ExchangeRight Income Fund Director Thomas Warren Receives Units

What Happened

• Thomas Warren, a Director of ExchangeRight Income Fund, was issued 5,742.868 units (reported as derivative "Units") on July 30, 2026. No cash price or dollar value is reported (price = N/A). The Units were issued as merger consideration by the Operating Partnership in connection with a July 30, 2026 merger.

Key Details

• Transaction date: July 30, 2026; Form 4 filed: August 3, 2026 (filed more than 2 business days after the transaction; appears late under SEC Form 4 timing rules).
• Units issued: 5,742.8675 Units (reported as 5,742.868 Units rounded); price: N/A; reported as an acquisition/award (code A).
• Shares/Units owned after transaction: Not specified on the Form 4.
• Notable footnotes:
  • The Units were issued pursuant to an amendment/classification under the Operating Partnership agreement and have no expiration (F1).
  • The Units were issued as merger consideration in exchange for a 0.33 Class 1 beneficial interest in ExchangeRight Net Leased Portfolio 25 DST (F2).
  • The Units are held directly by W&R Thomas, LLC (a family LLC of Mr. Thomas); Mr. Thomas is the managing member and disclaims beneficial ownership of units held directly by the LLC (F3).
• Exhibit noted: Exhibit 24 — Power of Attorney.

Context

• These are partnership Units, not common shares of the public REIT; under the partnership agreement the Units are not convertible into other classes or redeemable and no specific number of public Common Shares is deemed to underlie each Unit. The Units may derive value from the registrant’s Class I common shares but are distinct economic/ownership interests.
• This issuance reflects merger consideration rather than an open-market purchase or sale, so it documents receipt of units in a transaction rather than an active buy signal by the insider.