Rendering

Component: (Network and Table)
Network
127 - Disclosure - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
(http://www.jernigancapital.com/role/FairValueOfFinancialInstrumentsTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001622353 (http://www.sec.gov/CIK)
Fair Value Disclosures [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Fair Value Disclosures [Abstract]
 
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
These tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Company’s determination of fair values.
 
As of December 31, 2016
 
 
 
 
Unobservable Inputs
 
 
Primary Valuation
 
 
 
 
 
Weighted
Asset Category
 
Techniques
 
Input
 
Estimated Range
 
Average
Development property investments (a)
 
Income approach analysis
 
Market yields/ discount rate
 
7.23 - 9.28%
 
8.34%
 
 
 
 
Exit date
 
0.17 - 3.88 years
 
1.81 years
 
 
 
 
 
 
 
 
 
Development property investments with a profits interest (b)
 
Option pricing model
 
Volatility
 
68.72 - 73.46%
 
73.17%
 
 
 
 
Exit date
 
1.42 - 3.88 years
 
2.12 years
 
 
 
 
Capitalization rate(c)
 
5.25 - 5.50%
 
5.47%
 
 
 
 
Discount rate
 
8.25 – 8.50%
 
8.47%
 
 
 
 
 
 
 
 
 
Operating property loans
 
Income approach analysis
 
Market yields/ discount rate
 
6.09 - 7.20%
 
6.73%
 
 
 
 
Exit date(d)
 
4.50 – 5.66 years
 
5.07 years
 
(a)
The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. Therefore, this line item focuses on all development property investments, including those with a profits interest.
(b)
The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investments with a profits interest only require incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation.
(c)
Ten properties were 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments.
(d)
The exit dates for the operating property loans are the contractual maturity dates.
 
As of December 31, 2015
 
 
 
 
Unobservable Inputs
 
 
Primary Valuation
 
 
 
 
 
Weighted
Asset Category
 
Techniques
 
Input
 
Estimated Range
 
Average
Development property investments (a)
 
Income approach analysis
 
Market yields/ discount rate
 
7.74 - 9.35%
 
8.77%
 
 
 
 
Exit date
 
1.17 - 3.83 years
 
3.02 years
 
 
 
 
 
 
 
 
 
Development property investments with a profits interest (b)
 
Option pricing model
 
Volatility
 
72.46 - 73.12%
 
72.82%
 
 
 
 
Exit date
 
3.31 - 3.83 years
 
3.49 years
 
 
 
 
Capitalization rate (c)
 
6.00 - 6.50%
 
6.38%
 
 
 
 
 
 
 
 
 
Operating property loans
 
Income approach analysis
 
Market yields/
discount rate
 
6.22 - 7.53%
 
6.91%
 
 
 
 
Exit date (d)
 
5.50 - 6.68 years
 
5.97 years
 
(a)
The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. Therefore, this line item focuses on all development property investments, including those with a profits interest.
(b)
The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investments with a profits interest only require incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation.
(c)
Four properties were 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments.
(d)
The exit dates for the operating property loans are the contractual maturity dates.
  
Schedule Of Change In Fair Value Of Investments Due To Change In Market Yield Discount Rates [Table Text Block]
The following fluctuations in the market yields/discount rates would have had the following impact on the fair value of our investments: 
 
 
 
Increase (decrease) in fair value of investments
 
Change in market yields/discount rates  (in millions)
 
December 31, 2016
 
December 31, 2015
 
Up 25 basis points
 
$
(0.3)
 
$
(0.5)
 
Down 25 basis points, subject to a minimum yield/rate of 10 basis points
 
 
0.3
 
 
0.4
 
  
Schedule Of Change In Fair Value Of Investments Due To Change In Capitalization Rates [Table Text Block]
The following fluctuations in the capitalization rates would have had the following impact on the fair value of our investments:
 
 
 
Increase (decrease) in fair value of investments
 
Change in capitalization rates  (in millions)
 
December 31, 2016
 
December 31, 2015
 
Up 25 basis points
 
$
(2.1)
 
$
(0.1)
 
Down 25 basis points
 
 
2.3
 
 
0.1
 
 
 
 
 
 
 
 
 
Up 50 basis points
 
 
(3.8)
 
 
(0.1)
 
Down 50 basis points
 
 
4.6
 
 
0.2
 
  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table presents changes in investments that use Level 3 inputs for the years ended December 31, 2016 and 2015:
 
 
 
Year ended December 31,
 
 
 
2016
 
2015
 
Balance as of beginning of period
 
$
59,822
 
$
-
 
Net realized gains
 
 
-
 
 
-
 
Net unrealized gains
 
 
18,370
 
 
872
 
Fundings of principal and change in unamortized origination fees
 
 
45,689
 
 
63,996
 
Repayments of loans
 
 
(15,037)
 
 
(6,019)
 
Payment-in-kind interest
 
 
3,856
 
 
973
 
Contribution of assets to SL1 Venture (see Note 5, Investment in Real Estate Venture)
 
 
(7,693)
 
 
-
 
Net transfers in or out of Level 3
 
 
-
 
 
-
 
Balance at end of period
 
$
105,007
 
$
59,822