE-(HMB3+8TOD70&K%9D MJXYM8KB\W@Y=9+##1ZFC*&&-)8@L2'B_:,VFYJ"DNU[U6";]/&VQRU(`[#I]:ALJ MB5"?^]+UXRB54TZ^-I[>DO%]Z"A,M0L2Z]#3X,I854B7RH$F78O"%9E45Q@) M]VP2+LM62??YFXF4-A4T?$K=G^9@Q7$8D9_/C7DNELW9O.9\S5=CB-VH^LK9 MKZMH=824K,E3FJAD!`349)Q!-_)GR:>7]F+HYZ-DT60[Q"28,#XMU3X/T?C% MN#26=E1D/1P79.]\`1SP^U<)T-;V:IP6U:OQ0N*1_+XL[:I,++(0L4@NQ)7I M)Y5,W8.;5N9"G@^1_`I/_>4[F)`*O_*):U?S/A8)_X*O44T>Y[0Z=V0_60#& M-DOW07>\`8A]E/12*19**I<`Z2K<4.IUPCGUE6Q_!+%#WY?Y`+TESB9L`C)D8D$)[8.,$E9J9 MV+G-#FQ8RZ+W`TG?65%$P4M6P*\\Z]^V%Z,BF_3R)=;GA&%,&9;Y#5N^C:E* M,\V*OJ5<[;C@8;69ZFR0\,M[L).[6*]QCN%::K)%GE72>8'_GE%A([K(W]S% M7:U=0K/Z-EGEEJ4KF%`PP5J\^3D8<[<,_G5!;7M`B,B<>HHNHI(98U.Y+R#4 M'C"=D=>#?$,OZ"4Z7?E<%O1C@_$+I\.BC@!K.D01"=8?>+):H,=#I&17"V?& M(%F$NU1#X1,60TZ3<:2JI$YU%)+/,OQ^<8!)IV`C-`,6E$/2J42 M?5&`J>+)RB9QJ,<&/_U(GI[7+_320.I.%K]>V2".G#C#$SJU4Q`8$8(")]"; MD,2%>66'A_5&LD"]RQX3<$U74:[26.J:JZQQFIQ\04EA47:XDBXKY( M!*#+@!T^Q$Y?%J3R`G]148/Y.QAIL;%/%+S$=J5;#;.5CPMF$L&N M^DD<-9>ZTU"D/@"&S@NZ]RNL$.H&4KMI3=.Z0@R1:"H$LY8AH!4OI'R+X9!" M1EI0+C&6L;EJ0B4)!+$C0^93WE4PICQ5'K'2HK0$8UCW*,3,OUU^#F-9-'7 MOQ/II%BW6!$*A6`PP*_>U-[B(\Y@DBD]UUW^RM+7;%41D^`C9'+V/QWD4!^_ M0;_D6YH&DIA0E8.!HI:IO>ND!=Y9L[F>617!2STW,>45T^[T2.^MG3:K MXD`X(YHR^4:^QR8R+D.=FG6DO\^J:FG%00@`1;$TD'/U^ M,$NIY*?1GZ@LH5EJ&[T@1%%:IM[S.7V>1)+U?::KGLG#)-MG2RE'C$11^0)Z M0CK\89D,2&-6;R1YN(*QC-BAGG+44"F61(>=R1:4?Y MWU(Z5]*):RK!VX9'94,EE1:1&5`C25;5:^++5!IX14W>H1">S+Y6@R.0`(%% M./$HS.*X2/2=9F5YQY%M%3@CYX9I(MOX`8&@8O)*:-DON4;FM&*Y"AT7D%3+ MX\]=U46;=?'>,4);5MORZ->/7W9I?5]Q18OX6Q9'[BF-Z"7>2UDPJ0<:C MWGJ).IH4IF$25E*/1DW:0H?K2FK-/L^:B)UP*!,2944LNMI.6-2,TBW9R740F6+?=-?5=Y[R)I[\CSJ@;;#F$CYU; MX5M,J],+!9JFM6?UTAR%][=.Y^;%<.*E.&F6_5Y1D<^]_7-SCELW''=K_(I? MBP7WLM-ZE%>KWNNT".Y"-"V]O;BZY^&8M'6M:]6J&ZG* M9S[S<4";/P(BI?F[*D\;5B;&0OUT1>I9=BAG:PYK)'TT:5CF\7YPF@_JV]'= MD35@?=[+BZ,6O%0FH@*9BW:>N!OD_8'3C3D[AZ^$$?`#/MJ!XLZ%T:HH;O/PFOC14QJ?6/6)3V[G+].E1!&,]7(!$+JN[&3':'HRO@ MW>5HG!YE6P\FR?VD040I]]Q8``BI(S(LI'%!$D76:?6?$@*T=F8'(OMW"A8C M-+PD%'B&KNY%>3'"99:U`X^5H].14>H9=X_ MY:%!2?X)&U^>Z9VZ5M]E2]OEM[MS?9.'P-P;S6JUJIDSN:^=ME]X-(0:6YW9 M8R<2>2ZK;Z\]?WN')]74_F:].;M#G"3"<.L7HLW8ZCL[7K"S1FICV1?FF'S4 M"/]<-,2_\N11.E[_W,%P%:B_28K7&AL^67#3]0PD5]O0X@-=([^[EHZ!#F\] MM/HQ3N>%.#6_XN'*`08?/WY`YQ!A76/DP]>K\P]2KBTZS MS+ZRI[L1/9KO_9LXZ`UA'9F;1ZEYOS.W#^+OSEX'R^JU^2>J-1O--&4LOYLT MTYY^C/W]M^TY'G]NC:W7YV^]W:QS9KC4^V<#O=,C4X3P4$]R7WW#C06D<%*; M`>D96YC.](YP"NN-Z*C_:?(-&#\R`GP"B4?50Y[QT4OPM^O$Z[CZ@9H+>&J] MUFZ>I,ZTV1:G+@ES*ED_O`S\T94(C5T/0-2!XG<7K64AU1<(V%JMVCS-W-.B M72QY3Y>RNFWK][1`*N><:;,M3FD_"(5;-A:4UP>V=PO2-6#]%P:[,FRW#09XV,;N>A>B3?&ZYU\@]K=S>.11X?5`*^=>G846MB'. MVMO(A,/K1]9O%U\O;CN?=Y0[M>9^TQ'L70:MU]NPEL&3&72W(`(L1J?2L*!^ M7E:FG>"S2#QU66HB8P]KJ)(`]#>/:L2(/"G;JC-B..TUU,(O"\0SJ/-.&[Z;'="J_ M?'(8FM[E>UCF1.7@HCTGW)L*M>J-F;3:(1O;Y,+2AYB6R(>Q.WW9\%)/%Z0! M8H.<=E6B9R8P.&8)7X)\%\]IS-T"]1C%''<^._2+#:+>4ITJL(8XW?P*L$_0 M3VIT#!_=QDN^0IXJV67,2TIM^[(/2-)`H,0)-E/:S7JZ'[<@=J3[MZHKFVDK M'"(7`%=4@3BE*P*AT2<[._D"1TGK9/K8B[;^?.?=KK736A0L`#6[62_2^;=D MYK06Q"">Z<"<&G:.X4NX8%K'K>HR]YPYP2H7O;0CF>7JZ/"=[QE-OBX(7.&J>X:#"I;=+-#Y9PD^\"N'F'E?F/%T/U+.H MJ5'T9%<'71#:R^LG< M6T#/]@(]:>7L[PU.LV647*`(K97;OL'IMH6$"_(T5C[22GEHV\"X!0K,O+2U M]?:\9;Q:/I:TI?UO"W,6)68LS!K4TCEE3EBX,[19/GR3VM[F>]\R^BRO#VSY M'%M"H^,%HOZP5C\YSF;_3I^#,JY41A6^^GIPKHI%4YWKTJ<>?OIQ M;GG%-_K[)O>:N^[31/\DYVSS)'PKD\RZ:/-S3ZIEP.[^E/-D_J)3ZAM?+H'^ MAD:GLAO7YDV(=G[<>8H`')>LC,49^-EC;,4QDG_X[*M2E*H\Y%@4(_3+G$,O MX1E9R;Z:\]+%O)WSJR[NZOS_[G]^O/YQ>W=UHHWKKXWV]7]_\W76^=?H'I(;.M'@3Z MCK>TR_V.F%JE:PZ&.,5H71Z'_`)2PZ5`JF==]R*?FB_JK?Z39LAY:20=;,7K M\GP.5.B"L<\CP33ZC3I%LGXE&YRUXVCH![0%[-B",L2*Q_AS[GD$X*Q?,J#[ MI?)+B%3_BP!P]D*`V56J_)_TK7/A)SHH@!'"&\;0<;>Z@=KB#8P#!MI30)T= M8`^BE3P&KK4F-MG`MVJT0WU#@0.+GNC8^^;JYIINF8\PYK?'QX(Z;("#G'HQ M]>7T<5@U"S#N[HOIW&H2;>9]?%-BL=3URQ''/6[_\/E/HBM19H`F;>H?VP1O M;0JN%6MD]YF.RG6)RH#J[&=OB'VA*8%DN_>\+(H1)$,F/WUBU`2:XLA:RU35 MI0KN(56.0AE7I,K+9+I@\4[.J)IG:/M_5IV9:[E M3=X4TW8D[^+]VFE^='^[_.*T<90ATI'CNM02W./#<\#`JU!#'B!;8G9/@1-E M6)YLL8SC=4>Q&]D>\^,PV^SM>4[06N(`6D-IWY/S>L?<>K3&RN`6,X_3/)_& M=',VCU,#<06/]40W985=UPF'@K\A M_[-R+U&E](LNX$B(=@1Z!N\BR_D!1JKPMSZ(L1X.J*Q,6[-A11^W""K1@$^% MM%V>ELU;O_Y@$RP:"/$0+F_ER()'>%[.`>+KR&%Q5D14J'WO(3"B M$?9P?R)]C3H6#\#6YF-`.-^>`UAQH*1HXB&P>>](SFHY^X=W\4;`]A,-&7V3 M'![+I`.GQPM_IWBT^HS_$3W/X=N*_,IX##?E\'2(`,MYX3U]$4"F,="/(/%@ M-_(SO34^WTE%C@YQU+%Z=CB4^TQ@SH=*'W8QLT$]FYSB,T+R'B&9@8]>>_3Y M_BI5>\2/4TDJ6?".0'I&#N;C4P=]WV.'L.5#^*]HH.]X<-WYY07ZNZ[3;\+: MJ/3$,D`-=*C`16U7RUW%'<:G:0)IB!G>:C9,5M>8C8`5O<&U:D.ME0F%C"8! MT,0LS@+@J2-KVF1D-ER"YWN'D@(5(\AZQY3J@.8-IZ]M0['2F@W#613SYGEN MM#;S0M\*S$5^:`$^`C.>\`'O-N]B>TBMS'GY%(&B!KG&$ MNFQ".\LU?",'V!*9GI'[,2&,:^E^?`Z'ZZI70P82<49T5G.HB:?R@#<`[$K! MKGPR?(?ZQW.H@K?)17*/7X=8OE$&]Q)?C[CA7&^;#&FKS&V[(JQ1:30:T_B6^XL&*L`/`%.;@'S,]5OXZ:2R=8?< MEM6>*;$P_X"GXF3UZI&E>CC)H2$T+S8??TE+!(Q\2(9ZJHQ@)MIGT7".0`WB MPR@H"1:D$=&D5`@6-9Z>%C^R+FED4N;-PEL#;\O5CL*,C*[D;PI45ZX\BUG+ M8NKG([7D$"LDI)98$MA`X&AFEX&E=``1?50[SS&L[!"MHJ'L;9_S;16J7`%& MX=9@DC40'!YZ$$4I[/T]LZ(C.^:Q$[?D(39($O^RZ_E/XOH0WL#OL ML=*;QZW_>75^_SM^7/UGLF7>?4*\[-/U[?G%[>&GZ_O[ZR^8G_G3HBX6'RSQ MR>>+R_O4WZ?`@?\<';>T]YU@`POQ_-GUY\^=FSO89`\NT1Z'[(-U_7G MZS_?6SBJ#7:COGU_?9.WB=NKWW[7=[%4)PQ^V$">]/<+ODBM/OZI?=Z7GQ/T M.I^O?H.SH<7#`DD']__W&;;/>^.DK\2*Z$X\N).`[L2"XU[?OK?^'T\WGZ*D M#Q8<_?[JK/-9O@KN.?)'XHM_BCTVJW`DZ@;RZT&KK=V=;"(RN\.,Z/-1DL/5 M7MC9CO6S55_8X;9]<6"Y1^P0J9B]]_RGP!X+'K;Q>;=P>7!`Y%BP.^_7@_K4 M864WTU=[C:*)D&&RQ3^<8;(E.IQALLEA;=XJ.CDS>:A>[:4:EEN:PVV#;RX]5NNL@<&YWE"4BP\6OR&WG;7RT&;,Z\ M7398B\`_=<[^Y[?;ZV]?SP$4O1YC@\&N^'D2U+4CJ\L>',\3A6V8;+$&+NP7 M!B.GWT=GUK1[5&Z:[[Y8NUW9J#?Y`M:+2;$NNY1I$MH#Q[QELUF&TPNR2R M;+_K294NYME,U=DKJ3HSI;VFSJPLAS-,MD2',TPV M.:PI[34L][5=LBGM?=FW:DI[7R<&O/)0OBGM?6&9L*:T]Q6F@)O27E/:^SI3 MX$QI;R'9XDO)>C6EO:4X[@LJA3*EO4:LF=+>?:-!Z?1O6."*5XTR+`Q,A2<&1CJ,-3QTMK%IEZ@\+[3-]42A3#%YB2GL+ M0EJFM'>.M,Z4]I:UP/,9ZS2G:D+Q#9^R;^@$`=8-CI@7?9HD7[FQ)_BG#@ZY MY96G5QZ\.,8_AM?1D`7W0]N['N,2H5(HOL:C+@O2!:*=\-JKU;\WJ$BT^3VS M_R\,GXA#W"&]['XR9IV?3IBN(#V!"XCAJ+0DUUH.K#[K.8#6X:\'5U\O#SY6 M-;#NZJB[@S$%H\,K[X8/)U^B!G==4-<6@QJ$/OQO%_!.'WMWX.9!DEV`NUX0 MS$Z?>'>05BZ\70"[41!@3QVZ0,QZ#Z%=1W;747`B*?0G4%>]HNURIOZE;H$M+"ZF]7MIQD0AL1;CL7+K'(`/V>ELG1;JM58!2#GFU^06=%HT' MKB^S8"5E7\+X''G'=GMWD3 ML`$+`G%/&^QT&8-Q>J?S7S\%4WOL1+:;OZMZWJ[J:83*T'DM#36^^C2$_!YC M_?`R\$=781C;7H]=P9J.[=[$7=?I70_@"%A+E>9<38US-?-;8ITV9F_OL'7P M\;0Q#:\E-Y,]Q7W`[#`.)AJ<;UGD!-D[7FK;RZCVJ6W/?OL49\-OX,E8_SS& M@W!AQI_YRI[HHS"]9[S]!MW^O0\_2YU9HP*=_]Q%0+9([)SXD6/X'M(^\J/O M5S?7J2_'W=#I.S9LW28''3G@IAC7:6M5B"QWSFU`)_]&USUH>VF&M/%9DWUP MHTVX1T.^TI5W#SPXQ'WYWE(G7@L?KH'?=US7C_`;7"BL`[;CQ6`[;F6@ML+Y ME^%9UP,-`$L!;$MG/YG/Y&K-99A<:O=S9*U@XI+'A"QX9'U0M2YCU+3D:CFZ M2W)LJ11@L;/SR&Y MB_Q`A]>]$R&&7'G4MC.V7:*MM93$>G4)G:C>>MF.Z36N94U@+ZO6O5IHMU,& M*@!Z$V@O$0:H985KV-_]L"O'+VO4.8;!7-F@"3 M5M%ALL_HW/<9NZ;OP,Y[0W;M,?UQ`80<8"]A&M0;\+^7'-[;[U5=^G&PW%TM M8=W4=\5^7^==W3_YRUW5$A:5(:OG)2LPCI:[JQ-#5NOPC%U: M#'K)H.C%3WQW-B[47#APH%ZKSG$\U`\^-IHIE,M_[5J;FW&=/>;9<&`PYUG/ M#J-<)Y3\TO0-UFKS_2A9K\)SGR>SNSF>]K6!_<7Q_(!0*6(XMN#ZR6-!.'3& M@#CHG;$?V*?)#:"@%\V-1GUV1IAF\]FQNXXK?'RV-]$OX):Y<`.`QD$TT1QK MX:>)_DG.K>@N_'&)N=>X413P/"#Z`$^_^S#[JZ]6V:[%R&B MS1?[IS.*1W+)6_C3E7>+1+K&-397.\[J>YIV53I>SQG;;F?DQUYT'4>P@(<) MMM<#6O9WYB*K@#<-?-?QYUUTYBRM!013;TXY'E?;R])7I,-AC4MIS[F4)EY* MM7U:7>)6]&UD]W[.NE'"LN]9,%ICH\=@6![7OR1;F5XU^]XK"K"2F)A/PW"8 MZ\!Y<#P20^@S=?AC.AE?PL=PA;:;O#2'9A=XI(^;K0QB:)N4^_^K!W\G"-_2 M2"+,NL9-`1W#ZS5*8%'@CP%;`).0RSL@H'N`80&SEY(:R:L5VBG3$_>0\[D, M%]#NO#Q''?E1/]ZMX5C%``BRFI8#R+UZL''Z\`%4O=?#$02S7!-F-0. M/GYQ[)'S4B"2>`'6!$C]I0%$V6]K`@3T@7/;=>WPI4#DSOFY$4!`%GM'$=L+3-`9R+>W)U6U#JHJO)*4^A5`D.Q[]R?>4!5M M5%$Y?V2N/\;'2G+F397-1JV$I]Y4H6S4RWCH#97&1J.$A]Y0+VPTRWCF336_ M1JMTO'MCK:[1+N%-;ZJY-8Y+>.@-=;/&R<[/?.;ZH>,]G"_I0GX&;:P!VECS MW>D[7'[Y$VO[WL.1-U3'FE4\.1:M5QGWE0;:[;HU.5BWAOK8\UV"4^]J3[6/,9# MU]NE.O2&^ECSA,Z\RXM6`6B>++!\7D+S=$[XN8'AYZ8H!5MW+\]YEF?0*UOS M$K4`((W:2;U4\-A0Z6S-R_0">+0:C4:YX+&I0MJ:EUT&$*DU3MK'I0+)IMIJ M:U[I.$*D>=(\+1=$-E1E6\T%;!64W5(!9$,]MS4O_0W@<5)KE(NK;JP#M]KS M(5(_J99+[FZL'[>.%TF:XW)!9%/=N34O-1!MY6K)5+,-]>K6(EVU76]N!1XR MTW*))9;7M-L+%,MZO5FOIQ(]EWC]EG?\#/IT>X'^J/3I8IUZ0ZVYO4A'/*X= M%_'4F^K&[46:8/OXM(#GWE0!;B]0]^KMDUH1C[VAEMM>H-75CX^+>.P-==GV M`LVMT:HVBWCJ3376]@+]3&FLQ3KWQGII>X$:5CLA/:QHY]Y4^VPOT+9JI[4B M'GM#'?-XD?NO?;+NH9?52K]Y@]CKLSY^-=%0EUG+^CI[_ M7,^@CAXO4,Q*"I4-U=7C!6I;HUUKEQ9C-E9JCQ=H=[5Z[:2\!+6I[GN\0`D$ MZ+1+#)T-5>3C!(%>VFBU6Z7%FDV5]I,%ZFNSUB@O<#94[4\6Z,7']=8VE1QI(7SS[!'L$%N( MI[_8\?I:#X%+QD+XB_;M]>ML\\][@28V"M&8+.D@_V2Y6$MP- M&8L^^SW>C&@:;`O4ZI,7![3,^1![U_8WW_;'O!Q(C<=:NU78&N$U]-,_)EA8HU[7FZ>G:[IIMG7\K^+!` M4VZW&GOWQ6V!72[0>$].MA,[`A+XS.R0:<]^9?#6,2`DZZ^:09F=$S/E%J\= M-W+B`;I`_:PUF_6<.]P?++9!G*<+],IVLUZH^]^<4.=-LN&$ MFA/V6^7`I($GDXCS;`%\7@T67KT[V"EL4XQ[EO.7OW1N?[OZ^MZJCB/X1TSI MYC.EK7N:3(V]0VYQ,G6%_Z%BW0&6#*S4]&BYW-GGB\[M^ZX?#=-3KC-+?A9[ZT3A*U5JQW!WY>'9F8*^7/N?=XVM["\E<8TQ+,_ MK\[O?\>/]4'S?#BZ>)GXQDGMGVJ,_=GUY\^=FSM8M@>W:H]#]L&Z_N/B]O+S M]9_OK49 MV?7'^NSZZC\7713_$9<:YF'5K-GVQ3Q[4S_[ZSIZZMK;*Y]=[\53PM.;BU_W MXDM]=G/M_.AP=A1Y(-0\G#KZFN!@4,"@@$$!@P([0(%W4?"Z;0-1A&[PHTQ' MWU`_U!ISEO#PYMZ-7?"ZCKY%C2")%)<0#@8%C%)H4&`+*"`3V4H(A0);!2)B M\>GZ_O[ZBSJH51O_M$+?=?HB)E(00&YH-V#7*H,^BXY>8I187;W$)O\)A-Y\ MN>N\-1AB,$2##O8?3B#D#Y*?,6/$(,L+1I;-%!:>+600Q"#(+,[B1[:;@.LR MIL&9H<$8@S'&$[*WV(C+!M$Z0/K4.?N?WVZOOWT]!TCU>HP-!AM`3J#X_?5- M+G[/!NSJ5I$<4+`&2NT75B.GWW=9<9PM)<>#+T9>BLRO1V6#KOV1VL%\9(,Z'_/XE]:QPTBAA;N"X_6AL:+ MY-G/B!NKVZO7@6M[?;]TL#"8\=R8H8VT+1T\#'84(V:Q:ZVN4&*W56DT&J5# M%D,ZAG3V3CJURG'MN'3(8DC'D,[>2:=1:=?:I4.65^\PV-@?M57-Y5VM:1(G M"L."GQ$WUFACX]@CIW20,'CQ"MP%!CMVA!TO17$KE-"M-2HG[;T9/89V#.T4 M!43K^`O:QZ>E0Q9#.H9T]D\Z]4KMY*1TV/+J'0:%[-ZC&T8VBG*"!:G7;JE?9)K73(8DC' MD,[>20<=!NV].0Q*2#L%<1@4RNO4?G=B$@P*PX*+%4BV7==>IU6008SB0..% M.@P,=IA03U%`M+K0/:[4FWLK2#"D8TBG*"!:QU]P?+PW?X$A'4,Z10'1&M7G ME>:QZ192.G=!H7Q.[7>UJLDO*`P++E0IB]Z12:^Q-=3.D8TBG*"!:IPR[56V6#ED,Z1C2V3OI-"OMNLDO*)W#H%!. MI_:[FAG]4!P67*@X\E?8Y'7@,MLS608&.[+@,`,<7@MNO!3EK5""MUXYJ59+ MARR&=`SI&-(QI&-(IP@@,A,27H&[H%`NI[V["TKH=BHB-)[#(+P'<)CL`H,7 M)KO@]6+'2U':"B5T6Y7&\=[L'4,ZAG2*`J)U^AV>5(VN:DC'D,XZB3EM0SJE M!P0X3Y2D*B-80NY5JRP1( M#>D8TEG#87!JM%5#.H9TUBE'J#4,Z93.85`HIU/[7=WD%Q2'!1?KN_OK[^HS5NU\4\K]%VG_\$J#KR* MH-ZM!J]7$C$ZKK3KII3;D%_1X/5*R*]AFLT;XBL^)'MFBX=)5'_-D8=L>?[ MZYO<#<_&K)7!^8^2*87[`^T:.F.STC1Y&H9H#=&6B&CK]4JS;MKT&Z(U1%L> MHFW5*]7]MZ*7P&3A3T6?#K`0!#[)]@\KY6K?[S@T7?.73M MB1]'[P?.3];_<&#UF.N&8[OG>`_T'/X^MOM]\;M:/U`_]=5I]!^#Y$>Y_7^] M^ZMGC]_?]8:L'[OL>G#E/;(PPGCTC1]$`T!I_QZ_?,]^1I]G'`^I]]V_OJ>[>LY\=!R&Y1 M77EA%,2XNULG_-'YZ83?[^)NR/X3PY\N'N%?^G.9C^XG8X:/'%A.'[#&[D5. M_WO]M'GP\7[(K)%\O>7"^RO6T]#I#2TGM$)^1JL[L6R@(N\P$,>TQG1.RQ]8 M>'GXWX@6PAV$0V=L.7#J`,`9PD_TF>N,G`C6/&9'0[A!AE`KW\)O/@LAK5'+#AG8S]THK#C]3_Y0>`_ MP<>QUP\S=U73[JK]O5&EGS,0;!]8L>?P)[[=G1]8?=9S0"2$OQX<-@X^G@*H MJN(`Z^\K=;Q.#U#2B$;>X(LY$\G&O[.7%H'88,/``M;XRC'\X_22$ZRW!92 MNR;$IB_Y0<(-\:37@`'ZG]*,<8USG!Q\S$C`+YW;WZY`@H)\@G^$8L/EE961 M;!7^AXIUA_+-6B104X(_L]2'K$17VP#RH']2XE(7<%MX&>DM5U_/+_"DU:.6 M`WK(W`U,"?^,4'\^!0%9T!EG#%PA.:G7CC^$Q(Q"RPZ897.$`U8R\`,+6(<] M`CGJ_`U_Z/EA=&3A$B!67?$<9\$,7"O>#2R`_@6,9G9;Q@"6M+"CL)"XD8^ M8J;VQXH%+!'8WK]CCR6:4Z-:L1`+W\]7>G9WI1^L$,[\WCK!;UBUVA'\?85K M3MMQSWF>>=O67DK57#'T"1(Z8H>X)GOO M^4^!/4X;>CV&LG@=6V7S@$7S9+%NL*`\)]\B!AAI\#SY4KOQN&\?G=90 M*,C<--BSCA396D2AX'+F)G"\GC.VW01J;VIOR\=X#5UHLB.4*)SN\I5%UB?;77,2TJL0/R\EV7N5B'5S,W7FT@G"R$*SZ,%^8":S M2I(TM^4IJ8K;)S4].C"/'$%_1X/5:B,^0GB&]@L'KM9#>R=[,_Q(2W^8VS'8:YA4J M@D$-\XPA_")\2*\U[+P_P)6M;98AN&+@C2&XG1%<^\1,`S#49JAM1^*M5CEN MF,!*BN#HH;(TF-M"]Y&5&[.$4>![#_(\F[1I2:^T]X,M.@I672:GR?E)ZPMA MJ:I-"_[KQGW8:L\>.V"^.7_;U&_-'ZA&9$<+T*1?BC:"Z[;.DOVWXO`0.\+Q M=7C;,?P>5JJEFFMUPFLO::KUG6J.OHB2([VUG/P;K7?MW3+;O8#[B?2&;/C9 M&?SIP0\F.7WG3N>T&FL=?#PACO6O=[-WGCW;%P<8I1--KL3-SSM9:B\-9&_S MVI[56NF]9-^T^DYJ]>\-:F+6S.RD-G\G*VSB+H+['_HN('-X\9^8=]Y;%B#U M!0"IMD]/3U,PF7[=.AN:"9?&H@TMMQP)Q1%WLZ]A/*N?@Y9E[(L@T` MFPN[S36JS>709XF7K[_/Q5WQ&M76UO>ID-'V@!O@-RX9$U]:`Y`+.BDVJVF< MRWOK&CM;!G0+&B.NLS/BW!W>YX;$UO7@G`U8$+`^#K9]6`L53U;C9(OWL/&N MEX'N/%FPE5W/E%>?)OBGLZ"TTK:'=MT9VGVW7 MIDN*1R1D]?[#`9"MQ8ANB3QMQT-[@(%R&>$/?F!%_F&7'<*'V"@9^^RF^PF/ M`W_,@&VPD/<+34X3\M/X'GY),!.+<35%ZPE*38L=X'&N'8;.P($OP:.V-]4H M%%8B>.%6T+M@XUZZO"N$%0X9HXZE3J@_@M]UL''L,=/L3-+:(N9/M8NMQ\ZB5BU6\/;/F%AHKMQ!N M::N;J->/FC,V,5=@PJ=]&*GG0_";<4D8<^AY<-/%;9(X_ MZ7A"?`2$3H/MRJ_VT6DU+;\J7&8(7@P,?]OO/*YGKAQ^&&;TA@&-#.BS1[B^ M,<&Z%4:L37N9CFWP'J(W<4?YJ+NLPHB-PQ$0+M4(`&82(V^?J@%POH,# MA^G9X=`:`-V'UAONR48V%MHNH^,`V1,*<=[F]Q@#5+,'L!A<8Q?HC(WM"2+# MVPS8TBCZ!)S*PLDJ`=(H7#M@1^"/!%/7]A"/X791Q19&]9'UU<\^D3J,]BQR M7/X.KA`+7J.4F.=7`8RXW]OLAFTKIV8H1"'QQPR%,$,AS%"(XA8&O-QQ`&8H MA,$",Q3"#(4PTL`,A3!#(4R'?S,4PJ!,H5#&#(4P0R$6`,H,A7@UK97,4(AB ME)N4#AJOO;ZK9%VSS5`(0W"&X,Q0"$-MAMJ*#3@S%.*U&"^%:JEDAD(4D'V; M!MUE:]!MAD(8TC&D8X9"&,+9.S1>">&8H1"E5/[-4(B784N:YMA[CR[OV]6S M36YNAD(8XBL>O%X+\1G2,Z17,'B]%M(S0R%V:L.8H1"OWA`N(C1>>]BY5%VS MS5`(0W"&X,Q0"$-MAMJ*#C@S%,(,A>@^?Z.BLC2H?3E#(9ZEF9'!GT)T,7JN MZ^WHS1VIVZSH23R[K6(O#@)L*977L;%B=>T0._AY\/$`>3WAL/T(JU-;HOF- M)[$[;R@:7X7/WX#*-)O:;K,IV5&J5H".4D4J0SW>3/TR_4/*>?34M;?72$,' MN34&K@JZ0@E/;RY^W8LO]=G-M9N6408%#`H8%#`H4(;H_[[!M*%M<,;'61C\ M*-/1-]0/[R([0C=-;ZTU]&WJ!&9B&N@U&NMORTB-#;&G-55XW-,UG),MR"# M."M"ZU:,RU['&V-0ISC0V!AU2E[/5B8QWZC43O96K6WHK1AH8^C-T)NA-T-O MA0?VZL?I)@E_Z6#QF+<6-U>O0Y?4.@T*U+&^]JS5-XD1A6/`SXL8:;6P<>^24#A(& M+UZ!N\!@QXN9)%*2(-!6;9Y&Y:2]-Z/'T(ZAG:*`:!U_0?O83)"HB-%Z6UY".(9VB@&@]AT';C&LLG<.@4%ZG M]KL3DV!0&!9HH"HM6%[G&EWMQ;08(A M'4,Z10'1.OZ"X^.]^0L,Z1C2*0J(UJ@^KS2/3;>0TKD+"N5S:K^K54U^06%8 M<*'BR)W(M;W(+ATL#&:\`H>!P0X3ZBD*B%87NR>56F-OJILA'4,Z10'1.F78 MK6JS=,AB2,>0SMY)IUEIUTU^0>D MR3(PV)$%AQG@\%IPXZ4H;X42O/7*2;5:.F0QI&-(QY".(1U#.D4`D9F0\`K< M!85R.>W=75!"MU,1H?$2SH1VXL.[>$LX-;A06-PK@,B@U=GRZOCV_ MN#W\='U_?_U%;=ZJC7]:H>\Z_0]6<>!5!/5N-7B]DHC1<:5=-Z7$%_AX/5*B.^X4F^U#?F5S?E1*`?:_FVZ$GK1B@B-Y[!P2PR.HB'' M')&T-^PXWK#VQH]LUW3I*(GZMS'JB#W?7]_D;G@V9JT,SG^43"G<'VC7T!F; ME:;)TS!$:XBV1$1;KU>:==.FWQ"M(=KR$&VK7JGNKU5F,8F6'AKX7B2?2IWH MEWLZ$K8`O,4C_5+Y)62!,_AE:MO)#M[A:O2293T_[R*[Z[+DU]0S^B_YATM= M0F;#'[+0_=*Y_>T*@%IU//X/0CQT_F;OK9.C%ORA5CN"OR?'F8)-YLP9_C?S M\%O8.Z'DU=?SBZ^``%7<[0=KZ^?18NB6Z]N>%4W&L"L[8-8X8'U_A.W^(G=B M]?S1.'!"UK?\@65;`R<((VOD!]&#_<`LV^O#'T?L[[]MS_$8+54!A(V&5C1D M%OO98^/(\3U\&/]P';CPB&]]85'@CX'V(WCU761'3A@Y/=NU.@&SK3=?[CIO MK:>ATQM:3KC$%F#+`Q;`OBWVG]B))I;C/;(PPM,=6:IWH7[0GN^%\$Y`E2]![F=37`ZO5+) M#G8&F.!$UO_&MHO(<.7U`;"+M'!_@#?,<)K#[KP@9CX#UV^-[JQNE-`A>3KV+`G(`! M]ZP(?NT#4QX!CEIP6RRP!G8/WA<>63J8;,]V)SJ,X*Z=/F`_,+8N0-&UP]`9 M3)"/(1CXMVPZNM@@0K2`_&P%W']A5-`)0Q99_Q$<++!1"''Q3'<+Z$Z4$#WY MUD/@QV/`U!NX9>M-[(GK=EC_+:'5F?K]R/H3)#/L!K%`_R)?`]`5Y)H-GW,, MB88VH*X3CEU[8HW]"'`3\?^)V3\\%O+=$"G"]F`-0*APS(A$$-+Y?!4[X'XNN"O/7Z=M"O`.W$W6@0NW06UP\Y[H>, MOVP`9*+AL,X5"%@H^_G>!K[K^D_A^WU@N55O'C5;+UAZ2SK8WO'N!"I]$:@T M[Y!+4=1GPFD-YZ;QU1K:CRP/TSDE,)03`!F`"6B(E'Y*=W!2KQU_P*5]P$H[ MBA3R#\BD1$H#:<-Z0"1$!&'>.VA=H'06QB[*+WA=!&+$#VQ=?PZ8E#*@A>+N M(T3L0+%U"WX67Q7"(;U%3BEC/W2XU`&(^2-F#>(H1FH!XMF+%##TL3I])#SR MF6@C>0&Q4M!_^F!=`8J`5@'8%Q%"HWZ!V"9U%P^DUA/84$-NE]FD=/3LL=T3 MBA=^V0?UYP$Q52%K#Y@SK!R@&N6R_@/**KZIT-?W101J`]&X[J'D[8I*83F- MFHAF_V+^&`X`4.T`Y`Q6(!F7KB<'TR`GM$.*$C ME$A:7R,TL'I=%Z`6D@0ELD)I93GR/2"J4"N4HLGS(TOQ!4-UY:"Z6%``X./$\Q&5TN"OBD!](.3(N`D MD4B0HAAX*6S.K:"EA4^"V>6$2$>"^($O*'\)VBEA!=TL7/L+B1\\VF[,0K2: M'H;P[?_`+_@A^@7IO=0D^+8 M*3$&L(],=6#)$?R)$*S"D1N>`U2,R?-GH[T+%E6(_D3DO$]V$-@>+\>H%I^L"R*ZYZ6 MD>\YZ'\1%C*JT/BW"+D99X=TXB!QD,)][VO5ZC\_ M6/2=0]>>P*O>#YR?K/_AP.J!]ANB1NT]T'/X^QC=+/QWM7Z@?NJKS>@_!LF/ M,C+WKW=Q>/A@V^/W7T0@A%CSM7?+;/<"T"QBGR;XIW,G1'L7K,9[]C/ZY/J] M'Q__^[_^^[\LZU]RA3,``C+%>R(&4B'.7-L9A>7T@3*1O?:_-VJU@X^V%25K6@/&,.P#=X`.,;CY MAX#A52,:O7'>"F<3C]KBQV$\DF0'N!3P&)*'SW^R@;5_4=:]=O.0>`*2B.-CP,A!$]WGDDK;.NA'MMN+7>D^ M$[MB7*[ACR,?B`?$#U.Q.)?AEP<`?MBP(*OD#61IP'+TO/XB^/B-0\#`SP;\ M&?10\R@;V2Y=EGC2R5I"K9"#T7ZK'S8D&)!'LLL&/AF'\#90YD#TVC]1P^NS M<8"$H9S;-D;6G+_Y'][8_;]B8G-(;YW".N` M?DEV)*BP#XQ3)GK9/5!:W]+9+CY=W9]WQ#URTTT_B09&!3.`,OIC1K$;.6/7 MX3>J<4'Q`=/7_Z+^!N>#!4B@>[H5")OK#1WV",M%F*8K42M@41S`/>#6WW3? MIA\10""Z$MGB6?NQ&^W3IS?)=6F_P.U=X MI9ZV(.++VZ.$0RQ#WUF>_L%&7!7&(;\20.?&H"T(=O$_0)KPH[(`!EH%%8SXL0-"4!QP=$4RPW1O; MZ5]Y`NG7!4US/F@.2P6;6X:>)]:_$+QY7:"T7@KMW-CHE5@7#.V7`H:OOH=? M"\!RAF6OA*1>%RS'A0#+'6@"+-P[:SW1@!'2EG1X7'V]!/:*/&0Q5!8<*`N6 M:_15=#25ZGIP+E*@SH22M",0G"Z-#XOW_$RGW*[0J%>+?^(MB8)ZK?A'W8C) MUY?7$_=VP*VR[_HB9;"5YE:KGYJ8R2T;QP%8:V""=;P^8".ZKZ:$P`[N=X&" MEZ/?+;?UYS[U=B]]18UN`Q#,$/=?V1-]LH8I5U^@A]4XRBZKIZN=/-OV-\38 M!?I5\8Z[750]V8IZN=:QB=>M@:`+-*"5[HOV\"R;W@PM&PN4GJ(< M_5GYN#<\C2N\'JA',=IXYH?1&DRRL4"/.6U73U/7,^_UV][JAIBW0&/9[]&V MBV\+M)4U#TFF)88V^OARYH7VLI&7#6]N@=K1:*8Y1NXVMWB8[=[5"NZAI0YV M3FG=F.[__!>S0,>HUQIIDE)[VVS3V[V`Y36%F=O_RJ(KV-*(?=Z)2[&Q0%,X MK-5/CE.`3VUP\]UO]0*:R_M!YA[C5J8TAVA;=J/,24ZTD\#/+>FX\L(HB"E- MC2+4^B$^^]X#!C]QM?O)F.'>OW]Q[)'S)QSWQG9'GS!?X3+?`_0;\Q\">SS$ M7!YZ$O,K>*["Q6/V\M,?R9=E`#5/C6@=?#QN972G+$2V`K$OLD9S"ESGH*H\ MVAC>OB*@XLJW3OACWV";I],`V&J-[8+M6`/;\?=&;5U$^XK9S[_;<+"S?-+: M/J3FJ4@`J79]%Y!:$\'V`*YY:A;2XR[(<76\NK,#._0C>V?T-T]]`S`U3YX3 M3K7JNG"Z<:(H[,;!P_#&WA&DYNF""*EGQ2@)J37I;P_@FJ=^(KM:$5ITWEO6 M8W#(KLN^L@R\.N&UASRKSN&$7[\/X!&;D"JLI4'5C1(@)1+PTKV,*8-F:;AN M#*5Y^BU`J9[5&J;!L":@:LU\0-47`6H]!-P84/.TZCP]84N`2BAO]R34FJ=[ MXYFS'&=KR"&E_>[%=FN!&IUE&UN[9BFR=RV`6PL4X-/G/O#^=/_6`HUV#?Q> M2:==5U9L?.X%JNFJ*A^VV=!R"WZ*ZH_0`S];R>6_E`MA6LP/;"WS$[3*CUK-E&+87Q)UKM6JCW7P9 MD-L2CV\O"(`?-IKU]LN`V$:LOKVP&*1]>GKZ,@"U57[?7I1)F$FK":=ZK%J&P.&G*H\-HX42Y( M@!&-9+!\$6MI544E[2`<.F-5M!A:HB6:ZXP<+$IT'=DIL">*B*FA@/_D\0I2 MEPH:X9^0N8-#;`"(1:0#NTO=*M>UA2LNK^>\W7XEMZO80AHJH2J>7CWG MJWU\\#'34D&U0+K_?6Q1_P[[OII@#=/;?'*'-KC[5Z MR:;ZX"4=_*RA'5H,V\90$7ZHZ!/^B`2*W0-D^(=+ND>YE'?>QM7IHO M&\6&DF^&2=L/;#'C>$<63VD%QB,;.?5Y0P7D=?G[@XY5X\: M,/5E#P)J,R!Z#]`7GJC[B&CG(=\44]D^?`'8[*4?C))[KE4/_Y>:J)) MK!+GO_;\!X^J[`5KM7N"E5*5_D)H\%8'R&)E[T+>HX&8KO.3=U0)>84^=0)) M]B9;@NRE/]3K()IK#V#N3JRZ;+ZB-[D3.&I;_]@F`VT?G:3@9(T$L2E#GJH`)D+29!]NX8OC/MGQ M#\8JUI]`@]C6RDOWJL$%V9;/5S]JY9\/6V3!;<(!M%YQ7=LESL8I7>P'FU\I M1J>N0W`8O)"`C<"*I_XGH%1*MDAM=/@!I^_10;:+:9D]J=[)UOL5:MG#NWOQ MQ/\8(#O"EB`!`T;"B)/P54@_)%"+#MOPOFT"KV3*:>JB*SDP5I`5.[0?@.\* MIIP#[PP)Y$#;L.'G9L,G>6Q8$.:6V7!C%JO(S,9(D$'@E3XH(Y<3PN%_MWL_ M&!B8$>!RQ?KZ;\X8`(E0)^&L?>3''K;F"]7Y%(LRB/;LB%9K[D[@UX[:2PG= M*`F^RRYU2TC:Y#8HA>$=YC!8F,1@419#Q;K\7%'">\OG:BP2MCL24`D,D)Y2 MHJH@TNG)?G[Q9`%R=^('>,)J[0Z[CV?QT6DU:(Y6R;M&)WA-]X3=&@4XGU]U M+.I:M:/C:3:;^TNNL@N`Y#K<;D@?\3P.N?5,_?L%N:5PEP98<4J@SI_/J)+O M7",OGTA,[WCVZ,OGWONJ?EQ^0BG0&[5=6O#U52SX+;^]FF$(F]OP&=.=`E\6 M1;XJUMG]ZV6]U8SBMB+K?3E,S2J9:V!WWH#B,\CGY>C;VUPA?]J+1MU.:H9GN)+*UG)-M^G[T%<%W)V:4W;+! MX:%,LW,=[\?[`7P%(?P9?K%^TI\"'\\XC*+Q^W?OGIZ>CGYV`_?(#Q[>U:O5 MQCO\^!U^\4!\'V?$_WH`+Z<4E(./N+A<'K8COC4,,%GO_XF$O).3]-/P/9PY M+O_HVEWFTE^_UPZL=V+'V3VOL%_Y"+Q@Y,+R>`_,._QVE]X&H#000(]E]G'Y M%;;QL>-%SF'?<6,:;K)D,HX:R_.O=ZF]SSA2)^BE-F0'O0-+X%]-[=476Q*_ M#P)_I(#%_P3/+0"+^,8[G#UWF(`G"^N9%WBZ[`4V9E_@AJ=M[.RT=:S-6>ZX MS6+@:_/@XW4/UG#$-9*?DNC`[.04S]013/]H^KC:G;Z^YN]L[ M:2][>^WM(&O.<=L[/.[QLL<]?K;C'N_PN$O+DI-G.^[)5HX+FTI3'DIE^/N_ MWN$2SGO\-^W__P=02P,$%`````@`U(D-1^1?5LF&!P``TEP``!4`'`!J8V%P M+3(P,34P-C,P7V-A;"YX;6Q55`D``[\(S56_",U5=7@+``$$)0X```0Y`0`` M[5Q9;^,V$'XOT/^@>I\5V\E>"9(NG*L-D*P-)RD*%,6"EFB;NQ+IDE2NHO^] M0QV)%5V4(\>T=Y\2R^1H9KZ/P^%HY/U/=[YGW6`N"*,'K>Y6IV5AZC"7T,E! MZ_KJU/[8LC[]^O-/^[_8MO4;II@CB5UK=&\=(XFN.'*^B62^U=WJ;GVTU#\[ M=B^8V-N=[COKKTYWK_MAK_OV;^O?P<5_ULGEE65;M[>W6RY(D*&$+8?YEFVK M^WB$?ALA@2U0C(J#UE3*V5Z[K<;?C;BWQ?BDO=WI[+23@:UHY-Z=(*G1MSO) MV&[[SXOS2V>*?603*B2BSM,L)29O7G=W=[<=?@M#!=D3X?QSYB`9NJI2+ZMP MA/ID)\-L=<15,!TB3]EZ.<58BI:EA%X/SU*Z?\6`:*MQ[1(Y;="Q02TO@078QU2*_K@_4P0#![]$W2*!R]*[/SY"8GKJ ML=M&M$Z):T#G:-5Z-55[G-6`!I>2.=^FS',A3IS\$Q!Y7U.9/`$-Z'6"X'YT M(@:87TX1QS6URDY?@D['6"+BU256H91'#1WD.8$7+HUST">E*;Z3F+K83715 M(ALB=!C>X/8>HJ_XH[MP@3X4&\`QA[AEU.(8H?(RCO\G]/33"7JC5E\7$ M)'Y^75,_8ZGT&W!V0P"_P_MK@4&Y,WJ#A00^]!Q);H@D6`!0<"&`:_,1LM#X MEPJ><\<<\7H\[1G$G40'^#?#NO0N&H]HB\#W0VDV`;HE\\><^2_!+U:+->N& M0(!%;*8^J=#*.`0TR+H@Z;K%9#*5\/^JJ#-`]^&6><4&`7>FX(0+QN4$3?`Y M0U3\CCWWE/%+Y)6MD3I"#*!$,\OE.4GJ.*&:$/8"C,CN*NI*GF+XX0'!1A%I ME@.LYKR-PU+3[GSXME\(7],+NN=`O..X+Z>81_X(O]!:QX5S-P[R&K;GP[YC M!.P%3CDE%-*U):0`VH(-(,P24P!M-U2'C-5%#,XP,HB1O5<`PC0S.+(1(QJVPU._`I\$IO=?,#0%FP`7Y88,+3=4+W9K)(Z MX`7F0SHD*I@P/\X`8)LA?0[4\W8:O.C#HM`AL-:%,#7#5(2&E4!8-&%CL2PR MV.#]^WE$4JFPQ!SR5HAAQT1YA[IBB!T,D6Q4>I"O+VICB5#?%28?#\+#3,]G M7)*'T.[^^!B/,>?`/SD7]K1G"(2'O$A!1'4=V>/#S5 M^'.#0-&4C06YV.1\:-^9`&W/@7"`$+JW8Z0K86+AU'9!/@@]&;,Y9&XX#?,7ZXS%Q,!>0;\P_"*_%AG)! MWQ$KRAV1SXZ/9H8(B'`L4/4(=*\23S!&Q;P`N^<$C8@7.JL62?0$?D=DT7-( M/FEVLZ0!C[6?]5V\7CM&NHEK!7T8E7M8SA[URFTB%>T?1G`_[<;G'([4-+CR M-(3LFA,'")E?7"V!H'JJ\?!4FV!P?2G5QM"G0XR\$Z&:O$HP*YEC/%@ENB^E M*%_0MJ'7I&%@2T:^=W.U-;AP4J-MPL@NB7*.ZS8W&%'H2*HSFB7L[&#CXNAIJZYVA33L8 MZP+QG/0:YUDC3@^IZDV?SQMX%'`..QB8_9E1)_I0@EQM26:A6P1D;;,,!CM; M?8EB/S:B[>+6FKP>@>K88W`66W67.J.,%ZA7B M@7I:#BZ7DI-1()5Y5TR9Q:@$/X(JDR3C+>L]:N@&9O&AUO[4=]@6'JN2R*]!HBX9S3N MI,7BL$=0PR M.$^Z()3Q<$NHS'BR0XT$JLG-+6NR]KI\]=I;T:\KK*#REGKEH'<#:D3.G]N2 M8L@.D2!.">=J2_KQSDGMII5%H%K?ETP&/.Z/#FU[/.<^EBS0S.\6T!5+UK@<'A M;NZUH%.,$R,1%6KM8^X0Y,%70RS46I;P2:N!YD52#<"[BK]%T"]D[QJP([(H MC.+:2S@>;0":"ZS>6'F#3]GARSY`JIB<95M"=NBZ@)+5?#FO*18TL<4_)Z@Z MJ%V?4"*D2@!NDH`@AICXHX`+[%ZQWGA,/)(?%E\BS`"HBJB6:HY;T#R#@U^% M124+KG+F&H"J;&UL550) M``._",U5OPC-575X"P`!!"4.```$.0$``.U=6W/;1I9^WZK]#UKOLRSQ(LE. M)3M%ZY)1K66R)"79J:TM%`0TJ!D@1)/L*=!.'2EYF'!O= M/-_Y^GIN_>/?OLVC@V>29C2)?WK7>W_\[H#$01+2>/;3NU_NKPX_O#OXVW_\ MZ[_\^&^'AP<_DYBD?D["@X>7@PL_]^]3/_AGMFQ_T'O?>__A@/UA<#@J9H?] MX][)P7\?]W[HG?W0&_[/P?].;O[OX/+N_N#PX.O7K^]#Z"$O>W@?)/.#PT/V M.Q&-__G@9^0`!(NSG]X]YOG3#T='[/MO#VGT/DEG1_WCX\'1\L-WU9<_?,OH MVM=?!\MO>T?_=?/Y+G@D<_^0QEGNQ\&J%>N&UZ[W\>/'H_)?X=.,_I"5[3\G M@9^7JE+*=2#\@OW7X?*S0_97A[W^X:#W_EL6OLH%WX3YZ\_4.S@YJO[Q':CK MX.#'-(G(+9D>E++^D+\\D9_>973^%#&,Y=\]IF3ZT[O?`_^I9.3X='#,?NK? M+Y*@F),X'\7A99S3_.4ZGB;IO`3X[H#U^\OM]1K2WTD:TQGHSW^BN1\QVH[8 M=T?RKHY`TI:RGB=QED0T9*/ODQ\Q"N\>"[R*DJ]6I%[KSIW,EW\4 M,'WL"+SLRX*T=W06TRD,-)CC09`4,,GCV01^,Z`DNR"Y3Z/LGGS+"^/A;=2S M#21Y$OSS,8E"V+0J!;437]F=!9EO2<2HA0F?O\">&V=^4$Z>5I+K=FI#Y\5# M1OXH8%!>/K,%H)W&%9U9D/?2A]^.9]F$I'>/L,HN?L)04&$O%B2\H,\T)'&8 M7=`L3^E#4:?.=/.6]^5RSMF:;%:D_)S`)(`3S!CVU/0Z?B99SM;19J*J.G,N M;\^JP+T=2-QL.=#L\U5Z/PV6`!9_K/_4ZT&;QOE12.='BV^._"AZIT0L./(O M3^SLK']2*J+LK:U(\&<2LXO784BF?A'E%@7D]&U1W&3NT]B-M(NN6PM;]G,X M)_,'DMJ4=+W?MF(^@D1I4#R0PU<56!26VWM;D>,D'UF=2\L.7P6#$4MCRC:Q MS]#=V@_!:@`;'0F7/\4DLG##+6_B\,M1$JS]7,3,!4G*!5:"RDCP?I8\'X6$ M`KC>D/V!+9G#P^/>PB+P[_!7WO+7:S\*V,@UG/2S9>^1_T"B\C<]51-ON%+7 MCL6^]Q]63*M%+C_W!FOBKO@=I>N"PQA;=KT8;D8+^S1-YOH*7/QPHB=_D8$L MR1/[.[8=)2F<87YZ!]MJ-9Q_")(XA]%Y&95W-Y@29,;^L/KW*,E(^-.[/"U( M._*F?O90:J+(#F>^_\08/#DB49XM_Z;[U:GD=^!K?X\C@V^D9Y M0U#9QNL//CBD5;(R*FE^)6V=8DU(?*;[79%6%_)B;>/EL+7],6#ZZ)`FT:%@ MQ9&FUOE4B?#P.1KL,4?>UCG-)5?KYTVG9*V`\4G;T596;?JW9,;NR'ZN;TO.U M_7$WVAZ!)"&3YBKR9P)UKWWCG>Z;OK?$%]PFCW<[OBE\^3^;S M)"YO]*4+/!L7.0O`8Z+*+VV2AEYO[PY,FJ`$E"W@`M2C==^&4X^'.%2NL;O# M@NE9YO80?^SU.[._O@HC\GSP/_1Z+G=DKM-#H3Z%,7PE]5^NCBVCITOCGY:G M0T*7L9-#:`+<7Q^'4Y.@#1?'L8G17&@8W%\'1V]O_!MF3#GV;C1G;)1EL-6/ M'ICM/\@E;*U_Z/4[-"$VVL`X\CMQ<+28/'[V*)LN\,]>O\,+BT23@IFPE-B) M^Z*YHF\)BW\-X+S+)!S%Y?^Q.--G/V*1QA(25$V]?H=W%F."M-`X\7,T)^\F M2?.9/R-E/.@XOB5^=)GE?,.DL@VL%_LTH10XK#E#MB-ZV=]X-^3[=S^&M;;\ M?8Z^.5^!9/LP(X22.W%Y-!_]&]'/LJ5J\U/`TZ%#Q'BL\\5WXQ!ISLQC&O]%]3@3"C3ND.347 M!;E/QM,I#4B:C=-Z:MLBO`C.W5^2.*C^0T*;84^@NPZ=O2J:^*0V@BCWIG2P M^%7IS=G$?V%;Y#)G#?XZ+4A84XAL?=3M`]:K#B-.F[%L"$[`;V?F@]<\VH7\ MIM-8HSD`[S!ZM>'E*R/RT&'H:S-V-F47L!!R\C)-HZXS91O MC8.,N)$W0&"?-F-(`49`6&>6B&UQK^,@*L*RJD=::CJOJ@RPQ>`^88M`$N>@ M/Q!EMKQ)-B*YS0]YPP\(+'X*KG4'2'M%"!R\G=E3)M`7@:TB+,'^ZD>%S*#" M^1IV&`16+A=4\0>%4`4"9CNSR=2"HE2T;G[J#5!.65>4T8EZ4U:0N M@*6`RK9M=6/OS[52:RI$,`@ZLU]M*\CHK`8:^5/-;Y$&!+1V9J2ZH7&2EGJH ML,F\YQN?`J`_U<3EXQ<0VIE5RHX^G-_#O`$"ET^7RT%CI0D&'`:KV2@.C;8) M55//:PR2086L'-!:7]"3!DZ23KHE>)R*,B M?X2[[/?5>5%)YF9#P(K`M=J"1#X@9"DJ/)&OLZPP)JYJ!!A1N%!:DE8'@RPM MA2>NO`B"9DM`B\*`VI*Z+41.*G=9<4\VV/\T6GO#?9N!NJ"0IDPZ]X M$Z$Y2@[FC1EX3YS:)RP8>$^$26T"-&_,P'LRV!<#KR%3:`V\RT""ZQA.!N3R MVQ.HAGPA.N'WJJ9>_R."-$.C74X/$C)S[FO421Q>$5*)7M:I8`=2V#*H'\$_ MW9*,)6'E\%]:E5%:].H-CA%8\_6XE(^#QN"1&8U%NF@PNP$?`G.5#7+YR)!9 MC\^3+&=Q0PLQ=9+X14T`'\XKM7@]ED-Q7=7H9Q+#79C-]%$X!TVQW\[I\W+( M9+>$SA^*%"XQ]\EH.J41Y2^IS3L#G`CBW>0LK#/7%BLRD[$"B606*EIZ@RYK M6#=AU@B8/3NR8&[^$J>O@VA5"VJ)0S0)Y:U`=`3G%N/9I@,*F\'XQH_]6;D- MP/E*/9EXGP,P!/4MFLP@,1ILU9JJZAMS%H_^O30*CZ<7"P_N^:.?SJ1E$=2- MO>$'!">2)A3J8L-6#FH3J\$Q$D;HGI+%1X*M'-3ZM:0<8-K7L_)K@(7@L-C" MWE)#@:UR$UP/EU:`3#9IUK[S3A!,&",^ML7'5F)IF2.[C#/YY&P3I1L]PBYB1+P53R'A:`J@YS/5Y;=8A M*`=!'2TCNML`Q5;4:;,D&!REBO)M/54\G;PA@$5P@S-B50>0O,(3AL"1\905 MB+^*DJ][&39RNG=Y@:>8\@)/=?,"3__*"^3XDD^QY@6>-L@+/'U[>8&GV/," M3TVRS4[?7E[@Z=[D!1HRA39L!"Z*;,.?I`D[O82?7GXIC<^+X-%X-@IR.->P MF@=P7("_*.#O5I&E&DY,.S_@G2+P51MMF!9Q(PM3:69".47@);/(B8[9Y53H M/^NNA-#"O$#"\V3.C*@E--EAA]O`ZW]`8*%T3J<,/++P$O<.GC\#X;J*0);9 MN+2^E_Z11;E)13*_%XJFS^^26!$D8P`B\.L[&@6A3LJ`S;)%' MVZ!J,?FO/A/-QQ7-N@*%('`B66%5=\#H*`1;*).>@EJO-0`>056CG8X&L1KP MQ4QMRK[V3MQ&O56CL2#KR#M%$-BSTR&AU`:V@*UM"-MORQF]N]>L0]`R`@OT M3H>*OEJPQ9:UNR`XI.D^)6D=[[TSJ/?"2@!P6'&)J'\ M(6.J$7NO*@HRV#@"D>_?_1B&?RD1AUVM=B`^WOW"`J$&2D#WAN&KU*/@CX*F M5<;#*F=/=H90MO4&QWAM]DXFLE01V%XY;*<89X<`4!8"BZG[46-#2]A>6A1@ MNJ*Q'P<.SY>&/P#*0V!!LW&^;`0X8+%#/^D90FX:9Q4!;5;="-=XH@ULAH/S%&A^T-23Z`$0SG-'V!4:I\N%NG MO7>&X`)C@5<>+&QO-"[3]=BSDO#'U3DX#CG+T07-6-I5D1*=^F,MNX9U;A_G M=WO(\D<@+9B<;D&JE`8Y*4=LY>`G(3O#G!=9GLQ)>D&>DHR6OJ!/29HF7^&? MBS@4&J.:]^@->@@NGG:(XQBHVBI&,!;LF1\73KGQ=`J[4#QC$:TBDCF?@I`( M[G3.V!,B%B3.V:MKMN$]_8WFCZ5I&K`SPR8;(?PW%0Q:`Q0$3FF7Y&DK0XW(DS#^^@U`0'!XN= M(0C8$L\4@86,BP)9B8I1&-)*EHE/P^MXD>&KI$C:SNM]1'##,N5+`Q*R&A5P MJ0-()%Q6Q52RQF\`V/9P>LFP("LY,?%30*1DI_Z9-\20UFG*R38"9/4?V.T< M[A2@`^AZMLP!5#(C:P8X$>1.FC*E1H2LM$,]_:H">QT'4<'LFA-6A02TG>&@ZV;'79PK&*@:P*H'_UT_#G5%[]N5%_WA!#C29K M"ZX"I[W,]!TLPA;'@*)#4`Z"J$9[B[4"*+;<=ELEP@>#O6-1`@1;%KKS>M]( M2\F(V=,%A2WYVS`J=+!OO&S(CBV+NMEK%KV]FQX<^>5)S3N.N+VCLYA.:>#' M^2+NOW351#1@@<7,*QYE]]!]`:(:Q=\*\C.DO_=9$F1KT-KK-1G73006Q=9J MMO1Z3E\I4HORXXLM#91NK'%2?;A`<'L;"BPG8PQV$5 M]&=D/+WWO[')6ATA+FA6Q4YPGYC1;NOU/G1H[;&Q_^BCE`;([OJHM14;T^9\ M9?_E2-GI2_J]-^PP_"-X)&$1D85,GUY*"94Y3^)67L^IU5N:`271KL!THL+Q M%DY@;G*B>D[M9&9)42H61=9/)3YD)S<[63<]M[882TE2I?[YQ$E@(3OK62,, MU_G//G-O-%-J\`&!_UXR7?@L"7`@2Y:Z*QXR&E(_?6%%LVN/7,NV-%$;4(?+ M)*F=;&=R;,BRI6HR?O'G[!Z2^G'F!TP^Y3*I;@PCUJD;3W^3D[,BH%(3'[+, MJAUPBFP?=$>N:D/L[M'>R5BY$;Y^`T@P.)PTIQ.?KPTPR#*Q)BE]AL/8)/*# M\D2FSFOD-@!L")*$VQ$E0X8M&6K\3-)1%"7EBP'C4BXE<\(VW@##:\GMR%.` MPY8U=4LB5F-IXJ?Y2PUG]NFE_B\JMY=V)Z`YET:U71Q/3<%B2Z&J2ZD\S&Q_ M#*"5"S60>(+2'*`FNXCIPNZ5.=.9LD00E\=%=)$4.?PCUO^R,0 M$$'6F6C<[5BGZI_!D!<9N_N8B?:AH,MK6@IH7+%6O\0 MCDI.S8W:>\RVAN5,U,5'EQC4G`M<.T=S4I3[@KT*\:\U+^`60)_972YF'\GW M"6DC`(`@-X[B@07 MME29+5%9B?+R9,-.DH_TZ3ZYA/&G<6(V[`G4@:,^IX0L379U@&)+ONF4=UR; MX2X&@&K;[#)W)R4!]*TT.:Y_"*`05.YI-!7YI/+@84OT*?,N[^%7%/OJVG<` M!4_)ZF;[*0.K1*BG*-7OL.QI=3RY;V MWKVE7BD+=>'MO3+8,0^X-KFFA*CV)HOO#`I6Z'+UA54:YOE54BC\@R9]`#P$ M=5TX4X!C!3;'9>\9P>9TT6=Q5JMQ'P`+0>"@-;HV<&%[X4^-8!RK4Y8->@$U M(+`D*>EMC$S^*"!&@N^_)A8(?NT%U("@^K-%@C>0"0C&9HJJ`X"?LS&':_V` M*A"$Y-@D>1.;@.8.RP8O$N_N`A+[*4UT4WCKWP,TEV$B.TW=W<8EH*R[1*>% MA+_$V1,)Z)224&V*$[7QACV7U#7(W=TF0,"8')*`M>Y2F6RSANN":)<^Y;6Q MN^K`"[&ODI0$OL;;4OP&`!)!#)%B"LF)XP$2L-69]:66=UR5H!T5^6.2TN_< M>CT:K6`+07#-,*Y*HD0DR)'O+*!HDBXJEIIR)V_H]88(?`G&].F`$C#866C0 MXGE-V32KOO`&3A\X=S:EZM(+E-^=^6573[PX?(AH,)["4B%_"T^[#U`!@AS>!LNE$3X!Q9U97GCBCZ>; MN#+:VX6[@$5'9FJ:D)N#BKO[Y"0])G$EXEZ561%RE98M*S".CU M!2I!\&!>&SN!"4X!]=V]WZ0*UA/%ZBVSY;(\+:IGR]A;*O>/?EP5$,E^AB[R M[#JN;@QM8E\MB>`-,+P19;Y3[%0]@CJ#R%Z6TD!?_L_"/5D![+D8@YR?\8;' M^[B@V5>!8"QU5V[;V4QBZ-FAK<.U;ET$(&`?S1&[58]@?'98Y6@MD/WR&].` M[*S%;P`*WL>SLPR,@*E!)T\AB*H`=?\@@D"RSQIO(ZB:>H/NKB>K.!6]`DSZ M#R@8].?U3ERNJ-*G%?3($?F@&X-]"^\O[+I68.\$884F8^9%*[29&I`]X-"V M'%WO9.^*")8TJ,FL`T3VB(,%TG!%?[ED;W?/?#4I(3A$$,8E&O7K6A9)C^T1 MAL]).K\@#[E&E0KN]X"_\UU8$L38GF38E%2C9`"WA==WFQ>@'Z4L MUKTF675`V%Y;L$D7K@W*)F]H'U*P^WY-WVF^5<=+J!PULA<9G+^",D2RN,I9 M4<<Z]A!Z0B6X+=L:LL)]N9=\;:8RHG"+QONE--%$8B1F;O:0;!U6X4 MQX4?W<+OLSI_.4E)QHN@%'[K]4X1$-#$9*J`9.]Y!8'FSXMYP2HI/I-*B-J; MR_=)#D*1O$AY:YU!:X""X%7$QNR8@'3^CD+])6_FD;SQ8[]R4UX1PHLVT&CE M]9P68W;-CPXX>P\Q"'BY)73^4*19^;OCZ3B=^3']7KJ2SY,LYYWQM=IY@P&" M4-/&W.C!L_<<@R8[BP0#(V;J;0`O`G>W-5:VH:%[E&%721=#!"$L;5RO)CCM M/>ZP9VEQ0P29-:W\ZP8X[3T?(7K!HPJ:R5X7E?`^J;9@\?L=XB9PX=CGLZ(2 MF;VG(01T;)V`1"1L?0@"(O.6&:E>@`?;FPSG29RG@(D9KVE&V%Y.,UW@]%%B>VFAC`$=S9,T7QQSQ].+176`9]+]2]W8 M&V)X^;4-M;H8Y<\R[#C\DAE'R1\%K"N7SRS2M_NPRPV)/FN$6XJ:>"?'G4V7 M#9F4492J4M/F#1(4JY2L7.+C^$MQ#YNHM.($.&W`)7@B1$14J9'\1HD M9!&*'%G5_BU1&Z]WYG1[,O)5"AG0)JT."EF,HG7:\'DC;?+G($K1"8_J>G6\ M[P$A`HN&8@)IL5;'@RSR\7,2SW+]P$?>YU[?:9:FTSU-C`=95..FH,IED=_` MZ[LM`:F]E8D5KT=4'0ZRB$:+5.':ONQQAC::\3PI$U^KBW_BQYERZQ*T`)0( M2B3(9HW01B6&@RQ$\8*4#B#Z3%;IRK..(-]>?T*KHJXI#& M,WG"&>];$!>!`T8]/SA>-#$OT^`M](,ZT+X=@+ M*+2UA#WDJWFM/#]L?@P:P/-.M?&I@8_&7FRA"XJTG@(6-0&`./+/1;K786H3 MCKUH0Y1\83L-V").N?\W,&,(=B*V"M?3UWKRS4CP.2S@",*JY7.!LQ=)T=@+ M&=14?=],]?U781%$D;56_1H:>X%\=I:M*QK[<4#]2/LX(&@!ZL!3O\;P3""% M9"_6SU9]"(/YYR,&3LS)KQ_TFY.=G\&:_OMH*']@%$ M2C1_;-C7`[98QCT=4+A.2`A&ENIHU22<4G3)3])\YL_*BZ[BBK_U)8B*P%-@ M?UKS#`("\/*HR"Y2-A;O"OY,DEGJ/SW2P(]TWRC=;`,0]]:EH``EX*V[L),J M=+`NK#I\2-3&.SG&L4DK2!`P)XK2,-[P&T!HB/8[!230^1`D"`2D&#/>/,%ML['O_NP:I^+P^D$ M7X*("%[,,U>Z"(E`V?;,-7=^ZF=)[JO&^>9W(!Z"1%MS1?-Q"-1L+\=R0O,\ M>RC2V>/$ERMZ^TL0$4-PJ+&J14@$@=B=655*E]TM"0A]9H?$+T26AK[]L=?# M\$AGDT06$18!09U9*6[)4_5J0\92S1YD]&Q^"I=P!";\)N3PD0BHL7>]OR-! MD9*0#8TO20R#(V%)T).(A#,B3W`U:0YG002>?A-:S-$)J+(7;E&3I@D_/+'W M;*YH0A(P,>PD$_72AW^(9]F$I&6YAT4F:A-481GE(T:6#EL74FE7V_X8,.$(JE9HG4^5"`^RW%<+'"$U M>K8G"VVB*UP/KV,XQI#/29:-GN'0PA:.^Z3VIFU54S,KUYC10U8&STJ8;=@C M:`F!/:3YAML*-K*\*JL3_A[D>6EU4%"IGXGH`,$>10.F#95`;*\74.-V%O#O?XI`L./ZZFO MJP=D&<&_$3I[S$DX>B:I/R-?"J9%.*"452G'19[E?IE4I+&UFW8%^D!@>VJ^ MIS?#BRS)6!>$:DTPZ@UZ3BXN-][_;/NGHY\->B7,GUZ,?1@;;4" M,"Z71:FO2J)=E8M*@.,O9]26W=EI4%)#9Y2`/6.WDSA(:7_=3F?HW4YG1IZ, MLS?H=CK;'[>3*5EHW4ZO9XF)_\*6C`N`?$&""`Y"X87_<@,K^R,0!L(O!/&>Z0Q0F2>))[\[#WB``1KQ[.@%]`"`M^$%9ZE")%YH);RU\2_ M3SZ1B4\;T*SNQ.M_0.!P:,RR+D!D_J7-05I9II876(/YN]X0L"+P$K2>LCQ0 MR%Q!FR*?%VG*\MKC\$L2!]5_&-#(:PZX$1C^6Y,IAB;U[NSZ_9N:`_+RCX+F M+WMOC1F<=I5OF2>K_AUH MS>5APYK5I61)X(+:QH/,TK*T@9.0.<-`#7ZEW]2/JY<#LT\OJV\F51)5"6N% M#0Y6D1]K5>IS\7.@5Z?G&&UK#X=MP9QWI@5D-J(W,KIPV:DZ'V9HK5NWA#G( M@GP12*A\@H'[/2!$<))VMT3PQXI$%E^`R MN'(\@QI(6#F8VRPTMF0`!A#$6Y@?:G>K'V1&.7?H?X8N\NPZKAXX[V2`KHL` M^D<0'X)H?/+4@\R.4+JE)UX5'Z+7@3=T:K^4AHKH$L"? MIB;XWD((R2<_@CE)[AX)R3^SGV$4R:-)1$U`*2YCTHT"2TQHY`\$.4IDX28\ M895N?7$CF"!.MUCMT`\Y"?K$U6$AB^5P0!VNN`K['*(-E-@XPHA?EY8W`(P( M:D:HYA&?.1DB9!$/LB?D96'CLI?GATXOYCO>`M5(D44(R%Y%UV*4\YCZT.W# M"09O4ZO(4)$H`H?,C^Z(1%R;HBLV55NCO3=Y;LCW[WX,5ZIR?5&\/\7Y%J1% M$$.@GAWK/"C@(/.E"K>`VNL#[-_.X:]F2?JBV/F:=`?[BTN:=[PC-M<`-I>C MV$I2$U^YZ!KT`FIPZK36WDB;9WE?`W[(@)OO?$'8&!U9A%;NF(_$S\CZX\NWI(G0$-"9=5< M[3Y`U0A*&%E80O3!"O@^1>AW[[U)Q_M)9U:MG3G>AYU5S-0EH)WC?=AY)4V! M06PUA28`99I$-%E6U*VF&M^XHMT6H*.IEFE"%L>`I@_7FI^](6G":Z]!:T#2 M;=E,0YTW(*P.U)I_O6/*<%@H=LF=`[^Z/H?C6&Q?4+8!Z3N\7AA/$3V6-M!9 M\Y[K\P5+YOXK#FU M]9FY2HK4F)A5(S@<=V@I=<3+)CS77FF>"/39?+ZL&H'<'>;:N*)E`YXUO[4^ M+7?TFS$KKVU`Z@YS0!R1LH'.GL?8@!3R3&)S6E:M0/0.0Q==$;.)SYX'5Y^: M2Y;98TQ-K16(WF'-(T?4;.&SYT`UN'[2!G>752,0O,-B/XZ(V81GST-J<%1N ML);=UV9ZA_%IKH[)Z^CL.38%I&BX6,^C)*/Q[(+ODF[0"T#;$[_2MC&\,5Q[ MGL3F3-Z0/$V>8)CE?LP>?:%93@,_&J7$;\&LI%>`CJ`.BENFE?#E/L7=,,]B M9JLUJ071JTZ$8;WM]WRNHE60*,]@X7.JK**:!!Y^9MV!2`15*QPO"AS,0N( M[:P.W`Y"PS`4^FWGC-:&*6#7GN5$0Y)?XFG!0D#6@Y):3%Y^AP`805:BVRDL M0RYP11\C#-ZYAXX+$/(MAO`,\:5,V`[AZ:,.X1D*"^.;X'L+M3-N203@PHF? MYB_W*6#V@[(@SZ>7^K\HDJKT.P'%[5T`4%\8.FF*&UG%C;J0RMR8[8^]X<#I M%4<[&\J4!C69=8#(:FU8(`U'5-`NV$-;9>,SG;,JQI^I_T`CFK^P>FI^_*+, M3I*V`\0(+JBB>22XI:@!(2NY@2(AN>_2:+CC7;2Y!I"5[N@@"77@]#KK.!^Y M+TQ2--8!LOH?G8P$7-MZQT/"01$1--G('U#;L`0SE,^J$!^R*B17-/9C9F=; ME;I1[.N"%J`,EY;E'6_=4I#8RH64EXLI29G-\8ZDSS2@\6P\Y6#(F&<(CC_5(IT?RQ85\/V(J.[.F`PG5.0#"R$8N82MS+2U_Y'\G*0DR\=?8U#5(WV:P"8/PL/>_>EE MXJ=\5VF#7F"O1U#0KJ4'QQ0NMM(H&S[>+T19JF+M8P"U)V5*Q!R*4&$K-B)$ M>>-_H_-BOAR#M_!7U_$M>R:CR7U?W!MLDP@>677D&UL550)``._",U5 MOPC-575X"P`!!"4.```$.0$``.5]Z7,)*9/[I/[YL$O"$\@)GZ9^_.7[S[AN`TD6VQ.GZS]]\O+\\^L,WX#_^_;__ MMS_]CZ,C\!-*40Y+M`0/S^`.7`O=: M?_ZN;GO\]O^\O[Y;/*(-/,)I4<)TT5+1;F1TQS_\\,-;]E?2M,`_%HS^.EO` MD@V5D2^@;$'_=50W.Z*_.CK^]NB[XS=?BN4W9`P`^%.>)>@6K0!CX,?R>8O^ M_$V!-]N$,LY^]YBCE9R+),_?4OJW*5I39=$O_$"_<-RG&VO$C',3RD]L_Y70GS<@+O77J?W-]G)4Q& M\=VE],GQ!S1NG%LZK^-+G"8:-[X=RGUS7(K<.@^J,)H)_?"6343O?O?=.R81_\/A#K) M^RJ`^:+FD/QHD*IJ\7:1D0EY6Q[U!%SEV<9YS"M6,N>!Z2K+!E653$R>`BW> MK+.GMTN$B5S'W],?*.*^/WIW7,WJOR&_:CCI,'`/'UK[[,!,W]P;L@Q<*\'4 M0Q!K'1`^-D-?(\9^W%U!LH+%`V-]5QRM(=Q2I/SV+4K*HOX-9 M_TM$&3I+8%',5W=EMOCGR1=<2'!C0>,-/#;\#Q'$FH!L!5@CXGU(LX#0L59! MC1_'\3^4I^&.[A:M,?5O:?D!;E1>1M[4JX=1<#O$1C4[M>T`;1C6K^@&NNM3 MS*-\6"B<$2CF,+DBRZTO_PL]:[$@M`T`!I%?!1JJAH"U!*1I#'A0C+8(".U0 M'PH19[L\)]^]Q,4")G]',">;XW/BKA2@4#?WB@L-U$DPIL"WA;0QF1INZ0' M5H'=A6GHNPBQ&_?#NHU+G*#\C'QTG>5ZIS%H&RJ5S.0A[;[MY#+]40@0T9O09I"$%-&<6-[!C%*:](K+46`)"J^UE5 MPW`@4]W)MG`*?A&K'UTE/H)>OG;O[\ZS#<2I!@VRQMX1(>78=,_*&T:`#?5X M#_%A&NP`WN(:I^B*_&AU,]]I',YK=#G6>`[:#+!V$4!$/=Q*%Z(8:W\0.2D* M5!86:YEA0^_0$#@5CEY9`^,R9#*C3RA_R)HPQPG\WMU=W-_]&!ZW<@P,,:L# M@,=I#Q:/NHF._=G_U,:Y$B8S\NOPZNT.F3!7">/E3Y6WB$`)+TJTI%R8$->HFZO,I-XA8"'-$!XM":"-`=GK\A\Z9&%]V#2A%E'`WQ9F0]-P MPY@_LWF?Y>4:KM%U!M-BGMXBF%P4I?P6S8+&NZ'H^!^"J6X+6&/Z?HLV![S] MC%ZRT1/34YC0AU-A3<5%K$N<%R785!0!S_>M,34T#DM`37@&\1[]\@M,R?*8 M?4*";6DKOT\;!!X%_-8-0$);'`BAR^K:A46$[XM7L,9/J`#E(_DW?0R3LQ]S MO'XD:^PR`P19Q#)*^B-,0?8Y17GQB+<@RP$B3K)\!C@M$1&G)#\PVD6VV<*4 M_'[%>R5?`;@`:5:"+<1+\`#)AI^VQ1O$YD+R\VJ7)&\"/_"0(['WE$,'0W\S MPS6&#SC!)48V&SII:^^S@9SG(38[K:+9WUER?G5R>G5]=7]U$<-.3X.0H8W&45 MX@AVB#KEN@_JD+N]',AHRL[+S\,+]QZF9/&1AS>HD=`<&MLD7'H\+%PLLAW9 M^MS`9WKU07B:DYD$[_.=VC9\1BZ0^Y-QRXAF`E7CHRQ:E!2IF3/2,B9Z81/9ZSND*7^$(=!QV/K0B]S\GVDDES!4U66V288UNLA1;G11>)ST'E`DSG3/$@NR?[/9- M8?=+^GW2H=9YG0PJ(YED25C,DV&@?9'%?BC<=7Z[++Q@9RQ7Z2+9T3/0FRQG MX4EEF>.'74DMZSZC%I6E)1D(PLKZJCJ.L8I;V^^'`H01['FDQ!"$]@/_]IOO M?O@CX)^9@>9#H/H2Z'Z*;E[Z'P/UUZ(YV#CXX/T5Y2E>PQ2__Z/U5%B!"0\#Y';M*H#L%E#@M^B(!N`L&;K*D'!)?B?[]Z\.R9KRQP\<5F.W[V;O>/_ M`P6/+X>[\C'+\2]H.0-IEB*`F;Q\G]=&:0-8@K_NR)^_>S<#+,,B;7".%FCS M0/:"WQVSWWX_`Z3/+5J4^`DESW\,;]L:O`X-U`A6CY$P;;R\R<3$IOXC9$1N MA6B9WM,&'Y9E=6AIS[G*HG[;L2AJ$<=RVQIG/N!WL^-C1=][--/P5JK"NQ#2 MI`6[Q\/2Y9(]&8#)#<3+J[1:[.B.1E44_@]"E;P+QX%-2T";TCO;JG'@(\XQ M$M!KZ",BP4(G@=<32SV&A/-)&P"%6@?>P)S>;-`TH M+6HD,RX@"2V_H6/)JQDY?1W.7_;%M*"<*B07[16QKB79K<"\`%LB)INH7HHZE>%=C@-98;\;>5)L^JP-C^1,+#9220Q(K%Z,-L2Q08]E7KTD-/K)BS4 M^`K>$68U4100:R2PA9=NTQ(:6GUUV,!*IHNPD-*_^;>FC`)<^E?_*H1%\>+? M444V6(O@S?]5NL@VJ'FA9W%=HJ3P#C`U[T-@\9:@\Y0RHM?[!A4,@60U_CX! MQ(_A.5L7/"KF`[)#DHDT`*2,THC8JFZT*I"]JJA>SP`AC.:>:X1DE/U.6#NE MB^!NRA9PHMVXH"U(UA7ZYNHRR3[;!+3KR4)F69%)HT6"DY>GSQP(MK]+YEM80(TN/$WKHS4(]SK*4_&)'?E?] M,4MMH+BO#W@'[=Y&1N8Y&:KKKFFAME>T=^)'7X/F`Z#]P@RTWP#M1Z*9/PXV M5FR<5LSZJ0V"K!DNLT`43#MJ%L/<>GS*S MK5=QM,EK(9KI!M*0S>"6:)0B(7\ZU/M+M,(INWCY:8>750W'L;Q6H[W*^(/+ M9P05SURFWW[;A'+:#.WUX8;6ZH9^FOH]NTS1+4@\G\HG>%R#T^.84TA\[EFV MH1L#Z>/B[MI00>!_W:WB7%AQTX9'M-+I$G2;S@"+4`X0L(^P0(_7@\!U4UC09JC(!9BU#QE:;LZD+%):P,?5OY*T+QI%=X"QZ)8&V+OEFDED5B#I&U/3Y/X*]2:#E2$ M8>>W48(U(A#P;7#*!5PAM@^!JQ5.<-"*&^XP'!J:*P:#'YE=I4_$"QSPR,SY M`[$O8# M,F7A]9W$V16]LF3/XZ`;)/9#?`SM%@2BHP\9#:*52QL6HLHZ$&N0B%F#FF@1 M6_4%P"9GAYY39RDUH9,OV*JRAIPN'!85<@BEQSC(VG8$;Z1E3%C3:42),;,Z M_&%KP(NQHH^BO7,\>;^O6K6+;D$D`&GYU M60#`)]XL`I`HAUKS_%PVSB\M6Y1V6MO/!UYH=BC57?Q^LT(=-AAAR];^9$+, M2V-`PJ$&[;#5&ZPVD0>3C:>ZXTFL#JK"B]1XR1U&@2\O1Y=ZV;A_=^/:>0QVKV3N,?;+M M/?#,Y@5J-&].Y_D:IM65_UF6%EF"E^P?)^GRAK!8%W?I5"1N=K$V=U][ZM]_ M^,N>QF4(VVZ_[$JK[9F=_W;[[E>[;KN/ZM!MKP`2HE+VCYX78EKGN%@D6;'+ MT3WZ4IX2-O]Y*"N3?NIE&9Q\M`YB>^VGP"?Z,<"^]M(-40.WO=JD$6O^S/,4 M%KB8KZK*"OIUJ:2M=P.1\2LNBD@;"MVV560H58[Z$&:&(?=>>H9MMA*\L"MQ MIB,*55Q&+H&BR@H_,.*MHUIOF-6AJ)UBU(7'+3%>IWB%%S`M1>9LYGO;#OQO MGFTE$W;4+2&00C`J+^:F0&'S-T)[_L#YL4#SU451X@V9M'67R\.&WL$F<#H$ M%6E`)\.FR8SCZ1E\JOX;%:CD`S\$CV[4)Q2]G:]6*"
V`E5SP-K;XV&R$%85U;750G5!QWUIL_2%Y" MG+-4O^\1I`Z`NA977#KTX1V<+O()M>X);97\N4,=-TZ=]3D$ZTAEA@Z&OT5D M1X87)5HJ0H49\[H@HTG=1A(L;ST*#L'S;9]`%V(?L4WL`S%V`>ECX.*Q2&0& MTX(P=4VCY#MOWD^2)/M,9Z?++*=M:/(69+:8<=WY+SLY3FJA/B7MAH&?=]1+ M!-'TQ9(?T::`=Q>U74S!@U!C M4C6$@%)RAQWE+G6LB(/]:D?@52UP5'M7)WCV=[$CL.FQ9C?983]!6F7+PM9L MB/S7Y]9)(.;P:!K'O>`QZT6H;6VI%)\/!#HWPW^#.::S21V*>)&6N'PVK^GM M^PCPH,!>/O&A08>6UAODU&W**DX?-TB=%2P^5QBEW0GK#/V]BR*9FC6EW_6% ME2SNEVR4,""X'-74FVM==>3/%][25]Z&EYJ=-MY]69>_(638WZ)Y=2F,Y-"I M*(;1LZZ-3^)ZK<+H6_D,KM)X-(\D)2,JU?K8-V]C)HMKG**K$FUD%NU$'=&D MT97)>>*@Q(!1!]V2'DK`T%M0-S#:3XL*)(9\*OHA*Y%5M@T]801/.P>2V#[9 M!)0NJI`[.R697ZVI-10:<&[1]@Y]1`)#N_AX/2*C#7QW5JD=4B,*5;];/*+E M+D%5:IK3Y[,$%LH=JQ65?V!J91"@6+5N<@_1!(&,(OPFU4$K`M)L5>(16[N' M`B\QS)_O8,.8*:V0FL8_KC3\"ZB"743%LJDU:D!`D=WP!\D&XU#D6TL5,D., M17GO;JZ8*&M[6ZA$DS\FEJK>MRBA511N8%X^W^/D"^-#G?8LXTTNZ(UL\"M.4,T+;1."'M MZ(O9NXQ#/^'F^21-=S"Y);"4NE\U_3M1^,6XMDW!0V!""R@`ZI#S#+N#$(0UAM'BB:2Q:@5D& M7/)W2DL3#=,_%VW/H:W%#:<]^QD#4K]7.NA?.UIGX,DR3:.:),B%CH)[84G1 M-`6\;52'HB8UR*YUS#H(!R.KT`@U37`@:4,?1"0=_I65;4'V`\L1TB;,L1EV M@`IF%<;34VGST+:@//LB,TW-L!LP$SR\HLN+Q;Y>11$<-)J]_1`W<>WM M]3HPP6?T_OY@"#*>(&IH8D"1\CQ1@:-HSA6-NK#`4MA31O;0OWW?_P'I=@6R MQF$20`PYEJ=WZ.9T(.W"XT4]VM($#)JA#N9OC&^9%.U#^QGE^R9QC1--J2_M MT!M@]3\C/5W25"QS:6(J,* M9R-2&?00HB2@I:'9:\!QF*.3`XD3BY5;27/;/Y??ML)E*_!`A=NTPJT0BLG. MU1:DM'"3^7A^8D9&G\#@D3"U/$F7MZC$.5J>[VA*6U[VG"5IU"VK7'H)\\S, M6D;I0S/0(67J5G<(M+ MF!CW:08Z_U5)#'((\2-->T`)CG`**I*(=G!6RA$*E-AKQF?$8@EQBI87,*EZ3K:0$S=R(N'IJ9A#QB^:[ZD45&$#^%5 M7]#(@WCCN:#1:\$8R!OV5;@5G(&436ANP7: M*#Q$5(,L3DBZ$0Z1I?T+:/9HZR48DZ M1:])'^%6.<8I2T40?*6CG+#D:YUHYBN]!DSKG;"S%4W@2X#,GMJQZVOC%E%) M$21]LYQW6;+FNB7@80;Q;+$,*I"E7#:.O\^9[:%LG:%Q/A,;!YC%)!R+<]=# M&>>LI1IN<:[2CW6(Q0_!+HN&MYJG]&0!%S]2*32+G[I]1%.6C4K4BQ^3/CR6 MSJNKTUN[("6%_[)X2MZ%(GAURQ@]DD$%0FT[F_$/-7U]@!L;OZ0B"3R5];@W M3&@S0%M'Y9'TBM!/;RHM3`@&>H_A!E\FE[MTB=.ULW\$?!KU#RE3:; M@D:>M9[7)^!;77S:+9_AA' MNZ]SXU!/T#GMLYMRYEBO=F5SOYI7]AP&K<]PB#;]U@ M\&T<,/C6`0;?Q@J#;QU@(!UW?RO(>?F(\JOT"14ENVC0K!S%IMY7C!)NA>*5 MM`GHM)GQ%!J*?&VKD%!VXSDW\.P3SVI\#!%M`H=G[WQ2%,CLF.M687QRPZ/O=:G3E:G<8Q"P"9;!$*E4\V%A2%<9)A@J6>-IN'0,>HTAUH(O M+.[$4CFC:G5%5:=K3(VNDY*_(&1O)LN,)D#E!^OZ]%.3I;--&>0BY,7__GAU M__R1U0W*62T:C=E848;FAL!/,OL3C0KW"*5AF20+S@KY3!@6E?QW> MT!R`J2FF9(?*@-6ZKHIBYU:IJZ8(7Z6KX=VF0M<,\.8A]\+3)-`*$,@T9"`R MUA:3(2B@"2][>*58LO(QHE65>,)6\5WGKL46=Z M26R"G*LE%6CQ9IT]O5TB3(WH>_H#M9WO.[9#?O6/\RJMSU6ZRO(-2^YS3?BZ M*M%&=G)K)O%F)Q;<"S&"57/0:0\^40K`2`)&"=CJHL:1FR(F!(WS\E3Z(I7FYZ'LN]CHV);_+:X&W7&":+Z@:E(0.2O90S4%+ MGB.I2NR%L^!9^ARQW(O*&07D_=C=&&.+R<*B141/?$Y!$B& MEG$XA$QY4Y+EY1JNV=L%PXL224O/[TEDO`JO2:I&?#D220RY>I3[+TD,0^S/ M:=9G&_5=DD44CIK$NS/3<"\$I]2';'"T`Q,8PBTM&'NZ"S!;PN"+#$$2\TIC''BCN#YSTZ=IB:)3IC]L?D`E M+P5TG17%R1/$"9LTLD[X1149RR<7\^YJ=(_>T3Q>]B',24]UO:A7M+/7H.F. MOHGH1NA4/=9KEUC>2>QQ+'8;E%.X1O".8B*ZAR:\%VC[L^T;TA?*<\0#W,_Q M$UZB=$D/]?B[O>5_[\+O5 MWYDD\#4JBA\[8B[1(H%4?N*;=NSE//F9OCC.\8+^R(+/(W@&Z([CH>&.!7&T M\_#^YM_XY]U]SK<'SL)A\PAK/](GA!C`P=O+N@@5M=NJC_#6.Q+9$^?>4';\ M,\+K1^(\3\BZ"ZX160P]H'R^$D*8+1;2[EUYM^01T@[!7'?(BA M[+/VG"^2=?,>1N`&BOT]`;G\&:IEW'?J(U5=6DXVBGK)N7 M89HFB8]@)7':2-R=:`MP1(O(JJ2-T7:U$^T$('O,^I*6>$FG`OR$6#0@>\M] M\86>(*+E)1D9LB[8[GC,I7A`?++)=JEN[MU3__YSSNQI7(2',9U^0=LQJ'L& M%(R@T[?JYH)_(:QC.-0@?93MH=G10BP[Z;V:C9"/9_\V$WP94"TW79[&.O<4 MRU)`(^M^%NU1+@=&2&VQ(%CJ)(Y@26#"M>6BP`[4@6]:VX`(UZO6+F4<=ZT] M6:PO6[L1,H<]`;.T17?9FC.O)BN*\O2K0-?'8/`]90!PQZU,FD"W-LKZ4KPLA#>8VZ M4X>8]EWP8X/HT*G- M`.T`U#V$1]\('0I%Y,8J,"Q2YRN:7R.?B%1E+U$@52VC+5*)T^1=Q`E5@Q)M MH&JE0?]0[7!XGYVB&XA'(-6FDV!`M9+0%J=E!AX0H'W$`U1[%:IPZJJ_Z.HF&.@"G46JY5`<35:/OGK%\S@-^%3]-ZI#`2MUR4\SK73E,PK]\\EB M04T`I^N;/$O)CPO488S_O\TYE7M7`>+0G:45KZ4^@[8/T.\D;M2.U;48F#U% MT1Z/7=&:,G6+MEG.6'4$M"6]_Z-72[G$9(B,#C2$<WJSM/$IOX?'8C<2@IK\":@:A/X!8`+Q]F*U@+AT3`\DW:. MU_2]'OWC"E4E$1<4.N&1KT*.$*ROA8U'I+=/[^\S>A&3+G"">H]][[,S6#R2 MG24]JEN>/G\LT/(JG6]IEA'Z@'!1XB=>RM$8S_FWN,.,FF`#[6?H!4OS M(2"^OZ>O[LGW0/U!FM[I%?TFP.EKT'P6M-^-Y@EOF,',F\%L@GS);^G/"SJ. M.SYT(&M&#C8?B>"5\"'-5G!5![=9KWO]',&"QD>P_Q(F:0*2EE-6T_PD778J MU!))+3S;Y)Y#G!Q,'`O)`0/K";RJ^WQ-;8BG\NGX(-8QF[4[7<^85XO%*>U_ M<,X>R;^(V^T[E78HDK:C"!S,G@Q%P]3N$9YC,9H`UBS4=JC-:1Q5O?.3?!.NJ3'&CO4G;V= MC-2NPPB,U5)R2Z.M>VN>WE"KK3KL+Y$C>#N\M\%HI-[687RP$AGQ,S$B+QV( MC$V_G>5QC&;O8@IF\W>W`X^WFV2G3QBB_Z$Q5$\PH2<#)^49S/-GLH+X&TQV MN@-S2WK_]YJ6<@G[.GI<1''*?NB0$O26H*8&C/Q`ELO+2-Z5,"]-UCM92G8Z MAEI2*B0M9?F`UCBE3\?K>IC/""HFZ#W)>Y$:E_P'DY8&ZU9R$*0\$@_9+7]6_`4ER\LLOX/:TB4NG?A_&.XBH?!6O"*F M"^.:'/2*VQ6`]G"TRO*C@O01.(7V%%DO=_R>F]C>"N=%"385;02+`G>8"@_E M1V)T0E5'R2?1+[]`XLCY-R4694GGM^*CA1Q*N[GOVDU-I0NE.+2IC)6H8QV; MP\KA4EI[A"!7)NW\*RHJON?#ETLBTU[ ML5C+`M>Q9_SX"3@$D9QE]Y[2C]=#YE54F M7:/NJ^,0M5FFC80L<:,F,JSIN!,9-@-MWZ#M/([:+?L?G5Z\%V[&HXWW"F_Q M^[$/24F7O1F'_R<+9#%PB5`=@T86P;02#HH`_+2_*O6P23BX+L M473'0Y-Z#?;P8=P8*!\6T/4MZ:]YF<.ZG(&V4]:BT^T,T(X![SGTM=1!A@3S M*%N67C^GLB)&$MM#BPG&H'J+,=D2_+L$SFRU12#>S<+>19)@QBSA7@G+.OB[ M:OV:!4]&,$$[R$*G7MPWLWCL284DE;'H8>0S.VZV0&A9T&H/5T6Q@T3J^:I3 MHTVW+373!LB8:Y9'S)W+:;C3KJGH5JY;ES#L;#5&+FHPVYYLN"-;-TE0>#NR MQJ&8*]@)A,&WJ)8(MJW7$L6U3[D7#D%:M`Z]%:YX-R]`9/_6-8_^GYWQ>'>9& MO>SL046_XI3@9$(PP$\H)49#MWF$->W`1?N.>+Y/L M\PX6"19LGZWX M?R9]WZ5(9G3RE1[\;D$FR#\'8 M=L;/T^KNP"6K#EYU".H>V6ZE[A.P3@-N1@XZ$D=@44N_W"%:WQ.3E?F"_%2/ M!37@')40I_3\D7>?@Q7M'ZRRG&<>TR09\[-EV>L@Z?8MG1+J;&V1UU!BAX_M M8':'[Z&&$ANUT-N4Z5ZEMU?9ETN9X"<_INT>L0W:JS=+*E]HHO+K[XPR#$': M)>C$E3;'*@$]UC19VHA2PTK!CV=Q%D;G/78&02,_X;`SM)Y[<+&R"2Z@>@8^ M7ZT0'3,:%:^R>VE3O\8NYU:6Z9.^^J^;L12]`NLYCKXVL".;YW92C41 M?"+78+YG@D;`3[.[;D*&GW'YR%YC$DYI;%SU\$YCBE;4WJW33B9EXHXZ70DE M94^,^4:#4H.*/*P=3Y2O2DP"/A/21RH>6_RRG<#JH.+9VOLX^70N`,ID!W+A M(W`,#D8Y]!7.%NGOK)"GMZ(`N$06!X3RYMY/!15<#]'7-F.QYE'D(W=GG>4= M-U]D^CSETZ%F>+1GADR`4I8:B'?:A"M0*4%$\[=(*DYJ6&R*2X9]D6DUF@9> M@]2U5)F2`IK^[.=GA->/9.1/"%B(47_8;1Y0/E^Q"IKSMC;(*2SPXB1=GN-D M5VHKO(SMT+MECI9\"+RZ(U#U!'A7=$'$.BM`I[L98!VR(\^JRT,%G*+<;/M[ M&X16JB5O`S[7PP*K82GX8`QKTG8KT-#ZM+Q9!$5IIYG&T-+W81<>ZRU2U=RB M.C/*DCW:*C%QJN?LO.V&)XUCJM(X`[=N_%=?=)-2B*M@^.W05R\<60^`=P%X M'[/*%82=/B?*R]NR%2PQXK:B=#06.P:U0K7)T9#U;)WT@4N?*99G[P/ZS/YB M-$LS?1A[M)!+;HB<<&AWC)B^;(\5D?V!F1TK[%Y5<0NY=!@KR;H.[KG9T[6)74?;J85W&]P9S;!<0@=Q.(Y1,E<7`>G]N`[IMB;642# MP44XA5M#U-+ZM/@,;G[,-YA>>%G0QF)T/7E&3-41O`<;(]E-CI]H0,(V@8MF MD?QR9C;MNS%']`4W*6[P(VVJ1QR+4?4E&C.+Q6M6>MF,=O6")K`Q1J:$H_]\ ME?-5PR--K<`"/#3VI2<+EJ52(84R024]QVWLBV7,.#M$M,ZXW)26PM"\_.6S M5;Q1B&24.F"I\E":415\&F+S8QO[RUJ=?(;Y\J<\*\8>T&CZBV6R,LH]8E78 M"KV&*?V$!DJI%K"6= M[P=_1CG$2[L."9BO0)?H,"M9MS=I$R5JWI9E>?4SBSREK^YH<&K6Z1`F?-W; M%O_H/![)T3;+6;:`.)Z1V$)V\,[,!:][-*A.V+RU,?5IPAK2@'^S$?4>.<1D M0$Z2F(RGMUU\D68C`Z;69-2HG&`NE]DN7:+\/:)!/RK[R:Q!##H7J4/SO MX!-OH4B2XDW-T@'MZ54SFJ$SZE8GFC?U@:;N",VR@TARZTHDLT^P6Q_T-M3A M%\%N^K-+1ZM7GC]LWJ*$'C3>P+Q\OL]A6M`,0%EZC5-T5:*-;O]J)O6.1PMI MQ*F0D0!&`SI$X!,E`XPNH*-S5=00?FY:\GB<`A-4'=Y^@!OR8X>Y\VP#L;#6 MZ6Y++8C]'Y/82"0[OMM M;G*<\"?&_2RG&]Z\V:TV^4%>PC[5`H6][8PU!"=8QBDM#=M]VZFR!TE#OU8@ MXU3R(@F!_GOAD("W89E=?]$UP0.K1MQ[,/PB4*U$4`_+!OAX7(DN'M%RQQ8M M]"*"COKR+-M02V.Z'%Y,L,I5W=]\3&G*+IXP]/F>GIW=HR_E::*OE7/8S_I? M_1YV%(5U<_6YYGWE$?LBZ'Y2`^K-U=JMX3[YR\@7KSC8&[;Q;TY!/82E$_PYH`_")-HD`HM*A'6)* M,ZX>'3Z%\^D0SB":#RL.\CG_#OXP MHZ:(4>0`C^@\Y("8$1SOP0'C\WRY-R48CUP4[0.<),OYUF0)KH[PHCEOT0Z] M>$QL'/>('+0*_]QY7*5$EAT/#Z8!\_>/,)UO62&O#QE+K(F6///"%*^]/Q[B M<^5['%]AX:Y8K(/.YVGQOFZ[BH4Z%+":(CIL\&@LP"^#[\K85Y>QZZ+[D@!2,:^&2.RM7I&\%`'A'R, M+E)SOHJH1JC*7T,&BB;$(D/$Y0CO[KT[3>=ERV$\YM8DS@K`:17W'CB@/?"0UP,20Y(^W\;MSWOJ+/MK<)Y_8U-# M4.>P M1)<0YRS()^SQLP5[7Y$7=M)*%(?60D9QQBJ@O`+*;)T3X]=YJ#U&C3\/DY&O MV8@NZ8BNZ(@^56EB?^WGX7X&]]=\E&X]-P0X97><&+Z&.;M_1A;GQ.W,XU[OK)YXS?MN9_&O=ADW7G>W4\JN[3(AP%IGDI;Z&J:1_9!CG5.+,XUG8A4WX=I7B$L.$EV&J\PMJU._01Q1IWU3R669^J\A!5::J M[B`\TIQU:9/_S4*1_M!ZGR-8[/)G]O"+QT-4M2XU\-01><>C5H(A`.O&_+U> M-_$XHPB/.+,^AA"S54:8[&[=&L<%S_Y]E7:2@NFV+D[=!,WX9B&E-O?;3"P8 M7B7*QVDW+6%X?([1K2Y)G)MB/2[16'4IQF.UGJA-JT#Y$UJ29>;ECJXR:Z^N M6\RY]^5_V3="7F&!R"MR58BNNJGQ7'?$`=DES^AA,;-/**G]L)(#C&A&$:/6Y(J&X0A[TV_F?^-19]+8>]` M_@7HWZ-)>B,;5F$#H!Q3?^J?/Z'\)$FRDAZ8\&,2H^EK:+P#0\?_$"6T[5'3 MN#H+C4.)@:OHFCO?Y^HX%O8(M)V="'> MMHS&XVC'7M@8F@?>_Q1D3)@5/-65,4E59R**)D.576ZIJ5FA5.F4JS/Y!?%0 M^(EF;4YI(WVI$P.1YY3*!@D4>Y]=$';+9Z.7=.XI_'1KE%5:G*-J3)-]\^81 M.=V1ZC3.TRZZ]`?>G;N'48-O0./8'3(;+J!A&X-_WH#J&B&UI_2*"Q M63A=&];]O5;>,=#G4,J)#U2N'\P4$N['_JP3@`7W'APA9DW[F MY02>R4?I`.%C/+UN;0.Z-``O(F!)@ZZ]A1T9H>6S%#DL&:]W9&T+"2L&/ZQH M'Z"0N)QO,;D__W,TSED[X&*5:^-H>Y^HC;N)0;M0D[5R)]!,U]$L_:4CJYBR M]WS:HO!A+/DW\6.+1W1)%*0_?''KP^]9C*-\TOD1G$KF1UXU@7G8?%(7Y"DW'8Z2,Z'';E&XM#>M3VK7<'9B5&A-Z[S]G>T!OIY<(T=N5<2QZ M21\O"KV"7MW1JU!J5.@EG]N']^WU$R.">W*.QC#MY66A6-3O"!RKE!NLLE%5 MFE4#615!Z-I&+>?&XD99SHHE@HHD/-ST2C`4.9)JP&?=47X\]#$MMFB!5Q@M MS;7DU#0!*GZJ^5>=Z,U`IW5$ASE&78C%,:T4X1]-EUF.%K`P%[=7$03#D<"Y M&D1UTY@F/NWXJ^"C&WQ_V'F?Y>4:KM%U!M-BGMXBF%P4]!3[Y($X3+@H-3"R MH/6.*!MYAN"J:0`C`F2E14T&== M5RR!*LM)<9(N65J*SJ^,E>$G]N?W;'R"W$,<<_C2ONC$#CJD@'17Y;7I_M:V M0OOD$5AF"Y9B!,K>*1]@)+AZ0# M1I]2XL[0T`+W&1NPSF_?!+Y5F&HCO1N&_1A(!)/;W>(1+7>$0\KFF`EMT$$\ MD]A0,K>U5DU=F7G,$Y54A=:3DT9_'N&)TRQGNNWA\KUYJQRU$I[,9WTS4 M_443FC=%_=:>VEKW_F!_C30>R20YAL\#; M@X8`5!01G05:Z68(/@?%1.!5RJ5T=&##IQF-!<>(Q1K[2U- M6O4'WTN<%V7-I]$U2EM[AZ.@I6J\YCY@_T4+85%^Y1OM&`4-;8?P80&<="%A#2J%-#A;@] MTBX\CM2C+60#,0QU!)[K&J?HJD2;48?N'>)X?%97(LH5UPC.M#ZC=>RE$>]5P4-7:=2`?=RH>\"G176 M"RARU]8!8:6\2W&BC@M:RKL3.W`%OS,9H3@G@.TY.XCD<[KW[!8TP>&D>ZLN M!5$<#].MU6&"RX1'Y_8@T3T;MZ`)#A+=DW`I2.)X_VVM#A-()KSM=@")]G6V M%55XH&A?7LNA$LDS:P>U&.$RY0FU/6#,F:@,1,'AHLTU)45+3)FEK%1BPLH! MSYZ`Z/.%CI$@6'2T\"N_,Y'/79BJ@2 MXUF<0A][WCB/F(KN(YJ([EVGH?NH)R%!'<;M\MXG(';V>XL6"#_1!Z#T*@OE M"PR3]CKU+,D*FCY:'O0SJI<`60)<9)3G!FA[`&T7O9OUJA=PK@P$FBRH3=VM MR?)ZD,,^J<$406[1EC#';IW+1P06E5Q+JJQL!7*J.\1UQ](91)&CP-D:Q0#*X"$[P*]I>H_,S^C$8ZW>ZO8).MX#V M&[1^RLW>0?^:],5O^B(#ZGX+]2A6;@%5P=G[1,.Z_#N M2:?\=GV"?^MV$IT[ZTDXUGO13NI(B[B=E59<#V+LRPEIY1CXG+(2ZR6Z%M$` M73V)ROH.O.-J`@KY2Y$IVRZAJ^B7<3PUL+0EV6L#)T,Z[.+D8[HB\$!+EF"E\503EBBJ#J-;J"@E'[MAD:\@TNVK]6+M6B2-0*'.! M[AX1*J_I9VAA'WU&1C6)]R6,AOLA3*NF@+4%=>/@3Z5L]3"<">V4$!9'QCQT M.J(HL*1\*:5"4_"W4?;ZL$%4V&QQP_SAQA?#*@+O6%)R+BS1Q5SZ462.&RU` M!"$F=O`9PM\&._Z@_S$EJZF\Q+\,UPDTK7[[W/H2(9IHO].:EM:@R[!BGM_D M:(-WVCP/^_V,=S/;\RB)B_:&8+@M874=NJ_ZZ3?8+[M$S6=HH;[Z0V$-V^.0 MT3[>GF5%J1#9IR\XA#T-/8MH.C*T5-[#C.@C MS)FGI7SRHPQJXYRZ=PA*.JAN)0Y[X.ER8#A23BI*M1@,;[C.@)0>&;JC<<+! M85U&9+Z2A:U:%9URZL+OX:";=&+)R*J63+8"TBCEN$I)31.6--@E,`?+MN`; M$;NM`P6:_(ZA#\%&0+9W[#4:KQ[KL=(*PX]9LD1Y_HCS% M:Y:P?XM+>K%XE2[>@*(G\Q^^/?[]'P%B/86?K]0P$TK.&C`6KN24QC#$IL&+ M1TTQ"D4IJ;!K-PL!"=]'7<9QU32"G98*3*9*5J'`SS:H9'U8%9_7G9:(3;V# M7\*M&"955'4GZT81.'T+OKG+1U6#\$!6`6,(9#TJ_`&9;&C.8/%XDV=/>(F6 MI\\?"[2\2N=;E+-"I2>+$C_A$J/BC'@.G.YHLFW^QRS5P7YJQ]Z-9/)(R';$ MM$=0=TFK"KZBO1+/^QHT'8.V9QH/5?<-VLY#VN!!AF5!AV7'1P)DS4#`IJ_P MAKP?PQB:_3ZMPN=LE[+*\C0S=9VR-8%X4W0JZFEG0!OR`+.BE53B3,G)0(<. M<,)>J<7P$'91FS@_N>K,8_T0MBDUWNOVF_FO^]'G4JCIP?XC+_JPV]%);5BP]][V\5*.TNRM&91):8\IK;8$R8VJT! MYO'X/)'_N[8HXJ`F\7^4J>9>.+MIF@+6-K(:#28]"*=\5DKP MB".TIH?S/Z%LG+Q-]=B0=A=\+22WO0M8$VAC0UH`V!ZS]#%Q>!XZ[&RG) M6W=)O-TIFC'5NT*T!=0$E'_(\O+Q+Y#XX3-#5D%92[^HEO(J+L!((\!:S<#9 M?2R:5X]S3^.F09X2@@%S6&0E-'DQL9WG8`J13V$]5#6)R;15P]N/"=".[03E MWN"R+!YV^?KQ!NK5*VOI5\%27H4#A*;1#-R?]) M_DW^17YX@`5B`OU_4$L#!!0````(`-2)#4&UL550)``._",U5OPC-575X"P`!!"4.```$.0$` M`.U]67/D.)+F^YKM?]#D/&>EXI"4*NO:,9W5LE$JPB1EU8ZMK=&H("*$;@:I MYJ%,Y=K^]W&0<3`8.$E0=#+K)0\)`/'YY[C<'8Z___#_IE_^ M_\'5P^/!QX-OW[[]XD$+2=;"+[-P>?#Q(_N.3X-_/KDQ.8".!?%O'YZ3Y.77 M3Y]8^>]/D?]+&"T^#0\/1Y_6!3_D)7_]'M.=TM]&Z[*#3__[R^W#[)DLW8\T MB!,WF&UKL69X]0:GIZ>?LM]"T9C^&F?U;\.9FV2B4O;K0%B"_>_CNMA']J./ M@^''T>"7[['W`61P?SA@[7Z]O]GI_C]( M%-`%",5]H8GK,RX^L7*?Y$U]@I[6[.MMZ`8QM#Y)GDET$[R2.&'?,^RFL!4+ M/7Q(PMD_GT/?`PV_^E<*,C#L'*\!"_VZI*_4(X$77](XB>A3RCB)3?D5-&*A M?UX0_3ONU7M]$GN@CHG,Y;F MF$?WR3?NM:*M1N:;2AT5-]/8W%.IG_*F+/3U`IH#;?+8B#UW?;;R/SP38CRP M).TT,%M6DJ6HD:9G@$N2N-2/'\GW)'5]F_-`N>7F9H/5E^Q,!YO&&N_OP&J' M!^_0XVI:HMEF(_-O-=60M--D+RL.0F5SC:T:U:2K:*N!&;E:/X6M-+FRP<84 MQL8S26!6-=4$W48;W(W7TF3=1AO8J=<;@8K&+.O+0P)_LADTGLPG+\RD4^$< MI--@4_V>S"_<^/G:#[]9Z?5.<\WUN9(!0=&6A=Y.(O@N_9%Q!HOL]=K$`U() MER]N8-ICC?8L]#JW19H.M$VMIG?%-O?!A=Z^1"0&_C-YWD+G=KH-LP4LBL1; M=YRU;,'2EUDDX=M^.-OYG,]LH6&D$A/[B2/[P-E3S*S`R;HAWWTB?M:\HUW7 M&6Z%I-O5E6`RVVQ,9K\LPM=/'J&?H/=C]@\&8_SQ<+"RS/X[_&C3ET(7LG,6 MI^^RXLYHI[M%5L^BW:Z[T6S=./QSC])=R_*JQ*>7;+G^.'NF_D8;YE&XK"#5 M55]"/5!I#-T+7]C/V"@+(]A3_O8!3A8`<4ZBB'BWN82$$++^9V*LQ^C^&X,"UJV/3[[3F,.RO@N`#[OL&]B,?O]/\B;EKU36&0RZ2B`/"9_!8\0,7J01 M$]`UC6>N_U_$C:X"[Q+6&`&)HN+.8-@]'J5@^%2>(*8R5\MKZI/H`E`LPD@^ M%'=*.H-6SRAU!N(^#CYWGQ%SM\;^",TJ-C*LB'/4/;+*_>>3=(J8I#/HOL<@ M7/ON0L#23AGGN'LT[0$0G/$/$1.U1CTE$0T]^8K&+>N<=(\X(1`!@6U8:4P) MS)?F'-$U_$QUR-LK[[1Z:J]')!>,@,PVC#'5R&3[+'TJ-Z4=C&8U(R)WH`AH MQ&Q[>8Q<%B;^\+9\"GT!>3MEG`%&\XJ"LWT$`JKP6U4NPN4R##*K7Q:.$$_2 MA$7#,WSR,[JDHC/HX-93$Y:`Z3H&&)#0I[(3KV'GGB@^WLBO9\?H_B6,DH6[ M(%F7)L$]'#:EC=!V+GS-_:C2YCP_3!.(\)".LZA(_^L M@E38F#,>MFKW-.2([Y6H"MN^S[&%0X!Y4"^,OE[C&>-LMZ`R/6UOYIFNB,\W1 M&4V"&L[P!,4:QA,M?ZQ(@?1B9.S=PVMC3)3ZH#,Z!%6V5R1P^#>`NPCC)-?Y--O$IZSC# MSZT&5U6C31-6'RX'?'%I`-,EN__*@.8XU<2;5`=AH=A.5ANZ^@CQW"FHK@[7 M+HW^P6F+__M<'!*%J=,L"+?5\.MZ.E0?.9Z+$]75:NVVOX6!1`#] MC`#2)Y^<^7[XC4V\UV'$RMR&<4S4ZE2E.1`F"I-\-36JCKC=6QNB36A$%S3( M1']-"`-FM!W5J@U+=JO1/'4VI@8`\5SEJ#X]7,(V_!7@OA(-%5!7`L7OX)%$ M%Q>>^Q\UMAF;1""`X@\WHFPNNX%=.!"5Y`%MZCV%;AL@M@Z?3@QAXKEX4C=R MX`M)GD-O&^.GWA9(ZX%X.K@<&$!#=)6E.O5WY%M!0%$8P#]GI(!5?WTP;0JD MB,*"7TU!JJ%%='NFAA^'+!C.>_(21ANQ&2B*5GW8;'58.PP@(KJ#4UTE;H)9 MN"2/[G=]+1!5@8'28;>$'!6BBSIU]I)+Z.TS"6+8,N=X36<`W29@A'18%\Q0 M-G`S",]]D54^Z?[=&AD.K-EHLJ_\G?@LZ6%AR[DOS#S'N=)J4[4]`(7"_JLI M?8XYIQYRE%YD]@*-E_ID,M_V?@H"FL-4$NKI@T$3SO@$18AH=14P!FO?\XSB M(E![$V]3UX%&1ZT%VFR5*@L^9B\P>6R1AQ4^8W+K9Z2=?`PK3T"RA MKVMJM,Y+#7X6Q(EBAZ5#NN"HU;AT>A''*GTMI4NWE4XJ[+AL#_^-,*?NF_DH M%M8&<"AV7CR1JP:?`E0OQI#X(9]6UM=-/O=KRH*IJ.M/PYAFNJ*SRJJK.X/6 M;CQMNB?*D,TOZ`Q0[%NUA2L85?N8_LJ-O9>B&$5T"8ZV=%!M% MY**<)X&ACP^F#]&K&W'<2C)CBPL[.$Q)YJ-T%T$?(DW/XIAH71W;+>@,483V M"(CAL\A!8"FH<_].53LAPXK07V>((P!GGP?!!+KN,YZ4UW4N%\MCC27SP+WRA?SXX0:PM&1] M%WE0=DL!JFZ,1F'?^Q"[6/;H249:N2@(`4>(D>X`XP.P%8>8D*CEZ7,=9;N] M;B&-'RH7!G&@\&5H\RF"8"M*L'U&,XW-Y:$:F'DI$$"KN9FKCQNC;I"KVW%XR5AXOJMAH7#C&,X:VL@$ZM!):Y7>=%`<$2,4WAPS;LO]%S!H;(=J?\^W'S-7 M*;IR&V2'PM-CQJX"CH!L8Q,7AN&Z#_4FF/FIE]U*B3*6DCRR+XN_"MG4%08) M]!^ZLEC;&BJI2)T/.6,XFB6)Q2L.J MBL(&VP31?)42"D&@%Q;R?K9R1W#].I)**`*0*`,7;0B>A[- M84Q=ZMT$%WE4K>P`RJ_AC%"XV]Y/,61R$.B'L>42PV1Q3Q*7!L1;)_>'HWBZ M3+-DXY=D3F=4GF9>5=GYV58839$(5*B35E+."U@F^UN0YD\VMXAD(%`*RAG@N*==XD)"6+'?[=[@ MK3*3WDJNZ1K4!OBM!@/4&'W&*-N]W"L@&796,R;O!>RV'MWO>0YRED%RD[YG MNW\I4ZQ3UQFT^XJ8,4LY-8_'K=F.19U;'X%466GT M&@"(*-P.FEP(3,<&4/NPBRTF?KIEGV%UHBH@%!3G%A,*^4H@1]B'G2\/ MH3++C;B2,\:1ZDU.G#[9151]R'M3OFJK///P*X!`4`35JBCC$RW#9&G7C,$U MN'T`ZB:`]2[-7FZ@L2HUF:P:R`B%F;?^S*Y&V8?W$K5+A[MY+H33MK`L0$,1^Z$6/^=$+`;4AU<+A9/9)8EG M$B+D)73OT$K(#H4MZFK MTVZH1B(1]"'GT#6-XF2-7'DRX)2&.1F%5\28/;X2"!':2DV$X90@EI5&9E1U M91`8BGLO#:XL):R]>`LQ`[G-W\3N\I"(I?O6ROVG41MDA2(B5)=5ODYH`[65 M/0G#C/$U<)W&\4/J2QGF.BDDTC9G M8%SW0-OL2\16HB@,:KGV(]X2-R:%07E'5N^5$N]LR:2@FKATV@":<+LX]*]-#O/!ZAVV/:]CN/<>\U=[FHYW<>B[>:[5HJ.0\3WJ7L[#29 MYV..;[[2K@O041B@38CBV#3UH;;K9J[(LM#(9%`;X+=JE33DJ0+)19PH@S(Y M`":!V#:DK`-06]V(&[.B1VH)'\K02]Z#L=]"8RHW=0!JJUO@AJ@LX6O7"VQ` M)50P'Y>%6@"W_8L)#=!91HC2N\OI^'681L9\;BLYXZ-63?$-T5D&V*[_UX!- M^FH^.K>5`&RK<3=-L5D"V*X+5I_-!_K=F,Q-'8#::HAD0UR6\+7K#S6@DKR2 MP)S,;2V`V_Z-DP;H+".TY?-LG-$KNGA.C!DMU`*\K9J1&F)T#V'+CDH#PP*M M<.3<5@*TK1J,&N*S#-"6B['YHTJ%"?>Q,!GAMPE5.*;LXK/EET,:C&8ILN0( MMT]7:09JBF(,U-8S,W6R]5>?,+X&\Y3%ANW&2M:8-O@-@JA0 MW(5N=O*086_NY1=T<8$M9D%L.#IPV/_HP&%7H@/%C_R:0.U#5II[DKWO,'6C MY.TQ`LP@'\`3G[\5?Z-*OJC="`BN4[&%0\EC&6:8^Y#+IHA,>7&#-^6556D]$`^*0Z"(.,%>7@VIW6C$ M'N5(P/%P>/VUH3KZ/N3$:2%'`HX7:*O3;NJV$HB@W=!+-#D2VLU06YD]OA(( M$?8A,\\U#=R`V4&V*:84"XN@!D@0M]U0>^V0`NQ#"IULQPV=S5[D(=$KG=%@ M,9ES<,?,PQ+S?Z5Q+0>W=B3>:HS"/-+@^:>$M1>9?,I/8$Z^!3#JGNG+]IF! M\[=I)GF9>NBW`I+'G4NPQ+)`1TP!MQQ^VX@#_8XHDZ7L%`9)X`[)U*)>A*O? M0;E?W.]TF2[7^GX//[H)LI>#JJP:XM9@-XC;Q:(W/50%WG(,KQTE*N1.ERA' MH11@[\&:L`?(5CQNJV1.(PK;ZA?7SZ/")FD"$@F\;#N>R>GOQ/=N@LU5!0GC MIDV!%'NP7E1#;2LF%^=J4IS_JJP?Q?H@K\X$^U=8,?:AVHK4;54U+LE3LCVI M/Y)H*=&#_<(@"=S>-BW21;AL!=T6&&[CV>"]!\M;?+1MOS-WH59LG+RB,RK= M-'I/2)N'J;,^GK]=^&XL?%18HQ:`03&H=$3.'U!*<'T(>CO[YD8>LWHJG$T[ MY9P1CDLM2H;XQ'*P]"$D;?V,//%88`X)XA4=$3L19B>)\[=MF:G[ECE-F"RV M`@F\J>\&=^Y2_7!/$Y\#,E!XES@:(I@C&A-"'V+G[@E[1':6$"\;G^I'KWGE M01PHO$C-4 M2$1#F!G=*&GU&FASTOL=FDCBFV":(6U%Q7>[`/RA\*8@TG">@"P%(V*XX]R< MX/[(YH56E7NW"\`="J\1(N7F"[T`!E%XP!"IN$!& MEN(Z^ZWE./?@*+QWB#2<*R%;(:CY)OPJ\/JNXG\2EM"4>&<;)_&38_..RC:T/ M8:*V`(-SOAD2U#U(9*3Y;((`[THSKVRSN@SBA.,A"-!?!X? M21_"+Q_2IYAZU(W>'MS-S*::K$5U0(8H@B>J3M1R7+T(Q=P"8]''DWDAV:LZ MTE]9&<8%CI5:SJ2`?DUX?4@I>#.=*.?O31F`C6-1UB2(3V\)3A]R!4XC^@K[ ME*GOSK+-BI)2?@40"(YINQ:_,FQ]2!(X>271F>^'63*(W)BCY%M8QQF=HG!D MUJ-<`:\/:?G>^S&"$8Y,L15W<*9`>Y&#K^X3!*//*(+E3+E3:T`1'\Z'IZ]# M]L!1)'^:>*<0H$$1P262\RXKHO[W(G'=^@JG8O(M%@/T*$*O*TZO^U!ZD9]. M^ZI[^=+N*0ISUCXK-1F0&;2OM&[L%00(H M=E>5B./K``]@`XG<.I-OZA2'(;K:%,_!8NNU8]SY/;J0<.H4Q;&:HR("9U5C M0K#ULG(/,DZ-#W$8R1OC6F1#$PI#H!S="E)C-RYHL%"L/(52("P4)M**Z\X> M$@&+W3*_K5`IEXN=Y1(F2OV7<#=>UG7H>I MPLYMT@;(`D6@"8<@CCG'')F`Y9;MM$MXYX&:OB*Y4$> M*#RS=2\,[6,2<-PQ>^$*UM<@?B$S.J?$4QO]1'6<\0`'UV+2!"S+$0EN"W7+ M#+?&>!U&9.;&Z@!E?@60"(I3NX(R.<\\2`*2NV5.LY/!?3SHLO=>@DG`<;>, M;84;<-G.)#Y+D^,;SS,DWGY MZJ2A6NPW`!+KYN[.!)Y`(;IE;WN,B!NGT5MA7W-/$AI)-WGB2B`9%#9X8^)5 MD`1D=\SP5KAMFZ6!A_]D4//%\28HW+N3;1<,F@'IH3"\FV\:C$$*TL%TRV+' MGP`+AU[CM:%0UQE][NKQ3PN90`,Z9L[;HEH=E=;384RB5^)=A]%URG*NK@6A M9P#2:PODB,(,6,'W30CO:^`!&K=+8-UZ8+)U71>I?NVYU0-^(, M,3O;-)1#%V(?,KF7!\39,DR#9$JBS'1D,%OL5@0!(;8'&TP0/%A]2.I>QGF1 M1DR>H-]W83#+_V/`/J\Z"`O%!:G:.B`&9S_1>PLFLRL7?A$LXK62MVDL*W5% MQVPFJ.(,CQ`\0ECNW;D;T]GY6^ZT-S2K:;8%P%'<69,3HS*[&8']RQBW9PHY M0F:,,^+3V$1W])>)+K=I'6$WT1T9F>B.>F*BXVJ_CJU.7A$$A,*O8G68ZT#N M@TWOCB0W`6S"R&T8QV>OL.5BDGD,"P%]J^=^,PEH;(4JM@@B16'ZU2&>KS*U M@%LR`&)(9[\C!UU%`2F@,/76(E%#+W*O1J\.;3",36+YSGS_I'& MV0-ETD=BM!L!^:&P^3:@)Z9"J&OX.\V5*"`+]I01GBE#+4U[JX\S/$9A)6YZ MVM&5A"6C8A(FKM^J1OU)Z.(9U/H,YDAW07;O,$W2)$[612, MK:BC0,273%+$VY.T^YK1PL>W8LPB$.?>NQT>>[Z[-;OPS,A23S-A/], M$CH#E"TX>#>>@`,QSA&L>[3.IX M+>30>N3D;"I#\'"$:]2;JP`?4A]N,/!PYNG0#/G.*X%@4-A$:G-=A-.'VP@\ MC'I6,45-$!$*NT9MQO$R0L$Q6F&)UZCMC+LWWG5A]!YN"<^6Z5@P4K>"GF*UPF8'J'EM!W/@ZAG&EX'555G4+IM\YZFKDWHO:B7 MYV\[O]&^;F;0'@@`Q2RL1Y3`B%8=>!_<''J@%7X/_49`<#BF\NJL\]7(5`1] M\*$4D2E]*/N%01`H+B"84J=6@"*^=OTJ[)WXC+[#X]%A1E[V$(0M.D3N0;$V.SGY4)S7G\5B.@2545Q-K/M4`/>,O^$\%)["P(4M>_ MS])1W@0)`4IX)DEA66>`X^JC'@><4YH8E"V7B%W"+M)E"E#I*\E[7KC6^\CN MX-Z3)(UX*[-!;<"/(BRM,JDF,&WY0>S2/"71C$E\`6K)'E+YX@9N_KK*-2&\ MUY4T:CF#TVZ/51UXS5VHL<#J/:'+IS2*5]<=)M'"#>B/3/X7823&'?F6_4I^.T2G`9`8"G=F'=TP02K0 MC?>RJPD6@-5S9O%FWO,>PWQK(O1M2:HXHZ-N;[Z5V`0LOI=53,#BWH92Q-U> M04"%SC=IQ)@`D8"G;AFT+L(@B\%A+AL:Y#M*WZ7+^)+$LXAFZ*1A@>KJSOAS M9W??YC@%D2/=B@/.\^LMPRA9G3(F\\M5YR]@X5E(UV9U96=\VMDMO"E*@3[4 M,9.U$$#*O$#D7RFT?/4*?R`('"WW2"=-A:"*,S@^:=.=7.B3,@Z44QRZC\-Q M(!6OV$_,Q].'Z,TR.HUH('X-$`F*)51,EQZ].W#Z$&/)`:CV_8OJ.(,3%,NB ME#5MHHN8>I&]8A>BTLW/+0_B0&&14/"E17(141\B-V_#8)'H!V[RBCO0-$9Z M5?.T&$L?HC++Z)0S-+^",QR@L&.(R=(CMXBF#Q&9+*U>$J7YT2V$4YQR:A;4 M`)&@N(\N(TQHGA`#ZD.PY27)G"'TE=QD2)DA[I[&JL!;6340#@I#LNENU?I]G=:OF=)EY9 M@(;B[*L6/\=U(`:$,][Q"_GQPPUH0.0+J;"L,QRB.,)6(TL(J.581UM3ZE.R MG7&4*V>Y,(@-1]86X_62CZ3EP,8F.&4!^QI+)+\*2`6%&5G$EPZ[932VHAWM M3K)L>BG&TP_D\ZR@.,Q,*&P-<@8XTZP4#\X8QG*7AV:,#3<(49PX:C.V@Z<7 MP8J;S.K:"Z2@!L@0I8%7M4I*X?0BYC!38.@L>S_P@42O=`8[\D)._2WPF.T5 M8_ZOE,NKS<\X0QQ9':3*P=2<"%PMYHGRO> MX4H`O^5H1UOQS*O4<[^3A$L^D$49 MH=K?+ZKC'!VBF-X5Q`G8EJ-J.0Q29HO\D\3)U/67Y\2=/5_[&A9);@W`B6+V M5A`A,DI*,-D*66SDCN`=K"//?W=A1KH0QV`(2@(\'"8L8\I$6`14M7P[]\&- MW#A,7-7@*I<#3"@\-.;\\)$(V&G9_#2E21(_I='B>>K*^=DO";AP'&^-&1)A M$7#4K="ETE;M5N=])4$5D$HW=Y]2/`*6NV6DRMQ2]V1&Z"N3QAV1!;OO%W8& M)SA6/RE3?'9%:`2\=LLR=4]>W+?L#,WND#S)UI:W2>6<21U MD//$YU8`IA>7U&H^L7R$PZ1M/$IW$?3A-MHZV6:^'*V2QL"Y5VM'(*_J#$]1 M1%0+V.-3K0>J1P\JKP&?!=XU(3GLS`S"GBXC$?.^PZ_N24P]$"%E63M=_RIF M,M70C0JM.B,EU M6V4]2S,).KY.0Z:QGHBJ@&1P.(-,UA$Y&$M7YQKQ?/].`A)E\].9MZ0!9?UF M-UQX">7.YG/J4_Y24+TQD!&**P)R#CDVK1IH>_2.LT(*DAE`4=,9X;@:9*(7 M1M!L7=9K9%[X&D0;];T)7F$)8W/A6@:B"4!>"V"CV.L9CW0=6+9N\V$8TSMY M*=4#F5<]#,%MY@ZPYCH[-4 M\['8NC#8_LEL]P":*;;V43PK#0)!L3VO8=P_?%YY48!#1;QE$19]OUS-Z8SF(\NJ9\FVP@$#JV*FLX( M1](,(Z:U,-FZLP=31,LC^$]"%\^`ZPRF$]AQWJ4L@G@RSZ!/TB1.W"S#B[Y. M5&L0Q(HB2,)(5>I`M74]L'T-NJ2OS*G@Q5/WC;DU8=.:!LEZ^$@T15X1Q(3B MI&ZD$3J0;-T7W%__L02;3>87;OQ\[8??6@DUX_5#)XNZI)I3>K:^`T%GQ[B6 M7I%0%?$/6RQ_19Z5`X%PO,#*H4K!*1?(7Y%G@8/C]54Y3P(3!A_,7Y%G(#1< MX83:HW0701\BS^`,S]:@:12R39IW_O8U\Z6LXN*#Q=DL@>U;0DG,1;M6L8\) MECD++W(S#/TAM<2*JL"P0A$FW[B:R`70HP"XL]DL(@R(.E"F7-09XGBRLG%E MX`/'$0!G20N\?Z1Y6%C\&+*[ZL&,9BDEMONLQU!3R!JGG28^YQRCR)/4O#(V M);L^A0""+"(">\)+DO\-Z-FZOQ5!'),L<.:6ND_4SX2A>Y&L5LLP=:`PO3:F M1:+EU(+4^A2^N"^0PC6LC2MPF]W'2"/E38$P41B+K>B$KKKIB*1V/.1IKE\! M63"?)C+]X@FW]CP'@D-AHWY771(+HG;@)6H-NDS)8SB9S^ELE1>;N6R>0Q]` MFFF2K"'G&$6$W[LJE%(>?8K[W(=<_QS6%PM2,E:S&SK`=,"8>37\AIT)!M^`"8! M%*Y$&Y[D2M!MQ=ABF/^FJY2BC^$TC6;/L!(4'QZ)_TY\[SJ,'ESI*5._$1`@ MBBV<377@*YRI3&J'[UHY'HA2H.^#V7G[DZ,;6O4`.N9USH(Z&(BA]A,@B`Z( M6\1GLW^E-,HOJFTOF,MV3LJZSN@0LV^ID4E$*HK:#Y`@TIQZ0FUL\P."1F&; M;U[G;,C)UC,K:/?DJP?=FMN3&WX`Q(["UFIC3UX)NJVG8U#LR:-P1H@77X-X M;^(X!6F0R9QEW`N#S/PG6SQ5=4%<*$YO-LD7+)YZHK#UH`T&S:DGU,9F*1`T MYO@+BSIG0TZVWMYI?_%DHC@+//;7%6Q?7^&PRPS,)**A5S9`RZXT&33C'*.( M031:!XWQV7K%!ZN&G,$@BJ(W&!M_N'YJKAJE^LX)BN.B!9W@`;/U`-!+IF_0 MR2CY&50"Q6FN"940'[^,#=2Y2EP%[5H$UA>\[\)@!O_<'D0#C[.N7M)XYH=Q M&A&=3+TUFX8%NYO+37W0MAXU:B3%YST@BN@L(=EHR6.YB,<.`A=IG(1+$EV2 MES"FF?/\/(RB\!O\.@T\H26[>HO.",>3$4!8`HS#*-<2_$+"`5QYO8I5"7/VGRG/GC0&[,'\-T$\!(>-:H M#6)`$4/4)/7:8A!H0R>CLS/3T3UY67GRO.S]BX0"A,N4C8'\W*;:I1JT`B)$ M83UI0I,JBT.@4<;V7D1YSB3:LBD#X%%L.)O4A1)8`=,6[+-X\IJQ\USRUG)2 MLV)D<=XAL^QFXOK.R:B]V;I:FK,3%(NWOG1%T^H>J%[E.\L%P7([A$%F#-', M><:KYR!Y[7V?,@6W0C!]R'U6`J=,?\8M[YR@V$"I&>,S+<;4AT1H!8?L%\(R MW6RS@F*<%(Q0P(3'!=''Y*AG7D>S0%,7>K=!*OT&$IFI?697`(%T:GHET$EI)RM7SJ+5L`;H*9GS(K^Y2EK`-"DB2B3VG"9/08\I5<99.N M_0'G,]9HFQ.Y^=D._OQQJBV-^;SPPF^&HGHD)T%TL/?#Y>:NM(W@P($<6-T`:4I`BP3^FD,O3L M@@5G3-R1;]EOE.JAJ@]BP[41U=8+/636GN5$<.#@@LZUOX8^E!IP1J..[C,U MH=G*ZX16([)AH'JV55D7A(7"QF1M8BB@ZE.B):GJ5]2"0F40&`I+E+WIH`#+ M5HHC#'JP3FFPBFA87\S,(V?CQ_$NR; M&WF_1_*G;2JUYXQQ)"2UME0HD#;W(B@:!UU8MK+V8-`#PZCZ4?=8+?6^ M=@(<1+O%:@\<#CHX-#D(;.6C06+WZ8+#NH/+N3WDMM+-X$@64-==C2+.M+:[ M6IQ%R-AVR*.UA8M3DPA^NMJ^L$MF8;1<;678?M8-6KD\5>S4]F97WL-I00Z3 M^>I2G.MOJ-7)#6BE?>?S<6N;\3K]WUX:?`2U.??E>>]L?\KYC")6P9X&"(X& M38C-_A6S%B:S$R'^@BH',Z`L``00E#@``!#D!``#M76N/VS86_5Z@_T'K!8KN!X_',TG:F69:>&PY M8W3&]MJ:/G:Q*&B)MME(E$M2\^AB__M>4M)8MB1*EK.)@A4")))X+WD.#Q^7 ME*F\_>')W+:,C"U?8?0U57KWAJVOVT9/WS_Y1=O_])N&^\P MQ0P)[!B+9V.`!+(8LM_SV-_HGL"?4T->G;=[P:I]=MI];?SSM'O9_>:R^^I? MQK^G=_\QS+EEM(W'Q\<3![(0*HL3V_>,=EL6Q.TU]I`A$%MA,48>YAMDXZO6 M6HC-9:QA*H8^\P9XB0)77+7^")!+ ME@0[+0,(4W[Y._@>D*=RVK%_/#_QV0I,3KN=7^YNYPIUG+M+Z/L=ZZ<%YUM+U,R^!#Z@+G(=@G3,MA01&R> M[:.2I$MWUX43.]L!$C+,00#QO,$\4QJ5DL&%BPW+*012,DIQ\(9A6PX$N>WK MHH.8S7P7`P);M/'3QD44"9\]#^'^I4)\2@,O.Q-'L(Y$W`&C-EAA1NP7OV*G MR`%&%,-XBRCU8:B!,4K=RR>;#:%+/[J%![)]7TK`%K@;\N)^-BH<(13#@6\' MD@HCG$>3,/%5>RR!025J+%PPQ"@T"V-E[)Z\A*R,,"\C MD=G;SGX.7WZQGWW`L3.AWZMKT)%#;LI7#AZ1?V2B]]T6\21S;>:^3*`7"^QECP4*C\9+U*9R#-'*H11S+U)^/YY'8T MZ%GFP+CNW?;&?=.8WYBF-6\DJBK1%,%H+]98$$!7H->NK5Z\\_+B&5_O9/RW M1LP#Q'RI8SY93C8RD@1`&1TOQTXOXBN=B',+_KDSQR#@9&A,IN:L9XW`H)&O MBGR391_Q]=#U'W7B):WTTKTN)9U4KM^;WQC#V\G/C7(5E3/_""!DT,H6F>@U M>U-:,_/O]R/KUT:O`KTF#)Z2/U79$-L-XX@.NI'O;1"--"LVT^OVC8PA";== MGP<,P\UD]JXW'OU#C8=&;SPPAI/977@'XEDW)DA[-^V-&P6+%`QW1Z+`)+[1 MJ_'MOAKOS#',3;=-71?4]9RL*%E""`9K*EMM'Q"ZFL)@9A,<34IZ$[TN%_NZ MS$?OQJ/AJ-^#,:W7[T_NQ]9H_,Z8PI#7'YG-;%2DUZV/*(?Q:@*1,QNI_1$Y M<81*Y25J->J>[FMT.^F-YVH(F\"P-3-&XY_,N26GH4:>HNXD?/O]VG<=S'@R M0LAXKA>EF^HXUJ3_X\WD=F#.YE_]]?SBNR8>*+FI1!Z(@ZG#H3H%(XL@L5C* M2=-+<[8OS6#TTVA@C@=SXROD;;Z#^[DU&UW?-RNC,OJ8"!+HBD\QFZ\1PZ$R MJ:=Z3<[W-3%[LS%,+',#EJC&_*8W,QLA"H2885+P4R"[$17R4W5 M"_-J7YB9>:N6-M/>S/K5L&8PU?3Z34\I-;D$"X[_"("S^2`W=:*I9?^I7I#7 MJ8GE_GH.4XE<9)H_R9V=1H=C8N8#8N=R,73WS8$QM/%UG'&SJUHQG+;0PHTE MU)OHI4MM$N2'UL;788Z-9H?'V$FYJ8T% M;1#>B%8U&D_*E9.F%>HLM;N0CLP;=3Y(Y#'``A&76_A)!/'NZ2$.>AW3&Q)% M44B4O1'EWZA;,1B)ZE$;C<0V>@U3.Q>Z<"3*LI'M.-FZ973K%@B7VMXH(9S1 M;:0[3KJ=D;2N'2^R9%PC5][;BUW4Y_TYOHI4OMFQ2L[IJ.5W%YMZ-87J)>J]3.2=8"KQ'H MR)-C25N]?*F-E/P7-,TX>?0KF\QI3F^CE>\\M;V2>IWS?ZV:_$L>$)OA MI:%.7EW*0RU7+4Z\C2M/;*EG:X:75RUYDJT=GU3[#4B?/'EN;")+T)P!4V+O MUU-4<)Q%=(Y'?S(,,O$WF`F">2<&WS(Z'Y`8*'(HL5T1ZTG+18M#:8$+=NO+ M"#K`H8SV^LR'Y17VM^1Y+[A+G@=3CX"6SX1!,\^;YAV<#(^JWOJVRDKC(N_: ML5];/FIWS]KGW9,G[FQK_Q`06XZ'@8C]*H#(/I9:LOC809;[NFR)VG.E.06K M0C,=.]@5/'[2WF9U$'_-&4\=H`RWZ+J]S:(2D*RSLV60)/WBFZ.Q9)W'+04F MZ?ARU]YF4PE.ZNAN&2@O3NKJV&:2/M9;!L/6*[QL;S.HA&+_K'`9#+&/O#BZ M_/UCQ*4`Q$[JJ@*$])%D-=E0O)++CW(CE\O8CI<FX M,AC]5P.JS[PJK_PQ-?IRAP*D/S3?6W#YX1!HKV%8JCYV<2DW[.AJ)+`G5U4M M`T565RW!`AFT*BL($XGO6,K/"5AT3)\2UY6O\V-;#LM;*%1M_[UC?K")"R&0 M?;@"EG'O;^50YE"\PW_^B2BA6+VFV27C^=#A$7O.HK-$+L_D$\:8(DTG-%V$ M1Z2!-UX049[D/LX<.I/E$DL%^CX7X<\$G^7B_=KU[?/E MTD/,X\7(BE!5\A!C^3JMS@Q+@LWAJOWIA?K!RT?ON/W$BS4>50 MZ`>>VAUXP*%;X@6;!DV]ND,PP3&.)ZZV%GA`>8V(YL04+EI]G\XL)5&6LRTYO3*<[J#Y>$* MAD#I59LFF`4J;[Y!S^H[0I8_#9B]ED/ZAUYQY?/96W+94/N'K+F*L>>0CCX] M`8%_S_$(E=.R"DK,IPVF'/,9)MY"MFW'\GO+)7$)A&$?LR8.7'Q6Y)-3.S,L MNY\-48K\/!%T_V`"XACV`!O?$Z$7#E=^XSYCY`,^/B?"N[ASR`ZA M><`ZNS9!RAZ>'-194UBXZ&0U'F"UJ'.8II;3->:7@35//_7S[A&5NP8PX4ZA M//ERHS:ML`!?WDI&_HI65H(CORD'4H!J&O431X,R3@N%.^EU>]%1'7Y.?6P]IK#$7/HN\<>!K,'),CQ& M]40^_OL`1UPZ!##)_V!A[^5'.;P5R0Y4JZY!4R\+M#S/":U/1];#*\_)>O3K MS"D![P!.:X9KK=0.P/*\:C5[%N`[@%6=YL<"?.59S$U82WP&C>[W;H%78`E7T$6ZURC(A$/_O'"N1J5XQ]W0I=PG52]EM MOI]U]>11RMMVL=?8"5SU*[#T$%S'78>#$.M^,/0S.$^1ZUUC9*^';FWF0AVX M'#YCX+^^01"T]>L3?V6!RFN%B"'N"U0C%=*0\G[B0(3@BX"MUE-4&_19H"3^ MMYWP[("B\E]02P$"'@,4````"`#4B0U'X&WT[T6G``"H*@@`$0`8```````! M````I($`````:F-A<"TR,#$U,#8S,"YX;6Q55`4``[\(S55U>`L``00E#@`` M!#D!``!02P$"'@,4````"`#4B0U'Y%]6R88'``#27```%0`8```````!```` MI(&0IP``:F-A<"TR,#$U,#8S,%]C86PN>&UL550%``._",U5=7@+``$$)0X` M``0Y`0``4$L!`AX#%`````@`U(D-1SS1\.(9*```C8H"`!4`&````````0`` M`*2!9:\``&IC87`M,C`Q-3`V,S!?9&5F+GAM;%54!0`#OPC-575X"P`!!"4. M```$.0$``%!+`0(>`Q0````(`-2)#4?GX-!)^#P```A9`P`5`!@```````$` M``"D@`L``00E M#@``!#D!``!02P$"'@,4````"`#4B0U'+V>TDZ8M```1"P,`%0`8```````! M````I($4%0$`:F-A<"TR,#$U,#8S,%]P&UL550%``._",U5=7@+``$$ M)0X```0Y`0``4$L!`AX#%`````@`U(D-1UWO2T;K"P``?'0``!$`&``````` M`0```*2!"4,!`&IC87`M,C`Q-3`V,S`N>'-D550%``._",U5=7@+``$$)0X` <``0Y`0``4$L%!@`````&``8`&@(``#]/`0`````` ` end XML 22 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727

LOANS AND OTHER INVESTMENT (Details)
$ in Thousands

Jun. 30, 2015

USD ($)

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal ^[1] $ 22,422

Unamortized Fees/Costs 688

Net Balance 21,734

First Mortgages [Member]

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal ^[1] 14,998

Unamortized Fees/Costs 569

Net Balance 14,429

Mezzanine Loans [Member]

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal ^[1] 6,535

Unamortized Fees/Costs 111

Net Balance 6,424

Other Investment [Member]

Mortgage Loans on Real Estate [Line Items]

Outstanding Principal ^[1] 889

Unamortized Fees/Costs 8

Net Balance $ 881

[1] Outstanding Principal includes capitalization of interest.

X

- Definition
Amount after allowance and deduction of deferred interest and fees, unamortized costs and premiums and discounts from face amounts, of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Excludes loans and leases covered under loss sharing agreements and loans held for sale.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4428-111522

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.7)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Name: us-gaap_LoansAndLeasesReceivableNetReportedAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before allowance of commercial loans issued to businesses to acquire, develop, construct, improve, or refinance land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.7(a))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(c))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5066-111524

+ Details

Name: us-gaap_LoansReceivableCommercialRealEstate

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_MortgageLoansOnRealEstateLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of deferred fees paid by borrowers and unamortized costs incurred to originate loans and leases, unamortized loan commitments and loan syndication fees, and premiums over or discounts from face amounts of loans that are being amortized into income as an adjustment to yield. Excludes amounts for loans and leases covered under loss sharing agreements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6378536&loc=d3e10092-111533

+ Details

Name: us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Details

Name: us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=us-gaap_FirstMortgageMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=jcap_MezzanineLoansMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_BalanceSheetLocationAxis=us-gaap_OtherInvestmentsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 23 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727

LOANS AND OTHER INVESTMENT (Details Textual) - Jun. 30, 2015 - USD ($)
$ in Millions

Total

Mortgage Loans on Real Estate [Line Items]

Mortgage Loans on Real Estate, Maximum Interest Rate in Range 49.90%

Principal Amount Outstanding of Loans Held-in-portfolio, Total $ 22.4

Mortgage Loans on Real Estate, Interest Rate 6.90%

Debt Instrument, Term 72 months

Loan Origination Commitments [Member]

Mortgage Loans on Real Estate [Line Items]

Investments, Total $ 74.5

First Mortgage [Member]

Mortgage Loans on Real Estate [Line Items]

Loans Receivable, Net $ 0.8

Limited Liability Company [Member]

Mortgage Loans on Real Estate [Line Items]

Noncontrolling Interest, Ownership Percentage by Parent 49.90%

X

- Definition
Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentTerm

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all investments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(h))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_Investments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount after allowance and deduction of deferred interest and fees, unamortized costs and premiums and discounts from face amounts, of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Includes loans held for sale. Excludes loans and leases covered under loss sharing agreements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.7(a))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Name: us-gaap_LoansReceivableNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestOwnershipPercentageByParent

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The stated interest rate on the mortgage loan receivable or the weighted average interest rate on a group of loans.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 948

-SubTopic 310

-Section S99

-Paragraph 1

-Subparagraph (SX 210.12-29)

-URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section S99

-Paragraph 6

-Subparagraph (SX 210.5-04.(c) Schedule IV)

-URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674

+ Details

Name: us-gaap_MortgageLoansOnRealEstateInterestRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_MortgageLoansOnRealEstateLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The highest stated interest rate within the mortgage loans included in the loan grouping.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section S99

-Paragraph 6

-Subparagraph (SX 210.5-04.(c) Schedule IV)

-URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 948

-SubTopic 310

-Section S99

-Paragraph 1

-Subparagraph (SX 210.12-29.3)

-URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014

+ Details

Name: us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
This is the result of the principal amount outstanding of total loans managed or securitized less securitized loans and loans that are in the process of being securitized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 860

-SubTopic 20

-Section 50

-Paragraph 4

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=51814546&loc=d3e107314-111719

+ Details

Name: us-gaap_PrincipalAmountOutstandingOfLoansHeldInPortfolio

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Details

Name: us-gaap_FinancialInstrumentAxis=us-gaap_LoanOriginationCommitmentsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=us-gaap_FirstMortgageMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_LimitedLiabilityCompanyMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 24 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 25 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727

ORGANIZATION AND FORMATION OF THE COMPANY
6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. ORGANIZATION AND FORMATION OF THE COMPANY

Jernigan Capital, Inc. (together with its consolidated subsidiaries, the “Company”) makes debt and equity investments in newly-constructed and existing self-storage facilities. The Company is a Maryland corporation that was organized on October 1, 2014. The Company closed its initial public offering of its common stock (the “IPO”) on April 1, 2015, and has used proceeds of the IPO primarily to fund real estate loans to private developers, owners and operators of self-storage facilities. The Company is structured as an Umbrella Partnership REIT (“UPREIT”) and conducts its investment activities through its wholly owned operating partnership, Jernigan Capital Operating Partnership L.P. (the “Operating Partnership”). The Operating Partnership is a consolidated subsidiary of the Company.

The Company intends to elect to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, for its taxable year ending December 31, 2015. As a REIT, the Company generally will not be subject to U.S. federal income taxes on REIT taxable income, determined without regard to the deduction for dividends paid and excluded capital gains, to the extent that it annually distributes all of its REIT taxable income to stockholders and complies with various other requirements for qualification as a REIT set forth in the Code.

X

- References
No definition available.
+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=35735333&loc=d3e288-107754

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 26 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares

Jun. 30, 2015

Dec. 31, 2014

Preferred Stock, Par Value (in dollars per share) $ 0.01 $ 0.01

Preferred Stock, Shares Authorized 100,000,000 100,000,000

Preferred Stock, Shares Issued 0 0

Preferred Stock, Shares Outstanding 0 0

Common Stock, Par Value (in dollars per share) $ 0.01 $ 0.01

Common Stock, Shares Authorized 500,000,000 1,000

Common Stock, Shares Issued 6,110,000 1,000

Common Stock, Shares Outstanding 6,110,000 1,000

X

- Definition
Face amount or stated value per share of common stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727

LOANS AND OTHER INVESTMENT (Tables)
6 Months Ended

Jun. 30, 2015

Mortgage Loans on Real Estate [Abstract]

Loans Held For Investments And Other Investments [Table Text Block]

The Company’s loans are accounted for at amortized cost. The following tables summarize the Company’s loans held for investment and other investment, as of June 30, 2015:

Outstanding

Unamortized

Loans

Principal (1)

Fees/Costs

Net Balance

First mortgages

$

14,998

$

569

$

14,429

Mezzanine loans

6,535

111

6,424

Other investment

889

8

881

Total

$

22,422

$

688

$

21,734

(1)   Outstanding Principal includes capitalization of interest.

Schedule of Investment Portfolio [Table Text Block]

A more detailed listing of the Company’s current investment portfolio, based on information available as of June 30, 2015, is as follows:

Metropolitan

Closing

Statistical

Commitment

Unfunded

Date

Area (MSA)

Type of Loan

Amount

Total Fundings

Commitment

4/9/2015

Detroit

Refinance

$

3,182

$

3,182

$

-

4/21/2015

Orlando

Development

5,333

1,717

3,616

5/14/2015

Miami

Development

13,867

1,679

12,188

5/14/2015

Miami

Development

14,849

2,681

12,168

6/8/2015

Dallas

Development

7,243

2,771

4,472

6/10/2015

Atlanta

Development

8,132

3,504

4,628

6/19/2015

New Orleans

Refinance

2,800

2,800

-

6/19/2015

Tampa

Development

5,370

1,805

3,565

6/26/2015

Atlanta

Development

6,050

1,915

4,135

6/29/2015

Charlotte

Development

7,624

368

7,256

Totals

$

74,450

$

22,422

$

52,028

X

- Definition
Table contains information relating to loans held for investments and other investments.
+ References
No definition available.
+ Details

Name: jcap_LoansHeldForInvestmentsAndOtherInvestmentsTableTextBlock

Namespace Prefix: jcap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of investment portfolio.
+ References
No definition available.
+ Details

Name: jcap_ScheduleOfInvestmentPortfolioTableTextBlock

Namespace Prefix: jcap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_MortgageLoansOnRealEstateAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 28 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727

Document And Entity Information - shares
6 Months Ended

Jun. 30, 2015

Aug. 13, 2015

Document Information [Line Items]

Entity Registrant Name Jernigan Capital, Inc.

Entity Central Index Key 0001622353

Current Fiscal Year End Date --12-31

Entity Filer Category Non-accelerated Filer

Document Type 10-Q

Amendment Flag false

Document Period End Date Jun. 30, 2015

Document Fiscal Period Focus Q2

Document Fiscal Year Focus 2015

Trading Symbol JCAP

Entity Common Stock, Shares Outstanding 6,110,000

X

- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
No definition available.
+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
End date of current fiscal year in the format --MM-DD.
+ References
No definition available.
+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: dei_DocumentInformationLineItems

Namespace Prefix: dei_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
No definition available.
+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References
No definition available.
+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
No definition available.
+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details

Name: dei_TradingSymbol

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727

STOCKHOLDERS' EQUITY (Tables)
6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

A summary of changes in the Company’s restricted shares for the six months ended June 30, 2015 is as follows:

Weighted

average grant

Shares

date fair value

Nonvested at beginning of year

-

$

-

Granted

110,000

20.13

Vested

-

-

Forfeited

-

-

Nonvested shares at end of period

110,000

$

20.13

X

- Definition
Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityNoteAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 30 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED STATEMENTS OF OPERATIONS - Jun. 30, 2015 - USD ($)
$ in Thousands

Total

Total

Net interest income:

Interest income from real estate loans $ 145 $ 145

Net interest income 145 145

Expenses:

General and administrative expenses reimbursed to affiliate 520 520

General and administrative expenses 120 266

Unreimbursed investment expenses 150 150

Management fees to affiliate 409 409

Deferred termination fee to affiliate 150 150

Total expenses 1,349 1,495

Other interest income 63 63

Net Loss $ (1,141) $ (1,287)

Basic and diluted net loss per share of common stock (in dollars per share) $ (0.20) $ (0.44)

Basic and diluted weighted average shares of common stock outstanding (in shares) 5,934,066 2,983,425

Dividend declared per share of common stock (in dollars per share) $ 0.35 $ 0.35

X

- Definition
It represents the amount of general and administrative expenses to be reimbursed to affiliate during the period.
+ References
No definition available.
+ Details

Name: jcap_GeneralAndAdministrativeExpensesReimbursedToAffiliate

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
It represents the amount of unreimbursed investment expenses to affiliate during the period.
+ References
No definition available.
+ Details

Name: jcap_UnreimbursedInvestmentExpenses

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Total costs of sales and operating expenses for the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_CostsAndExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_CostsAndExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The per share amount of a dividend declared, but not paid, as of the financial reporting date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_DividendsPayableAmountPerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Interest and fee income from commercial and residential real estate loans.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.1)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

Name: us-gaap_InterestAndFeeIncomeLoansCommercialAndResidentialRealEstate

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The net amount of operating interest income (expense).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.10)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

+ Details

Name: us-gaap_InterestIncomeExpenseNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_InterestIncomeExpenseNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of interest income earned from interest bearing assets not separately disclosed.
+ References
No definition available.
+ Details

Name: us-gaap_InterestIncomeOther

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of expenses related to the managing member or general partner for management of the day-to-day business functions of the limited liability company (LLC) or limited partnership (LP).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Name: us-gaap_ManagementFeeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of amortization of other deferred costs recognized in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.3)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_OtherAmortizationOfDeferredCharges

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).
+ References
No definition available.
+ Details

Name: us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 31 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727

DIVIDENDS & DISTRIBUTIONS
6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Preferred Stock [Text Block]

6. DIVIDENDS & DISTRIBUTIONS

The following table summarizes the Company’s dividends declared during the six months ended June 30, 2015:

Per share

Date declared

Record date

Payment date

amount

Total amount

June 3, 2015

July 6, 2015

July 15, 2015

$

0.35

$

2,139

X

- References
No definition available.
+ Details

Name: us-gaap_EquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock.
+ References
No definition available.
+ Details

Name: us-gaap_PreferredStockTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 32 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727

STOCKHOLDERS' EQUITY
6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

5. STOCKHOLDERS’ EQUITY

The Company was organized in Maryland on October 1, 2014, and under the Company’s Articles of Incorporation, as amended, the Company is authorized to issue up to 500,000,000 shares of common stock and 100,000,000 shares of preferred stock. The sole stockholder of the Company prior to the closing of its IPO was the founder and chief executive officer, who is an affiliate of the Company. The founder’s initial capital contribution to the Company was $1,000, made on October 2, 2014, in exchange for 1,000 shares of common stock. These shares were retired effective with the IPO.

Common Stock Offering

On April 1, 2015, the Company closed its IPO and received $93.0 million in proceeds, net of underwriter’s discount. Simultaneously, the Company received $5.0 million in proceeds from the concurrent private placement with an affiliate of its founder. In connection with these transactions, the Company issued 5,000,000 and 250,000 shares of common stock, respectively and the initial 1,000 shares of common stock issued on October 2, 2014 were retired.

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 shares of common stock and received $14.0 million, net of underwriter’s discount.

Equity Incentive Plan

In connection with the IPO, the Company established the 2015 Equity Incentive Plan for the purpose of attracting and retaining directors, executive officers, investment professionals and other key personnel and service providers, including officers and employees of the Manager and other affiliates, and to stimulate their efforts toward our continued success, long-term growth and profitability. The 2015 Equity Incentive Plan provides for the grant of stock options, share awards (including restricted common stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity-based awards, including Long-Term Incentive Plan (“LTIP”) units, which are convertible on a one-for-one basis into Operating Partnership (“OP”) Units. A total of 200,000 shares of common stock are reserved for issuance pursuant to the 2015 Equity Incentive Plan, subject to certain adjustments set forth in the plan. On April 1, 2015, each non-employee director of the Company received an award of 2,500 shares of restricted common stock (total of 10,000 shares) which vest ratably over a three-year period. On June 15, 2015, in connection with the appointment of the Company’s President and Chief Operating Officer, 100,000 shares of restricted common stock were granted, which shares vest ratably over a five-year period.

Restricted Stock Awards

The 2015 Equity Incentive Plan permits the issuance of restricted stock awards to employees and nonemployee directors. Nonvested shares at June 30, 2015 aggregated 110,000, of which none will vest during 2015, 23,333 will vest in 2016, 2017, and 2018, and 20,000 will vest in 2019 and 2020. Expenses related to restricted stock awards are charged to compensation expense and are recognized over the vesting period of the awards. For restricted stock issued to non-employee directors of the Company, compensation expense is based on the market value of the shares at the grant date. The Company’s President and Chief Operating Officer is an employee of the Manager and as such is not an employee of the Company. For restricted stock issued to non-employees, compensation expense is based on the market value of the shares at the reporting date.

The Company recognized approximately $34.0 thousand of restricted stock award expenses for the three and six months ended June 30, 2015. The Company expects to recognize additional expenses of approximately $0.2 million in 2015.

A summary of changes in the Company’s restricted shares for the six months ended June 30, 2015 is as follows:

Weighted

average grant

Shares

date fair value

Nonvested at beginning of year

-

$

-

Granted

110,000

20.13

Vested

-

-

Forfeited

-

-

Nonvested shares at end of period

110,000

$

20.13

Nonvested restricted shares receive dividends which are nonforfeitable.

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityNoteAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d),(e))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 4

-Subparagraph (SAB TOPIC 4.C)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

+ Details

Name: us-gaap_StockholdersEquityNoteDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727

LOANS AND OTHER INVESTMENT (Details 1) - Jun. 30, 2015 - USD ($)
$ in Thousands

Total

Mortgage Loans on Real Estate [Line Items]

Commitment Amount $ 74,450

Total Fundings ^[1] 22,422

Unfunded Commitment $ 52,028

Investment Portfolio One [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 4/9/2015

Metropolitan Statistical Area (MSA) Detroit

Type of Loan Refinance

Commitment Amount $ 3,182

Total Fundings 3,182

Unfunded Commitment $ 0

Investment Portfolio Two [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 4/21/2015

Metropolitan Statistical Area (MSA) Orlando

Type of Loan Development

Commitment Amount $ 5,333

Total Fundings 1,717

Unfunded Commitment $ 3,616

Investment Portfolio Three [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 5/14/2015

Metropolitan Statistical Area (MSA) Miami

Type of Loan Development

Commitment Amount $ 13,867

Total Fundings 1,679

Unfunded Commitment $ 12,188

Investment Portfolio Four [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 5/14/2015

Metropolitan Statistical Area (MSA) Miami

Type of Loan Development

Commitment Amount $ 14,849

Total Fundings 2,681

Unfunded Commitment $ 12,168

Investment Portfolio Five [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 6/8/2015

Metropolitan Statistical Area (MSA) Dallas

Type of Loan Development

Commitment Amount $ 7,243

Total Fundings 2,771

Unfunded Commitment $ 4,472

Investment Portfolio Six [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 6/10/2015

Metropolitan Statistical Area (MSA) Atlanta

Type of Loan Development

Commitment Amount $ 8,132

Total Fundings 3,504

Unfunded Commitment $ 4,628

Investment Portfolio Seven [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 6/19/2015

Metropolitan Statistical Area (MSA) New Orleans

Type of Loan Refinance

Commitment Amount $ 2,800

Total Fundings 2,800

Unfunded Commitment $ 0

Investment Portfolio Eight [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 6/19/2015

Metropolitan Statistical Area (MSA) Tampa

Type of Loan Development

Commitment Amount $ 5,370

Total Fundings 1,805

Unfunded Commitment $ 3,565

Investment Portfolio Nine [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 6/26/2015

Metropolitan Statistical Area (MSA) Atlanta

Type of Loan Development

Commitment Amount $ 6,050

Total Fundings 1,915

Unfunded Commitment $ 4,135

Investment Portfolio Ten [Member]

Mortgage Loans on Real Estate [Line Items]

Closing Date 6/29/2015

Metropolitan Statistical Area (MSA) Charlotte

Type of Loan Development

Commitment Amount $ 7,624

Total Fundings 368

Unfunded Commitment $ 7,256

[1] Outstanding Principal includes capitalization of interest.

X

- Definition
Represents the closing date of real estate loans.
+ References
No definition available.
+ Details

Name: jcap_LoansReceivableCommercialRealEstateClosingDate

Namespace Prefix: jcap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Carrying amount of commitment fee on real estate loans.
+ References
No definition available.
+ Details

Name: jcap_LoansReceivableCommercialRealEstateCommitmentAmount

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Represents the metropolitan statistical area of real estate loans.
+ References
No definition available.
+ Details

Name: jcap_LoansReceivableCommercialRealEstateMetropolitanStatisticalArea

Namespace Prefix: jcap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Represents the type of real estate loans.
+ References
No definition available.
+ Details

Name: jcap_LoansReceivableCommercialRealEstateTypeOfLoan

Namespace Prefix: jcap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Carrying amount of unfunded commitment fee on real estate loans.
+ References
No definition available.
+ Details

Name: jcap_LoansReceivableCommercialRealEstateUnfundedLoanCommitment

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before allowance of commercial loans issued to businesses to acquire, develop, construct, improve, or refinance land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.7(a))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(c))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5066-111524

+ Details

Name: us-gaap_LoansReceivableCommercialRealEstate

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_MortgageLoansOnRealEstateLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioThreeMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioFourMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioFiveMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioSixMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioSevenMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioEightMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioNineMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: jcap_InvestmentPortfolioNumberOfLoansAxis=jcap_InvestmentPortfolioTenMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 34 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727

DIVIDENDS & DISTRIBUTIONS (Tables)
6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Schedule of Dividends Payable [Table Text Block]

The following table summarizes the Company’s dividends declared during the six months ended June 30, 2015:

Per share

Date declared

Record date

Payment date

amount

Total amount

June 3, 2015

July 6, 2015

July 15, 2015

$

0.35

$

2,139

X

- References
No definition available.
+ Details

Name: us-gaap_EquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_ScheduleOfDividendsPayableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 35 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727

SUBSEQUENT EVENTS
6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

9. 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 would require disclosure in this Form 10-Q or would be required to be recognized in the accompanying consolidated financial statements as of and for the three and six months ended June 30, 2015.

On July 2, 2015, the Company closed a $6.8 million construction loan and $0.8 million mezzanine loan for the purpose of funding a self-storage facility development in Milwaukee, Wisconsin. The Company funded $2.5 million at closing, with the balance to be funded over the construction period and remaining term of the loans. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents. The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility, is evidenced by a note and pledge agreements and other customary mezzanine loan security documents.

On July 8, 2015, the Company funded a $3.5 million first mortgage loan secured by an existing self-storage facility in Hackettstown, NJ. The entire loan amount was funded at closing.

On July 14, 2015, the Company closed a $1.6 million mezzanine loan transaction for a self-storage facility development in Miami/West Palm Beach, FL, funding $1.3 million at closing. The mezzanine loan, which was secured by a pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility, was evidenced by a note and pledge agreements and other customary mezzanine loan security documents. On August 5, 2015, the Company closed a $7.5 million construction loan for the purpose of funding the development of this facility. The Company funded $1.7 million at closing, of which $1.3 million was used to repay the mezzanine loan referenced above, with the balance to be funded over the construction period and remaining term of the loan. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents.

On July 31, 2015, the Company closed a $6.2 million construction loan and a $0.7 million mezzanine loan for the purpose of funding a self-storage development in North Haven, CT. The Company funded $0.6 million at closing, with the balance to be funded over the construction period and remaining term of the loan. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents. The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility, is evidenced by a note and pledge agreements and other customary mezzanine loan security documents.

                On August 5, 2015, the Company closed a $4.8 million construction loan for the purpose of funding a self-storage facility development in Sarasota, FL. The Company funded $0.9 million at closing, with the balance to be funded over the construction period and remaining term of the loan. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents.

                On August 10, 2015, the Company closed a $4.7 million construction loan and $0.6 million mezzanine loan for the purpose of funding a self-storage facility development in Pittsburgh, PA. The Company funded $1.7 million at closing, with the balance to be funded over the construction period and remaining term of the loans. The construction loan is evidenced by a mortgage, note and other customary real estate loan security documents. The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility, is evidenced by a note and pledge agreements and other customary mezzanine loan security documents.

X

- References
No definition available.
+ Details

Name: us-gaap_SubsequentEventsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ References
No definition available.
+ Details

Name: us-gaap_SubsequentEventsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 36 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727

EARNINGS PER SHARE
6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

7. EARNINGS PER SHARE

The following information sets forth the computations of basic and diluted earnings per common share:

For the three

For the six

months ended

months ended

June 30, 2015

June 30, 2015

Numerator:

Net loss

$

(1,141)

$

(1,287)

Less: Dividends declared on unvested restricted shares

(39)

(39)

Net loss attributable to common shareholders

$

(1,180)

$

(1,326)

Denominator:

Weighted-average number of common shares – basic

5,934,066

2,983,425

Unvested restricted stock shares (1)

-

-

Weighted-average number of common shares – diluted

5,934,066

2,983,425

Net loss per share attributable to common stockholders

$

(0.20)

$

(0.44)

(1) Anti-dilutive for the three and six months ended June 30, 2015

X

- References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for earnings per share.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_EarningsPerShareTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 37 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727

RELATED PARTY TRANSACTIONS
6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

8. RELATED PARTY TRANSACTIONS

The Company’s founder was reimbursed for $0.1 million of organizational costs and $0.1 million of offering costs in April 2015 following the closing of the Company’s IPO.

On April 1, 2015, the Company entered into a management agreement with its Manager. Pursuant to the terms of the management agreement, the Manager will be responsible for (a) the Company’s day-to-day operations, (b) determining investment criteria and strategy in conjunction with the Company’s Board of Directors, (c) sourcing, analyzing, originating, underwriting, structuring, and acquiring the Company’s portfolio investments, and (d) performing portfolio management duties. The Manager has an Investment Committee that approves investments in accordance with the Company’s investment guidelines, investment strategy, and financing strategy.

On April 1, 2015, concurrent with its initial public offering, the Company received $5.0 million in proceeds from the private placement with an affiliate of its founder. In connection with this transaction, the Company issued 250,000 shares of common stock to the affiliate.

The initial term of the management agreement will be five years, with up to a maximum of three, one-year extensions that end on the applicable anniversary of the completion of the Company’s offering. The Company’s independent directors will review the Manager’s performance annually. Following the initial term, the management agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors based upon: (a) the Manager’s unsatisfactory performance that is materially detrimental to the Company; or (b) the Company’s determination that the management fees payable to the Manager are not fair, subject to the Manager’s right to prevent termination based on unfair fees by accepting a reduction of management fees agreed to by at least two-thirds of the independent directors. The Company will provide its Manager with 180 days’ prior notice of such a termination. Upon such a termination, the Company will pay the Manager a termination fee except as provided below.

No later than 180 days prior to the end of the initial term of the management agreement, the Manager will offer to contribute to the Company’s Operating Partnership at the end of the initial term all of the assets or equity interests in the Manager at the internalization price and on such terms and conditions included in a written offer provided by the Manager.

Upon receipt of the Manager’s initial internalization offer, a special committee consisting solely of the Company’s independent directors may accept the Manager’s proposal or submit a counter offer to the Manager. If the Manager and the special committee are unable to agree, the Manager and the special committee will repeat this process annually during the term of any extension of the management agreement. Acquisition of the Manager pursuant to this process requires a fairness opinion from a nationally recognized investment banking firm and stockholder approval, in addition to approval by the special committee.

If the Company does not acquire the assets or equity interests of the Manager in an internalization transaction as described above and the management agreement terminates other than for Cause, voluntary non-renewal by the Manager or the Company being required to register as an investment company under the Investment Company Act of 1940, then the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee equal to the greater of (i) three times the sum of the average annual Base Management Fee and Incentive Fee earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, or (ii) the offer price, which will be based on the lesser of (a) the Manager’s earnings before interest, taxes, depreciation and amortization (adjusted for unusual, extraordinary and non-recurring charges and expenses), or “EBITDA” annualized based on the most recent quarter ended, multiplied by a specific multiple, or EBITDA Multiple, depending on the Company’s achieved total annual return, and (b) the Company’s equity market capitalization multiplied by a specific percentage, or Capitalization Percentage, depending on the Company’s achieved total return (the Internalization Price). Any Termination Fee will be payable by the Operating Partnership in OP 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, the Company estimates the deferred termination fee payable and accrues the expense over the term of the management agreement. The Company recorded $150 of expense for the deferred termination fee for the three and six months ended June 30, 2015.



The Company also may terminate the management agreement at any time, including during the initial term, without the payment of any termination fee, with 30 days’ prior written notice from the board of directors, for cause. “Cause” is defined as: (i) the Manager’s continued breach of any material provision of the management agreement following a prescribed period; (ii) the occurrence of certain events with respect to the bankruptcy or insolvency of the Manager; (iii) a change of control of the Manager that a majority of the Company’s independent directors determines is materially detrimental to the Company; (iv) the Manager committing fraud against the Company, misappropriating or embezzling the Company’s funds, or acting grossly negligent in the performance of its duties under the management agreement; (v) the dissolution of the Manager; (vi) the Manager fails to provide adequate or appropriate personnel that are reasonably necessary for the Manager to identify investment opportunities for the Company and to manage and develop the Company’s investment portfolio if such default continues uncured for a period of 60 days after written notice thereof, which notice must contain a request that the same be remedied; (vii) the Manager is convicted (including a plea of nolo contendere) of a felony; or (viii) the departure of Mr. Jernigan from the senior management of the Manager, or the Company, during the term of the management agreement other than by reason of death or disability.

The Manager may terminate the management agreement if the Company becomes required to register as an investment company under the 1940 Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay the Manager a termination fee. The Manager may also decline to renew the management agreement by providing the Company with 180 days’ written notice, in which case the Company would not be required to pay a termination fee.

The management agreement provides for the Manager to earn a base management fee and an incentive fee. In addition, the Company will reimburse certain expenses of the Manager, excluding the salaries and cash bonuses of the Manager’s chief executive officer or chief financial officer, and half of the salary of the president and chief operating officer. In the event that the Company terminates the management agreement per the terms of the agreement, other than for cause or the Company being required to register as an investment company, there will be a termination fee due to the Manager. Amounts reimbursed to the Manager for expenses totaled $0.5 million during the three and six months ended June 30, 2015.

Management Fees

The Company does not intend to employ personnel. As a result, the Company will rely on the properties, resources and personnel of the Manager to conduct operations. The Company will pay the Manager a base management fee in an amount equal to 0.375% of the Company’s stockholders’ equity (a 1.5% annual rate) calculated and payable quarterly in arrears in cash. For purposes of calculating the base management fee, the Company’s stockholder’s equity means: (a) the sum of (i) the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus (ii) the Company’s retained earnings at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods); less (b) any amount that the Company pays to repurchase the Company’s common stock since inception. It also excludes (x) any unrealized gains and losses and other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, and (y) one-time events pursuant to changes in GAAP (such as a cumulative change to the Company’s operating results as a result of a codification change pursuant to GAAP), and certain non-cash items not otherwise described above (such as depreciation and amortization), in each case after discussions between the Company’s Manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. As a result, the Company’s stockholders’ equity, for purposes of calculating the base management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements. The base management fee is payable independent of the performance of the Company’s portfolio. The base management fee of the Company’s Manager shall be calculated within 30 days after the end of each fiscal quarter and such calculation shall be promptly delivered to the Company. The Company is obligated to pay the base management fee in cash within five business days after delivery of the written statement of the Manager to the Company setting forth the computation of the management fee for such quarter. The base management fee for the quarter ended June 30, 2015 was $0.4 million.

Incentive Fee

The Manager will be entitled to an incentive fee with respect to each fiscal quarter (or part thereof that the management agreement is in effect) in arrears in cash. The incentive fee will be an amount, not less than zero, determined pursuant to the following formula:

IF = .20 times (A minus (B times .08)) minus C

In the foregoing formula:

• A equals our Core Earnings (as defined below) for the previous 12-month period;

• B equals (i) the weighted average of the issue price per share of the Company’s common stock of all of its public offerings of common stock, multiplied by (ii) the weighted average number of all shares of common stock outstanding (including (i) any restricted stock units and any restricted shares of common stock in the previous 12-month period and (ii) shares of common stock issuable upon conversion of outstanding OP Units); and

• C equals the sum of any incentive fees earned by the Manager with respect to the first three fiscal quarters of such previous 12-month period.

Notwithstanding application of the incentive fee formula, no incentive fee shall be paid with respect to any fiscal quarter unless cumulative annual stockholder total return for the four most recently completed fiscal quarters is greater than 8%. Any computed incentive fee earned but not paid because of the foregoing hurdle will accrue until such 8% cumulative annual stockholder total return is achieved. The total return will be calculated by adding stock price appreciation (based on the volume-weighted average of the closing price of our common stock on the NYSE (or other applicable trading market) for the last ten consecutive trading days of the applicable computation period minus the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period) plus dividends per share paid during such computation period, divided by the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period. For purposes of computing the Incentive Fee, “Core Earnings” is a defined as net income (loss) determined under GAAP, plus non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that we foreclose on any facilities underlying our target investments), any unrealized losses or other non-cash expense items reflected in GAAP net income (loss), less any unrealized gains reflected in GAAP net income. The amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the independent directors.

For purposes of calculating the incentive fee prior to the completion of a 12-month period following this offering, Core Earnings will be calculated on the basis of the number of days that the management agreement has been in effect on an annualized basis.

The Manager will compute each quarterly installment of the incentive fee within 45 days after the end of the fiscal quarter with respect to which such installment is payable and promptly deliver such calculation to the Company’s board of directors. The amount of the installment shown in the calculation will be due and payable no later than the date which is five business days after the date of delivery of such computation to the board of directors. The calculation generally will be reviewed by the board of directors at their regularly scheduled quarterly board meeting. As of June 30, 2015, the Manager did not earn an incentive fee.

X

- References
No definition available.
+ Details

Name: us-gaap_RelatedPartyTransactionsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph b

-Article 3A

+ Details

Name: us-gaap_RelatedPartyTransactionsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 38 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727

SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates.

Offering Costs [Policy Text Block]

Offering Costs

Underwriting commissions and offering costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in capital. Offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s common stock.

Maintenance Cost, Policy [Policy Text Block]

Organization Costs

Costs incurred to organize the Company are expensed as incurred.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurement

Under FASB ASC Topic 820, “Fair Value Measures and Disclosures,” the fair value of financial instruments will be categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the balance sheet will be categorized based on the inputs to the valuation techniques as follows:

Level 1 — Quoted prices for identical assets or liabilities in an active market.

Level 2 — Financial assets and liabilities whose values are based on the following: (i) Quoted prices for similar assets or liabilities in active markets; (ii) Quoted prices for identical or similar assets or liabilities in non-active markets; (iii) Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability.

Level 3 — Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.

As of December 31, 2014, the Company’s only financial instrument was cash, and as of June 30, 2015, the Company’s financial instruments consisted of cash, restricted cash, originated loans, receivables and payables. The fair value of the financial instruments was estimated to approximate their respective carrying amounts.

The carrying values of cash, restricted cash, receivables and payables approximate their fair values due to their short-term nature. These instruments are categorized as Level 1 instruments in the measurement of fair value.

The loans are categorized as Level 3 instruments in the measurement of fair value. The carrying value of loans approximates their fair values. To determine estimated fair values of the loans, market rates of interest, which include credit assumptions, are used to discount contractual cash flows.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted Cash

The Company’s restricted cash balance includes customer due diligence deposits made in advance of prospective loan closings, as well as borrower funds retained for future loan related expenses. Under term sheets and loan agreements with prospective borrowers, the Company is permitted to utilize such deposits to pay third party (plan review, inspection, environmental, appraisal and legal) costs incurred by the Company in the due diligence or closing of loans.

Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]

Loans and Allowance for Loan Losses

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal and are net of unearned discount, unearned loan fees and an allowance for loan losses. The allowance for loan losses will be established through a provision for loan losses charged to expense in accordance with Financial Accounting Standards Board (“FASB”) Topic Accounting Standards Codification (“ASC”) 310, “Receivables.” Loan principal considered to be uncollectible by management is charged against the allowance for loan losses. The allowance will be an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible based upon an evaluation of known and inherent risks in the loan portfolio. The evaluation will take into consideration such factors as changes in the nature and size of the loan portfolio, overall portfolio quality, specific problem loans and current economic conditions which may affect the borrowers’ ability to pay.

In connection with the Company’s lending activities, management may also originate certain acquisition, development, and construction loans with certain participation arrangements that will be accounted for under FASB ASC Topic 310-10-25, Receivables.

Interest income will accrue as earned on a simple interest basis. Accrual of interest will be discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company will recognize income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. When a loan is placed on non-accrual status, all accumulated accrued interest receivable applicable to periods prior to the current year is charged off to the allowance for loan losses. Interest that had accrued in the current year is reversed out of current period income.

The allowance for loan losses will represent management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses will be increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable will be charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely.

The evaluation of the adequacy of the allowance for loan losses includes, among other factors, an analysis of historical loss rates and environmental factors by category, applied to current loan totals. However, actual losses may be higher or lower than historical trends, which vary. Actual losses on specified problem loans, which also are provided for in the evaluation, may vary from those estimated loss percentages, which are established based upon a limited number of potential loss classifications.

A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment will be measured on a loan by loan basis for all impaired loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses will be established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. The Company has determined that an allowance for loan losses was not necessary at June 30, 2015.

Origination Fees and Costs [Policy Text Block]

Origination Fees and Costs

The Company offsets its loan origination fee with its related direct loan origination costs and the net amount is deferred and recognized as an adjustment to loan yield in interest income as required by ASC 310. These direct loan costs only include the salaries and benefits required to evaluate, negotiate, prepare, process and close a loan transaction. The direct loan origination costs were determined by examining the average salaries of the loan personnel of the Manager, and by examining the average hours required by the loan personnel to evaluate negotiate, prepare, process and close a loan. Employees’ compensation and fringe benefits related to unsuccessful loan origination efforts and other lending-related costs are charged to expense as incurred.

Derivatives, Policy [Policy Text Block]

Derivative Instruments

The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions.

In accordance with FASB ASC Topic 815, “Derivatives and Hedging,” management will measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in the Company’s balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which management elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument will be recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative will be reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges will be recognized in earnings. As of June 30, 2015, the Company had not entered into any derivative instruments.

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Variable Interest Entities

A Variable Interest Entity (“VIE”) is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management will base the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management will reassess the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.

A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management will determine whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.

Management will analyze and evaluate new investments and financings to determine whether they are a VIE, as well as reconsideration events for existing investments and financings, which may vary depending on type of investment or financing. As of June 30, 2015, the Company had no financings or investments with entities that are VIEs.

Equity Method Investments, Policy [Policy Text Block]

Equity Investments

The Company may report certain limited portions of its investments as investments in joint ventures. Investments in joint ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method as prescribed by FASB ASC 323-30, Investments — Equity Method and Joint Ventures, Partnerships, Joint Ventures, and Limited Liability Entities, (“ASC 323-30”).

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In January 2014, the FASB issued an Accounting Standards Update (“ASU”) 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Sub Topic 310-40)—Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure occurs and requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this guidance is not expected to have a material impact on future results of operations or financial condition.

In June 2014, the FASB issued ASU 2014-10, Development Stage Entities: Elimination of Certain Financial Reporting Requirements, Including Amendment to Variable Interest Entities Guidelines in Topic 810, Consolidation. The standard will eliminate the reporting requirements for certain disclosures for development stage entities. Public entities are required to apply the presentation and disclosure requirements for annual reporting periods effective January 1, 2015. The Company has adopted this guidance effective April 1, 2015, and it did not have a material impact on the reporting of results of operations or financial condition.

In February 2015, the FASB issued guidance that requires an entity to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption will have a material impact on its consolidated financial statements.

In April 2015, the FASB issued guidance that simplifies presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discount or premiums. The recognition guidance for debt issuance costs are not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015.   The Company does not expect adoption will have a material impact on its consolidated financial statements.

Segment Reporting, Policy [Policy Text Block]

Segment Reporting

The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company intends to elect to be taxed as a REIT and to comply with the related provisions of the Code commencing with its taxable year ending December 31, 2015. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company expects to have no taxable income prior to electing REIT status. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements.

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income

For the three and six months ended June 30, 2015, comprehensive income equaled net income; therefore, a separate consolidated statement of comprehensive income is not included in the accompanying consolidated financial statements.

X

- Definition
Disclosure of offering costs policy.
+ References
No definition available.
+ Details

Name: jcap_OfferingCostsPolicyTextBlock

Namespace Prefix: jcap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of origination fees and costs policy.
+ References
No definition available.
+ Details

Name: jcap_OriginationFeesAndCostsPolicyTextBlock

Namespace Prefix: jcap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_AccountingPoliciesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.1(a))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 305

-SubTopic 10

-Section 05

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6375392&loc=d3e26790-107797

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Financial Reporting Release (FRR)

-Number 203

-Paragraph 02-03

+ Details

Name: us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for comprehensive income.
+ References
No definition available.
+ Details

Name: us-gaap_ComprehensiveIncomePolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 5A

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=52262685&loc=SL6759159-111685

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 4

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=52262685&loc=d3e5728-111685

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 2AA

-Subparagraph a

-URI http://asc.fasb.org/extlink&oid=52262685&loc=SL6759068-111685

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 2A

-URI http://asc.fasb.org/extlink&oid=52262685&loc=SL6225816-111685

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

+ Details

Name: us-gaap_ConsolidationVariableInterestEntityPolicy

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for its derivative instruments and hedging activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41675-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

+ Details

Name: us-gaap_DerivativesPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.12)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (a)(2)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

+ Details

Name: us-gaap_EquityMethodInvestmentsPolicy

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.
+ References
No definition available.
+ Details

Name: us-gaap_FairValueMeasurementPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 30

-Section 05

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6423966&loc=d3e40913-109327

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 954

-SubTopic 740

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 17

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32247-109318

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32280-109318

+ Details

Name: us-gaap_IncomeTaxPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for estimating the allowance for losses on loans and lease receivables. The disclosure may include (a) how the entity determines each element of the allowance, (b) which loans are evaluated individually and which loans are evaluated as a group, (c) how the entity determines both the allocated and unallocated portions of the allowance, (d) how the entity determines the loss factors applied to graded loans in order to develop a general allowance, and (e) what self-correcting mechanism the entity uses to reduce differences between estimated and actual losses.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5144-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

+ Details

Name: us-gaap_LoansAndLeasesReceivableAllowanceForLoanLossesPolicy

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of the accounting policy for maintenance costs. Does not include planned major maintenance activities.
+ References
No definition available.
+ Details

Name: us-gaap_MaintenanceCostPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
No definition available.
+ Details

Name: us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for segment reporting.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790

+ Details

Name: us-gaap_SegmentReportingPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6061-108592

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6143-108592

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6132-108592

+ Details

Name: us-gaap_UseOfEstimates

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 39 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727

SIGNIFICANT ACCOUNTING POLICIES (Details Textual)
6 Months Ended

Jun. 30, 2015

Significant Accounting Policies [Line Items]

Percentage Of Taxable Income Distributed 90.00%

X

- Definition
Percentage Of Taxable Income Distributed.
+ References
No definition available.
+ Details

Name: jcap_PercentageOfTaxableIncomeDistributed

Namespace Prefix: jcap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Significant Accounting Policies.
+ References
No definition available.
+ Details

Name: jcap_SignificantAccountingPoliciesLineItems

Namespace Prefix: jcap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 40 R26.htm IDEA: XBRL DOCUMENT v3.2.0.727

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended

Jun. 15, 2015

Apr. 30, 2015

Oct. 31, 2014

Jun. 30, 2015

Jun. 30, 2015

Dec. 31, 2014

Oct. 02, 2014

Oct. 01, 2014

Class of Stock [Line Items]

Common Stock, Shares Authorized 500,000,000 500,000,000 1,000 500,000,000

Preferred Stock, Shares Authorized 100,000,000 100,000,000 100,000,000 100,000,000

Capital $ 1,000

Proceeds from Issuance Initial Public Offering $ 93,000,000

Treasury Stock, Shares, Retired 1,000

Proceeds from Issuance of Common Stock $ 110,491,000

Restricted Stock or Unit Expense $ 34,000 34,000

Scenario, Forecast [Member]

Class of Stock [Line Items]

Restricted Stock or Unit Expense $ 200,000

Share-based Compensation Award, Tranche Three [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 23,333

Restricted Stock [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 100,000 10,000 110,000

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 5 years 3 years

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 0

Restricted Stock [Member] | Share Based Compensation Award Tranche Four [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 20,000

Restricted Stock [Member] | Share Based Compensation Award Tranche Five [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 20,000

Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 23,333

Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 23,333

Director [Member] | Restricted Stock [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 2,500

2015 Equity Incentive Plan [Member]

Class of Stock [Line Items]

Common Stock, Capital Shares Reserved for Future Issuance 200,000

Founder [Member]

Class of Stock [Line Items]

Proceeds from Issuance of Private Placement $ 5,000,000

IPO [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, New Issues 5,000,000

Private Placement [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, New Issues 250,000

Over-Allotment Option [Member]

Class of Stock [Line Items]

Proceeds from Issuance of Common Stock $ 14,000,000

Common Stock [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, New Issues 5,750,000

Common Stock [Member] | IPO [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, New Issues 1,000

Common Stock [Member] | Over-Allotment Option [Member]

Class of Stock [Line Items]

Sale of Stock, Number of Shares Issued in Transaction 750,000

X

- Definition
The amount of total capital as defined in the regulations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 948

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6490092&loc=d3e47304-110998

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 505

-Section 50

-Paragraph 1H

-Subparagraph (c)(1)

-URI http://asc.fasb.org/extlink&oid=35709795&loc=d3e65071-112826

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 505

-Section 50

-Paragraph 1H

-Subparagraph (c)(2)

-URI http://asc.fasb.org/extlink&oid=35709795&loc=d3e65071-112826

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 948

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (c)(1)

-URI http://asc.fasb.org/extlink&oid=6490092&loc=d3e47080-110998

+ Details

Name: us-gaap_Capital

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ClassOfStockLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Aggregate number of common shares reserved for future issuance.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CommonStockCapitalSharesReservedForFutureIssuance

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The cash inflow associated with the amount received from entity's first offering of stock to the public.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_ProceedsFromIssuanceInitialPublicOffering

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow from the additional capital contribution to the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromIssuanceOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromIssuanceOfPrivatePlacement

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The noncash expense that represents the cost of restricted stock or unit distributed to employees as compensation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_RestrictedStockExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The number of shares issued or sold by the subsidiary or equity method investee per stock transaction.
+ References
No definition available.
+ Details

Name: us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of new stock issued during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesNewIssues

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of shares of common and preferred stock retired from treasury during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_TreasuryStockSharesRetired

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementScenarioAxis=us-gaap_ScenarioForecastMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheThreeMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VestingAxis=jcap_ShareBasedCompensationAwardTrancheFourMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VestingAxis=jcap_ShareBasedCompensationAwardTrancheFiveMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_TitleOfIndividualAxis=us-gaap_DirectorMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_PlanNameAxis=jcap_EquityIncentivePlan2015Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=jcap_FounderMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_SubsidiarySaleOfStockAxis=us-gaap_PrivatePlacementMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_SubsidiarySaleOfStockAxis=us-gaap_OverAllotmentOptionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 41 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED STATEMENT OF CASH FLOWS - Jun. 30, 2015 - USD ($)
$ in Thousands

Total

Cash flows from operating activities:

Net loss $ (1,287)

Stock-based compensation 34

Deferred termination fee to affiliate 150

Interest capitalized on outstanding loans (80)

Accretion of deferred loan origination fees and costs (3)

Changes in operating assets and liabilities:

Interest receivable (32)

Other assets (86)

Due to Manager 698

Accounts payable, accrued expenses, and other liabilities 206

Net cash used in operating activities (400)

Cash flows from investing activities

Funding of first mortgages (14,343)

Funding of mezzanine loans (6,424)

Acquisition of other investment (881)

Net cash used in investing activities (21,648)

Cash flows from financing activities

Net proceeds from issuance of common stock 110,491

Net cash provided from financing activities 110,491

Net change in cash and cash equivalents 88,443

Cash and cash equivalents at the beginning of the year 1

Cash and cash equivalents at the end of the period 88,444

Supplemental disclosures of non-cash activities:

Restricted Cash - customer due diligence deposits and retained borrower funds for loan costs 91

Accrued offering costs 100

Accounts payable withheld from loan funding 3

Retirement of common stock 1

Dividend declared $ 2,139

X

- Definition
It represents the amount of accounts payable with held from loan funding.
+ References
No definition available.
+ Details

Name: jcap_AccountsPayableWithHeldFromLoanFunding

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
It represents the amount of Accrued Offering Costs.
+ References
No definition available.
+ Details

Name: jcap_AccruedOfferingCost

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
It represents the amount of payments incurred to purchase mezzanine loans during the period.
+ References
No definition available.
+ Details

Name: jcap_PaymentsToPurchaseMezzanineLoans

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
It represents the amount of restricted cash received from customer deposits and borrowed funds.
+ References
No definition available.
+ Details

Name: jcap_RestrictedCashReceivedFromCustomerDepositsAndBorrowedFunds

Namespace Prefix: jcap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6392676&loc=d3e7480-110848

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 420

-SubTopic 10

-Section 35

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6394232&loc=d3e17558-110866

+ Details

Name: us-gaap_AccretionExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 230

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906

+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 405

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957935&loc=d3e64057-112817

+ Details

Name: us-gaap_Dividends

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The increase (decrease), during an accounting period, in total obligations owed to the reporting entity's executives and owners.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInDueToOfficersAndStockholders

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the aggregate amount due to the entity in the form of unpaid interest and dividends.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInOtherOperatingAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of interest capitalized during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Allowance for Funds Used during Construction

-URI http://asc.fasb.org/extlink&oid=6504829

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391

+ Details

Name: us-gaap_InterestCostsCapitalized

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=51831255

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=51831270

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of amortization of other deferred costs recognized in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.3)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_OtherAmortizationOfDeferredCharges

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash outflow associated with other investments held by the entity for investment purposes not otherwise defined in the taxonomy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585

+ Details

Name: us-gaap_PaymentsToAcquireOtherInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow used to purchase loans that are secured with real estate mortgage and are held with the intention to resell in the near future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 230

-Section 55

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=34726456&loc=d3e60097-112785

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 17

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3367-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3461-108585

+ Details

Name: us-gaap_PaymentsToPurchaseMortgageLoansHeldForSale

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash inflow from the additional capital contribution to the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromIssuanceOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585

+ Details

Name: us-gaap_ShareBasedCompensation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

+ Details

Name: us-gaap_StockRepurchasedAndRetiredDuringPeriodValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 42 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727

LOANS AND OTHER INVESTMENT
6 Months Ended

Jun. 30, 2015

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]

4. LOANS AND OTHER INVESTMENT

As of June 30, 2015, the Company had made loans secured by real estate containing existing or to-be-constructed self-storage properties. The Company has made one preferred equity investment that is classified as an other investment on the consolidated balance sheet. This investment consists of a 49.9% non-controlling interest in a limited liability company which is accounted for under the equity method. Capital contributions, distributions and any profits and losses of the entity are allocated in accordance with the terms of the limited liability company agreement. The company funded a first mortgage loan to a wholly-owned subsidiary of the preferred equity investee. The balance of the loan at June 30, 2015 is $0.8 million.

The aggregate originated commitment under these investments at closing was approximately $74.5 million and outstanding principal was $22.4 million as of June 30, 2015, as described in more detail in the tables below. Such investments are referred to herein as the Company’s investment portfolio. As of June 30, 2015, all of the Company’s loans are interest-only with a fixed interest rate of 6.90%, and a loan term of 72 months. The Company funds development loans to finance ground-up construction of self-storage facilities or major self-storage redevelopment opportunities, which loans are funded over time as the developer completes the project, are secured by first mortgages on the projects and first priority security interests in the membership interests of the owners of the projects, typically have maturities of six years, and typically provide the Company with a 49.9% interest in the positive cash flows (including sale and refinancing proceeds after debt repayment) of the project. The Company will record income from these cash flows upon realization. No income from the interest in cash flows was recorded as of June 30, 2015.

The Company’s loans are accounted for at amortized cost. The following tables summarize the Company’s loans held for investment and other investment, as of June 30, 2015:

Outstanding

Unamortized

Loans

Principal (1)

Fees/Costs

Net Balance

First mortgages

$

14,998

$

569

$

14,429

Mezzanine loans

6,535

111

6,424

Other investment

889

8

881

Total

$

22,422

$

688

$

21,734

(1)   Outstanding Principal includes capitalization of interest.

A more detailed listing of the Company’s current investment portfolio, based on information available as of June 30, 2015, is as follows:

Metropolitan

Closing

Statistical

Commitment

Unfunded

Date

Area (MSA)

Type of Loan

Amount

Total Fundings

Commitment

4/9/2015

Detroit

Refinance

$

3,182

$

3,182

$

-

4/21/2015

Orlando

Development

5,333

1,717

3,616

5/14/2015

Miami

Development

13,867

1,679

12,188

5/14/2015

Miami

Development

14,849

2,681

12,168

6/8/2015

Dallas

Development

7,243

2,771

4,472

6/10/2015

Atlanta

Development

8,132

3,504

4,628

6/19/2015

New Orleans

Refinance

2,800

2,800

-

6/19/2015

Tampa

Development

5,370

1,805

3,565

6/26/2015

Atlanta

Development

6,050

1,915

4,135

6/29/2015

Charlotte

Development

7,624

368

7,256

Totals

$

74,450

$

22,422

$

52,028

Development loan types are predominantly comprised of a first mortgage and a mezzanine loan, with the exception of the Orlando Metropolitan Statistical Area (MSA) which is comprised of a first mortgage and preferred equity investment. Refinance loan types consist of only a first mortgage on an existing stabilized property.

Credit Quality Indicator

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends among other factors. The Company analyzes loans individually by classifying the loans as to credit risk.



Asset quality ratings are divided into two groups: Pass (unclassified) and Classified. Within the unclassified group, certain loans that display potential weakness are risk rated as special mention. In addition, there are three classified risk ratings: substandard, doubtful and loss. These specific credit risk categories are defined as follows:

Special Mention. Loans classified as special mention have potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

Loss. Loans classified as loss are considered uncollectible and of such little value, that continuance as assets is not warranted. Although there may be a chance of recovery on these assets, it is not practical or desirable to defer writing off the asset.

The Company monitors loans on a monthly basis to determine if they should be included in one of the categories listed above. All impaired credits classified as Substandard, Doubtful or Loss are analyzed on an individual basis for a specific reserve requirement. This analysis is performed on each individual credit at least quarterly or more frequently if warranted. As of June 30, 2015, all loans have been originated within 90 days. The Company noted no material change in credit quality for all loans and were categorized as pass, without special mention.

X

- References
No definition available.
+ Details

Name: us-gaap_MortgageLoansOnRealEstateAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 948

-SubTopic 310

-Section S99

-Paragraph 1

-Subparagraph (SX 210.12-29)

-URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section S99

-Paragraph 6

-Subparagraph (SX 210.5-04.(c) Schedule IV)

-URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674

+ Details

Name: us-gaap_MortgageLoansOnRealEstateByLoanDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 43 R27.htm IDEA: XBRL DOCUMENT v3.2.0.727

DIVIDENDS & DISTRIBUTIONS (Details) - USD ($)
$ / shares in Units, $ in Thousands
6 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Class of Stock [Line Items]

Dividends Payable, Date Declared Jun. 03, 2015

Dividends Payable, Date of Record Jul. 06, 2015

Dividends Payable, Date to be Paid Jul. 15, 2015

Dividends Payable, Amount Per Share $ 0.35

Dividends Payable $ 2,139 $ 0

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ClassOfStockLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Date the declared dividend will be paid, in CCYY-MM-DD format.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_DividendPayableDateToBePaidDayMonthAndYear

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
The per share amount of a dividend declared, but not paid, as of the financial reporting date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_DividendsPayableAmountPerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.15(5))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.15(5))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 15

-Subparagraph a

-Article 7

+ Details

Name: us-gaap_DividendsPayableCurrentAndNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Date the dividend to be paid was declared, in CCYY-MM-DD format.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_DividendsPayableDateDeclaredDayMonthAndYear

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format.
+ References
No definition available.
+ Details

Name: us-gaap_DividendsPayableDateOfRecordDayMonthAndYear

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

XML 44 FilingSummary.xml IDEA: XBRL DOCUMENT 3.2.0.727 html 86 161 1 true 43 0 false 4 false false R1.htm 101 - Document - Document And Entity Information Sheet http://www.jernigancapital.com/role/DocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 102 - Statement - CONSOLIDATED BALANCE SHEETS Sheet http://www.jernigancapital.com/role/ConsolidatedBalanceSheets CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 103 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://www.jernigancapital.com/role/ConsolidatedBalanceSheetsParenthetical CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 104 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS Sheet http://www.jernigancapital.com/role/ConsolidatedStatementsOfOperations CONSOLIDATED STATEMENTS OF OPERATIONS Statements 4 false false R5.htm 105 - Statement - CONSOLIDATED STATEMENT OF CASH FLOWS Sheet http://www.jernigancapital.com/role/ConsolidatedStatementOfCashFlows CONSOLIDATED STATEMENT OF CASH FLOWS Statements 5 false false R6.htm 106 - Statement - CONSOLIDATED STATEMENT OF EQUITY Sheet http://www.jernigancapital.com/role/ConsolidatedStatementOfEquity CONSOLIDATED STATEMENT OF EQUITY Statements 6 false false R7.htm 107 - Disclosure - ORGANIZATION AND FORMATION OF THE COMPANY Sheet http://www.jernigancapital.com/role/OrganizationAndFormationOfCompany ORGANIZATION AND FORMATION OF THE COMPANY Notes 7 false false R8.htm 108 - Disclosure - GENERAL Sheet http://www.jernigancapital.com/role/General GENERAL Notes 8 false false R9.htm 109 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES Sheet http://www.jernigancapital.com/role/SignificantAccountingPolicies SIGNIFICANT ACCOUNTING POLICIES Notes 9 false false R10.htm 110 - Disclosure - LOANS AND OTHER INVESTMENT Sheet http://www.jernigancapital.com/role/LoansAndOtherInvestment LOANS AND OTHER INVESTMENT Notes 10 false false R11.htm 111 - Disclosure - STOCKHOLDERS' EQUITY Sheet http://www.jernigancapital.com/role/StockholdersEquity STOCKHOLDERS' EQUITY Notes 11 false false R12.htm 112 - Disclosure - DIVIDENDS & DISTRIBUTIONS Sheet http://www.jernigancapital.com/role/DividendsDistributions DIVIDENDS & DISTRIBUTIONS Notes 12 false false R13.htm 113 - Disclosure - EARNINGS PER SHARE Sheet http://www.jernigancapital.com/role/EarningsPerShare EARNINGS PER SHARE Notes 13 false false R14.htm 114 - Disclosure - RELATED PARTY TRANSACTIONS Sheet http://www.jernigancapital.com/role/RelatedPartyTransactions RELATED PARTY TRANSACTIONS Notes 14 false false R15.htm 115 - Disclosure - SUBSEQUENT EVENTS Sheet http://www.jernigancapital.com/role/SubsequentEvents SUBSEQUENT EVENTS Notes 15 false false R16.htm 116 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://www.jernigancapital.com/role/SignificantAccountingPoliciesPolicies SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 16 false false R17.htm 117 - Disclosure - LOANS AND OTHER INVESTMENT (Tables) Sheet http://www.jernigancapital.com/role/LoansAndOtherInvestmentTables LOANS AND OTHER INVESTMENT (Tables) Tables http://www.jernigancapital.com/role/LoansAndOtherInvestment 17 false false R18.htm 118 - Disclosure - STOCKHOLDERS' EQUITY (Tables) Sheet http://www.jernigancapital.com/role/StockholdersEquityTables STOCKHOLDERS' EQUITY (Tables) Tables http://www.jernigancapital.com/role/StockholdersEquity 18 false false R19.htm 119 - Disclosure - DIVIDENDS & DISTRIBUTIONS (Tables) Sheet http://www.jernigancapital.com/role/DividendsDistributionsTables DIVIDENDS & DISTRIBUTIONS (Tables) Tables http://www.jernigancapital.com/role/DividendsDistributions 19 false false R20.htm 120 - Disclosure - EARNINGS PER SHARE (Tables) Sheet http://www.jernigancapital.com/role/EarningsPerShareTables EARNINGS PER SHARE (Tables) Tables http://www.jernigancapital.com/role/EarningsPerShare 20 false false R21.htm 121 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details Textual) Sheet http://www.jernigancapital.com/role/SignificantAccountingPoliciesDetailsTextual SIGNIFICANT ACCOUNTING POLICIES (Details Textual) Details http://www.jernigancapital.com/role/SignificantAccountingPoliciesPolicies 21 false false R22.htm 122 - Disclosure - LOANS AND OTHER INVESTMENT (Details) Sheet http://www.jernigancapital.com/role/LoansAndOtherInvestmentDetails LOANS AND OTHER INVESTMENT (Details) Details http://www.jernigancapital.com/role/LoansAndOtherInvestmentTables 22 false false R23.htm 123 - Disclosure - LOANS AND OTHER INVESTMENT (Details 1) Sheet http://www.jernigancapital.com/role/LoansAndOtherInvestmentDetails1 LOANS AND OTHER INVESTMENT (Details 1) Details http://www.jernigancapital.com/role/LoansAndOtherInvestmentTables 23 false false R24.htm 124 - Disclosure - LOANS AND OTHER INVESTMENT (Details Textual) Sheet http://www.jernigancapital.com/role/LoansAndOtherInvestmentDetailsTextual LOANS AND OTHER INVESTMENT (Details Textual) Details http://www.jernigancapital.com/role/LoansAndOtherInvestmentTables 24 false false R25.htm 125 - Disclosure - STOCKHOLDERS' EQUITY (Details) Sheet http://www.jernigancapital.com/role/StockholdersEquityDetails STOCKHOLDERS' EQUITY (Details) Details http://www.jernigancapital.com/role/StockholdersEquityTables 25 false false R26.htm 126 - Disclosure - STOCKHOLDERS' EQUITY (Details Textual) Sheet http://www.jernigancapital.com/role/StockholdersEquityDetailsTextual STOCKHOLDERS' EQUITY (Details Textual) Details http://www.jernigancapital.com/role/StockholdersEquityTables 26 false false R27.htm 127 - Disclosure - DIVIDENDS & DISTRIBUTIONS (Details) Sheet http://www.jernigancapital.com/role/DividendsDistributionsDetails DIVIDENDS & DISTRIBUTIONS (Details) Details http://www.jernigancapital.com/role/DividendsDistributionsTables 27 false false R28.htm 128 - Disclosure - EARNINGS PER SHARE (Details) Sheet http://www.jernigancapital.com/role/EarningsPerShareDetails EARNINGS PER SHARE (Details) Details http://www.jernigancapital.com/role/EarningsPerShareTables 28 false false R29.htm 129 - Disclosure - RELATED PARTY TRANSACTIONS (Details Textual) Sheet http://www.jernigancapital.com/role/RelatedPartyTransactionsDetailsTextual RELATED PARTY TRANSACTIONS (Details Textual) Details http://www.jernigancapital.com/role/RelatedPartyTransactions 29 false false R30.htm 130 - Disclosure - SUBSEQUENT EVENTS (Details Textual) Sheet http://www.jernigancapital.com/role/SubsequentEventsDetailsTextual SUBSEQUENT EVENTS (Details Textual) Details http://www.jernigancapital.com/role/SubsequentEvents 30 false false All Reports Book All Reports In ''CONSOLIDATED BALANCE SHEETS (Parenthetical)'', column(s) 5 are contained in other reports, so were removed by flow through suppression. Columns in cash flow ''CONSOLIDATED STATEMENT OF CASH FLOWS'' have maximum duration 6 months and at least 24 values. Shorter duration columns must have at least one fourth (6) as many values. Column '[2015-04-01 3m 2015-06-30]' is shorter (3 months) and has only 3 values, so it is being removed. jcap-20150630.xml jcap-20150630_cal.xml jcap-20150630_def.xml jcap-20150630_lab.xml jcap-20150630_pre.xml jcap-20150630.xsd true true XML 45 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727

EARNINGS PER SHARE (Tables)
6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following information sets forth the computations of basic and diluted earnings per common share:

For the three

For the six

months ended

months ended

June 30, 2015

June 30, 2015

Numerator:

Net loss

$

(1,141)

$

(1,287)

Less: Dividends declared on unvested restricted shares

(39)

(39)

Net loss attributable to common shareholders

$

(1,180)

$

(1,326)

Denominator:

Weighted-average number of common shares – basic

5,934,066

2,983,425

Unvested restricted stock shares (1)

-

-

Weighted-average number of common shares – diluted

5,934,066

2,983,425

Net loss per share attributable to common stockholders

$

(0.20)

$

(0.44)

(1) Anti-dilutive for the three and six months ended June 30, 2015

X

- References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member] - $ / shares	1 Months Ended		6 Months Ended
	Jun. 15, 2015	Apr. 30, 2015	Jun. 30, 2015
Class of Stock [Line Items]
Shares, Nonvested at beginning of year			0
Shares, Granted	100,000	10,000	110,000
Shares, Vested			0
Shares, Forfeited			0
Shares, Nonvested shares at end of period			110,000
Weighted average grant date fair value, Nonvested at beginning of year			$ 0
Weighted average grant date fair value, Granted			20.13
Weighted average grant date fair value, Vested			0
Weighted average grant date fair value, Forfeited			0
Weighted average grant date fair value, Nonvested shares at end of period			$ 20.13

SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] - USD ($) $ in Millions					1 Months Ended
	Aug. 10, 2015	Aug. 05, 2015	Jul. 14, 2015	Jul. 02, 2015	Jul. 31, 2015	Jul. 08, 2015
Miami/West Palm Beach, FL [Member]
Subsequent Event [Line Items]
Loans Receivable, Net		$ 1.7
North Haven, CT [Member]
Subsequent Event [Line Items]
Loans Receivable, Net					$ 0.6
Sarasota, FL [Member]
Subsequent Event [Line Items]
Loans Receivable, Net		0.9
Pittsburgh, PA [Member]
Subsequent Event [Line Items]
Loans Receivable, Net	$ 1.7
Mortgage Loan [Member]
Subsequent Event [Line Items]
Loans Receivable, Net						$ 3.5
Loan Transactions 1 [Member]
Subsequent Event [Line Items]
Repayments of Debt				$ 0.8
Miami, FL, funding [Member] \| Loan Transactions 1 [Member]
Subsequent Event [Line Items]
Loans Receivable, Net				$ 2.5
Mezzanine Loans [Member]
Subsequent Event [Line Items]
Secured Loan Non Recourse Pledge Description				The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility
Secured Loan Pledge Description			The mezzanine loan, whichwas secured by a pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility
Mezzanine Loans [Member] \| Miami/West Palm Beach, FL [Member]
Subsequent Event [Line Items]
Repayments of Debt		1.3
Mezzanine Loans [Member] \| North Haven, CT [Member]
Subsequent Event [Line Items]
Repayments of Debt					$ 0.7
Secured Loan Non Recourse Pledge Description					The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility
Mezzanine Loans [Member] \| Pittsburgh, PA [Member]
Subsequent Event [Line Items]
Repayments of Debt	0.6
Mezzanine Loans [Member] \| Loan Transactions 1 [Member]
Subsequent Event [Line Items]
Repayments of Debt			$ 1.6
Mezzanine Loans [Member] \| Loan Transactions 2 [Member]
Subsequent Event [Line Items]
Loans Receivable, Net			$ 1.3
Construction Loans [Member] \| Miami/West Palm Beach, FL [Member]
Subsequent Event [Line Items]
Repayments of Debt		7.5
Construction Loans [Member] \| North Haven, CT [Member]
Subsequent Event [Line Items]
Repayments of Debt					$ 6.2
Construction Loans [Member] \| Sarasota, FL [Member]
Subsequent Event [Line Items]
Repayments of Debt		$ 4.8
Construction Loans [Member] \| Pittsburgh, PA [Member]
Subsequent Event [Line Items]
Repayments of Debt	$ 4.7
Secured Loan Non Recourse Pledge Description	The mezzanine loan, which is secured by a non-recourse pledge of 100% of the membership interests in the limited liability company that owns the land and self-storage facility
Construction Loans [Member] \| Loan Transactions 1 [Member]
Subsequent Event [Line Items]
Repayments of Debt				$ 6.8

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS:
Cash	$ 88,444	$ 1
Restricted cash	106	15
First mortgages	14,429	0
Mezzanine loans	6,424	0
Other investment	881	0
Interest receivable	32	0
Other assets	86	0
Total Assets	110,402	16
LIABILITIES:
Due to Manager	698	0
Accounts payable, accrued expenses, and other liabilities	416	15
Dividends payable	2,139	0
Total Liabilities	$ 3,253	$ 15
Jernigan Capital, Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding at June 30, 2015 and December 31, 2014, respectively;
Common stock, $0.01 par value, 500,000,000 and 1,000 shares authorized at June 30, 2015 and December 31, 2014, respectively; 6,110,000 and 1,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 61	$ 0
Additional paid-in capital	110,364	1
Accumulated deficit	(3,426)	0
Total Jernigan Capital, Inc. stockholders’ equity	106,999	1
Non-controlling interests	150	0
Total equity	107,149	1
Total Liabilities and Equity	$ 110,402	$ 16

CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Parent [Member]	Non-Controlling Interests [Member]
Balance at Dec. 31, 2014	$ 1	$ 0	$ 1	$ 0	$ 1	$ 0
Balance (in shares) at Dec. 31, 2014		1,000
Retirement of stock	(1)	$ 0	(1)	0	(1)	0
Retirement of stock (in shares)		(1,000)
Public offering of common stock	115,000	$ 58	114,942	0	115,000	0
Public offering of common stock (in shares)		5,750,000
Private placement of common stock	5,000	$ 2	4,998	0	5,000	0
Private placement of common stock (in shares)		250,000
Equity offering costs	(9,609)	$ 0	(9,609)	0	(9,609)	0
Issuance of restricted stock	0	$ 1	(1)	0	0	0
Issuance of restricted stock (in shares)		110,000
Stock-based compensation	34	$ 0	34	0	34	0
Deferred termination fee to affiliate	150	0	0	0	0	150
Dividends declared	(2,139)	0	0	(2,139)	(2,139)	0
Net loss	(1,287)	0	0	(1,287)	(1,287)	0
Balance at Jun. 30, 2015	$ 107,149	$ 61	$ 110,364	$ (3,426)	$ 106,999	$ 150
Balance (in shares) at Jun. 30, 2015		6,110,000

LOANS AND OTHER INVESTMENT (Details Textual) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Mortgage Loans on Real Estate [Line Items]
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	49.90%
Principal Amount Outstanding of Loans Held-in-portfolio, Total	$ 22.4
Mortgage Loans on Real Estate, Interest Rate	6.90%
Debt Instrument, Term	72 months
Loan Origination Commitments [Member]
Mortgage Loans on Real Estate [Line Items]
Investments, Total	$ 74.5
First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Net	$ 0.8
Limited Liability Company [Member]
Mortgage Loans on Real Estate [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	49.90%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	500,000,000	1,000
Common Stock, Shares Issued	6,110,000	1,000
Common Stock, Shares Outstanding	6,110,000	1,000

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2015	Aug. 13, 2015
Document Information [Line Items]
Entity Registrant Name	Jernigan Capital, Inc.
Entity Central Index Key	0001622353
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015
Trading Symbol	JCAP
Entity Common Stock, Shares Outstanding		6,110,000

CONSOLIDATED STATEMENTS OF OPERATIONS - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Net interest income:
Interest income from real estate loans	$ 145	$ 145
Net interest income	145	145
Expenses:
General and administrative expenses reimbursed to affiliate	520	520
General and administrative expenses	120	266
Unreimbursed investment expenses	150	150
Management fees to affiliate	409	409
Deferred termination fee to affiliate	150	150
Total expenses	1,349	1,495
Other interest income	63	63
Net Loss	$ (1,141)	$ (1,287)
Basic and diluted net loss per share of common stock (in dollars per share)	$ (0.20)	$ (0.44)
Basic and diluted weighted average shares of common stock outstanding (in shares)	5,934,066	2,983,425
Dividend declared per share of common stock (in dollars per share)	$ 0.35	$ 0.35

SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	Jun. 30, 2015
Significant Accounting Policies [Line Items]
Percentage Of Taxable Income Distributed	90.00%

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	1 Months Ended			3 Months Ended	6 Months Ended
STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Jun. 15, 2015	Apr. 30, 2015	Oct. 31, 2014	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Oct. 02, 2014	Oct. 01, 2014
Class of Stock [Line Items]
Common Stock, Shares Authorized				500,000,000	500,000,000	1,000		500,000,000
Preferred Stock, Shares Authorized				100,000,000	100,000,000	100,000,000		100,000,000
Capital							$ 1,000
Proceeds from Issuance Initial Public Offering		$ 93,000,000
Treasury Stock, Shares, Retired		1,000
Proceeds from Issuance of Common Stock					$ 110,491,000
Restricted Stock or Unit Expense				$ 34,000	34,000
Scenario, Forecast [Member]
Class of Stock [Line Items]
Restricted Stock or Unit Expense					$ 200,000
Share-based Compensation Award, Tranche Three [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					23,333
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	100,000	10,000			110,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					0
Restricted Stock [Member] \| Share Based Compensation Award Tranche Four [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					20,000
Restricted Stock [Member] \| Share Based Compensation Award Tranche Five [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					20,000
Restricted Stock [Member] \| Share-based Compensation Award, Tranche One [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					23,333
Restricted Stock [Member] \| Share-based Compensation Award, Tranche Two [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					23,333
Director [Member] \| Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		2,500
2015 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance		200,000
Founder [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Private Placement		$ 5,000,000
IPO [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		5,000,000
Private Placement [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		250,000
Over-Allotment Option [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock		$ 14,000,000
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues					5,750,000
Common Stock [Member] \| IPO [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			1,000
Common Stock [Member] \| Over-Allotment Option [Member]
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		750,000

CONSOLIDATED STATEMENT OF CASH FLOWS - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Cash flows from operating activities:
Net loss	$ (1,287)
Stock-based compensation	34
Deferred termination fee to affiliate	150
Interest capitalized on outstanding loans	(80)
Accretion of deferred loan origination fees and costs	(3)
Changes in operating assets and liabilities:
Interest receivable	(32)
Other assets	(86)
Due to Manager	698
Accounts payable, accrued expenses, and other liabilities	206
Net cash used in operating activities	(400)
Cash flows from investing activities
Funding of first mortgages	(14,343)
Funding of mezzanine loans	(6,424)
Acquisition of other investment	(881)
Net cash used in investing activities	(21,648)
Cash flows from financing activities
Net proceeds from issuance of common stock	110,491
Net cash provided from financing activities	110,491
Net change in cash and cash equivalents	88,443
Cash and cash equivalents at the beginning of the year	1
Cash and cash equivalents at the end of the period	88,444
Supplemental disclosures of non-cash activities:
Restricted Cash - customer due diligence deposits and retained borrower funds for loan costs	91
Accrued offering costs	100
Accounts payable withheld from loan funding	3
Retirement of common stock	1
Dividend declared	$ 2,139