Transaction Details

Footnotes

The reported NLP Common Units (the "Units") were issued pursuant to the Amendment to Classify Common Units dated March 18, 2026 to the Amended and Restated Limited Partnership Agreement (as amended, the "Partnership Agreement") of ExchangeRight Income Fund Operating Partnership, LP (the "Operating Partnership"). Under the Partnership Agreement, the holders of Units do not have any rights to convert their Units into units of any other class or series of units of, or any other securities or partnership interests in, the Operating Partnership. In addition, the holders of Units will not have any redemption rights under the Partnership Agreement, nor is any specific number of Common Shares of Beneficial Interest (the "Common Shares") of ExchangeRight Income Fund ("Registrant") deemed to underlie each Unit. However, the Units may be deemed to derive their value from the Class I Common Shares of the Registrant, and therefore are reported on this Form 4. The Units have no expiration date. | Pursuant to that certain Agreement and Plan of Merger dated March 20, 2026 by and among ExchangeRight Net Leased Portfolio 20 DST, a Delaware statutory trust ("DST") and the Operating Partnership, on March 20, 2026, the Operating Partnership issued 3,910.1103 Units to the Reporting Person as the merger consideration in exchange for 0.33 Class 1 Beneficial Interests in the DST held by the Reporting Person. | Owned by DLF Investments, LLC, an Iowa LLC owned 33.33% by David A. Fisher Revocable Trust, 33.33% by Lisa M. Fisher Revocable Trust, and 33.33% by an Irrevocable Trust with David and Lisa's children with Dave Van Steenis as the Trustee. David and Lisa control all decisions made by DLF Investments.