Thomas Warren 4
Research Summary
AI-generated summary
ExchangeRight Income Fund Director Thomas Warren Receives 10,442 Units
What Happened
- Thomas Warren, a director of ExchangeRight Income Fund, was issued 10,442.349529 partnership Units of ExchangeRight Income Fund Operating Partnership, LP on June 25, 2026. The Units were delivered as merger consideration in exchange for Mr. Warren’s 0.50 Class 1 Beneficial Interest in a Delaware statutory trust (see footnotes).
- No cash price per Unit is reported (N/A). The filing reports this as an award/grant (transaction code A) of derivative partnership Units rather than a purchase or sale of common shares.
Key Details
- Transaction date: June 25, 2026; Form 4 filed June 26, 2026 (timely).
- Amount issued: 10,442.349529 Units (reported as 10,442.35).
- Price: N/A (Units issued as non-cash merger consideration).
- Ownership after transaction: Units are reported as held directly by W&R Thomas, LLC (a family LLC). Mr. Warren is the managing member and disclaims beneficial ownership of Units held directly by W&R Thomas, LLC.
- Notable footnotes:
- F1: Units were created under an amendment to the Operating Partnership agreement; they are not convertible into other unit classes or common shares, have no redemption rights, and have no expiration date (though they may derive value from Class I Common Shares).
- F2: Units were issued pursuant to an Agreement and Plan of Merger dated June 25, 2026 as merger consideration for a 0.50 Class 1 Beneficial Interest in a DST.
- F3: Units are held by W&R Thomas, LLC; Mr. Warren manages the LLC and has sole voting/dispositive power for those Units but disclaims beneficial ownership.
Context
- This was a non-cash issuance of partnership Units as merger consideration, not an open-market buy or sale. Such transactions reflect restructuring or mergers and do not on their own indicate an insider buying or selling stock for investment purposes.
- Because the Units are partnership interests rather than registrant common shares and are not convertible or redeemable, their economic and governance rights can differ from common shares; read the footnotes for those limits.