Modiv Industrial (MDV) Director Christopher Gingras Sells Shares

What Happened Christopher (Raymond) Gingras, a director of Modiv Industrial, reported dispositions of a total 15,230.525 Modiv shares on August 12, 2026. The filing shows:

• 2,292.399 shares disposed to the issuer at $25.22 per share for total proceeds of $57,803 (cash).
• 12,938.126 shares disposed to the issuer with no price listed (N/A) — reported as converted in connection with the merger described in the filing.

These dispositions were part of the company’s merger transaction (see footnotes). The cash receipt relates to conversion of Modiv preferred stock into cash; the N/A disposition reflects conversion of Modiv common stock into GNL common stock per the merger terms rather than a voluntary open-market sale.

Key Details

• Transaction date: 2026-08-12 (reported on Form 4 filed 2026-08-12).
• Prices/values: 2,292.399 shares at $25.22 = $57,803 (cash); 12,938.126 shares shown as disposed with no cash amount in the line item.
• Aggregate shares disposed: 15,230.525.
• Footnotes: F1-F3 describe the merger—Modiv merged into REIT Merger Sub (a GNL subsidiary). F2: each Modiv common was converted into the right to receive 1.975 shares of GNL common stock (plus cash for fractional shares). F3: each Modiv Series A preferred was converted into $25.215104 cash per share (consistent with the $25.22 line item).
• Filing timeliness: Filing date equals report date (no late filing indicated in the excerpt).
• Shares owned after transaction: Not disclosed in the provided excerpt.

Context

• These are merger-driven dispositions (SEC code D = disposition). The common shares were converted into GNL common shares under the merger exchange ratio (1.975 GNL shares per Modiv common); the preferred shares were converted into cash. Dispositions recorded due to corporate transactions do not necessarily indicate an insider-initiated sale or a change in personal investment intent.