MODIV INDUSTRIAL, INC.

The following tables provide summary information regarding our real estate portfolio as of December 31, 2025 (dollars in thousands):

Tenant Industry Diversification

Industry · Number of Properties (2) · ABR · ABR as a Percentage of Total Portfolio · Leased Area (Square Feet) (2) · Square Feet as a Percentage of Total Portfolio

Infrastructure · 17 · 9,646 · 25 · 1,217,915 · 28

Automotive · 3 · 6,126 · 16 · 501,233 · 11

Industrial Products · 4 · 5,682 · 15 · 897,242 · 21

Aerospace/Defense · 4 · 5,092 · 13 · 346,046 · 8

Government · 1 · 2,697 · 7 · 106,592 · 2

Technology · 2 · 2,502 · 6 · 132,601 · 3

Metals · 4 · 2,421 · 6 · 419,001 · 10

Agriculture/Food Production · 1 · 1,714 · 4 · 216,727 · 5

Energy · 1 · 1,506 · 4 · 218,696 · 5

Other (1) · 3 · 1,760 · 4 · 217,401 · 5

Total · 40 · 39,146 · 100 · 4,273,454 · 98

(1) Includes industries with ABR of less than 4% of total portfolio.

(2) Excludes 104,893 vacant square feet comprised of (i) the industrial property in Saint Paul, Minnesota subject to a purchase and sale agreement and (ii) the legacy property formerly leased to Solar Turbines in San Diego, California that we expect to sell after we complete a parcel split.

Tenant Geographic Diversification

State · Number of Properties · ABR · ABR as a Percentage of Total Portfolio · Leasable Area (Square Feet) · Square Feet as a Percentage of Total Portfolio

California · 8 · 11,986 · 31 · 442,315 · 10

Ohio · 6 · 4,985 · 13 · 1,003,438 · 23

Arizona · 2 · 4,174 · 11 · 379,441 · 9

Illinois · 2 · 3,487 · 9 · 619,092 · 14

Florida · 4 · 2,880 · 7 · 282,499 · 6

Pennsylvania · 2 · 2,187 · 6 · 253,646 · 6

South Carolina · 3 · 2,168 · 6 · 343,422 · 8

Texas · 2 · 1,745 · 4 · 251,583 · 6

Minnesota · 5 · 1,717 · 4 · 362,647 · 8

North Carolina · 2 · 1,611 · 4 · 134,576 · 3

Other (1) · 6 · 2,206 · 5 · 305,688 · 7

Total · 42 · 39,146 · 100 · 4,378,347 · 100

(1) Includes states with ABR of less than 4% of total portfolio.

Lease Expirations:

We completed extensions of existing leases with two of our tenants during 2025 and we are continuing to explore potential lease extensions for certain of our other properties.

The following table reflects lease expirations with respect to our properties as of December 31, 2025, including the TIC Interest and one property held for sale (dollars in thousands):

Year · Number of Leases Expiring (2) · ABR Expiring · Percentage of ABR Expiring · Cumulative Percentage of ABR Expiring · Leased Area Expiring (Square Feet)(2) · Percentage of Leased Area Expiring (Square Feet )(2) · Cumulative Percentage of Leased Area Expiring (Square Feet)(2)

2026 · — · — · — · — · — · — · —

2027 · 1 · 968 · 2 · 2 · 64,637 · 1 · 1

2028 · 1 · 585 · 1 · 3 · 148,012 · 3 · 4

2029 · 2 · 1,492 · 5 · 8 · 84,714 · 2 · 6

2030 · 1 · 687 · 2 · 10 · 20,800 · 1 · 7

2031 · 1 · 1,352 · 3 · 13 · 107,419 · 3 · 10

2032 · 2 · 2,948 · 8 · 21 · 211,303 · 5 · 15

2033 · 1 · 1,714 · 4 · 25 · 216,727 · 5 · 20

2034 (1) · 3 · 5,568 · 14 · 39 · 554,441 · 13 · 33

2035 · — · — · — · 39 · — · — · 33

Thereafter · 28 · 23,832 · 61 · 100 · 2,865,401 · 65 · 98

Total · 40 · 39,146 · 100 · 4,273,454 · 98

(1) Includes OES that has a purchase option that can be exercised any time through December 31, 2026 and an early termination option that can be exercised any time on or after December 31, 2028. The exercise of these options was not determined to be probable.

(2) Excludes 104,893 vacant square feet comprised of (i) the industrial property in Saint Paul, Minnesota subject to a purchase and sale agreement and (ii) the legacy property formerly leased to Solar Turbines in San Diego, California that we expect to sell after we complete a parcel split.

Investment:

As of December 31, 2025, we had the following other real estate investment (dollars in thousands):

TIC Interest · InvestmentBalance

Santa Clara, CA Property – an approximate 72.7% TIC Interest (1) · 9,437

(1)This industrial property was acquired in 2017 and has approximately 91,740 rentable square feet. Our TIC Interest ABR is approximately $1.8 million. The tenant's lease expiration date is March 16, 2036, the mortgage bears interest at a fixed rate of 3.86% and matures on October 1, 2027, and the lease provides for two seven-year renewal options. In January 2026, we acquired the 27.3% remaining TIC interest for $9.6 million, giving us 100% ownership of the property.

Additional information about our other real estate investment is included in Note 4 to our accompanying consolidated financial statements included in this Annual Report on Form 10-K.

• Disruptions in the financial markets and uncertain economic conditions could adversely affect market rental rates, commercial real estate values and our ability to secure debt financing at interest rates acceptable to us or at all, to service future debt obligations, or to pay distributions to our stockholders.
• Our real estate properties and related intangible assets may be subject to impairment charges.
• Downturns relating to certain geographic regions, industries or business sectors may have a more significant adverse impact on our assets and our ability to pay distributions than if we had a more diversified investment portfolio.
• We are subject to risks related to tenant concentration, and an adverse development with respect to a large tenant could materially and adversely affect us.
• The loss of or our inability to retain key executive officers could delay or hinder implementation of our investment strategies, which could limit our ability to make distributions and decrease the value of an investment in our shares.
• We may change our targeted investments or investment strategy.
• We have incurred losses in the past and we may experience additional losses in the future.
• If we are unable to obtain funding for future capital needs, cash distributions to our stockholders and the value of our investments could decline.
• Risks Related to Our Corporate Structure
• Our charter and bylaws contain provisions that may delay, defer or prevent an acquisition of our Class C Common Stock or a change in control.
• Our rights and the rights of our stockholders to take action against our directors and officers are limited.
• Certain provisions of Maryland law may limit the ability of a third-party to acquire control of us.
• The change of control conversion and redemption features of the Series A Preferred Stock may make it more difficult for a party to acquire us or discourage a party from seeking to acquire us.
• Certain provisions in our Operating Partnership Agreement may delay, make more difficult, or prevent unsolicited acquisitions of us.
• General Risks Related to Investments in Real Estate
• Economic, market and regulatory changes that impact the real estate market generally may decrease the value of our investments and weaken our operating results.
• We are subject to risks from natural disasters, such as hurricanes, tornadoes and flooding, and changes in weather patterns.
• We intend to purchase properties with (or enter into, as necessary) long-term leases with tenants, which may not result in fair market rental rates over time.
• We depend on tenants for our revenue generated by our real estate investments and, accordingly, our revenue generated by our real estate investments and our ability to make distributions to our stockholders are dependent upon the success and economic viability of our tenants and our ability to retain and attract tenants. Non-renewals, terminations or lease defaults could reduce our net income and limit our ability to make distributions to our stockholders.
• Costs imposed pursuant to laws and governmental regulations may reduce our net income and our cash available for distribution to our stockholders.
• The costs of defending against claims of environmental liability, of complying with environmental regulatory requirements, of remediating any contaminated property or of paying personal injury or other damage claims could reduce our cash available for distribution to our stockholders.
• We are subject to risks relating to litigation and regulatory liability.
• Inflation and rising interest rates may adversely affect our financial condition and results of operations or result in a decrease in the market price of our Class C Common Stock.
• Risks Related to Investments in Single-Tenant Real Estate
• Our current properties depend upon a single-tenant for their rental income, and our financial condition and ability to make distributions may be adversely affected by the bankruptcy or insolvency of a tenant, a downturn in the business of a tenant or a tenant’s lease termination in bankruptcy or otherwise.
• If a tenant declares bankruptcy, we may be unable to collect balances due under relevant leases, including sale-leaseback transactions, which could harm our operating results and financial condition.
• Net leases may not result in fair market lease rates over time.
• Risks Associated with Debt Financing
• We have a substantial amount of indebtedness outstanding, which may expose us to the risk of default under our debt obligations.
• Secured indebtedness exposes us to the possibility of foreclosure on our ownership interests in pledged properties.
• Covenants in the Credit Facility and our mortgages may restrict our operating activities and adversely affect our financial condition.
• Increases in interest rates or changes in underwriting standards may make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire, our cash flow from operations and the amount of cash available for distribution to our stockholders.
• We may not be able to access financing sources on attractive terms, which could adversely affect our ability to execute our business plan.
• To hedge against interest rate fluctuations, we may use derivative financial instruments that may be costly and ineffective.
• Variable rate indebtedness would subject us to interest rate risk, and could cause our debt service obligations to increase significantly.
• Changes in the Secured Overnight Financing Rate (“SOFR”) could adversely affect the amount of interest that accrues on SOFR-linked instruments.
• We may finance properties with debt that has prepayment penalties, which may prohibit us from selling a property, or may require us to maintain specified debt levels for a period of years on some properties.
• U.S. Federal Income Tax Risks
• Failure to qualify as a REIT would subject us to U.S. federal income tax, which would reduce the cash available for distribution to our stockholders.
• Certain of our business activities are potentially subject to the prohibited transaction tax, which could decrease the value of our stockholders’ investment in us.
• Even if we qualify as a REIT, we may nonetheless be subject to tax in certain circumstances that reduce our cash flow and our ability to make distributions to our stockholders.
• REIT distribution requirements could adversely affect our ability to execute our business plan.
• Re-characterization of sale-leaseback transactions may cause us to lose our REIT status.
• Complying with REIT requirements may force us to liquidate otherwise attractive investments.
• Characterization of any repurchase agreements we enter into to finance our investments as sales for tax purposes rather than as secured lending transactions would adversely affect our ability to qualify as a REIT.
• Complying with REIT requirements may limit our ability to hedge effectively.
• Our ownership of and relationship with our TRSs will be limited and a failure to comply with the limits would jeopardize our REIT status and may result in the application of a 100% excise tax.
• Dividends paid by REITs are generally not eligible for the reduced rates for qualified dividends and therefore could cause investors who are individuals, trusts and estates to perceive investments in REITs to be relatively less attractive than investments in the shares of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs, including our shares.
• Our stockholders may have current tax liability on distributions if they elect to reinvest in shares of our common stock.
• If our Operating Partnership fails to maintain its status as a partnership, its income may be subject to taxation, which would reduce the cash available for distribution to stockholders and likely result in a loss of our REIT status.
• Change to the U.S. federal income tax laws, including the enactment of certain tax reform measures, could have an adverse impact on our business and financial results.