Ungerecht Joshua 4
4 · ExchangeRight Income Fund · Filed Jun 12, 2026
Research Summary
AI-generated summary of this filing
ExchangeRight Director Joshua Ungerecht Receives 7,043 Units
What Happened
- Joshua Ungerecht, a director of ExchangeRight Income Fund, was issued 7,043.147208 NLP Common Units on June 11, 2026. The units were issued as merger consideration (in exchange for 0.50 Class 1 Beneficial Interests in a DST) and are reported as an acquisition (award). No dollar price or value was reported on the Form 4.
Key Details
- Transaction date: June 11, 2026; Form 4 filed: June 12, 2026 (timely).
- Shares/units acquired: 7,043.147208 NLP Common Units; price: N/A (no cash consideration reported).
- Shares owned after transaction: not specified on the Form 4.
- Footnotes of note:
- F1: The issued Units are NLP Common Units under the Operating Partnership agreement; they 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 were issued pursuant to an Agreement and Plan of Merger as merger consideration for a DST interest.
- F3: The reported Units are held in a revocable trust for Ungerecht and his family; Ungerecht is co-trustee and disclaims beneficial ownership of Units directly held by that trust.
- Exhibit: Exhibit 24 (Power of Attorney) is referenced on the filing.
Context
- This was not an open-market purchase or sale but issuance of partnership units as merger consideration. There is no reported cash value on the Form 4, and the units have special partnership characteristics (no conversion/redemption). Holdings are reported as held in a family revocable trust, not directly by the insider.
Insider Transaction Report
Form 4
Ungerecht Joshua
Director
Transactions
- Award
NLP 47 Common Units
[F1][F2][F3]2026-06-11+7,043.147→ 7,043.147 total(indirect: By Trust)→ 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 June 11, 2026 by and among ExchangeRight Net Leased Portfolio 47 DST, a Delaware statutory trust ("DST") and the Operating Partnership, on June 11, 2026, the Operating Partnership issued 7,043.147208 Units to the Reporting Person as the merger consideration in exchange for 0.50 Class 1 Beneficial Interests in the DST held by the Reporting Person.
- [F3]The reported shares are held in a revocable trust for the benefit of Mr. Ungerecht and his wife and children. Mr. Ungerecht is the co-trustee of the revocable trust, along with his wife, which holds the shares, and in this capacity he shared voting and dispositive power with his wife with respect to the shares. Mr. Ungerecht disclaims beneficial ownership with respect to the shares directly held by this revocable trust.
Signature
/s/ Nicholas Partenza, as Attorney-in-Fact|2026-06-12