Fisher David Allan 4
4 · ExchangeRight Income Fund · Filed Mar 27, 2026
Research Summary
AI-generated summary of this filing
ExchangeRight Income Fund Director David A. Fisher Receives 5,519 Units
What Happened
David A. Fisher, a director of ExchangeRight Income Fund, was issued 5,519.386380 common units (reported as "Units") of ExchangeRight Income Fund Operating Partnership, LP on March 26, 2026. The Units were received as merger consideration (not an open-market purchase) in exchange for Fisher’s 0.33 Class 1 Beneficial Interest in ExchangeRight Net Leased Portfolio 23 DST. No per-unit price or cash value is provided on the Form 4.
Key Details
- Transaction date: March 26, 2026; Form 4 filed March 27, 2026 (timely filing).
- Transaction type: Award/Acquisition (derivative Units) — 5,519.386380 Units; price listed as N/A.
- Shares/Units owned after transaction: the filing reports issuance of 5,519.386380 Units to Fisher (held via DLF Investments, LLC), but does not state a total post-transaction aggregate holding in Common Shares.
- Notable footnotes:
- F1: Units were issued under an amendment classifying Common Units; Units are not convertible, have no redemption rights, and have no expiration date, though they may derive value from the Registrant’s Class I Common Shares.
- F2: Units issued as merger consideration per an Agreement and Plan of Merger dated March 26, 2026.
- F3: The Units are owned by DLF Investments, LLC (controlled by David and Lisa Fisher via their revocable trusts).
- Exhibit 24 (Power of Attorney) attached to the filing.
Context
This was a non-market issuance tied to a merger transaction (consideration for DST interests), so it differs from a purchase that might signal a director’s buy conviction. The Units are reported because they may derive value from the company’s common shares, but the filing does not provide an explicit cash value or market price for the issued Units.
Insider Transaction Report
- Award
NLP 23 Common Units
[F1][F2][F3]2026-03-26+5,519.386→ 5,519.386 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 26, 2026 by and among ExchangeRight Net Leased Portfolio 23 DST, a Delaware statutory trust ("DST") and the Operating Partnership, on March 26, 2026, the Operating Partnership issued 5,519.386380 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.