Fisher David Allan 4

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.