With your 'back the the envelope' estimate of $300 mm, that's with no debt bringing per share value to around $10.
There were about 17 loans with balances under $1 million. So, excluding those, then the average balance would be closer to $10 million.
The problem is that some of the high balance loans are the ones that may be the highest of risk.
There was $177 mm of subordinated loans and $30 million unsecured.
In an affidavit, Hollis said that overall loan balances have decreased from $1.2 B to $900 mm. that reduction in loan balances allowed the repayment of over $200 mm of debt. Another indication that there is still a considerable loan portfolio within UDF.
This additional info on page 6 doesn't allow anymore insight into the actual loan value for UDFI, but in my mind, it increases the odds of the value being above $4.