United Development Funding IV fka UDFI

[ofirm]

I am sorry, but you do have an unaudited balance sheet. since the
balance sheet was submitted to a court of law, verification of cash
and balances had to have been done. same thing for ownership of
assets of joint ventures.
If you look at the repayments over 5 years (over 80% of loans at 2015
repaid), one would have to assume that most of the then loans were
realized. some of it was natural and some due to Bass (having to
realize > $170M in loans to pay back loans). looking at where the
market is, one would have to conclude that remaining reserves would
need to be reversed and that whatever was in joint ventures is
probably more valuable now. also, keep in mind that book value
usually gives very little value to options on extra payments due to
certain conditions being met.
The rate of realizations of land and the valuations in which those
happen have to have improved the fund condition by a lot.