Ungerecht Joshua 4
4 · ExchangeRight Income Fund · Filed Jun 26, 2026
Research Summary
AI-generated summary of this filing
ExchangeRight Director Joshua Ungerecht Receives 10,442 Units
What Happened
Joshua Ungerecht, a director of ExchangeRight Income Fund, was issued two grants of NLP Common Units (derivative units) on June 25, 2026: 3,804.329 units and 6,638.02 units, totaling 10,442.349 units. The units were issued as merger consideration (not an open-market purchase or cash payment) and no per-unit price or cash value is reported on the Form 4. The filing (Form 4 accession 0001193125-26-284315) was submitted on June 26, 2026.
Key Details
- Transaction type: Award/Grant (code A) on 2026-06-25; Form 4 filed 2026-06-26 (timely).
- Units issued: 3,804.329 and 6,638.02 (total 10,442.349). No dollar price/value reported (N/A).
- These are NLP Common Units of the Operating Partnership reported as derivative positions; the Units have no expiration.
- Footnote highlights: units issued pursuant to an amendment to the partnership agreement and were issued as merger consideration in exchange for 0.50 Class 1 Beneficial Interests in a DST. Units are not convertible into other unit classes, have no redemption rights, and may derive value from Class I Common Shares.
- Reported units are held in a revocable trust for the benefit of Mr. Ungerecht and his family; Mr. Ungerecht is co-trustee and disclaims beneficial ownership of the trust-held shares.
- Exhibit 24 (Power of Attorney) attached to filing.
Context
This was a non-cash issuance as merger consideration, not an open-market buy or sale. For retail investors, such awards reflect a structural change in holdings tied to a transaction (merger consideration) rather than a direct insider market trade; no price info limits inference about monetary value.
Insider Transaction Report
- Award
NLP 49 Common Units
[F1][F2]2026-06-25+3,804.329→ 3,804.329 total→ Class I Common Shares - Award
NLP 49 Common Units
[F1][F2][F3]2026-06-25+6,638.02→ 6,638.02 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 25, 2026 by and among ExchangeRight Net Leased Portfolio 49 DST, a Delaware statutory trust ("DST") and the Operating Partnership, on June 25, 2026, the Operating Partnership issued these 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.