CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net income	$ 16,151	$ 6,977
Adjustments to reconcile net income to net cash used in operating activities:
Interest capitalized on outstanding loans	(9,410)	(3,114)
Change in fair market value of investments	(12,943)	(5,682)
Stock-based compensation	1,184	727
Equity in earnings from unconsolidated self-storage real estate venture	(980)	(1,012)
Return on investment from unconsolidated self-storage joint venture	462	329
Depreciation and amortization	1,624	91
Amortization of deferred financing costs	381	11
Accretion of origination fees	(341)	(299)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(171)	(369)
Due to Manager	403	19
Accounts payable, accrued expenses, and other liabilities	151	97
Net cash used in operating activities	(3,489)	(2,225)
Cash flows from investing activities
Purchase of corporate fixed assets	(34)	(19)
Purchase of self-storage real estate owned	(9,087)	(1,270)
Capital additions to self-storage real estate owned	(205)
Capital contributions to unconsolidated self-storage real estate venture	(1,653)	(3,172)
Advances to unconsolidated self-storage real estate venture	(11,832)	(27,481)
Repayment of advances to unconsolidated self-storage real estate venture	13,014	22,396
Cash received for developer’s equity prior to funding		1,254
Origination fees received in cash	1,868	2,680
Development property and bridge loan investments	(170,989)	(78,129)
Funding of other loans	(718)	(8,940)
Repayments of investment portfolio investments	3,257	12,239
Repayments of other loans	534	12,704
Net cash used in investing activities	(175,845)	(67,738)
Cash flows from financing activities
Cash received from Credit Facility, net of issuance costs	34,433
Borrowings on (repayments of) senior loan participations	(732)	1,658
Repayment of Credit Facility	(35,000)
Deferred financing costs		(12)
Stock repurchase	(314)	(128)
Net proceeds from issuance of common stock	81,831	108,235
Costs related to the future issuance of common stock		(3)
Dividends paid on common stock	(10,107)	(6,283)
Net cash provided by financing activities	175,688	103,119
Net change in cash and cash equivalents	(3,646)	33,156
Cash and cash equivalents at the beginning of the period	46,977	67,373
Cash and cash equivalents at the end of the period	43,331	100,529
Series A Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of preferred stock	69,963
Dividends paid on preferred stock	(1,288)	$ (348)
Series B Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of preferred stock	37,463
Dividends paid on preferred stock	$ (561)