Ungerecht Joshua 4

What Happened
Joshua Ungerecht, a director of ExchangeRight Income Fund, was issued 5,519.386380 Operating Partnership Common Units on March 26, 2026. The units were granted as merger consideration (not a cash purchase) in exchange for Ungerecht’s 0.33 Class 1 Beneficial Interest in ExchangeRight Net Leased Portfolio 23 DST. No per‑unit purchase price is reported (transaction code A — award/grant/other acquisition).

Key Details

• Transaction date: 2026-03-26; Form 4 filed: 2026-03-27 (timely filing).
• Amount acquired: 5,519.386380 NLP Common Units; Price: N/A (issued as merger consideration).
• Consideration: Units issued by the Operating Partnership in exchange for a 0.33 Class 1 Beneficial Interest in the DST (Agreement and Plan of Merger dated Mar 26, 2026).
• Units specifics: issued pursuant to an Amendment dated Mar 18, 2026; Units are not convertible into other classes, have no redemption rights, may derive value from Class I Common Shares, and have no expiration date.
• Ownership/beneficial notes: the reported Units are held in a revocable trust for Mr. Ungerecht, his wife and children; Mr. Ungerecht is co‑trustee and shares voting/dispositive power with his wife, and he disclaims beneficial ownership of trust‑held shares.
• Shares owned after transaction: not specified in the filing.
• Exhibit included: Power of Attorney (Exhibit 24).

Context
These Units are derivative partnership units issued as part of a merger transaction, not an open‑market purchase or sale. Such non‑cash issuances often reflect corporate restructuring or asset transfers rather than a direct signal of the insider’s market view.