[Form 4] MODIV INDUSTRIAL, INC. Insider Trading Activity

Rhea-AI Filing Summary

Aaron Scott Halfacre, CEO and President and a director of Modiv Industrial, acquired 847.8764 shares of Class C common stock via dividend reinvestment at $14.16 per share, increasing his beneficial ownership to 124,028.8302 shares. The transaction is reported under code J(1) and the filing notes the shares were acquired through dividend reinvestment transactions exempt from Section 16 under Rule 16a-11 and are being reported voluntarily on this Form 4. The form indicates the report was filed by one reporting person and signed by power of attorney for the reporting person.

Positive

• Insider increased ownership through dividend reinvestment, adding 847.8764 Class C shares, showing continued insider alignment with company equity
• Transaction disclosed under Rule 16a-11, indicating use of an established dividend reinvestment program and voluntary reporting of exempt transactions

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider increased holdings modestly through dividend reinvestment; routine, non-disruptive to ownership structure.

This transaction represents a small, incremental acquisition resulting from an automated dividend reinvestment plan rather than an active market purchase. The additional 847.8764 Class C shares at $14.16 is immaterial relative to total beneficial ownership of 124,028.8302 shares, suggesting no change to control or strategic direction. Reporting under Rule 16a-11 indicates the company’s dividend reinvestment mechanism is in use by insiders, consistent with maintaining equity exposure.

Corporate Governance Expert

TL;DR: Disclosure is timely and follows Section 16 conventions; the filing shows routine insider participation in dividend reinvestment.

The Form 4 clearly identifies the reporting person as CEO and director and discloses the nature of the acquisition as dividend reinvestment exempt under Rule 16a-11. The use of a power of attorney to sign the form is noted. There are no indications of atypical or material insider activity that would raise governance concerns.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Halfacre Aaron Scott

(Last) (First) (Middle)

1500 NORTH GRANT STREET, #5609

(Street)

DENVER CO 80203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MODIV INDUSTRIAL, INC. [ MDV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and President

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK, CLASS C	09/15/2025		J(1)		847.8764	A	$14.16	124,028.8302	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares acquired in dividend reinvestment transactions exempt from Section 16 pursuant to Rule 16a-11 are being reported voluntarily on this Form 4.

Remarks:

	/s/ John Raney, by Power of Attorney for Aaron Scott Halfacre	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Aaron Scott Halfacre disclose on the Form 4 for MDV?

He disclosed acquisition of 847.8764 Class C shares via dividend reinvestment at a price of $14.16, resulting in 124,028.8302 shares beneficially owned.

Why was the transaction reported as exempt under Rule 16a-11?

The filing states the shares were acquired in dividend reinvestment transactions which are exempt from Section 16 reporting under Rule 16a-11.

What relationship does the reporting person have to Modiv Industrial (MDV)?

The reporting person, Aaron Scott Halfacre, is identified as both CEO and President and a director of Modiv Industrial.

How significant is the disclosed transaction to insider ownership?

The acquisition of 847.8764 shares is small relative to the total beneficial ownership of 124,028.8302 shares, representing a modest incremental increase.

Was the Form 4 filed by multiple reporting persons?

No. The filing indicates it was completed as a Form filed by one reporting person.