Thomas Warren 4

What Happened

• Thomas Warren, a director of ExchangeRight Income Fund, was issued 5,519.386380 NLP Common Units of the Operating Partnership on March 26, 2026. The issuance was reported on a Form 4 filed March 27, 2026 and is coded as an acquisition/award (A). No cash price per unit is reported; the Units are derivative interests rather than common shares.

Key Details

• Transaction date: 2026-03-26; Form 4 filed: 2026-03-27 (timely).
• Transaction type/code: Grant/award or other acquisition (A); reported as a derivative security (Units).
• Amount issued: 5,519.386380 NLP Common Units. No purchase price or total dollar value reported (N/A).
• Shares owned after transaction: The filing reports the 5,519.386380 Units received; total post-transaction holdings are not specifically disclosed on the Form 4.
• Notable footnotes:
  • F1: The Units are NLP Common Units of the Operating Partnership. They have no expiration, are not convertible to other classes, have no redemption rights, and may derive value from the Registrant’s Class I Common Shares.
  • F2: Units were issued as merger consideration under an Agreement and Plan of Merger in exchange for 0.33 Class 1 Beneficial Interests in a DST held by the reporting person.
  • F3: The Units are held directly by W&R Thomas, LLC (a family LLC). Mr. Thomas is the managing member and exercises sole voting and dispositive power for WRT-held securities but disclaims beneficial ownership of securities directly held by WRT.
• Exhibit: Exhibit 24 (Power of Attorney) attached to the filing.

Context

• These Units are partnership/derivative interests issued as merger consideration—not a straight purchase of common shares—so they differ from open-market buys or sales. Such issuance is typically part of corporate restructuring or merger transactions and should be viewed as a non-cash transfer of partnership units rather than an outright stock-market investment.