<SEC-DOCUMENT>0001140361-21-001808.txt : 20210122
<SEC-HEADER>0001140361-21-001808.hdr.sgml : 20210122
<ACCEPTANCE-DATETIME>20210122111632
ACCESSION NUMBER:		0001140361-21-001808
CONFORMED SUBMISSION TYPE:	S-3D
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20210122
DATE AS OF CHANGE:		20210122
EFFECTIVENESS DATE:		20210122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MODIV INC.
		CENTRAL INDEX KEY:			0001645873
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				474156046
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-252321
		FILM NUMBER:		21544483

	BUSINESS ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		855-742-4862

	MAIL ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RW HOLDINGS NNN REIT, INC.
		DATE OF NAME CHANGE:	20170814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles NNN REIT, Inc.
		DATE OF NAME CHANGE:	20151209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles REIT, Inc.
		DATE OF NAME CHANGE:	20150623
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3D
<SEQUENCE>1
<FILENAME>nt10019126x1_s3d.htm
<DESCRIPTION>S-3D
<TEXT>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">As filed with the Securities and Exchange Commission on January 22, 2021</div>
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            <div style="font-family: 'Times New Roman',Times,serif;">Registration No. 333-</div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div><br>
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    <div style="text-align: center; margin-right: 1.8pt; font-family: 'Times New Roman',Times,serif; font-size: 18pt; font-weight: bold;">FORM S-3</div>
    <div style="text-align: center; margin-right: 1.8pt; font-weight: bold;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-variant: small-caps; font-weight: bold;">MODIV INC.</div>
    <div style="text-align: center; font-weight: bold;">(f/k/a RW Holdings NNN REIT, Inc.)</div>
    <div style="text-align: center;">(Exact Name of Registrant as Specified in Its Charter)</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
    </div>
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      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Maryland</div>
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            <div style="text-align: center; font-weight: bold;">120 Newport Center Drive</div>
            <div style="text-align: center; font-weight: bold;">Newport Beach, CA 92660</div>
            <div style="text-align: center;">(<font style="font-weight: bold;">888) 686-6348</font></div>
          </td>
          <td style="width: 30%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">47-4156046</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(State or Other Jurisdiction of Incorporation or Organization)</div>
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          <td style="width: 40%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Address, Including Zip Code, and Telephone Number, Including </div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Area Code, of Registrant&#8217;s Principal Executive Offices)</div>
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          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(I.R.S. Employer</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Identification Number)</div>
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    <div>
      <div style="text-align: center; font-weight: bold;">Aaron S. Halfacre</div>
      <div style="text-align: center; font-weight: bold;">President and Chief Executive Officer</div>
      <div style="text-align: center; font-weight: bold;">Modiv Inc.</div>
    </div>
    <div style="text-align: center; font-weight: bold;">120 Newport Center Drive</div>
    <div style="text-align: center; font-weight: bold;">Newport Beach, CA 92660</div>
    <div>
      <div style="text-align: center; font-weight: bold;">(888) 686-6348</div>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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    <div style="text-align: center; font-weight: bold;">Copies to:</div>
    <div style="text-align: center; font-weight: bold;">Lauren Burnham Prevost, Esq.</div>
    <div style="text-align: center; font-weight: bold;">Seth K. Weiner, Esq.</div>
    <div style="text-align: center; font-weight: bold;">Morris, Manning &amp; Martin, LLP</div>
    <div style="text-align: center; font-weight: bold;">1600 Atlanta Financial Center</div>
    <div style="text-align: center; font-weight: bold;">3343 Peachtree Road, N.E.</div>
    <div style="text-align: center; font-weight: bold;">Atlanta, Georgia 30326-1044</div>
    <div style="text-align: center; font-weight: bold;">(404) 233-7000</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Approximate date of commencement of proposed sale to the public:</font>&#160; As soon as practicable following effectiveness of this Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&#160; &#9746;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with
      dividend or interest reinvestment plans, check the following box.&#160; &#9744;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration number of the earlier
      effective registration statement for the same offering.&#160; &#9744;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration
      statement for the same offering.&#160; &#9744;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the
      Securities Act, check the following box.&#160; &#9744;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b)
      under the Securities Act, check the following box.&#160; &#9744;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large
      accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Large accelerated filer&#160; &#9744;<font style="font-family: 'Times New Roman',Times,serif;">&#160; &#160; </font><font style="font-family: 'Times New Roman',Times,serif;">Accelerated filer&#160; &#9744;&#160; &#160; Non-accelerated filer&#160; &#9746;&#160; &#160;&#160; Smaller
        reporting company&#160; &#9746;&#160; &#160;&#160; Emerging growth company&#160; &#9746;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
      Section 7(a)(2)(B) of Securities Act.&#160; &#9746;</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-right: 1.8pt; font-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
    <div><br>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Title of Each Class of Securities</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">to Be Registered</div>
          </td>
          <td style="width: 13.08%; vertical-align: top; border-width: 4px 2px 2px; border-style: double solid solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amount To Be Registered</div>
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          <td style="width: 19.6%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 4px double; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Proposed Maximum</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Offering Price Per Share (1)</div>
          </td>
          <td style="width: 21.48%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 4px double; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Proposed Maximum</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Aggregate Offering Price</div>
          </td>
          <td style="width: 13.82%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 4px double; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amount of</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Registration Fee</div>
          </td>
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            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Class C Common Stock, $0.001 par value per share</div>
          </td>
          <td style="width: 13.08%; vertical-align: top; border-width: 2px 2px 4px; border-style: solid solid double; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">14,285,714</div>
          </td>
          <td style="width: 19.6%; vertical-align: top; border-width: 2px 2px 4px; border-style: solid solid double; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; margin-right: 0.6pt; font-family: 'Times New Roman',Times,serif;">$7.00</div>
          </td>
          <td style="width: 21.48%; vertical-align: top; border-width: 2px 2px 4px; border-style: solid solid double; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$100,000,000</div>
          </td>
          <td style="width: 13.82%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center;">$10,910 (1)</div>
          </td>
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              <div style="font-family: 'Times New Roman',Times,serif;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">The proposed maximum offering price per share will equal $7.00 per share until subsequently adjusted by our board of directors.</div>
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              <div style="font-family: 'Times New Roman',Times,serif;">(2)</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o), promulgated under the Securities Act of 1933, as amended.</div>
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      <div><br>
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    <!--PROfilePageNumberReset%LCR%1%%%-->
    <div style="font-weight: bold;">Prospectus</div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; font-weight: bold;"><img src="nt10019126x1_logo01.jpg" height="57" width="273">&#8201;</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Modiv Inc.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Distribution Reinvestment Plan</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">14,285,714 Shares of Class C Common Stock</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-indent: 18pt;">Modiv Inc., formerly known as RW Holdings NNN REIT, Inc., is a Maryland corporation that qualifies and has elected to be taxed as a real estate investment trust (REIT). We were formed to primarily invest, directly or
      indirectly, in real estate owning entities which own single-tenant income-producing properties located in the United States, which are leased to creditworthy tenants under long-term net leases.</div>
    <div><br>
    </div>
    <div style="text-indent: 18pt;">We have established an Amended and Restated Distribution Reinvestment Plan (DRIP) for our Class C common stock designed to provide existing holders of shares of our Class C common stock with a method to designate the
      cash distributions paid in connection with their shares for reinvestment in additional shares of Class C common stock through the DRIP. Some of the significant features of the DRIP are as follows:</div>
    <div><br>
    </div>
    <div>
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              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Our current stockholders may purchase additional shares, if desired, by automatically reinvesting their cash distributions in shares under the DRIP.</div>
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    </div>
    <div> </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe29fac44ad14b82ba9e62d240c884cd" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">The purchase price for shares under the DRIP will equal our most recently disclosed net asset value (NAV) for each Class C share approved by our board of directors. The board of
                directors determined the most recent estimated per share NAV for each Class C share to be&#160;$7.00&#160;as of April 30, 2020. Therefore, until our board of directors determines a new estimated per share NAV, the purchase price of shares under the
                DRIP will be&#160;$7.00&#160;per Class C share.</div>
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    <div>
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              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Eligible participants may participate in the DRIP by completing and executing a Subscription Agreement, an enrollment form or any other company-approved authorization form as may be
                available. Forms may be obtained at any time by calling Modiv Inc. Shareholder Relations at (888) 686-6348, by writing to 120 Newport Center Drive,&#160;Newport Beach, CA 92660 or by going to our website at <font style="font-style: italic;"><u>http://www.modiv.com</u></font>.
                If you are already enrolled in the DRIP, no action is required.</div>
            </td>
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    </div>
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              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Participants may terminate participation in the DRIP at any time without penalty by delivering written notice to us. A withdrawal from participation in the DRIP will be effective with
                respect to distributions for a distribution period only if written notice of termination is received at least ten business days prior to the last day of the distribution period to which such distribution relates; provided that, if we
                publicly announce a new offering price under the DRIP, then a participant shall have no less than two business days after the date of such announcement to notify us in writing of a participant&#8217;s termination of participation in the DRIP and
                the participant&#8217;s termination will be effective for the next date shares are purchased under the DRIP.&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c20fc6794a24ea3b027ad193d4614d4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">We will offer shares pursuant to the DRIP until we sell all&#160;$100,000,000&#160;of shares of our common stock in this offering; provided, however, that our board of directors may amend,
                suspend or terminate the DRIP for any reason by providing ten days&#8217; notice to participants in the plan.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z733b23152d5b41d4b4011c5a58c49a26" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">Cash distributions are still taxable even though they will be reinvested in shares pursuant to the DRIP.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83b14488f1254065a410cbf3ef876284" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">There is no public trading market for the shares, and there can be no assurance that a market will develop in the future.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z602bd84f1ce049ca8cc2dd9f82600fff" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">You should carefully consider the specific risks set forth under the caption &#8220;Risk Factors&#8221; under Item 1A of Part I of our most recent Annual Report on Form 10-K and Item 1A of Part II
                of our Quarterly Reports on Form 10-Q, which are incorporated by reference into this prospectus, before making an investment decision.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;<br>
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: 18pt; font-weight: bold;">The Offering:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf75017d09b13446a94e9052284e9c2e1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 43.6%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 16.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Number of Shares Being Offered</div>
          </td>
          <td colspan="2" style="width: 1.21%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td colspan="2" style="width: 16.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Offering Price Per Share</div>
          </td>
          <td colspan="2" style="width: 3.39%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td colspan="2" style="width: 18.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Maximum Proceeds</div>
            <div style="text-align: center; font-weight: bold;">(Before Expenses)</div>
          </td>
          <td style="width: 0.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.6%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">Class C Common Stock, $0.001 par value per share</div>
          </td>
          <td style="width: 16.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">14,285,714</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 14.25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">7.00</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.21%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;</div>
          </td>
          <td style="width: 1.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 16.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">100,000,000</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
      <hr style="height: 1px; width: 10%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zec41c36e40d941d9914eb3432b80330e" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">(1)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">The proposed maximum offering price per Class C share will equal the most recently disclosed NAV per Class C share approved by our board of directors. On&#160;May 22, 2020, our board of
              directors established our most recent NAV of $7.00 per Class C share. Therefore, until our board of directors establishes a new estimated per share NAV, the purchase price of shares under the DRIP will be&#160;$7.00&#160;per Class C share. When our
              board of directors updates the NAV for Class C shares, we will update the price per share accordingly.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 18pt; font-weight: bold;">Neither the Securities and Exchange Commission (SEC), the Attorney General of the State of New York, nor any other state securities regulator has approved or disapproved of these securities or
      determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold; text-indent: 18pt;"><font style="font-family: 'Times New Roman',Times,serif;">No one is authorized to make any statement about this offering different from those that appear in this prospectus. The use of projections or
        forecasts in this offering is prohibited. Any representation to the contrary and any predictions, written or oral, as to the amount or certainty of any present or future cash benefit or tax consequence that may flow from an investment in this
        offering is not permitted. Modiv Inc. is not a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940 and is not subject to regulation thereunder.</font></div>
    <div style="text-align: center; margin-right: 227.4pt; margin-left: 227.4pt; font-family: 'Times New Roman',Times,serif;">&#160; <br>
    </div>
    <div style="text-align: center; margin-right: 227.4pt; margin-left: 227.4pt; font-family: 'Times New Roman',Times,serif;">
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
    <div style="text-align: center; margin-right: 227.4pt; margin-left: 227.4pt; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">The date of this prospectus is January 22, 2021</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <!--PROfilePageNumberReset%LCR%1%%%-->
    <div style="text-align: center; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="font-weight: bold;">&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z93927336f9b14ca0b63a13695b66e93d" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 94.75%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">Page</font> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div>Prospectus Summary</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Risk Factors</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div>Cautionary Note Regarding Forward-Looking Statements</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Summary of Our Distribution Reinvestment Plan</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div>Use of Proceeds</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Plan of Distribution</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div>Legal Matters</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Experts</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif; background-color: rgb(204, 238, 255);">
            <div>Incorporation of Certain Information by Reference</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 94.75%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Where You Can Find Additional Information</div>
          </td>
          <td style="width: 5.19%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">15</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">i</font></div>
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    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="font-weight: bold; text-align: center;">PROSPECTUS SUMMARY</div>
    <div style="text-align: center; margin-right: 7.45pt; margin-left: 9.6pt; font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">Modiv Inc.</div>
    <div style="margin-right: 7.45pt; margin-left: 9.6pt; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">Modiv Inc., formerly known as RW Holdings NNN REIT, Inc., is a Maryland corporation, incorporated on May 14, 2015, that elected to be treated as a REIT for U.S. federal income tax purposes beginning with its taxable year
      ended December&#160;31, 2016 and intends to continue to qualify to be taxed as a REIT. Our primary investment objectives are:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z968d35e3f30d4c83a04779f3392d9861" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;">
              <div><br>
              </div>
            </td>
            <td style="width: 18pt; vertical-align: top;">
              <div style="font-family: Symbol,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">to provide stockholders with attractive and stable cash distributions; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3597a124d1a946558bb9eea0cbd706c2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;">&#160;</td>
            <td style="width: 18pt; vertical-align: top;">
              <div style="font-family: Symbol, serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">to preserve and return investors&#8217; capital contributions.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-right: 7.45pt; margin-left: 9.6pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-indent: 18pt;">Our principal executive offices are located at 120 Newport Center Drive,&#160;Newport Beach, CA 92660. Our telephone number is&#160;<font style="font-weight: bold;">(</font>888) 686-6348, and our website address is&#160;<font style="font-style: italic;"><u>http://www.modiv.com</u></font>. The contents of our website are not incorporated by reference in or otherwise a part of this prospectus.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">We were formed to primarily invest, directly or indirectly, in real estate owning entities which own single-tenant income-producing properties located in the United States, which are leased to creditworthy tenants under
      long-term net leases. Our goal is to generate current income for investors and long-term capital appreciation in the value of our properties.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">We hold our investments in real property through special purpose limited liability companies which are wholly-owned subsidiaries of Modiv Operating Partnership, LP, a Delaware limited partnership (Operating Partnership).
      The Operating Partnership was formed on January 28, 2016. We are the sole general partner of and owned a&#160;99%&#160;partnership interest in the Operating Partnership prior to the completion of the Self-Management Transaction (defined below) on December 31,
      2019. Our wholly-owned subsidiary, Rich Uncles NNN LP, LLC, a Delaware limited liability company formed on May 13, 2016, owned the remaining&#160;1%&#160;partnership interest in the Operating Partnership and was the sole limited partner of the Operating
      Partnership prior to the completion of the Self-Management Transaction on December 31, 2019.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">We were externally managed by our former advisor, Rich Uncles NNN REIT Operator, LLC (Former Advisor), a Delaware limited liability company, pursuant to the Second Amended and Restated Advisory Agreement dated August 11,
      2017, as amended (Advisory Agreement), through December 31, 2019. The Former Advisor was wholly-owned by our former sponsor, BrixInvest, LLC (f/k/a Rich Uncles, LLC) (BrixInvest or the Former Sponsor), a Delaware limited liability company, whose
      members include Messrs. Aaron S. Halfacre and Raymond Wirta, our Chief Executive Officer and Chairman, respectively.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">1</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-indent: 18pt;">On December 31, 2019, pursuant to an Agreement and Plan of Merger dated September 19, 2019 (Merger Agreement), Rich Uncles Real Estate Investment Trust I (REIT I) merged with and into Katana Merger Sub, LP (Merger Sub),
      a Delaware limited partnership and our wholly-owned subsidiary, with Merger Sub surviving as our direct, wholly-owned subsidiary (Merger). At such time, the separate existence of REIT I ceased. In addition, on December 31, 2019, a self-management
      transaction was completed, pursuant to which we acquired substantially all of the assets and assumed certain liabilities of BrixInvest (Self-Management Transaction). As a result of the completion of the Merger and the Self-Management Transaction, we
      became self-managed.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">On July 15, 2015, we filed a registration statement on Form S-11 (File No. 333-205684) with the Securities and Exchange Commission (SEC) to register an initial public offering of a maximum of&#160;90,000,000&#160;of our shares of
      common stock for sale to the public (Primary Offering). We also registered a maximum of&#160;10,000,000&#160;of our shares of common stock pursuant to the DRIP (Registered DRIP Offering and together with the Primary Offering, the Registered Offering). The SEC
      declared our registration statement effective on June 1, 2016, and on July 20, 2016, we began offering shares of common stock to the public. Pursuant to the Registered Offering, we sold shares of Class C common stock directly to investors, with a
      minimum investment in shares of&#160;$500. Commencing<font style="font-family: 'Times New Roman',Times,serif;">&#160;</font>in August 2017, we began selling shares of our Class C common stock only to U.S. persons as defined under Rule 903 promulgated under the
      Securities Act of 1933, as amended (Securities Act), and began selling shares of our Class S common stock as a result of the commencement of the Class S Offering (as defined below) to non-U.S. Persons.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">On August 11, 2017, we began offering up to&#160;100,000,000&#160;shares of Class S common stock exclusively to non-U.S. Persons as defined under Rule 903 promulgated under the Securities Act, pursuant to an exemption from the
      registration requirements of the Securities Act and in accordance with Regulation S of the Securities Act (Class S Offering and, together with the Registered Offering and the Follow-on Offering (as defined below), the Offerings). The Class S common
      stock has similar features and rights as the Class C common stock, including with respect to voting and liquidation, except that the Class S common stock offered in the Class S Offering may be sold only to non-U.S. Persons and may be sold through
      brokers or other persons who may be paid upfront and deferred selling commissions and fees.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">On December 23, 2019, we commenced a follow-on offering pursuant to a new registration statement on Form S-11 (File No. 333-231724) (Follow-on Offering and, together with the Registered Offering, the Registered
      Offerings), which registered the offer and sale of up to&#160;$800,000,000&#160;in share value of Class C common stock, including&#160;$725,000,000&#160;in share value of Class C common stock pursuant to the primary portion of the Follow-on Offering and&#160;$75,000,000&#160;in
      share value of Class C common stock pursuant to the DRIP. We ceased offering shares pursuant to the Registered Offering concurrently with the commencement of the Follow-on Offering.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">On January 31, 2020, our board of directors approved and established an estimated NAV per share of our common stock of&#160;$10.27. In response to the significant economic impacts of the COVID-19 pandemic, effective as of the
      close of business on May 7, 2020, our board of directors temporarily suspended the primary portion of the Company&#8217;s Follow-on Offering and Class S Offering until such time as the board of directors approved and established an updated estimated NAV
      per share of our common stock and determined to resume such primary offerings. On May 20, 2020, our board of directors approved and established an updated estimated NAV per share of our common stock of&#160;$7.00&#160;to reflect our most recent valuation of
      our real estate assets, debt and other assets and liabilities. Additional information on the determination of our estimated NAV per share, including the process used to determine our estimated NAV per share, can be found in our Current Report on Form
      8-K filed with the SEC on May 22, 2020.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">Through&#160;December 31, 2020, we had sold&#160;19,883,803&#160;shares of Class C common stock in the Registered Offerings, including&#160;2,371,437&#160;shares of Class C common stock sold under the DRIP, for aggregate gross offering proceeds
      of&#160;$197,527,817 and&#160;191,132&#160;shares of Class S common stock in the Class S Offering, including&#160;6,169&#160;shares of Class S common stock sold under the Class S distribution reinvestment plan, for aggregate gross offering proceeds of&#160;$1,932,065.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">We will stop offering shares pursuant to the Follow-on Offering before we begin offering shares under this prospectus.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">As of&#160;December 31, 2020, we owned (i)&#160;36&#160;operating properties, comprised of:&#160;11&#160;retail properties,&#160;14&#160;office properties and&#160;11&#160;industrial properties (including&#160;14&#160;operating properties which were acquired through the
      Merger on December 31, 2019 comprised of: (a)&#160;five&#160;retail properties, (b)&#160;four&#160;office properties and (c)&#160;five&#160;industrial properties); (ii)&#160;four properties held for sale; (iii) one&#160;parcel of land, which currently serves as an easement to one of our
      office properties; and (iv) an approximate 72.7%&#160;tenant-in-common interest in a Santa Clara office property.</div>
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    </div>
    <div style="font-weight: bold;">Our Management</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">We operate under the direction of our board of directors, the members of which are accountable to us and our stockholders as fiduciaries. We have a board of directors comprised of seven members, a majority of whom are
      independent directors. Our charter requires that a majority of our directors be independent.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="font-weight: bold;">Our REIT Status</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">As a REIT, we generally will not be subject to federal income tax on income that we distribute to our stockholders. Under the Internal Revenue Code of 1986, as amended, REITs are subject to numerous organizational and
      operational requirements, including a requirement that they distribute at least 90% of their taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). If we fail to maintain our qualification as a REIT
      in any year, we will be subject to tax on our taxable income at regular corporate rates. In addition, we will not be able to deduct distributions paid to our stockholders in any year in which we fail to maintain our qualification as a REIT. We also
      will be disqualified for the four taxable years following the year during which qualification was lost, unless we are entitled to relief under specific statutory provisions. Even if we qualify as a REIT for federal income tax purposes, we may still
      be subject to state and local taxes on our income and property and to federal income and excise taxes on our undistributed income.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="font-weight: bold;">Terms of the Offering</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">Pursuant to this prospectus,&#160;we are offering up to&#160;$100,000,000&#160;in shares of our Class C common stock to our existing stockholders pursuant to the DRIP. The per share purchase price for Class C shares under the DRIP will
      equal the most recently disclosed estimated per share NAV approved by our board of directors. The board of directors determined the most recent estimated per share NAV to be&#160;$7.00&#160;per Class C share on&#160;May 20, 2020. Therefore, until our board of
      directors determines a new estimated per share NAV for Class C shares, the purchase price of Class C shares under the DRIP will be&#160;$7.00&#160;per share. We will offer shares under the DRIP pursuant to this prospectus until we sell all&#160;$100,000,000&#160;of
      shares of Class C <font style="font-family: 'Times New Roman',Times,serif;">common stock in this offering; provided, however, that our board of directors may amend, suspend or terminate the DRIP for any reason by providing ten days&#8217; notice to
        participants in the plan. If this offering is</font> not exempt from registration, the required registration generally is for a period of one year. Therefore, we may have to stop selling shares in any state in which the registration is not renewed
      annually and the offering is not otherwise exempt from registration.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">3</font></div>
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    </div>
    <div style="font-weight: bold;">Distribution Reinvestment Plan</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">This prospectus describes the DRIP, which is designed to offer our existing stockholders a method for purchasing additional shares of our Class C common stock by reinvesting cash distributions without paying any selling
      commissions, fees or service charges. Regardless of your participation in our DRIP, you will be taxed on your distributions to the extent they constitute taxable income, and participation in our DRIP would mean that you will have to rely solely on
      sources other than distributions from which to pay such taxes. As a result, you may have a tax liability without receiving cash distributions to pay such liability. We may amend, suspend or terminate the DRIP in our discretion at any time upon ten
      days&#8217; notice to plan participants. We may provide notice by including such information (a) in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the SEC, or (b) in a separate mailing to the participants.</div>
    <div style="text-indent: 18pt;"> <br>
    </div>
    <div style="font-weight: bold;">Use of Proceeds</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The proceeds raised pursuant to the DRIP will be used for general corporate purposes, including, but not limited to, investment in real estate, capital expenditures, tenant improvement costs and leasing costs related to
      our real estate properties, reserves required by financings of our real estate investments, the repayment of debt, and funding for our share repurchase program.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="font-weight: bold;">Incorporation by Reference</div>
    <div style="margin-right: 7.45pt; margin-left: 9.6pt; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">This prospectus incorporates by reference several documents previously filed with the SEC, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2019, as amended, and our Quarterly
      Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, as well as all future documents we file pursuant to certain sections of the Securities Exchange Act of 1934, as amended (Exchange Act). These documents
      contain information about us which supplements the information in this prospectus. See &#8220;Incorporation of Certain Information by Reference.&#8221;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">4</font></div>
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    </div>
    <div style="text-align: center; font-weight: bold;">RISK FACTORS</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">You should carefully consider the specific risks set forth under the caption &#8220;Risk Factors&#8221; under Item 1A of Part I of our most recent Annual Report on Form 10-K and Item 1A of Part II of our most recent Quarterly Report
      on Form 10-Q, which are incorporated by reference into this prospectus, before making an investment decision, as the same may be updated from time to time by our future filings under the Exchange Act.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">5</font></div>
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    </div>
    <div style="text-align: center; font-weight: bold;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">Some of the information in this prospectus contains forward-looking statements. Such statements include, in particular, statements about our plans, strategies and prospects. These forward-looking statements are not
      historical facts but are the intent, belief or current expectations of our business and industry. You can generally identify forward-looking statements by our use of forward-looking terminology, such as &#8220;may,&#8221; &#8220;anticipate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221;
      &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;seek,&#8221; &#8220;estimate,&#8221; &#8220;would, &#8220; &#8220;could,&#8221; &#8220;should&#8221; and variations of these words and similar expressions. Discussions containing these forward-looking statements may be found, among other places, in the &#8220;Use of Proceeds&#8221; section of
      this prospectus and the &#8220;Business&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; sections incorporated by reference from our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed
      with the SEC, as well as any similar statements contained in future Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K which are hereby incorporated by reference upon their subsequent filing with the SEC. These forward-looking statements
      are or will be, as applicable, based largely on our expectations and projections about future events and future trends affecting our business. You should not rely on our forward-looking statements because the matters they describe are subject to
      known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control, that could cause actual results to differ materially from those anticipated in the forward-looking statements.</div>
    <div style="text-indent: 22.3pt; margin-right: 7.45pt; margin-left: 9.6pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">Our actual results of operations and execution of our business strategy could differ materially from those expressed in, or implied by, the forward-looking statements. In addition, past financial and/or operating
      performance is not necessarily a reliable indicator of future performance and you should not use our historical performance to anticipate results or future period trends. We can give no assurances that any of the events anticipated by the
      forward-looking statements will occur or, if any of them do, what impact they will have on our results of operations and financial condition. Except as required by law, we undertake no obligation to publicly revise our forward-looking statements to
      reflect events or circumstances that arise after the date of this prospectus or the date of documents incorporated by reference in this prospectus that include forward-looking statements.</div>
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    <div style="text-align: center; font-weight: bold;">SUMMARY OF OUR DISTRIBUTION REINVESTMENT PLAN</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">Purpose of the DRIP</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The DRIP is designed generally to offer our existing stockholders a method of purchasing additional shares of our Class C common stock by reinvesting cash distributions without paying any selling commissions, fees or
      service charges. We will use the proceeds received from sales of the shares for general corporate purposes, including, but not limited to, investment in real estate, capital expenditures, tenant improvement costs and leasing costs related to our real
      estate properties, reserves required by financings of our real estate investments, the repayment of debt, and funding for our share repurchase program. See Appendix A to this prospectus for the full text of the DRIP.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">How to Enroll in the DRIP</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">You can participate in the DRIP if you currently own shares of our Class C common stock and such shares are registered in your name. If you have shares registered in the name of someone else (for example, with a bank,
      broker or trustee), to enroll in the DRIP, you will need to arrange for that entity to transfer ownership of the shares to you.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">Eligible persons may join the DRIP at any time by completing and executing a <font style="font-family: 'Times New Roman',Times,serif;">Subscription Agreement, an enrollment form or any other company-approved
        authorization form as may be available</font>. Forms may be obtained at any time by calling Modiv Inc. Shareholder Relations at <font style="font-family: 'Times New Roman',Times,serif;">(888) 686-6348</font>, by writing to <font style="font-family: 'Times New Roman',Times,serif;">120 Newport Center Drive,</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Newport Beach, CA 92660 or by going to
        our website at </font><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;"><u>http://www.modiv.com</u></font>. Participation in the DRIP will commence with the next distribution payable after receipt of your election to
      participate. If you are already enrolled in the DRIP, no action is required.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">You will remain a participant of the DRIP until you deliver to us written notice of your desire to terminate your participation (described more fully below under the heading &#8220;Terminating Your Participation in the DRIP&#8221;).</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">Reinvestment of Your Distributions</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">If you choose to participate in the DRIP, we will apply all cash distributions on the shares registered in your name to purchase additional shares for you directly from us. Participants in the DRIP will have all <font style="font-family: 'Times New Roman',Times,serif;">of the cash distributions </font>paid in connection with their shares reinvested in shares through the DRIP.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The distributions paid on shares acquired through the DRIP will continue to be reinvested unless you elect to have them paid in cash by changing your investment option.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">7</font></div>
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    </div>
    <div style="font-weight: bold;">Source and Purchase Price of the Shares</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">There is no public trading market for the shares of our common stock, and there can be no assurance that a market will develop in the future. The purchase price for shares under the DRIP will equal our most recently
      disclosed NAV for each Class C share approved by our board of directors. As disclosed in a Current Report on Form 8-K filed with the SEC on May 22, 2020<font style="font-family: 'Times New Roman',Times,serif;">, the board of directors determined the
        most recent estimated per share NAV of our Class C common stock to be&#160;</font>$7.00 per share as of April 30, 2020. Until our board of directors determines a new estimated per share NAV for our Class C shares, the purchase price of Class C shares
      under the DRIP will be&#160;$7.00 per share. The selling price may not be indicative of the price at which the shares may trade if they were listed on an exchange or of the proceeds that a stockholder may receive if we liquidated or dissolved.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">When Shares Will Be Purchased</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">Shares will be purchased for you under the DRIP promptly following the payment date with respect to such distributions on Class C shares to the extent shares are available for purchase under the DRIP. If sufficient
      shares are not available, any distribution funds that have not been invested in shares within 30 days after receipt and, in any event, by the end of the fiscal quarter in which they are received, will be distributed, along with any interest earned on
      such funds, to the respective DRIP participant. We intend to pay distributions monthly.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">Cost of Participating in the Program</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">We will not charge you any brokerage commissions, dealer manager fees or service charges when you purchase shares under the DRIP. All costs of administration of the DRIP will be borne by us.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">Tracking Your Investment</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">You or your designee can confirm your purchases under our distribution reinvestment plan by visiting the dashboard on our website at <font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">www.modiv.com</font>.
      Your dashboard will disclose the following information: (1) each distribution reinvested for your account during the period; (2) the date of the reinvestment; and (3) the total number of shares in your account. You are required to notify us in the
      event that there is any material change in your financial condition or if any representation made by you under the subscription agreement for your initial purchase of securities becomes inaccurate. Tax information regarding your participation in the
      DRIP will be sent to you at least annually.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-indent: 18pt;">In addition, our annual report contains information regarding our history of distribution payments. The annual report is available on our website at <u><font style="font-style: italic;">www.modiv.com</font></u> or can
      be emailed to you upon request by calling Modiv Inc. Shareholder Relations at (888) 686-6348.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="font-weight: bold;">Book-Entry Evidence for Shares Acquired Under the DRIP</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">All shares that you purchase through the DRIP are recorded in your name on our books. No stock certificates will be issued because we do not issue stock certificates. The number of shares you hold in the DRIP will be
      shown on your dashboard on our website.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">Selling Shares Acquired Under the DRIP</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">You may sell the shares purchased through the DRIP, and your other shares, at any time, subject to any restrictions set forth in our charter or that we may impose on the sale of shares to protect our status as a REIT.
      However, there is currently no liquid market for our shares, and we do not expect one to develop. Consequently, there may not be a readily available buyer for your shares. Your transfer of shares will terminate participation in the DRIP with respect
      to such transferred shares as of the first day of the distribution period in which such transfer is effective, unless the transferee of such shares in connection with such transfer demonstrates to us that such transferee meets the requirements for
      participation in the DRIP and affirmatively elects to participate by delivering an executed distribution change form or other instrument required by us.</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">Terminating Your Participation in the DRIP</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">You may terminate your participation in the DRIP at any time upon written notice to us. A withdrawal from participation in the DRIP will be effective with respect to distributions for a distribution period only if
      written notice of termination is received at least ten business days prior to the last day of the distribution period to which such distribution relates; <font style="font-family: 'Times New Roman',Times,serif;">provided that, if we publicly
        announce a new offering price under the DRIP, then a participant shall have no less than two business days after the date of such announcement to notify us in writing of a participant&#8217;s termination of participation in the DRIP and the participant&#8217;s
        termination will be effective for the next date shares are purchased under the DRIP. We may amend or terminate the DRIP for any reason upon ten days&#8217; notice to the participant. After suspension or termination of your participation in the DRIP, we
        will send you a check for the amount of any distributions in your account that have not been invested in shares. Any future distributions with respect to your shares made after the effective date of the termination of your participation in the DRIP
        will be sent directly to you.<br>
        <br>
      </font></div>
    <div style="font-weight: bold;">Tax Consequences of Your Participation in the DRIP</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The reinvestment of distributions does not relieve you of any income tax which may be payable on such distributions. Distributions paid by us to you are treated as dividends to the extent that we have earnings and
      profits for federal income tax purposes. Any amount distributed in excess of our earnings and profits is applied as a return of capital, which results in a reduction in the adjusted basis of your shares. Once your adjusted basis in the shares is
      reduced to zero, any excess is treated as gain from the sale of shares.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">If you participate in the DRIP, you will realize distributions equal to the value of the shares received, even though you purchased shares and did not receive any cash. These deemed distributions will be treated as
      actual dividends (to the extent that we have earnings and profits for federal income tax purposes) paid from us to you and will retain the character and tax effects applicable to all dividends. One noteworthy tax effect is that REIT distributions
      generally are not considered &#8220;qualified dividend income&#8221; and thus are not eligible for the reduced tax rates otherwise available to non-corporate stockholders. Subject to narrow exceptions, REIT distributions, including deemed distributions under the
      DRIP, will be subject to tax at ordinary income rates to the extent that we have earnings and profits for federal income tax purposes. In addition, as long as we remain qualified as a REIT, corporate stockholders will not be eligible for the
      dividends received deduction for any distributions received from us, including DRIP distributions. The shares received by you pursuant to the DRIP will have a holding period beginning with the day after the purchase, and a tax basis equal to their
      cost, which is the gross amount of the deemed distribution.<br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="text-indent: 18pt;">Tax-exempt stockholders, including individual retirement accounts, Keogh Plans, 401(k) plans and charitable remainder trusts, generally will not have to pay any taxes on distributions, including distributions reinvested
      under the DRIP. However, if a tax-exempt stockholder borrows to acquire shares, or if we become a pension-held REIT, distributions can be taxable.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The income tax consequences for participants who do not reside in the United States may vary from jurisdiction to jurisdiction.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The above discussion regarding the tax consequences of participating in the DRIP is intended only as a general discussion of the current federal income tax consequences of participating in the DRIP. Since each eligible
      participant&#8217;s financial situation is different, you should consult your individual tax advisor concerning any tax questions you may have about participation in the DRIP.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">Amendment, Suspension or Termination of the DRIP</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">We reserve the right to amend any aspect of the DRIP, suspend the DRIP or terminate the DRIP at our sole discretion and without the consent of stockholders, <font style="font-family: 'Times New Roman',Times,serif;">upon
        10 days&#8217; notice to plan participants. We may provide notice by including such information (a) in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the SEC, or (b) in a separate email to the participants. </font>We




      also reserve the right to suspend or terminate a participant&#8217;s individual participation in the DRIP.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">After suspension or termination of the DRIP or termination of your participation in the DRIP, we will send you a check for the amount of any distributions in your account that have not been invested in shares. Any future
      distributions with respect to your shares made after the effective date of the suspension or termination of the DRIP will be sent directly to you.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">Voting Rights of Shares Acquired Under the DRIP</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">Shares in your DRIP account will be voted as you direct. As a stockholder, you will receive proxy information in connection with any annual or special meeting of stockholders. This proxy will apply to all shares
      registered in your name, including all shares credited to your DRIP account. You may also vote your shares, including those credited to your DRIP account, in person at any annual or special meeting of stockholders.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Our Liability Under the DRIP</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">Neither our company nor any third party administrator of the DRIP has any responsibility or liability as to the value of the shares or any change in the value of the shares acquired for each participant&#8217;s account, and
      neither our company nor any third party administrator of the DRIP will be liable for any act done in good faith, or for any good faith omission to act. In addition, our charter provides that we will generally indemnify and hold harmless a director or
      an officer against any and all losses or liabilities reasonably incurred by such party in connection with or by reason of any act or omission performed or omitted to be performed on our behalf in such capacity.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The general effect to stockholders of any arrangement under which we agree to insure or indemnify any persons against liability is a potential reduction in distributions resulting from our payment of premiums associated
      with insurance or indemnification payments in excess of amounts covered by insurance. In addition, indemnification could reduce the legal remedies available to our stockholders and us against the officers and directors.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The SEC takes the position that indemnification against liabilities arising under the Securities Act is against public policy and unenforceable. Indemnification of our directors or our officers will not be allowed for
      liabilities arising from or out of a violation of state or federal securities laws, unless one or more of the following conditions are met:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdeb8a3f2399c4e059eb03cf4b8487e80" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;">&#160;</td>
            <td style="width: 18pt; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">there has been a successful adjudication on the merits of each count involving alleged material securities law violations;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3df4c7ac279c41e58cc6edfc9306b264" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;">&#160;</td>
            <td style="width: 18pt; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb7579d6f0b364411838cf569e808f4b5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;">&#160;</td>
            <td style="width: 18pt; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">a court of competent jurisdiction approves a settlement of the claims against the indemnitee and finds that indemnification of the settlement and the related costs should be made, and
                the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which our securities were offered or sold as to indemnification
                for violations of securities laws.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 18pt;">Notwithstanding the foregoing, liability under the U.S. federal securities laws cannot be waived. Similarly, we have been advised that in the opinion of certain state securities commissioners, indemnification is also
      contrary to public policy and therefore unenforceable.</div>
    <div style="text-indent: 22.5pt;"> <br>
    </div>
    <div style="font-weight: bold; text-indent: 18pt;">YOU SHOULD RECOGNIZE THAT YOU MAY NOT EARN A PROFIT, AND MAY INCUR A LOSS, ON THE SHARES YOU ACQUIRE UNDER THE DRIP.</div>
    <div style="text-indent: 23pt; font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">Governing Law</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The DRIP and the DRIP&#8217;s participants&#8217; election to participate in the DRIP will be governed by the laws of the State of Maryland.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">Contact for Documents Regarding the DRIP</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">All requests for forms regarding the DRIP and documents incorporated by reference into this prospectus should be sent to:</div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center;">Modiv Inc. Shareholder Relations</div>
    </div>
    <div style="text-align: center;">120 Newport Center Drive</div>
    <div style="text-align: center;">Newport Beach, CA 92660</div>
    <div style="text-align: center;">(888) 686-6348</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">USE OF PROCEEDS</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">The proceeds raised pursuant to the DRIP will be used for general corporate purposes, including, but not limited to, investment in real estate, capital expenditures, tenant improvement costs and leasing costs related to
      our real estate properties, reserves required by financings of our real estate investments, the repayment of debt, and funding for our share repurchase program. We cannot predict with any certainty how much DRIP proceeds will be used for any of the
      above purposes, and we have no basis for estimating the number of shares that will be sold.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">We will pay actual expenses incurred in connection with the registration and offering of the DRIP shares, including but not limited to legal fees, printing expenses, mailing costs, SEC and blue sky registration fees,
      transfer agent fees and other accountable offering expenses, in our sole discretion. These offering expenses are currently estimated to be approximately&#160;$58,910&#160;(or less than 0.1% of the maximum DRIP proceeds).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">PLAN OF DISTRIBUTION</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">We are offering a maximum of&#160;$100,000,000&#160;of shares of Class C common stock to our current Class C stockholders through the DRIP. The per share purchase price for shares under the DRIP will equal our most recently
      disclosed estimated per share NAV for our Class C common stock. The board of directors determined the most recent estimated per share NAV of our Class C common stock to be&#160;$7.00&#160;per share on May 20, 2020. Until our board of directors determines a new
      estimated per share NAV for our Class C common stock, the purchase price of shares under the DRIP will be&#160;$7.00&#160;per Class C share. We have no basis for estimating the number of shares that will be sold.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">We will not engage any person to participate in or facilitate the distribution of shares under the DRIP, and we will not pay any selling commissions, dealer manager fees or any other remuneration in connection with the
      sale of shares pursuant to the DRIP.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="font-weight: bold;">Restrictions Imposed by the USA PATRIOT Act and Related Acts</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">In accordance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the USA PATRIOT Act) and related acts, the shares offered hereby may not
      be offered, sold, transferred or delivered, directly or indirectly, to any &#8220;unacceptable investor,&#8221; which means anyone who is acting, directly or indirectly:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ac921e1aa04441f848655d64a741307" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">in contravention of any U.S. or international laws and regulations, including without limitation any anti-money laundering or anti-terrorist financing sanction, regulation, or law
                promulgated by the Office of Foreign Assets Control of the United States Department of the Treasury (OFAC) or any other U.S. governmental entity (such sanctions, regulations and laws, together with any supplement or amendment thereto, are
                referred to herein as the U.S. Sanctions Laws), such that the offer, sale or delivery, directly or indirectly, would contravene such U.S. Sanctions Laws; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc54b723c91b44abb7ceeda80b72e184" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',Times,serif;">on behalf of terrorists or terrorist organizations, including those persons or entities that are included on the List of Specially Designated Nationals and Blocked Persons maintained by
                OFAC, as such list may be amended from time to time, or any other lists of similar import as to any non-U.S. country, individual, or entity.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">LEGAL MATTERS</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">Venable LLP, Baltimore, Maryland, has passed upon the legality of the common stock offered hereby.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">EXPERTS</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">The consolidated financial statements, and the related financial statement schedule, incorporated in this Prospectus by reference from the Modiv Inc. (formerly known as RW Holdings NNN REIT, Inc.) Annual Report on Form
      10-K for the year ended December&#160;31, 2019, have been audited by Baker Tilly US, LLP, formerly Squar Milner LLP, an independent registered public accounting firm, as stated in their report, which is incorporated herein by reference. On November 1,
      2020, Squar Milner LLP merged with Baker Tilly, LLP. Such consolidated financial statements and financial statement schedule have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and
      auditing.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">&#160;INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">The SEC allows us to &#8220;incorporate by reference&#8221; the information we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by
      reference is considered to be part of this prospectus, and later information filed with the SEC will update and supersede this information. The documents listed below and any future filings made with the SEC under Section 13(a), 13(c), 14, or 15(d)
      of the Exchange Act until the DRIP is terminated comprise the incorporated documents:</div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3b2fcd67598f4f0fbca48fd0bcd0f75f" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">(a)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">The description of our shares contained in our Registration Statement on Form S-11 (Registration No. 333-231724) filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114420419028009/tv522224_s11.htm">May 24, 2019</a>, as amended;</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdaec5fa5fbc541369499905229981de9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">(b)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Our Annual Report on Form 10-K for the year ended December&#160;31, 2019 filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587320000075/nnn-20191231x10k.htm">April 6, 2020</a>, as amended by Amendment No. 1 to our Annual Report on Form 10-K for the year ended December&#160;31, 2019 filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120011122/form10ka.htm">May 8, 2020</a>;</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1defef83b30b494d943ac60393a32d92" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">(c)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587320000121/nnnreit-20200331x10q.htm">June 24, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587320000168/nnnreit-20200630x10q.htm">August 14, 2020</a>
              and <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587320000231/cik0001645873-20200930.htm">November 13, 2020</a>, respectively; and</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0f52e87810bb4a899e679d576269863c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">(d)</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Our Current Reports on Form&#160;8-K and Form 8-K/A filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120001438/form8k.htm">January
                24, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120002012/nc10008173x2_8k.htm">January 31, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120005825/nc10009930x2_8k.htm">March
                16, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120006023/nc10009930x3_8k.htm">March 17, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120007383/form8k.htm">March 30, 2020</a>,
              <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120009254/nc10011128x1_8k.htm">April 20, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120011008/nc10011128x2_8k.htm">May 8, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120012357/form8k.htm">May 22, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120012598/form8k.htm">May 28, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120013598/form8k.htm">June 11, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120016544/brhc10013688_8k.htm">July 22, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120017063/brhc10013928_8k.htm">July 30, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120019099/nc10014682x1_8k.htm">August 26, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120021071/brhc10015322_8k.htm">September 22, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587320000199/nnn-20200930x8kdiv.htm">October 1, 2020</a>,
              <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587320000211/nnn-20201007x8kpressrelease.htm">October 7, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587320000228/nnn-20201102xchangeofaudit.htm">November
                2, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120024997/brhc10016723_8k.htm">November 9, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587320000251/nnnreit-20201209x8kdiv.htm">December
                10, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587320000254/nnnreit-20201221x8kadiv.htm">December 21, 2020</a>, <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587321000003/nnnreit-20210104xpressrele.htm">January 4, 2021</a> and <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587321000010/nnnreit-20210119xvideotran.htm">January
                20, 2021</a>.</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">It is specifically noted that any information that is deemed to be &#8220;furnished,&#8221; rather than &#8220;filed,&#8221; with the SEC is not incorporated by reference into this prospectus.</div>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">We will provide to each person, including any beneficial owner, to whom a prospectus is delivered, upon written or oral request of that person and at no cost, a copy of any document incorporated by reference into this
      prospectus (or incorporated into the documents that this prospectus incorporates by reference). Requests should be directed to Modiv Shareholder Relations at 120 Newport Center Drive,&#160;Newport Beach, CA 92660, or contact our offices at (888) 686-6348.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">We are subject to the information requirements of the Exchange Act. Therefore, we file annual, quarterly and current reports, proxy statements and other information with the SEC. Stockholders will receive annual reports
      containing audited financial statements with a report thereon by our independent certified public accountants. This prospectus does not contain all information set forth in the Registration Statement on Form S-3 filed with the SEC, as amended, and
      the exhibits thereto which we have filed with the SEC under the Securities Act and to which reference is hereby made. We file information electronically with the SEC, and the SEC maintains a web site that <font style="font-family: 'Times New Roman',Times,serif;">contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. These filings with the SEC are available to the public free of charge over the Internet at
        our website at </font><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">http://www.modiv.com</font><font style="font-family: 'Times New Roman',Times,serif;"> or through the SEC&#8217;s website at&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">http://www.sec.gov</font><font style="font-family: 'Times New Roman',Times,serif;">.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: center;"><img src="nt10019126x1_logo01.jpg" height="57" width="251"></div>
    <div>
      <div style="text-align: center; margin-right: 227.4pt; margin-left: 227.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div>
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Prospectus</div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div>
      <div style="text-align: center; margin-right: 227.4pt; margin-left: 227.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Distribution Reinvestment Plan</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">14,285,714 Shares of Class C Common Stock</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za2bacb673117496bae84b023315cd3eb" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 90%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="margin-right: 400.5pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ALPHABETICAL INDEX</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: center; margin-right: 1.8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
            </div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">PAGE</font> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Cautionary Note Regarding Forward-Looking Statements</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">6<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Experts</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Incorporation of Certain Information by Reference</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Legal Matters</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Plan of Distribution</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Prospectus Summary</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Risk Factors</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Summary of Our Distribution Reinvestment Plan</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Use of Proceeds</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-right: 0.8pt; margin-left: 10pt; font-family: 'Times New Roman',Times,serif;">Where You Can Find Additional Information</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">15</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div> <br>
    </div>
    <div style="font-style: italic; font-weight: bold; text-indent: 18pt;">We have not authorized any dealer, salesperson or other individual to give any information or to make any representations that are not contained in this prospectus. If any such
      information or statements are given or made, you should not rely upon such information or representation.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold; text-indent: 18pt;">This prospectus does not constitute an offer to sell any securities other than those to which this prospectus relates, or an offer to sell, or a solicitation of an offer to buy, to
      any person in any jurisdiction where such an offer or solicitation would be unlawful. Neither the delivery of this prospectus nor any sale made hereunder shall, under any circumstances, create any implication that the information contained or
      incorporated by reference herein is correct as of any time subsequent to the date of such information.</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div>
      <div style="text-align: center; margin-right: 227.4pt; margin-left: 227.4pt; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: center; font-weight: bold;">January 22, 2021</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%A-%%-->
    <div style="text-align: center; font-weight: bold;"><a name="APPENDIXA"><!--Anchor--></a>APPENDIX A</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">MODIV INC.<font style="font-family: 'Times New Roman',Times,serif;"><br>
      </font>AMENDED AND RESTATED DISTRIBUTION REINVESTMENT PLAN</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">Modiv Inc., formerly known as RW Holdings NNN REIT, Inc., a Maryland real estate investment trust (the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Company</u></font>&#8221;), has adopted an Amended and
      Restated Distribution Reinvestment Plan (the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>DRP</u></font>&#8221;) applicable to outstanding shares of its Class C common stock (the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Shares</u></font>&#8221;),




      the terms and conditions of which are set forth below. Capitalized terms shall have the same meaning as set forth in the Company&#8217;s Articles of Incorporation unless otherwise defined herein.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">1.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Number of Shares Issuable</u></font>. The number of Shares authorized for issuance under the DRP is 50,000,000.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">2.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Participants</u></font>. &#8220;Participants&#8221; are holders of the Company&#8217;s Shares who elect to participate in the DRP.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">3.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Distribution Reinvestment</u></font>. The Company will apply all of the dividends and other distributions (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Distributions</u></font>&#8221;) declared and paid in respect of a Participant&#8217;s Shares to the purchase of additional Shares for such Participant. Such shares will be sold directly by the Company to the Participant in the same
      manner in which the Company sold the underlying shares to which the Distributions relate unless the Participant makes a new election through a different distribution channel. The Company will not pay selling commissions on Shares purchased in the
      DRP.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">4.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Procedures for Participation</u></font>. Qualifying stockholders may elect to become Participants by completing and executing the Subscription Agreement,
      an enrollment form or any other Company-approved authorization form as may be available from the Company. Participation in the DRP will begin with the next Distribution payable after receipt of a Participant&#8217;s subscription, enrollment or
      authorization. Shares will be purchased under the DRP on the date that the Company makes a Distribution. Distributions will be paid as authorized and declared by the Company board of directors.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">5.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Purchase of Shares</u></font>. Participants will acquire Shares at a price equal to the most recent Net Asset Value per Share (&#8220;NAV&#8221;) estimated by the
      Company&#8217;s board of directors. Upon the Company&#8217;s announcement that its board of directors has established an updated estimated NAV, Participants will acquire Shares at a price equal to the estimated NAV as updated. Participants in the DRP may
      purchase fractional shares so that 100% of the Distributions will be used to acquire shares. However, a Participant will not be able to acquire shares under the DRP to the extent such purchase would cause it to exceed limits set forth in the
      Company&#8217;s Articles of Incorporation, as amended.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">6.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Taxation of Distributions</u></font>. The reinvestment of Distributions in the DRP does not relieve Participants of any taxes that may be payable as a
      result of those Distributions and their reinvestment pursuant to the terms of this DRP.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">7.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Share Certificates</u></font>. The shares issuable under the DRP shall be uncertificated until the Company&#8217;s board of directors determines otherwise.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">8.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Voting of DRP Shares</u></font>. In connection with any matter requiring the vote of the Company&#8217;s stockholders, each Participant will be entitled to vote
      all shares acquired by the Participant through the DRP.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">9.&#160;&#160;&#160;<u>Termination by Participant</u>. A Participant may terminate participation in the DRP at any time by delivering to the Company a written notice. To be effective for any Distribution, such notice must be received
      by the Company at least ten business days prior to the last day of the month to which the Distribution relates; <font style="font-family: 'Times New Roman',Times,serif;">provided that, if the Company publicly announces a new NAV, then a Participant
        shall have no less than two business days after the date of such announcement to notify the Company in writing of the Participant&#8217;s termination of participation in the DRP. Any transfer of Shares by a Participant will terminate participation in the
        DRP with respect to the transferred Shares.</font></div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">10.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Amendment or Termination of DRP by the Company</u></font>. The Company may amend or terminate the DRP for any reason upon ten days&#8217; notice to the
      Participants. The Company may provide notice by including such information in a separate mailing to Participants.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">11.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Liability of the Company</u></font>. The Company shall not be liable for any act done in good faith, or for any good faith omission to act.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">12.&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>Governing Law</u></font>. The DRP shall be governed by the laws of the State of Maryland.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%II-%%-->
    <div style="text-align: center; font-weight: bold;">PART II</div>
    <div style="text-align: center; font-weight: bold;">INFORMATION NOT REQUIRED IN PROSPECTUS</div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z87d13477ceb042c9af004cb383a91344" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 9.75%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item&#160;14.</div>
          </td>
          <td style="width: 90.25%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Other Expenses of Issuance and Distribution</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The following table sets forth the costs and expenses to be paid by us while issuing and distributing the common stock being registered. All amounts are estimates and assume the sale of&#160;$100,000,000&#160;of shares of our
      common stock, except the SEC&#8217;s registration fee.</div>
    <div>&#160;</div>
    <table id="z5ff9617690834972a7ef7c70270fcf4f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
            <div style="text-indent: -10pt; margin-right: 0.75pt; margin-left: 10pt; font-family: &#38;amp;">SEC Registration Fee</div>
          </td>
          <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
            <div style="font-family: &#38;amp;">$</div>
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            <div style="font-family: &#38;amp;">10,910</div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-indent: -10pt; margin-right: 0.75pt; margin-left: 10pt; font-family: &#38;amp;">Printing and Postage Expenses</div>
          </td>
          <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div style="font-family: &#38;amp;">5,000</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
            <div style="text-indent: -10pt; margin-right: 0.75pt; margin-left: 10pt; font-family: &#38;amp;">Legal Fees and Expenses</div>
          </td>
          <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
            <div style="font-family: &#38;amp;">15,000</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-indent: -10pt; margin-right: 0.75pt; margin-left: 10pt; font-family: &#38;amp;">Accounting Fees and Expenses</div>
          </td>
          <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div style="font-family: &#38;amp;">3,000</div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom">
            <div style="text-indent: -10pt; margin-right: 0.75pt; margin-left: 10pt; font-family: &#38;amp;">Blue Sky Fees and Expenses</div>
          </td>
          <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div style="font-family: &#38;amp;">25,000</div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
            <div style="text-indent: -10pt; margin-right: 0.75pt; margin-left: 10pt; font-family: &#38;amp;">Total expenses</div>
          </td>
          <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom">
            <div style="font-family: &#38;amp;">$</div>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
            <div style="font-family: &#38;amp;">58,910</div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8f62ecde94fb413dac57ea7aa5945764" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 9.75%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item&#160;15.</div>
          </td>
          <td style="width: 90.25%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Indemnification of Directors and Officers</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <div style="text-indent: 18pt;">Our charter generally limits the personal liability of our stockholders, directors and officers for monetary damages and requires us to indemnify and advance expenses to our directors, officers and our advisor and its
        affiliates subject to the limitations of the NASAA REIT Guidelines and Maryland law. Maryland law permits a corporation to include in its charter a provision limiting the liability of directors and officers to the corporation and its stockholders
        for money damages, except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty established by a final judgment and which is material to the cause of action.
        The Maryland General Corporation Law (MGCL) requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any
        proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. The MGCL allows directors and officers to be indemnified against judgments, penalties, fines, settlements and reasonable
        expenses actually incurred in connection with a proceeding unless the following can be established:</div>
    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9fde905d347647c2b3060f74fbafbb8a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">an act or omission of the director or officer was material to the cause of action adjudicated in the proceeding, and was committed in bad faith or was the result of active and deliberate
              dishonesty;</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z82c6c4a2ac044f8bbc678e5e47497778" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">the director or officer actually received an improper personal benefit in money, property or services; or</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc81a737f0a1941e09f8422003cb04890" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">with respect to any criminal proceeding, the director or officer had reasonable cause to believe his or her act or omission was unlawful.</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <div style="text-indent: 18pt;">A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct
        or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by the corporation or in its right, or for a judgment of liability on the basis that personal benefit was
        improperly received, is limited to expenses. The MGCL permits a corporation to advance reasonable expenses to a director or officer upon receipt of a written affirmation by the director or officer of his or her good faith belief that he or she has
        met the standard of conduct necessary for indemnification and a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed if it is ultimately determined that the standard of conduct was not met.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">In addition to the above limitations of the MGCL, our charter provides that our directors, our advisor and its affiliates may be indemnified for losses or liability suffered by them or held harmless for losses or
        liability suffered by us only if all of the following conditions are met:</div>
    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z49ec3fefd58f4d2498e647becea3ccba" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">the indemnitee determined, in good faith, that the course of conduct which caused the loss or liability was in our best interest;</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z42aebc26ca544516b745501abe714034" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">the indemnitee was acting on our behalf or performing services for us;</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z82905e9e8dfa4fe4bfff7aac0537dbf2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">in the case of affiliated directors, our advisor or its affiliates, the liability or loss was not the result of negligence or misconduct by the party seeking indemnification; and</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4403429fc18c46a09a8f0cebd19a0b04" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">in the case of our independent directors, the liability or loss was not the result of gross negligence or willful misconduct by the party seeking indemnification.</div>
          </td>
        </tr>

    </table>
    <div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-indent: 18pt;">In addition, any indemnification or any agreement to hold harmless is recoverable only out of our net assets and not from our stockholders.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div style="text-indent: 18pt;">Our charter also provides that we may not provide indemnification to a director, advisor or any affiliate of the advisor for any loss, liability or expense arising from or out of an alleged violation of federal or
        state securities laws by such party unless one or more of the following conditions are met:</div>
    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5c7275b299724f1a8ee4535f123654c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification;</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze242581923ce4413b9cc80c630ce5b32" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to such party; or</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9519e7d401b7479e9a2a68725462f775" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">a court of competent jurisdiction approves a settlement of the claims against such party and finds that indemnification of the settlement and the related costs should be made, and the
              court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which our securities were offered or sold as to indemnification for
              violations of securities laws.</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <div style="text-indent: 18pt;">Finally, our charter provides that we may pay or reimburse reasonable legal expenses and other costs incurred by our directors, the advisor and its affiliates in advance of final disposition of a proceeding only if all
        of the following are satisfied:</div>
    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z69676728ddfe4d9cbbcb39ae42b87b48" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">the proceeding relates to acts or omissions with respect to the performance of duties or services on our behalf;</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdea0805ee1d6486f8b757f7dbd29dacd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">the indemnitee provides us with written affirmation of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification;</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z44a981d08c3a45188ad1f27c31ea4d9b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">the legal proceeding was initiated by a third party who is not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such
              advancement; and</div>
          </td>
        </tr>

    </table>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2d8bdb8f681945f39af955b57116c3e8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 18pt; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">the indemnitee provides us with a written agreement to repay the amount paid or reimbursed, together with the applicable legal rate of interest thereon, if it is ultimately determined
              that he or she did not comply with the requisite standard of conduct and is not entitled to indemnification.</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">We have entered into indemnification agreements with each of our directors and executive officers. We have also purchased and maintain insurance on behalf of all of our directors and executive officers against liability
      asserted against or incurred by them in their official capacities with us, whether or not we are required or have the power to indemnify them against the same liability.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2737831ba45142c2ac389be3f8899a0f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 9.75%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item&#160;16.</div>
          </td>
          <td style="width: 90.25%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Exhibits</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: 23pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">The following exhibits are included, or incorporated by reference, in this Form&#160;S-3 (and are numbered in accordance with Item&#160;601 of Regulation&#160;S-K).</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zffb2dfcdc82a49e7b517db3fa4ab9fd2" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 8%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1645873/000114420419045304/tv529750_ex2-1.htm">2.1</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Agreement and Plan of Merger dated as of September 19, 2019, by and among RW Holdings NNN REIT, Inc., Rich Uncles NNN REIT Operating Partnership, LP, Rich Uncles Real Estate Investment
              Trust I and Katana Merger Sub (incorporated by reference to Exhibit 2.1 to our Current Report on Form 8-K (File No. 000-55776) filed with the Securities and Exchange Commission on September 20, 2019)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1645873/000114420419045304/tv529750_ex2-2.htm">2.2</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Contribution Agreement dated as of September 19, 2019 by and among Rich Uncles NNN Operating Partnership, LP, RW Holdings NNN REIT, Inc., BrixInvest, LLC and Daisho OP Holdings, LLC
              (incorporated by reference to Exhibit 2.2 to our Current Report on Form 8-K (File No. 000-55776) filed with the Securities and Exchange Commission on September 20, 2019)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036119023497/nt10005285x9_ex3-1.htm">4.1</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Articles of Amendment and Restatement of RW Holdings NNN REIT, Inc. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K (File No. 000-55776) filed with the
              Securities and Exchange Commission on December 31, 2019)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10019126x1_ex4-2.htm">4.2*</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Articles of Amendment of RW Holdings NNN REIT, Inc. changing corporate name to Modiv Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="nt10019126x1_ex4-3.htm">4.3*</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Amended and Restated Bylaws of Modiv Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="#APPENDIXA">4.4*</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div>Amended and Restated Distribution Reinvestment Plan (Class C common stock) (included as Appendix A to the prospectus)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120009254/nc10011128x1_ex4-1.htm">4.5</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Amended and Restated Share Repurchase Program (Class C common stock) (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K (File No. 000-55776) filed with the
              Securities and Exchange Commission on April 20, 2020)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1645873/000114420417043831/v473533_ex99-1.htm">4.6</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Distribution Reinvestment Plan (Class S common stock) (incorporated by reference to Exhibit 99.1 to our Current Report on Form 8-K (File No. 000-55776) filed with the Securities and
              Exchange Commission on August 17, 2017)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036120009254/nc10011128x1_ex4-2.htm">4.7</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Amended and Restated Share Repurchase Program (Class S common stock) (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K (File No. 000-55776) filed with the
              Securities and Exchange Commission on April 20, 2020)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036119023497/nt10005285x9_ex4-1.htm">4.8</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">Registration Rights Agreement by and among RW Holdings NNN REIT, Inc., Rich Uncles NNN REIT Operating Partnership, LP, and Daisho OP Holdings, LLC, dated December 31, 2019 (incorporated
              by reference to Exhibit 4.1 to our Current Report on Form 8-K (File No. 000-55776) filed with the Securities and Exchange Commission on December 31, 2019)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;"><a href="nt10019126x1_ex5-1.htm">5.1*</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Opinion of Venable LLP as to legality of securities</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;"><a href="nt10019126x1_ex5-1.htm">23.1*</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Consent of Venable LLP (included in Exhibit&#160;5.1)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;"><a href="nt10019126x1_ex23-2.htm">23.2*</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Consent of Baker Tilly US, LLP, formerly Squar Milner LLP, Independent Registered Public Accounting Firm</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;"><a href="#SIGNATURES">24.1*</a></div>
          </td>
          <td style="width: 92%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Power of Attorney (included on Signature Page)</div>
          </td>
        </tr>

    </table>
    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
    </div>
    <div>
      <hr style="height: 1px; width: 10%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"> </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8333aff3d3a04e488170d42c9b5b6132" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;">*</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Filed herewith.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1fb948baf7964a9e81900d20835b9356" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 9.75%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item&#160;17.</div>
          </td>
          <td style="width: 90.25%; vertical-align: top;">
            <div style="margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Undertakings</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 18pt;">The undersigned registrant hereby undertakes:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf60c923c52d4618a177f7912fa00339" cellpadding="0" cellspacing="0">

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          <td style="width: 18pt;">
            <div><br>
            </div>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(a)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda5428b2e51d400cabe42c726252abf7" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">To include any prospectus required by section&#160;10(a)(3) of the Securities Act.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc08d40a715c64c6db08ec10ce4ee2a53" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
              or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
              offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule&#160;424(b) if, in the aggregate,
              the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3331b8db6514ecca033db7199c3c569" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">(iii)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the
              registration statement; provided, however, that clauses (i) and (ii) above and this clause (iii) do not apply if the registration statement is on Form S-3 and the information required to be included in a post-effective amendment by those
              clauses is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of
              prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfec2f14952c940c3a025f322b2f7598a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment will be deemed to be a new registration statement relating to the
              securities offered therein, and the offering of such securities at that time will be deemed to be the initial bona fide offering thereof.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57fed74c6b5648848324383d17553d53" cellpadding="0" cellspacing="0">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8c0c5cff874344d9abc37e64db121a8d" cellpadding="0" cellspacing="0">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of the registration statement relating to
              the offering, other than registration statements relying on Rule 430B or other than a prospectus filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after
              effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
              statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
              that was part of the registration statement or made in any such document immediately prior to such date of first use.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d25eb7f575c4f5083c1f9e5c826fdd2" cellpadding="0" cellspacing="0">

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          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">That, for the purpose of determining liability of the registrant under the Securities Act, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the Exchange
              Act (and, where applicable, each filing of any employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration
              statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial&#160;bona fide&#160;offering thereof.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ebc77405403424dbfebf20a9a79b937" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">To deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given, the latest annual report to security holders that is incorporated by
              reference in the prospectus and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Exchange Act; and, where interim financial information required to be presented by Article 3 of Regulation S-X is not set
              forth in the prospectus, to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference in the prospectus to provide such interim
              financial information.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">II-4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; margin-right: 2.9pt; font-weight: bold;"><a name="SIGNATURES"><!--Anchor--></a>SIGNATURES</div>
    <div style="text-align: center; margin-right: 2.9pt; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this <font style="font-family: 'Times New Roman',Times,serif;">Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Costa Mesa, State of California, on this 22</font><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup><font style="font-family: 'Times New Roman',Times,serif;">&#160;day of</font> January, 2021.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze382a664e1924e1dbbf2126bc3c1681d" border="0" cellpadding="0" cellspacing="0">

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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: middle;">
            <div style="text-align: justify; font-weight: bold;">MODIV INC.</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">By:&#160;&#160;</div>
          </td>
          <td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">/s/ AARON S. HALFACRE</div>
          </td>
          <td style="width: 15%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: middle;">
            <div style="text-align: justify;">Aaron S. Halfacre</div>
            <div style="text-align: justify; font-style: italic;">Chief Executive Officer, President and Director</div>
            <div style="text-align: justify;">(principal executive officer)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; margin-right: 2.9pt; font-weight: bold;">POWER OF ATTORNEY</div>
    <div style="text-align: center; margin-right: 2.9pt; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 18pt;">KNOW ALL MEN BY THESE PRESENTS, that each of the persons whose signature appears below appoints and constitutes Aaron S. Halfacre and Raymond J. Pacini, and each of them, his or her true and lawful attorney-in-fact and
      agent, each acting alone, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to execute any and all amendments (including post-effective amendments) to the within
      registration statement (as well as any registration statement for the same offering covered by this Registration Statement that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended),&#160;and to file the
      same, together with all exhibits thereto and all other documents in connection therewith, with the Securities and Exchange Commission and such other agencies, offices and persons as may be required by applicable law, granting unto each said
      attorney-in-fact and agent, each acting alone, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in
      person, hereby ratifying and confirming all that each said attorney-in-fact and agent, each acting alone, may lawfully do or cause to be done by virtue hereof.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 18pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6a8f91a984c245139a290c03ff2afde2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid black;">
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        <tr>
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              <div style="text-align: justify;">/s/ <font style="font-family: 'Times New Roman',Times,serif; font-variant: small-caps;">Aaron S. Halfacre</font></div>
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          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify;">/s/ <font style="font-family: 'Times New Roman',Times,serif; font-variant: small-caps;">Sandra G. Sciutto</font></div>
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          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
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          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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              <div style="text-align: justify;">/s/ <font style="font-family: 'Times New Roman',Times,serif; font-variant: small-caps;">Raymond E. Wirta</font></div>
            </div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
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          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-indent: 14.25pt; margin-right: 0.9pt;">January 22, 2021</div>
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        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;&#160;&#160;&#160; Raymond E. Wirta</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
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        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: justify;">/s/ <font style="font-family: 'Times New Roman',Times,serif; font-variant: small-caps;">Joe Hanauer</font></div>
            </div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="margin-right: 0.9pt;">Director</div>
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          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-indent: 14.25pt; margin-right: 0.9pt;">January 22, 2021</div>
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        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;&#160;&#160;&#160; Joe Hanauer</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: justify;">/s/ <font style="font-family: 'Times New Roman',Times,serif; font-variant: small-caps;">Adam S. Markman</font></div>
            </div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="margin-right: 0.9pt;">Director</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-indent: 14.25pt; margin-right: 0.9pt;">January 22, 2021</div>
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        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;&#160;&#160;&#160; Adam S. Markman</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">/s/ <font style="font-family: 'Times New Roman',Times,serif; font-variant: small-caps;">Curtis B. McWilliams</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="margin-right: 0.9pt;">Director</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-indent: 14.25pt; margin-right: 0.9pt;">January 22, 2021</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;&#160;&#160;&#160; Curtis B. McWilliams</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">/s/ <font style="font-family: 'Times New Roman',Times,serif; font-variant: small-caps;">Thomas H. Nolan, Jr.</font></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="margin-right: 0.9pt;">Director</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-indent: 14.25pt; margin-right: 0.9pt;">January 22, 2021</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;&#160;&#160;&#160; Thomas H. Nolan, Jr.</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: justify;">/s/ <font style="font-family: 'Times New Roman',Times,serif; font-variant: small-caps;">Jeffrey Randolph</font></div>
            </div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="margin-right: 0.9pt;">Director</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 32%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-indent: 14.25pt; margin-right: 0.9pt;">January 22, 2021</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;&#160;&#160;&#160; Jeffrey Randolph</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>nt10019126x1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; text-indent: 396pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">EXHIBIT 4.2</div>
    <div><br>
    </div>
    <div style="text-align: center;"><u>RW HOLDINGS NNN REIT, INC.</u></div>
    <div style="text-align: center;">ARTICLES OF AMENDMENT</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">RW Holdings NNN REIT, Inc., a Maryland corporation (the &#8220;<u>Corporation</u>&#8221;),
      hereby certifies to the State Department of Assessments and Taxation of Maryland that:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">FIRST: Article 1 of the charter of the Corporation (the &#8220;<u>Charter</u>&#8221;)
      is hereby amended to change the name of the Corporation to:</div>
    <div><br>
    </div>
    <div style="text-align: center;">Modiv Inc.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">SECOND: The foregoing amendment to the Charter was approved by a majority of the entire Board of Directors of the Corporation and is
      limited to the change expressly authorized by Section 2-605(a)(1) of the Maryland General Corporation Law to be made without action by the stockholders.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">THIRD: These Articles of Amendment shall become effective at 12:05 a.m. Eastern Time on January 22, 2021.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">FOURTH: The undersigned officer of the Corporation acknowledges these Articles of Amendment to be the corporate act of the Corporation and,
      as to all matters or facts required to be verified under oath, the undersigned officer acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made
      under the penalties for perjury.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be signed in its name and on its behalf by its Chief
      Executive Officer and attested to by its Secretary on this 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of January, 2021.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z74ee92bd712f4b7a9fa1cb3dba91837e" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">ATTEST:</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">RW HOLDINGS NNN REIT, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="font-size: 10pt;">By:</font>&#160;<font style="font-size: 10pt;"><u>/s/ RAYMOND J. PACINI</u></font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">By: <u>/s/ </u><u>AARON S. HALFACRE</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Name: Raymond J. Pacini</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Name: Aaron S. Halfacre</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Title: Secretary</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Title: Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
  </div>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>nt10019126x1_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
    <div style="text-align: right;"><font style="font-weight: bold;">EXHIBIT 4.3</font><br>
    </div>
    <div style="text-align: right;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: right;">
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160; <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AMENDED AND RESTATED BYLAWS</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OF</div>
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      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MODIV INC.</div>
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      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">January 22, 2021</div>
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      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TABLE OF CONTENTS</div>
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            <td colspan="2" style="width: 93.75%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">ARTICLE I &#8211; OFFICES AND RECORDS</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 1.1 &#8211; Principal Office</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 1.2 &#8211; Additional Offices</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 1.3 &#8211; Books and Records</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">ARTICLE II &#8211; SHAREHOLDERS</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.1 &#8211; Annual Meeting</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.2 &#8211; Special Meetings</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.3 &#8211; Place of Meeting</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.4 &#8211; Notice of Meeting</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">1</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.5 &#8211; Quorum</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">2</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.6 &#8211; Adjournment</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">2</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.7 &#8211; Proxies</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">2</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.8 &#8211; Notice of Shareholder Business and Nominations</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">2</div>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.9 &#8211; Inspectors</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">5</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.10 &#8211; Procedure for Election of Directors; Vote of Shareholders</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">5</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.11 &#8211; Organization and Conduct of Meetings</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">5</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.12 &#8211; Voting of Stock by Certain Holders</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">6</div>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 2.13 &#8211; Control Shares Acquisition Act</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">6</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td colspan="2" style="width: 93.75%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">ARTICLE III &#8211; BOARD OF DIRECTORS</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">6</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.1 &#8211; General Powers</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">6</div>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.2 &#8211; Number, Tenure and Resignation</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">6</div>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.3 &#8211; Composition of the Board of Directors</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">6</div>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.4 &#8211; Regular Meetings</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">6</div>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.5 &#8211; Special Meetings</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">7<br>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.6 &#8211; Notice</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">7</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.7 &#8211; Quorum; Voting</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">7</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.8 &#8211; Organization</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">7</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.9 &#8211; Participation By Conference Telephone</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">7</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.10 &#8211; Presumption of Assent</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">7</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.11 &#8211; Adjournments</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">7</div>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.12 &#8211; Action by Board Consent</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">8</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.13 &#8211; Vacancies</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">8</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.14 &#8211; Committees</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">8</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.15 &#8211; Compensation</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">8</div>
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            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.16 &#8211; Reliance</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">8</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.17 &#8211; Certain Rights of Directors, Officers, Employees and Agents</div>
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              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">9</div>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.18 &#8211; Ratification</div>
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            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">9</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Section 3.19 &#8211; Emergency Provisions</div>
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            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">9</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
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          <tr>
            <td colspan="2" style="width: 93.75%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">ARTICLE IV &#8211; OFFICERS</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">9</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.1 &#8211; Categories of Officers</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">9</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.2 &#8211; Election and Term of Office</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">9</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.3 &#8211; Chief Executive Officer</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.4 &#8211; President</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">10</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.5 &#8211; Chief Financial Officer</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">10</div>
            </td>
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          <tr>
            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.6 &#8211; Vice Presidents</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">10</div>
            </td>
          </tr>

      </table>
      <div style="text-align: left; font-family: 'Times New Roman', Times, serif;">&#160; <br>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">TC - 1</font></div>
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      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za21f66105b6f4b459e767e09e2a72e24" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.7 &#8211; Secretary</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">10</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.8 &#8211; Treasurer</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">10</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.9 &#8211; Removal</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">10</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.10 &#8211; Salaries</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">10</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.11 &#8211; Vacancies</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">10</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 4.12 &#8211; Resignations</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">10</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 93.75%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">ARTICLE V &#8211; SHARE CERTIFICATES AND TRANSFERS</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">11</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 5.1 &#8211; Share Certificates</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">11</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 5.2 &#8211; Transfers; Stock Ledger</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">11</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 5.3 &#8211; Record Date</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">11</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 5.4 &#8211; Registered Shareholders</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">11</div>
            </td>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 5.5 &#8211; Lost Certificates</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">11</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.17%; vertical-align: top;">&#160;</td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 5.6 &#8211; Fractional Stock; Issuance of Units</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">11</div>
            </td>
          </tr>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 93.75%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">ARTICLE VI &#8211; MISCELLANEOUS PROVISIONS</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 6.1 &#8211; Fiscal Year</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 6.2 &#8211; Seal</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 6.3 &#8211; Contracts</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 6.4 &#8211; Signing of Checks and Notes</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 6.5 &#8211; Deposits</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Section 6.6 &#8211; Waiver of Notice</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>
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            <td style="width: 4.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 89.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 93.75%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">ARTICLE VII &#8211; INVESTMENT POLICY</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 93.75%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 6.25%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 93.75%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">ARTICLE VIII &#8211; AMENDMENTS</div>
            </td>
            <td style="width: 6.25%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>

      </table>
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        <div style="page-break-after:always;" id="DSPFPageBreak">
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      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BYLAWS</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OF</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MODIV INC.</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Organized under the Laws of the State of Maryland</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE I</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OFFICES AND RECORDS</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 1.1 Principal Office</u></font><font style="font-weight: bold;">. </font>The principal office of the
        Company in the State of Maryland shall be located at such place as the Board of Directors may designate.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 1.2 Additional Offices</u></font><font style="font-weight: bold;">. </font>The Company may have such other
        offices, including a principal executive office, either within or without the State of Maryland, as the Board of Directors from time to time may designate or as the business of the Company from time to time may require.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 1.3 Books and Records</u></font><font style="font-weight: bold;">. </font>The books and records of the
        Company may be kept, either within or without the State of Maryland, at such place or places as the Board of Directors from time to time may designate; <u>provided</u>, <u>however</u>, that a record of the Company&#8217;s shareholders, giving the
        names, addresses and telephone numbers of all shareholders alphabetically and the number of shares held by each, shall be kept at the Company&#8217;s principal office.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE II</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SHAREHOLDERS</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.1 Annual Meeting</u></font><font style="font-weight: bold;">. </font>An annual meeting of the
        shareholders of the Company shall be held each year on such date and at such time and place as may be fixed by resolution of the Board of Directors provided, however, such meeting shall be not be held less than thirty (30) days following delivery
        of the annual report. The Board of Directors, including the Independent Directors (as defined in the charter of the Company (the &#8220;Charter&#8221;)), shall take reasonable steps to ensure that this requirement is met timely.</div>
      <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.2 Special Meetings</u></font><font style="font-weight: bold;">. </font>Special meetings of the
        shareholders may be called only by the Chief Executive Officer, the President, the Board of Directors pursuant to a resolution adopted by a majority of the entire Board of Directors or by a majority of the total number of Independent Directors.&#160;
        Any such special meeting of shareholders shall be held on the date and at the time and place set by the Chief Executive Officer, the President, the Board of Directors or the Independent Directors, whoever has called the meeting.&#160; A special meeting
        of shareholders shall also be called by the Secretary of the Company to act on any matter that may properly be considered at a meeting of shareholders upon the written request of shareholders entitled to cast not less than ten percent of all the
        votes entitled to be cast on such matter at such meeting.&#160; The written request must state the purpose of such meeting and the matters proposed to be acted on at such meeting.&#160; Within ten days after receipt of such written request, either in person
        or by mail, the Secretary of the Company shall provide all shareholders with written notice, either in person or by mail, of such meeting and the purpose of such meeting.&#160; Notwithstanding anything to the contrary herein, such meeting shall be held
        not less than 15 days nor more than 60 days after the Secretary&#8217;s delivery of such notice.&#160; Subject to the foregoing sentence, such meeting shall be held at the time and place specified in the shareholder request; provided, however, that if none is
        so specified, such meeting shall be held at a time and place convenient to the shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.3 Place of Meeting</u></font><font style="font-weight: bold;">. </font>Meetings shall be held at the
        principal office of the Company or at such other place as shall be set in accordance with these Bylaws and stated in the notice of the meeting.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.4 Notice of Meeting</u></font><font style="font-weight: bold;">. </font>Except as provided otherwise in
        Section 2.2, not less than ten nor more than 90 days before each meeting of shareholders, the Secretary shall give to each shareholder entitled to vote at such meeting and to each shareholder not entitled to vote who is entitled to notice of the
        meeting notice in writing or by electronic transmission stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute, the purpose for which the meeting is called, by mail, by
        presenting it to such shareholder personally, by leaving it at the shareholder&#8217;s residence or usual place of business, by electronic transmission or by any other means permitted by Maryland law. If delivered personally, such notice shall be deemed
        given when delivered to the shareholder. If delivered by mail, such notice shall be deemed to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the shareholder at his or her address as it appears on
        the share transfer books of the Company. If transmitted electronically, such notice shall be deemed to be given when transmitted to the shareholder by an electronic transmission to any address or number of the shareholder at which the shareholder
        receives electronic transmissions. The Company may give a single notice to all shareholders who share an address, which single notice shall be effective as to any shareholder at such address, unless a shareholder at such address objects in writing
        to receiving such single notice or revokes in writing a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more shareholders, or any irregularity in such notice, shall not affect the validity of any
        meeting fixed in accordance with this Article II or the validity of any proceedings at any such meeting.</div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Subject to Section 2.8A, any business of the Company may be transacted at an annual meeting of shareholders without being specifically designated in
        the notice, except such business as is required by any statute to be stated in such notice.&#160; No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice.&#160; Any previously scheduled meeting of
        the shareholders may be postponed or cancelled by resolution of the Board of Directors upon public notice given prior to the date scheduled for such meeting. Notice of the date, time and place to which the meeting is postponed shall be given not
        less than ten days prior to such date and otherwise in the manner set forth in this Section 2.4.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.5 Quorum</u></font><font style="font-weight: bold;">. </font>At any meeting of shareholders, the
        presence in person or by proxy of shareholders entitled to cast at least 50% of all the votes entitled to be cast at such meeting on any matter shall constitute a quorum; but this section shall not affect any requirement under any statute or the
        Charter for the vote necessary for the approval of any matter.&#160; The shareholders present either in person or by proxy, at a meeting which has been duly called and at which a quorum has been established, may continue to transact business until
        adjournment, notwithstanding the withdrawal from the meeting of enough shareholders to leave fewer than would be required to establish a quorum.</div>
      <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.6 Adjournment</u></font><font style="font-weight: bold;">. </font>A meeting of shareholders convened on
        the date for which it was called may be adjourned prior to the completion of business thereat to a date not more than one hundred twenty (120) days after the record date of the original meeting. If a quorum is not present or represented at a
        meeting of shareholders, the chairman of the meeting or shareholders may adjourn the meeting to such other time and place as the chairman shall determine. Notice of a subsequent meeting held as a result of an adjournment, other than by announcement
        at the meeting at which the adjournment was taken, shall not be necessary. If a quorum is present or represented at such subsequent meeting, any business may be transacted thereat which could have been transacted at the meeting which was adjourned.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.7 Proxies</u></font><font style="font-weight: bold;">. </font>At all meetings of shareholders, a
        shareholder entitled to vote may vote in person or by proxy executed by the shareholder or by his duly authorized agent in any manner permitted by applicable law. A proxy shall not be valid after eleven (11) months from the date of its execution
        unless a longer period is expressly stated therein. A proxy shall be revocable unless the proxy form states conspicuously that the proxy is irrevocable and the proxy is coupled with an interest. Each proxy or evidence of authorization must be filed
        with the Secretary of the Company or his representative at or before the time of the meeting to which it relates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Section 2.8 Notice of Shareholder Business and Nominations</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A. Annual Meeting of Shareholders</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(1) Nominations of individuals for election to the Board of Directors and the proposal of other business to be considered by the shareholders may be
        made at an annual meeting of shareholders (i) pursuant to the Company&#8217;s notice of meeting, (ii) by or at the direction of the Board of Directors or (iii) by any shareholder of the Company who was a shareholder of record at the record date set by
        the Board of Directors for the purpose of determining shareholders entitled to vote at the annual meeting, at the time of giving of notice by the shareholder as provided for in this Section 2.8A and at the time of the annual meeting (and any
        postponement or adjournment thereof), who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with this Section 2.8A.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(2) For any nomination or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii) of paragraph A(1) of
        this Section 2.8, the shareholder must have given timely notice thereof in writing to the Secretary of the Company and any such other business must otherwise be a proper matter for action by the shareholders.&#160; To be timely, a shareholder&#8217;s notice
        shall set forth all information required under this Section 2.8 and shall be delivered to the Secretary at the principal executive office of the Company not earlier than the 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day nor later than 5:00 p.m., Pacific Time, on the 120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day prior to the first anniversary of the date of the proxy statement (as defined in
        Section 2.8C(3) of this Article II) for the preceding year&#8217;s annual meeting; provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the
        preceding year&#8217;s annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day prior to the date of such annual meeting
        and not later than 5:00 p.m., Pacific Time, on the later of the 120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day prior to the date of such annual meeting, as originally convened, or the tenth day following
        the day on which public announcement of the date of such meeting is first made.&#160; The public announcement of a postponement or adjournment of an annual meeting shall not commence a new time period for the giving of a shareholder&#8217;s notice as
        described above.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(3) Such shareholder&#8217;s notice shall set forth:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(i) as to each individual whom the shareholder proposes to nominate for election or reelection as a Director (each, a &#8220;Proposed Nominee&#8221;), all
        information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a Director in an election contest (even if an election contest is not
        involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and the rules
        thereunder;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(ii) as to any other business that the shareholder proposes to bring before the meeting, a description of such business, the shareholder&#8217;s reasons for
        proposing such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person (as defined below), individually or in the aggregate, including any anticipated benefit to the shareholder or
        the Shareholder Associated Person therefrom;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(iii) as to the shareholder giving the notice, any Proposed Nominee and any Shareholder Associated Person,</div>
      <div style="text-align: justify; text-indent: 144pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 144pt; font-family: 'Times New Roman', Times, serif;">(A) the class, series and number of all shares of stock or other securities of the Company (collectively, the &#8220;Company Securities&#8221;), if any, which are
        owned (beneficially or of record) by such shareholder, Proposed Nominee or Shareholder Associated Person and the date on which each such Company Security was acquired and the investment intent of such acquisition and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 144pt; font-family: 'Times New Roman', Times, serif;">(B) the nominee holder for, and number of, any Company Securities owned beneficially but not of record by such shareholder, Proposed Nominee or
        Shareholder Associated Person;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(iv) as to the shareholder giving the notice, any Shareholder Associated Person with an interest or ownership referred to in clauses (ii) or (iii) of
        this paragraph (3) of this Section 2.8A and any Proposed Nominee,</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 144pt; font-family: 'Times New Roman', Times, serif;">(A) the name and
          address of such shareholder, as they appear on the Company&#8217;s stock ledger, and the current name and business address, if different, of each such Shareholder Associated Person and any Proposed Nominee and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 144pt; font-family: 'Times New Roman', Times, serif;">(B) the investment strategy or objective, if any, of such shareholder and each such Shareholder Associated Person who is not an individual and a copy
        of the prospectus, offering memorandum or similar document, if any, provided to investors or potential investors in such shareholder and each such Shareholder Associated Person;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(v) the name and address of any person who contacted or was contacted by the shareholder giving the notice or any Shareholder Associated Person about
        the Proposed Nominee or other business proposal; and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman', Times, serif;">(vi) to the extent known by the shareholder giving the notice, the name and address of any other shareholder supporting the Proposed Nominee or the
        proposal of other business.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(4) Such shareholder&#8217;s notice shall, with respect to any Proposed Nominee, be accompanied by a written undertaking executed by the Proposed Nominee (i)
        that such Proposed Nominee (a) is not, and will not become, a party to any agreement, arrangement or understanding with any person or entity other than the Company in connection with service or action as a Director that has not been disclosed to
        the Company and (b) will serve as a Director of the Company if elected; and (ii) attaching a completed Proposed Nominee questionnaire (which questionnaire shall be provided by the Company, upon request by the shareholder providing the notice).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(5) Notwithstanding anything in this subsection A of this Section 2.8 to the contrary, in the event that the number of Directors to be elected to the
        Board of Directors is increased, and there is no public announcement of such action at least 130 days prior to the first anniversary of the date of the proxy statement (as defined in Section 2.8C(3) of this Article II) for the preceding year&#8217;s
        annual meeting, a shareholder&#8217;s notice required by this Section 2.8A shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal
        executive office of the Company not later than 5:00 p.m., Pacific Time, on the tenth day following the day on which such public announcement is first made by the Company.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(6) For purposes of this Section 2.8, &#8220;Shareholder Associated Person&#8221; of any shareholder shall mean (i) any person acting in concert with such
        shareholder, (ii) any beneficial owner of shares of stock of the Company owned of record or beneficially by such shareholder (other than a shareholder that is a depositary) and (iii) any person that directly, or indirectly through one or more
        intermediaries, controls, is controlled by or is under common control with such shareholder or such Shareholder Associated Person.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">B.</font>&#160;<font style="font-weight: bold;"><u>Special Meetings of Shareholders</u></font><font style="font-weight: bold;">. </font>Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Company&#8217;s notice of meeting pursuant to Section 2.4 of these Bylaws. Nominations of persons
        for election to the Board of Directors may be made at a special meeting of shareholders at which Directors are to be elected pursuant to the Company&#8217;s notice of meeting only (i) by or at the direction of the Board of Directors or (ii) provided that
        the special meeting has been called in accordance with Section 2.2 for the purpose of electing Directors, by any shareholder of the Company who is entitled to vote at the meeting, who complies with the notice procedures set forth in this Section
        2.8 and by any shareholder of the Company who is a shareholder of record at the record date set by the Board of Directors for the purpose of determining shareholders entitled to vote at the special meeting, at the time of giving of notice provided
        for in this Section 2.8 and at the time of the special meeting (and any postponement or adjournment thereof), who is entitled to vote at the meeting in the election of each individual so nominated.&#160; In the event the Company calls a special meeting
        of shareholders for the purpose of electing one or more individuals to the Board of Directors, any shareholder may nominate an individual or individuals (as the case may be) for election as a Director as specified in the Company&#8217;s notice of
        meeting, if the shareholder&#8217;s notice, containing the information required by paragraphs A(3) and (4) of this Section 2.8, is delivered to the Secretary at the principal executive office of the Company not earlier than the 120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day prior to such special meeting and not later than 5:00 p.m., Pacific Time on the later of the 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such
        meeting.&#160; The public announcement of a postponement or adjournment of a special meeting shall not commence a new time period for the giving of a shareholder&#8217;s notice as described above.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">C.</font>&#160;<font style="font-weight: bold;"><u>General</u></font><font style="font-weight: bold;">.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(1) If information submitted pursuant to this Section 2.8 by any shareholder proposing a nominee for election as a Director or any proposal for other
        business at a meeting of shareholders shall be inaccurate in any material respect, such information may be deemed not to have been provided in accordance with this Section 2.8.&#160; Any such shareholder shall notify the Company of any inaccuracy or
        change (within two business days of becoming aware of such inaccuracy or change) in any such information.&#160; Upon written request by the Secretary or the Board of Directors, any such shareholder shall provide, within five business days of delivery of
        such request (or such other period as may be specified in such request), (i) written verification, satisfactory, in the discretion of the Board of Directors or any authorized officer of the Company, to demonstrate the accuracy of any information
        submitted by the shareholder pursuant to this Section 2.8 and (ii) a written update of any information (including, if requested by the Company, written confirmation by such shareholder that it continues to intend to bring such nomination or other
        business proposal before the meeting) submitted by the shareholder pursuant to this Section 2.8 as of an earlier date.&#160; If a shareholder fails to provide such written verification or written update within such period, the information as to which
        written verification or a written update was requested may be deemed not to have been provided in accordance with this Section 2.8.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(2) Only persons who are nominated in accordance with the procedures set forth in this Section 2.8 shall be eligible to serve as Directors, and only
        such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section. Except as otherwise provided by law, the Charter or these Bylaws, the chairman
        of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or brought in accordance with the procedures set forth in this Section 2.8 and, if any proposed
        nomination or business is determined not to be in compliance herewith, to declare that such defective nomination or proposal shall be disregarded.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(3) For purposes of this Section 2.8, &#8220;the date of the proxy statement&#8221; shall have the same meaning as &#8220;the date of the company&#8217;s proxy statement
        released to shareholders&#8221; as used in Rule 14a-8(e) promulgated under the Exchange Act, as interpreted by the Securities and Exchange Commission from time to time.&#160; &#8220;Public announcement&#8221; shall mean disclosure (i) in a press release reported by the
        Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (ii) in a document publicly filed by the Company with the Securities and Exchange Commission pursuant to the Exchange Act.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(4) Notwithstanding the foregoing provisions of this Section 2.8, a shareholder shall also comply with all applicable requirements of state law and of
        the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 2.8.&#160; Nothing in this Section 2.8 shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, or the
        right of the Company to omit a proposal from any proxy statement filed by the Company with the Securities and Exchange Commission pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.&#160; Nothing in this Section 2.8 shall require
        disclosure of revocable proxies received by the shareholder or Shareholder Associated Person pursuant to a solicitation of proxies after the filing of an effective Schedule 14A by such shareholder or Shareholder Associated Person under Section
        14(a) of the Exchange Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman', Times, serif;">(5) Notwithstanding anything in these Bylaws to the contrary, except as otherwise determined by the chairman of the meeting, if the shareholder giving
        notice as provided for in this Section 2.8 does not appear in person or by proxy at such annual or special meeting to present each nominee for election as a Director or the proposed business, as applicable, such matter shall not be considered at
        the meeting.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.9 Inspectors</u></font><font style="font-weight: bold;">.&#160; </font>The Board of Directors or the chairman
        of the meeting may appoint, before or at the meeting, one or more inspectors for the meeting and any successor to the inspector.&#160; Except as otherwise provided by the chairman of the meeting, the inspectors, if any, shall (a) determine the number of
        shares of stock represented at the meeting, in person or by proxy, and the validity and effect of proxies, (b) receive and tabulate all votes, ballots or consents, (c) report such tabulation to the chairman of the meeting, (d) hear and determine
        all challenges and questions arising in connection with the right to vote, and (e) do such acts as are proper to fairly conduct the election or vote.&#160; Each such report shall be in writing and signed by the inspector or by a majority of them if
        there is more than one inspector acting at such meeting.&#160; If there is more than one inspector, the report of a majority shall be the report of the inspectors.&#160; The report of the inspector or inspectors on the number of shares represented at the
        meeting and the results of the voting shall be <u>prima</u>&#160;<u>facie</u> evidence thereof.</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.10 Procedure for Election of Directors; Vote of Shareholders</u></font><font style="font-weight: bold;">.
        </font>The holders of a majority of the shares of stock of the Company entitled to vote who are present in person or by proxy at an annual meeting at which a quorum is present may, without the necessity for concurrence by the Board of Directors,
        vote to elect a Director. Each share entitles the holder thereof to vote for as many individuals as there are Directors to be elected and for whose election the holder is entitled to vote.&#160; Unless otherwise provided by the Charter, no shareholder
        shall have the right or be permitted to cumulate his or her votes on any basis.&#160; A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may
        properly come before the meeting, unless more than a majority of the votes cast is required by statute, by the Charter or by the Board of Directors.&#160; Unless otherwise provided by statute or by the Charter, each outstanding share of stock,
        regardless of class, entitles the holder thereof to cast one vote on each matter submitted to a vote at a meeting of shareholders. Voting on any question or in any election may be <u>viva</u>&#160;<u>voce</u> unless the chairman of the meeting shall
        order that voting be by ballot or otherwise.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.11 Organization and Conduct of Meetings</u></font><font style="font-weight: bold;">. </font>Every
        meeting of shareholders shall be conducted by an individual appointed by the Board of Directors to be chairman of the meeting or, in the absence of such appointment or appointed individual, by the Chairman of the Board or, in the case of a vacancy
        in the office or absence of the Chairman of the Board, by one of the following officers present at the meeting in the following order:&#160; the Lead Independent Director, if there is one, the Chief Executive Officer, the President, the Vice Presidents
        in their order of rank and within each rank, in their order of seniority, the Secretary or, in the absence of such officers, a chairman chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by
        proxy.&#160; The Secretary or, in the case of a vacancy in the office or absence of the Secretary, an Assistant Secretary or an individual appointed by the Board of Directors or the chairman of the meeting shall act as Secretary.&#160; In the event that the
        Secretary presides at a meeting of shareholders, an Assistant Secretary or, in the absence of all Assistant Secretaries, an individual appointed by the Board of Directors or the chairman of the meeting shall record the minutes of the meeting.&#160; The
        order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chairman of the meeting.&#160; The chairman of the meeting may prescribe such rules, regulations and procedures and take such action as, in
        the discretion of the chairman and without any action by the shareholders, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b)
        limiting attendance or participation at the meeting to shareholders of record of the Company, their duly authorized proxies and such other individuals as the chairman of the meeting may determine; (c) limiting the time allotted to questions or
        comments; (d) determining when and for how long the polls should be opened and when the polls should be closed and when announcement of the results should be made; (e) maintaining order and security at the meeting; (f) removing any shareholder or
        any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairman of the meeting; (g) concluding a meeting or recessing or adjourning the meeting, whether or not a quorum is present, to a later
        date and time and at a place announced at the meeting; and (h) complying with any state and local laws and regulations concerning safety and security.&#160; Unless otherwise determined by the chairman of the meeting, meetings of shareholders shall not
        be required to be held in accordance with any rules of parliamentary procedure.</div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.12 Voting of Stock by Certain Holders</u></font>. Stock of the Company registered in the name of a
        corporation, limited liability company, partnership, joint venture, trust or other entity, if entitled to be voted, may be voted by the President or a vice President, managing member, manager, general partner or trustee thereof, as the case may be,
        or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such stock pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners
        of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such stock.&#160; Any trustee or fiduciary, in such capacity, may vote stock registered in such trustee&#8217;s or fiduciary&#8217;s name, either
        in person or by proxy.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Shares of stock of the Company directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total
        number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Board of Directors may adopt by resolution a procedure by which a shareholder may certify in writing to the Company that any shares of stock
        registered in the name of the shareholder are held for the account of a specified person other than the shareholder.&#160; The resolution shall set forth the class of shareholders who may make the certification, the purpose for which the certification
        may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date, the time after the record date within which the certification must be received by the Company; and any other
        provisions with respect to the procedure which the Board of Directors considers necessary or appropriate.&#160; On receipt by the Secretary of the Company of such certification, the person specified in the certification shall be regarded as, for the
        purposes set forth in the certification, the holder of record of the specified stock in place of the shareholder who makes the certification.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 2.13 Control Share Acquisition Act</u></font>.&#160; Notwithstanding any other provision of the Charter or these
        Bylaws, Title&#160;3, Subtitle&#160;7 of the Maryland General Corporation Law, or any successor statute (the &#8220;MGCL&#8221;), shall not apply to any acquisition by any person of shares of stock of the Company.&#160; This section may be repealed, in whole or in part, at
        any time, whether before or after an acquisition of control shares and, upon such repeal, may, to the extent provided by any successor bylaw, apply to any prior or subsequent control share acquisition.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE III</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BOARD OF DIRECTORS</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.1 General Powers</u></font><font style="font-weight: bold;">. </font>The business and affairs of the
        Company shall be managed by, or under the direction of, its Board of Directors. In addition to the powers and authorities expressly conferred by these Bylaws, the Board of Directors may exercise all such powers of the Company and do all such lawful
        acts and things as are not by law or by the Charter or these Bylaws conferred on or reserved to the shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.2 Number, Tenure and Resignation</u></font><font style="font-weight: bold;">. </font>The number of
        Directors shall be fixed from time to time pursuant to a resolution adopted by a majority of the entire Board of Directors, but shall consist of not more than fifteen (15) nor less than three (3) Directors; provided that the tenure of office of a
        Director shall not be affected by any decrease in the number of Directors. Directors need not be residents of the State of Maryland and need not hold shares in the Company. Any Director of the Company may resign at any time by delivering his or her
        resignation to the Board of Directors, the Chairman of the Board or the Secretary.&#160; Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation.&#160; The acceptance of a resignation shall not be
        necessary to make it effective unless otherwise stated in the resignation.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.3 Composition of the Board of Directors</u></font><font style="font-weight: bold;">. </font>Except
        during a period of vacancy or vacancies on the Board of Directors, a majority of the Directors at all times shall be persons who are Independent Directors (as that term is defined in the Charter). The Chairman of the Board and the Vice Chairman of
        the Board shall be chosen from among the Directors.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.4 Regular Meetings</u></font><font style="font-weight: bold;">. </font>A regular meeting of the Board of
        Directors to elect officers and consider other business shall be held without notice other than this Section 3.4 immediately after, and at the same place as, each annual meeting of shareholders. In the event such meeting is not so held, the meeting
        may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Directors.&#160; The Board of Directors may, by resolution, designate the time and place for additional regular
        meetings without notice other than such resolution.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.5 Special Meetings</u></font><font style="font-weight: bold;">. </font>Special meetings of the Board of
        Directors shall be called at the request of the Chairman of the Board, the Vice Chairman of the Board, the Chief Executive Officer, the President or a majority of the entire Board of Directors. The person or persons authorized to call special
        meetings of the Board of Directors may fix the place and time of the meeting.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.6 Notice</u></font><font style="font-weight: bold;">. </font>Notice of any special meeting shall be
        given to each Director at his business or residence as recorded in the books and records of the Company or at such other address as such Director may designate in writing to the Secretary of the Company by mail, by telegram or express courier,
        charges prepaid, by facsimile, electronic mail or telephonic communication. If mailed, such notice shall be deemed adequately delivered if deposited in the United States mail so addressed, with postage thereon prepaid, at least three (3) days
        before the day of such meeting. If by telegram, such notice shall be deemed adequately delivered if the telegram is delivered to the telegraph company at least twenty-four (24) hours before the time set for such meeting. If by express courier, the
        notice shall be deemed adequately given if delivered to the courier company at least two (2) days before the day of such meeting, marked for delivery by no later than the morning of the following day. If by telephone, electronic mail or facsimile,
        the notice shall be deemed adequately delivered if given at least twelve (12) hours prior to the time set for such meeting. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need
        be specified in the notice of such meeting. A meeting may be held at any time without notice if all the Directors are present or if those not present waive notice of the meeting in writing, either before or after such meeting. Attendance of a
        Director at a meeting shall constitute waiver of notice of that meeting unless he or she attends for the sole and express purpose of objecting to the transaction of business on the ground that the meeting was not lawfully called or convened.</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.7 Quorum; Voting</u></font><font style="font-weight: bold;">. </font>At least a majority of the entire
        Board of Directors shall constitute a quorum for the transaction of business, provided, that if, pursuant to applicable law, the Charter or these Bylaws, the vote of a majority or other percentage of a specified group of Directors is required for
        action, a quorum must also include a majority or such other percentage of such group. Anything else herein to the contrary notwithstanding, if at any meeting of the Board of Directors there shall be less than a quorum present, a majority of the
        Directors present may adjourn the meeting from time to time without further notice. The Directors present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal or departure of enough
        Directors to leave fewer than a quorum.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Except as may otherwise be provided by the Charter, these Bylaws or applicable law, the act of the majority of the Directors present at a meeting at
        which a quorum is present shall be the act of the Board of Directors. If enough Directors have withdrawn from a meeting to leave fewer than required to establish a quorum but the meeting is not adjourned, the action of the majority of that number
        of Directors necessary to constitute a quorum at such meeting shall be the action of the Board of Directors, unless the concurrence of a greater proportion is required for such action by applicable law, the Charter or these Bylaws.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.8 Organization</u></font>.&#160; At each meeting of the Board of Directors, the Chairman of the Board or, in
        the absence of the Chairman, the Vice Chairman of the Board, if any, shall act as Chairman of the meeting.&#160; In the absence of both the Chairman and Vice Chairman of the Board, the Chief Executive Officer or, in the absence of the Chief Executive
        Officer, the President or, in the absence of the Presi-dent, a Director chosen by a majority of the Directors present shall act as Chair-man of the meeting.&#160; The Secretary or, in his or her ab-sence, an assis-tant Secretary of the Company or, in
        the absence of the Secre-tary and all Assistant Secretar-ies, an individual ap-pointed by the Chairman of the meeting shall act as Secre-tary of the meeting.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.9 Participation By Conference Telephone</u></font><font style="font-weight: bold;">. </font>Members of
        the Board of Directors may participate in a meeting by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time, and participation in a meeting
        pursuant to this Section 3.9 shall constitute presence in person at such meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not
        lawfully called or convened.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.10 Presumption of Assent</u></font><font style="font-weight: bold;">. </font>A Director of the Company
        who is present at a meeting of the Directors at which action on any company matter is taken shall be presumed to have assented to the action taken unless the Director announces his or her dissent at the meeting and (i) the dissent is entered in the
        minutes of the meeting, (ii) the Director files a written dissent to such action with the person acting as the Secretary of the meeting before the adjournment thereof or (iii) the Director forwards his or her written dissent within 24 hours after
        the meeting is adjourned, by certified mail, return receipt requested, bearing a postmark from the United States Postal Service, to the Secretary of the meeting or the Secretary of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.11 Adjournments</u></font><font style="font-weight: bold;">. </font>Any meeting of the Board of
        Directors may be adjourned prior to the completion of business thereat. Notice of the subsequent meeting held as a result of an adjournment, other than by announcement at the meeting at which the adjournment is taken, shall not be necessary. If a
        quorum is present at such subsequent meeting, any business may be transacted thereat which could have been transacted at the meeting which was adjourned. Attendance of a Director at a meeting shall constitute waiver of notice of that meeting unless
        he or she attends for the sole and express purpose of objecting to the transaction of business on the ground that the meeting was not lawfully called or convened.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.12 Action by Board Consent</u></font><font style="font-weight: bold;">. </font>If all of the Directors
        of the Board of Directors consent in writing or by electronic transmission to any action required or permitted to be taken at a meeting of the Board of Directors and such consent is filed by the Secretary of the Company with the minutes of
        proceedings of the Board of Directors, the action shall be as valid as though it had been taken at a meeting of the Board.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.13 Vacancies</u></font><font style="font-weight: bold;">. </font>If for any reason any or all of the
        Directors cease to be Directors, such event shall not terminate the Company or affect these Bylaws or the powers of the remaining Directors hereunder.&#160; Except as may be provided by the Board of Directors in setting the terms of any class or series
        of preferred stock, any vacancy on the Board of Directors may be filled only by a majority of the remaining Directors, even if the remaining Directors do not constitute a quorum, and any Director elected to fill a vacancy shall serve for the
        remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies.&#160; Independent Directors shall nominate replacements for vacancies among the Independent Directors&#8217; positions.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Section 3.14 Committees</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">A. <font style="font-weight: bold;"><u>Number, Tenure and Qualifications.</u></font><font style="font-weight: bold;">&#160;</font>The Board of Directors
        may designate from among the members of the Board of Directors one or more committees comprised of one or more Directors to serve at the pleasure of the Board of Directors. A majority of the members of each committee shall be Independent Directors.
        In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Director to act in the place of such absent member. The Board of Directors may delegate to
        committees appointed under this Section 3.14A any of the powers of the Board of Directors, except as prohibited by law. Except as may be otherwise provided by the Board of Directors, any committee may delegate some or all of its power and authority
        to one or more subcommittees, composed of one or more Directors, as the committee deems appropriate in its sole discretion.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">B.&#160; <font style="font-weight: bold;"><u>Meetings</u></font><font style="font-weight: bold;">. </font>Notice of committee meetings shall be given in
        the same manner as notice for meetings of the Board of Directors.&#160; A majority of the members of the committee shall constitute a quorum for the transaction of business at any meeting of the committee.&#160; The act of a majority of the committee members
        present at a meeting shall be the act of such committee.&#160; The Board of Directors may designate a chairman of any committee and such chairman or, in the absence of a chairman, any two members of any committee (if there are at least two members of
        the committee) may fix the time and place of its meeting unless the Board of Directors shall otherwise provide.&#160; Members of a committee of the Board of Directors may participate in a meeting by means of a conference telephone or other
        communications equipment if all persons participating in the meeting can hear each other at the same time.&#160; Participation in a meeting by these means shall constitute presence in person at the meeting.&#160; Any action required or permitted to be taken
        at any meeting of a committee of the Board of Directors may be taken without a meeting, if a consent in writing or by electronic transmission to such action is given by each member of the committee and is filed with the minutes of proceedings of
        such committee.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">C.<font style="font-weight: bold;">&#160;</font><font style="font-weight: bold;"><u>Vacancies</u></font><font style="font-weight: bold;">.&#160; </font>Subject
        to the provisions hereof, the Board of Directors shall have the power at any time to change the membership of any committee, to fill any vacancy, to designate an alternate member to replace any absent or disqualified member or to dissolve any such
        committee.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.15 Compensation</u></font><font style="font-weight: bold;">.&#160; </font>Directors shall not receive any
        stated salary for their services as Directors but, by resolution of the Board of Directors, may receive compensation per year and/or per meeting and/or per visit to real property or other facilities owned or leased by the Company and for any
        service or activity they performed or engaged in as Directors, including under an incentive plan approved by the Board of Directors.&#160; Directors may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the
        Board of Directors or of any committee thereof and for their expenses, if any, in connection with each property visit and any other service or activity they perform or engage in as Directors; but nothing herein contained shall be construed to
        preclude any Directors from serving the Company in any other capacity and receiving compensation therefor.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.16 Reliance</u></font><font style="font-weight: bold;">.&#160; </font>Each Director and officer of the
        Company shall, in the performance of his or her duties with respect to the Company, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer
        or employee of the Company whom the Director or officer reasonably believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant or other person, as to a matter which the Director or officer reasonably
        believes to be within the person&#8217;s professional or expert competence, or, with respect to a Director, by a committee of the Board of Directors on which the Director does not serve, as to a matter within its designated authority, if the Director
        reasonably believes the committee to merit confidence.</div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.17 Certain Rights of Directors, Officers, Employees and Agents</u></font><font style="font-weight: bold;">.
        </font> A Director, officer, employee or agent shall have no responsibility to devote his or her full time to the affairs of the Company.&#160; Any Director, officer, employee or agent, in his or her personal capacity or in a capacity as an affiliate,
        employee, or agent of any other person, or otherwise, may have business interests and engage in business activities similar to, in addition to or in competition with those of or relating to the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.18 Ratification</u></font><font style="font-weight: bold;">.&#160; </font>The Board of Directors or the
        shareholders may ratify any action or inaction by the Company or its officers to the extent that the Board of Directors or the shareholders could have originally authorized the matter and, if so ratified, such action or inaction shall have the same
        force and effect as if originally duly authorized, and such ratification shall be binding upon the Company and its shareholders.&#160; Any action or inaction questioned in any proceeding on the ground of lack of authority, defective or irregular
        execution, adverse interest of a Director, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting, or otherwise, may be ratified, before or after judgment, by the Board of Directors
        or by the shareholders, and such ratification shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 3.19 Emergency Provisions</u></font><font style="font-weight: bold;">.&#160; </font>Notwithstanding any other
        provision in the Charter or these Bylaws, this Section 3.19 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Directors under Section 3.7 of these Bylaws cannot
        readily be obtained (an &#8220;Emergency&#8221;).&#160; During any Emergency, unless otherwise provided by the Board of Directors, (a) a meeting of the Board of Directors or a committee thereof may be called by any Director or officer by any means feasible under
        the circumstances; (b) notice of any meeting of the Board of Directors during such an Emergency may be given less than 24 hours prior to the meeting to as many Directors and by such means as may be feasible at the time, including publication,
        television or radio; and (c) the number of Directors necessary to constitute a quorum shall be one-third of the entire Board of Directors.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;ARTICLE IV</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OFFICERS</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.1 Categories of Officers</u></font><font style="font-weight: bold;">. </font>The officers of the Company
        shall include a President, a Secretary and a Treasurer and may include a Chief Executive Officer, Chief Financial Officer, one or more Managing Directors, Executive Vice Presidents, Senior Vice Presidents or Vice Presidents. Any reference in these
        Bylaws to a &#8220;Vice President&#8221; shall include any Executive Vice President or Senior Vice President, and any reference in these Bylaws to an &#8220;Executive Vice President&#8221; shall include any Managing Director. In addition, the Board of Directors may from
        time to time elect such other officers with such powers and duties as it shall deem necessary or appropriate. Two or more offices may be held by the same person, except that a person may not concurrently serve as the President and a Vice President.
        Each officer chosen or appointed in the manner prescribed in these Bylaws shall have such powers and duties as generally pertain to his or her office or offices, subject to the specific provisions of this ARTICLE IV. Such officers also shall have
        such powers and duties as from time to time may be conferred by the Board of Directors or by any committee thereof authorized to do so.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.2 Election and Term of Office</u></font><font style="font-weight: bold;">. </font>The officers of the
        Company shall be elected by the Board of Directors, except that the Chief Executive Officer or President may from time to time appoint one or more Vice Presidents.&#160; Each officer shall hold office for the term specified by the Board of Directors or
        appointing officer or, if no such term is specified, serve until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal in the manner hereinafter provided.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.3 Chief Executive Officer</u></font><font style="font-weight: bold;">. </font>The Chief Executive
        Officer shall act in a general executive capacity and shall be responsible for the administration and operation of the Company&#8217;s business and general supervision of its policies and affairs and shall have such powers and perform such other duties
        as the Board of Directors from time to time may prescribe. The Chief Executive Officer may, in the absence of or because of the inability to act of the Chairman of the Board and the Vice Chairman of the Board, preside at all meetings of
        shareholders and of the Board of Directors. The Chief Executive Officer may sign, alone or with the Secretary or any Assistant Secretary or any other officer of the Company properly authorized by the Board of Directors or the Chief Executive
        Officer, certificates, contracts and other instruments of the Company.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.4 President</u></font><font style="font-weight: bold;">. </font>The President shall be the chief
        operating officer of the Company, shall act in a general executive capacity and shall assist the Chief Executive Officer in the administration and operation of the Company&#8217;s business and general supervision of its policies and affairs and shall
        have such powers and perform such other duties as the Board of Directors from time to time may prescribe. The President may, in the absence of or because of the inability to act of the Chief Executive Officer, perform all duties of the Chief
        Executive Officer and, in the absence of or because of the inability to act of the Chairman of the Board, the Vice Chairman of the Board and the Chief Executive Officer, preside at all meetings of shareholders and of the Board of Directors. The
        President may sign, alone or with the Secretary or any Assistant Secretary or any other officer of the Company properly authorized by the Board of Directors or the Chief Executive Officer, certificates, contracts and other instruments of the
        Company unless the execution thereof shall be expressly delegated by the Board of Directors or by these Bylaws to some other officer or agent of the Company or shall be required by law to be otherwise executed.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.5 Chief Financial Officer</u></font><font style="font-weight: bold;">. </font> The Chief Financial
        Officer shall have the responsibilities and duties as determined by the Board of Directors or the Chief Executive Officer.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.6 Vice Presidents</u></font><font style="font-weight: bold;">. </font>The Vice President (or, in the
        event there be more than one Vice President, the Vice Presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the Chief Executive
        Officer and the President in the absence or disability of both the Chief Executive Officer and the President, and shall have such powers and perform such other duties as the Board of Directors, the Chief Executive Officer or the President from time
        to time may prescribe.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.7 Secretary</u></font><font style="font-weight: bold;">. </font>The Secretary shall give, or cause to be
        given, notice of all meetings of shareholders and Directors and all other notices required by law, by the Charter or by these Bylaws. The Secretary shall record all the proceedings of the meetings of the Board of Directors, any committees thereof
        and the shareholders of the Company in a book or books to be kept for that purpose, shall be custodian of the corporate records, shall keep a register of the post office address of each shareholder, shall have general charge of the stock transfer
        books of the Company and shall perform such other duties as from time to time may be prescribed by the Board of Directors, the Chief Executive Officer or the President. The Secretary shall have custody of the seal, if any, of the Company and shall
        affix the same to all instruments requiring it, when authorized by the Board of Directors, the Chief Executive Officer, the President or any Executive Vice President, and shall attest to the same.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.8 Treasurer</u></font><font style="font-weight: bold;">. </font>The Treasurer shall have custody of all
        Company funds and securities and shall keep full and accurate account of receipts and disbursements in books belonging to the Company. The Treasurer shall deposit all moneys and other valuable effects in the name and to the credit of the Company in
        such depositories as may be designated by the Board of Directors. The Treasurer shall disburse the funds of the Company in such manner as may be ordered by the Board of Directors, the Chief Executive Officer, the President or any Executive Vice
        President, taking proper vouchers for such disbursements. The Treasurer shall render to the Chief Executive Officer, the President and the Board of Directors, whenever requested, an account of all his or her transactions as Treasurer and of the
        financial condition of the Company. The Treasurer also shall perform such duties and have such powers as the Board of Directors from time to time may prescribe.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.9 Removal</u></font><font style="font-weight: bold;">. </font>Any officer elected by the Board of
        Directors or appointed in the manner prescribed hereby may be removed by the Board of Directors whenever, in their judgment, the best interests of the Company would be served thereby. No elected or appointed officer shall have any contractual
        rights against the Company for compensation by virtue of such election or appointment beyond the date of the election or appointment of his or her successor, his or her death, resignation or removal, whichever event shall first occur, except as
        otherwise provided in an employment or similar contract or under an employee deferred compensation plan.</div>
      <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.10 Salaries</u></font><font style="font-weight: bold;">. </font>The compensation of the officers shall
        be fixed from time to time by or under the authority of the Board of Directors and no officer shall be prevented from receiving such compensation by reason of the fact that he or she is also a Director.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.11 Vacancies</u></font><font style="font-weight: bold;">. </font>Any newly created office or vacancy in
        any office because of death, resignation or removal shall be filled by the Board of Directors or, in the case of an office not specifically provided for in Section 4.1 hereof, by or in the manner prescribed by the Board of Directors. The officer so
        selected shall hold office until his or her successor is duly selected and shall have qualified, unless he or she sooner resigns or is removed from office in the manner provided in these Bylaws.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 4.12 Resignations</u></font><font style="font-weight: bold;">. </font>Any officer, whether elected or
        appointed, may resign at any time by serving written notice of such resignation on the Chairman of the Board, the Vice Chairman of the Board, the Chief Executive Officer, the President or the Secretary, and such resignation shall be deemed to be
        effective as of the close of business on the date said notice is received by the Chairman of the Board, the Vice Chairman of the Board, the Chief Executive Officer, the President or the Secretary. No action shall be required of the Board of
        Directors or the shareholders to make any such resignation effective.</div>
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      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE V</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SHARE CERTIFICATES AND TRANSFERS</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 5.1 Share Certificates</u></font><font style="font-weight: bold;">. </font>Except as may otherwise be
        provided by the Board of Directors or any officer of the Company, shareholders of the Company are not entitled to certificates representing the shares of stock held by them.&#160; In the event that the Company issues shares of stock represented by
        certificates, such certificates shall be in such form as prescribed by the Board of Directors or a duly authorized officer, shall contain the statements and information required by the MGCL and shall be signed by the officers of the Company in any
        manner permitted by the MGCL.&#160; In the event that the Company issues shares of stock without certificates, to the extent then required by the MGCL, the Company shall provide to the record holders of such shares a written statement of the information
        required by the MGCL to be included on stock certificates.&#160; There shall be no difference in the rights and obligations of shareholders based on whether or not their shares are represented by certificates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 5.2 Transfers; Stock Ledger</u></font>.&#160; All transfers of shares of stock shall be made on the books of the
        Company in such manner as the Board of Directors or any officer of the Company may prescribe and, if such shares are certificated, upon surrender of certificates duly endorsed.&#160; The issuance of a new certificate upon the transfer of certificated
        shares is subject to the determination of the Board of Directors or an officer of the Company that such shares shall no longer be represented by certificates.&#160; Upon the transfer of any uncertificated shares, to the extent then required by the MGCL,
        the Company shall provide to the record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates. The Company shall maintain (or have maintained on its behalf) a stock ledger containing
        the name and address of each shareholder and the number of shares of each class held by such shareholder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 5.3 Record Date</u></font><font style="font-weight: bold;">. </font>The Board of Directors may fix, in
        advance, a date as the record date for the purpose of determining shareholders entitled to notice of, or to vote at, any meeting of shareholders, or shareholders entitled to receive payment of any dividend or distribution or the allotment of any
        rights, or the shareholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or in order to make a determination of shareholders for any other proper purpose. Such record date shall not be prior to the
        close of business on the day such date is fixed and shall not be more than ninety (90) days, and in case of a meeting of shareholders, not less than ten (10) days, prior to the date on which the particular action requiring such determination of
        shareholders is to be taken. If no record date is fixed, the determination of shareholders entitled to notice of, or to vote at, a meeting of shareholders shall be at the close of the business on the day on which notice of the meeting is mailed. If
        no record date is fixed, the record date for determining shareholders for any purpose other than that specified in the preceding sentence shall be at the close of business on the day on which the resolution of the Board of Directors relating
        thereto is adopted. When a determination of shareholders of record entitled to vote at any meeting of shareholders has been made as provided in this Section 5.3, such record date shall continue to apply to the meeting if postponed or adjourned,
        except if the meeting is postponed or adjourned to a date more than 120 days after the record date originally fixed for the meeting, in which case a new record date for such meeting may be determined as set forth herein.<font style="font-size: 8pt;">&#160;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 5.4 Registered Shareholders</u></font><font style="font-weight: bold;">. </font>The Company shall be
        entitled to treat the holder of record of shares as the holder in fact and, except as otherwise provided by the laws of the State of Maryland, shall not be bound to recognize any equitable or other claim to or interest in the shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 5.5 Lost Certificates</u></font><font style="font-weight: bold;">. </font>The Board of Directors or
        officer may direct a new certificate to be issued in place of a certificate alleged to have been destroyed or lost if the owner makes an affidavit that it is destroyed or lost. The Board or officer, in its&#160; or their discretion, may, as a condition
        precedent to issuing the new certificate, require the owner to give the Company a bond as indemnity against any claim that may be made against the Company on the certificate allegedly destroyed or lost.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 5.6 Fractional Stock; Issuance of Units</u></font>.&#160; The Board of Directors may authorize the Company to
        issue fractional shares of stock or authorize the issuance of scrip, all on such terms and under such conditions as it may determine.&#160; Notwithstanding any other provision of the Charter or these Bylaws, the Board of Directors may authorize the
        issuance of units consisting of different securities of the Company.</div>
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      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE VI</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MISCELLANEOUS PROVISIONS</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 6.1 Fiscal Year</u></font><font style="font-weight: bold;">. </font>The fiscal year of the Company shall
        begin on the first (1st) day of January and end on the thirty-first (31st) day of December of each year.<font style="font-size: 12pt;">&#160;</font>The Board of Directors shall have the power, from time to time, to fix or change the fiscal year of the
        Company by a duly adopted resolution.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 6.2 Seal</u></font><font style="font-weight: bold;">. </font>The Board of Directors may authorize the
        adoption of a seal by the Company.&#160; The seal shall contain the name of the Company and the year of its incorporation and the words &#8220;Incorporated Maryland.&#8221;&#160; The Board of Directors may authorize one or more duplicate seals and provide for the
        custody thereof.<font style="font-size: 12pt;">&#160;</font>Whenever the Company is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the
        word &#8220;(SEAL)&#8221; adjacent to the signature of the person authorized to execute the document on behalf of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 6.3 Contracts</u></font><font style="font-weight: bold;">. </font>The Board of Directors may authorize any
        officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Company and such authority may be general or confined to specific instances.&#160; Any agreement, deed, mortgage, lease or other
        document shall be valid and binding upon the Company when duly authorized or ratified by action of the Board of Directors and executed by an authorized person.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 6.4 Signing of Checks and Notes</u></font><font style="font-weight: bold;">. </font>All checks, drafts or
        other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Company shall be signed by such person or persons as may be designated by the Board of Directors, the Chief Executive Officer or the
        President.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 6.5 Deposits</u></font>. All funds of the Company not otherwise employed shall be deposited or invested
        from time to time to the credit of the Company as the Board of Directors, the Chief Executive Officer, the President, the Chief Financial Officer or any other officer designated by the Board of Directors may determine.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;"><u>Section 6.6 Waiver of Notice</u></font>.&#160; Whenever any notice of a meeting is required to be given pursuant to the
        Charter or these Bylaws or pursuant to applicable law, a waiver thereof in writing or by electronic transmission, given by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to
        the giving of such notice.&#160; Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice of such meeting, unless specifically required by statute.&#160; The attendance of any person at any meeting
        shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE VII</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INVESTMENT POLICY</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Subject to the provisions of the Charter, the Board of Directors may from time to time adopt, amend, revise or terminate any policy or policies with
        respect to investments by the Company as it shall deem appropriate in its sole discretion.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ARTICLE VIII</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AMENDMENTS</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Board of Directors shall have the power to alter, amend or repeal any provision of these Bylaws and to adopt new Bylaws.&#160; The Bylaws may be
        altered, amended or repealed, and new Bylaws may be adopted, at any meeting of the Board by a majority vote of the directors of the Company.&#160; In addition, pursuant to a binding proposal that is submitted to the shareholders for approval at a duly
        called annual meeting or special meeting of shareholders by a shareholder, the shareholders shall have the power, by the affirmative vote of a majority of all votes entitled to be cast on the matter, to alter, amend or repeal any provision of these
        Bylaws and to adopt new Bylaws, except that the shareholders shall not have the power to alter this Article VIII or adopt any provision of these Bylaws inconsistent with this Article VIII without the approval of the Board of Directors.&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>nt10019126x1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> EXHIBIT 5.1<br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">[LETTERHEAD OF VENABLE LLP]</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">January 22, 2021</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Modiv Inc.</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">120 Newport Center Drive</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Newport Beach, CA 92660</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b958391027f4ceaabf96c42e10f0745" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">Re:</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;"><u>Registration Statement on Form S-3</u></div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Ladies and Gentlemen:</div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">We have served as Maryland counsel to Modiv Inc., a Maryland corporation (the &#8220;Company&#8221;), in connection with certain matters of Maryland law relating to the registration and
      issuance by the Company of up to 14,285,714 shares (the &#8220;Shares&#8221;) of Class C common stock, par value $0.001 per share (the &#8220;Common Stock&#8221;), of the Company to be issued from time to time pursuant to the Company&#8217;s Amended and Restated Distribution
      Reinvestment Plan (the &#8220;Plan&#8221;).&#160; The Shares are covered by the Company&#8217;s Registration Statement on Form S-3, and all amendments thereto (the &#8220;Registration Statement&#8221;), to be filed by the Company with the U.S. Securities and Exchange Commission (the
      &#8220;Commission&#8221;) on or about the date hereof under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise
      identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &#8220;Documents&#8221;):</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Registration Statement and the prospectus included therein in the form in which it was transmitted to the Commission under the
        Securities Act;</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">The charter of the Company (the &#8220;Charter&#8221;), certified by the State Department of Assessments and Taxation of Maryland (the &#8220;SDAT&#8221;);</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Resolutions adopted by the Board of Directors of the Company relating to, among other matters, the adoption of the Plan and the
        registration and issuance of the Shares (the &#8220;Resolutions&#8221;), certified as of the date hereof by an officer of the Company;</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Plan;</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">A certificate executed by an officer of the Company, dated as of the date hereof; and</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the
        assumptions, limitations and qualifications stated herein.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div> Modiv Inc.<br>
      January 22, 2021<br>
      Page 2<br>
    </div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">In expressing the opinion set forth below, we have assumed the following:</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
        Documents to which such party is a signatory, and such party&#8217;s obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">All Documents submitted to us as originals are authentic.&#160; The form and content of all Documents submitted to us as unexecuted drafts do
        not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents.&#160; All signatures on all
        Documents are genuine.&#160; All public records reviewed or relied upon by us or on our behalf are true and complete.&#160; All representations, warranties, statements and information contained in the Documents are true and complete.&#160; There has been no oral
        or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Shares will not be issued or transferred in violation of the restrictions on transfer and ownership contained in Section 7.7 of the
        Charter.&#160; Upon any issuance of Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Charter.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">The Company is a corporation duly incorporated and validly existing under and by virtue of the laws of the State of Maryland and is in
        good standing with the SDAT.</font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="margin: -12pt 0px 0px; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">The issuance of the Shares has been duly authorized and, when and if issued and delivered by the Company in accordance with the
        Resolutions, the Plan and the Registration Statement against payment of the consideration set forth therein, the Shares will be validly issued, fully paid and nonassessable.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <div> Modiv Inc.<br>
      January 22, 2021<br>
      Page 3<br>
    </div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning any other law.<font style="font-weight: bold;">&#160; </font>We
      express no opinion as to the applicability or effect of federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers.&#160; To the extent that any matter as to
      which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.&#160; The opinion expressed herein is subject to the effect of any judicial decision
      which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</div>
    <div><br>
    </div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated.&#160; We assume no
      obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.</div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement.&#160; We hereby consent to the filing of this opinion as an
      exhibit to the Registration Statement and to the use of the name of our firm therein.&#160; In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z8216ba4e1f8542c58c7576197a9cc4e6" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>Very truly yours,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>/s/ Venable LLP</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>nt10019126x1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; font-weight: bold;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">EXHIBIT 23.2</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div><br>
    </div>
    <div>We consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated April 6, 2020, relating to the consolidated
      financial statements and financial statement schedule of Modiv Inc. (formerly known as RW Holdings NNN REIT, Inc.) and subsidiaries appearing in the Annual Report on Form 10-K of Modiv Inc. for the year ended December 31, 2019, and to the reference
      to us under the heading &#8220;Experts&#8221; in the Prospectus, which is part of this Registration Statement.</div>
    <div style="font-style: italic;"><br>
      /s/ BAKER TILLY US, LLP, formerly SQUAR MILNER LLP</div>
    <div> <br>
    </div>
    <div>Irvine, California</div>
    <div><br>
    </div>
    <div>January 22, 2021</div>
    <div><br>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><br>
    </div>
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<TYPE>GRAPHIC
<SEQUENCE>6
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
