United Development Funding IV (UDFI) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	United Development Funding IV
Entity Central Index Key	1,440,292
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	UDF
Entity Common Stock, Shares Outstanding		30,672,626

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 18,979,309	$ 30,481,912
Restricted cash	8,762,368	7,048,976
Accrued interest receivable	29,817,746	18,098,976
Accrued receivable - related parties	6,207,849	3,343,867
Loan participation interest - related parties, net	35,255,640	40,658,253
Notes receivable, net	513,177,132	508,435,988
Notes receivable - related parties, net	69,644,615	60,497,391
Lot inventory	0	10,621,316
Other assets	2,214,647	2,966,105
Total assets	684,059,306	682,152,784
Liabilities:
Accrued liabilities	1,642,185	5,518,861
Accrued liabilities - related parties	1,352,357	1,228,028
Distributions payable	0	1,224,956
Notes payable	50,000,000	50,000,000
Lines of credit	120,906,488	120,238,340
Total liabilities	$ 173,901,030	$ 178,210,185
Commitments and contingencies
Shareholders’ equity:
Shares of beneficial interest; $0.01 par value; 400,000,000 shares authorized; 32,699,815 shares issued and 30,669,362 shares outstanding at September 30, 2015, and 32,657,880 shares issued and 30,627,427 shares outstanding at December 31, 2014	$ 326,998	$ 326,578
Additional paid-in-capital	573,120,388	572,077,700
Accumulated deficit	(21,887,324)	(27,059,893)
Shareholders’ equity before treasury shares	551,560,062	545,344,385
Less: Treasury shares, 2,030,453 shares at September 30, 2015 and December 31, 2014, at cost	(41,401,786)	(41,401,786)
Total shareholders’ equity	510,158,276	503,942,599
Total liabilities and shareholders’ equity	$ 684,059,306	$ 682,152,784

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Shares of beneficial interest, shares authorized	400,000,000	400,000,000
Shares of beneficial interest, shares issued	32,699,815	32,657,880
Shares of beneficial interest, shares outstanding	30,669,362	30,627,427
Treasury shares	2,030,453	2,030,453

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income:
Interest income	$ 17,196,861	$ 16,554,881	$ 50,895,925	$ 47,228,062
Interest income - related parties	3,490,930	2,672,045	10,429,239	7,290,717
Total interest income	20,687,791	19,226,926	61,325,164	54,518,779
Interest expense:
Interest expense	2,621,865	1,909,455	7,860,380	2,885,557
Net interest income	18,065,926	17,317,471	53,464,784	51,633,222
Provision for loan losses	0	773,820	0	2,214,607
Net interest income after provision for loan losses	18,065,926	16,543,651	53,464,784	49,418,615
Noninterest income:
Commitment fee income	390,065	754,067	1,477,212	2,275,605
Commitment fee income - related parties	113,082	79,767	332,870	173,451
Lot inventory sales income	6,107,131	2,976,000	10,621,316	6,864,137
Total noninterest income	6,610,278	3,809,834	12,431,398	9,313,193
Noninterest expense:
Management fees - related party	2,392,690	2,325,276	7,479,095	7,629,346
Lot inventory sales cost	6,107,131	2,976,000	10,621,316	6,864,137
Listing expenses	0	77,028	0	5,115,229
General and administrative	1,521,734	1,217,717	3,701,910	3,934,933
General and administrative - related parties	340,673	382,431	1,218,328	(1,376,394)
Total noninterest expense	10,362,228	6,978,452	23,020,649	22,167,251
Net income	$ 14,313,976	$ 13,375,033	$ 42,875,533	$ 36,564,557
Net income per weighted average share outstanding (in dollars per share)	$ 0.47	$ 0.44	$ 1.40	$ 1.16
Weighted average shares outstanding (in shares)	30,663,199	30,632,925	30,646,129	31,616,870
Distributions per weighted average share outstanding (in dollars per share)	$ 0.41	$ 0.34	$ 1.23	$ 1.14

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Net income	$ 42,875,533	$ 36,564,557
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	0	2,214,607
Amortization expense	1,710,612	955,686
Share-based compensation	483,838	557,531
Changes in assets and liabilities:
Accrued interest receivable	(11,513,703)	(9,909,085)
Accrued receivable - related parties	(3,183,764)	859,788
Other assets	(959,154)	(1,124,539)
Accrued liabilities (including related parties)	(1,632,434)	711,314
Net cash provided by operating activities	27,780,928	30,829,859
Investing Activities
Investments in loan participation interest - related parties	(17,172,868)	(16,212,677)
Principal receipts from loan participation interest - related parties	16,472,966	17,265,709
Investments in notes receivable	(107,374,139)	(169,294,765)
Principal receipts from notes receivable	109,273,884	97,298,100
Investments in notes receivable - related parties	(16,454,016)	(20,092,790)
Principal receipts from notes receivable - related parties	6,883,134	3,911,059
Investments in lot inventory	0	(9,786,217)
Receipts from lot inventory	8,501,402	5,497,128
Net cash provided by (used in) investing activities	130,363	(91,414,453)
Financing Activities
Purchase of treasury shares	0	(37,058,319)
Proceeds from borrowings on lines of credit	27,466,230	85,992,416
Payments on lines of credit	(26,798,082)	(9,162,986)
Proceeds from notes payable	0	35,000,000
Distributions, net of shareholders’ distribution reinvestment	(38,368,650)	(29,968,122)
Restricted cash	(1,713,392)	(5,767,581)
Net cash (used in) provided by financing activities	(39,413,894)	39,035,408
Net decrease in cash and cash equivalents	(11,502,603)	(21,549,186)
Cash and cash equivalents at beginning of period	30,481,912	33,565,191
Cash and cash equivalents at end of period	18,979,309	12,016,005
Supplemental Cash Flow Information:
Cash paid for interest	7,755,068	2,450,728
Supplemental Cash Flow Information - Non-Cash Investing and Financing Activities:
Shareholders’ distribution reinvestment	559,270	8,703,842
Assignment of loans	6,640,888	8,342,680
Lot inventory - earnest money	$ 2,119,913	$ 1,064,274

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Shares [Member]	Accumulated Deficit [Member]
BALANCE at Dec. 31, 2013	$ 531,109,559	$ 321,152	$ 562,442,028	$ (4,257,653)	$ (27,395,968)
BALANCE (in shares) at Dec. 31, 2013		32,115,232		212,907
Redemption of shares	(37,058,319)	$ 0	85,814	$ (37,144,133)	0
Redemption of shares (in shares)		0		1,817,546
Share-based compensation	557,531	$ 974	556,557	$ 0	0
Share-based compensation (in shares)		97,410		0
Net income	36,564,557	$ 0	0	$ 0	36,564,557
Distributions	(36,018,514)	0	0	0	(36,018,514)
Shareholders’ distribution reinvestment	8,703,842	$ 4,353	8,699,489	$ 0	0
Shareholders’ distribution reinvestment (in shares)		435,250		0
BALANCE at Sep. 30, 2014	503,858,656	$ 326,479	571,783,888	$ (41,401,786)	(26,849,925)
BALANCE (in shares) at Sep. 30, 2014		32,647,892		2,030,453
BALANCE at Dec. 31, 2014	503,942,599	$ 326,578	572,077,700	$ (41,401,786)	(27,059,893)
BALANCE (in shares) at Dec. 31, 2014		32,657,880		2,030,453
Share-based compensation	483,838	$ 100	483,738	$ 0	0
Share-based compensation (in shares)		10,000		0
Net income	42,875,533	$ 0	0	$ 0	42,875,533
Distributions	(37,702,964)	0	0	0	(37,702,964)
Shareholders’ distribution reinvestment	559,270	$ 320	558,950	$ 0	0
Shareholders’ distribution reinvestment (in shares)		31,935		0
BALANCE at Sep. 30, 2015	$ 510,158,276	$ 326,998	$ 573,120,388	$ (41,401,786)	$ (21,887,324)
BALANCE (in shares) at Sep. 30, 2015		32,699,815		2,030,453

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	A. Nature of Business United Development Funding IV (which may be referred to as the “Trust,” “we,” “our,” or “UDF IV”) was organized on May 28, 2008 (“Inception”) as a Maryland real estate investment trust. The Trust is the sole general partner of and owns a 99.999 0.001 As of September 30, 2015, the Trust owns a 100 ⋅ UDF IV Home Finance, L.P. (“UDF IV HF”) ⋅ UDF IV Finance I, L.P. (“UDF IV FI”) ⋅ UDF IV Finance II, L.P. (“UDF IV FII”) ⋅ UDF IV Acquisitions, L.P. (“UDF IV AC”) ⋅ UDF IV Finance III, L.P. (“UDF IV FIII”) ⋅ UDF IV Finance IV, L.P. (“UDF IV Fin IV”) ⋅ UDF IV Finance V, L.P. (“UDF IV Fin V”) ⋅ UDF IV Finance VI, L.P. (“UDF IV Fin VI”) ⋅ UDF IV Finance VII, L.P. (“UDF IV Fin VII”) ⋅ UDF IV Finance VIII, L.P. (“UDF IV Fin VIII”) ⋅ UDF IV Finance IX, L.P. (“UDF IV Fin IX”) ⋅ UDF IV Finance X, L.P. (“UDF IV Fin X”) As of September 30, 2015, the Trust is the sole member of the following Delaware limited liability companies, each of which, as of September 30, 2015 and December 31, 2014, had no assets, liabilities or equity: ⋅ UDF IV HF Manager, LLC, the general partner of UDF IV HF ⋅ UDF IV Finance I Manager, LLC, the general partner of UDF IV FI ⋅ UDF IV Finance II Manager, LLC, the general partner of UDF IV FII ⋅ UDF IV Acquisitions Manager, LLC, the general partner of UDF IV AC ⋅ UDF IV Finance III Manager, LLC, the general partner of UDF IV FIII ⋅ UDF IV Finance IV Manager, LLC, the general partner of UDF IV Fin IV ⋅ UDF IV Finance V Manager, LLC, the general partner of UDF IV Fin V ⋅ UDF IV Finance VI Manager, LLC, the general partner of UDF IV Fin VI ⋅ UDF IV Finance VII Manager, LLC, the general partner of UDF IV Fin VII ⋅ UDF IV Finance VIII Manager, LLC, the general partner of UDF IV Fin VIII ⋅ UDF IV Finance IX Manager, LLC, the general partner of UDF IV Fin IX ⋅ UDF IV Finance X Manager, LLC, the general partner of UDF IV Fin X As of September 30, 2015, the Trust owns 100 ⋅ UDF IV LB I, Inc. (“UDF IV LBI”) ⋅ UDF IV LB II, Inc. (“UDF IV LBII”) ⋅ UDF IV Woodcreek, Inc. ⋅ UDF IV LB III, Inc. (“UDF IV LBIII”) ⋅ UDF IV LB IV, Inc. (“UDF IV LBIV”) ⋅ UDF IV LB V, Inc. (“UDF IV LBV”) ⋅ UDF IV TRS-BR1, Inc. ⋅ UDF IV TRS-BR2, Inc. The Trust primarily originates, purchases, participates in and holds for investment secured loans made directly by the Trust or indirectly through its affiliates to persons and entities for the acquisition and development of parcels of real property as single-family residential lots or mixed-use master planned residential communities, for the construction of single-family homes and for completed model homes. The Trust also makes direct investments in land for development into single-family lots, home construction and portfolios of finished lots and model homes; provides credit enhancements to real estate developers, home builders, land bankers and other real estate investors; and purchases participations in, or finances for other real estate investors the purchase of, securitized real estate loan pools and discounted cash flows secured by state, county, municipal or other similar assessments levied on real property. The Trust also may enter into joint ventures with unaffiliated real estate developers, home builders, land bankers and other real estate investors, or with other United Development Funding-sponsored programs, to originate or acquire, as the case may be, the same kind of loans or real estate investments the Trust may originate or acquire directly. UMTH General Services, L.P. (“UMTH GS” or the “Advisor”), a Delaware limited partnership, is the Trust’s advisor and is responsible for managing the Trust’s affairs on a day-to-day basis. UMTH GS has engaged UMTH LD as the Trust’s asset manager. The asset manager oversees the investing and financing activities of the affiliated programs managed and advised by the Advisor and UMTH LD. In addition, the asset manager underwrites transactions within the guidelines adopted by the Trust and advises the Trust regarding investments and finance transactions, management, policies and guidelines. The asset manager reviews the transaction structure and terms, underwriting, collateral, performance and risk management for each investment, and also manages the Trust’s capital structure. On June 4, 2014, we listed our common shares of beneficial interest (the “Listing”) on The NASDAQ Global Select Market (“NASDAQ”) under the symbol “UDF” and concurrently commenced an offer to purchase up to 1,707,317 20.50 The Trust’s sole employee is its Chief Operating Officer, who was appointed by our board of trustees on February 3, 2014, effective February 17, 2014. The Trust does not maintain any physical properties. The Trust’s operations are conducted at the corporate offices of the Trust’s Advisor at 1301 Municipal Way, Grapevine, Texas 76051.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	B. Summary of Significant Accounting Policies A summary of our significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: These consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, with the instructions to Form 10-Q and with Regulation S-X. They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there has been no material change to the information disclosed in our 2014 Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (“SEC”) on March 16, 2015 (the “2014 10-K”). The accompanying interim consolidated financial statements should be read in conjunction with the consolidated financial statements filed in our 2014 10-K. In the opinion of management, the accompanying consolidated financial statements include all adjustments, consisting solely of normal recurring adjustments, considered necessary to present fairly our financial position, results of operations and cash flows as of and for the interim period. Operating results and cash flows for the nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates and assumptions. As of September 30, 2015, the loan participation interest – related parties have terms ranging from 7 to 31 months and bear interest at rates ranging from 12% to 15%. As of September 30, 2015, the notes receivable and notes receivable – related parties have terms ranging from 4 to 84 months and bear interest at rates ranging from 11% to 15%. The notes may be paid off prior to maturity; however, we intend to hold all notes for the life of the notes. Lot inventory consists of finished single-family residential lots purchased by UDF IV LBI, UDF IV LBII, UDF IV LBIII, UDF IV LBIV and UDF IV LBV (collectively, the “UDF IV LB Entities”) from third-party builders. Each UDF IV LB Entity has entered into a lot option agreement with a builder whereby the builder will reacquire the lots in accordance with a takedown schedule for a pre-determined lot price identified in the lot option agreement. As of September 30, 2015, there are no lots remaining in our lot inventory. The allowance for loan losses is our estimate of incurred losses in our portfolio of notes receivable, notes receivable – related parties and loan participation interest – related parties. We periodically perform a detailed review of our portfolio of notes and other loans to determine if impairment has occurred and to assess the adequacy of the allowance for loan losses. Our review consists of evaluating economic conditions, the estimated value of the underlying collateral, the guarantor, adverse situations that may affect the borrower’s ability to pay or the value of the collateral, and other relevant factors. We also utilize a peer group analysis and a historical analysis to validate the overall adequacy of our allowance for loan losses. This review is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. In reviewing our portfolio, we consider cash flow estimates from the disposition of finished lots, paper lots (residential lots shown on a plat that has been accepted by the city or county) and undeveloped land as well as cash flow received from the issuance of bonds from municipal reimbursement and public improvement districts. These estimates are based on current market metrics, including, without limitation, the supply of finished lots, paper lots and undeveloped land, the supply of homes and the rate and price at which land and homes are sold, historic levels and trends, executed contracts, appraisals and discussions with third-party market analysts and participants, including homebuilders. We base our valuations on current and historic market trends and on our analysis of market events and conditions, including activity within our portfolio, and on the analysis of third-party services such as Metrostudy and Residential Strategies, Inc. Cash flow forecasts are also based on executed purchase contracts, which provide base prices, escalation rates, and absorption rates on an individual project basis. We also consider third-party appraisals which provide a valuation in accordance with guidelines set forth in the Uniform Standards of Professional Appraisal Practice. In addition to cash flows from the disposition of property, cost analysis is performed based on estimates of development and senior financing expenditures provided by developers and independent professionals on a project-by-project basis. These amounts are reconciled with our best estimates to establish the net realizable value of the portfolio. We charge additions to the allowance for loan losses to current period earnings through a provision for loan losses. Amounts determined to be uncollectible are charged directly against, or “charged off,” the allowance for loan losses, and therefore decrease such allowance, while amounts recovered on previously charged off accounts increase the allowance. As of both September 30, 2015 and December 31, 2014, the allowance for loan losses had a balance of approximately $ 6.8 As of September 30, 2015 and December 31, 2014, we were accruing interest on all loan participation interest – related parties, notes receivable and notes receivable – related parties. Commitment fee income and commitment fee income – related parties represents non-refundable fees charged to borrowers for entering into an obligation that commits us to make or acquire a loan or to satisfy a financial obligation of the borrower when certain conditions are met within a specified time period. As of September 30, 2015 and December 31, 2014, approximately $ 743,000 1.5 52,000 124,000 Pre-Listing Advisory Agreement In connection with the advisory agreement dated November 12, 2009, between the Trust and the Advisor, as amended by the first amendment dated June 2, 2010 (the “Pre-Listing Advisory Agreement”), the Trust was required to pay certain fees to the Advisor or an affiliate of the Advisor, as described below. ⋅ An amount equal to 3 ⋅ An amount equal to 2 and ⋅ An amount equal to 1 0.25 Advisory Agreement On May 29, 2014, the Trust and the Advisor entered into a new advisory agreement, effective upon the completion of the Listing (the “Advisory Agreement”). The Pre-Listing Advisory Agreement automatically terminated upon completion of the Listing. The Advisory Agreement changed the compensation arrangement with the Advisor. Pursuant to the Advisory Agreement, the Trust is required to pay the following fees to its Advisor or an affiliate of its Advisor: ⋅ An amount paid monthly equal to one-twelfth of 1.5% of the equity of the Trust, as defined in the Advisory Agreement (the “Base Management Fee”); ⋅ An amount payable in quarterly installments equal to the difference between (1) the product of (a) 20 8 ⋅ Debt Financing Fees equal to 0.5 0.25 In addition to the fees described above, pursuant to the terms of the Advisory Agreement, the Trust will reimburse the Advisor and its affiliates for expenses they incur on behalf of the Trust, including expenses incurred by the Advisor in employing the Trust’s Chief Financial Officer and Treasurer (the “Advisor Expense Reimbursement”). In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, which may require more judgment and estimates within the revenue recognition process than are required under exi sting GAAP. In August 2015, the FASB p rovided for a one-year deferral of the effect In February 2015, the FASB issued ASU No. 2015-02, Consolidation In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders Equity Note [Abstract]
Shareholders Equity Note Disclosure [Text Block]	C. Shareholders’ Equity Offering On November 12, 2009, the Trust’s Registration Statement on Form S-11, covering an initial public offering (the “Offering”) of up to 25,000,000 20 The Offering also initially covered up to 10,000,000 20 We had the right to reallocate the common shares of beneficial interest registered in the Offering between the Primary Offering and the Primary DRIP Offering, and pursuant to Supplement No. 6 to our prospectus regarding the Offering, which was filed with the SEC on May 3, 2013, we reallocated the shares being offered to be 34,000,000 1,000,000 On April 19, 2013, we registered 7,500,000 20 On August 4, 2014, we filed a Registration Statement on Form S-3 with the SEC that allows us to publicly offer and sell common shares of beneficial interest, preferred shares of beneficial interest and debt securities, from time to time, in one or more future offerings, up to a maximum aggregate offering price of $ 750 On August 4, 2014, we filed Post-Effective Amendment No. 1 (the “Amended Secondary DRIP Offering”) to our Registration Statement on Form S-3 filed on April 19, 2013, in which we originally registered 7,500,000 As of September 30, 2015, the Trust had issued an aggregate of 32,592,405 30,735,813 614.7 535.0 723,617 14.5 1,087,543 21.7 45,432 0.8 2,030,453 41.4 Distributions We must distribute to our shareholders at least 90 Our board of trustees authorized distributions payable to our shareholders on a monthly basis commencing on December 18, 2009. For distributions declared for each record date in the July 2011 through May 2014 periods, our daily distribution rate was $ 0.0044932 1.64 th From June 2014 through December 2015, our board of trustees has authorized monthly distributions of $ 0.1367 1.64 Authorization Date (1) Record Date (2) Rate (3) Pay Date (4) November 17, 2014 November 28, 2014 $ 0.04 February 4, 2015 (1) Represents the date the distribution was authorized by our board of trustees. (2) All outstanding common shares of beneficial interest as of the record date received the distribution. (3) Represents the distribution rate per common share of beneficial interest on the record date. (4) Represents the date the special distribution was paid in cash. Nine Months Ended September 30, 2015 2014 Distributions paid in cash $ 38,369,000 $ 29,968,000 Distributions reinvested 559,000 8,704,000 Total distributions $ 38,928,000 $ 38,672,000 Source of distributions: Cash from operations $ 27,781,000 71 % $ 29,107,000 75 % Borrowings under credit facilities 11,147,000 29 % 9,565,000 25 % Total sources $ 38,928,000 100 % $ 38,672,000 100 % For the nine months ended September 30, 2015 and 2014, respectively, we issued 31,935 435,250 We utilize cash to fund operating expenses, make investments, service debt obligations and pay distributions. We receive cash from operations (which includes interest payments), as well as cash from investing activities (which includes repayment of principal on loans we have made) and financing activities (which includes borrowing proceeds and additional capital from the sale of our shares). We have secured various lines of credit to manage the timing of our cash receipts and funding requirements. We expect that the majority of our future distributions will be funded from operating cash flow. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Distributions paid (1) $ 12,575,000 $ 12,554,000 $ 38,928,000 $ 38,672,000 Add: current period distribution accrual (2) - - - - Less: previous period accrual reversal (2) - (2,209,000) (1,225,000) (2,653,000) Distributions $ 12,575,000 $ 10,345,000 $ 37,703,000 $ 36,019,000 Weighted average shares outstanding 30,663,199 30,632,925 30,646,129 31,616,870 Distributions paid per weighted average share outstanding $ 0.41 $ 0.41 $ 1.27 $ 1.22 Distributions per weighted average share outstanding $ 0.41 $ 0.34 $ 1.23 $ 1.14 (1) Represents total cash and DRIP distributions paid during the period indicated. (2) Represents impact of accruals and accrual reversals during the period indicated for distributions declared, but not paid. Share Redemption Program Prior to its suspension and ultimate termination, our share redemption program enabled our shareholders to sell their shares back to us in limited circumstances. On May 30, 2014, we announced the termination of our share redemption program, effective upon Listing. Pursuant to our share redemption program, for the nine months ended September 30, 2014, we received valid redemption requests relating to 183,166 106,018 2.0 18.60 On January 13, 2015, our board of trustees authorized the Trust to repurchase up to $ 25 0.01 Tender Offer Pursuant to our Tender Offer, on July 9, 2014, we purchased 1,707,317 20.50 35.0 4,211 86,000 20.50 Adoption of Equity Incentive Plans In connection with the Listing, on May 29, 2014, our board of trustees, including a majority of the independent trustees, approved the adoption of equity incentive plans for the Advisor (the “Advisor Equity Plan”), its trustees, officers, advisors and consultants (the “Equity Plan”) and its non-executive trustees (the “Non-Executive Trustee Stock Plan”). These equity incentive plans (collectively, the “Equity Incentive Plans”) are overseen by our board of trustees’ compensation committee, which consists solely of non-executive trustees. Shares issued pursuant to the Equity Incentive Plans are subject to an aggregate limitation of 2,423,284 7.5 The Advisor Equity Plan provides for the grant of stock options, restricted common shares, restricted stock units, stock appreciation rights and other equity-based awards to the Advisor. The Advisor may in turn issue such awards to its officers, employees or other consultants in order to promote the success of the Trust. The Equity Plan provides for the grant of stock options, restricted common shares, restricted stock units, dividend equivalent rights and other equity-based awards to the trustees, officers and other employees and independent contractors, including employees or trustees of the Advisor and its affiliates who are providing services to the Trust. The Non-Executive Trustee Stock Plan provides for the issuance of restricted common shares, restricted stock units, or other equity-based awards to the Trust’s non-executive trustees in order to provide incentives to such trustees to promote the success of the Trust. Share Based Compensation On February 3, 2014, our board of trustees appointed Stacey H. Dwyer as our Chief Operating Officer, effective February 17, 2014. In connection with this appointment, we entered into an employment agreement with Ms. Dwyer effective as of February 17, 2014. Pursuant to her employment agreement, Ms. Dwyer’s compensation includes an initial equity award of 82,410 12,500 The following table reflects Restricted Shares that have been granted to Ms. Dwyer and Restricted Shares that vested or have been forfeited by Ms. Dwyer during the nine months ended September 30, 2015. Grant Date Restricted Fair Value Shares Per Share Total Outstanding as of January 1, 2015 (1) 82,410 $ 20.00 $ 1,648,200 Granted (2) - - - Vested (1) (20,602) 20.00 (412,050) Forfeited - - - Outstanding as of September 30, 2015 61,808 $ 20.00 $ 1,236,150 (1) In accordance with her employment agreement, the Trust and Ms. Dwyer entered into a Restricted Stock Award Agreement on February 21, 2014, pursuant to which the Trust issued 82,410 shares to Ms. Dwyer. These shares vest and become non-forfeitable annually over four years after the grant date of February 21, 2014. Specifically, 20,602.50 shares shall vest and become non-forfeitable on each of the first, second, third and fourth anniversaries of the grant date, subject to Ms. Dwyer’s continued employment as an officer of the Trust as of each such vesting date. (2) In accordance with Ms. Dwyer’s employment agreement and pursuant to its Equity Plan, the trust will grant 12,500 common shares of beneficial interest to Ms. Dwyer on each anniversary date of the effective date of the Employment Agreement (the first anniversary of which was February 17, 2015), with each annual equity grant vesting five years after the applicable grant date, subject to Ms. Dwyer’s continued employment as an officer of the Trust as of each such vesting date provided that, if the closing price per share is less than $ 18.00 For the Nine Months Ended September 30, 2014 For the Nine Months Ended September 30, 2015 Common Shares of Additional Common Shares of Additional Beneficial Interest Paid-in Beneficial Interest Paid-in Date of issue Description Shares Amount Capital Expense Shares Amount Capital Expense February 17, 2014 Initial equity award 82,410 $ 824 $ 256,707 $ 257,531 (1) - $ - $ 309,038 $ 309,038 (1) June 4, 2014 Listing award (2) 15,000 150 299,850 300,000 (2) - - - - June 30, 2015 Bonus payment (3) - - - - 10,000 100 174,700 - (3) TOTAL 97,410 $ 974 $ 556,557 $ 557,531 10,000 $ 100 $ 483,738 $ 309,038 (1) Compensation expense associated with the initial equity award of 82,410 shares is included in general and administrative expense. Compensation expense is recognized on a straight-line basis over the four year vesting period associated with the initial equity award based on a grant date fair value of $20 per share. (2) As a result of the Listing on June 4, 2014, a total of 15,000 20.00 300,000 (3) Pursuant to her employment agreement, Ms. Dwyer receives an annual minimum guaranteed bonus of $ 350,000 10,000 17.48

Loans and Allowance for Loan Lo

Loans and Allowance for Loan Losses	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Financing Receivables [Text Block]	D. Loans and Allowance for Loan Losses September 30, 2015 December 31, 2014 Loan participation interest – related parties, net $ 35,256,000 $ 40,658,000 Notes receivable, net 513,177,000 508,436,000 Notes receivable – related parties, net 69,645,000 60,497,000 Total $ 618,078,000 $ 609,591,000 September 30, 2015 December 31, 2014 Real Estate: Construction, acquisition and land development $ 625,624,000 $ 618,006,000 Provision for loan losses (6,752,000) (6,752,000) Unamortized commitment fees (794,000) (1,663,000) Total $ 618,078,000 $ 609,591,000 Related Party Non-related party Total Maturity % of % of % of Date Amount Loans Total Amount Loans Total Amount Loans Total Matured $ - - - $ 35,304,000 8 7 % $ 35,304,000 8 6 % 2015 20,057,000 4 19 % 125,462,000 15 24 % 145,519,000 19 23 % 2016 56,862,000 10 54 % 260,932,000 58 50 % 317,794,000 68 51 % 2017 8,707,000 2 8 % 87,159,000 22 17 % 95,866,000 24 15 % 2018 7,826,000 3 8 % 11,815,000 4 2 % 19,641,000 7 3 % 2019 - - - - - - - - - 2020 - - - - - - - - - 2021 11,500,000 1 11 % - - - 11,500,000 1 2 % Total $ 104,952,000 20 100 % $ 520,672,000 107 100 % $ 625,624,000 127 100 % Full collectability is considered probable for all eight loans that have matured as of September 30, 2015. The following table represents the scheduled maturity dates of the 131 loans outstanding as of December 31, 2014: Related Party Non-related party Total Maturity % of % of % of Date Amount Loans Total Amount Loans Total Amount Loans Total Matured $ - - - $ 16,357,000 5 3 % $ 16,357,000 5 3 % 2015 58,812,000 11 58 % 300,727,000 46 58 % 359,539,000 57 57 % 2016 15,857,000 5 16 % 118,308,000 37 23 % 134,165,000 42 22 % 2017 10,231,000 2 10 % 81,334,000 23 16 % 91,565,000 25 15 % 2018 4,880,000 1 5 % - - - 4,880,000 1 1 % 2019 - - - - - - - - - 2020 - - - - - - - - - 2021 11,500,000 1 11 % - - - 11,500,000 1 2 % Total $ 101,280,000 20 100 % $ 516,726,000 111 100 % $ 618,006,000 131 100 % Matured Loan Net Activity Extensions During the During the Nine Months Nine Months Ended Loans Ended September Matured September 30, 30, 2015 for During the 2015 for Loans Loans Nine Months Matured as of Matured as of Ended Maturity % of December 31, December 31, September 30, % of Date Amount Loans Total 2014 (1) 2014 (2) 2015 (3) Amount Loans Total Non-Related Matured as of December 31, 2014 2015 Activity (4) Matured as of September 30, 2015 2014 $ 16,357,000 5 100 % $ - $ 676,000 $ - $ 17,033,000 5 48 % 2015 - - - - - 18,271,000 18,271,000 3 52 % Total $ 16,357,000 5 100 % $ - $ 676,000 $ 18,271,000 $ 35,304,000 8 100 % (1) Amounts represent aggregate unpaid principal balance as of December 31, 2014 of matured loans as of December 31, 2014 that were extended during the nine months ended September 30, 2015. (2) For loans matured as of December 31, 2014, net loan activity represents all activity on the loans during the nine months ended September 30, 2015, including accrued interest, payment of fees and expenses, charge-offs and/or repayments. There were no charge-offs during the nine months ended September 30, 2015. (3) Amounts represent aggregate unpaid principal balance as of September 30, 2015 of loans that matured during the nine months ended September 30, 2015 and remained matured as of September 30, 2015. (4) The table does not reflect activity for loans that matured or were due to mature during the nine months ended September 30, 2015, but were extended effective on or prior to September 30, 2015. A loan is placed on non-accrual status and income recognition is suspended at the date at which, in the opinion of management, a full recovery of income and principal becomes more likely than not, but is no longer probable, based upon our review of economic conditions, the estimated value of the underlying collateral, the guarantor, adverse situations that may affect the borrower’s ability to pay or the value of the collateral and other relevant factors. Income recognition is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. Any payments received on loans classified as non-accrual status are typically applied first to outstanding loan amounts and then to the recovery of lost interest. As of September 30, 2015 and December 31, 2014, we have not placed any loans on non-accrual status. We evaluate our portfolio of notes receivable, notes receivable – related parties, and loan participation interest – related parties on a loan-by-loan basis quarterly or as circumstances or events arise that warrant more frequent review. In conjunction with this evaluation, we apply the guidance in FASB Accounting Standards Codification (“ASC”) 310-10-35, Receivables – Overall – Subsequent Measurement Interest is recognized on an accrual basis for impaired loans in which the collectability of the unpaid principal amount is deemed probable. Any payments received on such loans are first applied to outstanding accrued interest receivable and then to outstanding unpaid principal balance. Unpaid principal balance is materially the same as recorded investments. Any payments received on impaired loans in which the collectability of the unpaid principal amount is less than probable are typically applied to outstanding unpaid principal and then to the recovery of lost interest on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. As of September 30, 2015, we had eight matured loans with an unpaid principal balance of approximately $ 35.3 34.2 1.1 35.0 3.1 16.4 1.6 25,000 As part of the ongoing monitoring of the credit quality of the loan portfolio, we periodically, no less than quarterly, perform a detailed review of our portfolio of mortgage notes and other loans. The following is a general description of the credit levels used: Level 1 – Full collectability of loans in this category is considered probable. Level 2 – Full collectability of loans in this category is deemed more likely than not, but not probable, based upon our review of economic conditions, the estimated value of the underlying collateral, the guarantor, adverse situations that may affect the borrower’s ability to pay or the value of the collateral and other relevant factors. Interest income is suspended on Level 2 loans. Level 3 – For loans in this category, it is probable that we will be unable to collect all amounts due. September 30, 2015 December 31, 2014 Level 1 $ 625,624,000 $ 618,006,000 Level 2 - - Level 3 - - Total $ 625,624,000 $ 618,006,000 The allowance for loan losses is our estimate of incurred losses in our portfolio of notes receivable, notes receivable – related parties and loan participation interest – related parties. We periodically perform a detailed review of our portfolio of notes and other loans to determine if impairment has occurred and to assess the adequacy of the allowance for loan losses. We charge additions to the allowance for loan losses to current period earnings through a provision for loan losses. Amounts determined to be uncollectible are charged directly against (and decrease) the allowance for loan losses (“charged off”), while amounts recovered on previously charged off amounts increase the allowance for loan losses. Year Ended Three Months Ended September 30, Nine Months Ended September 30, December 31, 2015 2014 2015 2014 2014 Allowance for loan losses: Balance at beginning of period $ 6,752,000 $ 5,269,000 $ 6,752,000 $ 3,828,000 $ 3,828,000 Provision charged to earnings - 774,000 - 2,215,000 2,924,000 Loan losses: Charge-offs - - - - - Recoveries - - - - - Net loan losses - - - - - Balance at end of period $ 6,752,000 $ 6,043,000 $ 6,752,000 $ 6,043,000 $ 6,752,000 Ending balance, individually evaluated for impairment $ - $ - $ - $ - $ - Ending balance, collectively evaluated for impairment $ 6,752,000 $ 6,043,000 $ 6,752,000 $ 6,043,000 $ 6,752,000 Financing receivables: Balance at end of period $ 625,624,000 $ 601,469,000 $ 625,624,000 $ 601,469,000 $ 618,006,000 Ending balance, individually evaluated for impairment $ 34,167,000 $ 564,000 $ 34,167,000 $ 564,000 $ 16,357,000 Ending balance, collectively evaluated for impairment $ 591,457,000 $ 600,905,000 $ 591,457,000 $ 600,905,000 $ 601,649,000 We have adopted the provisions of ASU No. 2011-02, A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring

Lot Inventory

Lot Inventory	9 Months Ended
	Sep. 30, 2015
Real Estate Assets Held for Development and Sale [Abstract]
Lot Inventory [Text Block]	E. Lot Inventory For the Nine Months Ended September 30, 2015 2014 Lot inventory, beginning of period $ 10,621,000 $ 8,237,000 Purchases of lots - 12,217,000 Sales of lots (10,621,000) (6,864,000) Lot inventory, end of period $ - $ 13,590,000

Notes Payable and Lines of Cred

Notes Payable and Lines of Credit	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	F. Notes Payable and Lines of Credit In connection with the credit facilities described below, we have agreed to pay Debt Financing Fees to the Advisor. See Note I – Related Party Transactions, for further discussion of fees paid to related parties. Notes Payable Waterfall 4 Loan On July 2, 2014, we entered into a loan agreement (as amended, the “Waterfall 4 Loan”) with Waterfall Finance 4, LLC (“Waterfall 4”) for a $ 35 10.0 October 14, 2015 On July 23, 2015, the Trust and the Waterfall 4 Assignees entered into a Loan Modification Agreement and an Amended and Restated Promissory Note (collectively, the “Waterfall 4 Modification Documents”) which extended the maturity date of the Waterfall 4 Loan from July 2, 2015 to October 14, 2015. Pursuant to the Waterfall 4 Modification Documents, the Trust may, at its option, (i) extend the maturity date of the loan on a monthly basis for up to an additional three months or (ii) extend the term of the loan until October 14, 2016, provided that the Trust is in compliance with the financial covenants of the loan agreement. All accrued and unpaid interest is payable on the fifth day of each calendar month during the term or any extended term of the Waterfall 4 Loan. If the Trust extends the loan to October 14, 2016, the Trust is required to make monthly principal payments in the amount of $ 2,916,667 175,000 Waterfall 3 Loan On October 14, 2014, we entered into a loan agreement (as amended, the “Waterfall 3 Loan”) with Waterfall Finance 3, LLC (“Waterfall 3”) for a $ 15 10.0 October 14, 2015 On July 23, 2015, the Trust and the Waterfall 3 Assignees entered into a Loan Modification Agreement and an Amended and Restated Promissory Note (collectively, the “Waterfall 3 Modification Documents”), pursuant to which the Trust may, at its option, (i) extend the maturity date of the loan on a monthly basis for up to an additional three months or (ii) extend the term of the loan until October 14, 2016, provided that the Trust is in compliance with the financial covenants of the loan agreement. All accrued and unpaid interest is payable on the fifth day of each calendar month during the term or any extended term of the Waterfall 3 Loan. If the Trust extends the loan to October 14, 2016, the Trust is required to make monthly principal payments in the amount of $ 1,250,000 75,000 Lines of Credit UDF IV HF CTB Revolver On May 19, 2010, UDF IV HF entered into a revolving line of credit (as amended, the “UDF IV HF CTB Revolver”) with Community Trust Bank of Texas (“CTB”) with a maximum principal amount of $ 30.0 effective as of July 30, 2015, the maturity date of the UDF IV HF CTB Revolver was extended to July 30, 2016 0.25 In consideration for its guarantee of the UDF IV HF CTB Revolver, UDF IV HF agreed to pay UDF III a monthly credit enhancement fee equal to 1/12th of 1 CTB Revolver On August 19, 2010, UDF IV AC entered into a revolving line of credit (as amended, the “CTB Revolver”) with CTB with a maximum principal amount of $ 25.0 4.25% effective as of July 30, 2015, the maturity date of the CTB Revolver was extended to July 30, 2016 0.25 In consideration for its guarantee of the CTB Revolver, UDF IV AC agreed to pay UDF III a monthly credit enhancement fee equal to 1/12th of 1 Prosperity Revolver On December 14, 2010, UDF IV FII obtained a revolving credit facility (as amended, the “Prosperity Revolver”) from F&M Bank and Trust Company (“F&M”) in the maximum principal amount of $ 15.0 and is scheduled to mature on December 14, 2016 In consideration for its guarantee of the Prosperity Revolver, UDF IV FII agreed to pay UDF III a monthly credit enhancement fee equal to 1/12th of 1 Legacy Revolver On November 1, 2011, UDF IV FIII obtained a credit facility (as amended, the “Legacy Revolver”) from LegacyTexas Bank (“Legacy”) in the maximum principal amount of $ 15.0 January 12, 2017 15.0 Veritex Revolver On July 31, 2012, UDF IV Fin IV obtained a revolving credit facility (as amended, the “Veritex Revolver”) from Veritex Community Bank, National Association (“Veritex”) in the maximum principal amount of $ 14.5 4.5% July 31, 2017 Affiliated Bank Revolver On July 23, 2013, UDF IV Fin V obtained a revolving credit facility (as amended, the “Affiliated Bank Revolver”) from Affiliated Bank (“Affiliated Bank”) in the maximum principal amount of $ 7.5 July 23, 2016 UDF IV Fin VII Legacy Revolver On August 5, 2013, UDF IV Fin VII obtained a revolving credit facility (the “UDF IV Fin VII Legacy Revolver”) from Legacy in the maximum principal amount of $ 10.0 the loan bore interest at 5.0% per annum effective as of August 5, 2015, the maturity date of the UDF IV Fin VII Legacy Revolver was extended to August 5, 2017 the interest rate was modified to 4.5% per annum 100,000 UDF IV Fin VI CTB Revolver On August 19, 2013, UDF IV Fin VI obtained a revolving credit facility (as amended, the “UDF IV Fin VI CTB Revolver”) from CTB in the maximum principal amount of $ 15.0 4.25 0.25 15.0 In consideration for its guarantee of the UDF IV Fin VI CTB Revolver, UDF IV Fin VI agreed to pay UDF III a monthly credit enhancement fee equal to 1/12th of 1 Independent Bank Revolver On December 6, 2013, UDF IV Fin VIII obtained a revolving credit facility (the “Independent Bank Revolver”) from Independent Bank (“Independent Bank”) in the maximum principal amount of $ 15.0 0.5 15.0 Capital Bank Revolver On December 11, 2014, UDF IV Fin IX obtained a revolving credit facility (the “Capital Bank Revolver”) from Capital Bank (“Capital Bank”) in the maximum principal amount of $ 8.0 December 11, 2018 AMB Revolver On June 24, 2015, UDF IV Fin X obtained a revolving credit facility from American Momentum Bank (“AMB”) in the maximum principal amount of $ 15.0 In connection with the AMB Revolver, UDF IV Fin X agreed to pay an origination fee of $ 150,000 Summary Information Facility September 30, 2015 December 31, 2014 Waterfall 4 Loan $ 35,000,000 $ 35,000,000 Waterfall 3 Loan 15,000,000 15,000,000 UDF IV HF CTB Revolver 16,848,000 19,290,000 CTB Revolver 21,659,000 19,826,000 Prosperity Revolver 11,757,000 14,512,000 Legacy Revolver 4,834,000 5,000,000 Veritex Revolver 10,274,000 13,064,000 Affiliated Bank Revolver 7,500,000 7,500,000 UDF IV Fin VII Legacy Revolver 9,299,000 6,028,000 UDF IV Fin VI CTB Revolver 13,744,000 13,560,000 Independent Bank Revolver 13,816,000 13,756,000 Capital Bank Revolver 8,000,000 7,702,000 AMB Revolver 3,175,000 - Total $ 170,906,000 $ 170,238,000

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments Contingencies and Guarantees [Text Block]	G. Commitments and Contingencies Litigation In the ordinary course of business, the Trust may become subject to litigation or claims. There are no material pending or threatened legal proceedings known to be contemplated against the Trust. Off-Balance Sheet Arrangements From time to time, we enter into guarantees of debtor’s borrowings and provide credit enhancements for the benefit of senior lenders in connection with our debtors and investments in partnerships (collectively referred to as “guarantees”), and account for such guarantees in accordance with FASB ASC 460-10, Guarantees. Related Party Guarantees A majority of our trustees (including a majority of our independent trustees) who are not otherwise interested in these transactions have approved the following related party guarantees as being fair and reasonable to us and on terms and conditions not less favorable to us than those available from unaffiliated third parties. In connection with the funding of some of our organization costs, on June 26, 2009, UMTH LD, our asset manager, entered into a $ 6.3 3.3 4.0 Effective December 30, 2011, we entered into a Guaranty of Payment and Guaranty of Completion (collectively, the “Stoneleigh Guaranty”) for the benefit of Babson Mezzanine Realty Investors II, L.P. (“Babson”) as agent for a group of lenders pursuant to which we guaranteed all amounts due associated with a $ 25.0 75 100 1 Effective July 22, 2013, we entered into a guaranty agreement (the “URHF Guaranty”) pursuant to which we guaranteed all amounts due associated with a $ 15.0 100 July 22, 2016 1 2.3 5.0 Effective July 18, 2014, we entered into a guaranty agreement (the “Rowe Lane Guaranty”) pursuant to which we guaranteed all amounts due associated with a $ 6.0 July 18, 2018 1 5.0 3.3 Effective August 29, 2014, we entered into a credit enhancement in the form of a guarantee (the “BRHG TX-I Guaranty”) pursuant to which we guaranteed all amounts due associated with a $ 25.0 1 25.0 Effective May 13, 2015, we entered into a credit enhancement in the form of a guarantee (the “SFH DFW Guaranty”) pursuant to which we guaranteed all amounts due associated with a $ 3.0 1 733,000 Effective May 21, 2015, we entered into a credit enhancement in the form of a guarantee (the “Felder CND Guaranty”) pursuant to which we guaranteed all amounts due associated with a $ 6.4 132.594 1 1.1 For the Three Months Ended For the Nine Months Ended September 30, September 30, Facility 2015 2014 2015 2014 Stoneleigh Guaranty $ - $ 10,000 $ - $ 36,000 URHF Guaranty 9,000 12,000 35,000 24,000 Rowe Lane Guaranty 13,000 8,000 33,000 8,000 BRHG TX-I Guaranty 62,000 21,000 187,000 21,000 SFH DFW Guaranty 2,000 - 2,000 - Felder CND Guaranty 3,000 - 4,000 - Total $ 89,000 $ 51,000 $ 261,000 $ 89,000 As of September 30, 2015 and December 31, 2014, approximately $ 325,000 104,000 As of September 30, 2015, including the related party guarantees described above, we had 12 82.5 50.2 8 59.7 43.1

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2015
Economic Dependency [Abstract]
Economic Dependency Disclosure [Text Block]	H. Economic Dependency Under various agreements, the Trust has engaged or will engage the Advisor and its affiliates to provide certain services that are essential to the Trust, including asset management services, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Trust. As a result of these relationships, the Trust is dependent upon the Advisor and its affiliates. In the event that these entities were unable to provide the Trust with the respective services, the Trust would be required to find alternative providers of these services.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	I. Related Party Transactions Guarantees From time to time, we enter into guarantees of our affiliates’ borrowings. For further discussion of related party guarantees, see Note G – Commitments and Contingencies. Management Fees Prior to the Listing, we incurred monthly Advisory Fees payable to our Advisor. Subsequent to the Listing, we incur monthly Base Management Fees and potentially quarterly Incentive Management Fees payable to our Advisor. The Advisory Fees, Base Management Fees and Incentive Management Fees (collectively, “Management Fees”) are discussed further in Note B above. As of September 30, 2015 and December 31, 2014, approximately $ 1.3 1.2 Summary of Related Party Payments and Expenses Acquisition and Origination Fees Prior to the Listing on June 4, 2014, we incurred Acquisition and Origination Fees equal to 3 In connection with our Listing on June 4, 2014, we ceased offering common shares of beneficial interest pursuant to our Secondary DRIP Offering and concurrently reversed approximately $ 3.2 In accordance with the terms of the Advisory Agreement entered into on May 29, 2014, we do not pay Acquisition and Origination Fees to our Advisor. Therefore, there were no Acquisition and Origination Fees payable to UMTH LD as of September 30, 2015 or December 31, 2014. See tables within this note in Summary of Related Party Payments and Expenses Debt Financing Fees Pursuant to the origination of any line of credit or other debt financing, we pay Debt Financing Fees to our Advisor, as described in Note B. These Debt Financing Fees are expensed on a straight line basis over the life of the financing arrangement. For the Three Months Ended For the Nine Months Ended September 30, September 30, Facility 2015 2014 2015 2014 UDF IV HF CTB Revolver $ 7,000 $ 56,000 $ 120,000 $ 93,000 CTB Revolver 12,000 15,000 53,000 24,000 Prosperity Revolver 5,000 16,000 14,000 49,000 Legacy Revolver 8,000 - 21,000 - Veritex Revolver 10,000 13,000 36,000 26,000 Affiliated Bank Loan 8,000 10,000 29,000 25,000 UDF IV Fin VII Legacy Revolver 7,000 17,000 45,000 42,000 UDF IV Fin VI CTB Revolver 17,000 38,000 98,000 100,000 Independent Bank Revolver 28,000 19,000 84,000 56,000 Waterfall 4 Loan 44,000 44,000 131,000 44,000 Waterfall 3 Loan 19,000 - 56,000 - Capital Bank Revolver 3,000 - 7,000 - AMB Revolver 6,000 - 8,000 - Total $ 174,000 $ 228,000 $ 702,000 $ 459,000 As of both September 30, 2015 and December 31, 2014, there were no unpaid Debt Financing Fees included in accrued liabilities – related parties. Credit Enhancement Fees We and our wholly-owned subsidiaries will occasionally enter into financing arrangements that require guarantees from entities affiliated with us. These guarantees require us to pay fees (“Credit Enhancement Fees”) to our affiliated entities as consideration for their guarantees. These Credit Enhancement Fees are expensed as incurred or recorded as a prepaid asset and amortized, based on the terms of the guarantee agreements. For the Three Months Ended For the Nine Months Ended September 30, September 30, Facility 2015 2014 2015 2014 UDF IV HF CTB Revolver $ 44,000 $ 42,000 $ 150,000 $ 97,000 CTB Revolver 53,000 47,000 150,000 119,000 Prosperity Revolver 31,000 34,000 99,000 53,000 UDF IV Fin VI CTB Revolver 33,000 26,000 99,000 48,000 Total $ 161,000 $ 149,000 $ 498,000 $ 317,000 As of September 30, 2015 and December 31, 2014, approximately $ 53,000 56,000 Advisor Expense Reimbursement See tables within this note in Summary of Related Party Payments and Expenses 2,000 Summary of Related Party Payments and Expenses For the Nine Months Ended September 30, For the Year Ended Payee Purpose 2015 2014 December 31, 2014 UMTH GS Management Fees $ 7,351,000 88 % $ 7,422,000 88 % $ 9,751,000 87 % Debt Financing Fees 480,000 6 % 601,000 7 % 754,000 7 % Advisor Expense Reimbursement 18,000 * 4,000 * 12,000 * UMTH LD Acquisition and Origination Fees - - 259,000 3 % 259,000 2 % UDF III Credit Enhancement Fees 501,000 6 % 193,000 2 % 416,000 4 % Total Payments $ 8,350,000 100 % $ 8,479,000 100 % $ 11,192,000 100 % * Less than 1% For the Three Months Ended September 30, For the Nine Months Ended September 30, Purpose 2015 2014 2015 2014 Management Fees $ 2,393,000 100 % $ 2,325,000 100 % $ 7,479,000 100 % $ 7,629,000 100 % Total Management Fees – related party $ 2,393,000 100 % $ 2,325,000 100 % $ 7,479,000 100 % $ 7,629,000 100 % Amortization of Debt Financing Fees $ 174,000 51 % $ 227,000 60 % $ 702,000 58 % $ 459,000 (33) % Acquisition and Origination Fees (1) - - - - - - (2,160,000) 157 % Credit Enhancement Fees 161,000 47 % 149,000 39 % 498,000 41 % 317,000 (23) % Advisor Expense Reimbursement 6,000 2 % 6,000 1 % 18,000 1 % 8,000 (1) % Total General and administrative – related parties $ 341,000 100 % $ 382,000 100 % $ 1,218,000 100 % $ (1,376,000) 100 % (1) Includes approximately $3.2 million in Acquisition and Origination Fees that were reversed in June 2014 associated with estimated Secondary DRIP Offering proceeds. In connection with our Listing, we ceased offering common shares of beneficial interest pursuant to our Secondary DRIP Offering. Loan Participation Interest – Related Parties A majority of our trustees (including a majority of our independent trustees) who are not otherwise interested in these transactions have approved the following loan participation interest – related parties agreements as being fair and reasonable to us and on terms and conditions not less favorable to us than those available from unaffiliated third parties. Buffington Participation On December 18, 2009, we entered into a participation agreement (the “Buffington Participation”) with UMT Home Finance, LP (“UMTHF”), an affiliated Delaware limited partnership, pursuant to which we purchased a participation interest in UMTHF’s construction loan to Buffington Texas Classic Homes, LLC (“Buffington Classic”), an affiliated Texas limited liability company. Our Advisor also serves as the advisor for UMT, which owns 100 Buffington Classic Participation On March 24, 2010, we entered into a participation agreement (the “Buffington Classic Participation”) with UDF III pursuant to which we purchased a 100 TR Finished Lot Participation On June 30, 2010, we purchased a participation interest (the “TR Finished Lot Participation”) in a finished lot loan (the “Travis Ranch II Finished Lot Loan”) made by UDF III to CTMGT Travis Ranch II, LLC, an unaffiliated Texas limited liability company. Our asset manager, UMTH LD, is also the general partner of UDF III. On December 17, 2014, UDF III sold its interest in the Travis Ranch II Finished Lot Loan to an unrelated third party and our participation in this loan was paid in full . TR Paper Lot Participation On June 30, 2010, we purchased a participation interest (the “TR Paper Lot Participation”) in a paper lot loan (the “Travis Ranch Paper Lot Loan”) from UDF III to CTMGT Travis Ranch, LLC, an unaffiliated Texas limited liability company. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III. The TR Paper Lot Participation is due and payable in full on January 28, 2016. Pine Trace Participation On May 31, 2012, we entered into a participation agreement (the “Pine Trace Participation”) with UMT Home Finance III, L.P. (“UMTHFIII”), an affiliated Delaware limited partnership, pursuant to which we purchased a participation interest in UMTHFIII’s loan (the “Pine Trace Loan”) to Pine Trace Village, LLC an unaffiliated Texas limited liability company (“Pine Trace”). Our Advisor also serves as the advisor for UMT, which owns 100 Northpointe Participation On June 11, 2012, we entered into a participation agreement (the “Northpointe Participation”) with UDF III pursuant to which we purchased a participation interest in UDF III’s loan (the “Northpointe Loan”) to UDF Northpointe, LLC, an unaffiliated Texas limited liability company (“Northpointe”). The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III. Effective June 4, 2015, the Northpointe Loan was amended, resulting in a current maturity date of June 4, 2016. The Northpointe Participation has also been extended to June 4, 2016 in connection with this amendment. In determining whether to extend this participation, we evaluated the economic conditions, the estimated value and performance of the underlying collateral, adverse situations that may affect the borrower’s ability to pay or the value of the collateral and other relevant factors. Northpointe II Participation On May 2, 2013, we entered into a participation agreement (the “Northpointe II Participation”) with UDF III pursuant to which we purchased a participation interest in UDF III’s loan (the “Northpointe II Loan”) to UDF Northpointe II, LLC (“Northpointe II”), an affiliated Delaware limited partnership. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III. The Northpointe II Participation is due and payable in full on December 28, 2015. UMTHF Megatel Participation On October 3, 2013, we entered into a participation agreement (the “UMTHF Megatel Participation”) with UMTHF pursuant to which we purchased a participation interest in UMTHF’s construction loan (the “UMTHF Megatel Loan”) to Megatel Homes II, LLC (“Megatel”). Our Advisor also serves as the advisor for UMT, which owns 100 URHF Buckingham Participation On December 16, 2013, we entered into a participation agreement (the “URHF Buckingham Participation”) with URHF pursuant to which we purchased a participation interest in URHF’s $ 4.9 100 URHF Bratton Hill Participation On December 16, 2013, we entered into a participation agreement (the “URHF Bratton Hill Participation”) with URHF pursuant to which we purchased a participation interest in URHF’s $ 3.0 100 URHF Glenmore Participation On May 6, 2014, we entered into a participation agreement (the “URHF Glenmore Participation”) with URHF pursuant to which we purchased a participation interest in URHF’s $ 4.2 100 . URHF Gateway Participation On May 6, 2014, we entered into a participation agreement (the “URHF Gateway Participation”) with URHF pursuant to which we purchased a participation interest in URHF’s $ 7.6 100 UMTHF Mason Park Participation On October 6, 2014, we entered into a participation agreement (the “UMTHF Mason Park Participation”) with UMTHFIII pursuant to which we purchased a participation interest in UMTHFIII’s loan (the “Mason Park Loan”) to Buffington Mason Park, Ltd., an unaffiliated Texas limited partnership (“Mason Park”). Our Advisor also serves as the advisor for UMT, which owns 100 Summary Information Loan Name September 30, 2015 December 31, 2014 Buffington Participation $ - $ - Buffington Classic Participation - - TR Finished Lot Participation - - TR Paper Lot Participation 17,763,000 15,014,000 Pine Trace Participation 3,008,000 3,766,000 Northpointe Participation 1,216,000 1,216,000 Northpointe II Participation 10,204,000 10,754,000 UMTHF Megatel Participation 3,065,000 2,095,000 URHF Buckingham Participation - 153,000 URHF Bratton Hill Participation - 34,000 URHF Glenmore Participation - 3,700,000 URHF Gateway Participation - 2,349,000 UMTHF Mason Park Participation - 1,577,000 Total $ 35,256,000 $ 40,658,000 Loan Name September 30, 2015 December 31, 2014 Buffington Participation $ - $ - Buffington Classic Participation - - TR Finished Lot Participation - - TR Paper Lot Participation 51,000 609,000 Pine Trace Participation 1,000 111,000 Northpointe Participation 120,000 11,000 Northpointe II Participation 741,000 14,000 UMTHF Megatel Participation 1,000 1,000 URHF Buckingham Participation - 2,000 URHF Bratton Hill Participation - - URHF Glenmore Participation - 74,000 URHF Gateway Participation - 48,000 UMTHF Mason Park Participation - 133,000 Total $ 914,000 $ 1,003,000 For the Three Months Ended For the Nine Months Ended September 30, September 30, Loan Name 2015 2014 2015 2014 Buffington Participation $ - $ - $ - $ 122,000 Buffington Classic Participation - 1,000 - 20,000 TR Finished Lot Participation - 41,000 - 225,000 TR Paper Lot Participation 596,000 502,000 1,735,000 1,451,000 Pine Trace Participation 103,000 165,000 317,000 607,000 Northpointe Participation 37,000 35,000 109,000 124,000 Northpointe II Participation 309,000 198,000 918,000 414,000 UMTHF Megatel Participation 126,000 188,000 427,000 408,000 URHF Buckingham Participation 5,000 2,000 39,000 55,000 URHF Bratton Hill Participation - - 2,000 40,000 URHF Glenmore Participation - 126,000 182,000 203,000 URHF Gateway Participation 82,000 136,000 251,000 221,000 UMTHF Mason Park Participation 59,000 - 168,000 - Total $ 1,317,000 $ 1,394,000 $ 4,148,000 $ 3,890,000 Notes Receivable – Related Parties A majority of our trustees (including a majority of our independent trustees) who are not otherwise interested in these transactions have approved the following notes receivable – related parties agreements as being fair and reasonable to us and on terms and conditions not less favorable to us than those available from unaffiliated third parties. Buffington Classic CL On April 30, 2010, we entered into a construction loan agreement with Buffington Classic (the “Buffington Classic CL”) through which we agreed to provide an interim construction loan facility to Buffington Classic. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD owns an investment in Buffington Homebuilding Group, Ltd., which is the parent of Buffington Classic. Our obligation to originate loans to Buffington Classic under the Buffington Classic CL terminated and was not renewed on October 28, 2014, at which point there was no outstanding balance. HLL II Highland Farms Loan Effective December 22, 2010, we made a finished lot loan (the “HLL II Highland Farms Loan”) of approximately $ 1.9 HLL Hidden Meadows Loan Effective February 17, 2011, we entered into a Loan Agreement providing for a $ 9.9 14.0 In connection with the HLL Hidden Meadows Loan, HLL agreed to pay a $ 99,000 Ash Creek Loan Effective April 20, 2011, we entered into a $ 3.0 UDF TX Two Loan On September 20, 2012, we entered into a loan purchase agreement with a third party to acquire a loan obligation (the “UDF TX Two Loan”) owing from UDF TX Two, L.P., an affiliated Texas limited partnership (“UDF TX Two”), for approximately $ 2.9 50 UDF PM Loan Effective October 17, 2012, we entered into a $ 5.1 6.3 HLL IS Loan Effective November 29, 2012, we entered into a $ 6.4 In connection with the HLL IS Loan, HLL agreed to pay a $ 64,000 One KR Loan Effective December 14, 2012, we entered into a $ 15.3 18.7 In connection with the One KR Loan, One KR agreed to pay a $ 153,000 Rowe Lane Loan Effective February 18, 2014, we entered into a $ 7.5 In connection with the Rowe Lane Loan, Rowe Lane agreed to pay an origination fee of approximately $ 75,000 BRHG TX-I Loan On August 29, 2014, we entered into an $ 11.5 25 Stoneleigh Loan Effective October 13, 2014, we entered into a $ 13.9 75 100 One KR Venture Loan Effective December 30, 2014, we entered into a $ 5.3 Almeda Crossing Loan Effective May 12, 2015, we entered into a $ 2.2 A 2.0 13 200,000 BRHG TX-II Loan On August 13, 2015, we entered into a $ 3.0 25 of BR Homebuilding. UMT Holdings owns all of the limited partnership interests of UMTH LD, our asset manager. Strategic decisions for BR Homebuilding are made by BRHG Gen Par. Mr. Ray and Mr. Etter are two of the three managers of BRHG Gen Par, and Mr. Etter has the ability to appoint the third manager. The loan-to-value ratio associated with this loan may exceed 85% at origination due to BRHG TX-II being a start-up company; however, substantial justification to exceed an 85% loan-to-value ratio was approved by our trustees due to the presence of other underwriting criteria, including the Series B Warrant described below. The BRHG TX-II Loan was approved by a majority of our independent trustees on August 7, 2015. The BRHG TX-II Loan bears interest at 13 SM Place Loan Effective September 22, 2015, we entered into a $ 7.5 13 1.2 Summary Information Loan Name September 30, 2015 December 31, 2014 Buffington Classic CL $ - $ - HLL II Highland Farms Loan 1,760,000 1,773,000 HLL Hidden Meadows Loan 12,653,000 11,317,000 Ash Creek Loan 1,534,000 1,428,000 UDF TX Two Loan - - UDF PM Loan 5,254,000 4,989,000 HLL IS Loan - 2,761,000 One KR Loan 19,050,000 13,669,000 Rowe Lane Loan 5,079,000 4,879,000 BRHG TX-I Loan 11,500,000 11,500,000 Stoneleigh Loan 7,883,000 7,882,000 One KR Venture Loan 1,413,000 423,000 Almeda Crossing Loan 824,000 - BRHG TX-II Loan 1,198,000 - SM Place Loan 1,549,000 - Total $ 69,697,000 $ 60,621,000 Loan Name September 30, 2015 December 31, 2014 Buffington Classic CL $ - $ - HLL II Highland Farms Loan 163,000 6,000 HLL Hidden Meadows Loan 891,000 404,000 Ash Creek Loan 89,000 8,000 UDF TX Two Loan - - UDF PM Loan 583,000 134,000 HLL IS Loan - 32,000 One KR Loan 253,000 62,000 Rowe Lane Loan 5,000 71,000 BRHG TX-I Loan 1,614,000 496,000 Stoneleigh Loan 941,000 672,000 One KR Venture Loan 7,000 - Almeda Crossing Loan 31,000 - BRHG TX-II Loan 3,000 - SM Place Loan 3,000 - Total $ 4,583,000 $ 1,885,000 For the Three Months Ended For the Nine Months Ended September 30, September 30, Loan Name 2015 2014 2015 2014 Buffington Classic CL $ - $ - $ - $ - HLL II Highland Farms Loan 58,000 51,000 171,000 148,000 HLL Hidden Meadows Loan 409,000 368,000 1,171,000 1,079,000 Ash Creek Loan 50,000 50,000 145,000 158,000 UDF TX Two Loan - 16,000 - 49,000 UDF PM Loan 171,000 142,000 499,000 404,000 HLL IS Loan 2,000 88,000 140,000 252,000 One KR Loan 604,000 296,000 1,608,000 903,000 Rowe Lane Loan 166,000 148,000 480,000 289,000 BRHG TX-I Loan 377,000 119,000 1,118,000 119,000 Stoneleigh Loan 258,000 - 766,000 - One KR Venture Loan 48,000 - 146,000 - Almeda Crossing Loan 25,000 - 31,000 - BRHG TX-II Loan 3,000 - 3,000 - SM Place Loan 3,000 - 3,000 - Total $ 2,174,000 $ 1,278,000 $ 6,281,000 $ 3,401,000 Commitment Fee Income We and our wholly-owned subsidiaries will occasionally enter into loan agreements with affiliated entities that require origination fees to be funded to us at the closing of the loan. These origination fees are recognized as revenue over the life of the resulting loan and this revenue is included in commitment fee income – related parties. For the Three Months Ended For the Nine Months Ended September 30, September 30, Loan Name 2015 2014 2015 2014 HLL II Highland Farms Loan $ - $ - $ - $ - HLL Hidden Meadows Loan - 6,000 2,000 19,000 HLL IS Loan 7,000 5,000 18,000 16,000 One KR Loan 13,000 13,000 38,000 38,000 Rowe Lane Loan 5,000 5,000 14,000 12,000 Total $ 25,000 $ 29,000 $ 72,000 $ 85,000

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	J. Concentration of Credit Risk Financial instruments that potentially expose us to concentrations of credit risk are primarily cash and cash equivalents, accrued interest receivable, loan participation interest – related parties, notes receivable and notes receivable – related parties. We maintain deposits in financial institutions that may at times exceed amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation (“FDIC”). We have not experienced any losses related to amounts in excess of FDIC limits. As of September 30, 2015, approximately 99 1 We may invest in multiple secured loans that share a common borrower. The bankruptcy, insolvency or other inability of any borrower that is the subject of multiple loans to pay interest or repay principal on its loans would have adverse consequences on our income and reduce the amount of funds available for distribution to investors. The more concentrated our portfolio is with one or a few borrowers, the greater credit risk we face. The loss of any one of these borrowers would have a material adverse effect on our financial condition and results of operations. We did not have any individual loans to borrowers that accounted for over 10 62 69 5 5

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	K. Subsequent Events On October 1, 2015, our board of trustees authorized monthly distributions of $ 0.1367 On November 4, 2015, our board of trustees authorized a special distribution of $ 0.055

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation These consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, with the instructions to Form 10-Q and with Regulation S-X. They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there has been no material change to the information disclosed in our 2014 Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (“SEC”) on March 16, 2015 (the “2014 10-K”). The accompanying interim consolidated financial statements should be read in conjunction with the consolidated financial statements filed in our 2014 10-K. In the opinion of management, the accompanying consolidated financial statements include all adjustments, consisting solely of normal recurring adjustments, considered necessary to present fairly our financial position, results of operations and cash flows as of and for the interim period. Operating results and cash flows for the nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates and assumptions.
Loan Participation Interest Related Parties [Policy Text Block]	Loan Participation Interest – Related Parties As of September 30, 2015, the loan participation interest – related parties have terms ranging from 7 to 31 months and bear interest at rates ranging from 12% to 15%.
Notes Receivable [Policy Text Block]	Notes Receivable and Notes Receivable – Related Parties As of September 30, 2015, the notes receivable and notes receivable – related parties have terms ranging from 4 to 84 months and bear interest at rates ranging from 11% to 15%. The notes may be paid off prior to maturity; however, we intend to hold all notes for the life of the notes.
Real Estate Held for Development and Sale, Policy [Policy Text Block]	Lot Inventory Lot inventory consists of finished single-family residential lots purchased by UDF IV LBI, UDF IV LBII, UDF IV LBIII, UDF IV LBIV and UDF IV LBV (collectively, the “UDF IV LB Entities”) from third-party builders. Each UDF IV LB Entity has entered into a lot option agreement with a builder whereby the builder will reacquire the lots in accordance with a takedown schedule for a pre-determined lot price identified in the lot option agreement. As of September 30, 2015, there are no lots remaining in our lot inventory.
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Allowance for Loan Losses The allowance for loan losses is our estimate of incurred losses in our portfolio of notes receivable, notes receivable – related parties and loan participation interest – related parties. We periodically perform a detailed review of our portfolio of notes and other loans to determine if impairment has occurred and to assess the adequacy of the allowance for loan losses. Our review consists of evaluating economic conditions, the estimated value of the underlying collateral, the guarantor, adverse situations that may affect the borrower’s ability to pay or the value of the collateral, and other relevant factors. We also utilize a peer group analysis and a historical analysis to validate the overall adequacy of our allowance for loan losses. This review is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. In reviewing our portfolio, we consider cash flow estimates from the disposition of finished lots, paper lots (residential lots shown on a plat that has been accepted by the city or county) and undeveloped land as well as cash flow received from the issuance of bonds from municipal reimbursement and public improvement districts. These estimates are based on current market metrics, including, without limitation, the supply of finished lots, paper lots and undeveloped land, the supply of homes and the rate and price at which land and homes are sold, historic levels and trends, executed contracts, appraisals and discussions with third-party market analysts and participants, including homebuilders. We base our valuations on current and historic market trends and on our analysis of market events and conditions, including activity within our portfolio, and on the analysis of third-party services such as Metrostudy and Residential Strategies, Inc. Cash flow forecasts are also based on executed purchase contracts, which provide base prices, escalation rates, and absorption rates on an individual project basis. We also consider third-party appraisals which provide a valuation in accordance with guidelines set forth in the Uniform Standards of Professional Appraisal Practice. In addition to cash flows from the disposition of property, cost analysis is performed based on estimates of development and senior financing expenditures provided by developers and independent professionals on a project-by-project basis. These amounts are reconciled with our best estimates to establish the net realizable value of the portfolio. We charge additions to the allowance for loan losses to current period earnings through a provision for loan losses. Amounts determined to be uncollectible are charged directly against, or “charged off,” the allowance for loan losses, and therefore decrease such allowance, while amounts recovered on previously charged off accounts increase the allowance. As of both September 30, 2015 and December 31, 2014, the allowance for loan losses had a balance of approximately $ 6.8
Revenue Recognition, Policy [Policy Text Block]	Interest Income and Non-Interest Income Recognition As of September 30, 2015 and December 31, 2014, we were accruing interest on all loan participation interest – related parties, notes receivable and notes receivable – related parties. Commitment fee income and commitment fee income – related parties represents non-refundable fees charged to borrowers for entering into an obligation that commits us to make or acquire a loan or to satisfy a financial obligation of the borrower when certain conditions are met within a specified time period. As of September 30, 2015 and December 31, 2014, approximately $ 743,000 1.5 52,000 124,000
Management and Investment Advisory Fees, Policy [Policy Text Block]	Advisor Fees Pre-Listing Advisory Agreement In connection with the advisory agreement dated November 12, 2009, between the Trust and the Advisor, as amended by the first amendment dated June 2, 2010 (the “Pre-Listing Advisory Agreement”), the Trust was required to pay certain fees to the Advisor or an affiliate of the Advisor, as described below. ⋅ An amount equal to 3 ⋅ An amount equal to 2 and ⋅ An amount equal to 1 0.25 Advisory Agreement On May 29, 2014, the Trust and the Advisor entered into a new advisory agreement, effective upon the completion of the Listing (the “Advisory Agreement”). The Pre-Listing Advisory Agreement automatically terminated upon completion of the Listing. The Advisory Agreement changed the compensation arrangement with the Advisor. Pursuant to the Advisory Agreement, the Trust is required to pay the following fees to its Advisor or an affiliate of its Advisor: ⋅ An amount paid monthly equal to one-twelfth of 1.5% of the equity of the Trust, as defined in the Advisory Agreement (the “Base Management Fee”); ⋅ An amount payable in quarterly installments equal to the difference between (1) the product of (a) 20 8 ⋅ Debt Financing Fees equal to 0.5 0.25 In addition to the fees described above, pursuant to the terms of the Advisory Agreement, the Trust will reimburse the Advisor and its affiliates for expenses they incur on behalf of the Trust, including expenses incurred by the Advisor in employing the Trust’s Chief Financial Officer and Treasurer (the “Advisor Expense Reimbursement”).
New Accounting Pronouncements, Policy [Policy Text Block]	Impact of Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, which may require more judgment and estimates within the revenue recognition process than are required under exi sting GAAP. In August 2015, the FASB p rovided for a one-year deferral of the effect In February 2015, the FASB issued ASU No. 2015-02, Consolidation In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders Equity Note [Abstract]
Schedule Of Special Distributions Made [Table Text Block]	In addition to the distributions discussed above, the following table represents all special distributions authorized by our board of trustees that were paid during the nine months ended September 30, 2015. No special distributions were paid during the nine months ended September 30, 2014. Authorization Date (1) Record Date (2) Rate (3) Pay Date (4) November 17, 2014 November 28, 2014 $ 0.04 February 4, 2015 (1) Represents the date the distribution was authorized by our board of trustees. (2) All outstanding common shares of beneficial interest as of the record date received the distribution. (3) Represents the distribution rate per common share of beneficial interest on the record date. (4) Represents the date the special distribution was paid in cash.
Schedule Of Sources Of Distributions to Equity Holders [Table Text Block]	The distributions paid for the nine months ended September 30, 2015 and 2014, along with the amount of distributions reinvested pursuant to our Secondary DRIP Offering and Amended Secondary DRIP Offering and the sources of our distributions are reflected in the table below. Nine Months Ended September 30, 2015 2014 Distributions paid in cash $ 38,369,000 $ 29,968,000 Distributions reinvested 559,000 8,704,000 Total distributions $ 38,928,000 $ 38,672,000 Source of distributions: Cash from operations $ 27,781,000 71 % $ 29,107,000 75 % Borrowings under credit facilities 11,147,000 29 % 9,565,000 25 % Total sources $ 38,928,000 100 % $ 38,672,000 100 %
Schedule Reconciles Distributions Declared Per Share to Distributions Paid [Table Text Block]	The following tables reconcile the total distributions paid to our calculation of distributions per weighted average share outstanding for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Distributions paid (1) $ 12,575,000 $ 12,554,000 $ 38,928,000 $ 38,672,000 Add: current period distribution accrual (2) - - - - Less: previous period accrual reversal (2) - (2,209,000) (1,225,000) (2,653,000) Distributions $ 12,575,000 $ 10,345,000 $ 37,703,000 $ 36,019,000 Weighted average shares outstanding 30,663,199 30,632,925 30,646,129 31,616,870 Distributions paid per weighted average share outstanding $ 0.41 $ 0.41 $ 1.27 $ 1.22 Distributions per weighted average share outstanding $ 0.41 $ 0.34 $ 1.23 $ 1.14 (1) Represents total cash and DRIP distributions paid during the period indicated. (2) Represents impact of accruals and accrual reversals during the period indicated for distributions declared, but not paid.
Summary Of Impact Of Share Based Compensation On Equity And Expenses [Table Text Block]	The following table summarizes the impact of share-based compensation on equity and expense for the periods indicated. For the Nine Months Ended September 30, 2014 For the Nine Months Ended September 30, 2015 Common Shares of Additional Common Shares of Additional Beneficial Interest Paid-in Beneficial Interest Paid-in Date of issue Description Shares Amount Capital Expense Shares Amount Capital Expense February 17, 2014 Initial equity award 82,410 $ 824 $ 256,707 $ 257,531 (1) - $ - $ 309,038 $ 309,038 (1) June 4, 2014 Listing award (2) 15,000 150 299,850 300,000 (2) - - - - June 30, 2015 Bonus payment (3) - - - - 10,000 100 174,700 - (3) TOTAL 97,410 $ 974 $ 556,557 $ 557,531 10,000 $ 100 $ 483,738 $ 309,038 (1) Compensation expense associated with the initial equity award of 82,410 shares is included in general and administrative expense. Compensation expense is recognized on a straight-line basis over the four year vesting period associated with the initial equity award based on a grant date fair value of $20 per share. (2) As a result of the Listing on June 4, 2014, a total of 15,000 20.00 300,000 (3) Pursuant to her employment agreement, Ms. Dwyer receives an annual minimum guaranteed bonus of $ 350,000 10,000 17.48

Loans and Allowance for Loan 20

Loans and Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Schedule Of Notes and Loans Receivable [Table Text Block]	The table below reflects our aggregate loan portfolio as of September 30, 2015 and December 31, 2014, which comprises loan participation interest – related parties, net, notes receivable, net and notes receivable – related parties, net and is recorded at the lower of cost or estimated net realizable value. September 30, 2015 December 31, 2014 Loan participation interest – related parties, net $ 35,256,000 $ 40,658,000 Notes receivable, net 513,177,000 508,436,000 Notes receivable – related parties, net 69,645,000 60,497,000 Total $ 618,078,000 $ 609,591,000
Schedule Of Classification Of Loan Receivable [Table Text Block]	Our loans are classified as follows: September 30, 2015 December 31, 2014 Real Estate: Construction, acquisition and land development $ 625,624,000 $ 618,006,000 Provision for loan losses (6,752,000) (6,752,000) Unamortized commitment fees (794,000) (1,663,000) Total $ 618,078,000 $ 609,591,000
Schedule Of Maturity Date Of Outstanding Loan Receivable [Table Text Block]	The following table represents the scheduled maturity dates of the 127 loans outstanding as of September 30, 2015: Related Party Non-related party Total Maturity % of % of % of Date Amount Loans Total Amount Loans Total Amount Loans Total Matured $ - - - $ 35,304,000 8 7 % $ 35,304,000 8 6 % 2015 20,057,000 4 19 % 125,462,000 15 24 % 145,519,000 19 23 % 2016 56,862,000 10 54 % 260,932,000 58 50 % 317,794,000 68 51 % 2017 8,707,000 2 8 % 87,159,000 22 17 % 95,866,000 24 15 % 2018 7,826,000 3 8 % 11,815,000 4 2 % 19,641,000 7 3 % 2019 - - - - - - - - - 2020 - - - - - - - - - 2021 11,500,000 1 11 % - - - 11,500,000 1 2 % Total $ 104,952,000 20 100 % $ 520,672,000 107 100 % $ 625,624,000 127 100 % Full collectability is considered probable for all eight loans that have matured as of September 30, 2015. The following table represents the scheduled maturity dates of the 131 loans outstanding as of December 31, 2014: Related Party Non-related party Total Maturity % of % of % of Date Amount Loans Total Amount Loans Total Amount Loans Total Matured $ - - - $ 16,357,000 5 3 % $ 16,357,000 5 3 % 2015 58,812,000 11 58 % 300,727,000 46 58 % 359,539,000 57 57 % 2016 15,857,000 5 16 % 118,308,000 37 23 % 134,165,000 42 22 % 2017 10,231,000 2 10 % 81,334,000 23 16 % 91,565,000 25 15 % 2018 4,880,000 1 5 % - - - 4,880,000 1 1 % 2019 - - - - - - - - - 2020 - - - - - - - - - 2021 11,500,000 1 11 % - - - 11,500,000 1 2 % Total $ 101,280,000 20 100 % $ 516,726,000 111 100 % $ 618,006,000 131 100 %
Schedule of Financing Receivables, Non Accrual Status [Table Text Block]	The following table describes the loans that were matured as of December 31, 2014, the activity with respect to such loans during the nine months ended September 30, 2015 and the loans that matured during the nine months ended September 30, 2015 and remained matured as of September 30, 2015: Matured Loan Net Activity Extensions During the During the Nine Months Nine Months Ended Loans Ended September Matured September 30, 30, 2015 for During the 2015 for Loans Loans Nine Months Matured as of Matured as of Ended Maturity % of December 31, December 31, September 30, % of Date Amount Loans Total 2014 (1) 2014 (2) 2015 (3) Amount Loans Total Non-Related Matured as of December 31, 2014 2015 Activity (4) Matured as of September 30, 2015 2014 $ 16,357,000 5 100 % $ - $ 676,000 $ - $ 17,033,000 5 48 % 2015 - - - - - 18,271,000 18,271,000 3 52 % Total $ 16,357,000 5 100 % $ - $ 676,000 $ 18,271,000 $ 35,304,000 8 100 % (1) Amounts represent aggregate unpaid principal balance as of December 31, 2014 of matured loans as of December 31, 2014 that were extended during the nine months ended September 30, 2015. (2) For loans matured as of December 31, 2014, net loan activity represents all activity on the loans during the nine months ended September 30, 2015, including accrued interest, payment of fees and expenses, charge-offs and/or repayments. There were no charge-offs during the nine months ended September 30, 2015. (3) Amounts represent aggregate unpaid principal balance as of September 30, 2015 of loans that matured during the nine months ended September 30, 2015 and remained matured as of September 30, 2015. (4) The table does not reflect activity for loans that matured or were due to mature during the nine months ended September 30, 2015, but were extended effective on or prior to September 30, 2015.
Schedule Of Credit Quality Of Assets [Table Text Block]	As of the dates indicated, our loans were classified as follows: September 30, 2015 December 31, 2014 Level 1 $ 625,624,000 $ 618,006,000 Level 2 - - Level 3 - - Total $ 625,624,000 $ 618,006,000
Schedule Of Allowance for Credit Losses on Financing Receivables [Table Text Block]	An analysis of the allowance for loan losses and the recorded investment in financing receivables is included in the following table for the periods indicated: Year Ended Three Months Ended September 30, Nine Months Ended September 30, December 31, 2015 2014 2015 2014 2014 Allowance for loan losses: Balance at beginning of period $ 6,752,000 $ 5,269,000 $ 6,752,000 $ 3,828,000 $ 3,828,000 Provision charged to earnings - 774,000 - 2,215,000 2,924,000 Loan losses: Charge-offs - - - - - Recoveries - - - - - Net loan losses - - - - - Balance at end of period $ 6,752,000 $ 6,043,000 $ 6,752,000 $ 6,043,000 $ 6,752,000 Ending balance, individually evaluated for impairment $ - $ - $ - $ - $ - Ending balance, collectively evaluated for impairment $ 6,752,000 $ 6,043,000 $ 6,752,000 $ 6,043,000 $ 6,752,000 Financing receivables: Balance at end of period $ 625,624,000 $ 601,469,000 $ 625,624,000 $ 601,469,000 $ 618,006,000 Ending balance, individually evaluated for impairment $ 34,167,000 $ 564,000 $ 34,167,000 $ 564,000 $ 16,357,000 Ending balance, collectively evaluated for impairment $ 591,457,000 $ 600,905,000 $ 591,457,000 $ 600,905,000 $ 601,649,000

Lot inventory (Tables)

Lot inventory (Tables)	9 Months Ended
	Sep. 30, 2015
Banking and Thrift [Abstract]
Other Real Estate, Roll Forward [Table Text Block]	Lot inventory consists of finished single-family residential lots purchased by the UDF IV LB Entities from third-party builders. The following table summarizes the purchase and sale activity associated with these lots for the periods indicated. For the Nine Months Ended September 30, 2015 2014 Lot inventory, beginning of period $ 10,621,000 $ 8,237,000 Purchases of lots - 12,217,000 Sales of lots (10,621,000) (6,864,000) Lot inventory, end of period $ - $ 13,590,000

Notes Payable and Lines of Cr22

Notes Payable and Lines of Credit (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule Of Notes Payable Balances [Table Text Block]	The chart below summarizes the approximate outstanding balance of our notes payable and each of our lines of credit as of the date indicated: Facility September 30, 2015 December 31, 2014 Waterfall 4 Loan $ 35,000,000 $ 35,000,000 Waterfall 3 Loan 15,000,000 15,000,000 UDF IV HF CTB Revolver 16,848,000 19,290,000 CTB Revolver 21,659,000 19,826,000 Prosperity Revolver 11,757,000 14,512,000 Legacy Revolver 4,834,000 5,000,000 Veritex Revolver 10,274,000 13,064,000 Affiliated Bank Revolver 7,500,000 7,500,000 UDF IV Fin VII Legacy Revolver 9,299,000 6,028,000 UDF IV Fin VI CTB Revolver 13,744,000 13,560,000 Independent Bank Revolver 13,816,000 13,756,000 Capital Bank Revolver 8,000,000 7,702,000 AMB Revolver 3,175,000 - Total $ 170,906,000 $ 170,238,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitment Fee income From Related Party [Table Text Block]	The following table represents the approximate amount included in commitment fee income – related parties for the periods indicated in connection with credit enhancement fees associated with the guaranties described above. For the Three Months Ended For the Nine Months Ended September 30, September 30, Facility 2015 2014 2015 2014 Stoneleigh Guaranty $ - $ 10,000 $ - $ 36,000 URHF Guaranty 9,000 12,000 35,000 24,000 Rowe Lane Guaranty 13,000 8,000 33,000 8,000 BRHG TX-I Guaranty 62,000 21,000 187,000 21,000 SFH DFW Guaranty 2,000 - 2,000 - Felder CND Guaranty 3,000 - 4,000 - Total $ 89,000 $ 51,000 $ 261,000 $ 89,000

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule Of Amortization Of Financing Costs [Table Text Block]	The following table represents the approximate amount included in general and administrative – related parties expense for the period indicated associated with Debt Financing Fees paid to our Advisor in connection with our notes payable and lines of credit: For the Three Months Ended For the Nine Months Ended September 30, September 30, Facility 2015 2014 2015 2014 UDF IV HF CTB Revolver $ 7,000 $ 56,000 $ 120,000 $ 93,000 CTB Revolver 12,000 15,000 53,000 24,000 Prosperity Revolver 5,000 16,000 14,000 49,000 Legacy Revolver 8,000 - 21,000 - Veritex Revolver 10,000 13,000 36,000 26,000 Affiliated Bank Loan 8,000 10,000 29,000 25,000 UDF IV Fin VII Legacy Revolver 7,000 17,000 45,000 42,000 UDF IV Fin VI CTB Revolver 17,000 38,000 98,000 100,000 Independent Bank Revolver 28,000 19,000 84,000 56,000 Waterfall 4 Loan 44,000 44,000 131,000 44,000 Waterfall 3 Loan 19,000 - 56,000 - Capital Bank Revolver 3,000 - 7,000 - AMB Revolver 6,000 - 8,000 - Total $ 174,000 $ 228,000 $ 702,000 $ 459,000
Schedule Of Related Party General and Administrative Expenses [Table Text Block]	The following table represents the approximate amount included in general and administrative – related parties expense for the periods indicated associated with Credit Enhancement Fees paid to UDF III for its guarantees of our lines of credit, as discussed in Note F. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III. UDF III has received an opinion from Jackson Claborn, Inc., an independent appraiser, that these credit enhancements are fair and at least as reasonable as credit enhancements with unaffiliated entities in similar circumstances. For the Three Months Ended For the Nine Months Ended September 30, September 30, Facility 2015 2014 2015 2014 UDF IV HF CTB Revolver $ 44,000 $ 42,000 $ 150,000 $ 97,000 CTB Revolver 53,000 47,000 150,000 119,000 Prosperity Revolver 31,000 34,000 99,000 53,000 UDF IV Fin VI CTB Revolver 33,000 26,000 99,000 48,000 Total $ 161,000 $ 149,000 $ 498,000 $ 317,000
Schedule Of Related Party Payments [Table Text Block]	The table below summarizes the approximate payments to related parties for the periods indicated: For the Nine Months Ended September 30, For the Year Ended Payee Purpose 2015 2014 December 31, 2014 UMTH GS Management Fees $ 7,351,000 88 % $ 7,422,000 88 % $ 9,751,000 87 % Debt Financing Fees 480,000 6 % 601,000 7 % 754,000 7 % Advisor Expense Reimbursement 18,000 * 4,000 * 12,000 * UMTH LD Acquisition and Origination Fees - - 259,000 3 % 259,000 2 % UDF III Credit Enhancement Fees 501,000 6 % 193,000 2 % 416,000 4 % Total Payments $ 8,350,000 100 % $ 8,479,000 100 % $ 11,192,000 100 % * Less than 1%
Schedule Of Related Party Expenses [Table Text Block]	The table below summarizes the approximate expenses associated with related parties for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, Purpose 2015 2014 2015 2014 Management Fees $ 2,393,000 100 % $ 2,325,000 100 % $ 7,479,000 100 % $ 7,629,000 100 % Total Management Fees – related party $ 2,393,000 100 % $ 2,325,000 100 % $ 7,479,000 100 % $ 7,629,000 100 % Amortization of Debt Financing Fees $ 174,000 51 % $ 227,000 60 % $ 702,000 58 % $ 459,000 (33) % Acquisition and Origination Fees (1) - - - - - - (2,160,000) 157 % Credit Enhancement Fees 161,000 47 % 149,000 39 % 498,000 41 % 317,000 (23) % Advisor Expense Reimbursement 6,000 2 % 6,000 1 % 18,000 1 % 8,000 (1) % Total General and administrative – related parties $ 341,000 100 % $ 382,000 100 % $ 1,218,000 100 % $ (1,376,000) 100 % (1) Includes approximately $3.2 million in Acquisition and Origination Fees that were reversed in June 2014 associated with estimated Secondary DRIP Offering proceeds. In connection with our Listing, we ceased offering common shares of beneficial interest pursuant to our Secondary DRIP Offering.
Schedule Of Related Party Interest On Participation [Table Text Block]	The chart below summarizes the approximate outstanding balance of each of our loans included in loan participation interest – related parties as of the date indicated: Loan Name September 30, 2015 December 31, 2014 Buffington Participation $ - $ - Buffington Classic Participation - - TR Finished Lot Participation - - TR Paper Lot Participation 17,763,000 15,014,000 Pine Trace Participation 3,008,000 3,766,000 Northpointe Participation 1,216,000 1,216,000 Northpointe II Participation 10,204,000 10,754,000 UMTHF Megatel Participation 3,065,000 2,095,000 URHF Buckingham Participation - 153,000 URHF Bratton Hill Participation - 34,000 URHF Glenmore Participation - 3,700,000 URHF Gateway Participation - 2,349,000 UMTHF Mason Park Participation - 1,577,000 Total $ 35,256,000 $ 40,658,000
Schedule Of Accounts Receivable, Loan Participation Interest Related Parties [Table Text Block]	The chart below summarizes the approximate accrued interest included in accrued receivable – related parties associated with each of our loans included in loan participation interest – related parties as of the date indicated: Loan Name September 30, 2015 December 31, 2014 Buffington Participation $ - $ - Buffington Classic Participation - - TR Finished Lot Participation - - TR Paper Lot Participation 51,000 609,000 Pine Trace Participation 1,000 111,000 Northpointe Participation 120,000 11,000 Northpointe II Participation 741,000 14,000 UMTHF Megatel Participation 1,000 1,000 URHF Buckingham Participation - 2,000 URHF Bratton Hill Participation - - URHF Glenmore Participation - 74,000 URHF Gateway Participation - 48,000 UMTHF Mason Park Participation - 133,000 Total $ 914,000 $ 1,003,000
Schedule Of Interest Income, Loan Participation Interest Related Parties [Table Text Block]	The following table summarizes the approximate income included in interest income – related parties associated with each of our loans included in loan participation interest – related parties for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, September 30, Loan Name 2015 2014 2015 2014 Buffington Participation $ - $ - $ - $ 122,000 Buffington Classic Participation - 1,000 - 20,000 TR Finished Lot Participation - 41,000 - 225,000 TR Paper Lot Participation 596,000 502,000 1,735,000 1,451,000 Pine Trace Participation 103,000 165,000 317,000 607,000 Northpointe Participation 37,000 35,000 109,000 124,000 Northpointe II Participation 309,000 198,000 918,000 414,000 UMTHF Megatel Participation 126,000 188,000 427,000 408,000 URHF Buckingham Participation 5,000 2,000 39,000 55,000 URHF Bratton Hill Participation - - 2,000 40,000 URHF Glenmore Participation - 126,000 182,000 203,000 URHF Gateway Participation 82,000 136,000 251,000 221,000 UMTHF Mason Park Participation 59,000 - 168,000 - Total $ 1,317,000 $ 1,394,000 $ 4,148,000 $ 3,890,000
Schedule Of Related Party Notes Receivable [Table Text Block]	The chart below summarizes the approximate outstanding balance of each of our loans included in notes receivable – related parties as of the date indicated: Loan Name September 30, 2015 December 31, 2014 Buffington Classic CL $ - $ - HLL II Highland Farms Loan 1,760,000 1,773,000 HLL Hidden Meadows Loan 12,653,000 11,317,000 Ash Creek Loan 1,534,000 1,428,000 UDF TX Two Loan - - UDF PM Loan 5,254,000 4,989,000 HLL IS Loan - 2,761,000 One KR Loan 19,050,000 13,669,000 Rowe Lane Loan 5,079,000 4,879,000 BRHG TX-I Loan 11,500,000 11,500,000 Stoneleigh Loan 7,883,000 7,882,000 One KR Venture Loan 1,413,000 423,000 Almeda Crossing Loan 824,000 - BRHG TX-II Loan 1,198,000 - SM Place Loan 1,549,000 - Total $ 69,697,000 $ 60,621,000
Schedule Of Accounts Receivable, Notes Receivable - Related Parties [Table Text Block]	The chart below summarizes the approximate accrued interest included in accrued receivable – related parties associated with each of our loans included in notes receivable – related parties as of the date indicated: Loan Name September 30, 2015 December 31, 2014 Buffington Classic CL $ - $ - HLL II Highland Farms Loan 163,000 6,000 HLL Hidden Meadows Loan 891,000 404,000 Ash Creek Loan 89,000 8,000 UDF TX Two Loan - - UDF PM Loan 583,000 134,000 HLL IS Loan - 32,000 One KR Loan 253,000 62,000 Rowe Lane Loan 5,000 71,000 BRHG TX-I Loan 1,614,000 496,000 Stoneleigh Loan 941,000 672,000 One KR Venture Loan 7,000 - Almeda Crossing Loan 31,000 - BRHG TX-II Loan 3,000 - SM Place Loan 3,000 - Total $ 4,583,000 $ 1,885,000
Schedule Of Interest Income, Notes Receivable - Related Parties [Table Text Block]	The following table summarizes the approximate income included in interest income – related parties associated with each of our loans included in notes receivable – related parties for the period indicated: For the Three Months Ended For the Nine Months Ended September 30, September 30, Loan Name 2015 2014 2015 2014 Buffington Classic CL $ - $ - $ - $ - HLL II Highland Farms Loan 58,000 51,000 171,000 148,000 HLL Hidden Meadows Loan 409,000 368,000 1,171,000 1,079,000 Ash Creek Loan 50,000 50,000 145,000 158,000 UDF TX Two Loan - 16,000 - 49,000 UDF PM Loan 171,000 142,000 499,000 404,000 HLL IS Loan 2,000 88,000 140,000 252,000 One KR Loan 604,000 296,000 1,608,000 903,000 Rowe Lane Loan 166,000 148,000 480,000 289,000 BRHG TX-I Loan 377,000 119,000 1,118,000 119,000 Stoneleigh Loan 258,000 - 766,000 - One KR Venture Loan 48,000 - 146,000 - Almeda Crossing Loan 25,000 - 31,000 - BRHG TX-II Loan 3,000 - 3,000 - SM Place Loan 3,000 - 3,000 - Total $ 2,174,000 $ 1,278,000 $ 6,281,000 $ 3,401,000
Schedule Of Related Party Commitment Fee Income [Table Text Block]	For the Three Months Ended For the Nine Months Ended September 30, September 30, Loan Name 2015 2014 2015 2014 HLL II Highland Farms Loan $ - $ - $ - $ - HLL Hidden Meadows Loan - 6,000 2,000 19,000 HLL IS Loan 7,000 5,000 18,000 16,000 One KR Loan 13,000 13,000 38,000 38,000 Rowe Lane Loan 5,000 5,000 14,000 12,000 Total $ 25,000 $ 29,000 $ 72,000 $ 85,000

Nature of Business (Details Tex

Nature of Business (Details Textual) - $ / shares	Jul. 09, 2014	Sep. 30, 2015
Nature of Business [Line Items]
Shares authorized for repurchasing in relation to tender offer	1,707,317
Purchase price of shares authorized for repurchasing in relation to tender offer	$ 20.50
UDF IV OP [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		99.999%
UMTH LD [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		0.001%
UDF IV HF [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV FI [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV FII [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV AC [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV FIII [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV Fin IV [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV Fin V [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV Fin VI [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV Fin VII [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV Fin VIII [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV Fin IX [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV Fin X [Member]
Nature of Business [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest		100.00%
UDF IV LB I [Member]
Nature of Business [Line Items]
Equity Method Investment, Ownership Percentage		100.00%
UDF IV LB II [Member]
Nature of Business [Line Items]
Equity Method Investment, Ownership Percentage		100.00%
UDF IV Woodcreek [Member]
Nature of Business [Line Items]
Equity Method Investment, Ownership Percentage		100.00%
UDF IV LBIII [Member]
Nature of Business [Line Items]
Equity Method Investment, Ownership Percentage		100.00%
UDF IV LB IV [Member]
Nature of Business [Line Items]
Equity Method Investment, Ownership Percentage		100.00%
UDF IV LB V [Member]
Nature of Business [Line Items]
Equity Method Investment, Ownership Percentage		100.00%
UDF IV TRS-BR1 [Member]
Nature of Business [Line Items]
Equity Method Investment, Ownership Percentage		100.00%
UDF IV TRS-BR2 [Member]
Nature of Business [Line Items]
Equity Method Investment, Ownership Percentage		100.00%

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Significant Accounting Policies [Line Items]
Loan Participation Interests, Terms and Manner of Settlement	the loan participation interest – related parties have terms ranging from 7 to 31 months and bear interest at rates ranging from 12% to 15%.
Notes Receivable (Including Related Party), Terms and Manner of Settlement	the notes receivable and notes receivable – related parties have terms ranging from 4 to 84 months and bear interest at rates ranging from 11% to 15%.
Unamortized Commitment Fees Included In Notes Receivable	$ 743,000		$ 1,500,000
Unamortized Commitment Fees Included In Notes Receivable Related Party	$ 52,000		124,000
Offering Compensation, Percentage	3.00%
Percentage of Average of Invested Assets	2.00%
Line Of Credit Facility Annual Renewal Of Debt Financing Fee Percentage	0.25%
Line Of Credit Facility Debt Financing Fee Percentage	1.00%
Monthly Base Management Fee Condition	one-twelfth of 1.5%
Percentage of Trust Core Earnings	20.00%
Percentage Of Incentive Management fee	8.00%
Line of Credit Facility, Origination Fee Percentage	0.50%
Additional Fee of Primary Loan Amount Percentage	0.25%
Financing Receivable, Allowance for Credit Losses	$ 6,752,000	$ 6,752,000	6,752,000	$ 6,043,000	$ 5,269,000	$ 3,828,000
Allowance for Notes Receivable [Member]
Significant Accounting Policies [Line Items]
Financing Receivable, Allowance for Credit Losses	$ 6,800,000		$ 6,800,000

Shareholders' Equity (Details)

Shareholders' Equity (Details)	9 Months Ended
	Sep. 30, 2015$ / shares
Authorization Date	Nov. 17, 2014	[1]
Record Date	Nov. 28, 2014	[2]
Rate Per Share	$ 0.04	[3]
Pay Date	Feb. 4, 2015	[4]
[1]	Represents the date the distribution was authorized by our board of trustees.
[2]	All outstanding common shares of beneficial interest as of the record date received the distribution.
[3]	Represents the distribution rate per common share of beneficial interest on the record date.
[4]	Represents the date the special distribution was paid in cash.

Shareholders' Equity (Details 1

Shareholders' Equity (Details 1) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Distributions paid in cash				$ 38,369,000	$ 29,968,000
Distributions reinvested				559,000	8,704,000
Total distributions	[1]	$ 12,575,000	$ 12,554,000	38,928,000	38,672,000
Source of distributions:
Cash from operations				27,781,000	29,107,000
Borrowings under credit facilities				11,147,000	9,565,000
Total sources				$ 38,928,000	$ 38,672,000
Cash from operations, percentage				71.00%	75.00%
Borrowings under credit facilities, percentage				29.00%	25.00%
Total sources, percentage				100.00%	100.00%
[1]	Represents total cash and DRIP distributions paid during the period indicated.

Shareholders' Equity (Details 2

Shareholders' Equity (Details 2) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Distributions paid	[1]	$ 12,575,000	$ 12,554,000	$ 38,928,000	$ 38,672,000
Add: current period distribution accrual	[2]	0	0	0	0
Less: previous period accrual reversal	[2]	0	(2,209,000)	(1,225,000)	(2,653,000)
Distributions		$ 12,575,000	$ 10,345,000	$ 37,703,000	$ 36,019,000
Weighted average shares outstanding		30,663,199	30,632,925	30,646,129	31,616,870
Distributions paid per weighted average share outstanding (in dollars per share)		$ 0.41	$ 0.41	$ 1.27	$ 1.22
Distributions per weighted average share outstanding (in dollars per share)		$ 0.41	$ 0.34	$ 1.23	$ 1.14
[1]	Represents total cash and DRIP distributions paid during the period indicated.
[2]	Represents impact of accruals and accrual reversals during the period indicated for distributions declared, but not paid.

Shareholders' Equity (Details 3

Shareholders' Equity (Details 3) - Ms. Dwyer - CEO	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Outstanding, Restricted Shares as of January 1, 2015 | shares	82,410	[1]
Granted, Restricted Shares | shares	0	[2]
Vested, Restricted Shares | shares	(20,602)	[1]
Forfeited, Restricted Shares | shares	0
Outstanding, Restricted Shares as of September 30, 2015 | shares	61,808
Outstanding Grant Date Fair Value Per Share | $ / shares	$ 20	[1]
Granted, Grant Date Fair Value Per Share | $ / shares	0	[2]
Vested, Grant Date Fair Value Per Share | $ / shares	20	[1]
Forfeited, Grant Date Fair Value Per Share | $ / shares	0
Outstanding, Grant Date Fair Value Per Share | $ / shares	$ 20
Outstanding, Total	$ 1,648,200	[1]
Granted, Total	0	[2]
Vested, Total	(412,050)	[1]
Forfeited, Total	0
Outstanding, Total	$ 1,236,150
[1]	In accordance with her employment agreement, the Trust and Ms. Dwyer entered into a Restricted Stock Award Agreement on February 21, 2014, pursuant to which the Trust issued 82,410 shares to Ms. Dwyer. These shares vest and become non-forfeitable annually over four years after the grant date of February 21, 2014. Specifically, 20,602.50 shares shall vest and become non-forfeitable on each of the first, second, third and fourth anniversaries of the grant date, subject to Ms. Dwyer’s continued employment as an officer of the Trust as of each such vesting date.
[2]	In accordance with Ms. Dwyer’s employment agreement and pursuant to its Equity Plan, the trust will grant 12,500 common shares of beneficial interest to Ms. Dwyer on each anniversary date of the effective date of the Employment Agreement (the first anniversary of which was February 17, 2015), with each annual equity grant vesting five years after the applicable grant date, subject to Ms. Dwyer’s continued employment as an officer of the Trust as of each such vesting date provided that, if the closing price per share is less than $18.00 as of any anniversary of the effective date, the annual equity grant with respect thereto will not be made, and shall instead be deferred to the next anniversary of the effective date on which the closing price per share is at least $18.00. The annual equity grant scheduled for February 17, 2015 was deferred as the closing price per share of the Trust’s common shares on February 17, 2015 was less than $18.00.

Shareholders' Equity (Details 4

Shareholders' Equity (Details 4) - USD ($)		9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 483,838		$ 557,531
Share-based Compensation, Total		$ 483,838		$ 557,531
Common Stock [Member]
Stock Issued During Period, Shares, Share-based Compensation, Gross		10,000		97,410
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 100		$ 974
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Share-based Compensation, Gross		483,738		556,557
Initial Equity Award [Member]
Share-based Compensation, Total	[1]	$ 309,038		$ 257,531
Share Based Compensation on Equity and Expense Date of Issue		Feb. 17, 2014		Feb. 17, 2014
Initial Equity Award [Member] | Common Stock [Member]
Stock Issued During Period, Shares, Share-based Compensation, Gross		0		82,410
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 0		$ 824
Initial Equity Award [Member] | Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Share-based Compensation, Gross		309,038		256,707
Listing award [Member]
Share-based Compensation, Total		$ 0		$ 300,000	[2]
Share Based Compensation on Equity and Expense Date of Issue		Jun. 4, 2014		Jun. 4, 2014
Listing award [Member] | Common Stock [Member]
Stock Issued During Period, Shares, Share-based Compensation, Gross		0		15,000
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 0		$ 150
Listing award [Member] | Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Share-based Compensation, Gross		0		299,850
Bonus Payment [Member]
Share-based Compensation, Total		$ 0	[3]	$ 0
Share Based Compensation on Equity and Expense Date of Issue		Jun. 30, 2015		Jun. 30, 2015
Bonus Payment [Member] | Common Stock [Member]
Stock Issued During Period, Shares, Share-based Compensation, Gross		10,000		0
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 100		$ 0
Bonus Payment [Member] | Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Share-based Compensation, Gross		$ 174,700		$ 0
[1]	Compensation expense associated with the initial equity award of 82,410 shares is included in general and administrative expense. Compensation expense is recognized on a straight-line basis over the four year vesting period associated with the initial equity award based on a grant date fair value of $20 per share.
[2]	As a result of the Listing on June 4, 2014, a total of 15,000 common shares, with a grant date fair value of $20.00 per share, were awarded to members of our board of trustees and a consultant providing services to us pursuant to our Equity Incentive Plans. These shares vested immediately upon issuance. In connection with these shares, $300,000 of share-based compensation is included in listing expense in the accompanying consolidated statements of income for the nine months ended September 30, 2014.
[3]	Pursuant to her employment agreement, Ms. Dwyer receives an annual minimum guaranteed bonus of $350,000. The bonus for a preceding calendar year will be paid to Ms. Dwyer on or before June 30 of the year following the year that the bonus was earned. At Ms. Dwyer’s discretion, she can choose to receive the bonus in cash or in common shares of beneficial interest of the Trust, or any combination thereof. Ms. Dwyer’s 2014 bonus (prorated based on an effective employment date of February 17, 2014) was accrued and included in general and administrative expense during the year ended December 31, 2014. On June 30, 2015, as payment for her 2014 bonus, Ms. Dwyer elected to receive 10,000 common shares of beneficial interest, with the remainder of her 2014 bonus payable in cash. The closing per share price of UDF IV shares on September 30, 2015 was $17.48.

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) - USD ($)

Jul. 09, 2014

Nov. 12, 2009

Nov. 04, 2015

Oct. 01, 2015

Aug. 04, 2014

May. 30, 2014

Apr. 19, 2013

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2015

May. 31, 2014

Jan. 13, 2015

Dec. 31, 2014

May. 03, 2013

Class of Stock [Line Items]

Treasury stock, shares

2,030,453

2,030,453

Treasury Stock, Value, Acquired, Cost Method

$ 41,400,000

Taxable Income, Minimum Percentage To Be Distributed

90.00%

Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit

$ 0.0044932

Offering Price Per Share

$ 18.60

Distribution Rate

$ 1.64

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Authorized, Annual Grant

12,500

Shares of beneficial interest, shares issued

32,699,815

32,657,880

Stock Redeemed or Called During Period, Shares

106,018

Shares authorized with respect to equity incentive plans

2,423,284

Maximum Aggregate Offering Price

$ 750,000,000

Aggregate Cost of Stock Repurchased Pursuant To Tender Offer

$ 35,000,000

Stock Repurchased Pursuant To Tender Offer

1,707,317

Average Price of Stock Repurchased Pursuant To Tender Offer

$ 20.50

Percentage of Stock, Issued And Outstanding

7.50%

Common Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

Number Of Redemption Requests Received

183,166

Stock Repurchase Program, Authorized Amount

$ 2,000,000

$ 25,000,000

Share-based Compensation, Total

$ 483,838

$ 557,531

Initial Equity Award [Member]

Class of Stock [Line Items]

Share-based Compensation, Total

[1]

$ 309,038

$ 257,531

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

4 years

Listing award [Member]

Class of Stock [Line Items]

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 20

Share-based Compensation, Total

$ 0

$ 300,000

[2]

Bonus Payment [Member]

Class of Stock [Line Items]

Allocated Share-based Compensation Expense

350,000

Share-based Compensation, Total

$ 0

[3]

$ 0

Share Price

$ 17.48

Fractional Shares [Member]

Class of Stock [Line Items]

Aggregate Cost of Stock Repurchased Pursuant To Tender Offer

$ 86,000

Stock Repurchased Pursuant To Tender Offer

4,211

Average Price of Stock Repurchased Pursuant To Tender Offer

$ 20.50

Ms. Dwyer - CEO

Class of Stock [Line Items]

Closing Price Per Share

$ 18

Subsequent Event [Member]

Class of Stock [Line Items]

Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit

$ 0.055

$ 0.1367

$ 0.1367

Distribution Rate

$ 1.64

Distribution Reinvestment Plan [Member]

Class of Stock [Line Items]

Shares Authorized to be Issued, Pursuant to Offering

10,000,000

1,000,000

Proceeds from Issuance or Sale of Equity

$ 14,500,000

Offering Price Per Share

$ 20

Shares of beneficial interest, shares issued

723,617

Primary Offering [Member]

Class of Stock [Line Items]

Shares Issued Pursuant to Offering

32,592,405

Shares Authorized to be Issued, Pursuant to Offering

25,000,000

34,000,000

Proceeds From Issuance Of Common Stock Net Of Issuance Costs

$ 535,000,000

Proceeds from Issuance or Sale of Equity

$ 614,700,000

Offering Price Per Share

$ 20

Shares of beneficial interest, shares issued

30,735,813

Secondary Distribution Reinvestment Plan [Member]

Class of Stock [Line Items]

Shares Authorized to be Issued, Pursuant to Offering

7,500,000

Proceeds from Issuance or Sale of Equity

$ 21,700,000

Offering Price Per Share

$ 20

Shares of beneficial interest, shares issued

1,087,543

Amended Secondary Distribution Reinvestment Plan [Member]

Class of Stock [Line Items]

Shares Authorized to be Issued, Pursuant to Offering

7,500,000

Proceeds from Issuance or Sale of Equity

$ 800,000

Shares of beneficial interest, shares issued

45,432

Common Stock [Member]

Class of Stock [Line Items]

Stock Redeemed or Called During Period, Shares

0

Stock Issued During Period, Shares, Dividend Reinvestment Plan

31,935

435,250

Stock Issued During Period, Shares, Share-based Compensation, Gross

10,000

97,410

Common Stock [Member] | Initial Equity Award [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, Share-based Compensation, Gross

0

82,410

Common Stock [Member] | Listing award [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, Share-based Compensation, Gross

0

15,000

Common Stock [Member] | Bonus Payment [Member]

Class of Stock [Line Items]

Stock Issued During Period, Shares, Share-based Compensation, Gross

10,000

0

[1]

Compensation expense associated with the initial equity award of 82,410 shares is included in general and administrative expense. Compensation expense is recognized on a straight-line basis over the four year vesting period associated with the initial equity award based on a grant date fair value of $20 per share.

[2]

As a result of the Listing on June 4, 2014, a total of 15,000 common shares, with a grant date fair value of $20.00 per share, were awarded to members of our board of trustees and a consultant providing services to us pursuant to our Equity Incentive Plans. These shares vested immediately upon issuance. In connection with these shares, $300,000 of share-based compensation is included in listing expense in the accompanying consolidated statements of income for the nine months ended September 30, 2014.

[3]

Pursuant to her employment agreement, Ms. Dwyer receives an annual minimum guaranteed bonus of $350,000. The bonus for a preceding calendar year will be paid to Ms. Dwyer on or before June 30 of the year following the year that the bonus was earned. At Ms. Dwyer’s discretion, she can choose to receive the bonus in cash or in common shares of beneficial interest of the Trust, or any combination thereof. Ms. Dwyer’s 2014 bonus (prorated based on an effective employment date of February 17, 2014) was accrued and included in general and administrative expense during the year ended December 31, 2014. On June 30, 2015, as payment for her 2014 bonus, Ms. Dwyer elected to receive 10,000 common shares of beneficial interest, with the remainder of her 2014 bonus payable in cash. The closing per share price of UDF IV shares on September 30, 2015 was $17.48.

Loans and Allowance for Loan 33

Loans and Allowance for Loan Losses (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Loan participation interest - related parties, net	$ 35,255,640	$ 40,658,253
Notes receivable, net	513,177,132	508,435,988
Notes receivable - related parties, net	69,644,615	60,497,391
Total	$ 618,078,000	$ 609,591,000

Loans and Allowance for Loan 34

Loans and Allowance for Loan Losses (Details 1) - USD ($)	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Real Estate:
Construction, acquisition and land development	$ 625,624,000		$ 618,006,000	$ 601,469,000
Provision for loan losses	(6,752,000)	$ (6,752,000)	(6,752,000)	$ (6,043,000)	$ (5,269,000)	$ (3,828,000)
Unamortized commitment fees	(794,000)		(1,663,000)
Total	$ 618,078,000		$ 609,591,000

Loans and Allowance for Loan 35

Loans and Allowance for Loan Losses (Details 2)	Sep. 30, 2015USD ($)Number	Dec. 31, 2014USD ($)Number	Sep. 30, 2014USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 625,624,000	$ 618,006,000	$ 601,469,000
Notes and Loan Receivable Outstanding, Number	127	131
Percentage Of Notes and Loan Receivable Outstanding	100.00%	100.00%
Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 104,952,000	$ 101,280,000
Notes and Loan Receivable Outstanding, Number	20	20
Percentage Of Notes and Loan Receivable Outstanding	100.00%	100.00%
Non Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 520,672,000	$ 516,726,000
Notes and Loan Receivable Outstanding, Number	107	111
Percentage Of Notes and Loan Receivable Outstanding	100.00%	100.00%
Matured [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 35,304,000	$ 16,357,000
Notes and Loan Receivable Outstanding, Number	8	5
Percentage Of Notes and Loan Receivable Outstanding	6.00%	3.00%
Matured [Member] | Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 0	$ 0
Notes and Loan Receivable Outstanding, Number	0	0
Percentage Of Notes and Loan Receivable Outstanding	0.00%	0.00%
Matured [Member] | Non Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 35,304,000	$ 16,357,000
Notes and Loan Receivable Outstanding, Number	8	5
Percentage Of Notes and Loan Receivable Outstanding	7.00%	3.00%
Maturity Date 2015 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 145,519,000	$ 359,539,000
Notes and Loan Receivable Outstanding, Number	19	57
Percentage Of Notes and Loan Receivable Outstanding	23.00%	57.00%
Maturity Date 2015 [Member] | Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 20,057,000	$ 58,812,000
Notes and Loan Receivable Outstanding, Number	4	11
Percentage Of Notes and Loan Receivable Outstanding	19.00%	58.00%
Maturity Date 2015 [Member] | Non Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 125,462,000	$ 300,727,000
Notes and Loan Receivable Outstanding, Number	15	46
Percentage Of Notes and Loan Receivable Outstanding	24.00%	58.00%
Maturity Date 2016 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 317,794,000	$ 134,165,000
Notes and Loan Receivable Outstanding, Number	68	42
Percentage Of Notes and Loan Receivable Outstanding	51.00%	22.00%
Maturity Date 2016 [Member] | Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 56,862,000	$ 15,857,000
Notes and Loan Receivable Outstanding, Number	10	5
Percentage Of Notes and Loan Receivable Outstanding	54.00%	16.00%
Maturity Date 2016 [Member] | Non Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 260,932,000	$ 118,308,000
Notes and Loan Receivable Outstanding, Number	58	37
Percentage Of Notes and Loan Receivable Outstanding	50.00%	23.00%
Maturity Date 2017 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 95,866,000	$ 91,565,000
Notes and Loan Receivable Outstanding, Number	24	25
Percentage Of Notes and Loan Receivable Outstanding	15.00%	15.00%
Maturity Date 2017 [Member] | Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 8,707,000	$ 10,231,000
Notes and Loan Receivable Outstanding, Number	2	2
Percentage Of Notes and Loan Receivable Outstanding	8.00%	10.00%
Maturity Date 2017 [Member] | Non Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 87,159,000	$ 81,334,000
Notes and Loan Receivable Outstanding, Number	22	23
Percentage Of Notes and Loan Receivable Outstanding	17.00%	16.00%
Maturity Date 2018 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 19,641,000	$ 4,880,000
Notes and Loan Receivable Outstanding, Number	7	1
Percentage Of Notes and Loan Receivable Outstanding	3.00%	1.00%
Maturity Date 2018 [Member] | Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 7,826,000	$ 4,880,000
Notes and Loan Receivable Outstanding, Number	3	1
Percentage Of Notes and Loan Receivable Outstanding	8.00%	5.00%
Maturity Date 2018 [Member] | Non Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 11,815,000	$ 0
Notes and Loan Receivable Outstanding, Number	4	0
Percentage Of Notes and Loan Receivable Outstanding	2.00%	0.00%
Maturity Date 2019 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 0	$ 0
Notes and Loan Receivable Outstanding, Number	0	0
Percentage Of Notes and Loan Receivable Outstanding	0.00%	0.00%
Maturity Date 2019 [Member] | Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 0	$ 0
Notes and Loan Receivable Outstanding, Number	0	0
Percentage Of Notes and Loan Receivable Outstanding	0.00%	0.00%
Maturity Date 2019 [Member] | Non Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 0	$ 0
Notes and Loan Receivable Outstanding, Number	0	0
Percentage Of Notes and Loan Receivable Outstanding	0.00%	0.00%
Maturity Date 2020 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 0	$ 0
Notes and Loan Receivable Outstanding, Number	0	0
Percentage Of Notes and Loan Receivable Outstanding	0.00%	0.00%
Maturity Date 2020 [Member] | Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 0	$ 0
Notes and Loan Receivable Outstanding, Number	0	0
Percentage Of Notes and Loan Receivable Outstanding	0.00%	0.00%
Maturity Date 2020 [Member] | Non Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 0	$ 0
Notes and Loan Receivable Outstanding, Number	0	0
Percentage Of Notes and Loan Receivable Outstanding	0.00%	0.00%
Maturity Date 2021 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 11,500,000	$ 11,500,000
Notes and Loan Receivable Outstanding, Number	1	1
Percentage Of Notes and Loan Receivable Outstanding	2.00%	2.00%
Maturity Date 2021 [Member] | Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 11,500,000	$ 11,500,000
Notes and Loan Receivable Outstanding, Number	1	1
Percentage Of Notes and Loan Receivable Outstanding	11.00%	11.00%
Maturity Date 2021 [Member] | Non Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development | $	$ 0	$ 0
Notes and Loan Receivable Outstanding, Number	0	0
Percentage Of Notes and Loan Receivable Outstanding	0.00%	0.00%

Loans and Allowance for Loan 36

Loans and Allowance for Loan Losses (Details 3)		9 Months Ended
		Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Non Related Party Notes And Loans Receivable Outstanding Amount		$ 35,304,000	$ 16,357,000
Non Related Party Notes And Loans Receivable Outstanding Number		8	5
Non Related Party Percentage Of Notes And Loan Receivable Outstanding		100.00%	100.00%
Non Related Party Aggregate Unpaid Principal Balance Loan Receivable Extended	[1],[2]	$ 0
Non Related Party Loans And Leases Receivable Period Increase Decrease	[3],[4]	676,000
Non Related Party Aggregate Unpaid Principal Balance Loan Receivable Matured In Current Period	[2],[5]	18,271,000
Maturity Date 2014 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Non Related Party Notes And Loans Receivable Outstanding Amount		$ 17,033,000	$ 16,357,000
Non Related Party Notes And Loans Receivable Outstanding Number		5	5
Non Related Party Percentage Of Notes And Loan Receivable Outstanding		48.00%	100.00%
Non Related Party Aggregate Unpaid Principal Balance Loan Receivable Extended	[1],[2]	$ 0
Non Related Party Loans And Leases Receivable Period Increase Decrease	[3],[4]	676,000
Non Related Party Aggregate Unpaid Principal Balance Loan Receivable Matured In Current Period	[2],[5]	0
Maturity Date 2015 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Non Related Party Notes And Loans Receivable Outstanding Amount		$ 18,271,000	$ 0
Non Related Party Notes And Loans Receivable Outstanding Number		3	0
Non Related Party Percentage Of Notes And Loan Receivable Outstanding		52.00%	0.00%
Non Related Party Aggregate Unpaid Principal Balance Loan Receivable Extended	[1],[2]	$ 0
Non Related Party Loans And Leases Receivable Period Increase Decrease	[3],[4]	0
Non Related Party Aggregate Unpaid Principal Balance Loan Receivable Matured In Current Period	[2],[5]	$ 18,271,000
[1]	Amounts represent aggregate unpaid principal balance as of December 31, 2014 of matured loans as of December 31, 2014 that were extended during the nine months ended September 30, 2015.
[2]	The table does not reflect activity for loans that matured or were due to mature during the nine months ended September 30, 2015, but were extended effective on or prior to September 30, 2015.
[3]	For loans matured as of December 31, 2014, net loan activity represents all activity on the loans during the nine months ended September 30, 2015, including accrued interest, payment of fees and expenses, charge-offs and/or repayments. There were no charge-offs during the nine months ended September 30, 2015.
[4]	The table does not reflect activity for loans that matured or were due to mature during the nine months ended September 30, 2015, but were extended effective on or prior to September 30, 2015.
[5]	Amounts represent aggregate unpaid principal balance as of September 30, 2015 of loans that matured during the nine months ended September 30, 2015 and remained matured as of September 30, 2015.

Loans and Allowance for Loan 37

Loans and Allowance for Loan Losses (Details 4) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development	$ 625,624,000	$ 618,006,000	$ 601,469,000
Credit Quality Level 1 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development	625,624,000	618,006,000
Credit Quality Level 2 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development	0	0
Credit Quality Level 3 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Construction, acquisition and land development	$ 0	$ 0

Loans and Allowance for Loan 38

Loans and Allowance for Loan Losses (Details 5) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Allowance for loan losses:
Balance at beginning of period	$ 6,752,000	$ 5,269,000	$ 6,752,000	$ 3,828,000	$ 3,828,000
Provision charged to earnings	0	774,000	0	2,215,000	2,924,000
Loan losses:
Charge-offs	0	0	0	0	0
Recoveries	0	0	0	0	0
Net loan losses	0	0	0	0	0
Balance at end of period	6,752,000	6,043,000	6,752,000	6,043,000	6,752,000
Ending balance, individually evaluated for impairment	0	0	0	0	0
Ending balance, collectively evaluated for impairment	6,752,000	6,043,000	6,752,000	6,043,000	6,752,000
Financing receivables:
Balance at end of period	625,624,000	601,469,000	625,624,000	601,469,000	618,006,000
Ending balance, individually evaluated for impairment	34,167,000	564,000	34,167,000	564,000	16,357,000
Ending balance, collectively evaluated for impairment	$ 591,457,000	$ 600,905,000	$ 591,457,000	$ 600,905,000	$ 601,649,000

Loans and Allowance for Loan 39

Loans and Allowance for Loan Losses (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Matured Loan, Unpaid Principal Balance		$ 16,400,000
Impaired Financing Receivable, Interest Income, Accrual Method	$ 3,100,000	25,000
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment	35,000,000	$ 1,600,000
One Loan [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Matured Loan, Unpaid Principal Balance	1,100,000
Seven Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Matured Loan, Unpaid Principal Balance	34,200,000
Eight Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Matured Loan, Unpaid Principal Balance	$ 35,300,000

Lot Inventory (Details)

Lot Inventory (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Lot Inventory [Line Items]
Lot inventory, beginning of period	$ 10,621,316	$ 8,237,000
Purchases of lots	0	12,217,000
Sales of lots	(10,621,000)	(6,864,000)
Lot inventory, end of period	$ 0	$ 13,590,000

Notes Payable and Lines of Cr41

Notes Payable and Lines of Credit (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Notes Payable, Total	$ 50,000,000	$ 50,000,000
Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	170,906,000	170,238,000
CTB Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	21,659,000	19,826,000
Veritex Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	10,274,000	13,064,000
Waterfall 4 Loan [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	35,000,000	35,000,000
Waterfall 3 Loan [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	15,000,000	15,000,000
UDF IV HF CTB Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	16,848,000	19,290,000
Prosperity Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	11,757,000	14,512,000
Legacy Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	4,834,000	5,000,000
Affiliated Bank Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	7,500,000	7,500,000
UDF IV Fin VII Legacy Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	9,299,000	6,028,000
UDF IV Fin VI CTB Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	13,744,000	13,560,000
Independent Bank Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	13,816,000	13,756,000
Capital Bank Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	8,000,000	7,702,000
AMB Revolver [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Notes Payable, Total	$ 3,175,000	$ 0

Notes Payable and Lines of Cr42

Notes Payable and Lines of Credit Waterfall 4 Loan (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 23, 2015	Sep. 30, 2015	Jul. 02, 2014
Waterfall 4 Loan [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Gross			$ 35,000,000
Debt Instrument, Interest Rate, Stated Percentage		10.00%
Debt Instrument, Maturity Date		Oct. 14, 2015
Waterfall 4 Modification Documents [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Periodic Payment, Principal	$ 2,916,667
Debt Instrument Amendment Fee	$ 175,000
Gross Proceeds Of Financing Transactions Description	gross proceeds of not less than $50 million pursuant to the issuance of debt or equity securities

Notes Payable and Lines of Cr43

Notes Payable and Lines of Credit Waterfall 3 Loan (Details Textual) - Waterfall 3 Loan [Member] - USD ($)	1 Months Ended	9 Months Ended
	Jul. 23, 2015	Sep. 30, 2015	Oct. 14, 2014
Line of Credit Facility [Line Items]
Long-term Debt, Gross			$ 15,000,000
Debt Instrument, Periodic Payment, Principal	$ 1,250,000
Debt Instrument Amendment Fee	$ 75,000
Gross Proceeds Of Financing Transactions Description	gross proceeds of not less than $50 million pursuant to the issuance of debt or equity securities
Debt Instrument, Interest Rate, Stated Percentage		10.00%
Debt Instrument, Maturity Date		Oct. 14, 2015

Notes Payable and Lines of Cr44

Notes Payable and Lines of Credit UDF IV HF CTB LOC (Details Textual) - UDF IV HF CTB Revolver [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 30
Line of Credit Facility, Interest Rate Description	the loan bears interest at 4.25%
Line of Credit Facility, Expiration Date	Jul. 30, 2016
Line Of Credit Facility, Credit Enhancement Fee, Percentage	1.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%

Notes Payable and Lines of Cr45

Notes Payable and Lines of Credit CTB Revolver (Details Textual) - CTB Revolver [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25
Line of Credit Facility, Interest Rate Description	the loan bears interest at 4.25%
Line of Credit Facility, Expiration Date	Jul. 30, 2016
Line Of Credit Facility, Credit Enhancement Fee, Percentage	1.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%

Notes Payable and Lines of Cr46

Notes Payable and Lines of Credit Prosperity Revolver (Details Textual) - Prosperity Revolver [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 15
Line of Credit Facility, Expiration Date	Dec. 14, 2016
Line Of Credit Facility, Credit Enhancement Fee, Percentage	1.00%
Line Of Credit Facility, Interest Rate Description	the loan bears interest at 5.0%

Notes Payable and Lines of Cr47

Notes Payable and Lines of Credit Legacy Revolver (Details Textual) - Legacy Revolver [Member] - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 15
Line of Credit Facility, Expiration Date		Jan. 12, 2017
Line Of Credit Facility, Interest Rate Description	the interest rate was modified to be the greater of prime plus 1% or 4.5% per annum (4.5% as of September 30, 2015)	the interest rate on the Legacy Revolver was equal to the greater of prime plus 1% or 5.5% per annum, provided that the interest rate associated with advances related to development loans was 5.875% until substantial completion of the development project.
Line of Credit Facility, Increase (Decrease), Net	$ 15

Notes Payable and Lines of Cr48

Notes Payable and Lines of Credit Veritex Revolver (Details Textual) - Veritex Revolver [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Line Of Credit Facility Borrowing Capacity	$ 14.5
Line of Credit Facility, Expiration Date	Jul. 31, 2017
Line Of Credit Facility, Interest Rate Description	the loan bears interest at 4.5%

Notes Payable and Lines of Cr49

Notes Payable and Lines of Credit Affiliated Bank Loan (Details Textual) - Affiliated Bank Revolver [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7.5
Line of Credit Facility, Interest Rate Description	the loan bears interest at 5.0%
Line Of Credit Facility, Expiration Date	Jul. 23, 2016

Notes Payable and Lines of Cr50

Notes Payable and Lines of Credit UDF IV Fin VII Legacy Revolver (Details Textual) - UDF IV Fin VII Legacy Revolver [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000
Line of Credit Facility, Interest Rate Description	the interest rate was modified to 4.5% per annum	the loan bore interest at 5.0% per annum
Line Of Credit Facility, Expiration Date	Aug. 5, 2017
Line Of Credit Facility Origination Fee	$ 100,000

Notes Payable and Lines of Cr51

Notes Payable and Lines of Credit UDF IV Fin VI CTB Revolver (Details Textual) - UDF IV Fin VI CTB Revolver [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 15
Line of Credit Facility, Interest Rate Description	the loan bears interest at 4.25%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Line Of Credit Facility, Expiration Date	Jul. 30, 2016
Line Of Credit Facility, Credit Enhancement Fee, Percentage	1.00%
Line Of Credit Facility Unused Portion	$ 15

Notes Payable and Lines of Cr52

Notes Payable and Lines of Credit Independent Bank Loan (Details Textual) - Independent Bank Revolver [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 15
Line Of Credit Facility, Interest Rate Description	the loan bears interest at 4.125%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Line Of Credit Facility, Expiration Date	Dec. 6, 2015
Line Of Credit Facility Unused Portion	$ 15

Notes Payable and Lines of Cr53

Notes Payable and Lines of Credit Capital Bank Revolver (Details Textual) - Capital Bank Revolver [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Expiration Date	Dec. 11, 2018
Line of Credit Facility, Interest Rate Description	the loan bears interest at 4.125%
Line of Credit Facility, Maximum Borrowing Capacity	$ 8

Notes Payable and Lines of Cr54

Notes Payable and Lines of Credit AMB Revolver (Details Textual) - American Momentum Bank [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Expiration Date	Jun. 24, 2018
Line of Credit Facility, Interest Rate at Period End	4.50%
Line of Credit Facility Origination Fee Amount	$ 150,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,000,000
Line of Credit Facility, Interest Rate Description	greater of prime plus 1.25% or 4.5% per annum

Commitments and Contingencies55

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Loss Contingencies [Line Items]
Commitment Fee Income Related Parties	$ 113,082	$ 79,767	$ 332,870	$ 173,451
Commitment Fee [Member]
Loss Contingencies [Line Items]
Commitment Fee Income Related Parties	89,000	51,000	261,000	89,000
Commitment Fee [Member] | Stoneleigh Guaranty [Member]
Loss Contingencies [Line Items]
Commitment Fee Income Related Parties	0	10,000	0	36,000
Commitment Fee [Member] | URHF Guaranty [Member]
Loss Contingencies [Line Items]
Commitment Fee Income Related Parties	9,000	12,000	35,000	24,000
Commitment Fee [Member] | Rowe Lane Guaranty [Member]
Loss Contingencies [Line Items]
Commitment Fee Income Related Parties	13,000	8,000	33,000	8,000
Commitment Fee [Member] | BRHG TX-I Guaranty [Member]
Loss Contingencies [Line Items]
Commitment Fee Income Related Parties	62,000	21,000	187,000	21,000
Commitment Fee [Member] | SFH DFW Guaranty [Member]
Loss Contingencies [Line Items]
Commitment Fee Income Related Parties	2,000	0	2,000	0
Commitment Fee [Member] | Felder CND Guaranty [Member]
Loss Contingencies [Line Items]
Commitment Fee Income Related Parties	$ 3,000	$ 0	$ 4,000	$ 0

Commitments and Contingencies56

Commitments and Contingencies (Details Textual)	May. 13, 2015USD ($)	May. 21, 2015USD ($)a	Aug. 29, 2014USD ($)	Jul. 18, 2014USD ($)	Jul. 22, 2013USD ($)	Dec. 30, 2011USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 26, 2009USD ($)
Loss Contingencies [Line Items]
Guarantees Outstanding, Number							12	8
Guarantee Obligations Credit Risk							$ 82,500,000	$ 59,700,000
Guarantees Outstanding, Borrowed Value							50,200,000	43,100,000
Accounts Receivable, Related Parties							6,207,849	3,343,867
credit enhancement fee [Member]
Loss Contingencies [Line Items]
Accounts Receivable, Related Parties							325,000	104,000
UMTH LD [Member] | Community Trust Bank [Member]
Loss Contingencies [Line Items]
Line Of Credit Facility Guaranty Amount									$ 6,300,000
Line Of Credit Facility Guaranty Outstanding							3,300,000	4,000,000
UDF LOF [Member]
Loss Contingencies [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity						100.00%
United Residential Home Finance LP [Member]
Loss Contingencies [Line Items]
Line Of Credit Facility Guaranty Amount					$ 15,000,000
Line Of Credit Facility Guaranty Outstanding							2,300,000	5,000,000
Percentage Interest of Related Party Owned By Affiliated Entity					100.00%
Line Of Credit Facility, Credit Enhancement Fee, Percentage					1.00%
Line of Credit Facility, Guaranty, Maturity Date					Jul. 22, 2016
Rowe Lane Guaranty [Member]
Loss Contingencies [Line Items]
Line Of Credit Facility Guaranty Amount				$ 6,000,000
Line Of Credit Facility Guaranty Outstanding							5,000,000	3,300,000
Line Of Credit Facility, Credit Enhancement Fee, Percentage				1.00%
Maple Wolf Stoneleigh, Llc [Member]
Loss Contingencies [Line Items]
Line Of Credit Facility Guaranty Amount						$ 25,000,000
Percentage Interest of Related Party Owned By Affiliated Entity						75.00%
Line Of Credit Facility, Credit Enhancement Fee, Percentage						1.00%
BRHG TX-I Guaranty [Member]
Loss Contingencies [Line Items]
Line Of Credit Facility Guaranty Amount			$ 25,000,000				24,600,000
Line Of Credit Facility Guaranty Outstanding							182,018,000,000	$ 25,000,000
Line Of Credit Facility, Credit Enhancement Fee, Percentage			1.00%
SFH DFW Guaranty [Member]
Loss Contingencies [Line Items]
Line Of Credit Facility Guaranty Amount	$ 3,000,000
Line Of Credit Facility Guaranty Outstanding							733,000
Line Of Credit Facility, Credit Enhancement Fee, Percentage	1.00%
Felder CND Guaranty [Member]
Loss Contingencies [Line Items]
Line Of Credit Facility Guaranty Amount		$ 6,400,000
Line Of Credit Facility Guaranty Outstanding							$ 1,100,000
Line Of Credit Facility, Credit Enhancement Fee, Percentage		1.00%
Area of Land | a		132.594

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges			$ 1,710,612	$ 955,686
UDF IV HF CTB Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	$ 7,000	$ 56,000	120,000	93,000
CTB Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	12,000	15,000	53,000	24,000
Prosperity Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	5,000	16,000	14,000	49,000
Legacy Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	8,000	0	21,000	0
Veritex Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	10,000	13,000	36,000	26,000
Affiliated Bank Loan [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	8,000	10,000	29,000	25,000
UDF IV Fin VII Legacy Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	7,000	17,000	45,000	42,000
UDF IV Fin VI CTB Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	17,000	38,000	98,000	100,000
Independent Bank Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	28,000	19,000	84,000	56,000
Waterfall Four Loan [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	44,000	44,000	131,000	44,000
Waterfall three Loan [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	19,000	0	56,000	0
Capital Bank Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	3,000	0	7,000	0
AMB Revolver [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	6,000	0	8,000	0
Total Related Parties [Member]
Related Party Transaction [Line Items]
Amortization of Other Deferred Charges	$ 174,000	$ 228,000	$ 702,000	$ 459,000

Related Party Transactions (D58

Related Party Transactions (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
UDF IV HF CTB Revolver [Member]
Related Party Transaction [Line Items]
Credit Enhancement Fee Expense Related Party	$ 44,000	$ 42,000	$ 150,000	$ 97,000
CTB Revolver [Member]
Related Party Transaction [Line Items]
Credit Enhancement Fee Expense Related Party	53,000	47,000	150,000	119,000
Prosperity Revolver [Member]
Related Party Transaction [Line Items]
Credit Enhancement Fee Expense Related Party	31,000	34,000	99,000	53,000
UDF IV Fin VI CTB Revolver [Member]
Related Party Transaction [Line Items]
Credit Enhancement Fee Expense Related Party	33,000	26,000	99,000	48,000
Total Related Parties [Member]
Related Party Transaction [Line Items]
Credit Enhancement Fee Expense Related Party	$ 161,000	$ 149,000	$ 498,000	$ 317,000

Related Party Transactions (D59

Related Party Transactions (Details 2) - USD ($)		9 Months Ended			12 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		$ 8,350,000		$ 8,479,000	$ 11,192,000
Related Party Transaction Payment Percentage		100.00%		100.00%	100.00%
UMTH GS [Member] | Management Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		$ 7,351,000		$ 7,422,000	$ 9,751,000
Related Party Transaction Payment Percentage		88.00%		88.00%	87.00%
UMTH GS [Member] | Debt Financing Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		$ 480,000		$ 601,000	$ 754,000
Related Party Transaction Payment Percentage		6.00%		7.00%	7.00%
UMTH GS [Member] | Advisor Expense Reimbursement [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		$ 18,000		$ 4,000	$ 12,000
Related Party Transaction Payment Percentage	[1]
UMTH LD [Member] | Acquisition and Origination Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		$ 0		$ 259,000	$ 259,000
Related Party Transaction Payment Percentage			[1]	3.00%	2.00%
UDF III [Member] | Credit Enhancement Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		$ 501,000		$ 193,000	$ 416,000
Related Party Transaction Payment Percentage		6.00%		2.00%	4.00%
[1]	Less than 1%

Related Party Transactions (D60

Related Party Transactions (Details 3) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Total management fees - related party		$ 2,393,000	$ 2,325,000	$ 7,479,000	$ 7,629,000
Total management fees - related party, Percentage		100.00%	100.00%	100.00%	100.00%
Total General and Administrative - related parties		$ 340,673	$ 382,431	$ 1,218,328	$ (1,376,394)
Total General and Administrative - related parties, Percentage		100.00%	100.00%	100.00%	100.00%
Management Fees [Member]
Related Party Transaction [Line Items]
Total management fees - related party		$ 2,393,000	$ 2,325,000	$ 7,479,000	$ 7,629,000
Total management fees - related party, Percentage		100.00%	100.00%	100.00%	100.00%
Amortization Of Debt Financing Fees [Member]
Related Party Transaction [Line Items]
Total General and Administrative - related parties		$ 174,000	$ 227,000	$ 702,000	$ 459,000
Total General and Administrative - related parties, Percentage		51.00%	60.00%	58.00%	(33.00%)
Acquisition and Origination Fees [Member]
Related Party Transaction [Line Items]
Total General and Administrative - related parties	[1]	$ 0	$ 0	$ 0	$ (2,160,000)
Total General and Administrative - related parties, Percentage	[1]	0.00%	0.00%		157.00%
Credit Enhancement Fees [Member]
Related Party Transaction [Line Items]
Total General and Administrative - related parties		$ 161,000	$ 149,000	$ 498,000	$ 317,000
Total General and Administrative - related parties, Percentage		47.00%	39.00%	41.00%	(23.00%)
Advisor Expense Reimbursement [Member]
Related Party Transaction [Line Items]
Total General and Administrative - related parties		$ 6,000	$ 6,000	$ 18,000	$ 8,000
Total General and Administrative - related parties, Percentage		2.00%	1.00%	1.00%	(1.00%)
[1]	Includes approximately $3.2 million in Acquisition and Origination Fees that were reversed in June 2014 associated with estimated Secondary DRIP Offering proceeds. In connection with our Listing, we ceased offering common shares of beneficial interest pursuant to our Secondary DRIP Offering.

Related Party Transactions (D61

Related Party Transactions (Details 4) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Buffington Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	$ 0	$ 0
Buffington Classic Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	0	0
TR Finished Lot Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	0	0
TR Paper Lot Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	17,763,000	15,014,000
Pine Trace Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	3,008,000	3,766,000
Northpointe Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	1,216,000	1,216,000
Northpointe II Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	10,204,000	10,754,000
UMTHF Megatel Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	3,065,000	2,095,000
URHF Buckingham Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	0	153,000
URHF Bratton Hill Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	0	34,000
URHF Glenmore Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	0	3,700,000
URHF Gateway Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	0	2,349,000
UMTHF Mason Park Participation [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	0	1,577,000
Total Related Parties [Member]
Related Party Transaction [Line Items]
Balance Of Participation Related Party	$ 35,256,000	$ 40,658,000

Related Party Transactions (D62

Related Party Transactions (Details 5) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	$ 6,207,849	$ 3,343,867
Buffington Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	0	0
Buffington Classic Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	0	0
TR Finished Lot Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	0	0
TR Paper Lot Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	51,000	609,000
Pine Trace Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	1,000	111,000
Northpointe Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	120,000	11,000
Northpointe II Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	741,000	14,000
UMTHF Megatel Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	1,000	1,000
URHF Buckingham Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	0	2,000
URHF Bratton Hill Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	0	0
URHF Glenmore Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	0	74,000
URHF Gateway Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	0	48,000
UMTHF Mason Park Participation [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	0	133,000
Total Related Parties [Member]
Related Party Transaction [Line Items]
Accounts Receivable,Related Parties	$ 914,000	$ 1,003,000

Related Party Transactions (D63

Related Party Transactions (Details 6) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Interest income - related parties	$ 3,490,930	$ 2,672,045	$ 10,429,239	$ 7,290,717
Buffington Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	0	0	0	122,000
Buffington Classic Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	0	1,000	0	20,000
TR Finished Lot Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	0	41,000	0	225,000
TR Paper Lot Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	596,000	502,000	1,735,000	1,451,000
Pine Trace Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	103,000	165,000	317,000	607,000
Northpointe Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	37,000	35,000	109,000	124,000
Northpointe II Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	309,000	198,000	918,000	414,000
UMTHF Megatel Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	126,000	188,000	427,000	408,000
URHF Buckingham Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	5,000	2,000	39,000	55,000
URHF Bratton Hill Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	0	0	2,000	40,000
URHF Glenmore Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	0	126,000	182,000	203,000
URHF Gateway Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	82,000	136,000	251,000	221,000
UMTHF Mason Park Participation [Member]
Related Party Transaction [Line Items]
Interest income - related parties	59,000	0	168,000	0
Total Related Parties [Member]
Related Party Transaction [Line Items]
Interest income - related parties	$ 1,317,000	$ 1,394,000	$ 4,148,000	$ 3,890,000

Related Party Transactions (D64

Related Party Transactions (Details 7) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Notes receivable - related parties	$ 69,644,615	$ 60,497,391
Buffington Classic CL [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	0	0
HLL II Highland Farms Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	1,760,000	1,773,000
HLL Hidden Meadows Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	12,653,000	11,317,000
Ash Creek Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	1,534,000	1,428,000
UDF TX Two Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	0	0
UDF PM Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	5,254,000	4,989,000
HLL IS Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	0	2,761,000
One KR Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	19,050,000	13,669,000
Rowe Lane Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	5,079,000	4,879,000
BRHG TX-I Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	11,500,000	11,500,000
Stoneleigh Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	7,883,000	7,882,000
One KR Venture Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	1,413,000	423,000
Almeda Crossing Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	824,000	0
BRHG TX-II LLC [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	1,198,000	0
SM Place Loan [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	1,549,000	0
Total Related Parties [Member]
Related Party Transaction [Line Items]
Notes receivable - related parties	$ 69,697,000	$ 60,621,000

Related Party Transactions (D65

Related Party Transactions (Details 8) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	$ 29,817,746	$ 18,098,976
Buffington Classic CL [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	0	0
HLL II Highland Farms Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	163,000	6,000
HLL Hidden Meadows Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	891,000	404,000
Ash Creek Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	89,000	8,000
UDF TX Two Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	0	0
UDF PM Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	583,000	134,000
HLL IS Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	0	32,000
One KR Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	253,000	62,000
Rowe Lane Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	5,000	71,000
BRHG TX-I Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	1,614,000	496,000
Stoneleigh Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	941,000	672,000
One KR Venture Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	7,000	0
Almeda Crossing Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	31,000	0
BRHG TX-II LLC [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	3,000	0
SM Place Loan [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	3,000	0
Total Related Parties [Member]
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	$ 4,583,000	$ 1,885,000

Related Party Transactions (D66

Related Party Transactions (Details 9) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Interest Income, Related Party	$ 3,490,930	$ 2,672,045	$ 10,429,239	$ 7,290,717
Buffington Classic CL [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	0	0	0	0
HLL II Highland Farms Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	58,000	51,000	171,000	148,000
HLL Hidden Meadows Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	409,000	368,000	1,171,000	1,079,000
Ash Creek Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	50,000	50,000	145,000	158,000
UDF TX Two Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	0	16,000	0	49,000
UDF PM Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	171,000	142,000	499,000	404,000
HLL IS Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	2,000	88,000	140,000	252,000
One KR Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	604,000	296,000	1,608,000	903,000
Rowe Lane Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	166,000	148,000	480,000	289,000
BRHG TX-I Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	377,000	119,000	1,118,000	119,000
Stoneleigh Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	258,000	0	766,000	0
One KR Venture Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	48,000	0	146,000	0
Almeda Crossing Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	25,000	0	31,000	0
BRHG TX-II LLC [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	3,000	0	3,000	0
SM Place Loan [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	3,000	0	3,000	0
Total Related Parties [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	$ 2,174,000	$ 1,278,000	$ 6,281,000	$ 3,401,000

Related Party Transactions (D67

Related Party Transactions (Details 10) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Commitment Fee Income Related Parties	$ 113,082	$ 79,767	$ 332,870	$ 173,451
HLL II Highland Farms Loan [Member]
Related Party Transaction [Line Items]
Commitment Fee Income Related Parties	0	0	0	0
HLL Hidden Meadows Loan [Member]
Related Party Transaction [Line Items]
Commitment Fee Income Related Parties	0	6,000	2,000	19,000
HLL IS Loan [Member]
Related Party Transaction [Line Items]
Commitment Fee Income Related Parties	7,000	5,000	18,000	16,000
One KR Loan [Member]
Related Party Transaction [Line Items]
Commitment Fee Income Related Parties	13,000	13,000	38,000	38,000
Rowe Lane Loan [Member]
Related Party Transaction [Line Items]
Commitment Fee Income Related Parties	5,000	5,000	14,000	12,000
Total Related Parties [Member]
Related Party Transaction [Line Items]
Commitment Fee Income Related Parties	$ 25,000	$ 29,000	$ 72,000	$ 85,000

Related Party Transactions Mana

Related Party Transactions Management fees (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accrued Liabilities - Related Parties	$ 1,352,357	$ 1,228,028
Management Fees [Member]
Related Party Transaction [Line Items]
Accrued Liabilities - Related Parties	$ 1,300,000	$ 1,200,000

Related Party Transactions Acqu

Related Party Transactions Acquisition and Origination Fees (Details Textual) $ in Millions	1 Months Ended
	Jun. 04, 2014USD ($)
Related Party Transaction [Line Items]
Acquisition and Origination Fees Percentage	3.00%
Acquisition and Origination Fees [Member]
Related Party Transaction [Line Items]
Reversal of Accrued Liabilities, Related parties	$ 3.2

Related Party Transactions Cred

Related Party Transactions Credit Enhancement Fees (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accrued liabilities - related parties	$ 1,352,357	$ 1,228,028
Credit Enhancement Fees [Member]
Related Party Transaction [Line Items]
Accrued liabilities - related parties	$ 53,000	$ 56,000

Related Party Transactions Advi

Related Party Transactions Advisor Expense Reimbursement (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accrued liabilities - related parties	$ 1,352,357	$ 1,228,028
Advisor Expense Reimbursement [Member]
Related Party Transaction [Line Items]
Accrued liabilities - related parties	$ 2,000	$ 2,000

Related Party Transactions Loan

Related Party Transactions Loan Participation Interest - Related Parties (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Oct. 06, 2014	May. 06, 2014	Dec. 16, 2013	Oct. 03, 2013	May. 31, 2012	Mar. 24, 2010	Dec. 18, 2009
Buffington Participation Agreement [Member]
Related Party Transaction [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity							100.00%
Pine Trace Participation Agreement [Member]
Related Party Transaction [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity					100.00%
UMTHF Megatel Participation [Member]
Related Party Transaction [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity				100.00%
URHF Buckingham Participation [Member]
Related Party Transaction [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity			100.00%
Note Receivable Related Party Loan Amount			$ 4.9
URHF Bratton Hill Participation [Member]
Related Party Transaction [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity			100.00%
Note Receivable Related Party Loan Amount			$ 3
Buffington Classic Participation Agreement [Member]
Related Party Transaction [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity						100.00%
URHF Gateway Participation [Member]
Related Party Transaction [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity		100.00%
Note Receivable Related Party Loan Amount		$ 7.6
URHF Glenmore Participation [Member]
Related Party Transaction [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity		100.00%
Note Receivable Related Party Loan Amount		$ 4.2
UMTHF Mason Park Participation [Member]
Related Party Transaction [Line Items]
Percentage Interest of Related Party Owned By Affiliated Entity	100.00%

Related Party Transactions Note

Related Party Transactions Notes Receivable - Related Parties (Details Textual) - USD ($)

Aug. 13, 2015

May. 12, 2015

Oct. 13, 2014

Sep. 22, 2015

Sep. 20, 2012

Sep. 30, 2015

Jun. 30, 2015

Apr. 16, 2015

Dec. 30, 2014

Aug. 29, 2014

Feb. 18, 2014

Dec. 14, 2012

Nov. 29, 2012

Oct. 17, 2012

Apr. 20, 2011

Feb. 17, 2011

Dec. 22, 2010

HLL II Highland Farms Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 1,900,000

HLL Hidden Meadows Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 9,900,000

Loan Origination Fee Receivable

$ 99,000

Line of Credit Facility, Maximum Borrowing Capacity

14,000,000

Ash Creek Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 3,000,000

Udf Tx Two Loan [Member]

Related Party Transaction [Line Items]

Percentage Interest of Related Party Owned By Affiliated Entity

50.00%

Note Receivable - Related Party Loan Amount

$ 2,900,000

Udf Pm Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 5,100,000

Line of Credit Facility, Maximum Borrowing Capacity

$ 6,300,000

HLL IS Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 6,400,000

Loan Origination Fee Receivable

64,000

One Kr Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 15,300,000

Loan Origination Fee Receivable

153,000

Line of Credit Facility, Maximum Borrowing Capacity

$ 18,700,000

Rowe Lane Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 7,500,000

Loan Origination Fee Receivable

$ 75,000

BRHG Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 11,500,000

Equity Method Investment, Ownership Percentage

25.00%

BRHG TX-I, LLC [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 3,000,000

Equity Method Investment, Ownership Percentage

25.00%

Debt Instrument, Interest Rate, Stated Percentage

13.00%

Stoneleigh Loan [Member]

Related Party Transaction [Line Items]

Percentage Interest of Related Party Owned By Affiliated Entity

75.00%

Note Receivable - Related Party Loan Amount

$ 13,900,000

Equity Method Investment, Ownership Percentage

100.00%

One Kr Venture Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 5,300,000

Almeda Crossing Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 2,200,000

Loan Agreement Description

Almeda Crossing is a wholly-owned subsidiary of UDF I. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD also serves as the asset manager of UDF I. The Almeda Crossing Loan provides Almeda with up to $2.0 million to acquire and develop 9.8 acres of land into 58 single-family lots. As of September 30, 2015, the Almeda Crossing Loan is secured by a first lien deed of trust recorded against the 9.8 acres of real property located in Harris County, Texas, as well as a promissory note, assignments of certain lot sale contracts and other loan documents.

Line of Credit Facility, Maximum Borrowing Capacity

$ 2,000,000

Line of Credit Facility, Interest Rate During Period

13.00%

Line of Credit Facility, Periodic Payment

$ 200,000

SM Place Loan [Member]

Related Party Transaction [Line Items]

Note Receivable - Related Party Loan Amount

$ 7,500,000

Related Party Loans Interest Reserve

$ 1,200,000

Loan Agreement Description

SM Place is a wholly-owned subsidiary of UDF I. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD also serves as the asset manager of UDF I. The SM Place Loan provides SM Place with up to $6.3 million to acquire 61.31 acres of land and develop 16.70 acres into 92 single-family lots. As of September 30, 2015, the SM Place Loan is secured by a first lien deed of trust recorded against the 61.31 acres of real property located in Harris County, Texas, as well as a promissory note and other loan documents.

Debt Instrument, Interest Rate, Stated Percentage

13.00%

BRHG TX II Loan [Member]

Related Party Transaction [Line Items]

Loan Agreement Description

The loan-to-value ratio associated with this loan may exceed 85% at origination due to BRHG TX-II being a start-up company; however, substantial justification to exceed an 85% loan-to-value ratio was approved by our trustees due to the presence of other underwriting criteria, including the Series B Warrant

Concentration of Credit Risk (D

Concentration of Credit Risk (Details Textual)	9 Months Ended
	Sep. 30, 2015Number
Concentration Risk [Line Items]
Largest Borrower And Affiliate Concentration	62.00%
Credit Risk Concentration Percentage	10.00%
Number Of Loan, Outstanding Balance Of Portfolio	69
Other Affiliates [Member]
Concentration Risk [Line Items]
Percentage of Real Property Loans and Investments Secured under Location	5.00%
Number Of Loan, Outstanding Balance Of Portfolio	5
Texas [Member]
Concentration Risk [Line Items]
Percentage of Real Property Loans and Investments Secured under Location	99.00%
Florida [Member]
Concentration Risk [Line Items]
Percentage of Real Property Loans and Investments Secured under Location	1.00%
North Carolina [Member]
Concentration Risk [Line Items]
Percentage Of Real Property Loans And Investments Secured Under Location, Description	less than 1%

Subsequent Events (Details Text

Subsequent Events (Details Textual) - $ / shares	1 Months Ended		19 Months Ended	35 Months Ended
	Nov. 04, 2015	Oct. 01, 2015	Dec. 31, 2015	May. 31, 2014
Subsequent Event [Line Items]
Distribution Made to Limited Partner, Distributions Paid, Per Unit				$ 0.0044932
Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution Made to Limited Partner, Distributions Paid, Per Unit	$ 0.055	$ 0.1367	$ 0.1367