United Development Funding IV fka UDFI

[ofirm]

I found that same statement quite interesting too. I believe the way to
understand it as the way you did. to me that means they were extra conservative
in their valuations. the only other way I could understand it is that many of the
loans are second lien (or worse - unsecured) and the one thing that bugs me is
that there is a cross collateral agreement - meaning collateral does not get released
after being paid off unless the rest of the loans are healthy. healthy would include
properly colleteralized - or so I would assume.