The loan balance they gave was net of reserves. They just didn't tell us what the reserves were.
I've forgotten the details, but at one point I tried to calculate the reserves by looking at 1) Centurion's loan balance listed in a municipal bond prospectus, 2) the allocation of Centurion's loans between UDF III, IV, V, etc based on the 2015 financials and 3) the loan balances shown in the 12/31/20 financials.
In simple terms, say Centurion had a balance of $500 million across all UDF entities at 9/30/15 and had $200 million at UDF IV (40% of total).
If the prospectus said its current loan balance was $800 million, then I assumed 40% of that, or $320 was at UDF IV.
I then compared that amount to the total loans on the 12/31/20 bs. If I remember correctly, the implication was that Centurion should have owed UDF IV a lot more than what was on the 12/31/20 bs.
That could mean 1) UDF IV has taken a bunch of reserves, 2) Centurion was paying down IV loans faster than it was paying down III or V loans, 3) the analysis required so many assumptions that it was useless, 4) UDF IV's portfolio is almost 100% Centurion or 5) I screwed something up.