Ungerecht Joshua 4

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.