[144] JBG SMITH Properties SEC Filing

Rhea-AI Filing Summary

Modine Manufacturing (MOD) – Fiscal 2026 Q1 (ended 30 Jun 2025)

Net sales climbed 3 % YoY to $682.8 m; Climate Solutions grew 11 % to $397.4 m, while Performance Technologies fell 8 % to $285.5 m. Gross profit rose to $165.4 m (24.2 % margin) and operating income edged up 2 % to $75.7 m. Lower tax rate (21.3 % vs 28.2 %) helped lift net earnings 8 % to $51.2 m, driving diluted EPS to $0.95 (vs $0.88).

Operating cash flow weakened to $27.7 m on working-capital build; two bolt-on deals—AbsolutAire ($11 m) and L.B. White ($110 m)—pushed investing outflow to $144 m and raised goodwill/intangibles by $79 m. Debt borrowings of $265 m lifted total debt to $528.6 m (up ~55 % QoQ), but cash improved to $124.5 m. July refinancing replaced prior facilities with a $400 m multi-currency revolver and $200 m term loan maturing 2030, extending liquidity (unused revolver capacity $47.8 m at quarter-end).

Pension plan termination (H2 FY26) will add $115-125 m non-cash charges and require $17-22 m funding. Restructuring charges were $4.8 m. Foreign-currency translation generated $47.7 m OCI, cutting accumulated OCI loss to $-132 m and lifting equity above $1 bn.

Insights

Equity Analyst

TL;DR – Sales up, EPS beats, accretive HVAC deals offset debt rise; bullish for growth investors.

Modine posted solid top-line and EPS growth despite macro softness in heavy-duty markets. Climate Solutions now delivers 58 % of sales and all of the YoY revenue gain, confirming the strategic pivot toward HVAC and data-center cooling. The AbsolutAire and L.B. White acquisitions add niche heating technologies and widen the channel footprint; early contribution is already margin-accretive. Guidance was not provided, yet management’s 80/20 discipline and recent segment realignment point to sustained mix improvement. Key watch-points are integration execution, inventory normalization and pension-related charges later in the year, but overall trajectory remains positive.

Credit Analyst

TL;DR – Leverage spikes on M&A; liquidity adequate after July refinance, outlook neutral.

Total debt jumped to $528.6 m (2.4× LTM EBITDA est.) from $343 m, reflecting acquisition funding and working-capital needs. The amended credit agreement extends maturities to 2030 and increases covenant headroom (max leverage 3.5×), reducing near-term refinancing risk. Positive cash balance of $124 m and $48 m of revolver availability offer cushion, but negative free cash flow in Q1 and expected $17-22 m pension funding will pressure metrics. Successful integration and margin retention from the new assets will be critical. Current credit profile remains serviceable; outlook stable but leverage tolerance is narrowing.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

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Submission Contact Information
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144: Issuer Information

Name of Issuer

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Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

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144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Charles Schwab Corp. 3000 Schwab Way Westlake TX 76262	8350	185871.00	61724341	07/31/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/31/2021	Conversion of operating partnership units	Issuer			8350	07/31/2021	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

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Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

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ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)