On February 8, 2024, NexPoint Advisors, L.P., commented on recent corporate bylaw amendments enacted by United Development Funding IV which include the removal of indefensible restrictions that the Board of Trustees previously enacted, which limited the ability of shareholders to propose nominees to the Board. NexPoint stated that it seeks to rectify the harm that shareholders have endured for years, and its legal actions are already making an impact ? in December, the Company finally held its first Annual Meeting in 8 years and since amended its bylaws to remove some of the onerous restrictions that disenfranchised its shareholders.

NexPoint added that it intends to continue to push for a full election of all independent trustees and to hold the investment manager and other parties accountable for their roles in harming shareholders. Additionally, the Company and its Board continue to obstruct NexPoint's efforts for transparency and accountability, attempting to narrow the scope of litigation and restrict discovery to the detriment of all the Company shareholders. The Company's ongoing efforts to stymie shareholder empowerment and obfuscate their improper behavior cannot continue.