Core Insights - David A. Johnson is the founder and principal of Endurance Capital Management, specializing in various investment vehicles including stocks, bonds, options, ETFs, REITs, real estate, closed-end funds, hedge funds, and private credit [1] Group 1 - David A. Johnson has over 30 years of experience in investing and holds a Master of Science (MS) Degree in Finance with a concentration in Investment Analysis from Boston University [1] - He also possesses a Certificate in Financial Planning and an MBA from Fordham University [1]

Group 1 - The article emphasizes the growing significance of credit quality in the current market environment [1] - Recent market unease has particularly affected CLO funds such as Eagle Point Credit (ECC) and Oxford Lane [1]

Group 1 - Agree Realty (NYSE: ADC) is a lesser-known real estate investment trust (REIT) that owns over 2,500 properties across all 50 states, leased to major retailers like Walmart, Tractor Supply, and Dollar General [1][2] - The REIT generates stable cash flow from monthly rent payments, currently offering a dividend yield of 4.2%, which has consistently benefited its investors over the years [2][8] - Agree Realty employs a straightforward investment strategy focused on high-quality retail properties, emphasizing the credit quality of its tenants, with nearly 68% of rent coming from investment-grade tenants [4][5] Group 2 - The REIT's properties are primarily secured by long-term net leases (89.7% of annual base rent) and ground leases (10.3%), providing a stable and predictable rental income [6] - Agree Realty strategically focuses on resilient retail sectors, avoiding properties leased to struggling industries such as theaters and pharmacies, and instead concentrating on grocery stores and home improvement centers [7] - The company has a strong track record of growing its dividend and enhancing shareholder value through its high-quality portfolio of retail properties [8]

Core Viewpoint - ADC Therapeutics has announced a $60 million private investment in public equity (PIPE) financing to support the commercial expansion of its product ZYNLONTA and strengthen its balance sheet [1][3][4]. Financing Details - The PIPE involves the sale of 11.3 million common shares at $4.00 per share and pre-funded warrants for 3.8 million common shares at $3.90 each [1][2]. - Gross proceeds from the PIPE are expected to be approximately $60 million before fees and expenses, with the closing anticipated on October 27, 2025 [3]. Use of Proceeds - The net proceeds from the PIPE will be utilized for the commercial expansion of ZYNLONTA, strengthening the balance sheet, funding working capital, and general corporate purposes [3][4]. Financial Expectations - The company projects net product revenues from ZYNLONTA sales to be around $15.8 million for Q3 2025, with cash and cash equivalents totaling $234.7 million as of September 30, 2025 [4]. - After accounting for estimated net proceeds from the PIPE, the company expects to have approximately $292.3 million in cash and cash equivalents [4]. Product Information - ZYNLONTA is a CD19-directed antibody drug conjugate approved for treating adult patients with relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy [9][13]. - The drug is also being evaluated in combination studies for other B-cell malignancies and earlier lines of therapy [11][13].

Core Viewpoint - The article discusses the author's background and investment philosophy, emphasizing a focus on dividend investing in quality blue-chip stocks, BDCs, and REITs, with a goal of achieving financial independence for lower and middle-class workers [2]. Group 1 - The author is a Navy veteran who enjoys dividend investing and plans to supplement retirement income through dividends in the next 5-7 years [2]. - The investment strategy is centered on a buy-and-hold approach, prioritizing quality over quantity in stock selection [2]. - The author aims to assist hard-working individuals in building investment portfolios comprised of high-quality, dividend-paying companies [2].

Core Insights - Agree Realty Corp. is a real estate investment trust focused on acquiring and developing properties leased to leading omni-channel retail tenants [1] - The company is set to report Q3 2025 earnings on October 21, with expected EPS of $0.69, a decrease from $1.03 in the prior year, while quarterly revenue is anticipated to reach $180.88 million, an increase from $154.33 million a year earlier [2] Historical Performance - If an investment of $10,000 was made in Agree Realty stock 10 years ago at approximately $30.89 per share, it could have grown to $22,810 based on current trading at $70.46 per share, not including dividends [3] - Over the past decade, Agree Realty has paid about $26.25 in dividends per share, totaling $8,498 in dividends for a $10,000 investment [4] - The total return on the investment over 10 years would be $31,308, equating to a 213.08% return, which is lower than the S&P 500's total return of 297.50% for the same period [5] Current Financials and Future Outlook - Agree Realty has a current dividend yield of 4.36% [4] - The company announced Q2 2025 earnings with FFO of $1.06, slightly above the consensus estimate of $1.05, and revenues of $175.53 million, exceeding the consensus of $170.93 million [7] - The company has a consensus rating of "Buy" with a price target of $77.79, indicating over 10% potential upside from the current stock price [7] - CEO Joey Agree highlighted a strong performance in the first half of the year, raising over $800 million in debt and equity capital, and increasing full-year 2025 investment guidance to $1.4 billion to $1.6 billion, along with raising 2025 AFFO per share guidance to $4.29 to $4.32 [8]

Group 1 - The company has released its latest top investment picks for October 2025, emphasizing the timeliness of joining to access these opportunities [1] - The company invests significant resources, including thousands of hours and over $100,000 annually, into researching profitable investment opportunities [1] - The company offers real estate strategies at a fraction of the cost, highlighting its value proposition to potential members [1] Group 2 - The company's approach has garnered over 500 five-star reviews from satisfied members, indicating a strong level of customer satisfaction [2] - The company encourages potential members to join now to start maximizing their returns, suggesting a focus on immediate benefits [2]

Core Thesis - Agree Realty Corporation (ADC) is positioned as a strong investment opportunity due to its focus on essential, e-commerce-resistant tenants and a stable cash flow model [2][6]. Company Overview - Agree Realty Corporation is a U.S.-based real estate investment trust (REIT) specializing in retail properties leased to essential tenants such as Walmart and CVS, owning over 2,000 properties across the U.S. [2] - The company has transformed from a $300 million microcap to a $7.9 billion market cap REIT, maintaining low leverage and strong tenant relationships [4]. Financial Performance - Over the past three years, Agree has achieved a 20% annual revenue growth and a 7.7% growth in funds from operations (FFO) per share, with the stock trading slightly below prior highs [3]. - The company has a consistent dividend track record, with monthly distributions and a five- and ten-year growth rate around 5.3–5.4%, providing a reliable income stream [5]. Growth Strategy - Agree Realty drives expansion through three key platforms: development of new stores for creditworthy tenants, acquisitions of high-quality existing properties, and a Direct Funding Platform for retail project construction [3]. - The company benefits from high-quality, recession-resistant tenants and geographically diversified property holdings, minimizing operational risk through net leases [5]. Risk Management - While risks such as tenant defaults and interest rate fluctuations exist, Agree's conservative financial policies and data-driven acquisition strategy help mitigate these exposures [6].

Group 1 - The article promotes a 2-week free trial for access to a real estate investment portfolio and top picks [1] - The company claims to be the largest real estate investment community on Seeking Alpha with over 2,000 members [1] - The community has received a perfect rating of 5/5 from over 400 reviews [1] Group 2 - A limited-time offer is available for joining at a deeply reduced rate [1]

Core Viewpoint - Agree Realty Corporation (ADC) is actively engaging in strategic stock purchases by its CEO, indicating confidence in the company's future performance and upcoming financial results [1][5]. Group 1: Recent Developments - On October 2, 2025, Joey Agree, the President & CEO, purchased 3,528 shares at $70.63 per share, increasing his total ownership to 638,688 shares [1]. - ADC is scheduled to release its third-quarter 2025 operating results on October 21, 2025, followed by a conference call to discuss these results [2]. Group 2: Financial Metrics - ADC has a price-to-earnings (P/E) ratio of 41.14 and a price-to-sales ratio of 11.86, reflecting high investor expectations for future growth [3]. - The enterprise value to sales ratio stands at 16.85, and the enterprise value to operating cash flow ratio is 23.25, indicating the company's valuation in relation to its sales and cash generation capabilities [3]. - The earnings yield is 2.43%, providing insight into the company's earnings relative to its stock price [3]. Group 3: Debt and Liquidity - ADC has a debt-to-equity ratio of 0.58, suggesting a moderate level of debt and a balanced financing approach [4]. - The current ratio is 0.22, which raises concerns about the company's ability to meet short-term liabilities with its short-term assets [4].