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Category: Americas

  • MIL-OSI USA: Cassidy, Grassley, Heinrich Applaud Senate Committee Passage of Legislation to Combat Illegal Fentanyl

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Chuck Grassley (R-IA), and Martin Heinrich (D-NM) applaud the passage of the Halt Lethal Trafficking (HALT) Fentanyl Act by the U.S. Senate Judiciary Committee. The HALT Fentanyl Act makes permanent the temporary classification of fentanyl-related substances as a Schedule I drug of the Controlled Substances Act (CSA). The drug’s Schedule I classification is set to expire on March 31, 2025. The HALT Fentanyl Act builds on the momentum of the Stopping Overdoses of Fentanyl Analogues (SOFA) Act introduced by U.S. Senator Ron Johnson (R-WI).
    “Chinese fentanyl was pouring into the U.S. under President Biden’s open border. Law enforcement needs every tool possible to combat this,” said Dr. Cassidy. “I am grateful for Chairman Grassley’s quick work to move this through the Judiciary Committee. Let’s make it law.”
    “The Senate Judiciary Committee’s broad, bipartisan passage of the HALT Fentanyl Act is an important step towards ending our nation’s deadly opioid epidemic,” said Senator Grassley. “Congress has a dwindling shot clock to pass this bill before fentanyl-related substances’ Schedule I status runs out. I urge my congressional colleagues to continue moving this legislation forward, so we can make permanent scheduling of fentanyl analogs the law of the land.” 
    “The HALT Fentanyl Act incorporates the permanent scheduling of fentanyl-related substances, which I first introduced in 2017 in the Stopping Overdoses of Fentanyl Analogues Act (SOFA). SOFA served as the template for the Trump administration’s temporary scheduling rule in 2018, and it recognizes the admirable devotion of Wisconsinites Dr. Tim Westlake and Lauri Badura. Ms. Badura founded Saving Others For Archie and made it her life’s mission to end the fentanyl crisis after losing her son, Archie, to fentanyl poisoning. I’m pleased SOFA will advance to the Senate floor under the HALT Fentanyl Act,”said Senator Johnson. 
    “I’m pleased that my HALT Fentanyl Act is one step closer to becoming law,” said Senator Heinrich. “My legislation now heads to the Senate floor, and I urge my colleagues to pass it. The HALT Fentanyl Act is urgently needed to help our law enforcement crack down on illegal trafficking, get deadly fentanyl out of our communities, and save lives.” 
    The bill now awaits a vote on the U.S. Senate floor. President Trump’s Office of Management and Budget (OMB) has confirmed that, if Congress passes the bill in its current form, the president will sign it.
    Additionally, the bill has 24 U.S. Senate cosponsors and is supported by 40 advocacy groups, including 25 State Attorneys General, 11 major law enforcement organizations, nine major medical associations and Facing Fentanyl, a coalition of over 200 impacted family groups.
    Background:
    Drug overdoses, largely driven by fentanyl, are the leading cause of death among young adults 18 to 45 years old. Synthetic opioids like fentanyl account for 66 percent of the total U.S. overdose deaths. According to the U.S. Centers for Disease Control and Prevention (CDC), there were an estimated 107,543 drug overdose deaths in the U.S. in 2023. This was primarily fueled by synthetic opioids, including illegal fentanyl, which are largely manufactured in Mexico from raw materials supplied by China. In 2022, there were over 50.6 million fentanyl-laced fake prescription pills seized by the U.S. Drug Enforcement Administration (DEA), more than doubling the amount seized in 2021.
    In 2017, Johnson introduced SOFA in the U.S. Senate following the Wisconsin legislature’s unanimous adoption of a bill that mirrors the HALT Fentanyl Act. In 2019, Cassidy became a cosponsor of SOFA. 

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Cortez Masto Seek to Boost Investment in Local Police Departments

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Sen. Catherine Cortez Masto (D-Nev.) today reintroduced the bipartisan Invest to Protect Act to increase local law enforcement’s access to training, mental health support, and recruitment and retention resources.

    “Law enforcement in Iowa and across the nation are struggling with low recruitment and retention rates,” Grassley said. “Our bipartisan bill would unlock access to critical resources, allowing local law enforcement to grow and strengthen their forces. As always, I’m proud to back the blue and will continue to protect and support our courageous officers.”

    “Nevada’s small police departments deserve more access to critical funding to keep communities safe,” Cortez Masto said. “I’ll always stand up for our law enforcement, and this bipartisan bill is simple – it gets our police in rural, suburban and Tribal communities the resources they need.”

    Additional cosponsors include Senate Judiciary Committee Ranking Member Dick Durbin (D-Ill.) and Sens. Richard Blumenthal (D-Conn.), Raphael Warnock (D-Ga.), Bill Cassidy (R-La.), Chris Coons (D-Del.), Susan Collins (R-Maine), Mark Kelly (D-Ariz.) and Todd Young (R-Ind.).

    The Invest to Protect Act is endorsed by the Fraternal Order of Police, the National Sheriffs’ Association, the National Association of Police Organizations, National Organization of Black Law Enforcement Executives, the Peace Officers Research Association of California, the National Criminal Justice Association, the National Troopers Coalition, the Sergeants Benevolent Association, the National Tactical Officers Coalition, the Federal Law Enforcement Officers Association, the United Coalition of Public Safety, the National League of Cities, the National Association of Counties, the New Jersey Fraternal Order of Police, the New Jersey State Policemen’s Benevolent Association, the New Jersey State Troopers Fraternal Association, the Port Authority PBA, the NJ State Troopers Non-Commissioned Officers Association and the State of Hawaii Organization of Police Officers.

    Download bill text HERE.

    Background:

    Most police departments in the U.S. employ fewer than 200 full-time officers. In Iowa and across the country, these departments struggle to compete with larger law enforcement agencies for access to critical resources.

    The Invest to Protect Act establishes a grant program through Community Oriented Policing Services (COPS), setting aside $250 million to help local law enforcement agencies invest in their officers and communities. The bill also simplifies the grant application process to boost small agencies’ access to funding.

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    MIL OSI USA News –

  • MIL-OSI USA: Senate Judiciary Committee Advances HALT Fentanyl Act

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – The Senate Judiciary Committee today voted to advance the Halt All Lethal Trafficking of (HALT) Fentanyl Act. The bipartisan legislation, led by Judiciary Chairman Chuck Grassley (R-Iowa), Health, Education, Labor and Pensions Chairman Bill Cassidy, M.D. (R-La.) and Sen. Martin Heinrich (D-N.M.), would permanently classify fentanyl-related substances before their temporary Schedule I status expires on March 31, 2025.  

    The HALT Fentanyl Act was passed out of Committee by a bipartisan vote of 16-5. Attorney General Pam Bondi has endorsed the legislation. President Trump’s Office of Management and Budget has confirmed that, if Congress passes the bill in its current form, the president will sign it. 

    “The Senate Judiciary Committee’s broad, bipartisan passage of the HALT Fentanyl Act is an important step towards ending our nation’s deadly opioid epidemic,” Grassley said. “Congress has a dwindling shot clock to pass this bill before fentanyl-related substances’ Schedule I status runs out. I urge my congressional colleagues to continue moving this legislation forward, so we can make permanent scheduling of fentanyl analogs the law of the land.” 

    “Chinese fentanyl was pouring into the U.S. under President Biden’s open border. Law enforcement needs every tool possible to combat this,” Cassidy said. “I am grateful for Chairman Grassley’s quick work to move this through the Judiciary Committee. Let’s make it law.” 

    “I’m pleased that my HALT Fentanyl Act is one step closer to becoming law,” Heinrich said. “My legislation now heads to the Senate floor, and I urge my colleagues to pass it. The HALT Fentanyl Act is urgently needed to help our law enforcement crack down on illegal trafficking, get deadly fentanyl out of our communities, and save lives.” 

    The HALT Fentanyl Act is supported by over 40 major advocacy groups, including a coalition of over 200 impacted family groups. Learn more about the bill’s widespread support HERE. 

    Download bill text HERE and a fact sheet HERE. 

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Grassley Secures Argentine President Milei’s Partnership in Credit Suisse Investigation into Nazi-Linked Accounts

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) is welcoming Argentine President Javier Milei’s commitment to support Grassley’s ongoing investigation into Credit Suisse and its historic servicing of Nazi-linked accounts. This includes providing archival records documenting the use of Nazi “ratlines.” Ratlines were monetary and logistic pathways Nazis used to escape justice and flee to Latin America, including Argentina, following World War II.

    “In order to continue this work, I respectfully request possession of Argentina’s archival records relating to Nazi ratlines. This includes records dating to the time before, during, and following World War II that will help shed light on the planning and carrying out of the Nazi ratlines. The great people of Argentina’s support in helping the Senate Judiciary Committee obtain possession would assist the committee in advancing its corresponding oversight of this matter,” Grassley wrote to Milei.

    Grassley will chair a Senate Judiciary Committee hearing next week focused on stemming the tide of antisemitism.
    Read additional background from the Times of Israel.                                  

    Argentine president opening files on Nazi ‘ratlines’ that trafficked Eichmann, Mengele

    By Matt Lebovic

    February 24, 2025

    Argentinian President Javier Milei promised officials of the Simon Wiesenthal Center his full cooperation in granting access to documents related to the financing of so-called “ratlines” that helped Nazis escape Europe after the Holocaust. The promise was made in Buenos Aires at the presidential palace, Casa Rosada, during a meeting with Milei and activists on Tuesday.

    For decades, organizations including the Simon Wiesenthal Center, named after the famed Nazi hunter, have sought records related to unofficial escape routes taken by thousands of Nazis during the years after World War II. Up to 10,000 Nazis and other fascist war criminals escaped justice by fleeing to Argentina and other countries.

    “While some previous leaders promised full cooperation to get to the hard truths that involved Argentina’s past, Milei is the first to act with lightning speed to enable the SWC to uncover important pieces of the historic puzzle, especially as it related to involvement with Nazis before, during and after the Holocaust,” Rabbi Abraham Cooper, associate dean of the Simon Wiesenthal Center, told The Times of Israel.

    …

    During the SWC meeting on Tuesday, Jonathan Missner, managing partner at Stein, Mitchell, Beato & Missner, brought a letter from US Senator Charles Grassley, chairman of the US Senate Judiciary Committee. The letter — which was handed to Milei — requested the Argentinian leader’s assistance in uncovering how the ratlines were organized and funded. A copy of the letter was sent to US President Donald Trump.

    …

    Nazis’ escape routes

    Several countries in the Americas received Nazis, including Canada, the US, and Mexico. Nazis also fled to Australia, Spain, and Switzerland. In some cases, US intelligence officials used ratlines to pluck top Nazi scientists away from Soviet orbits.

    One of two primary escape routes went through Germany and Spain, then across the Atlantic to Argentina…

    Up to 5,000 Nazis are said to have settled in Argentina, including Holocaust “architect” Adolf Eichmann and Josef Mengele, one of the most recognizable — and wanted — Nazis. Traveling along a ratline in 1948, the notorious Auschwitz physician used the new identity of Helmut Gregor when fleeing Europe.

    “These files will be instrumental in obtaining justice, which is instrumental to honoring the memory of those who suffered and died in the Holocaust,” said Cooper. “Especially in a post-October 7 world, those who financed, facilitated, or otherwise assisted these ratlines must be held accountable,” he said.

    …

    “Words are one thing — actions are another. President Milei’s historic decision signals his unequivocal allyship with the Jewish community while reinforcing his commitment to accountability and transparency at home,” Missner told The Times of Israel.

    Support for harboring Nazi war criminals went right to the top in Argentina, according to historians. President Juan Peron was angered by the Nuremberg Trials and authorized key facets of the escape routes, making them a state affair. In addition to German Nazis, the Peron regime and other South American governments aided war criminals from Hungary, Croatia and elsewhere.

    “President Milei is a staunch ally of the global Jewish community and was eager to open these archives. He knows that confronting Argentina’s history of Nazi collaboration requires nothing less than full transparency, and the same principle undergirds his pursuit of justice for the AMIA bombing,” said Missner.

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    MIL OSI USA News –

  • MIL-OSI New Zealand: Jones heads to world’s largest mining conference

    Source: New Zealand Government

    The world’s largest annual mining conference will provide a platform to showcase to the international community the progress the Coalition Government is making to get the sector to work, Resources Minister Shane Jones says 

    Mr Jones is travelling tomorrow to the Prospectors and Developers Association of Canada conference in Toronto. The annual conference draws 30,000 attendees from 135 countries and is covered by around 400 accredited media companies.

    “This is where the global resources sector gets business done and it will be the first time for more than 10 years a New Zealand government minister will be there putting the case for investing in our country,” Mr Jones says

    “During the past year the Coalition Government has delivered for the resources sector. This major conference is our best opportunity yet to tell the international mining and investment community that New Zealand is moving from being ‘open for business’ to ‘doing business’ – and is ready for investment.

    “Our recently launched Minerals Strategy and Critical Minerals List clearly articulates what we have to offer and how the international community can invest. More investment in our minerals sector means more high-paying regional jobs, regional revenue and growth for our economy.

    “Participating in the Mines Minister Summit during the world’s biggest mining conference will provide an unrivalled opportunity to speak directly to the industry and investors about our transformative vision for the resources sector.

    “I will also be meeting industry CEOs, investment firms and ministerial counterparts to highlight how our fast-track legislation and our vision for the resources sector provides a golden opportunity for investment while delivering prosperity for New Zealanders.

    “I look forward to speaking to the world as we work towards our goal of doubling mineral exports to NZ$3 billion by 2035,” Mr Jones says.

    Mr Jones returns from Toronto on 7 March.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Getting Back on Base: Statement of Commissioner Hester M. Peirce on the Dismissal of the Civil Enforcement Action Against Coinbase

    Source: Securities and Exchange Commission

    Today the Commission settled its case against Coinbase by dismissing it with prejudice. I did not support the action against Coinbase. Among other things, I was concerned that it was part of the Commission’s larger strategy to use its enforcement tool to regulate the crypto industry. Typically, developing regulations to address new industries and business practices is the province of the Commission’s capable, expert policy divisions. The decision by the previous Commission to shift this function to the Division of Enforcement by engaging in a large-scale regulation-by-enforcement initiative harmed the American public, adversely affected the industry, and impeded the ability of the Commission’s skilled and dedicated professional staff to use their expertise as it was intended to be used.

    The American public suffered because environments in which the law is unclear are havens for bad actors and hostile territory for law-abiding people legitimately trying to solve society’s problems and meet its needs. The lack of clarity creates an added layer of uncertainty for startups and ultimately may drive these innovators and entrepreneurs to other economic sectors or jurisdictions with clearer regulatory lines. Bad actors, by contrast, hide between regulatory jurisdictions and use the blurry lines to confuse consumers. As a consequence, Americans enjoyed fewer of the fruits of innovation and more of the distress of predation over recent years than they would have in a clear regulatory regime.

    The Commission took a sweeping and difficult-to-decipher approach in its application of Howey to the crypto industry. The industry suffered because effort that would have gone into building interesting and innovative products and services instead went into strategizing with costly lawyers to determine how best to avoid regulatory liability. In the action against Coinbase, the Commission leveled only registration charges premised on Coinbase’s listing of tokens swept up by this expansive Howey analysis. Many other Commission actions followed a similar approach. Token issuers (often not party to the suits), other industry participants, and their counsel were left to divine whether the Commission would deem a particular product a security from clues dropped into the Commission’s complaints in myriad crypto-related cases.

    Finally, the regulation-by-enforcement strategy ill-served the Commission’s staff. Although staff represent the Commission in court and their names are on Commission filings, the ultimate decision about whether to institute or settle enforcement actions lies with the Commission. The Commission’s vote to institute or settle an enforcement action is not a mere formality, and the Commission bears sole responsibility for its decisions. The Commission—unwisely in my view—chose not to use its policy tools but instead relied on a series of enforcement actions to write crypto policy. Regardless of their own policy preferences, the Commission’s talented enforcement staff, who report to the Chairman, crafted an enforcement program that reflected this choice. The enforcement staff appropriately worked hard to execute as effectively as possible the Commission’s directives to pursue approved enforcement actions. Meanwhile, the Commission’s policy staff could not engage productively with the public to build a workable regulatory framework for crypto absent a Commission directive to do so. Such a directive was absent for the past four years.

    The current Commission has now issued such a directive with the formation of the Crypto Task Force: It is the policy staff who will take the lead in engaging with the public to build a regulatory framework that serves the American public. This new approach drives today’s dismissal of the charges against Coinbase, but it does not signal an end to the Commission’s use of its enforcement tool in appropriate cases.

    MIL OSI USA News –

  • MIL-OSI USA: STATEMENT: Missouri Secretary of State Office investigates “ICE flyers” at public libraries

    Source: US State of Missouri

     

     

    For Immediate Release:   February 27, 2025

    Missouri Secretary of State Office Investigates “ICE flyers” at Public Libraries

    Missouri Secretary of State Denny Hoskins, CPA, has provided the following statement in regards to recent news of misleading, inaccurate immigration fliers posted at public libraries:

    “Libraries play a crucial role in providing access to information and fostering informed communities. Therefore, we encourage all library staff to stay vigilant in maintaining the integrity of the resources offered.

    “After a thorough investigation, the Missouri Secretary of State’s office is urging all libraries to review and remove any and all publicly-posted materials that may constitute legal advice or the unauthorized practice of law. It is important to emphasize that libraries do not provide immigration, tax, or other forms of legal advice. To ensure the safety and well-being of our community, libraries should diligently review their internal community or bulletin board policies and continue to monitor materials, noting that misleading and inaccurate information may put people in unnecessarily harmful situations.

    “Together, we can ensure that our libraries remain reliable and safe spaces for all citizens of Missouri. The Office will continue to monitor the situation. 

    “Thank you for your attention to this important matter.”

    About Secretary of State Denny Hoskins
    Denny Hoskins, CPA, was elected as Missouri 41st Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families.

    For more information, please contact: Rachael Dunn, Director of Communications, [email protected].

    — 30 —

    MIL OSI USA News –

  • MIL-OSI USA: Fourteenth and Final Defendant Convicted in Federal Dog Fighting Case

    Source: US State of North Dakota

    All 14 defendants in a large-scale federal dog fighting case indicted last year in Albany, Georgia, have now been convicted. The U.S. District Court for the Middle District of Georgia has accepted the guilty pleas of the following defendants:

    • Tamichael Elijah, 48, of Donalsonville, Georgia;
    • Marvin Pulley, III, 53, of Donalsonville and Jakin, Georgia;
    • Brandon Baker, 42, of Panama City, Florida;
    • Christopher Travis Beaumont, 38, of Panama City, Florida;
    • Herman Buggs, Jr., 57, of Donalsonville, Georgia;
    • Terrance Davis, 46, of Pansey, Alabama;
    • Timothy Freeman, 27, of Bainbridge, Georgia;
    • Terelle Ganzy, 35, of Panama City, Florida;
    • Gary Hopkins, 67, of Donalsonville, Georgia;
    • Cornelious Johnson, 40, of Panama City, Florida;
    • Rodrecus Kimble, 44, of Donalsonville, Georgia;
    • Donnametric Miller, 42, of Donalsonville, Georgia;
    • Willie Russell, 43, of Blakely, Georgia; and
    • Fredricus White, 36, of Panama City, Florida.

    According to court documents filed in this case, the defendants all converged on a property in Donalsonville, Georgia, on April 24, 2022, where they held a large-scale dog fighting event. The defendants and others brought a total of 24 pit bull-type dogs to be fought that weekend in a series of matches. Law enforcement personnel who disrupted the event found numerous dogs inside crates in cars on the property.

    The participants used their cars to store dogs who had already been fought, as well as those whose handlers were awaiting their turn in the fighting pit. Some dogs were kept on chains on the property. Law enforcement rescued a total of 27 dogs, including one found in the pit with severe injuries and which died a shortly thereafter. Dogs in the cars also bore recent injuries and historical fighting scars.

    Under federal law, it is illegal not only to fight dogs in a venture that affects interstate commerce, but also to possess, train, transport, deliver, sell, purchase or receive dogs for fighting purposes.

    All defendants but Freeman pleaded guilty to felony conspiracy to violate the animal fighting prohibition of the federal Animal Welfare Act. Defendants Beaumont and Miller also pleaded guilty to sponsoring or exhibiting (i.e., handling) a dog in a dog fight. Defendants Baker, Davis, Ganzy, Johnson, Pulley, and White further pleaded guilty to possessing and transporting a dog for purposes of using the dog in an animal fighting venture. Freeman pleaded guilty to spectating at an animal fight. Defendants Miller and Pulley also pleaded guilty to the unlawful possession of a firearm by a person with a prior felony conviction.

    Russell is set to be sentenced on Feb. 28. The court has not yet set sentencing dates for the other defendants. Each defendant faces maximum penalties of five years in prison and a $250,000 fine per count of animal fighting charges. Miller also faces a maximum penalty of 10 years in prison and a $250,000 fine on the firearm charge, and Pulley faces a maximum penalty of 15 years in prison on his firearm charge.

    Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division (ENRD) and Acting U.S. Attorney C. Shanelle Booker for the Middle District of Georgia made the announcement.

    The U.S. Department of Agriculture’s Office of the Inspector General and detectives with the Seminole County, Georgia, Sheriff’s Office investigated the case. Detectives with the Bay County, Florda, Sheriff’s Office also provided invaluable assistance.

    Senior Trial Attorney Ethan Eddy and Trial Attorney Leigh Rendé of ENRD’s Environmental Crimes Section are prosecuting the case with assistance from Criminal Chief Leah McEwen of the U.S. Attorney’s Office for the Middle District of Georgia. Assistant U.S. Attorney Michael Morrill and Paralegal Kristi Cote for the Middle District of Georgia handled a parallel civil forfeiture proceeding to ensure that the dogs did not have to be returned to the defendants. The U.S. Attorney’s Offices for the Northern District of Florida and Middle District of Alabama also assisted with the dog rescue operation. 

    MIL OSI USA News –

  • MIL-OSI Security: Convicted Felon Sentenced to 30 Years of Federal Imprisonment for Illegally Possessing Firearms and Methamphetamine

    Source: Office of United States Attorneys

    Memphis, TN – A federal judge has sentenced Andre Blue, 37, of Memphis, to 30 years in federal prison for multiple gun and drug offenses. Reagan Fondren, Acting United States Attorney for the Western District of Tennessee, announced the sentence today.

    According to the information presented in court, on July 13, 2022, detectives with the Multi-Agency Gang Unit executed a search warrant on an apartment where Blue was living. There, they discovered a loaded Glock Inc. .45 caliber pistol, a Sig Sauer Inc. 9mm caliber pistol, and a loaded Smith and a Wesson .45 caliber pistol in the primary bedroom. Additionally, detectives found several bags of various narcotics in the primary bathroom toilet bowl, one of which contained 15 grams of pure methamphetamine. An American Tactical Imports Inc. multi-caliber pistol was found in the closet of a child’s bedroom on the top shelf next to a magazine loaded with at least 50 live rounds. Due to his prior felony convictions, Blue is prohibited by federal law from possessing firearms and ammunition.

    After a three-day trial, in November 2024, a jury found Blue guilty of possession of a firearm as a convicted felon, possession of a firearm in furtherance of drug trafficking, and possession of methamphetamine with intent to distribute. On February 26, 2025, United States District Judge Jon P. McCalla sentenced Blue to 30 years in federal prison, followed by four years of supervised release.  There is no parole in the federal system.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    This case was investigated by the PSN Gun Task Force, the Multi-Agency Gang Unit, and the Shelby County Sheriff’s Office.

    Acting United States Attorney Fondren thanked Assistant United States Attorneys Eileen Kuo and Regina Brittenum, who prosecuted this case, as well as the law enforcement partners who investigated the case.

    ###

    For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI USA: Senators Reverend Warnock, Murray Introduce Legislation to Improve Children’s Health Care Access   

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senators Reverend Warnock, Murray Introduce Legislation to Improve Children’s Health Care Access   

    Senator Reverend Warnock introduced the Kids’ Access to Primary Care Act, which would incentivize more providers to participate in Medicaid and increase access to care for children and families by requiring Medicaid to pay at least the same rate as Medicare for primary care
    Senator Reverend Warnock recently addressed proposed Republican cuts to Medicaid at a press conference with Senate Democratic colleagues
    In Georgia, kids make up roughly 71 percent of all Medicaid enrollees
    Senator Reverend Warnock has long championed strengthening Medicaid
    Senator Reverend Warnock: “Right now, nearly half of our country’s children get health care through Medicaid, which is why it’s so troubling that Washington Republicans are fighting to make cuts to health care access”
    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA) and Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee introduced the Kids’ Access to Primary Care Act. The bill would require Medicaid to pay at least the same rate as Medicare for primary care services, which would incentivize more providers to participate in Medicaid and increase access to care for children and families.
    “I’ve been in the Medicaid fight long before I got to the Senate, so I know the importance that affordable health care provides for so many Americans, including millions of children. In Georgia, kids make up over 70 percent of all Medicaid enrollees,” said Senator Reverend Warnock. “Right now, nearly half of our country’s children get health care through Medicaid, which is why it’s so troubling that Washington Republicans are fighting to make cuts to health care access. That is why the Kids’ Access to Primary Care Act is so important. This commonsense solution shouldn’t be a partisan issue, kids and parents deserve the peace of mind that comes with knowing you have health care access.”
    “Medicaid is a lifeline for tens of millions of American families, especially women and children—one in five women and nearly half of all children in America get their health care through Medicaid. Our legislation is a commonsense solution that would encourage more providers to see Medicaid patients and make it easier for families who rely on Medicaid to get timely care close to home,” said Senator Murray. “Right now, Republicans are doubling down on their plans to make deep cuts to Medicaid and rip away health care from millions of people who need it—it’s dangerous and flat-out-wrong. I’ll keep fighting back and working to strengthen Medicaid and bring down the cost of health care in America.”
    Right now, Medicaid pays a lower rate than Medicare for the same primary care procedures and services. This discrepancy severely reduces the number of providers who participate in Medicaid and limits access to health care for children and families. In Georgia alone, nearly 2 million individuals are insured through Medicaid, including over 1.4 million children who depend on the program for their health care needs. The Kids’ Access to Primary Care Act would improve Medicaid coverage by ensuring that providers are paid at least the same rate as they are for Medicare. Experts agree that higher Medicaid payment rates will broaden the provider network and increase access to care for Medicaid patients, including the more than half of children in the U.S who rely on Medicaid or the Children’s Health Insurance Program (CHIP).
    Senator Warnock has long championed efforts to expand affordable health care access, starting with his advocacy to close the health care coverage gap in Georgia. In addition to pushing for solutions to close the coverage gap, Senator Warnock led a delegation of Georgia lawmakers in urging the Centers for Medicare & Medicaid Services to provide tools to Medicaid non-expansion states like Georgia to help them protect health care access for Medicaid enrollees who lose eligibility after the end of the public health emergency declaration.
    In addition to Senators Murray and Warnock, the Kids’ Access to Primary Care Act is also cosponsored by Senators Cory Booker (D-NJ), Richard Blumenthal (D-CT), Ben Ray Luján (D-NM), Jeff Merkley (D-OR), and Peter Welch (D-VT). Congresswoman Kim Schrier, M.D. (D-WA-08) introduced the legislation in the House with Representatives Brian Fitzpatrick (R-PA-01) and Kathy Castor (D-FL-14).
    The legislation is supported by the American Academy of Pediatrics, American Academy of Family Physicians, Seattle Children’s Hospital, and the Washington State Medical Association.
    The full text of the legislation is HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Rosen Helps Introduce Bipartisan Legislation to Increase Access to Health Care in Rural and Underserved Areas

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) helped introduce bipartisan legislation to increase the number of doctors working in rural and underserved areas. The bipartisan Conrad State 30 and Physician Access Reauthorization Act would reauthorize the Conrad 30 program, which allows international doctors who have completed their residency training in the U.S. to remain in the country under the condition that they practice in areas experiencing physician shortages. 
    “Far too many communities in Nevada lack access to medical care, an issue that is especially dire in our rural and underserved areas. In fact, every county in Nevada is experiencing a shortage of medical professionals,” said Senator Rosen. “This bipartisan legislation will help to address the physician shortage by allowing international doctors to stay and work in the U.S. following their residencies, helping to increase the number of doctors available to provide care.”
    Generally, doctors from other countries working in the United States on J-1 visas are required to return to their home country after their residency has ended for two years before they can apply for another visa or green card. The Conrad 30 program allows doctors to stay in the United States without having to return home if they agree to practice in an underserved area for three years. The “30” refers to the number of doctors per state that can participate in the program. In addition to reauthorizing the program, Senator Rosen’s bill would raise the per-state cap to 35 physicians, increasing the total eligible number of physicians by hundreds nationwide.
    This bipartisan legislation extends the Conrad 30 program for three years, improves the process for obtaining a visa, and allows for the program to be expanded beyond 30 slots if certain thresholds are met, while protecting small states’ slots. The bill also allows the spouses of doctors to work and provides worker protections to prevent the doctors from being mistreated. The legislation also allows physicians who serve in a Veterans Affairs (VA) facility or health professional shortage area for 5 years to get expedited consideration for a green card.
    Senator Rosen is working to address Nevada’s doctor shortage and improve medical care access in the state. Earlier this month, Senator Rosen introduced a bipartisan bill to tackle the nursing shortage affecting communities across the nation. Last year, Senator Rosen pushed for more medical residency slots to be awarded to Nevada to help tackle the physician shortage. She also helped introduce the bipartisan Medical Student Education Authorization Act to address the doctor shortage by expanding the Medical Student Education Program and introduced a package of bipartisan bills aimed at addressing the shortage of doctors and dentists in Nevada and across the country.

    MIL OSI USA News –

  • MIL-OSI USA: Senators Rosen, Husted, & Ricketts Introduce Bipartisan Bill to Protect American Government Devices from PRC-Controlled AI Program

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – Today, U.S. Senators Jacky Rosen (D-NV), Jon Husted (R-OH), and Pete Ricketts (R-NE) introduced bipartisan legislation to prohibit the use of DeepSeek — a new artificial intelligence (AI) platform with direct ties to the Chinese Communist Party — on all government devices and networks. DeepSeek poses a potentially major national security threat, as data collected from the program is being shared directly with the People’s Republic of China (PRC) government and its intelligence agencies. Several U.S. states and allied nations have already moved to block DeepSeek from government devices due to critical security concerns.
    “As the artificial intelligence landscape continues to rapidly expand, the U.S. must take steps to ensure Americans’ data and government systems remain protected against platforms — like DeepSeek — that are linked to our adversaries,” said Senator Rosen. “This bipartisan legislation takes proactive steps to ban DeepSeek on all U.S. government devices, helping to further safeguard sensitive government data from the Chinese Communist Party.”
    “DeepSeek is a tool that perpetuates Communist China’s agenda—full stop,” said Senator Husted. “It exposes Americans’ data to our adversary’s government, lies to its users, and exploits American workers’ AI advances. We can’t afford for U.S. officials to play into Beijing’s hands by hosting this hostile bot on their devices. Our bill is an urgent first step toward protecting our citizens, government, and economy from China’s Communist Party.”
    “DeepSeek poses serious security risks to Americans who use the platform. It should not be on government devices,” said Senator Ricketts. “This bipartisan bill ensures that DeepSeek does not expose our government to potential national security risks—or give our data to Communist China.”
    As the first and only former computer programmer to serve in the Senate, Senator Rosen has led the fight to strengthen the nation’s cybersecurity. Last year, Rosen called on the Department of Health and Human Services and the Cybersecurity and Infrastructure Security Agency to create a plan to help health care systems respond to cyber attacks like the recent ransomware attack on Change Healthcare. Additionally, Rosen’s bipartisan Department of Defense Civilian Cybersecurity Reserve Act became law to recruit civilian cybersecurity personnel to serve in reserve capacities and respond to cyberattacks during times of need. Senator Rosen has introduced bipartisan bills to bolster the cybersecurity of medical devices and records from the Department of Veterans Affairs, both of which were signed into law.

    MIL OSI USA News –

  • MIL-OSI United Nations: US funding cuts confirmed, ending lifesaving support for women and girls

    Source: United Nations 2

    Humanitarian Aid

    The United States has cut $377 million worth of funding to the UN reproductive and sexual health agency, UNFPA, it was confirmed on Thursday, leading to potentially “devasting impacts”, on women and girls.

    “At 7pm on 26 February, UNFPA was informed that nearly all of our grants (48 as of now) with USAID and the US State Department have been terminated,” the UN agency said in a statement.

    “This decision will have devastating impacts on women and girls and the health and aid workers who serve them in the world’s worst humanitarian crises.”

    The USAID grants were designated to provide critical maternal healthcare, protection from violence, rape treatment and other lifesaving care in humanitarian settings.

    This includes UNFPA’s work to end maternal death, safely deliver babies and address horrific violence faced by women and girls in places like Gaza, Sudan and Ukraine.

    From Afghanistan to Ukraine

    The UN agency partners with 150 countries to provide access to a wide range of sexual and reproductive health services.

    Its goal is ending unmet needs for family planning, preventable maternal death, gender-based violence and harmful practices, including child marriage and female genital mutilation, by 2030.

    “These termination notices include grants for which we had previously received humanitarian waivers, as they were considered lifesaving interventions for the world’s most vulnerable women and girls,” UNFPA said.

    The grants funded programmes in countries including Afghanistan, Chad, the Democratic Republic of the Congo, Haiti, Mali, Sudan, Syria and its neighbouring countries, as well as Ukraine.

    MIL OSI United Nations News –

  • MIL-OSI Canada: Program providing paid sick leave to Yukon workers extended until April 2026

    Program providing paid sick leave to Yukon workers extended until April 2026
    jlutz

    Subject to legislative approval of Budget 2025–26, the Government of Yukon is extending the Paid Sick Leave Rebate Program for an additional year, keeping the program available until March 31, 2026.

    This program covers the cost of up to 40 hours of paid sick leave per 12-month period for eligible workers at no cost to their employer.

    The rebate program helps Yukon businesses by:

    • allowing them to provide more employee benefits without paying extra costs;
    • strengthening competitiveness in the labour market; and
    • helping create a more supportive work environment by enabling employers to offer paid sick leave through voluntary participation in the program.

    The rebate program helps Yukon workers by:

    • providing financial stability for employees and self-employed workers who must take time off work because of sickness or injury;
    • helping keep people healthy in the Yukon; and
    • alleviating the need for workers to choose between getting sick and getting paid.

    Since the program launched in April 2023, over 170 Yukon businesses have applied for rebates and over 1,100 employees have received paid time off through the program when they are sick. In the first year of the program, approximately 50 per cent of employees who used the program worked in retail trade, 19 per cent in accommodation and food services and 13 per cent in the health and social assistance sector.

    MIL OSI Canada News –

  • MIL-OSI Canada: Lotteries Yukon supports major new arts infrastructure with mobile stage funding to Yukon Arts Centre

    Lotteries Yukon supports major new arts infrastructure with mobile stage funding to Yukon Arts Centre
    zaburke

    Lotteries Yukon, in partnership with the Yukon Lottery Commission, is excited to announce the funding of a new, state-of-the-art mobile stage for the Yukon Arts Centre for its 50th anniversary. This contribution represents a major enhancement to the territory’s arts and culture infrastructure, providing an invaluable asset for local artists, organizations and communities.

    The new stage will enhance the Yukon Arts Centre’s ability to showcase diverse performances across the Yukon, in both an outdoor and indoor setting. The mobile stage also ensures that both local and outside artists can reach audiences across the Yukon and provide more opportunities for Yukoners to experience high quality performances. 

    By eliminating the need for costly rentals from southern providers and shipping equipment to the north, the mobile stage also offers significant cost savings for Yukon non-profits, making it a practical and sustainable resource for years to come.

    Building on this exciting addition to the territory’s arts and culture landscape, Lotteries Yukon, in partnership with the Yukon Arts Centre, is pleased to announce a free summer concert series as part of the 50th anniversary celebrations. The summer series will feature live performances across the Yukon, providing Yukoners with more opportunities to experience high-quality performances. Full details will be announced this spring at lotteriesyukon.com.
     

    MIL OSI Canada News –

  • MIL-OSI USA: Secretary Dev Sangvai Visits Western North Carolina

    Source: US State of North Carolina

    Headline: Secretary Dev Sangvai Visits Western North Carolina

    Secretary Dev Sangvai Visits Western North Carolina
    jwerner

    North Carolina Health and Human Services Secretary Dev Sangvai traveled to western North Carolina this week to meet with health care and social services partners to learn more about the status of Hurricane Helene recovery efforts and discuss the impacts of staffing shortages and other challenges they face. Together, we are committed to recovery efforts and supporting staff as we continue to create a healthier North Carolina for all.

    Black Mountain Neuro-Medical Treatment Center

    Secretary Sangvai began the first day of his trip on Tuesday, Feb. 25, in Buncombe County for a site visit and informational meeting with staff at the Black Mountain Neuro-Medical Treatment Center (BMNTC), one of three state-operated facilities in North Carolina that serves adults with chronic and complex medical conditions that co-exist with neurodevelopmental and/or neurocognitive disorders and/or a diagnosis of severe and persistent mental illness. 

    Secretary Sangvai was led on a tour of the facility, including one of the residential units, to learn more about the quality care received by patients both during and after Hurricane Helene. He also visited the third floor of the Gravely Wing at BMNTC to assess the status of renovations that were planned prior to Helene  and are estimated to be completed by July 2025.

    Secretary Sangvai met with the BMNTC Executive Committee to discuss the successes and areas of concern among staff members. The facility has largely recovered from the devastation left by Hurricane Helene, returning to normal operations with all evacuated residents returning to BMNTC. Employees shared concerns regarding staffing shortages as well as recruitment and retention challenges, particularly in nursing positions. BMNTC has ramped up recruitment efforts this quarter as unemployment in the region has spiked due to business closures in the wake of Helene.

     NCDHHS Secretary Dev Sangvai and Chief Deputy Secretary for Operational Excellence Dr. ClarLynda Williams-Devane travel to western North Carolina to meet with health care and social services partners. 

    Julian F. Keith Alcohol and Drug Abuse Treatment Center

    Following the visit to BMNTC, Secretary Sangvai continued his travels through Black Mountain to the Julian F. Keith Alcohol and Drug Abuse Treatment Center (JFK). There, he met with staff to learn more about the facility and services offered as well as the status of recovery efforts. He also went on a tour to get a more comprehensive look at the various services JFK staff provide their patients.

    Secretary Sangvai heard from JFK staff about their continued work to recover from the effects of Hurricane Helene, all while battling staffing shortages, closures to the facility and increased mental health challenge among the community they serve.  JFK staff cared for and assisted in the evacuation of patients during Hurricane Helene, standing up a detox unit at Broughton Hospital to provide a place of respite for those unable to seek care at JFK. A huge win for JFK staff recently came in the form of the treatment center reopening their kitchen after a seven-month long closure .

    “I am so grateful for the work being done at our facilities as recovery continues from the devastation left behind by Hurricane Helene,” said Secretary Sangvai. “These teams have worked tirelessly to provide life-changing care. This commitment matches what I have seen across the department, as we work to improve access to care and ensure people receive the care they need no matter where they live or how much money they make.”

    Cherokee Indian Hospital Authority

    On Wednesday, Feb. 26, Secretary Sangvai traveled to Cherokee, NC, to meet with the Eastern Band of Cherokee Indians (EBCI) and the Cherokee Indian Hospital Authority (CIHA). EBCI has contracted with NCDHHS to participate in NC Medicaid, thereby providing access to Medicaid managed care services for federally recognized Tribal Members and other individuals eligible to receive Indian Health Services. Through this partnership with NCDHHS, EBCI is the first Tribal-led Medicaid managed care entity in the country, aligning Medicaid services with Tribal health priorities and providing care for enrolled EBCI members.

    During his visit, Secretary Sangvai learned about the status of NCDHHS and CIHA’s multiple partnerships, including the development of a Child Crisis Stabilization Unit on the Qualla Boundary, the location of CIHA’s main hospital. The new unit will provide emergency mental health stabilization services for youth experiencing an acute psychiatric crisis. A revolutionary care model for western North Carolina, the unit will serve both tribal and non-tribal youth, ensuring that all children in the region have access to these critical resources.  

    Secretary Sangvai saw first-hand during his trip that CIHA has also been battling recruitment difficulties, struggling to address rural health care workforce shortages and retention issues. Despite these challenges, CIHA is a pillar of health care excellence for the EBCI, working diligently to deliver high-quality, patient-centered care that honors and integrates the rich heritage of Cherokee culture.

    Broughton Hospital

    Later in the day, Secretary Sangvai visited Broughton Hospital, one of three psychiatric hospitals operated by the NCDHHS Division of State Operated Healthcare Facilities, to tour the facility and learn more about the hospital’s priorities as western North Carolina moves forward from Hurricane Helene. He spoke with staff as he toured the patient care center, gym, chapel and treatment mall.

    Broughton staff emphasized their struggles to recruit and retain staff with a high number of vacancies in full-time positions at the facility. These staffing shortages directly impact the hospital’s ability to serve more patients, limiting the number of beds that can be filled and increasing wait times prospective patients may face before receiving care. Hospitals are growing increasingly reliant on temporary employees, especially for nursing and medical staff, due in part to salaries that struggle to compete with others on the job market.

    “The staff at our state operated psychiatric hospitals work incredibly hard to provide critical support to their patients every day,” Secretary Sangvai said. “I will continue to advocate for the resilient staff that serve our state and support NCDHHS’ efforts to strengthen the health care workforce in order to improve capacity limitations, so more patients are able to quickly access needed care.”

    J. Iverson Riddle Developmental Center

    On Thursday morning, Feb. 26, Secretary Sangvai traveled to Burke County, making his first stop at J. Iverson Riddle Developmental Center (JIRDC), one of three State Developmental Centers which provides services and support to individuals with intellectual and developmental disabilities (I/DD), complex behavioral challenges and/or medical conditions whose clinical treatment needs exceed the supports currently available in the community. He toured JIRDC, making a visit to one of the homes at the facility to greet staff and residents.

    Facility leadership voiced concerns regarding recruitment, including filling key positions at JIRDC. Despite recent measures taken to increase Direct Support Professionals and Registered Nurses salaries, JIRDC still struggles from a 23% vacancy rate, impacting staff’s ability to serve more patients.

    In addition to staff’s efforts to recover from Hurricane Helene, JIRDC housed approximately one-third of BMNTC residents during local infrastructure repairs. As many employees face burnout amidst an unprecedented crisis, Secretary Sangvai pledged to continue to prioritize the well-being of the health care workforce in North Carolina and to ensure the sustainability and functionality of state operated healthcare facilities for patients and staff.

    Burke County DSS

    The Secretary then traveled to the Burke County Department of Social Services, where he toured facilities and met with local social services staff. Staff at Burke County DSS worked to quickly respond to issues as Hurricane Helene hit their community. Their team had to navigate a total loss of communications systems, staffing shortages, burnout and the increased stress of managing a large-scale recovery operation in the wake of the storm. Today, Burke County DSS has fortunately largely returned to “normal” operations. This is partially because as a county on the eastern edge of Helene’s path, Burke County saw fewer individuals permanently displaced than some other counties impacted by the storm.

    Secretary Sangvai spoke with Burke County DSS Director Korey Fisher-Wellman to form a better understanding of the issues facing their office and other county DSS offices across the state. The Secretary reinforced NCDHHS’ ongoing commitment to support recovery efforts as western North Carolina continues to recover and rebuild.

    Blue Ridge Regional Hospital

    Secretary Sangvai concluded his trip on Thursday at Blue Ridge Regional Hospital, which has served as a Critical Access Hospital for the people of western North Carolina since 1955. The Secretary was joined by CEO and Chief Nurse Tonia Hale, and the Vice President of Government Relations for HCA Healthcare Lori Kroll , for a tour of the hospital and a presentation on workforce development and Hurricane Helene recovery. The team highlighted the hospital’s efforts to bounce back from the hurricane, and Secretary Sangvai shared NCDHHS’ commitment to work with hospitals across the state to address the impacts of staffing shortages and support recruitment and retention efforts.

    Please see more photos from Secretary Sangvai’s visit.

    Feb 27, 2025

    MIL OSI USA News –

  • MIL-OSI: Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces 2024 Annual Operating Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) —

    All per share figures disclosed below are stated on a diluted basis.

    For the years ended December 31,       2024     2023  
    ($ in thousands, except per share amounts)        
             
    Net revenue     $ 323,403   $ 241,182  
    Operating earnings       38,824     59,849  
    Net gains       77,444     57,787  
    Net earnings from continuing operations       101,598     102,162  
    Net earnings from discontinued operations       —     554,933  
    Net earnings       101,598     657,095  
             
             
    EBITDA(1)     $ 70,874   $ 85,424  
    Adjusted cash flow from operations(1)       57,536     72,763  
             
             
    Attributable to shareholders:        
    Net earnings from continuing operations     $ 100,099   $ 100,250  
    Net earnings       100,099     562,929  
    EBITDA(1)       68,248     82,247  
    Adjusted cash flow from operations (1)       54,884     69,581  
    Per share, diluted:        
    Net earnings from continuing operations     $ 4.10   $ 3.99  
    Net earnings       4.10     22.12  
    EBITDA(1)       2.82     3.29  
    Adjusted cash flow from operations (1)       2.28     2.79  
             
    As at December 31, 2024       2024     2023  
    ($ in millions, except per share amounts)        
             
    Total client assets     $ 168,979   $ 58,774  
    Shareholders’ equity       1,318     1,241  
    Securities, net (1)       1,211     1,318  
    Per share, diluted:        
    Shareholders’ equity (1)     $ 53.76   $ 49.39  
    Securities, net (1)       49.38     52.44  
             
             

    The Company is reporting Total Client Assets (which includes assets under management and assets under advisement) of $169.0 billion as at December 31, 2024, an increase of $110.2 billion from $58.8 billion as at December 31, 2023. The current year’s Total Client Assets include $104.8 billion associated with Charlotte, North Carolina-based Sterling Capital Management LLC (“Sterling”) and Toronto, Canada-based Galibier Capital Management Ltd (“Galibier”), both of which were acquired during the current year.

    The Operating earnings were $38.8 million for the year ended December 31, 2024, compared to $59.8 million in the prior year. EBITDA(1) was $70.9 million in 2024, compared to $85.4 million in the prior year. Both of these measures were dampened by approximately $14.4 million in expenses related to the above mentioned acquisitions and the associated initial integration expenses (“Transitional expenses”).

    Net revenue for the year was $323.4 million, a 34% or $82.2 million increase from $241.2 million in the prior year. The inclusion of Sterling’s and Galibier’s Net revenue accounted for $75.4 million, or 31% of the increase. The remainder of the increase was driven by the growth in Total Client Assets from the prior year, partially offset by lower interest income earned in the current year. Operating expenses were 57% higher in the current year at $284.6 million, compared to $181.3 million in the prior year. The addition of operating expenses from Sterling and Galibier and the related Transitional expenses accounted for 46% of the increase.

    Net gains in 2024 were $77.4 million, compared to Net gains of $57.8 million in 2023, which largely reflect the changes in fair values of the Company’s Securities portfolio, and are consistent with performance of the global financial markets.

    Net earnings attributable to shareholders from continuing operations were $100.1 million in 2024, compared to $100.3 million in 2023.

    Adjusted cash flow from operations(1) in 2024 was $57.5 million, compared to $72.8 million in 2023.

    During 2024, the Company returned to shareholders $35.6 million in dividends and $24.9 million in share buybacks.

    The Company’s Shareholders’ equity as at December 31, 2024 was $1,318 million, or $53.76 per share(1), compared to $1,241 million, or $49.39 per share(1) as at December 31, 2023. The Company’s Securities, net(1) as at December 31, 2024 had a fair value of $1,211 million, or $49.38 per share(1), compared to $1,318 million, or $52.44 per share(1). The decline in the net holdings of Securities was due to the Company utilizing a portion of the portfolio to fund the acquisitions of Sterling and Galibier, share buybacks and tax liabilities arising from the sale of Worldsource businesses in the prior year, partially offset by market appreciation during the year.

    The Board of Directors is pleased to have declared a quarterly eligible dividend of $0.39 per share, an increase of 5%, payable on April 18, 2025, to shareholders of record on April 11, 2025.  

    The Company’s financial results for the past eight quarters are summarized in the following table.

      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023
                     
                     
    As at ($ in millions)                
    Total client assets $ 168,979   $ 165,061   $ 58,628   $ 61,316   $ 58,774   $ 56,215   $ 56,527   $ 56,326  
                     
    For the three months ended ($ in thousands)            
    Net revenue $ 98,614   $ 98,128   $ 64,164   $ 62,497   $ 62,245   $ 62,611   $ 61,833   $ 54,493  
    Operating earnings   7,385     4,790     14,333     12,318     13,097     18,474     17,038     11,240  
    Net gains (losses)   64,476     39,392     (39,161 )   12,737     60,747     (17,358 )   (3,736 )   18,134  
    Net earnings (losses) from continuing operations   63,231     39,658     (22,730 )   21,441     68,048     (2,270 )   11,532     24,852  
    Net earnings from discontinued operations   —     —     —     —     —     —     —     554,933  
    Net earnings (losses)   63,231     39,658     (22,730 )   21,441     68,048     (2,270 )   11,532     579,785  
    Net earnings (loss) from continuing operations attributable to shareholders   62,849     39,222     (23,137 )   21,167     67,087     (2,506 )   11,145     24,524  
    Net earnings (loss) attributable to shareholders   62,849     39,222     (23,137 )   21,167     67,087     (2,506 )   11,145     487,203  
                     
                     
    Per share amounts (in $)                
    Net earnings (loss) from continuing operations attributable to shareholders    
    Basic $ 2.72   $ 1.69   $ (0.99 ) $ 0.90   $ 2.85   $ (0.11 ) $ 0.47   $ 1.04  
    Diluted   2.58     1.60     (0.99 )   0.86     2.68     (0.11 )   0.45     1.00  
    Net earnings (loss) attributable to shareholders:            
    Basic $ 2.72   $ 1.69   $ (0.99 ) $ 0.90   $ 2.85   $ (0.11 ) $ 0.47   $ 20.27  
    Diluted   2.58     1.60     (0.99 )   0.86     2.68     (0.11 )   0.45     18.79  
                     
    Dividends paid $ 0.37   $ 0.37   $ 0.37   $ 0.34   $ 0.34   $ 0.34   $ 0.34   $ 0.24  
                     
                     
    As at                
    Shareholders’ equity ($ in millions) $ 1,318   $ 1,245   $ 1,223   $ 1,255   $ 1,241   $ 1,201   $ 1,213   $ 1,242  
    Per share amounts (in $)                
    Basic $ 56.54   $ 53.73   $ 52.59   $ 53.69   $ 52.87   $ 50.90   $ 51.11   $ 52.42  
    Diluted   53.76     50.38     49.34     50.30     49.39     47.54     47.63     48.73  
                     
    Total Class A and Common shares outstanding (shares in thousands)   24,647     24,867     24,959     25,136     25,230     25,408     25,609     26,113  
                     

    Guardian Capital Group Limited (Guardian) is a global investment management company servicing institutional, retail and private clients through its subsidiaries. It also manages a proprietary portfolio of securities. Founded in 1962, Guardian’s reputation for steady growth, long-term relationships and its core values of trustworthiness, integrity and stability have been key to its success over six decades. Its Common and Class A shares are listed on the Toronto Stock Exchange as GCG and GCG.A, respectively. To learn more about Guardian, visit www.guardiancapital.com.

    For further information, contact:
       
    Donald Yi
    Chief Financial Officer
    (416) 350-3136    		 George Mavroudis
    President and Chief Executive Officer
    (416) 364-8341
       
    Investor Relations: investorrelations@guardiancapital.com.
       

    Caution Concerning Forward-Looking Information

    Certain information included in this press release constitutes forward-looking information within the meaning of applicable Canadian securities laws. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events or the negative thereof. Forward-looking information in this press release includes, but is not limited to, statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations. Such forward-looking information reflects management’s beliefs and is based on information currently available. All forward-looking information in this press release is qualified by the following cautionary statements.

    Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves known and unknown risks and uncertainties which may cause Guardian’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially include but are not limited to: general economic and market conditions, including interest rates, business competition, changes in government regulations, tax laws or tariffs, the duration and severity of pandemics, natural disasters, military conflicts in various parts of the world, as well as those risk factors discussed or referred to in the risk factors section and the other disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. The reader is cautioned to consider these factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information, as there can be no assurance that actual results will be consistent with such forward-looking information.

    The forward-looking information included in this press release is made as of the date of this press release and should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

    (1) Non IFRS Measures
    The Company’s management uses EBITDA, EBITDA attributable to shareholders, including the per share amount, Adjusted cash flows from operations, Adjusted cash flow from operations attributable to shareholders, including the per share amount, Shareholders’ equity per share and Securities per share to evaluate and assess the performance of its business. These measures do not have standardized measures under International Financial Reporting Standards (“IFRS”), and are therefore unlikely to be comparable to similar measures presented by other companies. However, management believes that most shareholders, creditors, other stakeholders and investment analysts prefer to include the use of these measures in analyzing the Company’s results. The Company defines EBITDA as net earnings before interest, income taxes, amortization, and stock-based compensation expenses, net gains or losses and net earnings from discontinued operations. EBITDA attributable shareholders as EBITDA less the amounts attributable to non-controlling interests. The Company defines Adjusted cash flow from operations as net cash from operating activities, net of changes in non-cash working capital items and cash flow from discontinued operations. Adjusted cash flow from operations attributable to shareholders as Adjusted cash flow from operations less the amounts attributable to non-controlling interests. A reconciliation between these measures and the most comparable IFRS measures are as follows:

           
    For the years ended December 31, ($ in thousands)     2024     2023  
           
    Net earnings   $ 101,598   $ 657,095  
    Add (deduct):      
    Net earnings from discontinued operations     —     (554,933 )
    Income tax expense     14,670     15,474  
    Net gains     (77,444 )   (57,787 )
    Stock-based compensation     4,058     3,587  
    Interest expense     10,362     8,296  
    Amortization     17,630     13,692  
    EBITDA     70,874     85,424  
    Less attributable to non-controlling interests in continuing operations     (2,626 )   (3,177 )
    EBITDA attributable to shareholders   $ 68,248   $ 82,247  
           
           
    For the years ended December 31, ($ in thousands)     2024     2023  
           
    Net cash from operating activities   $ 93,261   $ 81,419  
    Add (deduct):      
    Net cash from operating activities, discontinued operations     —     (10,087 )
    Net change in non-cash working capital items     (35,725 )   (8,282 )
    Net change in non-cash working capital items, discontinued operations     —     9,713  
    Adjusted cash flow from operations     57,536     72,763  
    Less attributable to non-controlling interests, continuing operations     (2,652 )   (3,182 )
    Adjusted cash flow from operations attributable to shareholders   $ 54,884   $ 69,581  
           

    The per share amounts for EBITDA attributable to shareholders, Adjusted cash flow from operations attributable to shareholders and Shareholders’ equity are calculated by dividing the amounts by diluted shares, which is calculated in a manner similar to net earnings attributable to shareholders per share.

    Securities, net and Securities, net per share
    Securities, net and Securities, net per share are used by management to indicate the value available to shareholders created by Guardian’s investment in securities, without the netting of debt or deferred income taxes associated with the unrealized gains. The most comparable IFRS measures are “Securities” & “Securities sold short”, which are disclosed in Guardian’s Consolidated Balance Sheet. Securities, net defined as the net sum of Securities and Securities sold short. The per share amount is calculated by dividing the amounts by diluted shares, which is calculated in a manner similar to net earnings attributable to shareholders per share..

    More detailed descriptions of these non-IFRS measures are provided in the Company’s Management’s Discussion and Analysis.

    The MIL Network –

  • MIL-OSI: ECN Capital Reports US$0.02 in Adjusted Net Income per Common Share in Q4-2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (“ECN Capital” or the “Company”) today reported financial results for the fourth quarter and the year ended December 31, 2024.

    For the three-month period ended December 31, 2024, ECN Capital reported Adjusted net income (loss) applicable to common shareholders of $4.4 million or $0.02 per share (basic) versus $13.1 million or $0.05 per share (basic) for the previous three-month period and ($13.5) million or ($.05) per share (basic) for the prior year comparable period.

    “Our Q4 results, while impacted by severe weather disruptions, further underline that 2024 marked the completion of our turnaround and we are well positioned and confident in our businesses going ahead,” said Steven Hudson, CEO of ECN Capital Corp. “Adjusted net income per share to common shareholders of $0.02 in the quarter was vastly improved from prior year period loss of ($0.05). Our management teams have led this significant pivot by enhancing operations, profitability and performance. We believe that Manufactured Housing remains a primary solution to the affordable housing crisis, while our RV and Marine businesses continue to effectively capture market share.”

    Originations for the three-month period ended December 31, 2024 were $547.6 million, versus $625.7 million in the previous three-month period and $503.1 million for the prior year comparable period. Originations for the three-month period ended December 31, 2024 include $348.5 million of originations from our Manufactured Housing Finance segment and $199.1 million of originations from our Recreational Vehicle and Marine Finance segment.

    Managed Assets as at December 31, 2024 were $6.9 billion versus $6.7 billion as at September 30, 2024 and $4.9 billion as at December 31, 2023.

    Adjusted EBITDA for the three-month period ended December 31, 2024 was $24.1 million versus $36.1 million for the previous three-month period and $5.5 million for the prior year comparable period.

    Operating Expenses for the three-month period ended December 31, 2024 were $31.1 million versus $30.3 million for the previous three-month period and $34.7 million for the prior year comparable period.

    Net (Loss) Income attributable to common shareholders for the three-month period ended December 31, 2024 was ($3.9) million versus $6.8 million for the previous three-month period and ($56.0) million for the prior year comparable period.

    Dividends Declared

    The Company’s Board of Directors has authorized and declared a quarterly dividend of C$0.01 per outstanding common share to be paid on March 31, 2025 to shareholders of record at the close of business on March 20, 2025. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    The Company’s Board of Directors has authorized and declared a quarterly dividend of C$0.4960625 per outstanding Cumulative 5-Year Rate Reset Preferred Share, Series C (TSX: ECN.PR.C) to be paid on March 31, 2025 to shareholders of record on the close of business on March 20, 2025. These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    Webcast

    The Company will host an analyst briefing to discuss these results commencing at 5:30 PM (ET) on Thursday, February 27, 2025. The call can be accessed as follows:

    A telephone replay of the conference call may also be accessed until March 27, 2025, by dialing 1-800-645-7964 and entering the passcode 5036#.

    Non-IFRS Measures

    The Company’s annual audited consolidated financial statements as at and for the year ended December 31, 2024, have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and the accounting policies we adopted in accordance with IFRS.

    The Company believes that certain Non-IFRS Measures can be useful to investors because they provide a means by which investors can evaluate the Company’s underlying key drivers and operating performance of the business, exclusive of certain adjustments and activities that investors may consider to be unrelated to the underlying economic performance of the business of a given period. Throughout this news release, management uses a number of terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations, including adjusted EBITDA, adjusted net income, adjusted net income per common share and managed assets. A full description of these measures, along with a reconciliation to the most directly comparable IFRS measure, where applicable, can be found in the Management Discussion & Analysis (“MD&A”) that accompanies ECN Capital’s annual audited consolidated financial statements for the year ended December 31, 2024.

    ECN Capital’s MD&A for the year ended December 31, 2024 has been filed on SEDAR+ (www.sedarplus.com) and is available under the investor section of the Company’s website (www.ecncapitalcorp.com).

    About ECN Capital Corp.

    With managed assets of US$6.9 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American-based banks, institutional investors, insurance company, pension plan, bank and credit union partners (collectively, its “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan and rental) loans. Its Partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicle and Marine Finance.

    Contact

    Katherine Moradiellos
    561-631-8739
    kmoradiellos@ecncapitalcorp.com

    Forward-looking Statements

    This news release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this news release include those relating to the future financial and operating performance of ECN Capital, the strategic advantages, business plans and future opportunities of ECN Capital and the ability of ECN Capital to access adequate funding sources, identify and execute on acquisition opportunities and transition to an asset management business. The forward-looking events and circumstances discussed in this news release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in ECN Capital’s MD&A for the year ended December 31, 2024 and ECN Capital’s 2024 Annual Information Form dated February 27, 2025 for the year ended December 31, 2024 which have been filed on SEDAR+ and can be accessed at www.sedarplus.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI Video: Secretary Rubio hosts a U.S.-Mexico interagency meeting with Mexican Foreign Secretary

    Source: United States of America – Department of State (video statements)

    Secretary of State Marco A. Rubio hosts a U.S.-Mexico interagency meeting with Mexican Foreign Secretary Juan Ramon de la Fuente at the Department of State, on February 27, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=TQzuLykey4c

    MIL OSI Video –

  • MIL-OSI USA: Cantwell, Democrats Vote NO on Advancing Deputy DOT Nominee Bradbury: “It Simply Does Not Matter If You’re Saving Dollars, If You’re Not Saving Lives”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.27.25

    Cantwell, Democrats Vote NO on Advancing Deputy DOT Nominee Bradbury: “It Simply Does Not Matter If You’re Saving Dollars, If You’re Not Saving Lives”

    As DOT General Counsel from 2017-2021, Bradbury helped sideline a crucial safety regulation for plane manufacturers in immediate aftermath of fatal crashes

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation, and senior member of the Senate Finance Committee, led committee Democrats in voting against advancing Steven Bradbury – President Donald Trump’s pick to serve as Deputy Secretary of the U.S. Department of Transportation – to the full Senate for a confirmation vote.

    From 2017 to 2021, Bradbury served as the General Counsel of DOT. Under his leadership, Sen. Cantwell said, the DOT rolled back multiple “common sense requirements.”

    “It simply does not matter if you’re saving dollars, if you’re not saving lives. The last thing we need is someone who won’t stand up to the industry or [for] aviation safety needs,” Sen. Cantwell said. “Fatigue prevention requirements for truck drivers were loosened. A record number of rail safety requirements were waived. And most troubling, a proposed rule on Safety Management System for aviation manufacturers such as Boeing was sidelined.”

    The Committee on Commerce, Science, and Transportation ultimately voted 15-13 to advance Bradbury’s nomination to the full Senate. In spite of Bradbury’s record of rolling back and blocking safety regulations during the first Trump administration, all Republicans voted to advance his nomination.

    Last week, during a committee hearing, Sen. Cantwell pressed Bradbury on his decision to sideline a proposed requirement that plane manufacturers must adopt a mandatory Safety Management System (SMS), which an expert panel determined would decrease the likelihood of another fatal accident. His decision came just nine days after the fatal Lion Air flight 610 crash in 2018 on a Boeing 737 MAX, which killed 189 people, and halted the introduction of a critical aviation safety rule advocated for by crash victim family members.

    Sen. Cantwell asked him at the hearing: “We know that the rule was halted nine days after the MAX crash. Why did you stop the rulemaking from happening?”

    Bradbury: “Well, I don’t know that I stopped it.”

    Sen. Cantwell: “That’s what’s reported in the paper, and I mentioned the FAA person, who was in charge of the process, who said the industry and everybody wanted to move forward, and it was submitted, and then next thing you know, it’s pulled, so…”

    Bradbury: “Well, certainly we go through a review of every regulation, and as I recall, in that regulation, there were questions on the merits about which entities it should apply to and how it might apply to small businesses or small entities. Those are the kinds of questions that need to be addressed whenever you’re –“

    Sen. Cantwell: “So you’re saying you might have killed the SMS rule because you didn’t want it to apply to all manufacturers.”

    Bradbury: “I wouldn’t say I killed the SMS rule. And let me say –”

    Sen Cantwell: “We still don’t have one. Our committee has worked hard to get one, and now it’s going to be in law. But I have more questions about this. But yes, you did stop it from happening. There was a recommendation to move forward on it, and your office stopped it.”

    Earlier this month, Sen. Cantwell also sent a letter to Secretary of Transportation Sean Duffy calling on him to ensure that Elon Musk stays out of the Federal Aviation Administration (FAA), citing Musk’s clear conflicts of interest.

    In August, Sen. Cantwell introduced the FAA SMS Compliance Review Act. The bill directs the Federal Aviation Administration (FAA) to:

    • Convene an independent review panel that will make recommendations to help the FAA implement a robust, comprehensive Safety Management System across all lines of business at the agency, which includes Aviation Safety, Air Traffic Organization, Airports, Security & Hazardous Materials Safety, and the Office of Commercial Space Transportation.
    • Develop and implement effective processes for performing root cause analyses to identify opportunities for improvement in the FAA’s execution of its regulatory oversight responsibilities.
    • Revise its procedures to shorten the time that manufacturers have to prepare for audits from 50 days to one week. 

    Following the Alaska Airlines flight 1282 incident in January 2024, Sen. Cantwell has held a series of aviation safety hearings, along with leading legislation and letters calling for stronger safety oversight at the FAA.

    In January 2023 and January 2024, Sen. Cantwell requested that FAA perform a special technical audit of Boeing’s production line. The FAA later said the audit found multiple instances where Boeing and Spirit AeroSystems failed to comply with manufacturing quality control requirements.

    Sen. Cantwell held an April hearing to review the independent Organization Designation Authorization (ODA) Expert Review Panel’s final report, a March 2024 hearing with National Transportation Safety Board (NTSB) Chair Jennifer Homendy on its investigation of the January incident and a June hearing with FAA Administrator Michael Whitaker on the agency’s oversight.

    In May, Sen. Cantwell and Sen. Duckworth led the passage of the FAA Reauthorization Act of 2024, which includes new measures to improve aviation safety, such as putting more safety inspectors on factory floors, addressing the nation’s shortage of air traffic controllers, deploying new runway technology to prevent close calls, mandating new 25-hour cockpit recording systems to assist in investigations, and enhancing aircraft certification reforms.

    The FAA Reauthorization Act builds upon the Aircraft Certification, Safety and Accountability Act of 2020, spearheaded by Sen. Cantwell in the aftermath of the Boeing 737 Max crashes in 2018 and 2019.

    Video of Sen. Cantwell’s remarks today is HERE; a transcript is HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Boozman, Kennedy Champion Legislation to Protect Investor Privacy

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman

    WASHINGTON––U.S. Senator John Boozman (R-AR) joined Senator John Kennedy (R-LA) to introduce the Protecting Investors’ Personally Identifiable Information Act which would prohibit the Securities and Exchange Commission (SEC) from requiring brokers to submit investors’ personally identifiable information to its data tracking system, the Consolidated Audit Trail (CAT), in the wake of recent cyber-attacks and ongoing vulnerabilities. 

    “Investors rely on the SEC to safeguard sensitive financial information. Requiring brokers to submit investors’ private, identifiable information, including social security numbers, into a central database will invite even more attempts to compromise Americans’ data privacy. I am pleased to join my colleagues to reject this ill-advised scheme and protect personal information,” said Boozman. 

    “Americans assume their private information is secure when they invest money in the U.S. stock market. However, the SEC’s unlawful Consolidated Audit Trail could put their data in jeopardy. My bill would protect American investors from foreign enemies and bad actors by preventing the SEC from collecting personal information it doesn’t need and storing it on a dangerous database,” said Kennedy.

    The Protecting Investors’ Personally Identifiable Information Act would:

    • Prohibit the SEC from requiring brokers to submit investors’ personally identifiable information to the CAT, with the exception that the SEC can obtain personally identifiable information related to investors only by requesting it on a case-by-case; and
    • Require the SEC to delete personally identifiable information once the agency resolves any investigation or issue that required that information.

    The legislation is also cosponsored by Senators Katie Britt (R-AL), Tom Cotton (R-AR), Steve Daines (R-MT), Jerry Moran (R-KS), Pete Ricketts (R-NE), Mike Lee (R-UT), Rick Scott (R-FL), Bill Hagerty (R-TN), Tommy Tuberville (R-AL) and Mike Rounds (R-SD).

    Companion legislation was introduced in the U.S. House of Representatives by Congressman Barry Loudermilk (R-GA-11).

    The Protecting Investors’ Personally Identifiable Information Act is supported by the American Securities Association.

    “The SEC can conduct responsible oversight of our equity markets without collecting the most sensitive personal information of working families, retirees, and savers,” said American Securities Association CEO Chris Iacovella.

    Click here for full text of the legislation.

    MIL OSI USA News –

  • MIL-OSI Security: Fourteenth and Final Defendant Convicted in Federal Dog Fighting Case

    Source: United States Attorneys General

    All 14 defendants in a large-scale federal dog fighting case indicted last year in Albany, Georgia, have now been convicted. The U.S. District Court for the Middle District of Georgia has accepted the guilty pleas of the following defendants:

    • Tamichael Elijah, 48, of Donalsonville, Georgia;
    • Marvin Pulley, III, 53, of Donalsonville and Jakin, Georgia;
    • Brandon Baker, 42, of Panama City, Florida;
    • Christopher Travis Beaumont, 38, of Panama City, Florida;
    • Herman Buggs, Jr., 57, of Donalsonville, Georgia;
    • Terrance Davis, 46, of Pansey, Alabama;
    • Timothy Freeman, 27, of Bainbridge, Georgia;
    • Terelle Ganzy, 35, of Panama City, Florida;
    • Gary Hopkins, 67, of Donalsonville, Georgia;
    • Cornelious Johnson, 40, of Panama City, Florida;
    • Rodrecus Kimble, 44, of Donalsonville, Georgia;
    • Donnametric Miller, 42, of Donalsonville, Georgia;
    • Willie Russell, 43, of Blakely, Georgia; and
    • Fredricus White, 36, of Panama City, Florida.

    According to court documents filed in this case, the defendants all converged on a property in Donalsonville, Georgia, on April 24, 2022, where they held a large-scale dog fighting event. The defendants and others brought a total of 24 pit bull-type dogs to be fought that weekend in a series of matches. Law enforcement personnel who disrupted the event found numerous dogs inside crates in cars on the property.

    The participants used their cars to store dogs who had already been fought, as well as those whose handlers were awaiting their turn in the fighting pit. Some dogs were kept on chains on the property. Law enforcement rescued a total of 27 dogs, including one found in the pit with severe injuries and which died a shortly thereafter. Dogs in the cars also bore recent injuries and historical fighting scars.

    Under federal law, it is illegal not only to fight dogs in a venture that affects interstate commerce, but also to possess, train, transport, deliver, sell, purchase or receive dogs for fighting purposes.

    All defendants but Freeman pleaded guilty to felony conspiracy to violate the animal fighting prohibition of the federal Animal Welfare Act. Defendants Beaumont and Miller also pleaded guilty to sponsoring or exhibiting (i.e., handling) a dog in a dog fight. Defendants Baker, Davis, Ganzy, Johnson, Pulley, and White further pleaded guilty to possessing and transporting a dog for purposes of using the dog in an animal fighting venture. Freeman pleaded guilty to spectating at an animal fight. Defendants Miller and Pulley also pleaded guilty to the unlawful possession of a firearm by a person with a prior felony conviction.

    Russell is set to be sentenced on Feb. 28. The court has not yet set sentencing dates for the other defendants. Each defendant faces maximum penalties of five years in prison and a $250,000 fine per count of animal fighting charges. Miller also faces a maximum penalty of 10 years in prison and a $250,000 fine on the firearm charge, and Pulley faces a maximum penalty of 15 years in prison on his firearm charge.

    Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division (ENRD) and Acting U.S. Attorney C. Shanelle Booker for the Middle District of Georgia made the announcement.

    The U.S. Department of Agriculture’s Office of the Inspector General and detectives with the Seminole County, Georgia, Sheriff’s Office investigated the case. Detectives with the Bay County, Florda, Sheriff’s Office also provided invaluable assistance.

    Senior Trial Attorney Ethan Eddy and Trial Attorney Leigh Rendé of ENRD’s Environmental Crimes Section are prosecuting the case with assistance from Criminal Chief Leah McEwen of the U.S. Attorney’s Office for the Middle District of Georgia. Assistant U.S. Attorney Michael Morrill and Paralegal Kristi Cote for the Middle District of Georgia handled a parallel civil forfeiture proceeding to ensure that the dogs did not have to be returned to the defendants. The U.S. Attorney’s Offices for the Northern District of Florida and Middle District of Alabama also assisted with the dog rescue operation. 

    MIL Security OSI –

  • MIL-OSI USA: Budd, Scott, Kelly Introduce Strategic Ports Reporting Act

    US Senate News:

    Source: United States Senator Ted Budd (R-North Carolina)

    Washington, D.C. — Today, Senators Ted Budd (R-NC), Rick Scott (R-FL), and Mark Kelly (D-AZ) introduced the Strategic Ports Reporting Act, which requires the Secretary of State and the Secretary of Defense to monitor efforts by the People’s Republic of China (PRC) to build, buy, or own strategic ports around the world.

    Specifically, this bill requires the development of a map of foreign and domestic ports of importance to the United States for military, diplomatic, economic, or resource exploration purposes and to identify efforts by the PRC to build, buy, or otherwise control such ports.

    This bill would also require the Secretary of State and Secretary of Defense to conduct a study on activities and plans of the PRC as it relates to strategic ports to include an assessment of vulnerabilities of ports operated and controlled by the United States and a strategy to secure trusted investment and ownership of strategic ports.

    The House companion bill is led by Representatives Bill Huizenga (R-MI), Rob Wittman (R-VA), Jake Auchincloss (D-MA), and Johnny Olszewski (D-MD).

    Senator Budd said in a statement:

    “In January, the Senate Commerce Committee held a hearing on PRC influence on the Panama Canal and potential impacts to U.S. national security. This hearing highlighted China’s increasing malign activities around the world and efforts to control global trade. The United States must face this reality head on, and the first step is comprehensive monitoring of PRC activities at domestic and foreign ports that threaten our national interest.”

    Senator Scott said:

    “The Chinese Communist Party’s increasing influence over global trade routes and strategic infrastructure poses a direct threat to the United States’ national security and economic stability. From the Panama Canal to ports across the world, Communist China is working to grow its economic and military presence to threaten and undermine American interests. The United States must respond decisively and accordingly to eliminate any influence or access Communist China has to the critical infrastructure of the U.S. and its allies that may be used against us. The Strategic Ports Reporting Act is a crucial step to safeguarding critical ports and securing our supply chains, and protecting our national security.”

    Senator Kelly said:

    “China’s growing influence over the oceans can have serious consequences for our national security and economy. That’s why we need the State and Defense Departments to protect our strategic ports from China’s interference. This bipartisan bill will strengthen our global maritime leadership.”   

    Congressman Huizenga said:

    “The Chinese Communist Party continues to advance economic and military objectives that undermine the security of the United States. The expansionist policies and strategic investments being pursued by the Chinese Communist Party near the Panama Canal, across the Western Hemisphere, and around the globe are challenges that Republicans and Democrats must confront together in order to put American interests first. The Strategic Ports Reporting Act creates a bipartisan opportunity to not only evaluate these growing concerns but counter them as well.”

    Congressman Wittman said:

    “China’s Belt and Road Initiative is spreading Chinese money and influence around the world, while degrading our ability to operate in strategic ports necessary for commercial and military purposes. It is crucial for the Departments of State and Defense to identify ways in which the Chinese Communist Party is expanding its maritime reach while providing recommendations for how the United States can counter those efforts and secure access to essential ports and infrastructure. I’m proud to join my colleagues in this bipartisan effort and look forward to championing it over the finish line.”

    Congressman Auchincloss said:

    “Control over ports is a pathway to global power. For millennia, these linchpins of trade and military might have been vital strategic assets. The United States must not allow China the upper hand.”

    Congressman Olszewski said:

    “China’s growing control over global ports threatens our national security and economic stability here at home. The Strategic Ports Reporting Act will ensure the U.S. has the necessary tools to monitor and counter this Chinese influence, protecting supply chains and our global standing. I’m proud to join Congressman Huizenga in co-leading this bipartisan effort to safeguard our ports and boost our economy.”

    MIL OSI USA News –

  • MIL-OSI United Nations: Haiti: Over one million displaced by gang violence

    Source: United Nations MIL OSI

    Humanitarian Aid

    Ongoing gang violence in Haiti has displaced more than a million people, nearly a tenth of the population, or three times more than last year, the UN Humanitarian Coordinator in the country said on Thursday. 

    Every number presented “is a new record,” said Ulrika Johnson, speaking from neighbouring Dominican Republic to journalists at UN Headquarters in New York.

    “The suffering that this is causing is immense, and I would say it is really heartbreaking to see, to witness, to listen to victims of violence,” she added.

    An ‘unprecedented crisis’

    The “unprecedented crisis” in Haiti continues to unfold as funding for humanitarian operations globally dwindles following the recent decision by the United States to halt foreign aid disbursements.

    A Multinational Security Support Mission (MSS), authorized by the UN Security Council, is on the ground to assist the national police in combatting the gangs.  UN Secretary-General António Guterres recently proposed that the global body assume funding for structural and logistical support.

    Children suffer most

    Ms. Richardson said human rights violations have risen when compared to 2024. 

    Over 5,600 people were killed last year, according to the UN human rights office, OHCHR.   Sexual violence is “rampant” and UN children’s agency UNICEF reports “a staggering” 1,000 per cent increase in cases involving children between 2023 and 2024. 

    “The impact on women and children is enormous,” she said, noting that children comprise half of the displaced. 

    “They are really bearing the brunt of the crisis,” she continued.  “They’re also recruited by gangs. We’ve seen a 70 per cent increase in one year of how they coerce children into gangs.”

    Deportees and refugees

    Meanwhile, five million Haitians require food assistance, the number of children suffering from malnutrition and stunting has increased, and only a third of health institutions are operating.

    Haiti is also dealing with the impact of deportations. Last year, some 200,000 nationals were sent back to the country, and many had no home to go to. Haitians are also leaving their homeland, often at great risk. Reports indicate that nearly 400,000 fled last year.

    Despite the realities on the ground, and access limitations, humanitarian response continues, including in gang-controlled areas.  

    It is taking place even as the main airport in Port-au-Prince remains closed since November, affecting the movement of humanitarian goods and personnel both into the country and out from the capital city to the regions.

    “We’ve been able to set up a logistics hub in the north, and this has been very helpful, obviously, to be able to receive humanitarian goods and then trying to bring them into the capital,” Ms. Richardson said.

    US aid freeze

    In 2024, the humanitarian community launched a $600 million plan for Haiti, receiving just over 40 per cent of the funding. Around 60 per cent came from the United States.

    “Obviously, the US temporary freeze and the stop work order has an impact on us,” she underlined.

    This year’s plan will call for just over $900 million to cover assistance such as food, medicine, protection, healthcare and psychosocial support for rape victims.

    She expressed confidence that if the UN and partners can mobilize this funding, “we can do our absolute best, and more than that, in terms of the seamless delivery of humanitarian aid to the people that so desperately need this aid.”  

    MIL OSI United Nations News –

  • MIL-OSI USA: Staff Statement on Meme Coins

    Source: Securities and Exchange Commission

    As part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets, the Division of Corporation Finance is providing its views[1] on “meme coins.” A “meme coin” is a type of crypto asset[2] inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community to purchase the meme coin and engage in its trading. Although individual meme coins may have unique features, meme coins typically share certain characteristics. Meme coins typically are purchased for entertainment, social interaction, and cultural purposes, and their value is driven primarily by market demand and speculation. In this regard, meme coins are akin to collectibles. Meme coins also typically have limited or no use or functionality. Given the speculative nature of meme coins, they tend to experience significant market price volatility, and often are accompanied by statements regarding their risks and lack of utility, other than for entertainment or other non-functional purposes.[3]

    It is the Division’s view that transactions in the types of meme coins described in this statement, do not involve the offer and sale of securities under the federal securities laws.[4] As such, persons who participate in the offer and sale of meme coins do not need to register their transactions with the Commission under the Securities Act of 1933 (“Securities Act”) or fall within one of the Securities Act’s exemptions from registration. Accordingly, neither meme coin purchasers nor holders are protected by the federal securities laws.

    Section 2(a)(1) of the Securities Act and Section 3(a)(10) of the Securities Exchange Act of 1934 each defines the term “security” by providing a list of various financial instruments, including “stock,” “note,” and “bond.” A meme coin does not constitute any of the common financial instruments specifically enumerated in the definition of “security” because, among other things, it does not generate a yield or convey rights to future income, profits, or assets of a business. In other words, a meme coin is not itself a security. The aforementioned statutory sections also provide that “investment contracts” are securities. Given that a meme coin is not itself a security, we conduct our analysis of whether a meme coin may be offered and sold as part of an investment contract under the “investment contract” test set forth in SEC v. W.J. Howey Co.[5] The Howey test analyzes whether certain arrangements or instruments are investment contracts based on their “economic realities.”[6]

    In evaluating the economic realities of a transaction, the Howey test considers whether there is an investment in an enterprise premised on a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.[7] Federal courts since Howey have explained that Howey’s “efforts of others” requirement is satisfied when “the efforts made by those other than the investor are the undeniably significant ones, those essential managerial efforts which affect the failure or success of the enterprise.”[8]

    The offer and sale of meme coins does not involve an investment in an enterprise nor is it undertaken with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others. First, meme coin purchasers are not making an investment in an enterprise. That is, their funds are not pooled together to be deployed by promoters or other third parties for developing the coin or a related enterprise. Second, any expectation of profits that meme coin purchasers have is not derived from the efforts of others. That is, the value of meme coins is derived from speculative trading and the collective sentiment of the market, like a collectible. Moreover, the promoters of meme coins are not undertaking (or indicating an intention to undertake) managerial and entrepreneurial efforts from which purchasers could reasonably expect profit.[9]

    Notwithstanding the foregoing, this statement does not extend to the offer and sale of meme coins that are inconsistent with the descriptions set forth above, or products that are labeled “meme coins” in an effort to evade the application of the federal securities laws by disguising a product that otherwise would constitute a security.  As noted above, the Division will evaluate the economic realities of the particular transaction.

    Further, although the offer and sale of meme coins may not be subject to the federal securities laws, fraudulent conduct related to the offer and sale of meme coins may be subject to enforcement action or prosecution by other federal or state agencies under other federal and state laws.

    For further information, please contact the Division’s Office of Chief Counsel by submitting a web-based request form at https://www.sec.gov/forms/corp_fin_interpretive.

    [1]   This statement represents the views of the staff of the Division of Corporation Finance (the “Division”). The statement is not a rule, regulation, guidance, or statement of the U.S. Securities and Exchange Commission (“Commission”), and the Commission has neither approved nor disapproved its content. This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person.

    [2]   For purposes of this statement, a “crypto asset” is an asset that is issued and/or transferred using distributed ledger or blockchain technology, including, but not limited to, so-called “virtual currencies,” “coins,” and “tokens,” and that relies on cryptographic protocols.

    [3]   Typical statements include the following: (i) purchasers should not expect to profit or generate a return through receipt or ownership of the coins; (ii) no one intends to exert any efforts or provide any assistance in bringing about a profit or return for holders of the coins; (iii) the coins have no use or functionality; (iv) purchasers may lose all of the money used to purchase the coins; and (v) the coins are intended for entertainment purposes only.

    [4]   The Division’s view is not dispositive of whether a specific meme coin itself is a security or whether it is offered and sold as part of an investment contract, which is a security. A definitive determination requires analyzing the specific facts relating to the meme coin and the manner in which it is offered and sold.

    [5]   328 U.S. 293 (1946) (“Howey”).

    [6]   See Landreth Timber Co. v. Landreth, 471 U.S. 681, 689 (1985), in which the U.S. Supreme Court suggested that the proper test for determining whether a particular instrument that is not clearly within the definition of “stock” as set forth in Section 2(a)(1) of the Securities Act, or that otherwise is of an unusual nature, is the economic realities test set forth in Howey. In analyzing whether an instrument is a security, “form should be disregarded for substance,” Tcherepnin v. Knight, 389 U.S. 332, 336 (1967), “and the emphasis should be on economic realities underlying a transaction, and not on the name appended thereto.” United Housing Found., Inc. v. Forman, 421 U.S. 837, 849 (1975).

    [7]   Forman, 421 U.S. at 852.

    [8]   See, e.g., SEC v. v. Glenn W. Turner Enterprises, Inc., 474 F.2d 476, 482 (9th Cir. 1973).

    [9] For example, if the promoters’ efforts are limited primarily to hyping the meme coin on social media and online forums and getting the coin listed on crypto trading platforms, then there are not likely to be sufficient indicia to establish that purchasers had a reasonable expectation of profits based on the efforts of the promoters. 

    MIL OSI USA News –

  • MIL-OSI USA: Murray, Kaptur Follow-Up, Demand Answers from Trump DOE as it Continues to Block Investments to Lower Americans’ Energy Costs

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. — Senator Patty Murray (D-WA), Senate Appropriations Committee Vice Chair and Subcommittee on Energy and Water Development Ranking Member, and Congresswoman Marcy Kaptur (D, OH-09), Ranking Member of the House Appropriations Subcommittee on Energy and Water Development, sent a new letter to Energy Secretary Chris Wright, demanding answers about the Department of Energy’s freeze of key energy investments. Murray and Kaptur pressed Secretary Wright to provide answers to questions they posed in a January 31 letter—responses that DOE has failed to provide—and to expeditiously release illegally blocked funding.

    “The Department’s actions continue to cause widespread chaos and confusion, affect a broad array of investments in American communities, and threaten to raise energy costs for American families. We have yet to hear back on any of the questions raised and many of these critical programs remain illegally frozen,” write Murray and Kaptur.

    “As Secretary, you have a responsibility and duty to execute the laws faithfully,” added Murray and Kaptur. “Congress has enacted laws to invest in America’s security and prosperity and lower American households’ energy costs by addressing our nation’s energy, environmental, and nuclear challenges through transformative science and technology solutions. This administration’s funding freeze continues to create mass uncertainty, will cause energy prices to rise, risks good-paying jobs in communities across the country, and undermines the pursuit of energy dominance.”

    “We respectfully ask that you respond to the questions raised in our prior letter and release all of the illegally frozen funds expeditiously,” Murray and Kaptur conclude.

    In their January letter, Murray and Kaptur noted that the illegal freeze of Inflation Reduction Act and Infrastructure Investment and Jobs Act funding is creating unacceptable chaos, confusion, and harm for American families and businesses:

    “Stopping these programs is taking money from the pockets of Americans. For example, the Home Energy Rebates programs, funded by the IRA, has been putting money directly back in the hands of American households. The rebates help consumers save money on select home improvement projects that can lower energy bills by providing up to $14,000 per household in rebates. It is estimated that these programs will save households up to $1 billion per year on energy bills and support over 50,000 U.S. jobs. The President’s attempt to freeze the Home Energy Rebates Program means these costs will fall back on American consumers.”

    Full text of the letter is available HERE and below: 

    The Honorable Christopher Wright

    Secretary

    U.S. Department of Energy

    1000 Independence Ave., SW

    Washington, DC 20585

    Dear Secretary Wright:

    We write to follow up on the attached letter sent on January 31, 2025. This letter raised grave concerns about the Department of Energy’s (DOE) unlawful actions to freeze program funding. The Department’s actions continue to cause widespread chaos and confusion, affect a broad array of investments in American communities, and threaten to raise energy costs for American families. We have yet to hear back on any of the questions raised and many of these critical programs remain illegally frozen.

    As Secretary, you have a responsibility and duty to execute the laws faithfully. We reiterate our call for the Department to responsibly carry out duly enacted spending laws, execute its programs, and follow the law as intended for all of its appropriated funding. Congress has enacted laws to invest in America’s security and prosperity and lower American households’ energy costs by addressing our nation’s energy, environmental, and nuclear challenges through transformative science and technology solutions. This administration’s funding freeze continues to create mass uncertainty, will cause energy prices to rise, risks good-paying jobs in communities across the country, and undermines the pursuit of energy dominance.

    We respectfully ask that you respond to the questions raised in our prior letter and release all of the illegally frozen funds expeditiously.

    Sincerely,

    Marcy Kaptur, Ranking Member, Subcommittee on Energy and Water Development, House Committee on Appropriations

    Patty Murray, Ranking Member, Subcommittee on Energy and Water Development, Senate Committee on Appropriations

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Raises Alarm Over Looming Republican Cuts to Medicaid, with Health Care Workers in Central and Eastern WA

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    In Washington state, over 1.8 million people rely on Medicaid; WA-04 and WA-05—represented by Republicans—have the highest proportion of people on Medicaid in WA

    ICYMI: Murray, Warnock, Rep. Schrier Introduce Bill to Improve Children’s Health Care Access By Strengthening Medicaid

    ***VIDEO FROM PRESS CALL HERE***

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, held a virtual press conference with health care workers in Central and Eastern Washington to sound the alarm on the massive, steep cuts to Medicaid that House and Senate Republicans are right now working to pass via the budget reconciliation process, which requires only a simple majority to pass.

    Nearly 80 million Americans nationwide rely on Medicaid and the Children’s Health Insurance Program (CHIP) for their health coverage and access to care, including over 1.8 million people in Washington state who are enrolled in Apple Health, Washington state’s Medicaid program. In Washington state, 47 percent of children, one in six adults, three in five nursing home residents, and three in eight people with disabilities are covered by Apple Health. House Republicans’ budget proposal directs cuts of at least $880 billion to Medicaid and other health care programs, which would have devastating consequences for Washington state’s health care system—especially in Washington’s 4th and 5th Congressional Districts, which have the highest proportions of populations who rely on Medicaid in the state.

    Republicans have offered various proposals to drastically cut Medicaid, all of which would mean cutting services and kicking people off their health care coverage. For example, 782,000 Washingtonians, or 42 percent of adults on Medicaid in Washington state, would be at risk of losing coverage if Republicans institute so-called work requirements, which been proven not to increase employment—but rather strip health coverage from people with low incomes, most of whom are already working full or part-time, or not working due to circumstances like school or caregiving responsibilities. Reducing the federal match rate for states like Washington that expanded Medicaid under the Affordable Care Act, another idea that has been discussed, would force Washington state to spend $2,754,000,000 more to maintain its Medicaid expansion, and threaten coverage for 647,416 people in Washington. Removing or lowering the 50 percent floor on federal Medicaid match rates would shift costs to states dramatically, and would mean Washington state would have to pay an additional $1,197,000,000, or 18 percent every year.

    “Right now, in Washington D.C., House Republicans just voted for $880 billion dollars in cuts directed at Medicaid—for reference—that is more than all of federal Medicaid spending in 2023! Cutting that deep comes with its own cost—one paid for by Washington state families,” Senator Murray said on today’s press call. “Hospitals will close their doors as this funding drops. Moms and babies will lose health care coverage. They’ll wonder how to get postpartum care or pay for a checkup if their sick child desperately needs it. Seniors will be cut off from home care services and forced out of long-term care facilities. Families in our rural communities will have to travel further than ever for health care. Children and teens who need lifesaving mental health care will suffer. People with disabilities and caregivers will be cut off from support they need. Emergency response times will skyrocket… Republicans need to stop listening to Donald Trump and Elon Musk who want tax breaks for their billionaire buddies, and start listening to their constituents who just want to stay on their health care.”

    “As an ICU nurse in the Yakima area, I am deeply concerned about the impact this is going to have on our community and the patients we serve. It will be devastating to our most vulnerable populations who, without Medicaid, will lose access to care. Our already burdened emergency rooms will be overrun.  Millions of lives literally depend on this critical lifeline,” said Julia Barcott, a nurse in Yakima who participated in the press call.

    “Dismantling Medicaid would mean that patients no longer have access to regular preventive healthcare to manage chronic disease, to access crucial prescriptions, or to receive mental, behavioral, and oral health services.  Medicaid coverage ensures that our family members and neighbors receive the essential services they need to live healthy and fulfilling lives,” said Aaron Wilson, CEO of CHAS Health in Spokane. “If Medicaid is cut, there’s not a scenario where health systems don’t end up eliminating critical, lifesaving services and programs as a result of the financial repercussions it would cause. Medicaid cuts would be devastating to the more than 230,000 people living in both urban and rural communities of Eastern Washington who would no longer have access to health care services they need.”

    “I live in the Yakima community. I’m a home care provider, and I transport people to live saving treatments. I’m really upset about looming Medicaid cuts; my clients are worried that one day I won’t show up to work. The system is confusing enough, and they don’t understand what will happen. They don’t deserve this. I may be able to get a job somewhere else, but what about clients who depend on Medicaid funding to receive care, what’s going to happen to them? Where are they going to get the money for life saving care and treatments? Republican lawmakers don’t see who they’re impacting and what they’re doing,” said Nelly P. from Sunnyside, Washington, who participated in the press call today.

    “Republicans are laying the groundwork to slash trillions from Medicaid to give more tax breaks to billionaires, wealthy CEOs, and the biggest companies. The destruction from these cuts to Medicaid will not discriminate based on where you live or who you voted for. Every community has someone who counts on Medicaid, but rural communities in particular will suffer some of the greatest consequences. Millions stand to lose coverage and costs will go up.  Medicaid is a lifeline for rural hospitals and any cuts will further jeopardize the health and well-being of people across these communities. From rural communities to big cities, red states to blue states, Medicaid cuts will devastate millions of American families,” said Yvette Fontenot, Senior Advisor for Policy and Legislative Affairs at Protect Our Care.

    Nationwide, nearly half of children in America are enrolled in Medicaid and the Children’s Health Insurance Program (CHIP), and Medicaid pays for nearly half of births in the U.S. Medicaid also pays for services for 2 in 3 nursing home residents and pays for home-based services for close to 2 million seniors—allowing them to age safely at home—as well as close to 3 million people with disabilities and other health conditions. Cutting Medicaid will lead to accelerated hospital closures, particularly in rural areas. Medicaid also covers 1 in 4 people with a mental health or substance use disorder, and serves as the largest payer for mental health and substance use services for communities nationwide amid an ongoing overdose and opioid epidemic made worse by an influx of fentanyl. Recent polling from Hart Research found that 71 percent of voters who backed Trump said cutting Medicaid would be unacceptable and voters overall were even more opposed to it, with 82 percent saying so.

    Senator Murray’s full remarks, as delivered on today’s press call, are below and video is HERE:

    “Well, good morning to everyone, and thank you so much for joining this call today. This is really important. Right now, in Washington state—1.8 million people are covered on their health care through Medicaid. But right now, in Washington D.C.—House Republicans just voted for $880 billion dollars in cuts directed at Medicaid.

    “For reference—that is more than all of federal Medicaid spending in 2023! Cutting that deep comes with its own cost—one paid for by Washington state families.

    “Hospitals will close their doors as this funding drops.

    “Moms and babies will lose health care coverage. They’ll wonder how to get post-partum care or pay for a checkup if their sick child desperately needs it.

    “Seniors will be cut off from home care services and forced out of long-term care facilities.

    “Families in our rural communities will have to travel further than ever for health care.

    “Children and teens who need lifesaving mental health care will suffer.

    “People with disabilities and caregivers will be cut off from support they need.

    “Emergency response times will skyrocket—from closures which cost precious time as the nearest ER gets further away, and crowding, as patients put off preventive care they can no longer afford until it causes problems that they can no longer ignore.

    “Republicans need to stop listening to Donald Trump and Elon Musk who want tax breaks for their billionaire buddies—and start listening to their constituents who just want to stay on their health care.

    “Because if they did—maybe they would realize Medicaid is a lifeline for people in red and blue communities alike. In fact, 70 percent of people who voted for Trump said cuts to Medicaid would be unacceptable.

    “Right here in Washington state, the two districts with the most people covered through Medicaid and CHIP are both represented by Republicans.

    “And yet—House Republicans are charging ahead with cutting Medicaid by $880 billion in order to give tax breaks to billionaires. How are they ever going to explain that to folks back home?

    “Here’s another question to consider: How many billionaires are there in the 4th Congressional District?

    “How many billionaires are in the 5th District? Well, that’s a genuine question—and I want you to know I looked, and I looked—and the best I can tell, it’s pretty much next to none.

    “But you want to know how many people in the 4th District are on Medicaid? 250,000 people in the 4th District.

    “You know how many people in the 5th District are on Medicaid? 200,000 people.

    “One-in-five people in Washington state are covered by Medicaid—including three-in-eight people with disabilities, three-in-five seniors, and nearly half of all children!

    “Are Republicans really going to shut Washington state families out of the doctor’s office so they can roll out the red carpet for billionaires?

    “Well, the good news is, we still have a long road ahead before the final passage of these devastating cuts. And at every step of that road—I am going to be doing everything I can to protect health care for our families.

    “I will be lifting up the voices of families in Washington state. Every voice and every story will matter. Every phone call, every letter could make the difference.

    “So I am going to be making sure that, at the very least, our Republican House colleagues hear from the constituents they are hurting.

    “And I’m really proud today to be joined by constituents of mine from the 4th and 5th districts and to hear from them. So with that, I’m going to turn it over to Aaron who can speak about this—so Aaron, thank you for being with us today.”

    MIL OSI USA News –

  • MIL-OSI USA: SEC Announces Dismissal of Civil Enforcement Action Against Coinbase

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission today announced that the Commission has filed a joint stipulation with Coinbase Inc. and Coinbase Global Inc. to dismiss the ongoing civil enforcement action against the two entities.

    On January 21, 2025, the Commission announced the formation of the Crypto Task Force, which is dedicated to helping develop a comprehensive and clear regulatory framework for crypto assets. Given the pending work of the Crypto Task Force, the Commission is dismissing this matter.

    “For the last several years, the Commission’s views on crypto have been largely expressed through enforcement actions without engaging the general public,” said Acting Chairman Mark T. Uyeda. “It’s time for the Commission to rectify its approach and develop crypto policy in a more transparent manner. The Crypto Task Force is designed to do just that.”

    The Commission’s decision to exercise its discretion and dismiss this pending enforcement action rests on its judgment that the dismissal will facilitate the Commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry, not on any assessment of the merits of the claims alleged in the action. Furthermore, as stated in the joint stipulation, “the Commission’s decision to seek dismissal of this litigation does not reflect the Commission’s position on any other case.” The Cyber and Emerging Technologies Unit will root out those seeking to misuse innovation to harm investors, including fraud involving blockchain technology and crypto assets.

    MIL OSI USA News –

  • MIL-OSI USA: The Boilermakers Vacation Trust: Take control of your vacation payouts

    Source: US International Brotherhood of Boilermakers

    Following are important updates from the Boilermakers Vacation Trust.

    Third-party administrator update
    Effective June 1, 2024, the Boilermakers Vacation Trust transitioned to a new third-party administrator, Health Services and Benefits Administrators (HS&BA). All future correspondence and mailings should be directed to HS&BA at the following address: 4160 Dublin Blvd, Suite 400, Dublin, CA 94568

    New member portal
    HS&BA is excited to introduce an enhanced, user-friendly member portal, designed to provide you with easy access to your Vacation Trust information. The portal allows you to conveniently view your vacation balance, payout history, and work history, with additional features coming soon. This service is faster, more efficient, and available at your convenience. Be sure to register today at bvtportal.hsba.com.

    If you have any questions, contact the administrative office at 1-800-833-2682 or via email at Bvtinfo@hsba.com. 

    ACH signup for faster payouts
    To expedite your 2025 payout and all future payouts, users should complete and return the ACH form to HS&BA or email it to bvtinfo@hsba.com. By submitting the ACH form, you can opt for direct deposit, ensuring your 2025 payout and all future payouts are remitted directly to your designated account—eliminating the need for a paper check. Please note: Your ACH form must be received no later than September 30, 2025, in order to receive your 2025 payout electronically. 

    For a copy of the ACH form, as well as additional resources, visit boilermakers.org/members/resources/vacation-trust or contact HS&BA using the contact information provided above.

    MIL OSI USA News –

  • MIL-OSI: Global Net Lease Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    –  Completed $835 Million in Dispositions in 2024, Surpassing High-End of Increased Guidance

    –  Reduced Net Debt by $734 million in 2024; Improved Net Debt to Adjusted EBITDA to 7.6x

    –  Company Meets and Exceeds its Full-Year 2024 Earnings Guidance

    –  Recently Announced $1.8 Billion Multi-Tenant Portfolio Sale Would Significantly Reduce Leverage and Improve Liquidity Position

    –  Proposed Transaction Would Create Pure-Play, Single-Tenant Net Lease Company with Enhanced Portfolio Metrics

    –  Company Initiates Opportunistic $300 Million Share Repurchase Program

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, announced today its financial and operating results for the quarter and year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Highlights

    • Revenue was $199.1 million in fourth quarter 2024 compared to $206.7 million in fourth quarter 2023, primarily as a result of $835 million of dispositions closed throughout the year
    • Net loss attributable to common stockholders was $17.5 million in fourth quarter 2024, compared to $59.5 million in fourth quarter 2023
    • Core Funds From Operations (“Core FFO”) was $68.5 million, or $0.30 per share, in fourth quarter 2024, compared to $48.3 million, or $0.21 per share, in fourth quarter 2023
    • Adjusted Funds From Operations (“AFFO”)1 was $78.3 million2, or $0.34 per share, in fourth quarter 2024, compared to $71.7 million, or $0.31 per share, in fourth quarter 2023; full-year 2024 AFFO was $303.8 million, or $1.32 per share
    • Closed $835 million of dispositions in 2024 at a cash cap rate of 7.1% with a weighted average lease term of 4.9 years
    • Reduced net debt by $734 million in 2024, improving Net Debt to Adjusted EBITDA from 8.4x to 7.6x2
    • Exceeded projected cost synergies, reaching $85.0 million versus the expected $75.0 million, highlighting the Company’s successful integration efforts and ability to drive value through strategic initiatives
    • Increased portfolio occupancy from 93% as of the end of first quarter 2024 to 97% as of the end of the fourth quarter of 2024
    • Leased 1.2 million square feet across the portfolio, resulting in nearly $17.0 million of new straight-line rent
    • Renewal leasing spread of 6.8% with a weighted average lease term of 9.7 years; new leases completed in the quarter had a weighted average lease term of 6.5 years
    • Weighted average annual rent increase of 1.3% provides organic rental growth, excluding 14.8% of the portfolio with CPI linked leases that have historically experienced significantly higher rental increase
    • Sector-leading 61% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants3

    Multi-Tenant Portfolio Sale

    • Entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties for approximately $1.8 billion
    • This strategic transaction would accelerate GNL’s disposition initiative and position the Company for sustained growth and value creation as a pure-play, single-tenant net lease company

    “We are incredibly proud of our achievements at GNL in 2024 and even more excited about what lies ahead,” stated Michael Weil, CEO of GNL. “The sale of our multi-tenant portfolio would mark a pivotal moment, reinforcing the strong momentum we have built. This transaction would reshape GNL into a pure-play, single-tenant net lease company, eliminating the operational complexities, G&A expenses and capital expenditures tied to multi-tenant retail properties. More importantly, it would accelerate our deleveraging strategy and fortify our balance sheet. This strategic transformation, including the recently announced share repurchase program, underscores our long-term vision, reinforcing our commitment to prudent management, sustainable growth and driving meaningful shareholder value.”

    Full Year 2025 Guidance and Dividend Update4
    The Company is establishing initial 2025 guidance, which is contingent on the sale of our multi-tenant portfolio with respect to AFFO and Net Debt to Adjusted EBITDA.

    • AFFO per share range of $0.90 to $0.96
    • Net Debt to Adjusted EBITDA range of 6.5x to 7.1x
    • Reduced annual dividend to $0.190 per share of common stock beginning with the dividend expected to be declared in April 2025 which would generate $78 million in incremental annual cash flow

    Summary Fourth Quarter 2024 Results

        Three Months Ended
    December 31,
    		  
    (In thousands, except per share data)   2024   2023  
    Revenue from tenants   $ 199,115     $ 206,726    
                       
    Net loss attributable to common stockholders   $ (17,458 )   $ (59,514 )  
    Net loss per diluted common share   $ (0.08 )   $ (0.26 )  
                       
    NAREIT defined FFO attributable to common stockholders   $ 64,334     $ 43,165    
    NAREIT defined FFO per diluted common share   $ 0.28     $ 0.19    
                       
    Core FFO attributable to common stockholders   $ 68,538     $ 48,331    
    Core FFO per diluted common share   $ 0.30     $ 0.21    
                       
    AFFO attributable to common stockholders   $ 78,297     $ 71,656    
    AFFO per diluted common share   $ 0.34     $ 0.31    
     

    Property Portfolio

    At December 31, 2024, the Company’s portfolio consisted of 1,121 net leased properties located in ten countries and territories and comprised of 60.7 million rentable square feet. The Company operates in four reportable segments: (1) Industrial & Distribution, (2) Multi-Tenant Retail, (3) Single-Tenant Retail and (4) Office. The real estate portfolio metrics include:

    • 97% leased with a remaining weighted-average lease term of 6.2 years5
    • 81% of the portfolio contains contractual rent increases based on annualized straight-line rent
    • 61% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants
    • 80% U.S. and Canada, 20% Europe (based on annualized straight-line rent)
    • 34% Industrial & Distribution, 28% Multi-Tenant Retail, 21% Single-Tenant Retail and 17% Office (based on an annualized straight-line rent)

    Capital Structure and Liquidity Resources6

    As of December 31, 2024, the Company had liquidity of $492.2 million and $460.0 million of capacity under the Company’s revolving credit facility. The Company had net debt of $4.6 billion7, including $2.3 billion of mortgage debt.

    As of December 31, 2024, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 91%, compared to approximately 80% as of December 31, 2023. The Company’s total combined debt had a weighted average interest rate of 4.8% resulting in an interest coverage ratio of 2.5 times8. Weighted average debt maturity was 3.0 years as of December 31, 2024 as compared to 3.2 years as of December 31, 2023.

    Footnotes/Definitions

    1 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. AFFO for the fourth quarter 2024 also contains a number of adjustments for items that the Company believes were non-recurring, one-time items including adjustments for items that were settled in cash such as merger and proxy related expenses.
       
    2 Includes the collection of $4.5 million in past-due funds from Children of America and approximately $3.0 million in termination fees.
       
    3 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. Ratings information is as of December 31, 2024. Comprised of 31.4% leased to tenants with an actual investment grade rating and 29.1% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of December 31, 2024.
       
    4 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.
       
    5 Weighted-average remaining lease term in years is based on square feet as of December 31, 2024.
       
    6 During the year ended December 31, 2024, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock under its “at-the-market” programs.
       
    7 Comprised of the principal amount of GNL’s outstanding debt totaling $4.7 billion less cash and cash equivalents totaling $159.7 million, as of December 31, 2024.
       
    8 The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). 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.
     

    Conference Call 

    GNL will host a webcast and conference call on February 28, 2025 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: 13746750
    *Available from 2:00 p.m. ET on February 28, 2025 through May 28, 2025.

    Supplemental Schedules 

    The Company will file 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 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. 

    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 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 (including the multi-tenant portfolio sale) 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.

    Contacts: 

    Investors and Media:
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    Global Net Lease, Inc.
    Consolidated Balance Sheets
    (In thousands)
     
      December 31,
    		  
      2024   2023  
    ASSETS (Unaudited)
    		          
    Real estate investments, at cost:                
    Land $ 1,172,146     $ 1,430,607    
    Buildings, fixtures and improvements   5,293,468       5,842,314    
    Construction in progress   4,350       23,242    
    Acquired intangible lease assets   1,057,967       1,359,981    
     Total real estate investments, at cost   7,527,931       8,656,144    
     Less: accumulated depreciation and amortization   (1,164,629 )     (1,083,824 )  
       Total real estate investments, net   6,363,302       7,572,320    
    Assets held for sale   17,406       3,188    
    Cash and cash equivalents   159,698       121,566    
    Restricted cash   64,510       40,833    
    Derivative assets, at fair value   2,471       10,615    
    Unbilled straight-line rent   99,501       84,254    
    Operating lease right-of-use asset   74,270       77,008    
    Prepaid expenses and other assets   108,562       121,997    
    Deferred tax assets   4,866       4,808    
    Goodwill   51,370       46,976    
    Deferred financing costs, net   9,808       15,412    
              Total Assets $ 6,955,764     $ 8,098,977    
                     
    LIABILITIES AND EQUITY                
    Mortgage notes payable, net $ 2,221,706     $ 2,517,868    
    Revolving credit facility   1,390,292       1,744,182    
    Senior notes, net   906,101       886,045    
    Acquired intangible lease liabilities, net   76,800       95,810    
    Derivative liabilities, at fair value   3,719       5,145    
    Accounts payable and accrued expenses   75,735       99,014    
    Operating lease liability   48,333       48,369    
    Prepaid rent   28,734       46,213    
    Deferred tax liability   5,477       6,009    
    Dividends payable   11,909       11,173    
        Total Liabilities   4,768,806       5,459,828    
    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   3,640       3,639    
    Additional paid-in capital   4,359,264       4,350,112    
    Accumulated other comprehensive loss   (25,844 )     (14,096 )  
    Accumulated deficit   (2,150,342 )     (1,702,143 )  
    Total Stockholders’ Equity   2,186,958       2,637,752    
    Non-controlling interest   —       1,397    
    Total Equity   2,186,958       2,639,149    
             Total Liabilities and Equity $ 6,955,764     $ 8,098,977    
     
    Global Net Lease, Inc.
    Consolidated Statements of Operations
    (In thousands, except per share data)
     
      Three Months Ended   Year Ended
    		  
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    		  
      (Unaudited)    (Unaudited)    (Unaudited)           
    Revenue from tenants $ 199,115     $ 206,726     $ 805,010     $ 515,070    
                                     
    Expenses:                                
    Property operating   35,619       37,037       142,497       67,839    
    Operating fees to related parties   —       (580 )     —       28,283    
    Impairment charges   20,098       2,978       90,410       68,684    
    Merger, transaction and other costs   1,792       4,349       6,026       54,492    
    Settlement costs   —       —       —       29,727    
    General and administrative   13,763       16,867       57,734       40,187    
    Equity-based compensation   2,309       1,058       8,931       17,297    
    Depreciation and amortization   83,020       98,713       349,943       222,271    
    Total expenses   156,601       160,422       655,541       528,780    
          Operating income (loss) before gain on dispositions of
                real estate investments    		   42,514       46,304       149,469       (13,710 )  
    Gain (loss) on dispositions of real estate investments   21,326       (988 )     57,015       (1,672 )  
          Operating income (loss)   63,840       45,316       206,484       (15,382 )  
    Other income (expense):                                
    Interest expense   (77,234 )     (83,575 )     (326,932 )     (179,411 )  
    Loss on extinguishment and modification of debt   (2,412 )     (817 )     (15,877 )     (1,221 )  
    Gain (loss) on derivative instruments   6,853       (4,478 )     4,229       (3,691 )  
    Unrealized gains on undesignated foreign currency advances and
          other hedge ineffectiveness    		   1,917       —       3,249       —    
    Other income   1,476       435       1,720       2,270    
    Total other expense, net   (69,400 )     (88,435 )     (333,611 )     (182,053 )  
    Net loss before income tax   (5,560 )     (43,119 )     (127,127 )     (197,435 )  
    Income tax expense   (962 )     (5,459 )     (4,445 )     (14,475 )  
    Net loss   (6,522 )     (48,578 )     (131,572 )     (211,910 )  
    Preferred stock dividends   (10,936 )     (10,936 )     (43,744 )     (27,438 )  
    Net loss attributable to common stockholders $ (17,458 )   $ (59,514 )   $ (175,316 )   $ (239,348 )  
                                     
    Basic and Diluted Loss Per Share:                                
    Net loss per share attributable to common stockholders — Basic
          and Diluted    		 $ (0.08 )   $ (0.26 )   $ (0.76 )   $ (1.71 )  
    Weighted Average Shares Outstanding:                                
    Basic and Diluted   230,596       230,320       230,440       142,584    
     
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands)
       
        Three Months Ended   Year Ended
    		  
        March 31,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   December 31,
    2024    		   December 31,
    2024
    		  
    Adjusted EBITDA                                        
      Net loss $ (23,751 )   $ (35,664 )   $ (65,635 )   $ (6,522 )   $ (131,572 )  
      Depreciation and amortization   92,000       89,493       85,430       83,020       349,943    
      Interest expense   82,753       89,815       77,130       77,234       326,932    
      Income tax expense   2,388       (250 )     1,345       962       4,445    
      EBITDA   153,390       143,394       98,270       154,694       549,748    
      Impairment charges   4,327       27,402       38,583       20,098       90,410    
      Equity-based compensation   1,973       2,340       2,309       2,309       8,931    
      Merger, transaction and other costs [1]   761       1,572       1,901       1,792       6,026    
      (Gain) loss on dispositions of real estate investments   (5,867 )     (34,102 )     4,280       (21,326 )     (57,015 )  
      (Gain) loss on derivative instruments   (1,588 )     (530 )     4,742       (6,853 )     (4,229 )  
      Unrealized gains on undesignated foreign currency
          advances and other hedge ineffectiveness    		   (1,032 )     (300 )     —       (1,917 )     (3,249 )  
      Loss on extinguishment and modification of debt   58       13,090       317       2,412       15,877    
      Other expense (income)   16       (309 )     49       (1,476 )     (1,720 )  
      Expenses attributable to European tax restructuring [2]   469       16       —       —       485    
      Transition costs related to the Merger and Internalization [3]   2,826       995       138       527       4,486    
      Adjusted EBITDA   155,333       153,568       150,589       150,260       609,750    
      General and administrative   16,177       15,196       12,598       13,763       57,734    
      Expenses attributable to European tax restructuring [2]   (469 )     (16 )     —       —       (485 )  
      Transition costs related to the Merger and Internalization [3]   (2,826 )     (995 )     (138 )     (527 )     (4,486 )  
      NOI   168,215       167,753       163,049       163,496       662,513    
      Amortization related to above- and below-market lease
          intangibles and right-of-use assets, net    		   2,225       1,901       1,805       1,572       7,503    
      Straight-line rent   (4,562 )     (5,349 )     (5,343 )     (3,896 )     (19,150 )  
      Cash NOI $ 165,878     $ 164,305     $ 159,511     $ 161,172     $ 650,866    
                                               
    Cash Paid for Interest:                                        
      Interest Expense $ 82,753     $ 89,815     $ 77,130     $ 77,234     $ 326,932    
            Non-cash portion of interest expense   (2,394 )     (2,580 )     (2,496 )     (2,510 )     (9,980 )  
      Amortization of discounts on mortgages and senior notes   (15,338 )     (24,080 )     (14,156 )     (15,017 )     (68,591 )  
      Total cash paid for interest $ 65,021     $ 63,155     $ 60,478     $ 59,707     $ 248,361    
                                               
    [1] These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.
    [2] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
    [3] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
       
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands, except per share data)
       
        Three Months Ended   Year Ended
    		  
        March 31,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   December 31,
    2024    		   December 31,
    2024
    		  
    Funds from operations (FFO):                                        
      Net loss attributable to common stockholders (in accordance with GAAP) $ (34,687 )   $ (46,600 )   $ (76,571 )   $ (17,458 )   $ (175,316 )  
      Impairment charges   4,327       27,402       38,583       20,098       90,410    
      Depreciation and amortization   92,000       89,493       85,430       83,020       349,943    
      (Gain) loss on dispositions of real estate investments   (5,867 )     (34,102 )     4,280       (21,326 )     (57,015 )  
    FFO (defined by NAREIT)   55,773       36,193       51,722       64,334       208,022    
      Merger, transaction and other costs[1]   761       1,572       1,901       1,792       6,026    
      Loss on extinguishment and modification of debt   58       13,090       317       2,412       15,877    
    Core FFO attributable to common stockholders   56,592       50,855       53,940       68,538       229,925    
      Non-cash equity-based compensation   1,973       2,340       2,309       2,309       8,931    
      Non-cash portion of interest expense   2,394       2,580       2,496       2,510       9,980    
      Amortization related to above- and below-market lease intangibles and right-of-use assets, net   2,225       1,901       1,805       1,572       7,503    
      Straight-line rent   (4,562 )     (5,349 )     (5,343 )     (3,896 )     (19,150 )  
      Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness   (1,032 )     (300 )     —       (1,917 )     (3,249 )  
      Eliminate unrealized (gains) losses on foreign currency transactions[2]   (1,259 )     (230 )     4,360       (6,289 )     (3,418 )  
      Amortization of discounts on mortgages and senior notes   15,338       24,080       14,156       15,017       68,591    
      Expenses attributable to European tax restructuring[3]   469       16       —       —       485    
      Transition costs related to the Merger and Internalization[4]   2,826       995       138       527       4,486    
      Forfeited disposition deposit[5]   —       (196 )     (5 )     (74 )     (275 )  
    Adjusted funds from operations (AFFO) attributable tocommon stockholders $ 74,964     $ 76,692     $ 73,856     $ 78,297     $ 303,809    
    Weighted average common shares outstanding – Basic and Diluted   230,320       230,381       230,463       230,596       230,440    
    Net loss per share attributable to common shareholders — Basic and Diluted $ (0.15 )   $ (0.20 )   $ (0.33 )   $ (0.08 )   $ (0.76 )  
    FFO per diluted common share $ 0.24     $ 0.16     $ 0.22     $ 0.28     $ 0.90    
    Core FFO per diluted common share $ 0.25     $ 0.22     $ 0.23     $ 0.30     $ 1.00    
    AFFO per diluted common share $ 0.33     $ 0.33     $ 0.32     $ 0.34     $ 1.32    
    Dividends declared to common stockholders $ 81,923     $ 63,754     $ 63,722     $ 63,484     $ 272,883    
                                               
    [1] These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.
    [2] For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million. For the three months ended June 30, 2024, the gain on derivative instruments was $0.5 million which consisted of unrealized gains of $0.2 million and realized gains of $0.3 million. For the three months ended September 30, 2024, the loss on derivative instruments was $4.7 million which consisted of unrealized losses of $4.4 million and realized losses of $0.3 million. For the three months ended December 31, 2024, the gain on derivative instruments was $6.9 million, which consisted of unrealized gains of $6.3 million and realized gains of $0.6 million. For the year ended December 31, 2024, the gain on derivative instruments was $4.2 million, which consisted of unrealized gains of $3.4 million and realized gains of $0.8 million.
    [3] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [4] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [5] Represents a forfeited deposit from a potential buyer of one of our properties, which is recorded in other income in our consolidated statement of operations. We do not consider this income to be part of our normal operating performance and have, accordingly, decreased AFFO for this amount.
       

    The following table provides operating financial information for the Company’s four reportable segments:

          Three Months Ended December 31,   Year Ended December 31,
    		  
    (In thousands)   2024   2023 (1)   2024   2023 (1)
    		  
    Industrial & Distribution:                          
      Revenue from tenants   $ 54,561   $ 62,223   $ 237,645   $ 220,102  
      Property operating expense     6,694     5,407     21,820     15,457  
      Net operating income   $ 47,867   $ 56,816   $ 215,825   $ 204,645  
                                 
    Multi-Tenant Retail:                          
      Revenue from tenants   $ 63,131   $ 66,412   $ 259,280   $ 79,799  
      Property operating expense     20,387     22,494     86,025     26,951  
      Net operating income   $ 42,744   $ 43,918   $ 173,255   $ 52,848  
                                 
    Single-Tenant Retail:                          
      Revenue from tenants   $ 42,648   $ 41,288   $ 164,514   $ 65,478  
      Property operating expense     4,012     4,286     15,787     6,045  
      Net operating income   $ 38,636   $ 37,002   $ 148,727   $ 59,433  
                                 
    Office:                          
      Revenue from tenants   $ 38,775   $ 36,803   $ 143,571   $ 149,691  
      Property operating expense     4,526     4,850     18,865     19,386  
      Net operating income   $ 34,249   $ 31,953   $ 124,706   $ 130,305  
                                 
    (1) Amounts in the Single-Tenant Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Single-Tenant Retail segment to conform to the current year presentation based on a re-evaluation of the property type.
       

    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”), 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.

    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.

    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 merger, 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.

    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 merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, 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, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, 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.

    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 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.

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