From the last quarterly report: "The Bridge loan contains the...

From the last quarterly report: "The Bridge loan contains the majority of the Fund’s intended sales assets, while the Term loan is largely comprised of the properties the Fund intends to hold longer term." The bridge loan is circa $50m and houses are being sold now to pay it off (shouldn't be long now). Based on the quoted statement, it implies that URF will not be selling any houses associated with the term loan for the foreseeable future, i.e., not to repay the CPUs in 18 months.

The quarterly report also includes the following on the last page (footnote 6): "For the purpose of calculating the NAV, the above figures assume a cash settlement of the CPUs. No decision has been made regarding the conversion of the CPUs." This implies that URF is considering a cash settlement, so I'm not sure it is the case that conversion of the CPUs is the only possibility, as suggested above by TerribleTadpole.