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    Stephen Chick • Cib Garden Capital

    Stephen Chick's questions to Modiv Industrial Inc (MDV) leadership

    Stephen Chick's questions to Modiv Industrial Inc (MDV) leadership • Q2 2025

    Question

    Sought clarification on the $150 million asset recycling plan, specifically whether it included the Costco property, and asked about the meaning of a comment regarding 'unsolicited overtures... for your properties, and beyond.'

    Answer

    The CEO confirmed the $150 million recycling plan does not include the Costco asset and involves an undisclosed number of valuable legacy properties. He also confirmed that the phrase 'and beyond' was intended to imply that the company has received informal interest for the company as a whole, not just for individual assets.

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    Stephen Chick's questions to Modiv Industrial Inc (MDV) leadership • Q2 2025

    Question

    Stephen Chick of Sebis Garden Capital LLC sought clarification on whether the $150 million in potential asset recycling includes the Costco property and asked about the meaning of "and beyond" when discussing unsolicited offers.

    Answer

    CEO Aaron Halfacre confirmed the $150 million figure for potential dispositions does not include the Costco property, whose proceeds are not expected to be material after debt repayment. He declined to specify the number of properties involved to preserve strategic optionality. Halfacre also clarified that his "and beyond" comment accurately implied that the company has received unsolicited overtures for more than just individual assets, suggesting corporate-level interest.

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    Stephen Chick's questions to Modiv Industrial Inc (MDV) leadership • Q4 2024

    Question

    Stephen Chick sought clarification on the quarter-over-quarter decrease in Annualized Base Rent (ABR), the composition of assets held for sale, the valuation of the Clara property, and the company's strategy for its preferred stock callable in 2026.

    Answer

    CFO Raymond Pacini explained the ABR decrease was driven by the upcoming lease expirations for Costco and Solar, partially offset by rent bumps, and confirmed only the Costco property was in the year-end 'assets held for sale' balance. CEO Aaron Halfacre added that the Clara property's recent appraisal remains above book value and that retiring the preferred stock is a key consideration for future capital allocation to de-risk the balance sheet.

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    Stephen Chick's questions to Acme United Corp (ACU) leadership

    Stephen Chick's questions to Acme United Corp (ACU) leadership • Q1 2025

    Question

    Stephen Chick from Yucaipa Garden Capital asked if Acme United was observing customers front-loading purchases to preempt tariff-related price hikes. He also asked for the specific percentage of the company's inventory that is sourced from China.

    Answer

    Executive Walter Johnsen confirmed they are seeing such activity but are carefully managing inventory. He explained that they must prioritize fulfilling existing, long-standing orders over accommodating large, opportunistic buys. He stated that this requires 'throttling back sales' until the product line is repriced. Johnsen also disclosed that approximately 40% of the company's products are imported from China.

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