ExchangeRight Raises Over $500M in Private Offering

Reinvestment activity through its dividend plan signals continued investor confidence across share classes.

September 16, 2025

ExchangeRight Reports $504M Raised Through Ongoing Private Offering

ExchangeRight Income Fund is building momentum in its capital-raising strategy. As of August 31, the firm has raised $503.9 million through its ongoing private placement, issuing over 18.4 million common shares across six classes. That includes Class I, Class A, Class D, and several ER-designated shares—each structured to meet the needs of different investor profiles.

So far, Class A and Class I are seeing the most traction. Class A shares lead with nearly 10.8 million issued, while Class I follows with around 6.8 million. Class S and Class ER-S shares have yet to be issued, but the company continues to offer them as part of its total $2.165 billion authorization.

August Dividends and Reinvestment

Dividends for August came in at $0.1449 per share and were paid out—or reinvested—on September 15. Around 11.2% of those distributions were funneled back into the fund through the company’s Dividend Reinvestment and Direct Share Purchase Plan (DRIP). That reinvestment translated to 305,992 new shares, with Class I and Class A absorbing nearly equal portions.

The DRIP isn’t just for shareholders. Holders of certain OP Units tied to the operating partnership are also participating, electing to reinvest their distributions into the fund’s common shares. This optionality helps keep capital inside the fund and gives investors a flexible way to compound value.

Outlook and Risk Factors

While the company continues to make progress, it’s also clear-eyed about the risks. Its latest disclosure outlines a range of market variables that could affect future performance—everything from tenant turnover to broader financial market volatility. These factors may influence results in ways that aren’t easy to predict, and the company acknowledges that forward-looking statements carry inherent uncertainty.

Still, the numbers suggest ExchangeRight is executing against plan. Capital continues to flow in, distributions are being reinvested, and investor participation remains steady across multiple share classes.