United Development Funding IV fka UDFI

[Jh5142]

It is hard to continue being patient. But, EI makes a good point that there is a lot that has to be figured out. It's not just the appropriate loan values and potential reserves.

The collateral for many of the loans are reimbursements. Those have real value, but that value is sometimes dependent on the subdivision getting developed, then homes being sold to homeowners.

There's also better disclosures needed. UDF V and III did not even break out individual loans in their filings like UDF IV did. I always wondered why.

I would expect better disclosure on all the inter-company dealings.

And then there's idea that the new auditor may have issues with previously filings. It's complicated for sure. There will be a lot of scrutiny on them.

I'm still of the opinion that the audit should have been completed by now. I'm just hopeful that we see either see filings by year end or the declaration of a dividend.