From 1315 to 1323, Ulrich served as governor of the Carinthian possessions of the Bishopric of Bamberg, including Reichenfels, St. Leonhard, Wolfsberg, Wernberg, Villach, Federaun, Arnoldstein, Tarvisio and Pontafel.
He also inherited the Lordships of Heunburg, Mannsberg, Bleiburg and Trixen (with restrictions, since Herman's widow also asserted certain rights).
In 1330, Ulrich served as a member of a court of arbitration in Augsburg, which ruled that the Duchy of Carinthia had fallen to the Dukes of Austria.
Also in 1342, Ulrich came into conflict with Bertram, the patriarch of Aquileia, who refused to invest Duke Albert II with Venzone.
As a reward, he was enfeoffed with the castle, town and district of Slovenj Gradec, which he sold to his brother-in-law Henry of Montpreis in 1351.
Also in 1354, Ulrich arranged a marriage between his son John and Margaret, the daughter of the late Count Rudolph of Schaunberg.
Peter Suchenwirt has praised Ulrich as a homo perfectus, a "perfect man", who combined all the essential virtues: wisdom, justice, generosity, temperance and fortitude.
After Agnes's death, but before 1331, Ulrich married Margaret, the daughter of Count Hugh II of Werdenberg and Euphemia of Ortenburg.