A Nasdaq hearings panel has determined to continue thelisting of common shares on the Nasdaq Stock Market LLC.

The trust's continued listing is subject to the conditionthat, on or before Sept. 12, it shows compliance with a listing rule by filingall necessary periodic reports with the SEC. The trust must also be able todemonstrate that it satisfies all other quantitative and qualitativerequirements for continued listing on Nasdaq.

United Development Funding has not yet filed its annualreport on Form 10-K for the year ended Dec. 31, 2015, or its quarterly reporton Form 10-Q for the quarter ended March 31 with the SEC, and does notanticipate filing its quarterly report on Form 10-Q for the quarter ended June30 with the SEC by the applicable Aug. 9 deadline. However, the trust currentlyexpects that it will be in a position to file all the reports and thereby evidencefull compliance with the listing rule on or before the date required by thepanel.

Trading in the trust's securities on Nasdaq has been haltedsince Feb. 18.

United Development Funding said it expects that the tradinghalt will continue at least until it has become fully current in its periodicfiling obligations with the SEC.