# EDGAR Filing Document

**Accession Number:** 0001771514
**File Stem:** 0001193125-25-229897
**Filing Date:** 2025-10
**Character Count:** 40026
**Document Hash:** 8af05d23c7b52fa02f62f9fe1a2f5b58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-229897.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001193125-25-229897

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251003

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ExchangeRight Income Fund
- **CENTRAL INDEX KEY:** 0001771514
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 367729360
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56543
- **FILM NUMBER:** 251373389

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 E. COLORADO BLVD., SUITE 310
- **STREET 2:** NONE
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91106
- **BUSINESS PHONE:** 8553174448

**MAIL ADDRESS:**
- **STREET 1:** 1055 E. COLORADO BLVD., SUITE 310
- **STREET 2:** NONE
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ExchangeRight Essential Income Strategy
- **DATE OF NAME CHANGE:** 20200519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ExchangeRight Income Fund Class I
- **DATE OF NAME CHANGE:** 20190418

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ExchangeRight Income Fund, a Maryland statutory trust
- **DATE OF NAME CHANGE:** 20190322

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** October 03, 2025<br>

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EXCHANGERIGHT INCOME FUND

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Maryland | 000-56543 | 36-7729360 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 1055 E. Colorado Blvd<br>Suite 310 |  |  |
| Pasadena**,** California |  | 91106 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 855 317-4448<br>

N/A<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act: None**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| N/A | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 1.01 Entry Into a Material Definitive Agreement.
On October 3, 2025, ExchangeRight Income Fund Operating Partnership, LP, as borrower (the "Borrower"), ExchangeRight Income Fund, doing business as ExchangeRight Essential Income REIT (the "Company"), and the other loan parties party thereto, entered into the Fourth Incremental Revolving Commitment Assumption Agreement (the "Fourth Incremental Commitment Agreement") with Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo" or the "Administrative Agent"), and Synovus Bank., as an additional lender (the "Additional Lender"), pursuant to which the Additional Lender committed to make an incremental revolving commitment in the amount of $35,000,000 under the Credit Agreement (the "Credit Agreement") dated as of May 30, 2024 between the Borrower, the Company, the Administrative Agent and the lenders from time to time party thereto. The $35,000,000 revolving commitment by the Additional Lender is subject to the terms and conditions of the Fourth Incremental Commitment Agreement and was made in accordance with a request by the Borrower for an increase in the revolving commitments under the Credit Agreement pursuant to Section 2.17 thereof. The additional commitment increases the borrowing capacity under the Credit Agreement's revolving credit facility from a maximum of $150,000,000 to a maximum of $185,000,000. The incremental revolving commitment made by the Additional Lender is governed by the terms of the Credit Agreement. No other amendments to the Credit Agreement were made pursuant to the Fourth Incremental Commitment Agreement.

In connection with the Fourth Incremental Commitment Agreement, the Borrower executed a Revolving Note payable to the order of the Additional Lender with an original principal amount of up to $35,000,000 (the "Revolving Note").

The foregoing descriptions of the Fourth Incremental Commitment Agreement and Revolving Note are summaries and qualified in their entirety by reference to the full text of the Fourth Incremental Commitment Agreement and Revolving Note, copies of which are attached to this Current Report on Form 8-K as Exhibits 10.1 and 10.5, respectively, and are incorporated by reference herein. In addition, the full text of the Credit Agreement, which was attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission ("SEC") on June 3, 2024, the full text of the Amended and Restated Revolving Note, which was attached as Exhibit 10.3 to the Current Report on Form 8-K filed by the Company on May 1, 2025, the full text of the Amended and Restated Revolving Note, which was attached as Exhibit 10.3 to the Current Report on Form 8-K filed by the Company on July 10, 2025, the full text of the Incremental Revolving Commitment Assumption Agreement, which was attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the SEC on July 25, 2024, the full text of the Second Incremental Revolving Commitment Assumption Agreement and First Amendment to Credit Agreement, which was attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on May 1, 2025, and the full text of the Third Incremental Revolving Commitment Assumption Agreement and First Amendment to Credit Agreement, which was attached as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on July 10, 2025 are incorporated by reference herein.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information set forth under Item 1.01 above is hereby incorporated by reference into this Item 2.03.

***Forward-Looking Statements***

Certain statements contained in this Current Report on Form 8-K other than historical facts may be considered "forward-looking statements," and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. For these statements, the Company claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "should", "estimates", "projects", "anticipates", "believes", "expects", "intends", "future" and words of similar import, or the negative thereof. Forward-looking statements in this report include information about possible or assumed future events, including, among other things, discussion and analysis of our future financial condition, results of operations, our strategic plans and objectives, and other matters. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report.

Any such forward-looking statements are subject to unknown risks, uncertainties and other factors, which in some cases are beyond the Company's control and are based on a number of assumptions involving judgments with respect to, among other things, future economic, competitive and market conditions, all of which are difficult or impossible to predict accurately. To the extent that our assumptions differ from actual results, our ability to meet such forward-looking statements, including our ability to generate positive cash flow from operations, provide distributions to shareholders and maintain the value of our real estate properties, may be significantly hindered.

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Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: risks inherent in the real estate business, including tenant defaults, illiquidity of real estate investments, potential liability relating to environmental matters and potential damages from natural disasters; general business and economic conditions; the accuracy of our assessment that certain businesses are e-commerce resistant and recession-resilient; the accuracy of the tools we use to determine the creditworthiness of our tenants; concentration of our business within certain tenant categories; ability to renew leases, lease vacant space or re-lease space as existing leases expire; our ability to successfully execute our acquisition strategies; the degree and nature of our competition; inflation and interest rate fluctuations; failure, weakness, interruption or breach in security of our information systems; our failure to generate sufficient cash flows to service our outstanding indebtedness; continued volatility and uncertainty in the credit markets and broader financial markets; our ability to maintain our qualification as a real estate investment trust ("REIT") for federal income tax purposes; our limited operating history as a REIT, which may adversely affect our ability to make distributions to our shareholders; changes in, or the failure or inability to comply with, applicable laws or regulations; and future sales or issuances of our Common Shares or other securities convertible into our Common Shares, or the perception thereof, could cause the value of our Common Shares to decline and could result in dilution.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[<u>10.1</u>](er-ex10_1.htm) | &nbsp;&nbsp;[<u>Fourth Incremental Revolving Commitment Assumption Agreement to Credit Agreement dated October 3, 2025 by and among ExchangeRight Income Fund Operating Partnership, LP, ExchangeRight Income Fund, d/b/a ExchangeRight Essential Income REIT, the other Loan Parties named therein, Wells Fargo Bank, National Association, as Administrative Agent, and the Additional Lender named therein.</u>](er-ex10_1.htm) |
| &nbsp;&nbsp;[<u>10.2</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017025094944/er-ex10_1.htm) | &nbsp;&nbsp;[<u>Third Incremental Revolving Commitment Assumption Agreement and First Amendment to Credit Agreement dated July 7, 2025 by and among ExchangeRight Income Fund Operating Partnership, LP, ExchangeRight Income Fund, d/b/a ExchangeRight Essential Income REIT, the other Loan Parties named therein, Wells Fargo Bank, National Association, as Administrative Agent, and the Additional Lender named therein. (incorporated herein by reference to Exhibit 10.1 to Form 8-K (No. 000-56543), filed by the Company on July 10, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017025094944/er-ex10_1.htm) |
| &nbsp;&nbsp;[<u>10.3</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017025061567/er-ex10_1.htm) | &nbsp;&nbsp;[<u>Second Incremental Revolving Commitment Assumption Agreement and First Amendment to Credit Agreement dated April 30, 2025 by and among ExchangeRight Income Fund Operating Partnership, LP, ExchangeRight Income Fund, d/b/a ExchangeRight Essential Income REIT, the other Loan Parties named therein, Wells Fargo Bank, National Association, as Administrative Agent, and the Increasing Lender named therein (incorporated herein by reference to Exhibit 10.1 to Form 8-K (No. 000-56543), filed by the Company on May 1, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017025061567/er-ex10_1.htm) |
| &nbsp;&nbsp;[<u>10.4</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017024086366/er-ex10_1.htm)<br>| &nbsp;&nbsp;[<u>Incremental Revolving Commitment Assumption Agreement dated July 23, 2024 by and among ExchangeRight Income Fund Operating Partnership, LP, ExchangeRight Income Fund, d/b/a ExchangeRight Essential Income REIT, the other Loan Parties named therein, Wells Fargo Bank, National Association, as Administrative Agent, and the Increasing Lender named therein</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017024086366/er-ex10_1.htm)[<u>(incorporated herein by reference to Exhibit 10.1 to Form 8-K (No. 000-56543), filed by the Company on July 25, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017024067888/er-ex10_1.htm) |
| &nbsp;&nbsp;[<u>10.5</u>](er-ex10_5.htm) | &nbsp;&nbsp;[<u>Revolving Note dated October 3, 2025 by ExchangeRight Income Fund Operating Partnership, LP in favor of Synovus Bank.</u>](er-ex10_5.htm) |
| &nbsp;&nbsp;[<u>10.6</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017025094944/er-ex10_4.htm) | &nbsp;&nbsp;[<u>Revolving Note dated July 7, 2025 by ExchangeRight Income Fund Operating Partnership, LP in favor of Renasant Bank. (incorporated herein by reference to Exhibit 10.4 to Form 8-K (No. 000-56543), filed by the Company on July 10, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017025094944/er-ex10_4.htm) |
| &nbsp;&nbsp;[<u>10.7</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017025061567/er-ex10_3.htm) | &nbsp;&nbsp;[<u>Amended and Restated Revolving Note dated April 30, 2025 by ExchangeRight Income Fund Operating Partnership, LP in favor of Fifth Third Bank, National Association (incorporated herein by reference to Exhibit 10.3 to Form 8-K (No. 000-56543), filed by the Company on May 1, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017025061567/er-ex10_3.htm) |
| &nbsp;&nbsp;[<u>10.8</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017024067888/er-ex10_1.htm) | &nbsp;&nbsp;[<u>Credit Agreement dated as of May 30, 2024 by and among ExchangeRight Income Fund Operating Partnership, LP, as borrower, ExchangeRight Income Fund, d/b/a ExchangeRight Essential Income REIT, as Parent, the financial institutions party thereto and their assignees, as Lenders, Wells Fargo Bank, National Association, as Administrative Agent, and Wells Fargo Securities, LLC, as sole Lead Arranger (incorporated herein by reference to Exhibit 10.1 to Form 8-K (No. 000-56543), filed by the Company on June 3, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1771514/000095017024067888/er-ex10_1.htm) |
| &nbsp;&nbsp;104\* | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL Document) |

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\* The above exhibits are being furnished with this Current Report on Form 8-K

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | EXCHANGERIGHT INCOME FUND<br>By: ExchangeRight Income Fund Trustee, LLC, its trustee By: ExchangeRight Real Estate, LLC, its manager |
| Date: | October 3, 2025 | By:  | /s/ David Fisher |
|  |  |  | David Fisher<br>Executive Managing Principal |

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## Exhibit 10.1

***EXECUTION VERSION***

**<u>FOURTH INCREMENTAL REVOLVING COMMITMENT ASSUMPTION AGREEMENT</u>**

THIS FOURTH INCREMENTAL REVOLVING COMMITMENT ASSUMPTION AGREEMENT, dated as of October 3, 2025 (this "<u>Agreement</u>"), is among ExchangeRight Income Fund Operating Partnership, LP, a Delaware limited partnership (the "<u>Borrower</u>"), ExchangeRight Income Fund, d/b/a ExchangeRight Essential Income REIT, a real estate investment trust formed under the laws of the state of Maryland (the "<u>Parent</u>"), the other Loan Parties solely for the purpose of <u>Section VI</u> hereof, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacities, the "<u>Agent</u>"), and the Additional Lender (defined below).

**<u>RECITALS</u>**

WHEREAS, the Borrower, the lenders from time to time party thereto (the "<u>Lenders</u>") and the Agent are parties to the Credit Agreement, dated as of May 30, 2024 (as amended, restated, modified or supplemented from time to time, the "<u>Credit Agreement</u>"). Terms used but not defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.

WHEREAS, pursuant to Section 2.17 of the Credit Agreement, the Borrower has requested an increase in the Revolving Commitments (such increase in Revolving Commitments, the "<u>Incremental Revolving Commitment</u>") as more particularly set forth herein, and the Agent and the Additional Lender have agreed to such Incremental Revolving Commitment, subject to the terms and conditions set forth herein.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

I.<u>COMMITMENTS</u>. Synovus Bank (the "<u>Additional Lender</u>") hereby commits on the terms set forth in this Agreement to make the Incremental Revolving Commitment as set forth on <u>Schedule A</u> available to the Borrower on the Incremental Effective Date (defined below) subject to the conditions precedent set forth in <u>Section III</u> below. After giving effect to the Incremental Revolving Commitment, the aggregate Revolving Commitments shall be as set forth on <u>Schedule B</u> hereto. The Agent, the Borrower and the Additional Lender agree that as of the Incremental Effective Date, the Additional Lender shall be a "Lender" for all purposes of the Credit Agreement and the other Loan Documents, including, without limitation, this Agreement. The address of the Additional Lender for purposes of all notices and other communications under the Credit Agreement and the other Loan Documents is as set forth on the Administrative Questionnaire delivered by the Additional Lender to the Agent.

II.<u>REPRESENTATIONS</u>. The Borrower, on its own behalf and on behalf of the other Loan Parties, makes, on the effective date of this Agreement, the representations and warranties in Article VI of the Credit Agreement and the other Loan Documents, and confirms that such representations and warranties are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) as of the date hereof, except to the extent any such representation or warranty relates solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date, and except for changes in factual circumstances not prohibited under the Loan Documents. Additionally, the Borrower represents and warrants that immediately before and after giving effect to this Agreement on the date hereof, no Default or Event of Default exists.

III.<u>CONDITIONS TO EFFECTIVENESS</u>. This Agreement will become effective on the first date (the "<u>Incremental Effective Date</u>") on which the following conditions are satisfied:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Agent shall have received counterparts of this Agreement executed and delivered by the Borrower, the other Loan Parties, the Additional Lender and the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.If so requested by the Additional Lender, the Agent shall have received a Revolving Note made by the Borrower and payable to the Additional Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Agent shall have received a certificate of a Responsible Officer of each Loan Party, dated as of the Incremental Effective Date, certifying (i) that attached thereto is a true and complete copy of each organizational document of such entity certified (to the extent applicable) as of a recent date by the Secretary of State of the state of its incorporation or organization, as the case may be, (ii) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors, managers, or other applicable governing body of such entity authorizing the Incremental Revolving Commitment and the execution, delivery and performance of the documents executed in connection with this Agreement, (iii) that attached thereto is a certificate of good standing (or certificate of similar meaning) with respect to each such entity issued as of a recent date by the Secretary of State of the state of its incorporation or organization, as the case may be, (iv) as to the incumbency and specimen signature of each officer executing any documents delivered in connection with this Agreement on behalf of such entity, and (v) in the case of the Borrower, that, as of the Incremental Effective Date after giving effect to this Agreement and any borrowings or other extensions of credit hereunder that may be made on the Incremental Effective Date, (x) the representations and warranties contained in Article VI of the Credit Agreement and the other Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the Incremental Effective Date, except to the extent any such representation or warranty relates solely to an earlier date, in which case such representation or warranty shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date, and except for changes in factual circumstances not prohibited under the Loan Documents, and (y) no Default or Event of Default exists; <u>provided</u> that in the case of the certificate delivered with respect to any Loan Party, such certificate can certify that there have been no changes to such documents or items described in the foregoing clauses (i) or (iv) since the delivery thereof to the Agent on May 30, 2024, January 10, 2025, April 30, 2025, July 7, 2025 or September 5, 2025, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Agent shall have received an opinion of Barnes & Thornburg LLP, counsel to the Borrower and the other Loan Parties, dated as of the Incremental Effective Date, addressed to the Agent and the Lenders and covering such matters as the Agent may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Agent shall have received all fees and other amounts due and payable by the Borrower to the Agent, the Arranger and the Lenders on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required pursuant to the terms of the Credit Agreement to be reimbursed or paid by the Borrower in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Upon the reasonable request of the Agent or the Additional Lender, the Borrower shall have provided to the Agent or the Additional Lender, as applicable, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least two (2) Business Days prior to the Incremental Effective Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.As of the date hereof, both immediately before and immediately after entering into this Agreement, no Default or Event of Default exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.After giving effect to this Agreement, the Borrower is in compliance with the requirements of Section 2.17 of the Credit Agreement; provided, that the Agent hereby confirms that the Borrower's obligation under Section 2.17 of the Credit Agreement to provide written notice to the Agent of its request for the Incremental Revolving Commitment is deemed satisfied.

IV.<u>TERMS GENERALLY</u>. Other than as set forth herein, for all purposes under the Credit Agreement and the other Loan Documents, the Incremental Revolving Commitment and any Loan made using the Incremental Revolving Commitment (such Loans, the "<u>Incremental Revolving Loans</u>") shall have the same terms as the initial Revolving Commitments and initial Revolving Loans, respectively, and shall be treated for all terms and conditions as the same Class of Commitments and Loans, as applicable, as the initial Revolving Commitments and initial Revolving Loans, as applicable. Upon the occurrence of the Incremental Effective Date, the Incremental Revolving Commitment and any Incremental Revolving Loans shall automatically and without further action by any Person constitute, for all purposes of the Credit Agreement and the other Loan Documents, Revolving Commitments and Revolving Loans, respectively. The Agent shall take any and all action as may be reasonably necessary to ensure that the Incremental Revolving Commitment and the Incremental Revolving Loans are included in each repayment or commitment reduction, as applicable, of Revolving Commitments and Revolving Loans, as applicable, on a pro rata basis.

V.<u>CREDIT AGREEMENT GOVERNS</u>. Notwithstanding anything to the contrary set forth in this Agreement, the Credit Agreement or the other Loan Documents and for the avoidance of doubt, the obligation of the Additional Lender to make (i) its Incremental Revolving Commitment available, in each case, on the Incremental Effective Date shall be subject to the satisfaction or waiver of the conditions set forth in <u>Section III</u> above, and (ii) its portion of Incremental Revolving Loans from time to time thereafter shall be subject to the terms and conditions of the Credit Agreement applicable to Revolving Loans.

VI.<u>REAFFIRMATION</u>. Each Loan Party (a) confirms that its obligations under the Credit Agreement as modified hereby constitute "Obligations" (as defined in the Credit Agreement), (b) confirms its obligations under the Parent Guaranty or the Subsidiary Guaranty, as applicable, and confirms its guarantee of the Obligations (as modified hereby) under the Parent Guaranty or the Subsidiary Guaranty, as applicable, (c) agrees that the Credit Agreement as modified hereby is the Credit Agreement under and for all purposes of each Guaranty and the Pledge Agreement, and (d) to the extent such Person granted liens on or security interests in any of its property pursuant to the Pledge Agreement as security for the Obligations, ratifies and reaffirms such grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. Each Loan Party, by its execution of this Agreement, hereby confirms that the Credit Agreement, each other Loan Document and the Obligations (in each case, as modified hereby) remains in full force and effect and is hereby ratified and reaffirmed.

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VII.<u>ADDITIONAL LENDER</u>. The Additional Lender (i) confirms that it has received a copy of the Credit Agreement, the other Loan Documents and any amendments and exhibits thereto, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it has and will, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in entering into the Credit Agreement and this Agreement, and in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Agent to take such actions as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. Upon the Incremental Effective Date, the Additional Lender shall make available to the Agent Revolving Loans in an amount sufficient to cause the outstanding Revolving Loans then held by all Lenders to be repaid such that the outstanding Revolving Loans held by each Lender (including the Additional Lender) following such repayment are pro rata in accordance with the Revolving Commitment of each such Lender after giving effect to this Agreement.

VIII.<u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Each party hereto agrees, that except as specifically amended hereby, the Loan Documents shall remain unmodified and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.On and after the date hereof, references in the Credit Agreement or in any other Loan Document to the Loan Documents shall be deemed to be references to the Loan Documents as amended hereby and as further amended, restated, modified or supplemented from time to time. This Agreement shall constitute a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or electronic mail message shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.This Agreement shall be construed in accordance with and governed by the law of the State of New York. Section 12.4 of the Credit Agreement is incorporated herein by reference, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Any provision in this Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable.

[Remainder of page intentionally blank]

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IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the date first above written.

ExchangeRight Income Fund Operating Partnership, LP, a Delaware limited partnership, as Borrower

By: EXCHANGERIGHT INCOME FUND, a Maryland statutory trust;<br> its General Partner

By: EXCHANGERIGHT INCOME FUND TRUSTEE, LLC, <br>a Delaware limited liability company; its trustee

By: EXCHANGERIGHT REAL ESTATE, LLC, <br>a California limited liability company; its manager

By: <u>/s/ David Fisher</u> <br> Name: David Fisher<br>Title: Executive Managing Principal

(Principal Executive Officer)

EXCHANGERIGHT INCOME FUND, a Maryland statutory trust,

as Parent

By: EXCHANGERIGHT INCOME FUND TRUSTEE, LLC, <br>a Delaware limited liability company, its trustee

By: EXCHANGERIGHT REAL ESTATE, LLC,<br>a California limited liability company, its manager

By: <u>/s/ David Fisher</u>____________________

Name: David Fisher

Title: Executive Managing Principal

(Principal Executive Officer)

[Fourth Incremental Revolving Commitment Assumption Agreement (ExchangeRight)]

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EXCHANGERIGHT ESSENTIAL INCOME STRATEGY PROPERTIES 6, LLC, a Delaware limited liability company

By: <u>/s/ David Fisher</u>________________

Name: David Fisher

Title: Chief Executive Officer

EXCHANGERIGHT NET LEASED PORTFOLIO 3 DST

EXCHANGERIGHT NET LEASED PORTFOLIO 4 DST

EXCHANGERIGHT NET LEASED PORTFOLIO 5 DST

EXCHANGERIGHT NET LEASED PORTFOLIO 6 DST

EXCHANGERIGHT NET LEASED PORTFOLIO 7 DST

EXCHANGERIGHT NET LEASED PORTFOLIO 8 DST

EXCHANGERIGHT NET LEASED PORTFOLIO 9 DST

EXCHANGERIGHT NET LEASED PORTFOLIO 10 DST,

each a Delaware statutory trust

By: EXCHANGERIGHT INCOME FUND OPERATING PARTNERSHIP, LP; its Manager

By: EXCHANGERIGHT INCOME FUND, a Maryland statutory trust; its General Partner

By: EXCHANGERIGHT INCOME FUND TRUSTEE, LLC, a Delaware limited liability company; its trustee

By: EXCHANGERIGHT REAL ESTATE, LLC,

a California limited liability company; its manager

By: <u>/s/ David Fisher</u>_______________

Name: David Fisher

Title: Executive Managing Principal (Principal Executive Officer)

[Fourth Incremental Revolving Commitment Assumption Agreement (ExchangeRight)]

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

By: <u>/s/ Matthew Kuhn</u> 

Name: Matthew Kuhn

Title: Managing Director

[Fourth Incremental Revolving Commitment Assumption Agreement (ExchangeRight)]

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Synovus Bank, as a Lender

By: <u>/s/ Zachary Braun</u> 

Name: Zachary Braun

Title: Director

[Fourth Incremental Revolving Commitment Assumption Agreement (ExchangeRight)]

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**<u>SCHEDULE A<br>TO INCREMENTAL COMMITMENT ASSUMPTION AGREEMENT</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Additional Lender** | &nbsp;&nbsp;**Incremental Revolving Commitment** |
| &nbsp;&nbsp;Synovus Bank | &nbsp;&nbsp;$35000000.00 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$35000000.00** |

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**<u>SCHEDULE B<br>TO INCREMENTAL COMMITMENT ASSUMPTION AGREEMENT</u>**

<u>Aggregate Revolving Commitments after giving effect to the Incremental Revolving Commitment</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Lender** | &nbsp;&nbsp;**Aggregate Revolving Credit Commitments** |
| &nbsp;&nbsp;WELLS FARGO BANK, NATIONAL ASSOCIATION | &nbsp;&nbsp;$75000000.00 |
| &nbsp;&nbsp;FIFTH THIRD BANK, NATIONAL ASSOCIATION | &nbsp;&nbsp;$60000000.00 |
| &nbsp;&nbsp;Synovus Bank | &nbsp;&nbsp;$35000000.00 |
| &nbsp;&nbsp;Renasant Bank | &nbsp;&nbsp;$15000000.00 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$185000000.00** |

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## Exhibit 10.5

***EXECUTION VERSION***

REVOLVING NOTE

$35,000,000.00 October 3, 2025

FOR VALUE RECEIVED, the undersigned, EXCHANGERIGHT INCOME FUND OPERATING PARTNERSHIP, LP, a limited partnership formed under the laws of the state of Delaware (the "Borrower") hereby unconditionally promises to pay to SYNOVUS BANK or its registered assigns (the "Lender"), in care of Wells Fargo Bank, National Association, as Administrative Agent (the "Administrative Agent"), to its address as 600 South 4th Street, 10th Floor, Minneapolis, Minnesota 55415 or at such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of THIRTY-FIVE MILLION AND 0/100 DOLLARS ($35,000,000.00) (or such lesser amount as shall equal the aggregate unpaid principal amount of Revolving Loans made by the Lender to the Borrower under the Credit Agreement (defined below)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement.

This Revolving Note is one of the "Revolving Notes" referred to in the Credit Agreement dated as of May 30, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"), by and among the Borrower, ExchangeRight Income Fund, d/b/a ExchangeRight Essential Income REIT, a real estate investment trust formed under the laws of the state of Maryland (the "Parent"), the financial institutions party thereto and their assignees under Section 12.5. thereof, the Administrative Agent, and the other parties thereto, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the respective meanings given to such terms in the Credit Agreement. The Credit Agreement provides for the acceleration of the maturity of this Revolving Note upon the occurrence of certain events and for prepayments of Revolving Loans upon the terms and conditions specified therein.

The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights.

Time is of the essence for this Revolving Note.

THIS REVOLVING NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

[Signatures on Following Page]

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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Revolving Note as of the date written above.

EXCHANGERIGHT INCOME FUND OPERATING

PARTNERSHIP, LP, a Delaware limited partnership

By: EXCHANGERIGHT INCOME FUND, a Maryland statutory trust;

its General Partner

By: ExchangeRight Income Fund Trustee, LLC,

a Delaware limited liability company; its trustee

By: ExchangeRight Real Estate, LLC,

a California limited liability company; its manager

By:<u>/s/ David Fisher</u>_____________________________

Name: David Fisher

Title: Executive Managing Principal

(Principal Executive Officer)

[Signature Page to Revolving Note – Synovus Bank]

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