On January 19, 2024, United Development Funding IV announced that on January 15, 2024, the Board of Trustees of the Company approved the Fourth Amended and Restated Bylaws of the Trust. The Fourth Amended and Restated Bylaws were revised to: 1) Remove the requirement that Trust shareholders may only propose Independent Trustee nominees if the shareholder is a ?Qualified Shareholder.? 2) Revise the definition of ?Independent Trustee?

to read as follows: an ?Independent Trustee? (i) is not an employee of UMTH General Services, L.P., (ii) is not involved in the Trust?s day to day activities and (iii) meets the qualifications of an independent Trustee (not including the specific independence requirements applicable only to members of the Audit Committee of the Board of Trustees) under the applicable rules of the Nasdaq Stock Market, LLC, regardless of whether any securities of the Trust are listed on the Nasdaq Stock Market, LLC, as well as the applicable rules of each national securities exchange on which any securities of the Trust are then listed or over-the-counter market on which any securities of the Trust are then traded, in each case, as such rules may be amended from time to time.