This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Modiv Inc. (MODV) is a real estate investment trust that derives revenue from leasing properties to U.S. Immigration and Customs Enforcement (ICE) for use as immigration detention facilities. The company holds at least 53 contracts with ICE, spanning from 2008 to 2021, with a cumulative value exceeding $9 million.
These contracts directly implicate Modiv in the for-profit detention infrastructure. The company's business model includes providing real estate to a government agency whose detention practices have been widely criticized by human rights organizations. This revenue stream constitutes a material link to the private prison and detention industry.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.