10-Q Filing

UNITED DEVELOPMENT FUNDING III, LP CIK: 1335732 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001144204-15-049398`
Period End Date	20150630
Filing Date	20150814
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	cik0001335732-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 60 Cash Flow Statement 73

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Limited partners' capital account, units authorized	`LimitedPartnersCapitalAccountUnitsAuthorized`	22.50M	shares	Point-in-time
Limited partners' capital account, units authorized	`LimitedPartnersCapitalAccountUnitsAuthorized`	22.50M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.31K	USD	Point-in-time
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	19.78M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$157.07K	USD	Point-in-time
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	19.55M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$790.96K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Limited Partners' capital account, units outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	19.55M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.38M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.39M	USD	Point-in-time
Limited Partners' capital account, units outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	19.78M	shares	Point-in-time
Accrued interest receivable	`InterestReceivable`	$6.54M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$9.54M	USD	Point-in-time
Accrued interest receivable - related parties	`AccruedInterestReceivablesRelatedParty`	$2.56M	USD	Point-in-time
Accrued interest receivable - related parties	`AccruedInterestReceivablesRelatedParty`	$349.66K	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedParties`	$352.44K	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedParties`	$347.06K	USD	Point-in-time
Notes receivable, net	`NotesReceivableNet`	$280.73M	USD	Point-in-time
Notes receivable, net	`NotesReceivableNet`	$292.42M	USD	Point-in-time
Notes receivable - related parties, net	`NotesReceivableRelatedParties`	$16.41M	USD	Point-in-time
Notes receivable - related parties, net	`NotesReceivableRelatedParties`	$16.40M	USD	Point-in-time
Participation interest - related party, net	`ParticipationInterestRelatedPartyNet`	$74.69M	USD	Point-in-time
Participation interest - related party, net	`ParticipationInterestRelatedPartyNet`	$72.11M	USD	Point-in-time
Other assets	`OtherAssets`	$184.88K	USD	Point-in-time
Other assets	`OtherAssets`	$123.23K	USD	Point-in-time
Total assets	`Assets`	$384.42M	USD	Point-in-time
Total assets	`Assets`	$392.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$176.32K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$247.89K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$233.04K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$323.73K	USD	Point-in-time
Accrued liabilities - related parties	`DueToRelatedPartiesCurrentAndNoncurrent`	$2.99M	USD	Point-in-time
Accrued liabilities - related parties	`DueToRelatedPartiesCurrentAndNoncurrent`	$2.47M	USD	Point-in-time
Distributions payable	`DividendsPayableCurrentAndNoncurrent`	$3.19M	USD	Point-in-time
Distributions payable	`DividendsPayableCurrentAndNoncurrent`	$4.32M	USD	Point-in-time
Lines-of-credit	`LineOfCredit`	$10.00M	USD	Point-in-time
Lines-of-credit	`LineOfCredit`	$11.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.48M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Limited partners capital: 22,500,000 units authorized; 19,783,280 units issued and outstanding at June 30, 2015 and 19,545,922 units issued and outstanding at December 31, 2014	`LimitedPartnersCapitalAccount`	$373.86M	USD	Point-in-time
Limited partners capital: 22,500,000 units authorized; 19,783,280 units issued and outstanding at June 30, 2015 and 19,545,922 units issued and outstanding at December 31, 2014	`LimitedPartnersCapitalAccount`	$366.47M	USD	Point-in-time
General partners capital	`GeneralPartnersCapitalAccount`	$468.30K	USD	Point-in-time
General partners capital	`GeneralPartnersCapitalAccount`	$422.28K	USD	Point-in-time
Total partners capital	`PartnersCapital`	$374.28M	USD	Point-in-time
Total partners capital	`PartnersCapital`	$366.94M	USD	Point-in-time
Total liabilities and partners capital	`LiabilitiesAndStockholdersEquity`	$384.42M	USD	Point-in-time
Total liabilities and partners capital	`LiabilitiesAndStockholdersEquity`	$392.00M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InterestIncomeOperating`	$19.64M	USD	2 Qtrs
Interest income	`InterestIncomeOperating`	$21.30M	USD	2 Qtrs
Interest income	`InterestIncomeOperating`	$9.98M	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$10.76M	USD	1 Quarter
Interest income - related parties	`InterestIncomeRelatedParty`	$2.48M	USD	1 Quarter
Interest income - related parties	`InterestIncomeRelatedParty`	$2.28M	USD	1 Quarter
Interest income - related parties	`InterestIncomeRelatedParty`	$4.55M	USD	2 Qtrs
Interest income - related parties	`InterestIncomeRelatedParty`	$5.03M	USD	2 Qtrs
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$134.65K	USD	2 Qtrs
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$68.43K	USD	1 Quarter
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$172.87K	USD	1 Quarter
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$256.88K	USD	2 Qtrs
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$210.53K	USD	2 Qtrs
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$198.99K	USD	1 Quarter
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$389.30K	USD	2 Qtrs
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$114.16K	USD	1 Quarter
Total revenues	`Revenues`	$25.14M	USD	2 Qtrs
Total revenues	`Revenues`	$26.37M	USD	2 Qtrs
Total revenues	`Revenues`	$12.75M	USD	1 Quarter
Total revenues	`Revenues`	$13.31M	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$422.89K	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$206.04K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$155.83K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$324.91K	USD	2 Qtrs
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	-	USD	1 Quarter
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$272.51K	USD	2 Qtrs
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$137.76K	USD	1 Quarter
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	-	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$531.48K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$553.73K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$321.10K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$947.73K	USD	2 Qtrs
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$822.64K	USD	2 Qtrs
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$867.87K	USD	2 Qtrs
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$431.15K	USD	1 Quarter
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$426.48K	USD	1 Quarter
Total expenses	`TotalExpenses`	$1.12M	USD	1 Quarter
Total expenses	`TotalExpenses`	$1.09M	USD	1 Quarter
Total expenses	`TotalExpenses`	$2.14M	USD	2 Qtrs
Total expenses	`TotalExpenses`	$2.07M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$23.07M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$11.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.23M	USD	2 Qtrs
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$10.44M	USD	1 Quarter
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$20.68M	USD	2 Qtrs
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$21.72M	USD	2 Qtrs
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$10.92M	USD	1 Quarter
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasic`	$1.10	USD	2 Qtrs
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasic`	$1.08	USD	2 Qtrs
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasic`	$0.54	USD	1 Quarter
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasic`	$0.55	USD	1 Quarter
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.22M	shares	2 Qtrs
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.25M	shares	1 Quarter
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.66M	shares	2 Qtrs
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.71M	shares	1 Quarter
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$0.49	USD	1 Quarter
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$0.97	USD	2 Qtrs
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$0.97	USD	2 Qtrs
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$0.49	USD	1 Quarter

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$23.07M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$11.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.23M	USD	2 Qtrs
Provision for loan loss	`ProvisionForLoanLossesExpensed`	-	USD	1 Quarter
Provision for loan loss	`ProvisionForLoanLossesExpensed`	$272.51K	USD	2 Qtrs
Provision for loan loss	`ProvisionForLoanLossesExpensed`	$137.76K	USD	1 Quarter
Provision for loan loss	`ProvisionForLoanLossesExpensed`	-	USD	2 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$99.51K	USD	2 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$83.94K	USD	2 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-2.48M	USD	2 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-6.91K	USD	2 Qtrs
Accrued interest receivable - related parties	`IncreaseDecreaseInAccruedInterestReceivableRelatedParty`	$3.17M	USD	2 Qtrs
Accrued interest receivable - related parties	`IncreaseDecreaseInAccruedInterestReceivableRelatedParty`	$2.21M	USD	2 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParty`	$5.38K	USD	2 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParty`	$21.74K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$22.30K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$317.82K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$33.33K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-71.56K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-90.69K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$14.30K	USD	2 Qtrs
Accrued liabilities - related parties	`IncreaseDecreaseInDueToRelatedParties`	$435.14K	USD	2 Qtrs
Accrued liabilities - related parties	`IncreaseDecreaseInDueToRelatedParties`	$521.27K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$314.70M	USD	40 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.42M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$24.92M	USD	2 Qtrs
Investments in notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$17.64M	USD	2 Qtrs
Investments in notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$19.86M	USD	2 Qtrs
Investments in notes receivable - related parties	`OriginationOfNotesReceivableFromRelatedParties`	$11.70K	USD	2 Qtrs
Investments in notes receivable - related parties	`OriginationOfNotesReceivableFromRelatedParties`	$350.50K	USD	2 Qtrs
Investments in participation interest - related party	`InvestmentsInParticipationInterestRelatedParty`	$2.29K	USD	2 Qtrs
Investments in participation interest - related party	`InvestmentsInParticipationInterestRelatedParty`	-	USD	2 Qtrs
Receipts from notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$8.69M	USD	2 Qtrs
Receipts from notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$4.13M	USD	2 Qtrs
Receipts from notes receivable - related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$5.67M	USD	2 Qtrs
Receipts from notes receivable - related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$3.17K	USD	2 Qtrs
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	$2.58M	USD	2 Qtrs
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	-	USD	2 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$4.12K	USD	2 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$4.44K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.61M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.19M	USD	2 Qtrs
Proceeds from line-of-credit	`ProceedsFromLinesOfCredit`	$12.00M	USD	2 Qtrs
Proceeds from line-of-credit	`ProceedsFromLinesOfCredit`	-	USD	2 Qtrs
Payments on lines-of-credit	`RepaymentsOfLinesOfCredit`	$1.25M	USD	2 Qtrs
Payments on lines-of-credit	`RepaymentsOfLinesOfCredit`	$10.00M	USD	2 Qtrs
Limited partner distributions, net of limited partner distribution reinvestment	`PaymentsOfDistributionReinvestment`	$13.83M	USD	2 Qtrs
Limited partner distributions, net of limited partner distribution reinvestment	`PaymentsOfDistributionReinvestment`	$14.29M	USD	2 Qtrs
Limited partner redemptions	`PaymentsOfLimitedPartnerRedemption`	$1.34M	USD	2 Qtrs
Limited partner redemptions	`PaymentsOfLimitedPartnerRedemption`	$36.00K	USD	2 Qtrs
General partner distributions	`PaymentsOfGeneralPartnerContributions`	$1.43M	USD	2 Qtrs
General partner distributions	`PaymentsOfGeneralPartnerContributions`	$876.17K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-17.01M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.04M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.81M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-695.65K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$95.31K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$157.07K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$790.96K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$95.31K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$157.07K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$790.96K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$283.33K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$390.74K	USD	2 Qtrs
Limited partner distribution reinvestment	`LimitedPartnerDistributionReinvestment`	$4.82M	USD	2 Qtrs
Limited partner distribution reinvestment	`LimitedPartnerDistributionReinvestment`	$4.78M	USD	2 Qtrs
Distributions accrued but not paid	`DividendsAccruedButNotPaid`	$1.13M	USD	2 Qtrs
Distributions accrued but not paid	`DividendsAccruedButNotPaid`	$1.12M	USD	2 Qtrs
Assignment of loans	`AssignmentOfLoans`	$518.44K	USD	2 Qtrs
Assignment of loans	`AssignmentOfLoans`	-	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.