Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +23.7% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: American Eagle Outfitters (AEO - Free Report) Based in Pittsburgh, PA, American Eagle Outfitters Inc. is a specialty retailer of casual apparel, accessories and footwear for men and women aged 15–25 years. American Eagle, along with its subsidiaries, engages in the designing and marketing of casual clothing. The company’s assortment includes jeans, cargo pants, graphic T-shirts as well as a range of accessories, outerwear and footwear.
AEO is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 9.47; value investors should take notice.
For fiscal 2027, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.00 to $1.76 per share. AEO boasts an average earnings surprise of +48.5%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, AEO should be on investors' short list.
PITTSBURGH--(BUSINESS WIRE)--American Eagle Outfitters, Inc. (NYSE: AEO) announced a quarterly cash dividend of $0.125 per share. The dividend was declared on June 9, 2026 and is payable on July 24, 2026 to stockholders of record at the close of business on July 10, 2026.
About American Eagle Outfitters, Inc.
American Eagle Outfitters, Inc. (NYSE: AEO) is a leading global specialty retailer with a portfolio of beloved apparel brands including American Eagle, Aerie, OFFL/NE by Aerie, Todd Snyder and Unsubscribed. Rooted in optimism, inclusivity and authenticity, AEO’s brands empower every customer to celebrate their unique personal style by offering casual, comfortable, timeless outfitting and high-quality products that are made to last.
AEO Inc. operates stores in the United States, Canada and Mexico, with merchandise available in more than 30 countries through a global network of license partners. Additionally, the company operates a robust e-commerce business across its brands. For more information, visit aeo-inc.com.
American Eagle Outfitters (AEO - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Over the past month, shares of this teen clothing retailer have returned +17.8%, compared to the Zacks S&P 500 composite's -0.2% change. During this period, the Zacks Retail - Apparel and Shoes industry, which American Eagle falls in, has gained 12.8%. The key question now is: What could be the stock's future direction?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
American Eagle is expected to post earnings of $0.21 per share for the current quarter, representing a year-over-year change of -53.3%. Over the last 30 days, the Zacks Consensus Estimate has changed -26.1%.
For the current fiscal year, the consensus earnings estimate of $1.77 points to a change of +18% from the prior year. Over the last 30 days, this estimate has changed +0.7%.
For the next fiscal year, the consensus earnings estimate of $1.9 indicates a change of +7.5% from what American Eagle is expected to report a year ago. Over the past month, the estimate has changed -1.6%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, American Eagle is rated Zacks Rank #3 (Hold).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
For American Eagle, the consensus sales estimate for the current quarter of $1.37 billion indicates a year-over-year change of +6.4%. For the current and next fiscal years, $5.81 billion and $6 billion estimates indicate +5.6% and +3.4% changes, respectively.
Last Reported Results and Surprise HistoryAmerican Eagle reported revenues of $1.2 billion in the last reported quarter, representing a year-over-year change of +9.7%. EPS of $0.14 for the same period compares with -$0.29 a year ago.
Compared to the Zacks Consensus Estimate of $1.18 billion, the reported revenues represent a surprise of +0.94%. The EPS surprise was +27.27%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
American Eagle is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about American Eagle. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
AST SpaceMobile stock is under selling pressure. Why is ASTS stock retreating? Amazon-Globalstar Deal Shakes ASTS Bull CaseThe sell-off makes sense because Amazon's agreement to buy Globalstar introduces a much larger and better-capitalized player into the race to connect smartphones directly through low Earth orbit satellite networks.
According to the deal announcement, Amazon plans to combine Globalstar's satellite operations, infrastructure and spectrum assets with its own Amazon Leo network to support consumer, enterprise and government connectivity.
That headline may be sparking concern that AST SpaceMobile could face a tougher path as deep-pocketed rivals scale faster, lock up strategic spectrum and pursue carrier partnerships more aggressively.
Investors may also be rotating out of ASTS on fears that Amazon's entry could compress future market-share expectations and reduce some of the scarcity premium previously attached to pure-play direct-to-cell names.
Analyst Targets Show Mixed Confidence In ASTSAnalyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $75.52. Recent analyst moves include:
Barclays: Underweight (Raises Target to $65.00) (April 9) UBS: Neutral (Raises Target to $85.00) (March 4) B. Riley Securities: Neutral (Lowers Target to $95.00) (Feb. 13) ASTS Shares Edge Lower WednesdayASTS Stock Price Activity: AST SpaceMobile shares were down 1.11% at $87.59 at the time of publication on Wednesday, according to Benzinga Pro data.
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Amazon.com (NASDAQ:AMZN | AMZN Price Prediction) announced it is acquiring satellite company Globalstar (NASDAQ:GSAT) for $11.6 billion, and the market delivered an immediate verdict. Amazon shares rose 5% on the news, adding $125 billion in market cap in a single day. That kind of single-session move on a company already valued at $2.667 trillion tells you investors see this as far more than a satellite acquisition. They see a direct challenge to SpaceX’s grip on space-based internet.
What Globalstar Brings to the Table Globalstar, founded in the late 1990s and headquartered in Louisiana, operates 24 satellites in orbit and owns valuable licensed wireless bandwidth. The company’s Band 53/n53 spectrum assets are globally harmonized, a rare and strategically significant attribute in satellite communications. Globalstar already has a foothold in the consumer market through Apple’s Emergency SOS satellite feature on iPhone 14 and newer models. That existing relationship with Apple (NASDAQ:AAPL) proves the infrastructure works at consumer scale, and it comes with an existing revenue stream.
The deal includes a simultaneous partnership with Apple to expand satellite connectivity beyond emergency texts. Amazon plans to upgrade the service by 2028 to support voice, data, and full messaging capabilities under the name Amazon LEO. Andy Jassy had already signaled this direction, noting in Amazon’s Q4 2025 earnings that the company would face approximately $1 billion higher year-over-year Amazon Leo costs in 2026 as the satellite program scales.
The SpaceX Competitive Dynamic The competitive benchmark here is Starlink. SpaceX currently operates 10,000 satellites compared to Amazon’s fewer than 300. Starlink generates $10 billion in annual revenue with a 65% profit margin, more than double SpaceX’s rocket business revenue. That margin profile is exactly the opening Amazon needs. As the TBOY podcast hosts framed it: “Your margin is my opportunity.” Amazon’s logistics and infrastructure scale gives it the cost structure to undercut Starlink on pricing while still generating healthy returns.
What This Means for Legacy Telecom The broader implication extends well beyond Amazon versus SpaceX. The 40-year era of traditional telecom dominated by Verizon, AT&T, and T-Mobile is ending as infrastructure shifts from physical towers to satellites in orbit. Globalstar’s XCOM RAN software-defined private wireless platform and its next-generation C-3 satellites reinforce that the company was already building toward this future. Amazon accelerates that timeline considerably.
Jassy committed to approximately $200 billion in capital expenditures across Amazon in 2026, with low earth orbit satellites named explicitly alongside AI, chips, and robotics as priority areas. The Globalstar deal converts that stated ambition into a real asset base with spectrum rights, operational satellites, and an existing enterprise customer in Apple. Investors watching the legacy carrier space should treat this announcement as a structural signal, not a one-day story.
NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Globalstar, Inc. (NasdaqGS: GSAT) to Amazon.com, Inc. (NasdaqGS: AMZN). Under the terms of the proposed transaction, shareholders of Globalstar will receive $90.00 in cash or 0.3210 shares of Amazon common stock (with a value capped at $90.00 per share), for each share of Globalstar that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-gsat/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Amazon is raking in cash at the box office after sending Ryan Gosling to space with “Project Hail Mary.” Its latest space play could make a real-world satellite business into a winner, too.
Key Takeaways Globalstar to be acquired by Amazon, boosting its role in global satellite connectivity and D2D services.GSAT assets to power Amazon Leo, enabling satellite-to-phone services starting in 2028.Globalstar gains scale, funding and new monetization opportunities. Globalstar, Inc. (GSAT - Free Report) is stepping into a transformative phase following its definitive agreement to be acquired by Amazon.com, Inc. (AMZN - Free Report) , a move that positions the satellite communications provider at the center of the next wave of global connectivity. Long known for its mobile satellite services and early leadership in low Earth orbit (LEO) systems, Globalstar now stands to significantly expand its technological reach and commercial relevance through integration with Amazon’s ambitious Amazon Leo initiative.
The deal represents a powerful validation of its decades-long investment in spectrum assets, satellite infrastructure and direct-to-device (D2D) capabilities. Globalstar’s globally licensed mobile satellite spectrum is a scarce and strategic asset, and its inclusion in Amazon Leo provides a foundational layer for building a scalable, high-performance satellite-to-phone ecosystem.
Notably, shares of Globalstar have gained approximately 10% in the trading session yesterday. Its shares have gained 80.5% in the past six months compared with the Zacks Satellite and Communication industry's growth of 80%.
Image Source: Zacks Investment Research
What Does This Acquisition Offer?The addition of Globalstar’s infrastructure allows Amazon Leo to accelerate its roadmap toward D2D services, expected to roll out beginning in 2028. For Globalstar, this means its existing satellite fleet and next-generation assets will not only remain relevant but become integral to a much larger, unified network. This integration enhances utilization rates, extends asset lifecycles and unlocks new monetization avenues across consumer, enterprise and government segments. Instead of operating as a niche satellite provider, Globalstar is effectively being scaled into a global connectivity backbone.
The transaction shifts Globalstar from a capital-constrained operator to part of a well-funded ecosystem backed by Amazon’s scale, engineering depth and cloud infrastructure. This dramatically reduces execution risk associated with satellite launches, network expansion and technology upgrades. It also positions GSAT to benefit from Amazon’s broader partnerships with mobile network operators, enabling hybrid connectivity solutions that extend coverage to remote and underserved regions worldwide.
The acquisition strengthens Globalstar’s competitive positioning against other satellite players pursuing direct-to-device connectivity. With Amazon’s backing, GSAT gains the ability to compete not just on technology, but on scale, integration and service reliability. This is especially important as satellite connectivity becomes a critical layer in global telecom infrastructure, supporting everything from disaster response to IoT and remote enterprise operations.
The deal offers Globalstar shareholders a structured exit with upside participation through Amazon equity, while also reflecting the strategic premium attached to its assets. More importantly, it underscores the growing value of spectrum ownership and LEO capabilities in an increasingly connected world.
GSAT operates a LEO satellite constellation providing mobile satellite services (MSS) and voice/data communications to retail, enterprise and government customers. Its terrestrial assets include Band 53 spectrum, the 5G n53 variant and XCOM RAN. Recently, Globalstar introduced XCOM RAN, a next-generation private 5G solution designed to accelerate the adoption of “physical AI” across industries. The company is preparing to launch replacement and next-generation satellites, expand network infrastructure, roll out two-way IoT services and grow its XCOM RAN business, positioning 2026 as a growth phase.
For 2026, the company expects total revenues to be in the range of $280-$305 million, along with an adjusted EBITDA margin of approximately 50%.
However, Globalstar faces stiff competition from other companies such as AST SpaceMobile, Inc. (ASTS - Free Report) and Iridium Communications Inc. (IRDM - Free Report) . AST SpaceMobile has strategically partnered with leading telecom companies to grant customers easy access to their technology. The acquisition of Ligado Networks has enabled it to gain the spectrum rights to a 45MHz block of Ligado’s L-band spectrum in the United States and Canadian markets for more than 80 years. With the successful completion of the transaction, ASTS will be able to offer its cellular satellite services independently, reducing its reliance on carrier partners.
IRDM benefits from strong growth prospects in the satellite communications space, supported by its enhanced mesh architecture, strategic government relationships and a solid subscriber base, positioning it to generate higher revenues. In 2026, Iridium plans to roll out new offerings with $200 million in revenue potential by 2030.
Globalstar currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amazon is buying Globalstar in a bid to boost its space-based communications strategy. (JONAS ROOSENS/Belga/AFP via Getty Images)
Amazon.com’s blockbuster deal for Globalstar holds a few lessons for investors: The market for space companies is for real, the wireless spectrum arms race is on, and rocketing valuations will always draw competition.
This week, Amazon (AMZN) announced it will buy satellite service provider Globalstar (GSAT) – the company behind Apple‘s (AAPL) iPhone Emergency SOS feature and a key player in satellite spectrum – for close to $11.6 billion.
Alongside the acquisition, Amazon announced a long-term agreement to power satellite features on future iPhone and Apple Watch models – including Emergency SOS, Messages, Find My, and roadside assistance.
The obvious takeaway is that Amazon aims to become a major player in the direct-to-device satellite internet market.
But the more interesting insight — the one that we think matters more for investors — is that Amazon just acquired the infrastructure prerequisite layer for running data centers in space. And it did so before SpaceX went public and before Musk got tens of billions of dollars to start launching his own orbital compute nodes at scale.
A new tech titan has entered the orbital compute arena.
Amazon just fired the starting gun. The race is on – and so is the clock for investors.
Amazon’s Globalstar Acquisition: The Obvious Play Amazon gets three things from Globalstar that money alone can’t easily buy:
The ability for the Amazon Leo network to connect directly to smartphones on the ground via satellite internet, without the need for terrestrial cell towers. A moat of already-licensed wireless spectrum – a scarce, tightly regulated asset that will, as Wired noted, give “Amazon the ability to launch satellites that connect directly to devices sooner, rather than having to go through its own country-by-country approval process.” Positioning within the Apple franchise: Amazon inherits Globalstar’s role as the backbone of iPhone and Apple Watch Emergency SOS, with a new long-term agreement to power Apple’s satellite services going forward. Taken together, Amazon didn’t just buy a satellite company. It bought a credible seat at a table that Musk has been setting alone.
Satellite connectivity and satellite spectrum are a massive, multi-hundred-billion-dollar growth market over the next few years, and Amazon needed this deal to remain credible in that race. Starlink already has more than 10,000 satellites in LEO, serves paying subscribers across more than 150 countries and territories, and a growing government contract pipeline – including multibillion-dollar agreements with the U.S. Department of Defense and Space Force to provide secure satellite communications and battlefield connectivity.
Amazon was running behind. It needed to leapfrog, not catch up incrementally.
Globalstar was the leapfrog.
The Real Story: Orbital Compute Infrastructure But that’s not the part of the story that matters most.
The world’s largest cloud providers have been quietly moving toward the same long-term thesis: the next wave of AI compute doesn’t live in a ground-based data center. It lives in space.
Satellites that don’t just route packets but process them. Edge nodes in space, running inference closer to the data source, operating outside the jurisdiction of any single government, consuming zero terrestrial land, and immune to most of the physical constraints that make building data centers on Earth increasingly painful.
That’s the orbital compute thesis. And to execute it at scale, you need three things:
a dense, trusted LEO constellation licensed spectrum to route the traffic an anchor customer base large enough to justify the economics Globalstar just handed Amazon all three alongside a single check.
Of course, Amazon isn’t framing this publicly as an orbital compute play. The SEC filing talks about “accelerating a new era of Global Direct-to-Device Connectivity.”
But Amazon didn’t announce AWS as a cloud computing empire either. It filed it under “web services” and built it quietly for years before anyone understood what was happening.
And what the company is building now – a massive, licensed, Apple-anchored LEO constellation under its own control – is exactly the platform you’d need if you planned to run the world’s first commercial orbital data center network.
Meanwhile, SpaceX is preparing to go public, confidentially filing for an IPO targeting a $1.75 trillion valuation. When it does, Musk will have billions in new capital and every incentive to start launching compute nodes into the Starlink constellation at scale.
The race for orbital compute is coming whether Wall Street has named it yet or not. Amazon just made sure it shows up to that race with the right hardware.
The Bigger Picture: Where the Money Actually Goes The commercial space economy – the one that’s been “five years away” for as long as we can remember – is finally coming into focus.
Amazon just paid $11.6 billion for satellite spectrum and LEO infrastructure. Microsoft has Azure Space partnerships with Starlink baked into enterprise cloud contracts. Google is investing in satellite data pipelines. Apple is building satellite features into every iPhone. And SpaceX, which started as a rocket company, is now one of the most strategically valuable infrastructure businesses on Earth – and soon in orbit.
The trillion-dollar question is, who are the picks-and-shovels suppliers for all of this?
Because here’s the thing about the space economy: it’s not one market but several overlapping markets, each with its own investment cycle. And those in the earliest stages are the most interesting precisely because they’re the most overlooked.
The Picks-and-Shovels Layer In Space The compute owners – Amazon, Microsoft, Google, Meta (META) – will capture enormous value. But they’re already worth trillions. The real alpha is in the suppliers:
Rockets Orbital network operators Space-grade semiconductors and radiation-hardened chips Power systems for satellites And lasers – specifically, the inter-satellite laser link manufacturers who build the data routing layer without which orbital compute networks can’t function at speed In fact, this last bucket may be the single most underappreciated opportunity in the entire space stack. Without high-throughput laser inter-links, an orbital data center is inoperable.
Starlink already knows this, which is why it’s deploying laser inter-satellite links at scale. The rest of the industry will follow. The companies building those lasers are worth watching very carefully.
The Bottom Line We view Amazon’s acquisition of Globalstar as a declaration that the commercial space era has begun – and that the world’s largest companies are now competing for orbital infrastructure the same way they did for cloud infrastructure 20 years ago.
Space connectivity and spectrum are a massive growth market over the next two to three years. And orbital compute is a massive growth market over the next five to 10.
Two stories, one conclusion: the space economy is the biggest emerging investment theme of this decade.
There’s a pattern to how this plays out.
The infrastructure gets funded first. It has to – nothing else works without it.
But over time, the center of gravity shifts – not to the hardware, but to the layer that decides how a technology actually gets used.
That shift isn’t always obvious in the moment. For a while, it’s easy to miss. Then it becomes difficult to ignore.
Cloud followed that pattern. So did mobile.
There’s a strong case that AI is doing the same thing now.
Because while Amazon and SpaceX are racing to control where compute lives, a different question is starting to matter more: Who controls what runs on top of it?
Right now, one company sits closer to that position than anything else.
OpenAI.
The challenge is that it’s still private. Which means most investors will only encounter it later, when access is easy and expectations are already set.
We’ve spent some time looking at how that transition could play out – and what it means to get in front of it.
In a rather surprising move, Amazon (NASDAQ:AMZN | AMZN Price Prediction) acquired satellite connectivity play Globalstar (NASDAQ:GSAT), which investors might know best for its dealings with Apple (NASDAQ:AAPL) and the SOS feature on the iPhone. In the coming years, satellite connectivity could really explode onto the mainstream, as we move from SOS and text messaging to light browsing and maybe even a wireless service that’s good enough that we can ditch plans from the big telecoms.
Undoubtedly, there’s a huge opportunity for Apple as the wireless innovations look towards the stars and the satellite constellations that could forever change the way we all think about mobile connectivity. It’s a bit sci-fi, to say the least, but with Elon Musk’s Starlink already showing how practical it is to beam mobile data from space, I’d argue that a new space race has kicked off as firms look to economic opportunities to be had in space.
The corporate space race is on Of course, satellite connectivity might just be the start. With Musk talking about space-based data centers and Nvidia (NASDAQ:NVDA) debuting Vera Rubin space modules meant for data centers in orbit, it feels like we could be entering an era where rocket launches, satellites, and all the sort move from speculative moonshots to serious, profitable business models with sky-high barriers to entry. Indeed, given the costs of launching satellites into orbit, perhaps the economic moat possessed by Starlink can only be matched by few, if any, deep-pocketed tech titans.
In any case, Amazon’s latest deal to acquire Globalstar will transform Amazon Leo (formerly known as Project Kuiper) into a serious number-two rival to the likes of Starlink. Of course, there’s still a lot of catching up to do. But, for the most part, it feels like Starlink isn’t going to be the one and only king of space.
At first, I thought Apple’s stake in Globalstar would make things a bit complicated for Amazon. However, given all that Apple stands to gain from having another firm spend big money to compete against Starlink, I think it’s clear why Apple gave the green light.
Why the Amazon-Globalstar deal is a huge win for Apple SpaceX and Starlink are a force to be reckoned with. And Globalstar is just too small to compete against a behemoth. Either Apple had to up its stake and start spending some serious money (while taking on a colossal amount of risk), or team up with the likes of a behemoth in Amazon, which, in my view, is the best-positioned firm to unlock the most value from Globalstar as satellite connectivity looks to advance well beyond just SOS messages.
And, of course, there was also the option of partnering with Starlink, but it’d be Elon Musk’s empire that would have all the right cards — all the leverage in negotiations.
In any case, the Amazon-Globalstar deal is a huge win for the e-commerce titan, but perhaps an even bigger win for Apple. In essence, Apple is getting the benefits of having Amazon tackle the hard, expensive parts of building a constellation while enjoying the benefits. Picture the feast without the indigestion and heartburn that follows.
Given this, Apple stock stands out as a great buy in response, especially in a market where investors continue to turn away from growing CapEx. Sure, it sounds better on paper if Apple were to own the entire constellation. But the reality of the situation is that there are a lot of uncertainties regarding ROI to get to the endpoint.
The case for buying Apple for the future of satellite connectivity Sometimes, it’s just better to team up with a partner who’s just better able to achieve a feat more economically.
And while there might be some uncertainty as to what happens after the long-term agreement expires, I’d say that, in terms of risk mitigation, letting Amazon have it with a favorable deal is the absolute best move for Apple users. If it’s the best for users, it’s probably the best move for Apple as well.
As Amazon Leo continues to evolve into a serious alternative to Starlink, I do think things are about to get interesting.
New On The Block • Amazon.com shares are trending higher. What’s pushing AMZN stock higher?
Updates From The BlockOpenAI acquired personal finance startup Hiro Finance. Terms of the transaction were not disclosed. Hiro founder Ethan Bloch announced the acquisition on LinkedIn, stating the company would be shutting down its operations on April 20.
The Mark Anthony Group of Companies, the maker of White Claw Hard Seltzer and Mike's Hard Lemonade, will acquire The Finnish Long Drink, a canned gin-based sparkling cocktail. Terms of the transaction were not disclosed. The deal will be finalized in the coming weeks.
Hillman Solutions Corp. acquired Delaney Hardware, a U.S.-based supplier of door and builders’ hardware used in both residential and commercial construction. Financial terms of the deal were not disclosed. Hillman expects to recognize over $10 million in net sales during its 2026 fiscal year as a result of the acquisition.
Off The BlockHorizon Technology Finance Corp. completed its merger with Monroe Capital Corp. The merger adds $141 million in cash and $471 million of pro forma net assets, which Horizon plans to use to repay debt and originate new loans under its existing strategy.
Bankruptcy BlockFour Seasons Outdoor Services filed for Chapter 11 bankruptcy. The New Hampshire-based company listed its liabilities between $1 million and $10 million.
Cumulus Media received a judge's approval for a bankruptcy restructuring that will cut the radio station's debt by $592 million and give control of the company to its lenders, Reuters reported. The company filed for bankruptcy in March, citing $697 million in debt after losses due to digital audio and streaming platform competition, as well as the decline in the number of radio audiences.
QVC Group announced its plans to file for Chapter 11 bankruptcy to address its more than $5 billion in debt. The online and TV retailer has entered into a restructuring deal with plans to emerge from bankruptcy in 90 days. The company plans to continue operating as normal during the process.
Mississippi-based hospital Greenwood Leflore Hospital has filed for Chapter 9 bankruptcy. The hospital has been experiencing financial struggles and plans to negotiate a deal with the University of Mississippi Medical Center.
Spirit Airlines is on the brink of shutting down as the airline struggles to recover from its second bankruptcy filing and rising fuel costs, which could make it harder to reach agreements with creditors.
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Lbp Am Sa purchased a new position in Globalstar, Inc. (NASDAQ:GSAT – Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 67,806 shares of the company’s stock, valued at approximately $4,139,000. Lbp Am Sa owned approximately 0.05% of Globalstar at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Globalstar by 2.8% in the 3rd quarter. Vanguard Group Inc. now owns 5,233,721 shares of the company’s stock worth $190,455,000 after purchasing an additional 141,451 shares in the last quarter. Greenhouse Funds LLLP lifted its stake in shares of Globalstar by 6.1% in the 3rd quarter. Greenhouse Funds LLLP now owns 2,149,192 shares of the company’s stock worth $78,209,000 after purchasing an additional 123,676 shares during the period. Ashford Capital Management Inc. lifted its stake in shares of Globalstar by 3.8% in the 3rd quarter. Ashford Capital Management Inc. now owns 1,409,321 shares of the company’s stock worth $51,285,000 after purchasing an additional 51,703 shares during the period. American Century Companies Inc. lifted its stake in shares of Globalstar by 24.3% in the 3rd quarter. American Century Companies Inc. now owns 1,260,459 shares of the company’s stock worth $45,868,000 after purchasing an additional 246,123 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Globalstar by 75.8% in the 3rd quarter. Van ECK Associates Corp now owns 489,326 shares of the company’s stock worth $17,807,000 after purchasing an additional 210,993 shares during the period. Institutional investors own 18.89% of the company’s stock.
Globalstar Stock Down 0.0% NASDAQ:GSAT opened at $80.02 on Friday. Globalstar, Inc. has a twelve month low of $17.24 and a twelve month high of $81.07. The company has a market cap of $10.29 billion, a price-to-earnings ratio of -533.43, a price-to-earnings-growth ratio of 130.66 and a beta of 1.46. The stock has a fifty day simple moving average of $64.27 and a 200-day simple moving average of $59.60. The company has a current ratio of 2.42, a quick ratio of 2.37 and a debt-to-equity ratio of 1.27.
Globalstar (NASDAQ:GSAT – Get Free Report) last released its quarterly earnings data on Friday, February 27th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.12). The firm had revenue of $71.96 million during the quarter, compared to the consensus estimate of $71.80 million. Globalstar had a negative net margin of 6.10% and a negative return on equity of 1.02%. The business’s quarterly revenue was up 17.6% compared to the same quarter last year.
Insider Buying and Selling at Globalstar In other Globalstar news, CFO Rebecca Clary sold 4,037 shares of Globalstar stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $79.85, for a total value of $322,354.45. Following the transaction, the chief financial officer owned 115,741 shares in the company, valued at $9,241,918.85. The trade was a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel L Barbee Iv Ponder sold 682 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $57.31, for a total value of $39,085.42. Following the sale, the general counsel owned 143,348 shares in the company, valued at $8,215,273.88. The trade was a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,191 shares of company stock worth $560,400 over the last quarter. Insiders own 60.00% of the company’s stock.
Wall Street Analysts Forecast Growth Several equities analysts have recently weighed in on GSAT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Globalstar in a research note on Monday, December 29th. Zacks Research raised shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Finally, Craig Hallum reissued a “buy” rating and issued a $70.00 target price on shares of Globalstar in a report on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $69.00.
Read Our Latest Report on GSAT
About Globalstar (Free Report)
Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.
Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.
See Also Five stocks we like better than Globalstar Want to see what other hedge funds are holding GSAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Globalstar, Inc. (NASDAQ:GSAT – Free Report).
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Tim Cook Steps Aside – What’s Next for Apple 5:26 pm
It’s not a complete surprise, but Apple (AAPL 1.88%) has announced a major leadership transition: CEO Tim Cook will step aside, with hardware chief Jon Ternus set to take the helm in September.
In this episode, the team discusses Cook’s legacy, what comes next for Apple, and the biggest challenges and opportunities facing its new leader.
Tyler Crowe, Matt Frankel, and Jon Quast discuss:
Tim Cook’s accomplishments at Apple What Apple’s next CEO faces Whether the S&P 500 could include SpaceX after it goes public AST SpaceMobile (ASTS 14.03%) and its opportunity 🎧 The Motley Fool Money podcast drops daily after the bell! Listen on Apple Podcasts, Spotify, or other podcast platforms—or check out the Fool's podcast feed.
Amazon’s Bet Pays Off for Astera 4:24 pm — ALAB +9.20% today
Astera Labs (ALAB +1.88%) was up more than 9% Tuesday—and you won’t find the reason in any Astera press release. Monday’s blockbuster deal between Amazon (AMZN 2.12%) and Anthropic is doing the heavy lifting: Anthropic committed to spending over $100 billion on Amazon’s Trainium chips over ten years, with Amazon investing $5 billion in Anthropic. Astera just happens to make the interconnect technology that links those chips together inside Amazon’s data centers.
One Fool’s take: Motley Fool analyst Asit Sharma has praised Astera as "a high-margin, intellectual property-driven business that will scale cash flow as it takes more market share." This deal suggests that market share just got a lot bigger. Worth watching: ALAB trades at 50x forward earnings, and three customers accounted for 71% of 2024 revenue, concentration that cuts both ways when one of them just landed a $100 billion windfall.
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Closing Bell 4:05 pm
Stocks fell Tuesday as hopes for a U.S.-Iran peace deal faded before Wednesday’s ceasefire deadline. VP JD Vance’s trip to join negotiations was paused after Tehran showed insufficient commitment. Oil reversed recent losses sharply, with WTI futures rising 2.81% to $92.13 and Brent advancing 3.14% to $98.48. The S&P 500 and Nasdaq each declined 0.6%; the Dow shed 293 points. Energy was a rare bright spot, gaining 1.1%.
Silver lining for bulls: UnitedHealth (UNH +0.57%) beat Q1 estimates and raised its outlook, sending shares up more than 8%. Amazon (AMZN 2.12%) added more than 1% after agreeing to invest up to $25 billion in AI startup Anthropic. Strait talk: Analysts still expect Strait of Hormuz concerns to resolve by week’s end — and point to strong Q1 earnings and double-digit profit growth as reasons to stay optimistic. Amazon's GLP-1 Move Rattles Rivals 3:43 pm — AMZN +0.56%
Amazon (AMZN 2.12%) is coming for the GLP-1 market. Its One Medical arm launched a weight loss program Tuesday combining virtual care, prescription management, and pharmacy delivery, with insured pricing starting at $25 per month. Amazon plans same-day drug delivery in 4,500 cities by year-end.
Who’s sweating: Shares of Hims & Hers Health (HIMS 7.34%), Viking Therapeutics (VKTX +1.57%), Amgen (AMGN 0.16%), and Septerna (SEPN +3.97%) all fell on the news. Amazon’s logistics muscle poses a threat few can match. The drugs on offer: Novo Nordisk’s (NVO +0.59%) Wegovy, Eli Lilly’s (LLY 1.70%) Zepbound, and oral GLP-1 options are all available through the program.
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3M Beats, but the Drama Is Elsewhere 3:04 pm — MMM -2.15%
By Seth Jayson
Team Rule Breakers
Earnings day for the Post-it people, and 3M’s (MMM +0.61%) quarter was pretty much what you’d expect from a 120-year-old company in the middle of a self-improvement project — profits better than expected, revenue a hair short. They beat on the bottom line by a decent margin, reiterated their full-year numbers, and the stock didn’t do much. Meanwhile, the interesting stuff is happening in the background: a fire-and-rescue joint venture, an optical connectivity bet on AI data centers, and PFAS litigation that just keeps on keeping on.
UPS Bets Big on Your Buyer’s Remorse 2:43 pm
UPS (UPS 1.25%) is deliberately shrinking its Amazon delivery business — cutting volumes by more than 50% in 2026 — while doubling down on returns. Its Happy Returns subsidiary is adding 1,700 locations, bringing its network to 10,000 drop-off points covering 79% of Americans within 5 miles.
The margin math: Returns are more profitable than cheap e-commerce deliveries because aggregation lets UPS consolidate many items into single shipments — fewer stops, better economics. The competition: FedEx (FDX 0.31%) launched its own rival returns service in March 2025 with 3,000+ locations. Amazon’s returns network already tops 10,000 points. The race is on. NY Calls Coinbase’s Bets Illegal 2:14 pm — COIN -5.93%
New York Attorney General Letitia James sued Coinbase (COIN 0.17%) and Gemini over their prediction market platforms, accusing them of running illegal gambling operations — including letting under-21s bet and taking wagers on New York college teams. NY raked in over $1 billion in mobile gambling taxes in 2024, and James wants a piece of what she says these crypto exchanges owe.
Why Kalshi and Polymarket got off easy: The bigger prediction-market players were conspicuously left out of the suits, meaning NY may be using Coinbase and Gemini as legal guinea pigs before going after the heavy hitters. The bill could be steep: New York wants triple profits, customer restitution, and $100,000 for every unauthorized sports wagering offer. That adds up fast. Alaska Air Faces Turbulence, But Remains on Course 1:10 pm — ALK -3.1%
By Lou Whiteman
Team Hidden Gems
Alaska Air Group (ALK +2.69%) is currently flying through some rough air. But turbulence is to be expected in aviation, and the good news for investors is that Alaska remains on course to reach its destination.
Alaska lost $1.68 per share in its most recent quarter, in line with expectations, on revenue of $3.3 billion. But the stock appears headed for a down day post-earnings due to higher-than-expected costs and the company's decision to suspend guidance amid uncertainty about fuel prices. Alaska had other issues outside its control that impacted earnings, namely flooding in Hawaii and civil unrest in Mexico.
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Today's Lunchtime News 1:15 pm -- TSCO -10.5%
Tractor Supply (TSCO 0.32%) shares fell 10% today after Q1 2026 companion animal sales dropped 11%. Consumers are pulling back on discretionary pet spending as inflation worries persist. Overall comparable sales grew just 0.5%, trailing the 1.6% Wall Street expected.
Mixed segment results: Four of five product categories posted positive performance, with double-digit growth in livestock and seasonal & recreation. The pet unit, which spans treats, collars, chew toys, and services was the lone drag. Guidance held: CEO Hal Lawton said the company is taking decisive action to fix the companion animal segment. Tractor Supply reiterated its fiscal 2026 net income forecast of $1.11 billion to $1.17 billion. Carriers File for Massive Tariff Refunds 12:25 pm -- UPS -1.1%, FDX flat
United Parcel Service (UPS 1.25%) and FedEx (FDX 0.31%) have begun filing for potentially billions in tariff refunds following a February Supreme Court ruling that struck down duties imposed under the International Emergency Economic Powers Act. U.S. Customs and Border Protection (CBP) opened its "CAPE" portal Monday to process claims for roughly $166 billion in invalidated levies. Both carriers, along with DHL, are automatically filing on behalf of customers where they acted as the importer of record. While the process provides a significant administrative win for the logistics giants, actual cash may take up to three months to reach the shippers who originally bore the costs.
High-Stakes Compliance: President Trump recently noted he would "remember" companies that fail to seek these refunds, adding a layer of political pressure to the technical filing process. Limited Scope: The current refund window applies only to IEEPA-specific tariffs, leaving Section 232 and Section 301 duties — affecting steel and many Chinese goods — firmly in place for now. UPS performance
Today -1.1%
1 Year +10.1%
5 Years -40.8%
FDX performance
Today --
1 Year +91.9%
5 Years +41.9%
Microsoft Cuts Xbox Game Pass Prices 12:10 pm — MSFT +1.9%
Microsoft (MSFT 0.80%) is slashing Xbox Game Pass Ultimate prices from $29.99 to $22.99 per month, reversing a steep October hike. Under new Gaming CEO Asha Sharma, the tech giant is pivoting toward user acquisition as hardware competitors like Sony (SONY 2.79%) and Nintendo (NTDOY 0.26%) raise prices amid tariff pressures and memory shortages. However, the discount comes with a major trade-off: "Call of Duty" titles will no longer debut on the service on launch day, arriving instead about a year later. This shift signals a tactical retreat from the "day-one" subscription model for Microsoft’s most expensive acquisitions in favor of protecting high-margin retail sales.
Divergent Hardware Strategies: While Microsoft lowers service barriers, Sony recently hiked the five-year-old PlayStation 5 by $100, creating a massive valuation gap between the two ecosystems. Margin Preservation Play: By delaying "Call of Duty" on Game Pass, Microsoft aims to capture premium $70–$80 individual sales from its largest franchise before shifting players into its recurring revenue funnel.
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Tesla Fires Back at Chinese EV Rivals 11:15 am — TSLA -0.3%
Tesla (TSLA +0.73%) officially registered its generative AI-powered voice assistant with Shanghai authorities Tuesday, a critical regulatory step to enhance its competitiveness in the world’s largest auto market. The filing covers one of 158 AI applications approved by Chinese regulators to ensure local data compliance. To better appeal to tech-centric consumers, Tesla is reportedly integrating ByteDance’s Doubao and DeepSeek’s conversational models — hosted on the Volcano Engine cloud — rather than its U.S.-based Grok AI. This localization push is vital as Tesla’s Full Self-Driving software still awaits full delivery approval in China, leaving the automaker reliant on infotainment and "intelligent assistant" features to fend off aggressive local rivals like BYD (BYDDF +0.25%).
Strategic Local Partnerships: By leveraging ByteDance and DeepSeek, Tesla bypasses strict cross-border data transfer rules that have historically delayed the rollout of its most advanced software features in China. FSD Regulatory Update: Although full regulatory approval remains pending, Tesla recently concluded an "Intelligent Assisted Driving" trial in China, signaling a phased approach to monetizing its software stack abroad. Can New Codex Labs Beat Anthropic? 11:10 am
OpenAI is enlisting global consulting powerhouses like Accenture (ACN +1.80%) and Cognizant (CTSH +1.26%) to accelerate the corporate rollout of Codex, its AI software development tool. This strategic pivot includes the launch of Codex Labs, an initiative embedding specialists directly within client organizations to integrate AI into legacy workflows. By focusing resources on core products and scaling back experimental projects like Sora, OpenAI aims to defend its enterprise territory against rising competition from Anthropic and big tech rivals. Weekly active developers using Codex recently surged to 4 million, up 33% in just one month, signaling massive momentum in AI-automated coding.
Strategic Resource Realignment: OpenAI is reportedly shuttering smaller initiatives to prioritize high-margin enterprise tools, a move that mirror's Microsoft's (MSFT 0.80%) focus on commercial utility over novelty. Global Integration Network: Additional partners including Infosys (INFY +1.77%) and CGI (GIB 0.21%) provide the boots-on-the-ground support necessary to displace manual coding in massive, complex software ecosystems. Amazon Plugs In 75 New EV Rigs 10:15 am — AMZN +1.9%
Amazon (AMZN 2.12%) is accelerating its freight decarbonization by adding 75 heavy-duty electric trucks from Swedish startup Einride to its Amazon Relay middle-mile network. These rigs are projected to cover 3 million miles annually, hauling loads between fulfillment centers and sort hubs. While Amazon already partners with Rivian (RIVN +5.92%) and Volvo (VLVLY +0.10%) for delivery vans and port trucks, this expansion targets the difficult "middle-mile" segment of the supply chain. The move reinforces Amazon’s goal to build an end-to-end green logistics powerhouse that rivals traditional carriers.
IPO On The Horizon: Einride plans to go public via a merger with Legato Merger Corp. III (LEGT +0.00%) by mid-2026, a deal expected to raise $300 million following this major Amazon validation. Autonomous Ambitions: Beyond manual EVs, Einride is securing U.S. regulatory approvals for driverless operations, signaling a future where Amazon’s proprietary AI software manages fully autonomous freight corridors.
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Opening Bell 9:35 am
The Dow climbed 270 points Tuesday following President Trump’s optimistic CNBC interview regarding a potential "great deal" with Iran. While the S&P 500 edged up 0.2%, energy markets remained volatile as West Texas Intermediate crude dipped below $90 per barrel. Despite the geopolitical tension, UnitedHealth (UNH +0.57%) provided a significant boost to the blue-chip index, surging 7% after delivering a beat-and-raise quarterly report.
Profit Engine Ignites: UnitedHealth’s earnings beat and improved guidance suggest the insurance titan is navigating rising costs more effectively than analysts anticipated. Bullish Horizon Ahead: Some sstrategists maintain a 7,300 price target for the S&P 500 by July, betting on continued economic resilience through the summer. Market indexes
S&P 500
0.05%
Nasdaq
0.04%
Dow
0.47%
Top of the Morning 9:45 am -- GE -2.0%
By Morning Show host Bill Barker
GE Aerospace (GE +0.42%) released its first-quarter 2026 earnings report this morning, posting results that exceeded Wall Street estimates and offered a few signals about the broader industrial sector. The company reported adjusted earnings per share of $1.86, clearing consensus analyst estimates of $1.60, representing a 25% year-over-year increase. GAAP revenue reached $12.4 billion, a 25% increase compared to the prior year.
Particularly notable from the report was the volume of incoming demand. Total orders grew 87% year-over-year to $23.0 billion, bringing the company's total Remaining Performance Obligation to $211.3 billion and providing comforting revenue visibility for years ahead.
SpaceX Eyes $1.75T IPO as Space Boom Accelerates 8:05 am
The space economy is reaching escape velocity as global investment surged to a record $7.95 billion in Q1 2026. This "risk-on" appetite is largely fueled by Alphabet (GOOG +0.83%)-backed SpaceX, which begins a three-day analyst tour today at its Texas Starbase to pitch a staggering $1.75 trillion IPO valuation. While SpaceX seeks to set a public benchmark, Amazon (AMZN 2.12%) is aggressively scaling its own "Amazon Leo" constellation, recently announcing an $11.6 billion acquisition of Globalstar (GSAT 0.18%) to bridge the connectivity gap. With 70% of funding concentrated in North America, the sector is rapidly evolving beyond simple communications into high-margin in-space infrastructure and autonomous maritime defense.
The $90 Payout: Amazon's deal offers Globalstar stockholders $90 per share in cash or stock, a massive win for Apple (AAPL 1.88%) which previously held a 20% stake in the satellite operator. Autonomous Alpha: Maritime tech leader Saronic closed a $1.75 billion Series D this quarter, highlighting how defense spending is shifting toward AI-driven autonomous ships and "physical AI" factories. Netflix: The Streaming Story Is Far From Over 8:00 am -- NFLX +0.20% in pre-market trading
By David Meier
Team Rule Breakers
Netflix (NFLX 0.60%) talked about the long-term opportunity for growth that's still ahead for the company. And it's still huge. That's why the stock remains an excellent long-term investment opportunity for shareholders.
One thing I always appreciate from Netflix's management is how they frame the long-term opportunity. It's about engagement and time spent on their platform. And here's what management said this quarter in their most recent Letter to Shareholders:
"In such a fast-changing industry, and with so many consumer options, we strive to be a "must have service" -- the first place people go for entertainment and the last they cancel. We've come a long way since we started streaming in 2007 (we're now entertaining an audience approaching 1 billion people), but we're also still incredibly small; we account for an estimated ~5% of TV view share globally, and as of the end of 2025 we penetrated less than 45% of our Total Addressable Market (TAM) of broadband households. We're optimistic about the future of entertainment and our long runway for growth, and are focused on three areas to achieve our ambition."
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This Morning's Breakfast News 7:30 am -- UNH +5.89% in pre-market trading
UnitedHealth Group (UNH +0.57%) popped over 5% higher ahead of the opening bell thanks to results showing profits higher than analysts expected, along with revenue ticking higher from $109.58 billion in the prior year to $111.72 billion.
Higher operating cost ratio noted: The ratio jumped from 12.4% in 2025 to 13.8%, although investors seemed unconcerned as this "reflected incremental investments in people, processes and technology, including artificial intelligence." Full-year 2026 profit outlook increased: Thanks to increased government payments for its insurance business and better management of medical costs, the previous guidance of $17.75 per share was increased to more than $18.25.
JPMorgan Takes $1.5T Security Plan to Europe 7:25 am -- JPM +0.12% in pre-market trading
JPMorgan Chase (JPM +2.05%) is taking its massive "Security and Resilience" initiative global, expanding a 10-year, $1.5 trillion investment plan into Europe and the UK. Initially launched to bolster U.S. national security, the program targets critical sectors like defense, quantum computing, and AI to reduce Western reliance on "unpredictable resources." CEO Jamie Dimon's strategy involves matching private capital with urgent infrastructure needs as the transatlantic alliance faces heightened pressure from the ongoing Iran war and lingering energy vulnerabilities. To steer the expansion, the bank is tapping high-level talent, including an advisory council featuring Amazon (AMZN 2.12%) founder Jeff Bezos.
Strategic Self-Reliance: The initiative aims to help Europe "stand on its own two feet" by facilitating defense spending and securing supply chains without total reliance on the U.S. taxpayer. The $10 Billion Anchor: While JPMorgan acts primarily as a facilitator for the $1.5 trillion in total funding, it has committed $10 billion of its own capital to anchor the project's most critical domestic and allied security efforts.
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ICYMI: Monday's Scoreboard 6:30 am -- RSG unchanged in pre-market trading
Republic Services (RSG +0.40%) was the subject of the latest Scoreboard video.
Uber Boosts Lucid Bet to $500M for 35K Taxis 6:00 am -- UBER +0.48%, LCID +2.67% in pre-market trading
Uber (UBER 1.90%) has aggressively ramped up its position in Lucid (LCID 1.26%), nearly tripling its stake to 11.5% as it prepares for a commercial autonomous launch later this year. The ride-hailing giant increased its investment to $500 million to secure 35,000 custom robotaxis, a significant jump from its initial 20,000-vehicle commitment. This "opportunistic" expansion, supported by a fresh $550 million influx from Saudi Arabia's Public Investment Fund, utilizes Nuro's self-driving technology within the Lucid Gravity and upcoming "Midsize" platforms. The news sent Lucid shares up 1.2% in after-hours trading as investors weigh Uber's move against Tesla (TSLA +0.73%), which recently debuted unsupervised rides in Dallas and Houston.
The Midsize Pivot: Lucid's future sub-$50,000 platform is designed specifically for Uber's network to optimize unit economics and compete with low-cost autonomous rivals. Tesla's Counter-Move: While Uber builds its hardware partnerships, Tesla is scaling its own internal software, launching fully driverless Model Y rides in two new Texas cities just days before its Q1 earnings report.
Semiconductor Index Hits All-Time Highs 5:15 am
The Philadelphia Semiconductor Sector Index (SOX) is enjoying its largest rally since 2002, jumping 30% in the past 13 days, as positive earnings momentum and sentiment around AI helps to elevate the sector.
No cracks appearing in AI demand: Q1 revenue for Taiwan Semiconductor (TSM +0.66%) passed the trillion-dollar threshold in local currency for the first time ever, acting as a positive early barometer ahead of sector giants such as Nvidia (NVDA 0.18%) and Broadcom (AVGO 1.36%). Ominous history lesson worth noting: The only time the sector index saw a similar move to a new high was in March 2000, which marked the peak of the dot-com bubble. Before the Opening Bell 5:00 am
Wall Street is processing a historic changing of the guard at Apple (AAPL 1.88%) after the company announced Tim Cook will transition to Executive Chairman this September, handing the CEO reins to hardware chief John Ternus. The leadership pivot comes at a volatile moment as investors also track a fragile ceasefire between the U.S. and Iran. President Trump signaled it is "highly unlikely" the two-week truce will be extended past Wednesday's deadline, a move that could keep the Strait of Hormuz blocked and maintain Brent crude prices near $120 per barrel. While Apple shares saw a measured response to the succession news, the broader market remains on edge ahead of critical March retail data.
Continuity at Cupertino: John Ternus, a 25-year veteran and architect of the Mac's silicon transition, is expected to accelerate Apple's push into generative AI and foldable hardware to regain the "world's most valuable firm" title from Nvidia (NVDA 0.18%). Energy Supply Shock: The potential expiration of the truce threatens to prolong a jet fuel shortage that has already seen prices double, placing extreme margin pressure on non-hedged carriers like United Airlines (UAL +2.14%).
Globalstar (GSAT 0.18%) is suddenly at the center of a much bigger fight between Amazon and SpaceX. I break down why this reported deal matters, what makes Globalstar so strategic, and why the upside could be real if the story keeps moving in the right direction.
Stock prices used were the market prices of April 10, 2026. The video was published on April 17, 2026.
Rick Orford has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
Oil jumped nearly 3% to $108 a barrel after President Trump pulled U.S. envoys from Iran peace talks, rattling markets. Major indexes wavered before recovering, with the Nasdaq and S&P 500 on pace to extend Friday’s records.
The earnings gauntlet begins: Alphabet (GOOG +0.83%), Microsoft (MSFT 0.80%), Amazon (AMZN 2.12%), and Meta (META 0.33%) report Wednesday; Apple (AAPL 1.88%) follows Thursday. This week roughly a fifth of S&P 500 companies report results. Central banks in focus: The Fed, ECB, Bank of Japan, and Bank of England all issue policy decisions this week, with the Fed widely expected to hold rates steady at 3.50–3.75%. No Deal: United Walks Away From AAL 3:15 pm — UAL -1.40%, AAL -2.85%
United Airlines (UAL +2.14%) CEO Scott Kirby confirmed Monday that merger talks with American Airlines (AAL +1.95%) are finished after American refused to engage. Kirby argued the deal would have expanded international routes, added economy seats, and created tens of thousands of jobs, but American’s CEO called the combination "anticompetitive" and said it was never happening.
The stock divergence tells the story: AAL shares have dropped more than 40% over five years; UAL has climbed over 70% in the same stretch, a gap that likely fueled United’s interest in the first place. Washington weighed in early: When the merger pitch leaked this month, Trump said he wasn’t a fan, and lawmakers quickly raised concerns, giving American political cover to reject the deal.
New CEO Scores Early Win for Verizon 2:42 pm — VZ +2.16%
Verizon (VZ +2.54%) added a net 55,000 postpaid phone connections in Q1, its first positive Q1 net adds since 2013, beating Wall Street expectations. New CEO Dan Schulman credited customer-friendly pricing and reduced friction. A January network outage weighed on results; revenue rose 2.9% to $34.4 billion, slightly missing estimates. Verizon raised full-year EPS growth guidance to 5%–6%.
First win, but not last? Schulman raised guidance and, for 2026, expects postpaid phone net adds in the upper half of the 750,000–1,000,000 range. Broadband building: Verizon added 341,000 net broadband connections, ending the quarter with 16.8 million total, a contrast to Charter’s (CHTR +2.83%) broadband losses reported Friday.
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Lilly Buys Ajax for Up to $2.3B 2:26 pm — LLY -0.85%
Eli Lilly (LLY 1.70%) apparently isn’t done shopping. The drugmaker agreed to buy private biotech Ajax Therapeutics for up to $2.3 billion, targeting a drug that could help blood-cancer patients whose bodies have stopped responding to existing treatments.
Not your average acquisition spree: This is Lilly’s fifth deal of 2026 alone — totaling over $19 billion in potential value — all bankrolled by those GLP-1 weight-loss drug billions rolling in the door. The fine print: Five acquisitions. $19B in potential deals. One year. Motley Fool co-founder and CEO Tom Gardner and contributing analyst Rachel Warren said in a recent special report that Lilly is "in a league of its own" financially. This latest blood-cancer bet suggests it intends to stay there.
Amazon (AMZN 2.12%) signed a multi-year deal with Oprah Winfrey’s Harpo Entertainment, securing exclusive distribution and advertising rights for "The Oprah Podcast" via its Wondery unit. The agreement, spanning audio and video, integrates Winfrey’s massive brand—including her legendary show library and "Oprah's Book Club"—directly into Amazon’s retail and Prime Video ecosystems. Starting in July, the show will double its output to two episodes weekly, as Amazon intensifies its battle against Spotify (SPOT +0.05%) and Alphabet (GOOG +0.83%) for dominance in the high-margin on-demand media market. By tethering Winfrey's cultural influence to its advertising engine, Amazon aims to convert listeners into high-frequency shoppers and streaming subscribers.
E-Commerce Synergy: The inclusion of "Oprah's Favorite Things" provides a direct pipeline to Amazon’s storefront, allowing for seamless "shoppable" content integrations that rivals currently lack. Aggressive Talent Accumulation: This deal follows recent major acquisitions like the "New Heights" podcast, signaling Amazon’s willingness to spend heavily to secure established audiences in a fragmented digital landscape. J&J's AI Cuts Drug Lead Times by 50% 1:20 pm — JNJ -0.8%
Johnson & Johnson (JNJ +0.92%) is leveraging artificial intelligence to cut lead generation times for new drugs by 50%. While fully AI-discovered drugs remain on the horizon, CIO Jim Swanson confirmed at the Reuters Momentum AI event that the firm is actively using the technology to screen the "potential universe" for promising compounds and biologics. Beyond the lab, the healthcare giant is deploying AI to optimize solvent application in manufacturing and automate regulatory filings. A process that traditionally required up to 900 hours of manual labor for clinical trial reports now takes just 15 minutes. This efficiency drive underscores J&J's pivot toward high-impact digital tools as it targets long-term growth in oncology and immunology.
Workforce Upskilling: J&J’s 4,000 IT professionals are being retrained to treat AI as a "co-pilot," expanding roles in software engineering rather than replacing headcount. Supply Chain Precision: Predictive algorithms now monitor temperature and solvent levels in real-time, reducing waste and ensuring higher yields during complex chemical synthesis.
Qualcomm (QCOM +4.46%) shares briefly surged by 7% Monday following reports of a strategic partnership with OpenAI to develop custom smartphone processing chips. Working alongside MediaTek and manufacturer Luxshare, Qualcomm aims to provide the hardware foundation for OpenAI’s ambitious "AI agent" mobile device, slated for mass production in 2028. Analysts suggest that controlling the silicon and operating system is essential for real-time AI inference, allowing OpenAI to capture a user's full state. For Qualcomm, this deal represents a critical diversification beyond standard Snapdragon modems as the mobile industry pivots toward hardware designed specifically for autonomous digital agents.
Ecosystem Evolution: OpenAI may bypass traditional app stores by bundling hardware with subscriptions, creating a closed loop that challenges the current dominance of Apple (AAPL 1.88%) and Google (GOOG +0.83%). Silicon Synergy: The project builds on OpenAI's $6.4 billion acquisition of Jony Ive’s startup, io, merging elite industrial design with Qualcomm's wireless expertise to produce a device rumored to feel less like a phone and more like a personal digital sanctuary. Microsoft Loses OpenAI Exclusivity 12:10 pm — SPOT -1.4%, PTON +2.7%
Microsoft (MSFT 0.80%) shares slipped Monday after announcing a major restructuring of its partnership with OpenAI. The amended agreement eliminates Microsoft's exclusive access to OpenAI’s models and intellectual property, effectively allowing the startup to license its technology to rivals like Amazon (AMZN 2.12%) Web Services. While Azure remains OpenAI's primary cloud provider and retains first-look rights to new products, the previous "AGI clause" is gone. Financially, Microsoft will stop paying revenue shares to OpenAI, though the startup must continue payments to Microsoft through 2030. This pivot suggests a strategic decoupling as Microsoft prepares for its Wednesday earnings report amid intensifying cloud competition.
Cash Flow Reversal: The cessation of revenue-share payments to OpenAI may bolster Microsoft’s margins in the short term as it faces ballooning capital expenditures for AI infrastructure. Competitive Leveling: By opening its doors to other cloud providers, OpenAI is now free to pursue a broader enterprise strategy, potentially turning Microsoft’s once-exclusive advantage into a commodity service available to the highest bidder.
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Spotify Plunges Into Global Fitness 11:15 am — SPOT -1.4%, PTON +2.7%
Spotify (SPOT +0.05%) is broadening its lifestyle footprint through a global partnership with Peloton Interactive (PTON 1.33%), launching a fitness hub containing over 1,400 classes. Available to Premium subscribers, the integration includes yoga, meditation, and strength training, leveraging Spotify’s 150 million existing workout playlists to drive deeper platform engagement. For Peloton, this move accelerates CEO Peter Stern’s strategy to transform the company from a hardware-dependent manufacturer into a scalable content powerhouse. By bypassing the need for proprietary equipment, Peloton gains immediate exposure to hundreds of millions of potential users, while Spotify unlocks new monetization avenues beyond its maturing music and podcast segments.
Monetization Muscles: Spotify is courting independent creators like Yoga With Kassandra to build a diversified wellness ecosystem that mirrors its successful podcast partner program. Global Footprint Expansion: The deal allows Peloton to bypass international logistics hurdles, using Spotify's infrastructure to scale instruction across major markets in North America, Europe, and Asia.
Top of the Morning 10:10 am -- GOOG -1.5%, AMZN -0.9%, META -0.4%, MSFT -1.0%
By Nick Sciple
Team Rule Breakers
If you've been waiting for earnings season to get interesting, this is your week.
Five of the Magnificent Seven report between Wednesday and Thursday. The whole group is roughly a third of the S&P 500 by market cap, so the next 72 hours will tell us a lot about whether the bull market has the earnings underneath it to keep going.
The lineup: Alphabet (GOOG +0.83%), Amazon (AMZN 2.12%), Meta (META 0.33%), and Microsoft (MSFT 0.80%) all report after the bell Wednesday. Apple follows Thursday. These are the first full quarterly results from most of Big Tech since the war in Iran started rattling global markets in late February, and the question everybody's asking is the same one it's been all year. Is the AI spending boom still justified?
The honest answer is that the companies aren't even aligned on the strategy.
9:45 am -- REAX -23.1%, RMAX +22.6%
By Jim Gillies
It's a Merger Monday, this one with a bit of a personal connection. First, the details:
The Real Brokerage (REAX +0.63%), a "leading technology-powered real estate brokerage," announced this morning that they are acquiring real estate brokerage franchisor RE/MAX Holdings (RMAX +1.11%) in a cash and stock offering. The price being paid is ... modestly confusing. RE/MAX shareholders will have the right to receive either 5.15 shares of Real or $13.80 in cash for every RE/MAX share held. RE/MAX closed just a penny shy of $8 on Friday, so this would seem, superficially at least, to be about a 72.5% premium; good deal.
REAX performance
Today -23.1%
1 Year -54.8%
5 Years +8.4%
RMAX performance
Today +22.6%
1 Year +30.7%
5 Years -73.3%
Opening Bell 9:35 am
The S&P 500 dipped Monday as stalled diplomacy in the Middle East sent Brent crude futures above $107 per barrel. President Trump scrapped a high-level envoy trip to Pakistan, insisting future negotiations occur by phone, while Tehran claimed no meetings are currently scheduled. Despite the geopolitical friction, the Nasdaq enters a high-stakes week with 15% month-to-date gains as five "Magnificent Seven" tech giants prepare to report. Investors are also bracing for Wednesday’s Federal Reserve decision, which may be the final session for Chair Jerome Powell before Kevin Warsh assumes leadership in May following the resolution of a Department of Justice probe.
Market indexes
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OpenAI Taps Qualcomm for AI Agent Phone 8:15am -- QCOM up 12.01% in pre-market trading
The AI arms race is moving into the palm of your hand, as reports from TF International Securities analyst Ming-Chi Kuo indicate OpenAI is collaborating with Qualcomm (QCOM +4.46%) and MediaTek to develop custom smartphone processors. Shares of Qualcomm surged on the news, which positions the chipmaker at the heart of OpenAI's "AI agent phone"--a device designed to replace traditional apps with task-driven automation. With mass production slated for 2028, the project utilizes Luxshare as its exclusive manufacturing partner, aiming to seize a high-end smartphone market that ships up to 400 million units annually. By controlling both the hardware and its leading AI models, OpenAI hopes to redefine mobile interfaces, shifting computations between on-device small models and its massive cloud infrastructure.
Vertical Integration: Analyst Kuo notes that OpenAI's goal is total control over the operating system and hardware, allowing the device to understand real-time user context better than existing platforms from Apple (AAPL 1.88%) or Alphabet (GOOG +0.83%). The Subscription Pivot: Beyond hardware sales, the tech giant reportedly plans to bundle its premium AI subscriptions with the device, creating a closed-loop ecosystem for developers building "agent-first" software.
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Meta Signs Deal to Beam Solar Power From Orbit 8:00 am -- META unchanged in pre-market trading
Meta (META 0.33%) is looking to the heavens to solve its terrestrial energy crunch, signing a landmark deal with start-up Overview Energy to beam solar power from orbit. The agreement grants the social media giant early access to 1 gigawatt of capacity--roughly the output of a nuclear reactor--to fuel its massive AI infrastructure. Overview plans to launch a demonstration in 2028, with commercial delivery by 2030 using "invisible" beams to power ground facilities 24/7. This orbital pivot comes as Meta scales its "Hyperion" project in Louisiana, a rural data center campus that President Donald Trump noted will cost $50 billion and rival the footprint of Manhattan.
Nuclear-Grade Ambition: Beyond the stars, Meta is aggressively diversifying its grid, partnering with Vistra (VST +1.69%) and small modular reactor developer Oklo (OKLO 0.97%) to secure carbon-free baseload power. Financing the Future: To fund the $50 billion Hyperion build-out, Meta has reportedly tapped PIMCO and Blue Owl Capital for a $29 billion financing package, highlighting the immense capital required to maintain the AI arms race.
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This Morning's Breakfast News 7:30am
Breakfast News on Mondays always looks to preview what's coming up. This week, the continuation of Magnificent 7 first-quarter earnings season makes the headlines. Amazon (AMZN 2.12%) – in fifth place in April's Stock Advisor rankings – is one of four reporting Wednesday. As Senior Vice President of the Rule Breakers franchise Brian Richards noted this month, Amazon is acquiring Globalstar (GSAT 0.18%), in "a move aimed squarely at competing with Starlink's 10,000+ active satellites."
Ramping up AI competition on all fronts: Alphabet (GOOG +0.83%) is also due to post a Q1 update Wednesday, after last week revealing plans to invest up to $40 billion in AI start-up Anthropic. Combined with its new AI tensor processing units revealed last week, Alphabet is challenging Nvidia's (NVDA 0.01%) dominance too. The rest of the best: Meta (META 0.33%) also reports the same day, as does Microsoft (MSFT 0.80%) – currently a defendant in Elon Musk's legal case against OpenAI, which opens today in the U.S. District Court for the Northern District of California. Apple (AAPL 1.88%) concludes the Mag7 week Thursday, after having named John Ternus as new CEO to replace Tim Cook on Sept, 1.
Meta Loses Manus to China's AI Crackdown 6:00 am -- META -0.33% in pre-market trading
Meta (META 0.33%) faces a significant hurdle in its autonomous AI roadmap after China's National Development and Reform Commission ordered the tech giant to unwind its $2 billion acquisition of Singapore-based start-up Manus. Beijing cited national security and illegal tech transfer concerns, effectively prohibiting foreign investment in the "agentic AI" leader, which was founded in Wuhan before relocating to Singapore. The intervention underscores a narrowing path for "Singapore-washing"--where Chinese start-ups move offshore to dodge geopolitical scrutiny--and leaves Meta searching for alternatives to Manus's highly touted autonomous agents, which had reportedly reached $100 million in annual recurring revenue before the deal.
Tech Drain Crackdown: The block follows reports that Chinese authorities restricted Manus's co-founders from leaving the country, highlighting Beijing's aggressive new stance against the hollowing out of its domestic AI talent pool. Autonomous Ambitions Stalled: Manus's tech is central to Meta's goal of moving beyond chatbots to AI "agents" that execute complex tasks; without it, Meta may fall behind in a race currently led by Microsoft (MSFT 0.80%) and Alphabet (GOOG +0.83%). Organon Agrees to $11.75B Sun Pharma Takeover 5:45 am -- OGN +14.74% in pre-market trading
Sun Pharmaceutical Industries has entered a definitive agreement to acquire Organon (OGN +0.00%) in an all-cash deal valued at $11.75 billion, including debt. The $14-per-share offer represents a 24% premium over Organon's Friday close and aims to transform Sun Pharma into a global top-10 player in both women's health and biosimilars. Spun off from Merck (MRK 0.97%) in 2021, Organon brings a massive portfolio spanning 140 countries, which Sun Pharma expects will push combined annual revenues to approximately $12.4 billion. While the deal significantly increases Sun Pharma's exposure to developed markets, the firm must now manage a pro forma net debt-to-EBITDA ratio of 2.3x while integrating a sprawling global manufacturing footprint.
Biosimilar Breakthrough: The acquisition serves as a strategic entry point for Sun Pharma into the high-growth biosimilars market, targeting a segment currently seeing increased demand as major biological patents expire. Leverage and Scale: Sun Pharma will fund the $11.75 billion enterprise value through cash and bank financing, betting that Organon's $1.9 billion in adjusted EBITDA will provide the cash flow necessary for rapid deleveraging.
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Bold Prediction: The First to a $10 Trillion Market Cap 5:00 am
At a recent Motley Fool One member event, Fool analyst Matt Argersinger shared a bold prediction for the next decade amid laughter and wows from the crowd. Agree or disagree with Matt's take? Let us know in the comments!
By Matt Argersinger
Team Rule Breakers
About 10 years ago, at one of these events, I remember being on a panel, and I think Tim Hanson was on the panel as well. And the question was: What's going to be the first U.S. company to hit a $1 trillion market capitalization?
Apple (AAPL 1.88%) was definitely the leader in the clubhouse. I went with Amazon (AMZN 2.12%)...
I was wrong. A few years later, Apple hit $1 trillion. And I said, you know what, I think Amazon is going to be the first to hit $2 trillion.
But nope. Apple did that as well. [laughter] Apple also hit the $3 trillion mark. And then Nvidia (NVDA 0.01%) hit the $4 trillion mark, and I think it hit $5 trillion last October.
So I'm here with a new prediction. [laughter]
Amazon is going to be the first to $10 trillion market capitalization. And I think it gets there within 10 years. But even if I'm wrong, Amazon will get there eventually. So, I feel good about making this call no matter what.
Before the Opening Bell 4:00am
Stock futures stalled Monday morning as investors weighed a breakthrough report from Axios that Tehran has proposed a two-stage plan to reopen the Strait of Hormuz and end the naval blockade. The offer, delivered via Pakistani mediators, seeks to prioritize maritime de-escalation while postponing nuclear negotiations--a move that would test President Trump's "no leverage" stance on uranium enrichment. Markets are entering a pivotal "Magnificent Seven" earnings week, with Microsoft (MSFT 0.80%), Alphabet (GOOG +0.83%), Meta (META 0.33%), and Amazon (AMZN 2.12%) all set to report on April 29. These results will serve as a critical gauge of whether AI infrastructure returns can sustain the S&P 500's recent climb to 7,137, especially as the Federal Reserve prepares for its penultimate meeting under Chair Jerome Powell before the transition to Kevin Warsh.
The Nuclear Standoff: While the proposal offers immediate relief to global energy supply, the U.S. continues to demand a 10-year suspension of uranium enrichment, a sticking point that crashed previous weekend negotiations in Islamabad. Tech Capex Under the Lens: Hyperscalers are projected to spend $645 billion on AI in 2026; Wednesday's deluge of reports will determine if Apple (AAPL 1.88%) and its peers can translate massive infrastructure investments into durable margin growth.
What are the smartest business moves of all time? Amazon's (AMZN 2.12%) decision to expand into cloud services has to rank near the top of the list. Amazon Web Services (AWS) now has an annualized revenue run rate of $150 billion. It generates nearly 60% of Amazon's total operating income.
Now, Amazon could be about to have a new AWS-like business on its hands. CEO Andy Jassy told analysts in his company's fiscal 2026 first-quarter earnings call that Amazon Leo, which will soon provide satellite internet services, is "reminiscent of AWS" in some ways. Given AWS's impact on Amazon's stock trajectory, investors should be paying close attention to the company's latest endeavor.
Image source: Getty Images.
A lot to like about Leo Amazon plans to launch its satellite internet service commercially in the third quarter of 2026. However, the company has already launched over 250 satellites. Amazon Leo has also already landed an impressive list of customers, including AT&T (T +2.41%), Delta Air Lines (DAL +1.16%), JetBlue (JBLU +0.80%), and NASA.
The pending acquisition of Globalstar (GSAT 0.18%) enabled Amazon Leo to pick up an especially important customer -- Apple (AAPL 1.88%). Leo will power satellite services for iPhones and Apple Watches using Globalstar's direct-to-device capabilities.
Amazon Leo will be a little late to the space party. Elon Musk's SpaceX owns Starlink, which provides satellite internet services to 10 million customers. However, Jassy noted in Amazon's Q1 earnings call that billions of people worldwide still don't have broadband access. He said, "I am very bullish about Amazon Leo and the opportunity there."
Jassy also thinks that Amazon Leo will have competitive advantages that differentiate it from Starlink. He stated in the Q1 call, "I think we will be about 2x better on the downlink than existing alternatives and about 6x better on the uplink performance than existing alternatives." Jassy added that Leo will also offer customers a cost advantage.
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Leo will give Amazon yet another growth engine. Jassy thinks that it "has a chance to be a very large, many-billion-dollar revenue business." Exactly how many billions of dollars in revenue Amazon Leo might eventually rake in remains to be seen. However, Fortune Business Insights projects that the global satellite internet market will increase by a compound annual growth rate of 17% to $33.4 billion by 2034.
Importantly, the economics of Amazon Leo are likely to improve with scale. Building satellite constellations is expensive. Once they're full deployed, though, adding new customers has only a small incremental cost. Leo's profits could soar over time.
Offering satellite internet services could also boost AWS' revenue. Jassy said that governments and enterprises say they want to store data from the satellite constellation in the cloud, perform analytics on it, and use it in AI models. As a result, he believes the combination of Amazon Leo and AWS will be "very compelling" to these customers.
Jassy told CNBC's Jim Cramer this week that Amazon Leo "completely changes what's possible for people in rural areas." He thinks that Amazon's e-commerce business will benefit from expanded internet access to rural customers. While Jassy didn't go into more detail, it's easy to envision how Amazon could make Leo more enticing to residential customers by bundling satellite internet with Prime Video or Amazon Music.
AWS déjà vu? Could Amazon Leo be another AWS? I wouldn't go that far. The market opportunity for Leo likely won't be as large as AWS's. However, there are striking similarities between the two businesses.
Most importantly, Amazon won't be an e-commerce stock with a cloud business going forward. It will instead be a global technology infrastructure stock that also happens to be the world's largest consumer discretionary company by market cap. This transition is definitely worthy of investors' attention.
COVINGTON, La.--(BUSINESS WIRE)--Globalstar, Inc. (Nasdaq: GSAT) (“Globalstar” or the “Company”) today announced its financial results for the first quarter ended March 31, 2026.
“We delivered strong operational and financial results in the first quarter, continuing the momentum we built entering 2026,” said Dr. Paul E. Jacobs, CEO of Globalstar. “Demand is growing across our government, defense, and private wireless businesses, reflecting the market's need for scalable, integrated solutions across both satellite and terrestrial based connectivity. Subsequent to the quarter end, we announced our entry into a merger agreement with Amazon, which we believe marks a significant milestone — one that validates the long-term strategy Globalstar has pursued for more than 30 years and positions us to deliver on the vision of connecting users and devices anywhere and anytime. Finally, Globalstar greatly appreciates the recent decision of the FCC’s Space Bureau regarding the exclusive nature of our licensed MSS spectrum.”
RECENT OPERATIONAL HIGHLIGHTS
Pending Mergers with Amazon.com, Inc.: On April 13, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Amazon.com, Inc. (“Amazon”), pursuant to which Amazon intends to acquire the Company, subject to the satisfaction of certain conditions (collectively, the “Mergers”). Globalstar satellites, radio frequency spectrum, and operational expertise will enable Amazon Leo to add direct-to-device services to future generations of its low Earth orbit satellite network. Globalstar stockholders will elect to receive for each share of Globalstar common stock they own either (i) $90.00 in cash or (ii) 0.3210 shares of Amazon common stock with a value capped at $90.00 per share. This consideration is subject to a proration mechanism that caps aggregate cash elections to a maximum of 40% of total outstanding Globalstar shares at the applicable effective time, and is subject to a downward adjustment of a maximum $110 million in the event Globalstar does not achieve certain operational milestones. Globalstar's majority stockholder and certain of its affiliated entities have approved the transaction by written consent. The Mergers are expected to close in 2027, subject to the satisfaction of certain closing conditions under the Merger Agreement, including required regulatory approvals.
Next-Generation Satellite Network Development: Complementing the replacement satellites for our second-generation constellation expected to be launched this year, our third-generation, or C-3, constellation comprised of over 50 satellites is designed to expand network capacity, enhance service durability, and position Globalstar to deliver reliable connectivity across its global footprint and support increasing demand for direct-to-device, IoT and enterprise applications. The regulatory foundation for Globalstar's expanding MSS was further strengthened in April, when the FCC's Space Bureau reaffirmed Globalstar's exclusive MSS operating rights in the Big LEO spectrum band, rejecting with prejudice requests by multiple satellite operators to share its licensed spectrum.
XCOM RAN Ecosystem Progress: Advanced the commercial momentum of XCOM RAN through the launch of an end-to-end 5G private network solution, including radios with Band n53 support, a core network, a management and orchestration module, and 5G supported routers.
Government and Defense Market Expansion: Expanded engagement across government and defense sectors, aligned with a broader market shift toward low size, weight, power, and cost (SWaP-C) technologies and significant IoT deployments. Globalstar’s satellite network and connectivity solutions are well suited to support distributed sensing, asset tracking, and autonomous systems operating in infrastructure-limited environments.
Market Alignment with Physical AI and Next-Generation Applications: Continued to align its technology portfolio with emerging trends in physical AI, where real-time data processing, automation, and intelligent systems require reliable, low-latency connectivity. Globalstar’s integrated satellite and private wireless capabilities position the Company to support these evolving use cases across industrial, enterprise, and government environments.
FIRST QUARTER FINANCIAL REVIEW
Revenue
Total revenue for the first quarter of 2026 was $70.1 million, including $66.7 million of service revenue and $3.4 million of revenue generated from subscriber equipment sales.
Service revenue increased $9.6 million, or 17%, primarily due to increased wholesale capacity services revenue, and revenue from subscriber equipment sales increased $0.4 million, or 13%, each compared to the prior year's first quarter.
The increase in service revenue associated with wholesale capacity services was primarily due to additional service fees associated with the reimbursement of network-related costs. Additionally, Commercial IoT service revenue increased due to growth in the subscriber base and favorable customer pricing, and government and other services revenue increased due to higher revenue associated with our service agreement with Parsons Corporation as we moved beyond the proof of concept phase in 2025 and into the first year of service.
The increase in revenue from subscriber equipment sales benefited from a higher volume of Commercial IoT and SPOT device sales.
Partially offsetting the increases discussed above were declines in Duplex and SPOT service revenue due to subscriber churn over the last twelve months.
Income (Loss) from Operations
Income from operations was $8.2 million during the first quarter of 2026, compared to loss from operations of $8.5 million during the prior year's first quarter. This improvement was due to higher revenue (discussed above) as well as a decrease in total operating expenses.
The decrease in operating expenses was due to a noncash disposal of assets recognized during the first quarter of 2025 that did not recur in 2026 as well as lower stock-based compensation and depreciation expense. Partially offsetting these decreases were higher cost of services and marketing, general and administrative (“MG&A”) expenses. Higher cost of services resulted primarily from network operating costs to support the build out of our next-generation ground network infrastructure, a significant portion of which are reimbursed to us and recognized as revenue. MG&A expenses were higher than the prior year's first quarter due primarily to personnel costs and increased legal fees due to transaction costs related to the Mergers. Also contributing to the increase in cost of services and MG&A expenses was the recognition of employee retention credits received in the first quarter of 2025 that did not recur in 2026.
Net Loss
Net loss was $17.4 million for the first quarter of 2026, compared to $17.3 million for the prior year's first quarter. The slight increase was due to higher interest expense resulting from our recognition of non-cash imputed interest related to the 2024 Prepayment Agreement (as defined in our periodic reports) as well as net foreign currency losses due to the remeasurement of intercompany balances, offset partially by a favorable change in income from operations (discussed above).
Adjusted EBITDA
Adjusted EBITDA was $33.5 million during the first quarter of 2026 compared to $30.4 million during the prior year's first quarter. Higher revenue was partially offset by an increase in operating expenses (excluding adjustments for non-cash or non-recurring items) due to investment in growth opportunities. Specifically, while we continue to enhance and develop our XCOM RAN product and service offerings, we incur costs, primarily for personnel, in advance of significant revenue.
Adjusted EBITDA is a non-GAAP financial measure. For more information, refer to “Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA.”
Liquidity
As of March 31, 2026, we held cash and cash equivalents of $358.4 million, compared to $447.5 million as of December 31, 2025.
During the first quarter of 2026, net cash flows generated from operations were $35.2 million, capital expenditures were $116.4 million and net cash flows used in financing activities were $8.0 million. Cash and cash equivalents were also positively impacted by a $0.2 million effect of exchange rate changes. Operating cash flows included cash flows generated from the business and a $7.5 million accelerated service fee payment from the Customer pursuant to the Updated Services Agreements. Capital expenditures were primarily associated with our commitments under the Updated Services Agreements related to the deployment of the replacement satellites and Extended MSS Network.
Adjusted free cash flow during the first quarter of 2026 was $28.9 million compared to $47.6 million during the same period in 2025. This decrease was primarily due to the timing of cash receipts pursuant to the Updated Services Agreements — $7.5 million in accelerated service fees were paid to us during the first quarter of 2026 compared to $22.5 million during the first quarter of 2025. Adjusted free cash flow is a non-GAAP financial measure. For more information, refer to “Reconciliation of Non-GAAP Adjusted Free Cash Flow.”
The principal amount of our debt was $403.8 million at March 31, 2026, compared to $410.0 million at December 31, 2025. This decrease was due to the final recoupment of $6.3 million under the 2021 Funding Agreement.
In connection with the Merger Agreement, the Company and Customer entered into an amendment to the 2024 Prepayment Agreement, pursuant to which the parties increased the maximum amount of the High Power Infrastructure Prepayment Balance (as defined in the 2024 Prepayment Agreement) by approximately $468 million to an aggregate maximum Infrastructure Prepayment amount of approximately $1.6 billion.
Capitalized terms not defined herein have the meaning given to such terms in our periodic reports.
SUSPENSION OF FINANCIAL OUTLOOK AND CONFERENCE CALLS
In connection with the pending Mergers with Amazon.com, Inc., Globalstar does not intend to hold future earnings conference calls or provide updates to forward-looking guidance.
About Globalstar, Inc.
Globalstar is a global telecommunications provider connecting what matters most. Through our industry-leading low Earth orbit (LEO) satellite constellation and licensed Band 53/n53 spectrum, we deliver reliable satellite and terrestrial connectivity solutions that empower customers worldwide to connect, transmit, and communicate smarter.
Our comprehensive connectivity ecosystem includes software-defined, purpose-built private wireless network platform, coupled with Globalstar Band 53™ in XCOM RAN™ and trusted GPS messengers Saved by SPOT™ for safety and personal communication for business and enterprise applications.
Serving business, enterprise, and consumer markets across the globe, Globalstar supports applications that track and protect assets, enable automation, enhance operational efficiency, and safeguard lives. With unmatched reach and a relentless focus on innovation, and mission-critical performance, we're redefining what's possible for global connectivity.
Note that all SPOT products described in this press release are the products of SPOT LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.
For more information, visit www.globalstar.com.
Cautionary Statement About Forward-Looking Statements
Certain statements contained in this press release other than purely historical information, including, but not limited to, estimates, projections or statements relating to regarding the Mergers, future revenue, financial performance, financial condition, liquidity, adjusted free cash flow, projections, estimates and guidance, statements relating to our business plans, objectives and expected operating results, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives) and the completion and launch of new satellites, our expectations regarding the outcomes of regulatory and licensing proceedings, the expected growth prospects of our existing customers and the markets that we serve, our expectations relating to the impact of trade policies (including tariffs), our expectations about our ability to integrate the licensed technology into our current line of business, the expected benefits of the updated services agreements, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” "might," "could," “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Risks and uncertainties that could cause or contribute to such differences include, without limitation, our ability to complete the Mergers on the anticipated terms and timing, or at all, including obtaining required regulatory approvals and the satisfaction of other conditions to the completion of the Mergers, potential litigation relating to the Mergers, including the effects of any outcomes related thereto, the risk that disruptions from the Mergers (such as the ability of certain of our customers to terminate or amend contracts upon a change of control, or to withhold consent to such change of control) will harm our business, including current plans and operations, our ability to retain and hire key personnel, the diversion of management’s time and attention from ordinary course business operations, potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Mergers, contractual provisions that may impact our ability to pursue certain business opportunities or strategic transactions during the pendency, and/or following the completion of, the Mergers, the occurrence of any event, change, or other circumstance that could give rise to the termination of the Mergers, including in circumstances requiring us to pay a termination fee under the Merger Agreement, our ability to meet our obligations to attain the anticipated benefits under the Updated Services Agreements (as defined herein) and avoid the potential adjustment of the Merger Consideration (as defined herein) if we fail to meet certain milestones based on the Company's agreements with the Customer, and those described under Item 1A. Risk Factors of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and as updated in the Company’s other filings with the SEC. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release to reflect actual results, future events or circumstances or changes in our assumptions, business plans or other changes.
This press release contains measures such as EBITDA, Adjusted EBITDA, and Adjusted free cash flow, which are not recognized under U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to amounts reported in the Company’s consolidated financial statements are provided in this press release. For forward-looking Adjusted EBITDA margin, the Company is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods and the information needed to reconcile these measures is dependent upon future events, many of which are outside of our control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.
GLOBALSTAR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2026
2025
Revenue:
Service revenue
$
66,701
$
57,067
Subscriber equipment sales
3,363
2,965
Total revenue
70,064
60,032
Operating expenses:
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below)
23,433
18,625
Cost of subscriber equipment sales
2,467
2,047
Marketing, general and administrative
14,828
11,589
Stock-based compensation
2,705
6,957
Reduction in the value and disposal of long-lived assets
64
7,038
Depreciation, amortization, and accretion
18,397
22,277
Total operating expenses
61,894
68,533
Income (loss) from operations
8,170
(8,501
)
Other income (expense):
Interest income and expense, net of amounts capitalized
(19,814
)
(7,945
)
Foreign currency (loss) gain
(1,621
)
4,106
Derivative loss and other (expense) income
(2,558
)
(413
)
Total other expense
(23,993
)
(4,252
)
Loss before income taxes
(15,823
)
(12,753
)
Income tax expense
1,597
4,578
Net loss
$
(17,420
)
$
(17,331
)
Net loss attributable to common shareholders
(20,035
)
(19,946
)
Net loss per common share:
Basic (1)
$
(0.16
)
$
(0.16
)
Diluted (1)
(0.16
)
(0.16
)
Weighted-average shares outstanding:
Basic (1)
128,417
126,476
Diluted (1)
128,417
126,476
GLOBALSTAR, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and share data)
(Unaudited)
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
358,448
$
447,471
Accounts receivable, net of allowance for credit losses of $1,244 and $1,468, respectively
19,762
19,976
Inventory
10,078
9,614
Prepaid expenses and other current assets
18,257
19,667
Total current assets
406,545
496,728
Property and equipment, net
1,428,703
1,305,458
Operating lease right of use assets, net
67,005
66,698
Prepaid network costs
217,836
198,375
Derivative asset
111,859
114,461
Intangible and other assets, net of accumulated amortization of $14,128 and $12,511, respectively
145,519
144,545
Total assets
$
2,377,467
$
2,326,265
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
42,400
$
31,835
Accounts payable and accrued expenses
72,586
56,022
Accrued network construction costs
84,328
55,218
Payables to affiliates
176
391
Deferred revenue, net
54,016
62,020
Total current liabilities
253,506
205,486
Long-term debt
432,161
451,953
Operating lease liabilities
54,315
54,549
Deferred revenue, net
837,654
806,930
Other non-current liabilities
457,015
451,618
Total non-current liabilities
1,781,145
1,765,050
Total liabilities
2,034,651
1,970,536
Stockholders’ equity:
Series A Perpetual Preferred Stock of $0.0001 par value; 300,000 shares authorized and 149,425 issued and outstanding at March 31, 2026 and December 31, 2025, respectively
—
—
Voting Common Stock of $0.0001 par value; 143,333,334 shares authorized; 128,591,126 and 128,050,400 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
13
13
Additional paid-in capital
2,491,695
2,489,227
Accumulated other comprehensive income
5,325
3,286
Retained deficit
(2,154,217
)
(2,136,797
)
Total stockholders’ equity
342,816
355,729
Total liabilities and stockholders’ equity
$
2,377,467
$
2,326,265
GLOBALSTAR, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2026
2025
Net loss
$
(17,420
)
$
(17,331
)
Interest income and expense, net
19,814
7,945
Derivative loss
2,602
427
Income tax expense
1,597
4,578
Depreciation, amortization, and accretion
18,397
22,277
EBITDA (1)
24,990
17,896
Non-cash compensation
2,705
6,957
Foreign exchange and other
1,576
(4,120
)
Reduction in the value and disposal of long-lived assets
64
7,038
Non-cash expenses associated with the License Agreement (2)
920
1,879
Transaction costs
3,237
702
Adjusted EBITDA (1)
$
33,492
$
30,352
GLOBALSTAR, INC.
SCHEDULE OF SELECTED OPERATING METRICS
(In thousands, except subscriber and ARPU data)
(Unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
Service revenue:
Wholesale capacity services
$
46,267
$
36,709
Subscriber services
Commercial IoT
7,450
6,580
SPOT
8,655
9,371
Duplex
2,576
3,452
Government and other services
1,753
955
Total service revenue
66,701
57,067
Subscriber equipment sales
3,363
2,965
Total revenue
$
70,064
$
60,032
Three Months Ended
March 31, 2026
March 31, 2025
Average subscribers
Commercial IoT
565,844
523,349
SPOT
211,115
229,512
Duplex
16,786
23,189
Other
204
249
Total
793,949
776,299
ARPU (1)
Commercial IoT
$
4.39
$
4.19
SPOT
13.67
13.61
Duplex
51.15
49.62
GLOBALSTAR, INC.
RECONCILIATION OF NON-GAAP ADJUSTED FREE CASH FLOW
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2026
March 31,
2025
Net cash provided by operating activities (1)
$
35,227
$
51,864
Less: capital expenditures, excluding reimbursable network purchases (2)
Globalstar (GSAT - Free Report) came out with a quarterly loss of $0.16 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to a loss of $0.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -966.67%. A quarter ago, it was expected that this satellite communications company would post earnings of $0.01 per share when it actually produced a loss of $0.07, delivering a surprise of -800%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Globalstar, which belongs to the Zacks Satellite and Communication industry, posted revenues of $70.06 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.81%. This compares to year-ago revenues of $60.03 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Globalstar shares have added about 34.3% since the beginning of the year versus the S&P 500's gain of 7.6%.
What's Next for Globalstar?While Globalstar has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Globalstar was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is breakeven on $72.82 million in revenues for the coming quarter and $0.03 on $298.25 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Satellite and Communication is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Satellogic Inc. (SATL - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 12.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +68.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Satellogic Inc.'s revenues are expected to be $6.44 million, up 90% from the year-ago quarter.
The mission will support Globalstar’s current-generation LEO constellation; live launch coverage available online
COVINGTON, La.--(BUSINESS WIRE)--Globalstar (NASDAQ: GSAT), a next-generation telecommunications infrastructure and technology provider, today announced that Globalstar’s HIBLEO-4 replenishment satellites will launch on a SpaceX Falcon 9 rocket on Sunday, May 17 during a 14-minute window that opens at 8:50 a.m. ET, from Cape Canaveral Space Force Station in Florida.
The satellites are designed to help replenish Globalstar’s existing low Earth orbit constellation, supporting continued network resilience and service reliability across the company’s satellite communications offerings.
The launch is part of Globalstar’s ongoing investment in its current-generation satellite infrastructure as the company continues advancing its broader network roadmap.
“This launch represents another important step in sustaining and strengthening the infrastructure our customers rely on every day,” said Dr. Paul E. Jacobs, Chief Executive Officer, Globalstar. “As we continue executing our long-term strategy, replenishing our existing constellation remains a critical part of delivering resilient satellite services around the world.”
Additional launch updates will be shared as they become available. A live mission webcast will be available on spacex.com/launches beginning approximately 15 minutes before liftoff.
About Globalstar, Inc.
Globalstar is a global telecommunications provider connecting what matters most. Through our industry-leading low Earth orbit (LEO) satellite constellation and licensed Band 53/n53 spectrum, we deliver reliable satellite and terrestrial connectivity solutions that empower customers worldwide to connect, transmit, and communicate smarter.
Our comprehensive connectivity ecosystem includes software-defined, purpose-built private wireless network platform, coupled with Globalstar Band 53 in XCOM RAN™ and trusted GPS messengers Saved by SPOT™ for safety and personal communication for business and enterprise applications.
Serving business, enterprise, and consumer markets across the globe, Globalstar supports applications that track and protect assets, enable automation, enhance operational efficiency, and safeguard lives. With unmatched reach and a relentless focus on innovation, and mission-critical performance, we're redefining what's possible for global connectivity.
COVINGTON, La.--(BUSINESS WIRE)--Globalstar (NASDAQ: GSAT), a next-generation telecommunications infrastructure and technology provider, today announced that the planned May 17 launch of its HIBLEO-4 replenishment satellites with SpaceX has been postponed to allow more time for Globalstar teams to prepare the satellites for launch. A new launch date will be shared once confirmed. The mission remains focused on replenishing Globalstar's existing low Earth orbit constellation in support of contin.
Prediction market traders on Polymarket now assign a 92% probability that SpaceX completes its IPO by June 30, 2026, with a $1.5 trillion-plus valuation in play. That puts the Procure Space ETF (NYSEARCA:UFO) in an unusual spot for a $749 million niche fund. UFO is the cleanest publicly listed expression of the space economy that does not stuff large defense primes into the basket to dilute the pure plays, and the market has noticed. Shares are up 130% over the trailing year and 45% year-to-date.
The thesis is straightforward. SpaceX functions as the sector anchor the way leading AI chipmakers did for AI infrastructure. When the benchmark name prints a public valuation, the comparables get repriced whether they deserve it or not.
The fund and what it owns UFO tracks the S-Network Space Index and concentrates at least 80% of weight in companies that derive most of their revenue from space-related industries. Top positions include Planet Labs (NYSE:PL) at 6.16%, Viasat (NASDAQ:VSAT) at 5.9%, and Globalstar (NASDAQ:GSAT) at 5.28%. Satellite communications, GPS, and connectivity providers round out the top ten. Space stocks in the “Industrials” sector constitute 47% of the fund, with 34.6% in the “Communication” sector. UFO has 71% US exposure and meaningful slices in Japan, Canada, and Luxembourg. The structure was a little different by the end of last year, but what matters is that UFO is as pure-play as it gets to a space startup ETF.
The defense conglomerate ballast is missing here. Most thematic space funds smuggle in large aerospace primes, which dampens upside if a SpaceX listing ignites the pure plays. UFO leaves that exposure out, which is the entire reason to own it over a generic aerospace fund.
Does it deliver Recent performance argues yes. But step back and the picture is less flattering. The five-year return is 117%, which trails the S&P 500 over the same window before you account for dividends. So for most of its existence, UFO was a worse way to own the market than just owning the market. The story changed in the past twelve months when SpaceX IPO speculation actually became actionable, with the company filing its confidential S-1 in early April 2026.
Retail sentiment confirms the rotation. One top holding’s Reddit sentiment score sits at 70.20, with an r/wallstreetbets post titled “Up 1.2 million. Still holding. Still buying. $RKLB” drawing nearly 800 upvotes. Another satellite-connectivity name’s FCC commercial approval for its 248-satellite constellation kept sentiment in the bullish range for weeks.
The tradeoffs Expense drag. The 0.94% expense ratio is steep for a thematic fund. Broad sector ETFs run a fraction of that, and you pay UFO‘s fee on holdings that already trade at growth multiples. But again, the growth this ETF gives you outweighs that drag massively. I’d be comfortable paying a near-1% expense ratio if it meant that I didn’t have to juggle dozens of AI holdings. Volatility you have to stomach. Several top holdings have logged five 40-55% drawdowns since January 2025 by the community’s own count. UFO’s small AUM means liquidity thins out in panic windows. The catalyst is partly priced in. Polymarket gives near-certain odds of a SpaceX listing by year-end, and UFO has already moved 50% this year on that anticipation. Buying for an event the crowd has identified is buying after the easier money. Who this fits UFO fits investors who want concentrated exposure to small and mid-cap space operators going into the SpaceX listing and accept this is a thematic vehicle, not a core holding. A 3-5% sleeve makes sense if you buy the argument that a SpaceX benchmark valuation drags the fund’s pure-play holdings higher with it. Investors who want diversified aerospace with defense ballast should look at a broad aerospace and defense ETF. And anyone counting on the catalyst firing on a specific date should remember the prediction markets are already there, which means the easy 142% has been claimed. Shares are $57 today. The next leg depends on whether a publicly traded SpaceX really does rerate the comparables, or whether retail has already done that work for them.
While Starlink soaks up every space headline, two publicly traded satellite operators have quietly turned niche networks into real businesses. I’ve been tracking these names for years, and the setup in 2026 is the most interesting it has ever been: one is being acquired by Amazon (NASDAQ:AMZN | AMZN Price Prediction), the other is up triple digits year to date and barely talked about. Here’s how I’m thinking about the investable case for both.
The backdrop matters. Global IoT connected devices were roughly 22 billion in 2025 and are forecasted to reach 47 billion by 2031, and the U.S. Space Force alone is putting $9.8 billion into Satellite Communication inside a $59.7 billion FY2027 space budget. Mega-constellations grab the spotlight, but specialized operators with licensed spectrum and defense ties are the picks-and-shovels layer underneath.
Iridium: The Profitable L-Band Quiet Compounder Iridium Communications (NASDAQ:IRDM) runs the global L-band network that powers defense radios, aviation safety, maritime IoT, and now PNT services through its 2024 Satelles acquisition. The stock is up 200% year to date to $51.78, yet it still trades at a forward P/E of 47 on $876 million in trailing revenue.
The story is government plus IoT. Engineering and Support for Government rose 10% in Q1 2026 to $39.47 million on Space Development Agency work, and commercial IoT data climbed 5% with the total subscriber base reaching 2.56 million. CEO Matt Desch said “we continue to invest in key areas of differentiation… including IoT, PNT, national security missions and aviation safety services.”
You’d want to own Iridium if you believe defense spectrum and machine-to-machine connectivity become more valuable as constellations multiply. If you think mega-constellations commoditize satellite voice and data, the thesis weakens.
Globalstar: Apple’s Silent Partner, Now Amazon’s Target Globalstar (NASDAQ:GSAT) is the satellite layer behind Apple (NASDAQ:AAPL)’s iPhone emergency SOS. In April 2026, Amazon announced a definitive merger at $90.00 per share, folding Globalstar into Amazon Leo’s direct-to-device ambitions. Shares closed at $84.21, up 350% over one year.
The operating picture supports the premium. Q1 2026 revenue rose 17% to $70 million, with wholesale capacity services climbing to $46 million from $37 million and operating income up 196% to $8.17 million. CEO Paul Jacobs said the deal “validates the long-term strategy Globalstar has pursued for more than 30 years.”
The risk is real: up to $110 million of merger consideration can be clawed back if operational milestones slip, and the spread to $90 is the trade.
The Quiet Trade Behind the Loud One Starlink owns the narrative. Iridium and Globalstar own licensed spectrum, defense contracts, and embedded customer relationships that mega-constellations cannot replicate overnight. One is a cash-generative compounder; the other is a near-term arbitrage with optionality on Amazon’s roadmap. Both are publicly tradeable ways to plug a portfolio into space without paying the Starlink premium that does not yet exist on a ticker.
April 02, 2026 06:00 ET | Source: Global Net Lease, Inc.
NEW YORK, April 02, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (“GNL” or the “Company”) today announced that Sue Perrotty and Governor Edward Rendell have decided to retire from the Company’s Board of Directors (the “Board”) effective immediately following the 2026 Annual Meeting of Stockholders and will not stand for re-election at the Annual Meeting.
"On behalf of the Board, I want to thank Sue and Governor Rendell for their contributions to GNL during their 11 and 14 years of dedicated service, respectively, particularly their leadership guiding the Company through the merger and internalization in 2023. We wish them both the very best in the future,” said Rob Kauffman, Non-Executive Chairperson of the Board.
In connection with the retirements, the Board has determined that, effective following the 2026 Annual Meeting of Stockholders, if all the Board’s eight nominees are elected, the Board will consist of eight members going forward.
About Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded internally managed real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.
Important Notice
The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated composition of the Board following the 2026 Annual Meeting of Stockholders. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
Aberdeen Group plc increased its holdings in shares of Global Net Lease, Inc. (NYSE:GNL – Free Report) by 27.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 308,042 shares of the financial services provider’s stock after acquiring an additional 66,657 shares during the period. Aberdeen Group plc owned about 0.14% of Global Net Lease worth $2,649,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of GNL. Eastern Bank acquired a new position in Global Net Lease during the 3rd quarter worth $33,000. Aventura Private Wealth LLC acquired a new position in Global Net Lease during the 4th quarter worth $44,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Global Net Lease by 180.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,953 shares of the financial services provider’s stock worth $45,000 after buying an additional 3,830 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of Global Net Lease in the 3rd quarter valued at $61,000. Finally, Promus Capital LLC acquired a new position in shares of Global Net Lease in the 3rd quarter valued at $62,000. 61.19% of the stock is currently owned by institutional investors.
Global Net Lease Trading Up 1.0% Global Net Lease stock opened at $9.65 on Friday. Global Net Lease, Inc. has a 52 week low of $6.66 and a 52 week high of $10.04. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.09 and a current ratio of 0.09. The stock has a market capitalization of $2.05 billion, a P/E ratio of -8.10 and a beta of 1.09. The stock has a 50-day simple moving average of $9.51 and a 200 day simple moving average of $8.71.
Global Net Lease Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Monday, April 13th will be issued a dividend of $0.19 per share. The ex-dividend date is Monday, April 13th. This represents a $0.76 dividend on an annualized basis and a yield of 7.9%. Global Net Lease’s dividend payout ratio (DPR) is presently -63.87%.
Analyst Upgrades and Downgrades GNL has been the topic of a number of analyst reports. Citizens Jmp increased their price target on Global Net Lease from $9.00 to $10.00 and gave the company a “market outperform” rating in a research note on Monday, January 12th. Wall Street Zen cut Global Net Lease from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Cantor Fitzgerald upgraded Global Net Lease to a “strong-buy” rating in a report on Wednesday, February 4th. Finally, Citigroup reiterated an “outperform” rating on shares of Global Net Lease in a report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Global Net Lease presently has an average rating of “Buy” and a consensus price target of $10.00.
Check Out Our Latest Research Report on Global Net Lease
Global Net Lease Company Profile (Free Report)
Global Net Lease (NYSE: GNL) is a real estate investment trust (REIT) that focuses on acquiring and managing a diversified portfolio of single-tenant, net-lease commercial properties. The company’s business model centers on establishing long-term, triple-net leases with creditworthy tenants, enabling the pass-through of property operating expenses while aiming to provide predictable rental income and stable cash flows. Global Net Lease’s portfolio spans retail, industrial, office and light-industrial assets, each selected for its strategic location and tenant credit quality.
Since launching its initial public offering in April 2016, Global Net Lease has built a presence in key markets throughout the United States and Western Europe.
Featured Articles Five stocks we like better than Global Net Lease Want to see what other hedge funds are holding GNL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Global Net Lease, Inc. (NYSE:GNL – Free Report).
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Global Net Lease's AFFO guidance for 2026 will see its dividend coverage projected to dip to 108% from 116%, with the REIT currently paying out an 8% yield. The REIT received an investment-grade rating of 'BBB-' from Fitch on the sustained reduction of debt since 2024. Around $2.2 billion of debt has been repaid. GNL's Series A preferred shares offer a comparable yield to the common shares with less downside risk if the common dividend is cut.
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NEW YORK & DENVER--(BUSINESS WIRE)--Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) and Modiv Industrial, Inc. (NYSE: MDV) (“Modiv”) announced today that the two companies have entered into a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valued at an enterprise value of approximately $535 million. The transaction, once completed, will provide GNL with an attractive portfolio of high-quality mission-critical industrial properties across the United States while also providing Modiv stockholders with an immediate 25% expected increase in annual dividends and the opportunity to participate in the future growth of the combined company.
The transaction is expected to be immediately 4% accretive to GNL’s AFFO per share while remaining leverage neutral, fully preserving GNL’s balance sheet strength and financial flexibility. GNL intends to fully repay all of Modiv’s existing balance sheet debt and pay off Modiv’s preferred stock using its Revolving Credit Facility and cash on hand, requiring no external capital to complete the transaction.
Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, holders of Modiv common stock and operating partnership units (“OP units”) will receive 1.975 newly-issued shares of GNL common stock or OP units for each share of Modiv common stock or OP unit they hold at the closing of the transaction, representing a total consideration of approximately $18.82 per Modiv share based on GNL’s closing share price as of May 1, 2026. This represents a 17% premium to Modiv’s closing share price on May 1, 2026, the last full trading day prior to the transaction announcement, and a 28% premium to Modiv’s unaffected share price prior to its January 20, 2026 strategic update. Upon the closing of the transaction, existing GNL stockholders are expected to own approximately 89% of the combined company and Modiv stockholders are expected to own approximately 11%.
“We believe this transaction is a compelling opportunity for GNL to expedite our transition to earnings growth in 2026 following the completion of our deleveraging initiative while continuing to reduce our office exposure,” said Michael Weil, CEO of GNL. “Modiv has thoughtfully assembled a high-quality portfolio of industrial net-lease assets that provide durable and predictable cash flows that align well with our objectives of enhancing earnings and long-term portfolio quality. We anticipate Modiv’s portfolio will integrate seamlessly with our existing portfolio given its weighted-average lease term of 15.0 years1, 45% investment-grade tenants2, and 2.4% annual rent escalations2. Importantly, we expect the transaction to be immediately accretive to earnings as well as leverage-neutral while further broadening the diversification and depth of our platform. We look forward to welcoming Modiv stockholders, who will receive GNL shares offering a highly attractive dividend yield, enhanced trading liquidity as part of a larger and more broadly followed platform, and long-term value creation driven by increased scale and earnings growth. We believe GNL represents a compelling opportunity, delivering both immediate income and meaningful upside as we execute on our growth strategy.”
Rob Kauffman, Non-Executive Chairperson of the GNL Board, added, “This is a compelling transaction that we believe strengthens GNL’s portfolio and accelerates our path to long-term earnings growth. Modiv’s high-quality net lease industrial portfolio is an excellent fit for GNL, and we expect this combination will generate meaningful long-term value for stockholders of both companies.”
Aaron Halfacre, President and Chief Executive Officer of Modiv, added, “We have long believed that our portfolio’s quality was historically mispriced by the marketplace and that we would be receptive if someone sought to close the value gap sooner than we could. Over the past year, Modiv attracted substantial interest from a range of suitors, including multiple unsolicited offers, but GNL distinguished itself through the long-term opportunity this transaction creates. I personally believe this transaction represents the best opportunity for Modiv investors to not only receive compelling value today (even before considering the tax advantages of a stock-for-stock deal), but allows us the opportunity to participate in future upside as continuing investors in GNL. Upon closing, this transaction is expected to result in a 25% increase in annual dividend income, paid quarterly, to existing Modiv investors (we will continue to pay our monthly dividend until closing). With a stronger balance sheet alongside true daily liquidity, I believe this transaction is in the best long-term interests of our stockholders, given the meaningful synergies expected and the enhanced scale and capabilities of the combined company. We believe GNL’s recent transformation has created an outstanding platform for durable growth, increasing institutional visibility and lowering its cost of capital. As a future GNL stockholder electing to roll over my entire position, I am confident the combined portfolio will thrive under Michael Weil and GNL’s leadership.”
Thomas H. Nolan, Jr., Chairman of the Board of Modiv, further added, “After a thorough and disciplined review process, our Board unanimously determined that this transaction represents the best outcome for our stockholders. It is also a clear validation of the strength of our platform and the exceptional execution of our management team, who have built a high-quality portfolio that naturally aligns with a larger, well-capitalized REIT. We are confident this combination positions the assets and stakeholders for continued success.”
Summary of Strategic Benefits:
Immediate 4% AFFO per Share Accretion: GNL expects that the transaction will immediately be 4% accretive to AFFO per share. The transaction is expected to result in the elimination of duplicative G&A expenses and other cost synergies, totaling approximately $6 million of identified synergies expected to be captured annually. Leverage-Neutral Transaction Maintains Balance Sheet and Liquidity Strength: The all-stock transaction was structured to be leverage-neutral, preserving GNL’s balance sheet strength and financial flexibility. This transaction structure is expected to provide GNL with significant capacity to invest in strategic growth initiatives and continue to drive leverage down over the long-term. High-Quality Industrial Net Lease Portfolio: GNL will be acquiring a high-quality net lease portfolio concentrated in mission-critical industrial assets, supported by an attractive weighted average lease term of 15.0 years1 and 2.4% average annual rent escalations2. This long-duration lease profile is expected to extend GNL’s weighted average lease term from 6.1 years as of December 31, 2025 to 7.0 years1 on a pro forma basis and enhance GNL’s portfolio durability and cash flow visibility. Modiv’s portfolio features a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade rated tenants3. Strengthens Portfolio Quality and Diversification: The acquisition will further strengthen GNL’s overall portfolio mix by significantly increasing exposure to high-quality mission-critical industrial assets while meaningfully reducing office concentration. Modiv’s portfolio is geographically well-diversified, providing exposure to key industrial markets across the United States, which is expected to enhance GNL’s overall portfolio resilience and stability. Enhanced Platform to Support Long-Term Growth: The transaction, once completed, will enhance GNL’s overall scale, diversification, and capital flexibility, which is anticipated to position GNL’s platform to more efficiently access capital, pursue strategic investments, and support sustainable long-term growth and value creation. Leadership and Organization
There are no anticipated changes to GNL’s executive management team or Board of Directors in connection with the transaction.
Closing and Transaction Details
Completion of the transaction, which is expected in the third quarter of 2026, is subject to customary closing conditions, including the approval of Modiv stockholders. No approval of GNL stockholders will be required in connection with the transaction.
As a result of today’s announcement, Modiv does not plan to file its customary earnings release and supplemental information or to host a conference call to discuss its financial results for the quarter ended March 31, 2026 or subsequent quarters.
Advisors
BMO Capital Markets is acting as sole financial advisor to GNL and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Greenberg Traurig, LLP are serving as legal counsel to GNL.
Truist Securities is acting as sole financial advisor to Modiv and Morrison & Foerster LLP and Venable LLP are serving as legal counsel to Modiv.
About Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income-producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.
About Modiv Industrial, Inc.
Modiv Industrial, Inc. is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. Modiv actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. For more information, please visit www.modiv.com.
Footnotes
[1] Metric based on square feet as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.
[2] Metric based on Annual Base Rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.
[3] Investment Grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant's obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Based on Annual Base Rent and as of December 31, 2025, Modiv’s portfolio was 23% actual investment grade rated, and 22% implied investment grade rated.
Additional Information and Where to Find It
In connection with the transaction, GNL intends to file with the U.S. Securities and Exchange Commission (the “SEC”), a registration statement on Form S-4 (the “Registration Statement”), which will include a preliminary proxy statement of Modiv as well as a preliminary prospectus relating to the offer of securities to be issued to the stockholders of the Modiv (the “Proxy Statement/Prospectus”). After the Registration Statement is declared effective, a definitive proxy statement and other relevant documents will be mailed to stockholders of Modiv as of the record date to be established for voting on the transaction and other matters as described in the Proxy Statement/Prospectus. GNL and Modiv will also file other documents regarding the transaction with the SEC. This press release does not contain all of the information that should be considered concerning the transaction and is not intended to form the basis of any investment decision or any other decision in respect of the transaction.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, MODIV STOCKHOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/ PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH MODIV’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS STOCKHOLDERS TO BE HELD TO APPROVE THE TRANSACTION AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, MODIV AND THE TRANSACTION.
Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or to be filed with the SEC by GNL, without charge, once available, on the SEC’s website at www.sec.gov, or by directing a request to: Global Net Lease, Inc., 650 Fifth Avenue, 30th Floor, New York, New York 10019, or by email at [email protected]. Copies of the documents filed or to be filed with the SEC by Modiv will be available, without charge, on Modiv’s website at www.modiv.com.
Participants in the Solicitation
GNL, Modiv and their respective directors and executive officers may be deemed participants under SEC rules in the solicitation of proxies from Modiv’s stockholders in connection with the transaction.
Information regarding GNL’s directors and executive officers, including information regarding their interests in the transaction and their ownership of GNL’s securities, is available in GNL’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 25, 2026 (the “GNL 2025 Annual Report”), and GNL’s proxy statement, dated April 7, 2026, for its 2026 annual meeting of stockholders (the “GNL 2026 Proxy”), which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of GNL’s securities by GNL’s directors or executive officers from the amounts described in the GNL 2026 Proxy have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the GNL 2026 Proxy and are available at the SEC’s website at www.sec.gov. Information regarding Modiv’s directors and executive officers, including information regarding their interests in the transaction and their ownership of Modiv’s securities, is available in Modiv’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 25, 2026, and the amendment thereto on Form 10-K/A, filed with the SEC on April 30, 2026 (the “Modiv 2025 Annual Report”), which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of Modiv’s securities by Modiv’s directors or executive officers from the amounts described in the Modiv 2025 Annual Report have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the Modiv 2025 Annual Report and are available at the SEC’s website at www.sec.gov. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Modiv’s stockholders in connection with the transaction will be set forth in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC when they become available. Investors should read the Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from GNL or Modiv using the sources indicated above.
No Offer or Solicitation
This press release is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the transaction and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of GNL or Modiv, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended (the “Securities Act”) or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the transaction and the parties thereto. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the transaction between GNL and Modiv; the anticipated benefits and timing of the transaction, GNL’s future financial performance; and other statements regarding management’s intentions, beliefs, or expectations with respect to the GNL’s future performance following the consummation of the transaction, are forward-looking statements.
Forward-looking statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking.
These forward-looking statements are based on the current expectations and assumptions of GNL and Modiv and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: (1) GNL’s or Modiv’s continued qualification as a REIT under the Internal Revenue Code of 1986, as amended (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (3) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the transaction and any definitive agreements with respect thereto; (4) the inability to complete the transaction, including due to failure to obtain approval of the stockholders of Modiv or other conditions to closing; (5) the risk that the transaction disrupts GNL’s current plans, business relationships, performance, operations and business generally as a result of the announcement and consummation of the transaction; (6) the risk that the price of GNL’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, geopolitical tensions, and macro-economic and social environments affecting its business; (7) the ability to recognize the anticipated benefits of the transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (8) costs related to the transaction; (9) changes in applicable laws or regulations; (10) risks related to GNL and Modiv’s business, including client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments, re-leasing uncertainties, and potential damages from natural disasters; competition, impairments in the value of real estate assets; changes in domestic and foreign income tax laws and rates; and (11) other risks detailed from time to time in GNL or Modiv’s filings with the SEC including the Registration Statement and related documents filed or to be filed in connection with the transaction.
The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of each of the GNL 2025 Annual Report and the Modiv 2025 Annual Report, subsequent Quarterly Reports on Form 10-Q and the Registration Statement and Proxy Statement/Prospectus that will be filed by GNL, and other documents filed by GNL and Modiv from time to time with the SEC, as well as the list of risk factors included herein. These filings identify and address other important risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and none of the parties or any of their representatives assumes any obligation and do not intend to update or revise these forward-looking statements, each of which is made only as of the date of this press release.
Immediate 4% Accretion to AFFO per Share in All-Stock, Leverage-Neutral TransactionComplementary High-Quality Industrial Net-Lease Assets Enhance Existing PortfolioNo External Capital Required to Complete Leverage-Neutral Transaction NEW YORK and DENVER, May 04, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) and Modiv Industrial, Inc. (NYSE: MDV) (“Modiv” ) announced today that the two companies have entered into a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valued at an enterprise value of approximately $535 million. The transaction, once completed, will provide GNL with an attractive portfolio of high-quality mission-critical industrial properties across the United States while also providing Modiv stockholders with an immediate 25% expected increase in annual dividends and the opportunity to participate in the future growth of the combined company.
The transaction is expected to be immediately 4% accretive to GNL’s AFFO per share while remaining leverage neutral, fully preserving GNL’s balance sheet strength and financial flexibility. GNL intends to fully repay all of Modiv’s existing balance sheet debt and pay off Modiv’s preferred stock using its Revolving Credit Facility and cash on hand, requiring no external capital to complete the transaction.
Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, holders of Modiv common stock and operating partnership units (“OP units”) will receive 1.975 newly-issued shares of GNL common stock or OP units for each share of Modiv common stock or OP unit they hold at the closing of the transaction, representing a total consideration of approximately $18.82 per Modiv share based on GNL’s closing share price as of May 1, 2026. This represents a 17% premium to Modiv’s closing share price on May 1, 2026, the last full trading day prior to the transaction announcement, and a 28% premium to Modiv’s unaffected share price prior to its January 20, 2026 strategic update. Upon the closing of the transaction, existing GNL stockholders are expected to own approximately 89% of the combined company and Modiv stockholders are expected to own approximately 11%.
“We believe this transaction is a compelling opportunity for GNL to expedite our transition to earnings growth in 2026 following the completion of our deleveraging initiative while continuing to reduce our office exposure,” said Michael Weil, CEO of GNL. “Modiv has thoughtfully assembled a high-quality portfolio of industrial net-lease assets that provide durable and predictable cash flows that align well with our objectives of enhancing earnings and long-term portfolio quality. We anticipate Modiv’s portfolio will integrate seamlessly with our existing portfolio given its weighted-average lease term of 15.0 years1, 45% investment-grade tenants2, and 2.4% annual rent escalations2. Importantly, we expect the transaction to be immediately accretive to earnings as well as leverage-neutral while further broadening the diversification and depth of our platform. We look forward to welcoming Modiv stockholders, who will receive GNL shares offering a highly attractive dividend yield, enhanced trading liquidity as part of a larger and more broadly followed platform, and long-term value creation driven by increased scale and earnings growth. We believe GNL represents a compelling opportunity, delivering both immediate income and meaningful upside as we execute on our growth strategy.”
Rob Kauffman, Non-Executive Chairperson of the GNL Board, added, “This is a compelling transaction that we believe strengthens GNL’s portfolio and accelerates our path to long-term earnings growth. Modiv’s high-quality net lease industrial portfolio is an excellent fit for GNL, and we expect this combination will generate meaningful long-term value for stockholders of both companies.”
Aaron Halfacre, President and Chief Executive Officer of Modiv, added, “We have long believed that our portfolio’s quality was historically mispriced by the marketplace and that we would be receptive if someone sought to close the value gap sooner than we could. Over the past year, Modiv attracted substantial interest from a range of suitors, including multiple unsolicited offers, but GNL distinguished itself through the long-term opportunity this transaction creates. I personally believe this transaction represents the best opportunity for Modiv investors to not only receive compelling value today (even before considering the tax advantages of a stock-for-stock deal), but allows us the opportunity to participate in future upside as continuing investors in GNL. Upon closing, this transaction is expected to result in a 25% increase in annual dividend income, paid quarterly, to existing Modiv investors (we will continue to pay our monthly dividend until closing). With a stronger balance sheet alongside true daily liquidity, I believe this transaction is in the best long-term interests of our stockholders, given the meaningful synergies expected and the enhanced scale and capabilities of the combined company. We believe GNL’s recent transformation has created an outstanding platform for durable growth, increasing institutional visibility and lowering its cost of capital. As a future GNL stockholder electing to roll over my entire position, I am confident the combined portfolio will thrive under Michael Weil and GNL’s leadership.”
Thomas H. Nolan, Jr., Chairman of the Board of Modiv, further added, “After a thorough and disciplined review process, our Board unanimously determined that this transaction represents the best outcome for our stockholders. It is also a clear validation of the strength of our platform and the exceptional execution of our management team, who have built a high-quality portfolio that naturally aligns with a larger, well-capitalized REIT. We are confident this combination positions the assets and stakeholders for continued success.”
Summary of Strategic Benefits:
Immediate 4% AFFO per Share Accretion: GNL expects that the transaction will immediately be 4% accretive to AFFO per share. The transaction is expected to result in the elimination of duplicative G&A expenses and other cost synergies, totaling approximately $6 million of identified synergies expected to be captured annually.Leverage-Neutral Transaction Maintains Balance Sheet and Liquidity Strength: The all-stock transaction was structured to be leverage-neutral, preserving GNL’s balance sheet strength and financial flexibility. This transaction structure is expected to provide GNL with significant capacity to invest in strategic growth initiatives and continue to drive leverage down over the long-term.High-Quality Industrial Net Lease Portfolio: GNL will be acquiring a high-quality net lease portfolio concentrated in mission-critical industrial assets, supported by an attractive weighted average lease term of 15.0 years1 and 2.4% average annual rent escalations2. This long-duration lease profile is expected to extend GNL’s weighted average lease term from 6.1 years as of December 31, 2025 to 7.0 years1 on a pro forma basis and enhance GNL’s portfolio durability and cash flow visibility. Modiv’s portfolio features a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade rated tenants3.Strengthens Portfolio Quality and Diversification: The acquisition will further strengthen GNL’s overall portfolio mix by significantly increasing exposure to high-quality mission-critical industrial assets while meaningfully reducing office concentration. Modiv’s portfolio is geographically well-diversified, providing exposure to key industrial markets across the United States, which is expected to enhance GNL’s overall portfolio resilience and stability.Enhanced Platform to Support Long-Term Growth: The transaction, once completed, will enhance GNL’s overall scale, diversification, and capital flexibility, which is anticipated to position GNL’s platform to more efficiently access capital, pursue strategic investments, and support sustainable long-term growth and value creation.
Leadership and Organization
There are no anticipated changes to GNL’s executive management team or Board of Directors in connection with the transaction.
Closing and Transaction Details
Completion of the transaction, which is expected in the third quarter of 2026, is subject to customary closing conditions, including the approval of Modiv stockholders. No approval of GNL stockholders will be required in connection with the transaction.
As a result of today’s announcement, Modiv does not plan to file its customary earnings release and supplemental information or to host a conference call to discuss its financial results for the quarter ended March 31, 2026 or subsequent quarters.
Advisors
BMO Capital Markets is acting as sole financial advisor to GNL and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Greenberg Traurig, LLP are serving as legal counsel to GNL.
Truist Securities is acting as sole financial advisor to Modiv and Morrison & Foerster LLP and Venable LLP are serving as legal counsel to Modiv.
About Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income-producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.
About Modiv Industrial, Inc.
Modiv Industrial, Inc. is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. Modiv actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. For more information, please visit www.modiv.com
Footnotes
[1] Metric based on square feet as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.
[2] Metric based on Annual Base Rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.
[3] Investment Grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant's obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Based on Annual Base Rent and as of December 31, 2025, Modiv’s portfolio was 23% actual investment grade rated, and 22% implied investment grade rated.
Additional Information and Where to Find It
In connection with the transaction, GNL intends to file with the U.S. Securities and Exchange Commission (the “SEC”), a registration statement on Form S-4 (the “Registration Statement”), which will include a preliminary proxy statement of Modiv as well as a preliminary prospectus relating to the offer of securities to be issued to the stockholders of the Modiv (the “Proxy Statement/Prospectus”). After the Registration Statement is declared effective, a definitive proxy statement and other relevant documents will be mailed to stockholders of Modiv as of the record date to be established for voting on the transaction and other matters as described in the Proxy Statement/Prospectus. GNL and Modiv will also file other documents regarding the transaction with the SEC. This press release does not contain all of the information that should be considered concerning the transaction and is not intended to form the basis of any investment decision or any other decision in respect of the transaction.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, MODIV STOCKHOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/ PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH MODIV’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS STOCKHOLDERS TO BE HELD TO APPROVE THE TRANSACTION AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, MODIV AND THE TRANSACTION.
Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or to be filed with the SEC by GNL, without charge, once available, on the SEC’s website at www.sec.gov, or by directing a request to: Global Net Lease, Inc., 650 Fifth Avenue, 30th Floor, New York, New York 10019, or by email at [email protected]. Copies of the documents filed or to be filed with the SEC by Modiv will be available, without charge, on Modiv’s website at www.modiv.com.
Participants in the Solicitation
GNL, Modiv and their respective directors and executive officers may be deemed participants under SEC rules in the solicitation of proxies from Modiv’s stockholders in connection with the transaction.
Information regarding GNL’s directors and executive officers, including information regarding their interests in the transaction and their ownership of GNL’s securities, is available in GNL’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 25, 2026 (the “GNL 2025 Annual Report”), and GNL’s proxy statement, dated April 7, 2026, for its 2026 annual meeting of stockholders (the “GNL 2026 Proxy”), which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of GNL’s securities by GNL’s directors or executive officers from the amounts described in the GNL 2026 Proxy have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the GNL 2026 Proxy and are available at the SEC’s website at www.sec.gov. Information regarding Modiv’s directors and executive officers, including information regarding their interests in the transaction and their ownership of Modiv’s securities, is available in Modiv’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 25, 2026, and the amendment thereto on Form 10-K/A, filed with the SEC on April 30, 2026 (the “Modiv 2025 Annual Report”), which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of Modiv’s securities by Modiv’s directors or executive officers from the amounts described in the Modiv 2025 Annual Report have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the Modiv 2025 Annual Report and are available at the SEC’s website at www.sec.gov. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Modiv’s stockholders in connection with the transaction will be set forth in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC when they become available. Investors should read the Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from GNL or Modiv using the sources indicated above.
No Offer or Solicitation
This press release is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the transaction and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of GNL or Modiv, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended (the “Securities Act”) or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the transaction and the parties thereto. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the transaction between GNL and Modiv; the anticipated benefits and timing of the transaction, GNL’s future financial performance; and other statements regarding management’s intentions, beliefs, or expectations with respect to the GNL’s future performance following the consummation of the transaction, are forward-looking statements.
Forward-looking statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking.
These forward-looking statements are based on the current expectations and assumptions of GNL and Modiv and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: (1) GNL’s or Modiv’s continued qualification as a REIT under the Internal Revenue Code of 1986, as amended (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (3) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the transaction and any definitive agreements with respect thereto; (4) the inability to complete the transaction, including due to failure to obtain approval of the stockholders of Modiv or other conditions to closing; (5) the risk that the transaction disrupts GNL’s current plans, business relationships, performance, operations and business generally as a result of the announcement and consummation of the transaction; (6) the risk that the price of GNL’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, geopolitical tensions, and macro-economic and social environments affecting its business; (7) the ability to recognize the anticipated benefits of the transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (8) costs related to the transaction; (9) changes in applicable laws or regulations; (10) risks related to GNL and Modiv’s business, including client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments, re-leasing uncertainties, and potential damages from natural disasters; competition, impairments in the value of real estate assets; changes in domestic and foreign income tax laws and rates; and (11) other risks detailed from time to time in GNL or Modiv’s filings with the SEC including the Registration Statement and related documents filed or to be filed in connection with the transaction.
The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of each of the GNL 2025 Annual Report and the Modiv 2025 Annual Report, subsequent Quarterly Reports on Form 10-Q and the Registration Statement and Proxy Statement/Prospectus that will be filed by GNL, and other documents filed by GNL and Modiv from time to time with the SEC, as well as the list of risk factors included herein. These filings identify and address other important risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and none of the parties or any of their representatives assumes any obligation and do not intend to update or revise these forward-looking statements, each of which is made only as of the date of this press release.
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Closed Plus Disposition Pipeline Totaling $132 Million, of Which 68% Are Office Sales, Further Advancing Strategic Reduction in Office Exposure Reduced Net Debt by $1.3 Billion Year-Over-Year; Increased Liquidity to $911 Million and Revolving Credit Facility Capacity to $1.5 BillionDecreased Annualized G&A Expense by 25% Year-Over-Year, Representing $16 Million in SavingsEntered Into Definitive Merger Agreement to Acquire Modiv Industrial in $535 Million All-Stock TransactionImmediate 4% Accretion Expected to AFFO in Leverage-Neutral TransactionReports Q1’26 AFFO Per Share of $0.21 and Reaffirms Full-Year Guidance, Including AFFO Per Share Guidance of $0.80 to $0.84; GNL to Update Guidance Upon Closing of Modiv Acquisition NEW YORK, May 05, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe, announced today its financial and operating results for the quarter ended March 31, 2026.
Acquisition of Modiv Industrial, Inc.
GNL has entered into a definitive merger agreement to acquire Modiv Industrial, Inc. (“Modiv”) in an all-stock transaction with a fixed exchange ratio of 1.975, to lock in the 4% accretion, at an enterprise value of approximately $535 millionTransaction, once closed, is expected to be immediately 4% accretive to AFFO per share, and is structured to be leverage-neutral within GNL’s stated guidance range of 6.5x to 6.9x to maintain GNL’s balance sheet strength and preserve financial flexibilityOnce closed, expected to expand GNL’s exposure to high-quality industrial assets, supported by a 15.0 year weighted average lease term1, 2.4% average annual rent escalations2, and a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade tenants3Transaction is expected to close in third quarter of 2026, subject to customary closing conditions First Quarter 2026 Highlights
Revenue was $109.3 million, compared to $132.4 million in first quarter 2025, primarily reflecting the impact of asset dispositions, including the $1.8 billion multi-tenant retail portfolio sale in 2025Net loss attributable to common stockholders was $16.0 million, compared to a net loss of $200.3 million in first quarter 2025Adjusted Funds from Operations (“AFFO”)4 was $43.9 million, or $0.21 per share, compared to $66.2 million in first quarter 2025, or $0.29 per shareContinued to use net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $1.3 billion since first quarter of 2025Increased liquidity to $911.1 million and Revolving Credit Facility capacity to $1.5 billion in first quarter 2026, compared to $499.1 million and $1.4 billion, respectively, in first quarter 2025Year-to-date closed plus disposition pipeline totaling $132 million5, of which 68% is comprised of office sales, further advancing the Company’s strategic initiative to reduce its office exposure; sales include $38 million of occupied assets closed or under contract at a 7.9% cash cap rate6, with the remaining dispositions primarily consisting of vacant assets that the Company expects to eliminate over $1 million of annualized NOI dragRepurchased 19.7 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $8.05, for a total of $158.2 million as of May 1, 2026; this includes 4.2 million shares for a total of $38.4 million repurchased in first quarter 2026Building on the successful repositioning of the portfolio, including the $1.8 billion multi-tenant retail portfolio sale, GNL lowered its annualized G&A expense by 25% year-over-year to $49 million, down from $65 million in first quarter 2025, reflecting the benefits of portfolio simplification and operational efficienciesIncreased portfolio occupancy to 97% compared to 95% in first quarter 2025, with office occupancy increasing to 99% in first quarter 2026 compared to 95% in first quarter of 2025Leased over 141,000 square feet, achieving a 5.1% renewal leasing spread and a weighted average renewal term of 5.8 years, resulting in over $1.6 million of new straight-line rentWeighted average annual rent increase of 1.5% provides organic rental growth, excluding 20.1% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increasesReduced capital expenditures to $1.6 million in the first quarter 2026 from $9.8 million in the first quarter 2025, reflecting a more streamlined portfolio and supporting enhanced cash flowSector-leading tenant quality with 64% of annualized straight-line rent coming from investment-grade or implied investment-grade tenants7, an increase from 60% in first quarter 2025
“GNL’s performance in the first quarter of 2026 builds on our accomplishments in 2025, a pivotal year in which we meaningfully reduced leverage, reinforced our credit profile, and elevated the overall quality of our portfolio,” said Michael Weil, CEO of GNL. “In 2026, we are focused on capitalizing on our strong foundation and positioning to advance our focus on growth through redeployment of disposition proceeds. We are already making tangible progress in selectively reducing our office exposure, including the pending sale of a GSA-leased asset at a 7.2% cash cap rate, while redeploying proceeds into single-tenant industrial and retail investments, such as a net lease industrial asset occupied by a Fortune 50 company at an 8.2% cash cap rate, that enhance the quality and earnings power of our portfolio. The Modiv transaction reflects this same disciplined approach, bringing, following the close, a high-quality industrial net lease portfolio into GNL in a transaction that is expected to be immediately accretive and structured as leverage neutral. We believe this acquisition will accelerate our transition to earnings growth in 2026, as we move beyond our deleveraging initiative while continuing to strategically reduce our office exposure."
Full Year 2026 Guidance8
GNL reaffirms its full-year 2026 guidance. This guidance excludes the anticipated benefit from the Modiv transaction, which will be addressed and updated upon closing.
Financial Metric 2026 GuidanceAFFO Per Share $0.80 to $0.84Net Debt to Adjusted EBITDA 6.5x to 6.9x 2026 Guidance assumes gross transaction volume, inclusive of both dispositions and acquisitions, of $250 million to $350 million. This guidance reflects GNL’s focus on disposing of select office assets and redeploying capital into accretive acquisitions of single-tenant industrial and retail assets.
Summary of Results
Three Months Ended March 31,(In thousands, except per share data) 2026 2025 Revenue from tenants $109,286 $132,415 Net loss attributable to common stockholders $(16,014) $(200,315)Net loss per diluted common share $(0.08) $(0.87) NAREIT defined FFO attributable to common stockholders $28,086 $32,961 NAREIT defined FFO per diluted common share $0.13 $0.14 AFFO attributable to common stockholders $43,896 $66,220 AFFO per diluted common share $0.21 $0.29 Property Portfolio
As of March 31, 2026, GNL’s portfolio of 809 net lease properties is comprised of approximately 40 million rentable square feet located in ten countries and territories. The Company operates in three reportable segments: (1) Industrial & Distribution, (2) Retail and (3) Office. Portfolio metrics include:
97% leased with a remaining weighted-average lease term of 5.9 years987% of the portfolio contains contractual rent increases based on annualized straight-line rent64% of portfolio’s annualized straight-line rent is derived from investment grade and implied investment grade rated tenants74% U.S. and Canada, 26% Europe (based on annualized straight-line rent)47% Industrial & Distribution, 27% Retail and 26% Office (based on an annualized straight-line rent)
Capital Structure and Liquidity Resources10
As of March 31, 2026, the Company had liquidity of $911.1 million, and $1.5 billion11 of capacity under its Revolving Credit Facility, compared to $499.1 million and $1.4 billion, respectively, as of the end of first quarter 2025. The Company had net debt of $2.4 billion12, including $1.3 billion of gross mortgage debt as of March 31, 2026 and Net Debt to Adjusted EBITDA was 7.2x.
As of March 31, 2026, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 99%. The Company’s total combined debt had a weighted average interest rate of 4.1%, resulting in an interest coverage ratio of 3.0 times13. Weighted-average debt maturity was 2.7 years as of March 31, 202614.
Footnotes/Definitions
1 Metric based on square feet as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.
2 Metric based on annual base rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.
3 Investment Grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant's obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Based on Annual Base Rent and as of December 31, 2025, Modiv’s portfolio was 23% actual investment grade rated and 22% implied investment grade rated.
4 While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity.
5 Year-to-date disposition pipeline totaling $132 million as of May 1, 2026. Closed plus active disposition pipeline includes $75 million of closed sales and $57 million under signed purchase and sale agreements (“PSA”). There can be no assurances that the transactions under such PSA will be consummated on the above terms, if at all.
6 Excludes dark properties.
7 As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Ratings information is as of March 31, 2026. Comprised of 33.5% leased to tenants with an actual investment grade rating and 30.9% leased to tenants with an Implied Investment Grade rating based on annualized straight-line rent as of March 31, 2026.
8 We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.
9 Weighted-average remaining lease term in years is based on square feet as of March 31, 2026.
10 During the three months ended March 31, 2026, the Company did not sell any shares of Common Stock through its Common Stock “at-the-market” program. However, as of May 1, 2026, the Company had repurchased 19.7 million shares of outstanding common stock under its Share Repurchase Program announced in February 2025 for a total of $158.2 million; this includes 4.2 million shares for a total of $38.4 million repurchased in first quarter 2026.
11 Liquidity represents the aggregate amount of cash and cash equivalents and borrowing availability under our Revolving Credit Facility, utilizing the value of our applicable assets as of March 31, 2026 for the borrowing base calculation under such facility, and capacity represents the total undrawn commitments under our Revolving Credit Facility. Liquidity includes $785.6 million of availability under the Revolving Credit Facility and $125.5 million of cash and cash equivalents as of March 31, 2026.
12 Comprised of the principal amount of GNL's outstanding debt totaling $2.6 billion less cash and cash equivalents totaling $125.5 million, as of March 31, 2026.
13 The interest coverage ratio is calculated by dividing Adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on interest expense less non-cash portion of interest expense). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and Cash Paid for Interest are Non-GAAP metrics and are reconciled below.
14 Assumes we exercise both 6-month extension options on our Revolving Credit Facility.
Conference Call
GNL Management will be participating in the Wells Fargo 29th Annual Real Estate Securities Conference in Charleston, South Carolina, on Wednesday, May 6th, where the team will spend the day meeting with various investors, and therefore GNL will host its first quarter 2026 earnings call on Thursday, May 7th.
GNL will host a webcast and conference call on May 7, 2026 at 11:00 a.m. ET to discuss its financial and operating results. To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.
Dial-in instructions for the conference call and the replay are outlined below.
Conference Call Details
Live Call
Dial-In (Toll Free): 1-877-407-0792
International Dial-In: 1-201-689-8263
Conference Replay*
For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com.
Or dial in below:
Domestic Dial-In (Toll Free): 1-844-512-2921
International Dial-In: 1-412-317-6671
Conference Number: 13759488
*Available from 2:00 p.m. ET on May 7, 2026 through August 7, 2026.
Supplemental Schedules
The Company will furnish supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov.
About Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.
Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “projects,” “potential,” “predicts,” “expects,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition, including the Modiv acquisition, or disposition by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
Global Net Lease, Inc.
Consolidated Balance Sheets (Unaudited)
(Amounts in thousands) March 31,
2026 December 31,
2025ASSETS Real estate investments, at cost: Land $648,558 $659,086 Buildings, fixtures and improvements 3,534,839 3,592,121 Construction in progress 3,630 2,993 Acquired intangible lease assets 503,278 523,406 Total real estate investments, at cost 4,690,305 4,777,606 Less accumulated depreciation and amortization (976,371) (966,982)Total real estate investments, net 3,713,934 3,810,624 Real estate assets held for sale 19,914 49,654 Assets related to discontinued operations — 348 Cash and cash equivalents 125,479 180,114 Restricted cash 11,979 13,949 Derivative assets, at fair value 1,223 7 Unbilled straight-line rent 72,969 72,919 Operating lease right-of-use asset 61,868 63,362 Prepaid expenses and other assets 56,516 60,415 Multi-tenant disposition receivable, net 22,013 27,934 Deferred tax assets 5,139 5,167 Goodwill 45,628 45,898 Deferred financing costs, net 15,638 16,812 Total Assets $4,152,300 $4,347,203 LIABILITIES AND EQUITY Mortgage notes payable, net $1,222,275 $1,264,604 Revolving credit facility 290,006 324,165 Senior notes, net 934,020 928,169 Acquired intangible lease liabilities, net 16,714 17,501 Derivative liabilities, at fair value 1,727 5,298 Accounts payable and accrued expenses 29,162 43,821 Operating lease liability 40,634 41,429 Prepaid rent 26,718 28,254 Deferred tax liability 17,518 17,796 Dividends payable 11,570 11,718 Real estate liabilities held for sale 64 60 Liabilities related to discontinued operations 641 890 Total Liabilities 2,591,049 2,683,705 Commitments and contingencies — — Stockholders' Equity: 7.25% Series A cumulative redeemable preferred stock 68 68 6.875% Series B cumulative redeemable perpetual preferred stock 47 47 7.50% Series D cumulative redeemable perpetual preferred stock 79 79 7.375% Series E cumulative redeemable perpetual preferred stock 46 46 Common stock 3,450 3,490 Additional paid-in capital 4,213,160 4,249,018 Accumulated other comprehensive income 12,993 22,169 Accumulated deficit (2,668,592) (2,611,419)Total Stockholders’ Equity 1,561,251 1,663,498 Total Liabilities and Equity $4,152,300 $4,347,203 Global Net Lease, Inc.
Consolidated Statements of Operations (Unaudited)
(Amounts in thousands, except share and per share data) Three Months Ended March 31, 2026 2025 Revenue from tenants $109,286 $132,415 Expenses: Property operating 12,925 13,953 Impairment charges 11,115 60,315 Acquisition, transaction and other costs 4,387 1,579 General and administrative 12,144 16,203 Equity-based compensation 4,042 3,093 Depreciation and amortization 41,612 56,334 Goodwill impairment — 7,134 Total expenses 86,225 158,611 Operating income (loss) before gain on dispositions of real estate investments 23,061 (26,196)Gain (loss) on dispositions of real estate investments 7,879 (1,678)Operating income (loss) 30,940 (27,874)Other income (expense): Interest expense (39,191) (53,437)Loss on extinguishment and modification of debt (1,707) (418)Gain (loss) on derivative instruments 3,065 (3,856)Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness — (6,351)Other income 174 48 Total other expense, net (37,659) (64,014)Net loss before income tax (6,719) (91,888)Income tax provision (1,642) (3,280)Loss from continuing operations (8,361) (95,168)Income (loss) from discontinued operations 3,283 (94,211)Net loss (5,078) (189,379)Preferred stock dividends (10,936) (10,936)Net loss attributable to common stockholders $(16,014) $(200,315) Basic and Diluted Loss Per Share: Net loss per share from continuing operations $(0.09) $(0.46)Net income (loss) per share from discontinued operations 0.01 (0.41)Net loss per share attributable to common stockholders — Basic and Diluted $(0.08) $(0.87) Weighted average shares outstanding — Basic and Diluted 214,040 230,264 Global Net Lease, Inc.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(Amounts in thousands) Three Months Ended
March 31, 2026 2025 Adjusted EBITDA Net loss $(5,078) $(189,379)Depreciation and amortization 41,612 56,334 Interest expense 39,191 53,437 Income tax expense 1,642 3,280 Discontinued operations adjustments — 47,219 EBITDA 77,367 (29,109)Impairment charges 11,115 60,315 Equity-based compensation 4,042 3,093 Acquisition, transaction and other costs 4,387 1,579 (Gain) loss on dispositions of real estate investments (7,879) 1,678 (Gain) loss on derivative instruments (3,065) 3,856 Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness — 6,351 Loss on extinguishment and modification of debt 1,707 418 Other income (174) (48)Goodwill impairment[1] — 7,134 Write offs of straight-line rent 2 — Discontinued operations adjustments (3,283) 83,149 Adjusted EBITDA 84,219 138,416 Net operating income (NOI) General and administrative 12,144 16,203 Write offs of straight-line rent (2) — Discontinued operations adjustments — 1,255 NOI 96,361 155,874 Amortization related to above- and below- market lease intangibles and right-of-use assets, net 1,106 160 Straight-line rent (680) (5,235)Cash NOI $96,787 $150,799 Cash Paid for Interest: Interest Expense - continuing operations $39,191 $53,437 Interest Expense - discontinued operations — 17,457 Non-cash portion of interest expense (2,260) (2,486)Amortization of discounts on mortgages and senior notes (9,041) (13,960)Total cash paid for interest $27,890 $54,448 _____________
[1] This is a non-cash item and is added back as it is not considered indicative of operating performance.
Global Net Lease, Inc.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(Amounts in thousands, except per share data) Three Months Ended
March 31, 2026 2025 Net loss attributable to stockholders (in accordance with GAAP) $(16,014) $(200,315)Impairment charges 11,115 60,315 Depreciation and amortization 41,612 56,334 (Gain) loss on dispositions of real estate investments (7,879) 1,678 Discontinued operations FFO adjustments (748) 114,949 FFO (defined by NAREIT) 28,086 32,961 Acquisition, transaction and other costs 4,387 1,579 Loss on extinguishment and modification of debt 1,707 418 Discontinued operations Core FFO adjustments — 9 Core FFO attributable to common stockholders 34,180 34,967 Non-cash equity-based compensation 4,042 3,093 Non-cash portion of interest expense 2,260 2,486 Amortization related to above- and below-market lease intangibles and right-of-use assets, net 1,106 160 Straight-line rent (680) (5,235)Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness — 6,351 Eliminate unrealized (gains) losses on foreign currency transactions[1] (3,517) 3,304 Amortization of discounts on mortgages and senior notes 9,041 13,960 Goodwill impairment[2] — 7,134 Eliminate gains related to multi-tenant disposition receivable[3] (2,536) — Adjusted funds from operations (AFFO) attributable to common stockholders $43,896 $66,220 Net loss per share attributable to common stockholders $(0.08) $(0.87)FFO per diluted common share $0.13 $0.14 Core FFO per diluted common share $0.16 $0.15 AFFO per diluted common share $0.21 $0.29 Dividends declared to common stockholders $41,159 $64,027 __________
[1] For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended March 31, 2026, gain on derivative instruments was $3.1 million, which consisted of unrealized gains of $3.5 million and realized losses of $0.4 million. For the three months ended March 31, 2025, the loss on derivative instruments was $3.9 million which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million.
[2] This is a non-cash item and is added back as it is not considered indicative of operating performance.
[3] Represents adjustments to the fair value of the embedded derivative feature of the multi-tenant disposition receivable. We do not consider these adjustments to be indicative of our normal operating performance and have, accordingly, increased or (decreased) AFFO for this amount.
The following table provides operating financial information for the Company’s reportable segments:
Three Months Ended
March 31,(In thousands) 2026 2025Industrial & Distribution: Revenue from tenants $49,184 $58,009Property operating expense 5,257 5,257Net Operating Income $43,927 $52,752 Retail: Revenue from tenants $29,546 $36,958Property operating expense 3,674 3,906Net Operating Income $25,872 $33,052 Office: Revenue from tenants $30,556 $37,448Property operating expense 3,994 4,790Net Operating Income $26,562 $32,658 Caution on Use of Non-GAAP Measures
Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.
Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group.
We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs in our peer group.
As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.
Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations
Funds From Operations
Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.
We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT's definition.
FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.
The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.
Core Funds From Operations
In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as acquisition, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties.
Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.
Adjusted Funds From Operations
In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.
In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest
We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.
EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).
NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.
Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.
Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.
Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.
NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Modiv Industrial, Inc. (“the Company”) (NYSE: MDV) to Global Net Lease, Inc. (NYSE: GNL). Under the terms of the proposed transaction, Modiv shareholders are expected to own approximately 11% of the combined company. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
>>>CLICK HERE To Learn More.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-mdv/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
I highlight three REITs: Gladstone Commercial, Global Net Lease, and Dynex Capital that exhibit elevated risk and 'sucker yields.' GOOD's external management, high payout ratio, and lingering office exposure undermine dividend safety and long-term value. GNL's aggressive M&A, persistent over-leverage, and unsustainable dividend coverage signal ongoing dilution and risk for shareholders.
CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 SharesMarketBeat
CocaCola Company (The) (NYSE:KO - Get Free Report) EVP Jennifer Mann sold 23,984 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.41, for a total value of $2,000,505.44. Following the completion of the transaction, the executive vice president owned 157,400 shares of the company's stock, valued at approximately $13,128,734. The trade was a 13.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
NYSE:KO
Read CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 Shares
3 hours ago
Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,054 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $60.37, for a total transaction of $15,759,829.98. Following the completion of the sale, the insider owned 2,671,855 shares in the company, valued at $161,299,886.35. This represents a 8.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in Stock
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Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,055 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $63.02, for a total value of $16,451,686.10. Following the completion of the transaction, the insider owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of Stock
3 hours ago
Travis Boersma Sells 749,999 Shares of Dutch Bros (NYSE:BROS) StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 749,999 shares of Dutch Bros stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $60.39, for a total transaction of $45,292,439.61. Following the completion of the sale, the chairman owned 2,671,855 shares of the company's stock, valued at $161,353,323.45. This represents a 21.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
On May 15, 2026, Conversant Capital disclosed in an SEC filing that it sold out of Global Net Lease (GNL +0.00%), unloading 3,803,654 shares in an estimated $35.80 million trade based on quarterly average pricing.
What happenedAccording to an SEC filing dated May 15, 2026, Conversant Capital sold its entire stake of 3,803,654 shares in Global Net Lease. The estimated transaction value was $35.80 million, calculated using the average closing price for the first quarter of 2026. The net position change, reflecting share sales and stock price movement, totaled $32.71 million for the quarter.
What else to knowTop holdings after the filing:NYSE:SNDA: $471.04 million (63.3% of AUM)NYSE:INVH: $31.06 million (4.2% of AUM)NYSE:JAN: $28.52 million (3.8% of AUM)NYSE:CCI: $27.16 million (3.6% of AUM)NYSE:SMA: $25.97 million (3.5% of AUM)As of May 14, 2026, shares of Global Net Lease were priced at $9.20, up 16% over the past year, compared to a 25% gain for the S&P 500.Company overviewMetricValueRevenue (TTM)$495.3 millionNet income (TTM)($225.5 million)Dividend yield8%Price (as of market close May 14, 2026)$9.20Company snapshotGlobal Net Lease owns and manages a diversified global portfolio of commercial properties, with a focus on single-tenant, mission-critical, net-leased assets.The firm operates as a real estate investment trust (REIT), generating revenue primarily through long-term lease agreements and sale-leaseback transactions.It serves corporate tenants in the United States and Western and Northern Europe, targeting businesses seeking stable, income-producing properties.Global Net Lease is a publicly traded REIT specializing in the acquisition and management of net-leased commercial real estate assets. The company leverages sale-leaseback structures and long-term leases to provide predictable income streams. Its international portfolio and focus on mission-critical properties offer diversification and resilience within the commercial real estate sector.
What this transaction means for investorsWhat’s interesting here is that in the same quarter that Conversant exited Global Net Lease, it massively expanded its position in senior living REIT SNDA, which now makes up more than 63% of assets under management. That suggests the firm may be rotating away from office-heavy commercial exposure and toward demographic-driven housing demand.
To be fair, Global Net Lease has been making progress. The company reduced net debt by $1.3 billion year over year, boosted liquidity to $911 million, and continued selling office properties to reposition the portfolio toward industrial and retail assets. Management also announced a $535 million all-stock deal to acquire Modiv Industrial, which it says should immediately boost AFFO per share by 4%.
Still, first-quarter revenue fell to $109.3 million from $132.4 million a year earlier, primarily due to the impact of asset dispositions, the company said, while AFFO per share dropped to $0.21 from $0.29. For long-term investors, the key question is whether management’s industrial pivot can offset lingering concerns around office real estate before refinancing pressures intensify.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Crown Castle and Invitation Homes. The Motley Fool has a disclosure policy.
Small-cap dividend investing has a credibility problem, and the Invesco S&P SmallCap High Dividend Low Volatility ETF (NYSEARCA:XSHD) is built to solve it. XSHD screens the S&P SmallCap 600 for the highest yielders with the lowest realized volatility, on the theory that small companies can pay real income without the share-price whiplash investors usually accept. The fund trades at $13.58 and pays a monthly distribution sourced from underlying companies’ dividends. The question is whether XSHD’s income stream is built on raises or cuts, because the answer matters more than the headline yield.
How the income is actually generated XSHD is a pass-through vehicle. It collects quarterly dividends from roughly 60 small-cap holdings, pools them, and pays shareholders monthly. There is no options overlay, no leverage, no synthetic income. If underlying companies raise their dividends, XSHD’s distribution drifts higher. If they cut, XSHD’s distribution falls in lockstep. The safety question reduces to a simple test: are the largest dividend contributors raising or trimming?
Across a representative slice of the portfolio, the answer is unsettling. Of the six holdings examined here, four have cut their dividends within the past year.
The one clear win: First Commonwealth First Commonwealth Financial (NYSE:FCF) is what the index is supposed to deliver. The Pennsylvania regional bank raised its quarterly dividend to $0.14 in May, the latest step in a decade-long ladder from $0.07 in 2015. Q1 net income rose 15% year over year on a 4% net interest margin, and the stock trades at 12x trailing earnings with a 27% one-year total return. Rising nonperforming loans are worth tracking, but the payout looks well covered.
The cuts already inside the portfolio Arbor Realty Trust (NYSE:ABR) tells a different story. The mortgage REIT cut its quarterly dividend from $0.30 to $0.17 in May, the second reduction in a year from a prior $0.43 peak. Operating cash flow turned negative in Q4 2025 and Q1 2026, meaning the dividend is funded from financing activity, not earnings. Shares are down 35% over the past year. The headline yield looks high, but the cash math does not support it.
Global Net Lease (NYSE:GNL) cut its quarterly distribution from $0.275 to $0.19 last spring. The net-lease REIT now guides 2026 AFFO of $0.80 to $0.84 against a $0.76 annualized payout. That covers, but the cushion is thin and the AFFO trajectory is down from $0.99 in 2025.
Brandywine Realty Trust reduced its quarterly dividend 47% to $0.08 in Q3 2025. Office occupancy of 88% and rising interest expense have pushed FFO to $0.11 per share, and the stock sits at $3.13. The new dividend is covered, but the underlying business is shrinking.
B&G Foods cut its dividend in half on May 11, dropping the quarterly payout to $0.095. Kronos Worldwide already cut from $0.19 to $0.05 in 2024 as TiO2 pricing rolled over.
Total return reality check XSHD is up 9% over the past year, but down 23% over five years and 6% over ten. Distributions have partially offset that, but the price chart shows what happens when an index keeps rebalancing into the highest yielders in a small-cap universe: it keeps finding the next dividend cut.
The verdict XSHD’s distribution looks stable in the near term, because cuts inside the portfolio are already being absorbed and FCF-style raisers are doing real work. Investors who want small-cap dividend exposure with cleaner total returns should compare XSHD against a dividend-dollar-weighted alternative, which weights by dividend dollars rather than yield and has historically avoided some of the value-trap problem visible in XSHD’s recent holdings.
The PrintTwo landlords, one lease structure, and a yield twice as high on one as the other. The question is not which pays more. It is what the extra four points are pricing.
Lined up, the gap is not mysterious. It is the rating, the leverage, and the coverage, stacked.
None of that is buried in a footnote. It is the difference between a four-handle yield and an eight-handle one. The market is not mispricing the two. It is pricing them precisely.
The Yield That Fell As The Structure HealedThe most useful fact about Global Net Lease’s 8% is where it came from. In 2024 the stock yielded close to 15%. It did not get there on strength — it got there on a balance sheet the market would not trust. What compressed the yield to 8% was not a change in sentiment alone, but a balance sheet that had been materially repaired: net debt reduced, leverage brought down, and an investment-grade rating earned.
The yield fell because the structure improved.
Which Spread Is A Reward, And Which Is A WarningNeither yield is wrong, and neither is a verdict on its own.
Agree Realty’s 4% is not cheap income — it is the price of a fortress: investment-grade tenants, a sub-70% payout, a decade of consecutive raises, and AFFO still compounding near 8%. The risk it carries is not the balance sheet; it is paying a full multiple for safety in a sector that performs best when rates fall.
Global Net Lease’s 8% is not a gift — it is the premium for BBB-, 7.2x leverage still being worked down, thin coverage, declining AFFO as the portfolio shrinks, and execution risk on the industrial pivot. The case for it rests on whether the deleveraging that pulled the yield from 15% to 8% continues, and whether AFFO stabilizes before the disposition engine runs out of non-core assets to sell.
In net lease, the yield is the spread the market charges for the balance sheet beneath it. The screen shows the number. The structure shows what the number is paying for.
Source: Agree Realty Corporation Q1 2026 earnings release and earnings call (April 2026); Global Net Lease Q1 2026 earnings release and earnings call (May 2026); Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings issuer ratings; company filings.
The author holds no position in any security mentioned. Generalized research, not personalized investment advice.
For further research, read the weekly structural income letter at jungmoku.substack.com.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
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Atlantic Investment Management Inc. reduced its position in shares of Chart Industries, Inc. (NYSE: GTLS) by 46.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,499 shares of the industrial products company's stock after selling 127,200 shares during the
Angelo Gordon and CO. L.P. acquired a new stake in shares of Chart Industries, Inc. (NYSE: GTLS) in the undefined quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 13,000 shares of the industrial products company's stock, valued at approximately $2,602,000. Several
On February 17, 2026, Whitebox Advisors disclosed it bought 242,395 shares of Chart Industries (GTLS 0.12%), an estimated $49.12 million trade based on quarterly average pricing.
What happenedAccording to an SEC filing published February 17, 2026, Whitebox Advisors increased its holding in Chart Industries (GTLS 0.12%) by 242,395 shares last quarter. The estimated transaction value was $49.12 million, calculated using the average closing price for the quarter. The fund finished the period holding 560,001 shares valued at $115.49 million. The net position change, which reflects both trading and market price effects, totaled $51.92 million for the quarter.
What else to knowThis was a buy, bringing the stake to 1.64% of Whitebox Advisors LLC’s 13F reportable assets under management.Top holdings after the filing:NYSE:CADE: $128.52 million (8.7% of AUM)NYSE:GTLS: $115.49 million (7.8% of AUM)NYSE:CMA: $108.66 million (7.4% of AUM)NASDAQ:CYBR: $76.28 million (5.2% of AUM)NASDAQ:LBRDK: $71.77 million (4.9% of AUM)As of Friday, Chart Industries shares were priced at $207.03, up 33.3% over the past year and well outperforming the S&P 500’s roughly 16% gain in the same period.Company overviewMetricValuePrice (as of Friday)$207.03Market capitalization$9.9 billionRevenue (TTM)$4.26 billionNet income (TTM)$40.7 millionCompany snapshotChart Industries manufactures engineered equipment for the energy and industrial gas industries, including cryogenic tanks, heat exchangers, and specialty products.The firm generates revenue by designing, producing, and servicing equipment used in gas storage, distribution, and processing, with offerings spanning new equipment sales, aftermarket services, and leasing solutions.It serves a global customer base in energy, industrial gas, hydrogen, LNG, biogas, CO2 capture, aerospace, and related specialty sectors.Chart Industries is a leading provider of highly engineered equipment and solutions for the energy and industrial gas markets, operating on a global scale. The company leverages a diversified product portfolio and technical expertise to address complex needs in cryogenics, gas processing, and specialty end markets.
What this transaction means for investorsChart sits at the center of multiple industrial tailwinds, from LNG infrastructure to carbon capture and data center energy demand. Orders reached $5.68 billion last year, up 13.4%, with a book-to-bill ratio of 1.33, while backlog climbed 21.5% to nearly $5.9 billion, giving the business real visibility into future revenue. That kind of pipeline matters in a capital-intensive business where timing and execution drive returns.
But the real story is the pending acquisition. Shareholders have already approved a deal that would pay $210 per share in cash, with closing expected in the second quarter of 2026. With shares trading just below that level, the upside is less about multiple expansion and more about deal completion and timing.
Within a portfolio already tilted toward cyclicals and event-driven positions, this fits cleanly. The transaction has cleared a few important hurdles, garnering board approval from both companies and an affirmative vote from Chart shareholders. It’s expected to close closer to the middle of the year.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chart Industries. The Motley Fool recommends Liberty Broadband. The Motley Fool has a disclosure policy.
Braun Stacey Associates Inc. lessened its holdings in Chart Industries, Inc. (NYSE:GTLS – Free Report) by 20.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 58,586 shares of the industrial products company’s stock after selling 15,102 shares during the period. Braun Stacey Associates Inc. owned about 0.13% of Chart Industries worth $12,082,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of GTLS. United Community Bank lifted its holdings in Chart Industries by 364.5% during the third quarter. United Community Bank now owns 144 shares of the industrial products company’s stock worth $29,000 after buying an additional 113 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Chart Industries by 95.9% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 145 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 71 shares during the period. Clearstead Advisors LLC raised its position in shares of Chart Industries by 243.3% in the 3rd quarter. Clearstead Advisors LLC now owns 230 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 163 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Chart Industries by 44.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 323 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 100 shares in the last quarter. Finally, CI Investments Inc. lifted its stake in shares of Chart Industries by 36.9% during the 3rd quarter. CI Investments Inc. now owns 271 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 73 shares during the last quarter.
Wall Street Analyst Weigh In A number of equities analysts have commented on the stock. Zacks Research downgraded shares of Chart Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Chart Industries in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded shares of Chart Industries to a “hold” rating in a research note on Saturday. Two analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $203.67.
View Our Latest Research Report on Chart Industries
Chart Industries Trading Down 0.0% Chart Industries stock opened at $207.02 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.09 and a current ratio of 1.36. The stock has a market cap of $9.91 billion, a PE ratio of 796.26, a price-to-earnings-growth ratio of 0.81 and a beta of 1.70. The stock has a 50-day moving average of $207.12 and a two-hundred day moving average of $204.56. Chart Industries, Inc. has a one year low of $104.60 and a one year high of $208.24.
Chart Industries (NYSE:GTLS – Get Free Report) last issued its quarterly earnings results on Friday, February 27th. The industrial products company reported $2.51 earnings per share for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.97). The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Chart Industries had a return on equity of 13.55% and a net margin of 0.95%.Chart Industries’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.66 EPS. On average, research analysts anticipate that Chart Industries, Inc. will post 9.02 EPS for the current fiscal year.
Chart Industries Profile (Free Report)
Chart Industries, Inc (NYSE: GTLS) is a leading global manufacturer of engineered equipment for the storage, distribution and end-use of hydrocarbon and industrial gases. The company specializes in cryogenic systems and components, serving key markets such as energy, chemical processing, industrial gas, food and beverage, and medical gases. Chart’s product portfolio includes large-scale cryogenic storage tanks, vaporizers, heat exchangers and pump systems designed to maintain gases in liquid and gaseous states under extreme conditions.
Founded in 1992 and headquartered in Ball Ground, Georgia, Chart Industries has evolved through targeted acquisitions and organic growth to expand its technological capabilities and geographic reach.
Read More Five stocks we like better than Chart Industries Want to see what other hedge funds are holding GTLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chart Industries, Inc. (NYSE:GTLS – Free Report).
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Chart Industries (NYSE:GTLS – Get Free Report) is anticipated to announce its Q1 2026 results before the market opens on Thursday, April 30th. Analysts expect the company to announce earnings of $2.34 per share and revenue of $1.0626 billion for the quarter. Individuals may visit the the company’s upcoming Q1 2026 earning results page for the latest details on the call scheduled for Friday, May 1, 2026 at 4:00 PM ET.
Chart Industries (NYSE:GTLS – Get Free Report) last issued its earnings results on Friday, February 27th. The industrial products company reported $2.51 earnings per share for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.97). Chart Industries had a return on equity of 13.55% and a net margin of 0.95%.The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the company earned $2.66 earnings per share. Chart Industries’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, analysts expect Chart Industries to post $11 EPS for the current fiscal year and $12 EPS for the next fiscal year.
Chart Industries Price Performance Shares of GTLS opened at $208.05 on Thursday. The business’s fifty day moving average is $207.26 and its 200 day moving average is $205.26. Chart Industries has a 12-month low of $125.78 and a 12-month high of $208.51. The company has a quick ratio of 1.09, a current ratio of 1.36 and a debt-to-equity ratio of 1.06. The stock has a market cap of $9.96 billion, a P/E ratio of 800.22, a P/E/G ratio of 0.96 and a beta of 1.70.
Wall Street Analyst Weigh In A number of research analysts have weighed in on the stock. Zacks Research lowered shares of Chart Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 13th. Wall Street Zen raised shares of Chart Industries to a “hold” rating in a research report on Saturday, April 4th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Chart Industries in a research note on Friday, March 27th. One research analyst has rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Chart Industries currently has a consensus rating of “Hold” and a consensus price target of $202.38.
Read Our Latest Report on GTLS
Institutional Investors Weigh In On Chart Industries Institutional investors have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC bought a new position in shares of Chart Industries during the 4th quarter worth approximately $40,000. Smartleaf Asset Management LLC lifted its holdings in Chart Industries by 44.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 223 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 69 shares during the period. Geneos Wealth Management Inc. boosted its position in Chart Industries by 44.8% in the second quarter. Geneos Wealth Management Inc. now owns 323 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 100 shares during the last quarter. Danske Bank A S purchased a new position in Chart Industries in the third quarter worth $80,000. Finally, Equitable Holdings Inc. bought a new position in Chart Industries in the 3rd quarter valued at $210,000.
Chart Industries Company Profile (Get Free Report)
Chart Industries, Inc (NYSE: GTLS) is a leading global manufacturer of engineered equipment for the storage, distribution and end-use of hydrocarbon and industrial gases. The company specializes in cryogenic systems and components, serving key markets such as energy, chemical processing, industrial gas, food and beverage, and medical gases. Chart’s product portfolio includes large-scale cryogenic storage tanks, vaporizers, heat exchangers and pump systems designed to maintain gases in liquid and gaseous states under extreme conditions.
Founded in 1992 and headquartered in Ball Ground, Georgia, Chart Industries has evolved through targeted acquisitions and organic growth to expand its technological capabilities and geographic reach.
Further Reading Five stocks we like better than Chart Industries
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Stock to Watch: Ameriprise Financial Services (AMP - Free Report) Headquartered in Minneapolis, MN, Ameriprise Financial, Inc. was founded in 1894 under the name Investors Syndicate. Notably, since 2005-end, Ameriprise has been operating independently of American Express Company. As of Dec. 31, 2025, the company’s total assets under management and administration (AUM/AUA) were $1.69 trillion.
AMP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Finance stock. AMP has a Momentum Style Score of A, and shares are up 4.9% over the past four weeks.
Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.73 to $42.45 per share. AMP also boasts an average earnings surprise of +5.1%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, AMP should be on investors' short list.
Strickoff Financial Services joins The Atlantic Group, an established Ameriprise practice based in Boca Raton, Fla., as part of a long-term succession and transition plan
MINNEAPOLIS--(BUSINESS WIRE)--Strickoff Financial Services, LLC, led by Kive Strickoff, CPA, AIF®, recently joined the branch channel of Ameriprise Financial, Inc. (NYSE:AMP) from Commonwealth Financial Network where the team managed nearly $140 million in client assets. Strickoff, along with his long-time client service associates Rhonda Sossner and Colleen Barbato, have joined The Atlantic Group, a well-established Ameriprise financial advisory practice led by founding partners Andrew Lerner, APMA™, AWMA™, CFP®, ChFC®, and Logan Shalmi APMA™ in Boca Raton, Fla.
The move reflects a deliberate decision by Strickoff to thoughtfully position his practice, and his clients, for the long term. As a solo practitioner, he sought a firm and team that shared his planning-focused, client-first philosophy while offering the scale, resources and continuity needed to support his clients well into the future.
Through the Ameriprise External Practice Acquisition Program, local Ameriprise field leadership worked with Strickoff to identify a practice that shared his values and service standards. Ameriprise leaders facilitated introductions with several highly qualified advisory teams, and The Atlantic Group ultimately emerged as the best fit for Strickoff, his team and the clients they serve.
“The decision to transition my practice was not one I took lightly,” said Strickoff. “After meeting with local leadership and engaging in a thoughtful evaluation process, it became clear that Ameriprise and The Atlantic Group shared my values around client care, continuity and long-term growth. The resources, culture, and people ultimately set the firm apart.”
Among the reasons Strickoff chose Ameriprise and The Atlantic Group:
A shared commitment to putting clients first: “The Atlantic Group leads with integrity, purpose and a client-first mentality. Their focus on long-term relationships and personalized advice closely mirrors how I’ve always served my clients.” Depth and sophistication in financial planning: “I was drawn to the strong alignment around financial planning at both the firm and team level. The Atlantic Group’s planning-focused philosophy, supported by the sophisticated financial planning capabilities of Ameriprise, will allow me to guide my clients with even more clarity and efficiency.” Integrated technology: “I’ve been impressed with the technology at Ameriprise. The firm has clearly invested heavily in integrated, cutting-edge tech that helps streamline operations, reduce complexity and elevate the overall client experience.” Collaborative culture and long-term continuity: “I’m excited to align with such a collaborative, growth-minded team like The Atlantic Group. My clients now have an expanded network of trusted professionals with the resources and support of a strong firm behind them, and that gives me tremendous peace of mind about the future.” “The synergies with Kive and his team were evident right away,” said Logan Shalmi. “We share a deep commitment to comprehensive planning, service excellence and doing what’s right for clients, and we’re excited to welcome Kive, Rhonda and Colleen to Ameriprise and the team.”
The Atlantic Group transitioned from Oppenheimer to Ameriprise in October 2025. Today, the practice consists of 11 financial advisors – including Lerner, Shalmi, Lance Ross, APMA®, Hector Garcia Aguilar, CFP®, AWMA®, APMA®, David S. Gordon, APMA® and Mark Zuckerman – who participated as purchasers in this recent external practice acquisition, along with nine support staff members who manage more than $1.8 billion in combined client assets.
The team is supported locally by Ameriprise Branch Manager Drew Granauro, Ameriprise Complex Director Daniel Landrau and Ameriprise Regional Vice President Michael Rearden.
Ameriprise has continued to attract experienced, productive financial advisors, with approximately 1,700 joining the firm in the last 5 years.1 To find out why experienced financial advisors are joining Ameriprise, visit ameriprise.com/why.
About the Ameriprise External Practice Acquisition Program
Whether advisors are looking to grow by acquisition, plan for succession or transition their practice, Ameriprise Financial offers comprehensive, hands-on support through a dedicated team of specialists. Advisors benefit from proven processes, deep industry experience and end-to-end guidance designed to support both business goals and client continuity.
Growth through acquisition: The firm helps Ameriprise advisors grow by acquisition, guiding them through the process and providing financing to eligible advisors. Succession planning & selling a practice: Whether sunsetting or selling their practice, Ameriprise helps advisors transition in a way that makes sense for them and their business. Our succession strategy specialists help advisors find the right successor who shares their values, service standards and long-term vision for clients. About the Ameriprise Ultimate Advisor Partnership
The Ameriprise Ultimate Advisor Partnership offers a differentiated experience for advisors that helps them accelerate growth while delivering an excellent client experience. Combined with the company’s culture of support and independence, the Ultimate Advisor Partnership enables advisors to scale their businesses, deepen client relationships and drive referrals for future growth.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 130 years.2 With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
Ameriprise Financial Services, LLC is an Equal Opportunity Employer.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.
Philanthropic partnership with Angel Foundation™ recognized for pro bono financial planning that helps reduce financial stress for individuals and families facing cancer
MINNEAPOLIS--(BUSINESS WIRE)--Ameriprise Financial, Inc. (NYSE: AMP) has been named a recipient of the 2026 Gold Halo Award for Best Direct Service Initiative by Engage for Good, recognizing the firm’s philanthropic partnership with Angel Foundation™, a Minnesota-based nonprofit that provides relief to adults with cancer and their loved ones. The Halo Awards honor the most innovative and effective initiatives between companies and nonprofits that deliver measurable social impact. Ameriprise was recognized for its support of Angel Foundation’s Financial Care Program, which provides personalized financial education, planning and guidance designed to help individuals and families reduce the financial stress and uncertainty that often accompany cancer diagnosis.
Angel Foundation’s Financial Care Program offers one-on-one financial planning sessions, workshops and on-demand learning modules designed to help cancer patients manage debt, build budgets and plan for immediate and long-term financial needs. Ameriprise supports the program through philanthropic funding and by providing pro bono Certified Financial Planner™ (CFP®) volunteers who help individuals and families facing cancer take greater control of their finances so they can focus on their health and recovery.
“Angel Foundation’s Financial Care Program is about helping people feel more in control when so much feels uncertain,” said Jennifer Jones, Vice President of Community Relations at Ameriprise Financial. “By combining financial support with the time and talent of our advisors and employees, we are able to make a meaningful difference for individuals and families facing cancer – and we’re honored this work is being recognized.”
“The commitment and support of Ameriprise and their volunteers is transformational for our clients,” said Dave Becker, President and CEO of Angel Foundation. “This partnership demonstrates the powerful role financial planning can play in helping families navigate life-altering challenges. We’re proud to be recognized alongside Ameriprise for a program that truly changes lives.”
To date, Angel Foundation’s Financial Care Program has served more than 1,300 families with essential programming through workshop sessions and pro bono financial advice led by Ameriprise employees and advisors with a CFP® designation, helping reduce anxiety, improve financial stability, and enable patients to focus more fully on their health, recovery, and quality of life.
For more information about The 2026 Halo Awards, visit engageforgood.com.
About Engage for Good
For more than two decades, Engage for Good (EFG) has been the trusted home for corporate and nonprofit leaders building partnerships that deliver real results. EFG has equipped leaders shaping cause marketing and nonprofit partnership strategy with the connections, best practices and community they need to build high-impact partnerships that drive both business and social value. With a community of over 19,000 impact leaders, EFG’s programs include the annual Engage for Good Conference, The Halo Awards, membership for impact professionals, and consulting services for nonprofits and companies. Learn more at engageforgood.com.
About Angel Foundation™
Angel Foundation™ is a Twin Cities-based 501(c)(3) nonprofit that has helped meet the needs of adults with cancer and their families since 2001. Angel Foundation™ offers relief through financial assistance, education, and emotional and social support programs. Since its founding, Angel Foundation™ has distributed more than $16 million in emergency financial assistance and provided over 62,000 program services to adults with cancer in the 15-county Twin Cities metro area, as well as St. Louis and Olmsted counties, and St. Croix County (WI).
About Ameriprise Financial Community Relations
Ameriprise Financial is dedicated to utilizing the firm’s resources and talents to improve the lives of individuals and build strong communities. Through grants, volunteerism and employee and advisor gift matching programs, the company supports more than 8,000 nonprofits globally. The company also has a longstanding commitment to volunteerism. Each year, the firm’s employees are eligible for the eight hours of paid time off to volunteer. In 2025, Ameriprise volunteers collectively contributed more than 50,000 hours to nonprofits in communities across the country.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 130 years1. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.
1 Company founded June 29, 1894.
The Halo Award for Best Direct Service Initiative recognizes partnerships and initiatives between companies and nonprofits that deliver measurable social impact. Ameriprise Financial was recognized for their partnership with Angel Foundation™, a Minnesota-based nonprofit that provides relief to adults with cancer. Award winners were evaluated between January and March 2026 and were selected by a panel of judges based on their innovative approach to delivering services; inclusion and accessibility; thoughtful community engagement; and potential for sustainable, long-term impact. Ameriprise paid a fee to be evaluated or but did not pay a fee to publicly cite the results. For more information: https://engageforgood.com/halo-awards/.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
Ameriprise Financial Services, LLC is an Equal Opportunity Employer.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.
Ameriprise Financial, Inc. (NYSE: AMP) has been named a recipient of the 2026 Gold Halo Award for Best Direct Service Initiative by Engage for Good, recognizing the firm’s philanthropic partnership with Angel Foundation™, a Minnesota-based nonprofit that provides relief to adults with cancer and their loved ones. The Halo Awards honor the most innovative and effective initiatives between companies and nonprofits that deliver measurable social impact. Ameriprise was recognized for its support of Angel Foundation’s Financial Care Program, which provides personalized financial education, planning and guidance designed to help individuals and families reduce the financial stress and uncertainty that often accompany cancer diagnosis.
Angel Foundation’s Financial Care Program offers one-on-one financial planning sessions, workshops and on-demand learning modules designed to help cancer patients manage debt, build budgets and plan for immediate and long-term financial needs. Ameriprise supports the program through philanthropic funding and by providing pro bono Certified Financial Planner™ (CFP®) volunteers who help individuals and families facing cancer take greater control of their finances so they can focus on their health and recovery.
“Angel Foundation’s Financial Care Program is about helping people feel more in control when so much feels uncertain,” said Jennifer Jones, Vice President of Community Relations at Ameriprise Financial. “By combining financial support with the time and talent of our advisors and employees, we are able to make a meaningful difference for individuals and families facing cancer – and we’re honored this work is being recognized.”
“The commitment and support of Ameriprise and their volunteers is transformational for our clients,” said Dave Becker, President and CEO of Angel Foundation. “This partnership demonstrates the powerful role financial planning can play in helping families navigate life-altering challenges. We’re proud to be recognized alongside Ameriprise for a program that truly changes lives.”
To date, Angel Foundation’s Financial Care Program has served more than 1,300 families with essential programming through workshop sessions and pro bono financial advice led by Ameriprise employees and advisors with a CFP® designation, helping reduce anxiety, improve financial stability, and enable patients to focus more fully on their health, recovery, and quality of life.
For more information about The 2026 Halo Awards, visit engageforgood.com.
About Engage for Good
For more than two decades, Engage for Good (EFG) has been the trusted home for corporate and nonprofit leaders building partnerships that deliver real results. EFG has equipped leaders shaping cause marketing and nonprofit partnership strategy with the connections, best practices and community they need to build high-impact partnerships that drive both business and social value. With a community of over 19,000 impact leaders, EFG’s programs include the annual Engage for Good Conference, The Halo Awards, membership for impact professionals, and consulting services for nonprofits and companies. Learn more at engageforgood.com.
About Angel Foundation™
Angel Foundation™ is a Twin Cities-based 501(c)(3) nonprofit that has helped meet the needs of adults with cancer and their families since 2001. Angel Foundation™ offers relief through financial assistance, education, and emotional and social support programs. Since its founding, Angel Foundation™ has distributed more than $16 million in emergency financial assistance and provided over 62,000 program services to adults with cancer in the 15-county Twin Cities metro area, as well as St. Louis and Olmsted counties, and St. Croix County (WI).
About Ameriprise Financial Community Relations
Ameriprise Financial is dedicated to utilizing the firm’s resources and talents to improve the lives of individuals and build strong communities. Through grants, volunteerism and employee and advisor gift matching programs, the company supports more than 8,000 nonprofits globally. The company also has a longstanding commitment to volunteerism. Each year, the firm’s employees are eligible for the eight hours of paid time off to volunteer. In 2025, Ameriprise volunteers collectively contributed more than 50,000 hours to nonprofits in communities across the country.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 130 years1. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.
1 Company founded June 29, 1894.
The Halo Award for Best Direct Service Initiative recognizes partnerships and initiatives between companies and nonprofits that deliver measurable social impact. Ameriprise Financial was recognized for their partnership with Angel Foundation™, a Minnesota-based nonprofit that provides relief to adults with cancer. Award winners were evaluated between January and March 2026 and were selected by a panel of judges based on their innovative approach to delivering services; inclusion and accessibility; thoughtful community engagement; and potential for sustainable, long-term impact. Ameriprise paid a fee to be evaluated or but did not pay a fee to publicly cite the results. For more information: https://engageforgood.com/halo-awards/.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
Ameriprise Financial Services, LLC is an Equal Opportunity Employer.
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BOSTON & LONDON--(BUSINESS WIRE)--Columbia Threadneedle Investments, the global asset management group of Ameriprise Financial (NYSE: AMP), today announced that William Davies, global chief investment officer, has decided to retire after 33 years of distinguished service to the firm and its clients. Mr. Davies’ retirement will be effective on June 30, 2026.
William F. "Ted" Truscott, chief executive officer of Columbia Threadneedle, will act as interim global chief investment officer from July 1, 2026 until the appointment of a successor to Mr. Davies, providing leadership and oversight of the investment function.
Mr. Davies joined a Columbia Threadneedle predecessor firm in 1994 as a European equities portfolio manager. Over the course of his career, he has held several leadership roles at the firm, including head of European equities, global head of equities, chief investment officer EMEA and, since 2022, global chief investment officer. Mr. Davies’ leadership has been key to fostering a culture of collaboration and continuous improvement and driving strong investment performance for our clients.
Mr. Truscott’s significant investment experience has long been central to his leadership of Columbia Threadneedle, driving robust engagement with investment professionals across the firm and supporting a nuanced understanding of clients’ investment objectives. He served as the firm’s chief investment officer for seven years, prior to his appointment as chief executive officer in 2010. Columbia Threadneedle has a deep bench of senior investment leaders and asset class heads who will maintain their current functional responsibilities while Mr. Truscott serves as interim chief investment officer.
Ted Truscott, Chief Executive Officer, Columbia Threadneedle, commented: “We have a high-quality investment capability and a strong culture that drives successful investment outcomes for our clients. Our talented investment leadership team is well positioned to continue delivering the consistent investment approach that our clients expect from Columbia Threadneedle.”
Mr. Truscott added: “I would like to thank and recognize William for his contributions to our firm over his 33-year career at Columbia Threadneedle. He has been a valued colleague and leader, having shaped our disciplined investment processes, fostered strong client relationships and served as a respected industry thought leader. We wish him well in his well-earned retirement.”
William Davies, Global Chief Investment Officer, Columbia Threadneedle, said: “It has been a privilege to lead our team of talented and experienced investors who are dedicated to delivering consistent, competitive investment performance for our clients. We have a strong team of investment leaders in place, and I am grateful for the meaningful partnerships we have built with clients and for the confidence they have placed in Columbia Threadneedle.”
About Columbia Threadneedle Investments
Columbia Threadneedle Investments is a leading global asset manager that provides a broad range of investment strategies and solutions for individual, institutional and corporate clients around the world. With 2,200 people, including 550 investment professionals, based in North America, Europe and Asia, we manage and advise $706 billion of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives.1
Columbia Threadneedle Investments is the global asset management group of Ameriprise Financial, Inc. (NYSE: AMP). For more information, please visit columbiathreadneedle.com.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
1 As of March 31, 2026
This document and its contents have not been reviewed by any regulatory authority. In Australia: Issued by Threadneedle Investments Singapore (Pte.) Limited (TIS), ARBN 600 027 414. TIS is exempt from the requirement to hold an Australian financial services licence under the Corporations Act and relies on Class Order 03/1102 in marketing and providing financial services to Australian wholesale clients as defined in Section 761G of the Corporations Act 2001. TIS is regulated in Singapore (Registration number: 201101559W) by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289), which differ from Australian laws. In Singapore: Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland07, Winsland House 1, Singapore 239519, which is regulated in Singapore by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289). Registration number: 201101559W. This advertisement has not been reviewed by the Monetary Authority of Singapore. In Hong Kong: Issued by Threadneedle Portfolio Services Hong Kong Limited 天利投資管理香港有限公司. Unit 3004, Two Exchange Square, 8 Connaught Place, Hong Kong, which is licensed by the Securities and Futures Commission (“SFC”) to conduct Type 1 regulated activities (CE: AQA779). Registered in Hong Kong under the Companies Ordinance (Chapter 622), No. 1173058. In Japan: Issued by Columbia Threadneedle Investments Japan Co., Ltd. Financial Instruments Business Operator, The Director-General of Kanto Local Finance Bureau (FIBO) No.3281, and a member of Japan Investment Advisers Association and Type II Financial Instruments Firms Association. In the USA: Columbia Management Investment Advisers, LLC (CMIA) is an investment adviser registered with the U.S. Securities and Exchange Commission. In the UK: Issued by Threadneedle Asset Management Limited, No. 573204 and/or Columbia Threadneedle Management Limited, No. 517895, both registered in England and Wales and authorised and regulated in the UK by the Financial Conduct Authority. In the EEA: Issued by Columbia Threadneedle Netherlands B.V., regulated by the Dutch Authority for the Financial Markets (AFM), registered No. 08068841 and/or by Threadneedle Management Luxembourg S.A., at 6E route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, registered with the Luxembourg Registre de Commerce et des Sociétés with No. B 110242 and authorised by the Commission de Surveillance du Secteur Financier (CSSF). In Switzerland: Issued by Threadneedle Portfolio Services AG, Registered address: Claridenstrasse 41, 8002 Zurich, Switzerland. In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by the Dubai Financial Services Authority (DFSA).
