United Development Funding IV (NasdaqGS:UDF) announces a share repurchase program. Under the program, the company will repurchase up to $25 million of its common shares. Repurchases will be made in the open market or in privately negotiated transactions at the discretion of management, subject to its assessment of market conditions and other factors.

The authorization does not obligate the company to repurchase any dollar amount or number of common shares. This authorization is in effect until January 13, 2016, and may be suspended or discontinued by the board of trustees at any time.