ExchangeRight Income Fund Director Thomas Warren Receives 5,182 Units

What Happened

• Thomas Warren, a director of ExchangeRight Income Fund, was issued 5,181.534 NLP Common Units of the Operating Partnership on August 5, 2026. The Units were issued as merger consideration in exchange for Mr. Warren’s 0.33 Class 1 Beneficial Interest in a Delaware statutory trust (DST). No cash price or dollar value is reported for the issuance.

Key Details

• Transaction date: August 5, 2026; Form 4 filed August 6, 2026 (timely).
• Transaction type: Award/grant/other acquisition (derivative Units); reported price: N/A.
• Units reported: 5,181.534 NLP Common Units issued by the Operating Partnership.
• Holdings after transaction: the Units are reported as held directly by W&R Thomas, LLC; Mr. Thomas is the managing member of W&R Thomas, LLC and disclaims beneficial ownership of securities directly held by that entity (per footnote).
• Notable footnotes: Units were issued under an amendment to the Partnership Agreement; Units are not convertible to other classes, have no redemption rights, are not tied to a specific number of common shares, may derive value from Class I Common Shares, and have no expiration. The issuance arose from an Agreement and Plan of Merger dated August 5, 2026. Exhibit 24 (Power of Attorney) attached.

Context

• These are Operating Partnership (NLP) Units—derivative partnership interests issued as non‑cash merger consideration—rather than an open‑market purchase of the public company’s common shares. Such unit issuances reflect a corporate transaction (merger consideration) and do not, by themselves, indicate an insider buying or selling stock in the public markets.