United Development Funding IV fka UDFI

[Jh5142]

The Balance Sheet provided in the letter is simple. There are no Loan Participation Interests from related parties; and Notes Receivable from related parties is only $6.5 million down from $60 million.

There is a new asset called Investment in Partnerships; $21 million. It will be interesting to see the details of that.

The Portfolio composition is good info. The $330 million loan portfolio is backed by 19,000 lots at varying levels of development. Some of the deals probably have senior/bank loans ahead of UDF's loans. The $330 million against 19k lots comes to $17k per lot, which seems reasonable.

All 44 of the loans are in Texas and 80% are in DFW- that's encouraging.