Warren Thomas - 11 Jun 2026 Form 4 Insider Report for ExchangeRight Income Fund

Footnote F1

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.

Footnote F2

Pursuant to that certain Agreement and Plan of Merger dated June 11, 2026 by and among ExchangeRight Net Leased Portfolio 47 DST, a Delaware statutory trust ("DST") and the Operating Partnership, on June 11, 2026, the Operating Partnership issued 7,043.142708 Units to the Reporting Person as the merger consideration in exchange for 0.50 Class 1 Beneficial Interests in the DST held by the Reporting Person.

Footnote F3

Represents Units held directly by W&R Thomas, LLC ("WRT"), which is a family limited liability company owned by Mr. Thomas and his spouse. Mr. Thomas is the managing member of WRT, and in this capacity exercises sole voting and dispositive power with respect to the securities held by WRT. Mr. Thomas disclaims beneficial ownership with respect to the securities directly held by WRT.