Fisher David Allan 4
4 · ExchangeRight Income Fund · Filed Mar 24, 2026
Research Summary
AI-generated summary of this filing
ExchangeRight Income Fund Director David Fisher Receives 3,910 Units
What Happened David A. Fisher, a director of ExchangeRight Income Fund, was issued 3,910.1103 NLP Common Units (reported as "Units") on March 20, 2026. The Units were granted as merger consideration (transaction code A) and reported on a Form 4 filed March 24, 2026. No per-unit cash price is provided (listed as N/A) because the Units were issued in exchange for 0.33 Class 1 beneficial interests in a Delaware statutory trust (ExchangeRight Net Leased Portfolio 20 DST) pursuant to an Agreement and Plan of Merger.
Key Details
- Transaction date: March 20, 2026. Form 4 filed: March 24, 2026.
- Amount: 3,910.1103 NLP Common Units issued to the reporting person. Price: N/A (units issued as non-cash merger consideration).
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Footnote highlights:
- F1: Units are NLP Common Units issued under an amendment to the partnership agreement; they have no expiration, are not convertible into other partnership securities, and carry no redemption rights, though they may derive value from the Registrant’s Class I Common Shares.
- F2: Units were issued to Fisher as merger consideration in exchange for his 0.33 Class 1 beneficial interest in the DST.
- F3: The Units are owned by DLF Investments, LLC (ownership: 33.33% David A. Fisher Revocable Trust, 33.33% Lisa M. Fisher Revocable Trust, 33.33% an irrevocable trust for their children); David and Lisa control DLF Investments’ decisions.
- Filing timeliness: Form 4 was filed four days after the transaction date; the filing does not indicate a late-reporting code.
Context
- This was not an open-market buy or sale but a non-cash issuance tied to a merger transaction, so it reflects corporate restructuring consideration rather than a director buying or selling stock for personal liquidity or investment views.
- The Units are derivative-like interests in the operating partnership with limited rights (no conversion/redemption) — reported because their value may be tied to the registrant’s Class I common shares.
- Ownership via an LLC and trusts (per F3) means beneficial ownership is indirect and controlled jointly by David and Lisa Fisher.
Insider Transaction Report
Form 4
Fisher David Allan
Director
Transactions
- Award
NLP 20 Common Units
[F1][F2][F3]2026-03-20+3,910.11→ 3,910.11 total(indirect: By LLC)→ Class I Common Shares
Footnotes (3)
- [F1]The reported NLP Common Units (the "Units") were issued pursuant to the Amendment to Classify Common Units dated March 18, 2026 to the Amended and Restated Limited Partnership Agreement (as amended, the "Partnership Agreement") of ExchangeRight Income Fund Operating Partnership, LP (the "Operating Partnership"). Under the Partnership Agreement, the holders of Units do not have any rights to convert their Units into units of any other class or series of units of, or any other securities or partnership interests in, the Operating Partnership. In addition, the holders of Units will not have any redemption rights under the Partnership Agreement, nor is any specific number of Common Shares of Beneficial Interest (the "Common Shares") of ExchangeRight Income Fund ("Registrant") deemed to underlie each Unit. However, the Units may be deemed to derive their value from the Class I Common Shares of the Registrant, and therefore are reported on this Form 4. The Units have no expiration date.
- [F2]Pursuant to that certain Agreement and Plan of Merger dated March 20, 2026 by and among ExchangeRight Net Leased Portfolio 20 DST, a Delaware statutory trust ("DST") and the Operating Partnership, on March 20, 2026, the Operating Partnership issued 3,910.1103 Units to the Reporting Person as the merger consideration in exchange for 0.33 Class 1 Beneficial Interests in the DST held by the Reporting Person.
- [F3]Owned by DLF Investments, LLC, an Iowa LLC owned 33.33% by David A. Fisher Revocable Trust, 33.33% by Lisa M. Fisher Revocable Trust, and 33.33% by an Irrevocable Trust with David and Lisa's children with Dave Van Steenis as the Trustee. David and Lisa control all decisions made by DLF Investments.
Signature
/s/ Nicholas Partenza, Attorney-in-Fact|2026-03-24