Fisher David Allan 4

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.