# EDGAR Filing Document

**Accession Number:** 0001771514
**File Stem:** 0001193125-26-116990
**Filing Date:** 2026-3
**Character Count:** 34973
**Document Hash:** d850eb1f59a463f37b70ee977125e5aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-116990.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001193125-26-116990

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260318

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**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:** 26776932

**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**

------

## FORM 8-K

------

**CURRENT REPORT**

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

**Date of Report (Date of earliest event reported):** March 18, 2026<br>

------

EXCHANGERIGHT INCOME FUND

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

------

---

| | | |
|:---|:---|:---|
| 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)**

------

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**

---

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

---

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. ☐

------

**Item 1.01 Entry Into a Material Definitive Agreement.**

***Amendment to Classify Common Units of the Operating Partnership***

On March 18, 2026, ExchangeRight Income Fund, a Maryland statutory trust (the "<u>Company</u>"), which is the general partner of ExchangeRight Income Fund Operating Partnership, LP, a Delaware limited partnership (the "<u>Operating Partnership</u>"), which is the operating partnership of the Company, entered into an amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership dated as of April 4, 2022 (as so amended, the "<u>Partnership Agreement</u>"), to classify and designate a new class of common units of the Operating Partnership designated as NLP Common Units, to be issued in separate series (each, a "<u>Series</u>"), as further described below. The amendment to the Partnership Agreement was effectuated pursuant to an Amendment to Classify Common Units dated March 18, 2026 (the "<u>Amendment</u>") authorized pursuant to Section 4.3 of the Partnership Agreement and approved by the Company as the general partner of the Operating Partnership and became effective upon execution. The Amendment did not require the approval of the limited partners of the Operating Partnership.

The NLP Common Units are being created to facilitate the acquisition by the Operating Partnership of certain net-leased portfolios organized as Delaware statutory trusts ("<u>DSTs</u>") through the issuance of units of Series of NLP Common Units as consideration for the acquisition of such DSTs to support the Operating Partnership's anticipated future growth. Pursuant to the Amendment, the NLP Common Units, and each Series thereof, generally have the rights, preferences, and obligations set forth below.

***Terms of the NLP Common Units***

The NLP Common Units are a new class of common unit of the Operating Partnership, which also constitute Junior Units of the Operating Partnership (as defined in the Partnership Agreement), entitling the holder thereof to the rights of a common unit as provided in the Partnership Agreement. The NLP Common Units will be issued in separate Series. In this regard, pursuant to the Amendment the following Series of NLP Common Units were created, each having the following designations: (i) NLP 20 Common Units; (ii) NLP 23 Common Units; (iii) NLP 24 Common Units; (iv) NLP 25 Common Units; (v) NLP 26 Common Units; (vi) NLP 27 Common Units; (vii) NLP 47 Common Units; and (viii) NLP 49 Common Units. Each Series of NLP Common Units designated above is considered a separate Series of NLP Common Units for purposes of the Partnership Agreement, entitling the holders of each Series, except as otherwise set forth in the Amendment, with the rights and obligations of the holders of an NLP Common Unit.

With respect to distributions payable to Junior Units under the Partnership Agreement, the holders of each Series of NLP Common Units are entitled to share in amounts distributable to the holders of Junior Units, with the amount(s) of such distribution(s) to the holders of each Series of NLP Common Units to be determined by the Company, as general partner, in its sole and absolute discretion. The Company, as general partner, will have the authority, exercisable in its sole and absolute discretion, and without the approval of any limited partner or any other person, to determine or change, at any time or from time to time, the amount or rate of, or manner of calculating, the distribution(s) payable to holders of each Series of NLP Common Units. Each distribution payable to the holders of each Series of NLP Common Units will be made among such holders, *pro rata*, in accordance with their respective percentage interests in the applicable Series of NLP Common Units, in each case as of the record date for such distribution. The amount of any distribution payable to a holder of a Series of NLP Common Units may be different than the amount of any distribution payable to the holders of any other class or Series of Junior Units.

The holders of each Series of NLP Common 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.

Notwithstanding any contrary provision in the Partnership Agreement, the holders of each Series of the NLP Common Units will not have any redemption rights as set forth in Section 8.5 of the Partnership Agreement. The Company, as the general partner, will have the authority, exercisable at any time in its sole and absolute discretion, and without the approval or consent of any limited partner or any other person, to provide redemption rights pursuant to Section 8.5 of the Partnership Agreement to the holders of one or more Series of NLP Common Units. Upon a determination by the Company to provide redemption rights, the Company will give prompt written notice thereof to each holder of the Series of NLP Common Units to which redemption rights are granted, but in no event later than five business days after the date the Company takes action to provide such redemption rights.

Except as otherwise described above, each Series of the NLP Common Units have all the other rights, preferences, and obligations of the common units under the Partnership Agreement.

The foregoing description of the Amendment is a summary and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

**Item 8.01 Other Events.**

On March 18, 2026, ExchangeRight Income Fund Trustee, LLC (the "<u>Trustee</u>"), which is the sole trustee of the Company, approved the Third Amended and Restated Dividend Reinvestment and Direct Share Purchase Plan of the Company (the "<u>Amended</u> 

------

<u>DRIP</u>"). Pursuant to the Amended DRIP, the Company added the holders of each current and future Series of NLP Common Units of the Operating Partnership as eligible participants to have their cash distributions from the Operating Partnership reinvested in the Company's Class I Common Shares and to make optional cash purchases of the Company's Class I Common Shares. No other amendments were made to the plan pursuant to the Amended DRIP.

The foregoing is a summary of the Amended DRIP and is qualified in its entirety to the full terms of the Amended DRIP, a copy of which is attached as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated by reference into this Item 8.01. The Company also posted the Amended DRIP on the Company's website at *www.exchangeright.com/the-essential-income-reit*.

## Item 9.01 Financial Statements and Exhibits.
(d) *Exhibits.*

The following exhibits are being furnished with this Current Report on Form 8-K.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[<u>10.1</u>](none-ex10_1.htm) | &nbsp;&nbsp;[<u>Amendment to Classify Common Units of ExchangeRight Income Fund Operating Partnership, LP dated March 18, 2026.</u>](none-ex10_1.htm) |
| &nbsp;&nbsp;[<u>10.2</u>](none-ex10_2.htm) | &nbsp;&nbsp;[<u>Third Amended and Restated Dividend Reinvestment and Direct Share Purchase Plan.</u>](none-ex10_2.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL Document). |

---

------

**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.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | EXCHANGERIGHT INCOME FUND<br>By: ExchangeRight Income Fund Trustee, LLC, its trustee<br>By: ExchangeRight Real Estate, LLC, its manager |
| Date: | March 20, 2026 | By:  | /s/ David Fisher |
|  |  |  | David Fisher<br>Executive Managing Principal |

---

------

## Exhibit 10.1

**Exhibit 10.1**

**<u>EXCHANGERIGHT INCOME FUND OPERATING PARTNERSHIP, LP</u>**

**AMENDMENT TO CLASSIFY COMMON UNITS**

**March 18, 2026**

Pursuant to this Amendment to Classify Common Units (this "<u>Amendment</u>"), under a power contained in Section 4.3 of the Amended and Restated Limited Partnership Agreement (the "<u>Base Agreement</u>" and, as supplemented by this Amendment and as may otherwise be amended, supplemented or amended and restated from time to time, the "<u>Partnership Agreement</u>") of ExchangeRight Income Fund Operating Partnership, LP, a Delaware limited partnership (the "<u>Operating Partnership</u>"), ExchangeRight Income Fund, a Maryland statutory trust (the "<u>General Partner</u>"), acting in its capacity as the sole general partner of the Operating Partnership, classified an unlimited number of Partnership Units as a new class of Partnership Units and designated such Partnership Units as NLP Common Units (each such Partnership Unit, an "<u>NLP Common Unit</u>"), each in separate series of NLP Common Units, as further set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>NLP Common Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Terms</u>. The General Partner hereby designates and creates the NLP Common Units a class of Common Units of the Operating Partnership, to be issued in separate series as set forth herein (each, a "<u>Series</u>"), and fixes the rights and obligations of the holders of each such Series. Except as otherwise set forth in this Amendment, each NLP Common Unit is a Common Unit which entitles the holder thereof to the rights of a holder of a Common Unit as provided in the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Creation and Designation of Series</u>. The following Series of NLP Common Units are hereby created, with each such Series to be designated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NLP 20 Common Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) NLP 23 Common Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) NLP 24 Common Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) NLP 25 Common Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) NLP 26 Common Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) NLP 27 Common Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) NLP 47 Common Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) NLP 49 Common Units.

Each Series of NLP Common Units designated above is considered a separate series of NLP Common Units for purposes of the Partnership Agreement, entitling the holders thereof, except as otherwise set forth in this Amendment, with the rights and obligations of the holders of an NLP Common Unit as specified in the Partnership Agreement and in this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Distributions</u>. For purposes of distributions payable to Junior Units pursuant to Section 5.2(a) of the Partnership Agreement, the holders of each Series of NLP Common Units

------

**Exhibit 10.1**

shall be entitled to share in amounts distributable to the holders of Junior Units, with the amount(s) of such distribution(s) to the holders of each Series of NLP Common Units pursuant to Section 5.2(a) to be determined by the General Partner in its sole and absolute discretion. The General Partner shall have the authority, exercisable in its sole and absolute discretion, and without the approval of any Limited Partner or any other Person, to determine or change, at any time or from time to time, the amount or rate of, or manner of calculating, the distribution(s) payable to holders of each Series of NLP Common Units pursuant to this paragraph. Each distribution payable to the holders of each Series of NLP Common Units pursuant to this paragraph shall be made among such holders, *pro rata*, in accordance with their respective Percentage Interests in the applicable Series of NLP Common Units, in each case as of the record date for such distribution. For the avoidance of doubt, the amount of any distribution payable to a holder of a Series of NLP Common Units pursuant to Section 5.2(a) of the Partnership Agreement and the terms of this paragraph may be different than the amount of any distribution payable to the holders of any other class or Series of Junior Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Conversion Rights</u>. The holders of each Series of the NLP Common Units shall not have any rights to convert such units into Partnership Units of any other class or Series of units or into any other securities of, or Partnership Interests in, the Operating Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Redemption Rights</u>. Notwithstanding any contrary provision in the Partnership Agreement, the holders of each Series of the NLP Common Units shall not have any Redemption Rights as set forth in Section 8.5 of the Partnership Agreement. The General Partner shall have the authority, exercisable at any time after the date of this Amendment in its sole and absolute discretion, and without the approval or consent of any Limited Partner or any other Person, to provide Redemption Rights pursuant to Section 8.5 of the Partnership Agreement to the holders of one or more Series of NLP Common Units. Upon a determination by the General Partner to provide Redemption Rights pursuant to the preceding sentence, the General Partner shall give prompt written notice thereof (in accordance with Section 12.1 of the Partnership Agreement) to each holder of the Series of NLP Common Units to which Redemption Rights are granted, but in no event later than five business days after the date the General Partner takes action to provide such Redemption Rights.

&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Capitalized Terms</u>. All capitalized terms not otherwise defined herein shall have the meanings set forth in the Base Agreement.

- Signature Page Follows -

------

**Exhibit 10.1**

IN WITNESS WHEREOF, this Amendment has been executed as of the date and year first above written, by the undersigned.

GENERAL PARTNER:

EXCHANGERIGHT INCOME FUND

By: ExchangeRight Income Fund Trustee, LLC, its Trustee

By: ExchangeRight Real Estate, LLC, its Manager

By: <u>/s/ Warren Thomas</u>

Name: Warren Thomas

Title: Manager

*Signature Page – Operating Partnership – Amendment to Classify Common Units*

------

## Exhibit 10.2

**Exhibit 10.2**

**THIRD AMENDED AND RESTATED**

**DIVIDEND REINVESTMENT AND DIRECT SHARE PURCHASE PLAN**

This Third Amended and Restated Dividend Reinvestment and Direct Share Purchase Plan (the "<u>Plan</u>") has been adopted by ExchangeRight Income Fund (the "<u>Company</u>") pursuant to its Amended and Restated Declaration of Trust (as amended, restated or otherwise modified from time to time, the "<u>Charter</u>"). Unless otherwise defined herein, capitalized terms shall have the same meaning as set forth in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.*** ***Administration of the Plan.*** The Plan shall be administered by the Company as agent for Participants in the Plan. All the costs to administer the Plan shall be paid by the Company. The Company may adopt rules and regulations to facilitate the administration of the Plan, and reserves the right to interpret the provisions of the Plan and any rules and regulations adopted in accordance therewith, in its sole discretion. The determination of any matter with respect to the Plan made by the Company in good faith shall be final and conclusive and binding on the Company and all Participants (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.*** ***Dividend Reinvestment.*** As agent for (i) the shareholders (the "<u>Shareholders</u>") of the Company (the "<u>Shareholders</u>") who (A) purchase the Company's common shares of beneficial interest, $0.01 par value per share, whether designated as of the date hereof or hereinafter designated in the Charter (collectively, the "<u>Shares</u>"), pursuant to the Company's continuous private placement offering of Common Shares that is ongoing as of the date of adoption of this Plan, or (B) purchase Shares pursuant to any future offering of the Company, and who elect to participate in the Plan, and (ii) the holders ("<u>OP Unitholders</u>") of the Class I Common Units, Class A 721 Common Units, Class D Common Units, and NLP Common Units, and each series thereof, of limited partnership interest (collectively, the "<u>OP Units</u>") in ExchangeRight Income Fund Operating Partnership, LP, a Delaware limited partnership and the operating partnership of the Company, who elect to participate in the Plan and make direct Share purchases pursuant to Section 4(b) of this Plan (each, a "<u>Participant</u>," and collectively the "<u>Participants</u>"), the Company will apply any such cash dividends and other distributions declared and paid in respect of the Shares or OP Units held by each Participant, as the case may be, and attributable to the class of Shares or OP Units held by such Participant (the "<u>Distributions</u>"), including Distributions paid with respect to any full or fractional Shares acquired under the Plan, (x) to the purchase of additional Shares of the same class for Participants who are Shareholders (except with respect to Shareholders of Class ER-I, ER-D, ER-A, and ER-S Common Shares of the Company, which shall have Distributions in respect of such Shares applied to the purchase of additional Class I Common Shares, Class D Common Shares, Class A Common Shares, and Class S Common Shares of beneficial interest, $0.01 par value per share, of the Company, respectively), (y) in the case of Participants who are OP Unitholders of Class I Common Units, Class A 721 Common Units, and NLP Common Units, and each series thereof, to the purchase of Class I Common Shares, or (z) in the case of Participants who are OP Unitholders of Class D Common Units, to the purchase of Class D Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.*** ***Effective Date.*** The initial effective date of this Plan, prior to its amendment and restatement, was October 19, 2023 (the "<u>Effective Date</u>"), the effective date of the Amended and Restated Plan was May 30, 2024, the effective date of the Second Amended and Restated Plan was June 10, 2025, and the effective date of this Third Amended and Restated Plan shall be March 18, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ***Procedure for Participation.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Shareholders.*** Any Shareholder who has received a copy of the Company's private placement memorandum provided in connection with the offering of Shares pursuant to the Plan (as amended and/or supplemented from time to time, the "<u>DRIP Offering Memorandum</u>"), will be eligible to become a Participant at the Shareholder's discretion, at any time on or after the Effective Date, by

*Third Amended and Restated Dividend Reinvestment and Direct Share Purchase Plan*

------

**Exhibit 10.2**

completing an enrollment form and agreement ("<u>Enrollment Form</u>") to reinvest all or part of the Shareholder's Distributions that are or become payable on Shares held by such Shareholder and returning the Enrollment Form to the Company. If a Shareholder's Enrollment Form is received prior to the record date for a Distribution, participation in the Plan by the Shareholder will begin with the payment date of the Distribution payable in respect of Shares to which the record date applies after the acceptance of a Shareholder's Enrollment Form. If a Shareholder's Enrollment Form is received on or after any record date for a Distribution, participation in the Plan by the Shareholder will begin with the payment date of the Distribution payable in respect of Shares following the next succeeding record date after the acceptance of a Shareholder's Enrollment Form. Shares for the accounts of Shareholders will be purchased under the Plan on the date that Distributions are paid by the Company in respect of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Direct Share Purchase Option for OP Unitholders.*** Any OP Unitholder who has received a copy of the DRIP Offering Memorandum will be eligible, at the OP Unitholder's discretion, to become a Participant and make direct Share purchases from the Company, at any time on or after the Effective Date, by completing an Enrollment Form to apply all or part of the OP Unitholder's Distributions in respect of the OP Units held by such OP Unitholder to the purchase of Class I Common Shares or Class D Common Shares, as applicable, and returning the Enrollment Form to the Company ("<u>Direct Share Purchases</u>"). If an OP Unitholder's Enrollment Form is received prior to the record date for a Distribution, participation in the Plan by the OP Unitholder will begin with the payment date of the Distribution payable in respect of OP Units to which the record date applies after the acceptance of an OP Unitholder's Enrollment Form. If an OP Unitholder's Enrollment Form is received on or after any record date for a Distribution, participation in the Plan by the OP Unitholder will begin with the payment date of the Distribution payable in respect of OP Units following the next succeeding record date after the acceptance of an OP Unitholder's Enrollment Form. Direct Share Purchases for the accounts of OP Unitholders will be made under the Plan on the date that Distributions are paid by the Operating Partnership in respect of OP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ***Suitability.*** Each Participant is required to be an "Accredited Investor" as defined in Section 501(a) of Regulation D under the Securities Act of 1933, as amended, and any other investment suitability standards imposed by the Company and set forth in the DRIP Offering Memorandum. Each Participant is requested to promptly notify the Company in writing if the Participant experiences a material change in his or her financial condition, including the failure to meet the income, net worth and investment concentration standards imposed by such Participant's state of residence and set forth in the Company's most recent DRIP Offering Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ***Purchase of Shares.*** Participants will acquire Shares from the Company (including Shares purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed)) under the Plan (the "<u>Plan Shares</u>") at a price equal to 99% of the net asset value per Share (calculated quarterly) in effect as of the most recent record date for a Distribution, as determined by the Trustee. No upfront selling commissions will be payable with respect to Shares purchased pursuant to the Plan, and the Plan Shares shall not be subject to ongoing shareholder servicing fees. Participants in the Plan may purchase fractional Shares so that 100% of the Distributions will be used to acquire Plan Shares. However, a Participant will not be able to acquire Plan Shares and such Participant's participation in the Plan will be terminated to the extent that a reinvestment of such Participant's Distributions in Shares or Direct Share Purchases, as the case may be, would cause the percentage ownership or other limitations contained in the Charter to be violated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ***Taxes.*** THE REINVESTMENT OF DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF ANY INCOME TAX LIABILITY THAT MAY BE PAYABLE ON THE DISTRIBUTIONS. INFORMATION REGARDING POTENTIAL INCOME TAX LIABILITY OF PARTICIPANTS MAY BE FOUND IN THE DRIP OFFERING MEMORANDUM.

*Third Amended and Restated Dividend Reinvestment and Direct Share Purchase Plan*

------

**Exhibit 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. ***Book-Entry Form.*** The ownership of the Shares purchased through the Plan will be in book-entry form unless and until the Company issues certificates for its outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. ***Reports.*** On a quarterly basis, the Company shall provide each Participant a statement of account describing, as to such Participant: (i) the Distributions reinvested or Direct Share Purchases made, as the case may be, during the quarter; (ii) the number and class of Shares purchased pursuant to the Plan during the quarter; (iii) the per Share purchase price for such Shares; and (iv) the total number of Shares purchased on behalf of the Participant under the Plan. In addition, Participants will receive copies of other communications sent to holders of Shares or OP Units, including quarterly investor reports, notices and proxy statements in connection with meetings of the Company's shareholders, and any tax related information for reporting Distributions paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. ***Termination by Participant.*** A Participant may terminate participation in the Plan with respect to all or a portion of the Shares or OP Units held by such Participant at any time by delivering written notice to ExchangeRight Income Fund Trustee, LLC, as the trustee of the Company (the "<u>Trustee</u>"). If the request to terminate participation is received prior to a Distribution record date set by the Trustee for determining Shareholders or OP Unitholders of record entitled to receive a Distribution, the request will be processed on the day following receipt of the termination request by the Trustee. If the request to terminate participation is received by the Trustee within two business days prior to a Distribution record date, the Trustee, in its sole discretion, may either pay the Distribution to the Participant in cash or reinvest the Distribution in or make a Direct Share Purchase of Plan Shares for the Participant's account. Any transfer of Shares or OP Units, as the case may be, by a Participant to a non-Participant will terminate participation in the Plan with respect to the transferred Shares or OP Units. If a Participant requests that the Company repurchase all or any portion of the Participant's Shares, or that the Operating Partnership repurchase all or any portion of the Participant's OP Units, as the case may be, the Participant's participation in the Plan with respect to the Participant's Shares or OP Units, as the case may be, for which repurchase was requested but that were not repurchased will be terminated. Upon termination of Plan participation for any reason, future Distributions will be distributed to the Shareholder or OP Unitholder, as the case may be, in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. ***Amendment, Suspension or Termination by the Company.*** The Trustee may amend any aspect of the Plan; provided that the Plan cannot be amended to eliminate a Participant's right to terminate participation in the Plan and that notice of any material amendment must be provided to Participants at least 10 calendar days prior to the effective date of that amendment. The Trustee may suspend or terminate the Plan for any reason upon 10 business days' written notice to the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. ***Liability of the Company.*** The Company and the Trustee will not be liable in administering the Plan for any act done in good faith or required by applicable law or for any good faith omission to act including, without limitation, any claim of liability arising out of failure to terminate a Participant's account upon his or her death, with respect to the prices at which Shares are purchased and/or the times when those purchases are made or with respect to any fluctuation in the value before or after purchase. Notwithstanding the foregoing, nothing contained in the Plan limits the Company's liability with respect to violations of applicable federal or state securities laws. The Company and the Trustee will be entitled to rely on completed Enrollment Forms and the proof of suitability and due authority to participate in the Plan, without further responsibility of investigation or inquiry.

*Third Amended and Restated Dividend Reinvestment and Direct Share Purchase Plan*

------