ExchangeRight Income Fund Director Joshua Ungerecht Receives Award

What Happened

• Joshua Ungerecht, a director of ExchangeRight Income Fund, received two grants/awards of NLP Common Units on August 5, 2026: 1,869.784 units and 3,311.782 units, for a total of 5,181.566 units. The units were reported as derivative awards (transaction code A) with no per-unit price disclosed.
• The units were issued as merger consideration by the Operating Partnership under an Agreement and Plan of Merger dated August 5, 2026, in exchange for 0.33 Class 1 Beneficial Interests in ExchangeRight Net Leased Portfolio 27 DST that Ungerecht held.

Key Details

• Transaction date: August 5, 2026; Form filed August 6, 2026 (not indicated as late).
• Amounts: 1,869.784 units + 3,311.782 units = 5,181.566 NLP Common Units. Price: N/A (no cash value reported).
• Shares owned after transaction: the filing does not specify a total holding balance after these issuances.
• Relevant footnotes:
  • F1: These NLP Common Units have no conversion or redemption rights and may derive value from the Registrant’s Class I Common Shares; units have no expiration.
  • F2: Units were issued as merger consideration in exchange for a DST interest.
  • F3: Reported units are held in a revocable trust for Ungerecht’s family; he is co-trustee and disclaims beneficial ownership of the trust-held shares.
• Exhibit referenced: Exhibit 24 — Power of Attorney.

Context

• This was not an open-market purchase or sale but issuance of units as merger consideration—such awards reflect transaction terms, not necessarily a buy/sell signal by the insider.
• Because no cash price is reported and the units have limited structural rights (no conversion/redemption), the economic exposure and liquidity of these units may differ from ordinary shares; retail investors should treat this as a corporate transaction disclosure rather than a straightforward insider purchase.