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ExchangeRight Income Fund cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$15.1M in Q3 2026 · $50.8M over twelve months

Operating cash flow$15.3M
Capital spending−$189K
Free cash flow+$15.1M

Analysis

In Q3 2026, ExchangeRight Income Fund generated $15.3M of operating cash flow and spent $189K on capital projects, leaving free cash flow of $15.1M. That is $4.3M more than in Q3 2025 ($10.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $51.5M; the largest uses were other financing ($61.4M), real estate bought ($20.5M), partners ($9.2M); besides operations, cash came from shares issued ($37.4M), asset & business sales ($19.1M); the cash balance rose by $12.8M.

Operating cash flow was $15.3M against net income of −$4.6M. The largest differences: depreciation & amortization +$16.6M, prepaid and other assets −$81K, receivables −$48K.

Free cash flow

ExchangeRight Income Fund: free cash flow by quarterExchangeRight Income Fund: free cash flow by quarter$10.4MQ4 2024$10.9MQ1 2025$10.3MQ2 2025$10.9MQ3 2025$10.5MQ4 2025$10.7MQ1 2026$14.4MQ2 2026$15.1MQ3 2026
Operating cash flow less capital spending.
ExchangeRight Income Fund: operating cash flow against capital spendingExchangeRight Income Fund: operating cash flow against capital spendingOperating cash flowCapital spending$10.6M$220KQ4 2024$11.0M$61KQ1 2025$10.6M$315KQ2 2025$11.1M$292KQ3 2025$10.9M$438KQ4 2025$10.7M$0Q1 2026$14.5M$92KQ2 2026$15.3M$189KQ3 2026
Latest (Q3 2026): Operating cash flow $15.3M, Capital spending $189K.

Capital allocation, year by year

ExchangeRight Income Fund: where the cash came from (up) and went (down), by fiscal yearExchangeRight Income Fund: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2022: Operating cash flow $36.1MFY2022: Net borrowing −$14.2MFY2022: Shares issued $109MFY2022: Capital spending −$555K$146MFY2022FY2023: Operating cash flow $39.3MFY2023: Net borrowing −$22.3MFY2023: Shares issued $39.9MFY2023: Capital spending −$930K$79.2MFY2023FY2024: Operating cash flow $43.6MFY2024: Net borrowing $15.2MFY2024: Shares issued $36.3MFY2024: Asset sales $12.2MFY2024: Capital spending −$784K$107MFY2024FY2025: Operating cash flow $43.7MFY2025: Shares issued $37.0MFY2025: Asset sales $43.6MFY2025: Capital spending −$1.1M$124MFY2025
Over these 4 years operating cash flow totalled $163M; the largest uses were net borrowing ($36.5M) and capital spending ($3.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.9M
Debt$965M
Net debt$952M
Due within a year$73.0M

ExchangeRight Income Fund funds itself: free cash flow was $50.8M over the last twelve months, and $13.9M of cash and investments stands against $965M of debt ($73.0M due within a year, 0.2× covered by cash).

ExchangeRight Income Fund: debt maturities by year (FY2025)ExchangeRight Income Fund: debt maturities by year (FY2025)$73.0MYear 1$288MYear 2$181MYear 3$93.4MYear 4$41KYear 5$37.6MAfter year 5
Principal due in each year as disclosed in the annual report, against $13.9M of cash and investments now.

Where the cash came from and went

ExchangeRight Income Fund: sources (+) and uses (−) of cash, Q3 2026ExchangeRight Income Fund: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$15.3MOther financing−$15.2MOther investing−$6.6MShares issued$5.8MCash drawn (+) / kept (−)$5.5MPartners−$4.3MReal estate bought−$4.2MAsset & business sales$3.8MCapital spending−$189K
ExchangeRight Income Fund: sources (+) and uses (−) of cash, TTM to Q3 2026ExchangeRight Income Fund: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$61.4MOperating cash flow$51.5MShares issued$37.4MReal estate bought−$20.5MAsset & business sales$19.1MCash drawn (+) / kept (−)−$12.8MPartners−$9.2MOther investing−$3.5MCapital spending−$719K

From profit to cash

ExchangeRight Income Fund: net income to operating cash flow, Q3 2026ExchangeRight Income Fund: net income to operating cash flow, Q3 2026Net income−$4.6MDepreciation & amortization$16.6MReceivables−$48KPrepaid and other assets−$81KOperating cash flow$15.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$15.3M−$189K$5.8M$5.5M$15.1M
Q2 2026$14.5M−$92K$14.6M−$10.9M$14.4M
Q1 2026$10.7M—$8.3M−$4.6M$10.7M
Q4 2025$10.9M−$438K$8.8M−$2.9M$10.5M
Q3 2025$11.1M−$292K$8.5M$1.9M$10.9M
Q2 2025$10.6M−$315K$11.5M$101K$10.3M
Q1 2025$11.0M−$61K$8.2M$640K$10.9M
Q4 2024$10.6M−$220K$7.5M−$1.6M$10.4M

ExchangeRight Income Fund: income statement and cash flow

ExchangeRight Income Fund, Q3 2026: revenue $31.6M (+38% year over year), operating margin 28.7%. The chart follows the revenue to costs, profit and cash.

ExchangeRight Income Fund: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.