Modiv eyes $42 million cumulative redeemable perpetual preferreds

By Marisa Wong

Los Angeles, Aug. 26 – Modiv Inc. has registered to sell up to $42 million of $25-par series A cumulative redeemable perpetual preferred stock, according to an S-11 filing with the Securities and Exchange Commission.

The offering will include a greenshoe.

B. Riley Securities, Inc. will be the lead underwriter.

Dividends will be payable quarterly.

The preferreds will be redeemable in whole or in part at par beginning in 2026. The preferreds will also be callable upon a delisting event or within 120 days of a change of control.

Proceeds will be contributed to Modiv’s operating partnership, which plans to use funds for general corporate purposes, including purchases of additional properties and other real estate and real estate-related assets.

The company intends to apply to list the preferreds on the NYSE American LLC.

Modiv is a real estate, fintech and proptech investment manager based in Newport Beach, Calif.

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