Concentration of Risks and Uncertainties

9 Months Ended

Sep. 30, 2016

Risks and Uncertainties [Abstract]

Concentration of Risks and Uncertainties

Concentration of Risks and Uncertainties

The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing expenses. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, notes receivable, other receivables, investments held by SPEs and investments in retained interests. The Company deposits and invests cash with regional financial institutions, which balances exceed the amount of F.D.I.C. insurance provided on such deposits. In addition, as of September 30, 2016, the Company had $99.7 million invested in U.S. Treasury securities, $113.7 million invested in eight issuers of corporate debt securities that are non-investment grade and $23.2 million invested in three issuers of preferred stock that are non-investment grade. In addition, as of September 30, 2016, the Company had investments in short term commercial paper from seven issuers of $139.5 million.