SCM Special Fund 3, LP managed by Sutter Capital Management LLC made a tender offer to acquire 5.05% stake in United Development Funding IV for $2.3 million on October 10, 2016. SCM Special Fund 3, LP managed by Sutter Capital Management LLC offered to acquire 1.55 million shares of United Development at $1.5 per share. SCM Special Fund 3, LP managed by Sutter Capital Management LLC intends to fund out the acquisition of their current working capital. As on October 21, 2016, Sutter Capital Management has lowered its offering price to purchase up to 1.55 shares of United Development Funding IV from $1.5 per share to $1 per share. The offer is not subject to HSR Act, minimum tender and financing condition. The offer will expire on December 2, 2016. On March 20, 2017, SCM Special Fund 3, LP managed by Sutter Capital Management LLC made a revised tender offer to acquire 5.05% stake in United Development Funding IV for $1.9 million on October 10, 2016. The offer per share is revised to $1.25 per share. The offer expires on May 5, 2017. Christine Simpson of Mackenzie Patterson Fuller LP, Advisory Arm acted as depository bank for Sutter Capital Management LLC. SCM Special Fund 3, LP managed by Sutter Capital Management LLC completed the acquisition of 0.12% stake in United Development Funding IV for $0.05 million on May 10, 2017. Under the tender offer, SCM Special Fund 3, LP managed by Sutter Capital Management LLC acquired 37,890 shares at a purchase price of $1.25 per share.