Nexpoint Advisors, L.P. and NexPoint Strategic Opportunities Fund (NYSE:NHF), managed by Highland Capital Management, L.P. made an offer to acquire the remaining stake in United Development Funding IV on December 14, 2020. NexPoint Strategic Opportunities Fund made an offer to purchase any and all shares of United Development Funding IV at $1.10 per share. The transaction will be funded using existing cash on hand. As of August 9, 2021, United Development Funding IV recommends shareholders to reject the offer. As of September 27, 2021, United Development Funding IV recommends shareholders to reject the offer.

The offer is conditioned upon, among other things, the satisfaction or waiver of (i) the Governmental Authority and Approval Conditions, (ii) the Due Diligence Condition, (iii) the Board Waiver Condition i.e. Board of Trustees of UDFI shall have waived in writing the ownership limitations set forth in Article VII of the Declaration of Trust of UDFI and (iv) the REIT Condition which requires that purchaser shall have received satisfactory evidence that United Development Funding has continued to qualify as a real estate investment trust. On January 8, 2021, UDFI announced that it had reduced the percentage of outstanding shares that a shareholder may own from 9.8% to 5.0%. As of January 19, 2021, United Development Funding IV announced that it recommends Trust shareholders reject the second extended unsolicited tender offer. As of February 16, 2021, United Development Funding IV announced that it recommends Trust shareholders reject the extended unsolicited tender offer for $1.10 per share. As of March 18, 2021, UDF IV recommends Trust shareholders reject the third extended unsolicited tender offer made by hedge fund NexPoint. United Development Funding IV recommends Shareholders to reject Hedge Fund NexPoint's fourth extended hostile tender offer. As of June 2, 2021, United Development Funding IV announced that it recommends Trust shareholders reject the fifth extended unsolicited tender offer. United Development Funding IV Recommends Shareholders to reject Hedge Fund NexPoint's Fifth extended hostile tender offer. As of November 29, 2021, United Development Funding IV announced that it recommends Trust shareholders reject the tenth extended unsolicited tender offer made by NexPoint to purchase all Trust common shares for $1.10 per share. As of January 19, 2022, United Development Funding IV announced that it recommends Trust shareholders reject the twelfth extended unsolicited tender offer made by NexPoint to purchase all Trust common shares for $1.10 per share. As of February 17, 2022, United Development Funding IV announced that it recommends Trust shareholders reject the thirteenth extended unsolicited tender offer made by NexPoint to purchase all Trust common shares for $1.10 per share.

As of December 14, 2020, the offer has commenced and will expire on January 13, 2020. As of January 13, 2020, the offer period has been extended and is now scheduled to expire on February 12, 2021. As of February 12, 2021, the offer period has been extended and is now scheduled to expire on March 15, 2021. As of March 16, 2021, The offer is now scheduled to expire at the end of the day on April 13, 2021, unless the Offer is extended or earlier terminated. As of April 13, 2021, NexPoint announced the extension of the offering period and the offer is now scheduled to expire at the end of the day on May 14, 2021, unless the offer is extended or earlier terminated. As of May 14, 2021, NexPoint announced the extension of the offering period and the offer is now scheduled to expire at the end of the day on June 11, 2021, unless the offer is extended or earlier terminated. As of June 11, 2021, the offer is extended and now scheduled to expire at the end of the day on July 10, 2021. As of July 9, 2021, the offer is extended and now scheduled to expire at the end of the day on August 5, 2021. As of October 1, 2021, the offer is extended and now scheduled to expire at the end of the day on October 29, 2021. As of October 29, 2021, NexPoint Strategic Opportunities Fund announced the extension of the offering period for its previously announced offer to purchase any and all Shares of Beneficial Interest of United Development Funding IV which is now scheduled to expire on November 29, 2021, unless the Offer is extended or earlier terminated. As of December 28, 2021, NexPoint Advisors extension of the offer to purchase any and all Shares of Beneficial Interest of United Development Funding IV. As of January 28, 2022, the offer is extended and now scheduled to expire at the end of the day on February 25, 2022. As of February 25, 2022, Offer is now scheduled to expire on March 25, 2022. As of March 25, 2022, Offer is now scheduled to expire on April 25, 2022. As of May 25, 2022, NexPoint announced the extension of the offering period for its previously announced offer to purchase Shares of Beneficial Interest (the "Shares") of United Development Funding IV ("UDFI" or the "Company") at a price of $1.10 per Share upon the terms and subject to the conditions set forth in the Offer to Purchase and in the related Assignment Form for the offer (which together constitute the "Offer" and the "Tender Offer Documents"). The Offer is now scheduled to expire at 12:00 midnight, Eastern Time, at the end of the day on June 23, 2022, unless the Offer is extended or earlier terminated. As of July 24, 2022, the Offer is now scheduled to expire at 12:00 midnight, Eastern Time, at the end of the day on August 23, 2022, unless the Offer is extended or earlier terminated. on AUGUST 23, 2022 NexPoint announced the extension of the offering period for its previously announced offer, which was scheduled to expire at 12:00 midnight, Eastern Time, at the end of the day on August 23, 2022, is now scheduled to expire at 12:00 midnight, Eastern Time, at the end of the day on September 23, 2022, unless the Offer is extended or earlier terminated.

D.F. King & Co., Inc. acted as information agent and American Stock Transfer & Trust Company, LLC acted as depository to NexPoint Strategic Opportunities Fund managed by Highland Capital Management.

Nexpoint Advisors, L.P., NexPoint Diversified Real Estate Trust (NYSE:NXDT) and Highland Capital Management, L.P. cancelled the acquisition of the remaining stake in United Development Funding IV on September 23, 2022.