Ungerecht Joshua 4

What Happened Joshua Ungerecht, a director of ExchangeRight Income Fund, was issued 3,910.1107 NLP Common Units (reported as a grant/acquisition) on March 20, 2026. The Units were issued as merger consideration and are reported as a derivative interest; no per‑unit price or cash value is disclosed on the Form 4.

Key Details

• Transaction date: March 20, 2026; Form 4 filed March 24, 2026 (filed within the typical 2-business-day reporting window).
• Amount received: 3,910.1107 NLP Common Units (Form lists as derivative award/acquisition, code A).
• Price/Value: Not stated (N/A).
• Shares/Units held after transaction: Not specified on the Form 4.
• Important footnotes:
  • F2: Units were issued by the Operating Partnership as merger consideration in exchange for 0.33 Class 1 Beneficial Interests in a DST (ExchangeRight Net Leased Portfolio 20 DST).
  • F1: The Units (NLP Common Units) are not convertible into other unit classes or securities, have no redemption rights, and have no expiration date; they may derive value from the Registrant’s Class I Common Shares.
  • F3: The reported Units are held in a revocable trust for Mr. Ungerecht and his family; Mr. Ungerecht is a co-trustee and shares voting/dispositive power with his wife, and disclaims beneficial ownership of Units directly held by the trust.

Context

• This filing reports an acquisition of partnership-style Units issued as merger consideration rather than a cash purchase of common stock. Derivative/partnership Units like these can track or derive value from the REIT’s common shares but are governed by the Operating Partnership agreement and are not the same as Class I Common Shares.
• Holdings held in a family revocable trust and the co-trustee arrangement mean voting/dispositive power is shared; the filing disclaims direct beneficial ownership of Units held by that trust.