Note 12. Subsequent Events

Management has evaluated subsequent events through the date the unaudited interim condensed consolidated financial statements were available to be issued. Management has determined that there are no material events that would require adjustment to, or additional disclosure in, the Company’s unaudited interim condensed consolidated financial statements, other than those disclosed throughout this report and below.

Common Share Activity

The Company issued 11,427 Class A Common Shares, 29,736 Class I Common Shares (excluding the 30,859 OP Units that were exchanged for same number of Class I Common Shares discussed below), and 41,328 Class ER Common Shares totaling $2.3 million in proceeds from July 1, 2025 through the date of issuance of this report.

The Company repurchased 184,113 Class A Common Shares totaling $5.0 million and 131,732 Class I Common Shares totaling $3.5 million from July 1, 2025 through the date of this report. Additionally, 30,859 OP Units were exchanged for the same number of Class I Common Shares from July 1, 2025 through the issuance of this report.

The Company adjusted the offering price of its Class I, Class A, Class S and Class D Common Shares effective July 22, 2025, as set forth in the table below. The offering price for the Class ER-I, Class ER-A, Class ER-S and Class ER-D Common Shares remained unchanged and is not updated to equal net asset value (“NAV”) per Common Share as of June 30, 2025.

Real Estate Activity

From July 1, 2025 through the date of issuance of this report, the Operating Partnership entered into an agreement with a certain DST of which ExchangeRight serves as the master lessee via a master lease agreement. In this guaranty agreement, the Operating Partnership is the guarantor on the master lease agreement entered into between this DST and ExchangeRight as the master lessee. The guaranty is for the full term of the master lease, which is for 20 years. Under this guaranty, the Operating Partnership guaranties the payment of all obligations and liabilities of the master lessee as outlined in the respective master lease agreement. The maximum remaining contractual payments under this lease agreement totaled $71.8 million as of the date of this report, although the master lease rental obligation will be terminated upon a sale or merger of the DST. The Company has not been obligated to make any payments under this guaranty as of the date of issuance of this report.