ExchangeRight Director David A. Fisher Receives 5,743 Units

What Happened
David A. Fisher, a director of ExchangeRight Income Fund, was issued 5,742.8675 (reported as 5,742.868) NLP Common Units on July 30, 2026. The units were granted as merger consideration—received in exchange for Fisher’s 0.33 Class 1 Beneficial Interests in a Delaware statutory trust—rather than via an open-market purchase or cash payment. No per-unit price or cash value was reported; the units are derivative in nature and may derive their value from the Registrant’s Class I Common Shares.

Key Details

• Transaction date: July 30, 2026; Form 4 filed August 3, 2026 (filed within the two-business-day Form 4 deadline).
• Security: 5,742.8675 NLP Common Units (reported as 5,742.868); transaction type: Award/Acquisition (A). Price: N/A (no cash price reported).
• Shares owned after transaction: Not disclosed on the Form 4.
• Footnotes:
  • F1: Units issued under an amendment to the Operating Partnership agreement; Units cannot be converted into other unit classes or redeemed and have no expiration date, though they may derive value from Class I Common Shares.
  • F2: Units issued as merger consideration under an Agreement and Plan of Merger dated July 30, 2026 in exchange for the Reporting Person’s 0.33 Class 1 Beneficial Interests in the DST.
  • F3: Units are owned by DLF Investments, LLC (an entity controlled by trusts associated with David and Lisa Fisher); David Fisher controls DLF Investments’ decisions.
• Exhibit: Exhibit 24 (Power of Attorney) referenced.

Context
This was a non-cash, deal-related issuance (merger consideration) of derivative units—not an open-market buy or sale—so it reflects a corporate transaction rather than a personal trading decision. Such awards or consideration payments are common in restructurings or mergers and do not necessarily indicate the insider’s view on the company’s stock price.