Modiv Industrial (NYSE:MDV) Q4 2025 Earnings call March 25, 2026 04:30 PM ET Company ParticipantsAaron Halfacre - CEOJay Kornreich - VP of REIT Equity ResearchRay Pacini - CFOSarah Grisham - Chief Accounting OfficerConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystJohn Massocca - Senior Equity Research AnalystOperatorPlease note this event is being recorded. I would now like to turn the conference over to Sarah Grisham, Chief Accounting Officer. Please go ahead.S ...

grayscale bittensor trust trading at 50% premium to NAV with an ETF filing already public. GBTC traded at 40% discount when bitcoin ETF was filed. TAO is the 4th crypto asset to get dual ETF filings from grayscale and bitwise after BTC ETH SOL. 70% staked. halving done. the math on available float versus incoming demand doesn't work. ...

MSTR traded at 7x premium to NAV two years ago. now 16% discount. that's 96% destruction of the saylor premium. $6b in short interest says the levered bitcoin narrative is dead. but there's a spread trade here. buy at 20%+ discount to NAV, sell at par. you're not betting on bitcoin. you're betting institutional yield chasers keep buying 11.5% STRC and narrow the gap. the saylor premium is dead. the discount arbitrage just started. ...

Understanding @flyingtulip_ new raise model;TLDR;Market Cap: $2kFDV: $175mVolume: $33.5m2 weeks in (and brutal markets) and yet the token looks boring (by design). Volume is tiny (by design).Comparative projects that raised and TGE'd in the same time-frame are on average significantly down, and the reasoning is simple, bad markets cause people to exit/liquidate what they can, repay loans, and often move to cash in hand vs risk on strategies. If during these markets your only choice is "sell the token" that' ...

Every day feels like Christmas morning when the market is willing to sell you shares of your own company below NAV.We continue to aggressively repurchase shares of $BRRGobble, gobble! 🦃 https://t.co/IhaR753kNc ...

We have acquired another 450 bitcoin at $BRR.We continue to aggressively repurchase shares trading below NAV.“Our disciplined approach to our balance sheet has put us in a position to play offense now that Bitcoin has significantly fallen from the all-time high.” https://t.co/r66vFoURlP ...

"Our strategy is working...the job is not done."We continue to aggressively repurchase $BRR shares and the discount to NAV is shrinking. https://t.co/BSPXvdX2R2 ...

Financial Data and Key Metrics Changes - In 2025, the company generated a GAAP return on equity of -0.7% and a total return on common stock of -15.2%, with cash distributions of $1.98 per share, representing 15% of the average stock price during the year [5][8] - The fourth quarter net investment income was $0.35 per share, down from $0.39 per share in the prior quarter, primarily due to declining SOFR and tightening loan spreads [7][8] - The company's NAV decreased to $13.31 per share as of December 31, down from $14.21 per share at the end of September [8][20] Business Line Data and Key Metrics Changes - The company experienced $147 million in paydowns within its CLO Debt portfolio during 2025, with realized capital gains of $0.12 per share from early repayments [5][6] - The fourth quarter net investment income, less realized losses, was $0.03 per share, compared to $0.26 per share in the prior quarter [18] - The company deployed approximately $45 million into new investments during the fourth quarter, with $26 million allocated to other credit asset classes [9] Market Data and Key Metrics Changes - The S&P UBS Leveraged Loan Index posted a 1.2% return for the fourth quarter and a 5.9% return for 2025, with the trailing 12-month default rate decreasing from 1.5% to 1.2% [14][15] - CLO new issuance rose to $55 billion in the fourth quarter, totaling $209 billion for 2025, surpassing the previous year's record [15] - The company's portfolio's default exposure was 32 basis points as of December 31 [14] Company Strategy and Development Direction - The company aims to actively manage its portfolio and seek opportunities across CLO Debt, CLO Equity, and other asset classes beyond CLOs [4][12] - The management believes that the current market environment presents a compelling opportunity for well-capitalized investors, with a focus on relative value and disciplined capital allocation [22] - The company plans to continue its share repurchase program, viewing its stock as undervalued [11][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the CLO market faced challenging conditions in 2025, with factors such as reduced SOFR levels and loan spread compression impacting performance [4][5] - Looking ahead, management expressed confidence in healthy underlying borrower fundamentals and a disciplined approach to position the company well for future opportunities [5][22] - The company anticipates that increased new issue loan activity may help rebalance supply and demand in the loan market, potentially supporting CLO Equity [22] Other Important Information - The company completed the full redemption of its 7.75% Series B Term Preferred Stock and announced plans to redeem the 8% Series C Term Preferred Stock [10] - As of January month-end, the company had $85 million of cash and revolver capacity available for investment [20] Q&A Session Summary Question: Follow-up on realized losses due to underperforming managers - Management indicated that underperforming collateral managers faced credit issues and loan spread compression, leading to a rotation into better-performing CLOs and other asset classes [25][26] Question: Source of funds for redeeming Series C Term Preferred Stock - Management confirmed that the redemption would be funded through a combination of the new revolver and cash on hand, along with proceeds from CLO Debt repayments [27][28] Question: Expected changes in the balance sheet investment portfolio - Management stated that while redeeming EICCs may lower leverage, they expect the investment portfolio to remain stable in the near term [34] Question: Focus on alternative credit assets - Management clarified that investments in alternative credit assets are made across the Eagle Point platform, with dedicated teams managing these investments [36][37]

ProCap Financial $BRR as of early this morning:- Bitcoin Holdings: 5,007 BTC- Cash Position: $72 million- Outstanding Convertible Notes: $100 million- Outstanding Shares: 83,422,775- mNAV per share: $3.92- Discount to NAV: 0.6x ...

metaplanet delivered 568% btc yield buying 35,102 btc but trades at 1.2x nav. microstrategy does the same at 2.5x nav. blackrock and capital group own 27.59% of metaplanet despite japan exchange threats. they're not backing regulatory losers. that nav gap closes when the market figures out japanese regulators are bluffing. ...