ExchangeRight Income Fund 8-K

What Happened
ExchangeRight Income Fund filed an 8-K on May 18, 2026 reporting the status of its continuous private placement and the declaration/payment of April 30, 2026 dividends. The Company is offering up to $2.165 billion of common shares across multiple classes; as of April 30, 2026 it had raised $531,176,000 under that Private Offering. The Company declared a dividend of $0.1449 per share for each class of Common Shares outstanding on April 30, 2026; dividends were paid or reinvested through the Company’s DRIP on May 15, 2026.

Key Details

• Private Offering: continuous offering of up to $2.165 billion of Common Shares (multiple classes). As of April 30, 2026: 16,533,876 Common Shares outstanding, 19,415,397 Common Shares issued, $531,176,000 total capital raised. No Class S or Class ER-S shares had been issued as of that date.
• Dividend: $0.1449 per share declared on April 30, 2026; payable to shareholders of record immediately after close on April 30, 2026 and paid or reinvested on May 15, 2026.
• DRIP activity: 10.5% of aggregate declared dividends on Common Shares and distributions on Class I and Class A 721 OP Units were elected for reinvestment for the April 30 dividend. From DRIP inception through April 30, 2026 the Company issued 432,644 Common Shares totaling $11,674,000 (Class I: 221,675 shares / $5,981,000; Class A: 210,203 shares / $5,672,000; Class D: 766 shares / $21,000).
• DRIP conversion options: holders of certain ER classes and OP Units may elect to reinvest distributions into the corresponding public share class (e.g., ER-I → Class I, ER-A → Class A, ER-D → Class D, ER-S → Class S).

Why It Matters
These items show the Company’s ongoing capital raise progress (over $531M raised toward a $2.165B authorization) and its current dividend policy execution. The April dividend payment and the DRIP reinvestments reduced cash distribution outflows for participating holders and resulted in issuance of additional Common Shares (432,644 shares, $11.674M) through April 30, 2026. Investors should note the mix of cash payouts and share reinvestments when assessing current yield, share count changes, and potential dilution from the ongoing private offering.