NewzIntel.com

Category: Americas

  • MIL-OSI Security: Sioux City Man Pleads Guilty to Possession of Child Pornography

    Source: Office of United States Attorneys

    Priest Morris, 21, from Sioux City, Iowa, pled guilty May 1, 2025, in federal court in Sioux City to possession of child pornography.

    At the plea hearing, Morris admitted that from January 2024, through August 2024, he used the Discord, Twitter, Telegram, and Snapchat applications to receive, distribute, and possess visual depictions of child pornography including materials involving a prepubescent minor or minor under the age of 12.  The Sioux City Police Department received two CyberTips from the Internet Crimes Against Children (ICAC) Task Force and the National Center for Missing and Exploited Children about a Snapchat account uploading child pornography.  Law enforcement connected the account back to Morris and obtained a search warrant for his electronics.  During the execution of the search warrant, Morris admitted he had received and possessed child pornography, and it would be located on his phone and iPad.  Forensic analysis of his electronics showed that Morris possessed over 1,500 images and 6 videos of child pornography including materials that portrayed sadistic or masochistic conduct as well as infants and toddlers.    

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006, by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse.  Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims.  For more information about Project Safe Childhood, please visit www.usdoj.gov/psc.  For more information about Internet safety education, please visit www.usdoj.gov/psc and click on the tab “resources.”

    Sentencing before United States District Court Judge Leonard T. Strand will be set after a presentence report is prepared.  Morris remains in custody of the United States Marshal pending sentencing.  Morris faces a possible maximum sentence of 20 years’ imprisonment, a $250,000 fine, and at least five years of supervised release following any imprisonment.

    The case was investigated by the Sioux City Police Department and is being prosecuted by Assistant United States Attorney Kraig R. Hamit.  

    Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.  

    The case file number is 24-4086.  

    Follow us on X @USAO_NDIA.

    MIL Security OSI –

  • MIL-OSI USA: Senator Marshall, Rep. Tenney Introduce the No Subsidies for Gender Transition Procedures Act

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) today introduced the No Subsidies for Gender Transition Procedures Act,a bill that would prohibit taxpayer funding for gender transition procedures covered by Medicaid, Medicare, the Children’s Health Insurance Program, and the Affordable Care Act. The bill also would deny the medical expense tax deduction for gender transition procedures. U.S. Representative Claudia Tenney (R-New York-24) introduced the House companion version of this bill.
    Due to the bill’s targeted approach toward altering the tax code and mandatory spending, Senator Marshall is advocating for this legislation to be included in the FY2025 budget reconciliation package. 
    “Americans overwhelmingly agree that hard-earned taxpayer dollars should not go toward paying for harmful gender transition procedures,” said Senator Marshall. “This legislation delivers on President Trump’s promise, eliminates taxpayer-funded transgender procedures on both minors and adults, and defends our nation’s values. As the reconciliation process continues, I urge my colleagues to support this commonsense legislation and ensure it is included in the One, Big, Beautiful Bill.” 
    “Taxpayers should never be forced to fund dangerous and irreversible gender transition surgeries. The No Subsidies for Gender Transition Procedures Act sets a sweeping precedent by applying to both adults and minors and applying to as many federal funding streams as possible,” said Representative Tenney. “This will ensure that regardless of the age of the individual looking to mutilate themself, the American taxpayer will not be forced to subsidize it. We are working to ensure that not a dime of federal funds can be used to pay for gender transition procedures.”
    This legislation is cosponsored by U.S. Senators Bill Cassidy (R-Louisiana), Mike Lee (R-Utah), and Pete Ricketts (R-Nebraska).
    “Americans don’t want tax dollars funding sex change operations for children,” said Dr. Cassidy. “Let’s use that money for real medical treatment, not to prop up gender ideology.”
    “Trans ideology is anti-science, anti-truth, and anti-child – our government cannot make American families complicit in these controversial medical procedures, especially against young and vulnerable people in our society,” said Senator Lee. “Our necessary legislation prevents taxpayer dollars from funding the gender transition regime through reimbursements, Medicare, Medicaid, and other avenues.”
    “American tax dollars should not fund gender reassignment surgery,” said Senator Ricketts. “This bill ends the misuse of tax dollars on these procedures. It also stops federal healthcare facilities from providing these procedures.”
    The legislation is supported by the American Principles Project.
    “Every year, the federal government subsidizes the transgender medical industry with our tax dollars, despite the vast majority of Americans opposing this horrific waste of taxpayer funding,” said Terry Schilling, President of American Principles Project. “The No Subsidies for Gender Transition Procedures Act would deal a serious blow to the woke trans agenda’s biological and fiscal insanity, and I am grateful for Senator Marshall’s leadership on this problem. It’s time for Congress to pass this important legislation.”
    Click HERE to read the full bill text.
    Background:

    By eliminating federal spending on transgender procedures, we can save American taxpayers $200 million.
    25 states and D.C. have Medicaid policies that explicitly cover transgender-related health care.
    Over 276,000 of the 1.3 million transgender adults are enrolled in Medicaid.
    In March of 2025, Senator Marshall introduced the End Taxpayer Funding of Gender Experimentation Act – similar legislation that prohibits the use of federal funding for gender transition procedures and bars federal healthcare facilities, physicians, and providers from providing such procedures.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Polis Signs Bills Into Law Expanding Access to Behavioral Health Care and Higher Education for Military Connected Coloradans

    Source: US State of Colorado

    Governor also signs new laws focused on cell phones in the classroom and increased transparency for library resources 

    DENVER – Today, Governor Polis joined by Lt. Governor Primavera, signed legislation to expand healthcare access and services for veterans and military-connected families, and provide tuition waivers for eligible members of the Colorado National Guard.

    • SB25-247 – Tuition Waiver & Colorado National Guard Members, sponsored by Senators Jeff Bridges and Barbara Kirkmeyer, and Representatives Shannon Bird and Rick Taggart
    • HB25-1132 – Military Family Behavioral Health Grant Program, sponsored by Representatives Sean Camacho and Rebekah Stewart, and Senators Nick Hinrichsen and Jeff Bridges 

    “In Colorado, we are committed to expanding support and opportunities for our valuable military community, by saving military-connected families more money on healthcare and reducing the cost of college for the next step in their careers. Thank you to the sponsors for creating legislation that uplifts and protects Colorado’s important military community,” said Governor Polis. 

    “Colorado has always proudly stood behind those who serve — and today, we’re reaffirming that commitment,” said Lt. Governor Dianne Primavera. “With these bills, we’re taking real steps to continue supporting our military members, their families, and Veterans. We honor your service not just in words, but through meaningful action. Colorado is proud to stand with you and is committed to being the best home for our military-connected communities.” 

    Governor Polis also signed bills into law promoting transparent and healthy educational practices in Colorado to help Colorado students grow academically and succeed. 

    • SB25-063 – Library Resource Decision Standards for Public Schools, sponsored by Senators Lisa Cutter and Dafna Michaelson Jenet, and Representatives Lorena Garcia and Jenny Willford.
    • HB25-1135 – Communication Devices in Schools, sponsored by Representatives Meghan Lukens and Mary Bradfield, and Senators Janice Marchman and Lisa Frizell. 

    “Finding ways to create engaging and productive learning environments for Colorado students that foster stronger learning and bolster student engagement is critically important. This legislation strikes a balance between helping students learn better in the classroom and have access to technology when needed,” said Governor Polis. 

    Governor Polis signed the following bill into law administratively: 

    • HB25-1185 – Child Conceived from Sex Assault Court Proceedings, sponsored by Representatives Meg Froelich and Jenny Willford, and Senator Mike Weissman. This bill is bipartisan. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Transcript: Protecting Subway Riders and Transit Workers

    Source: US State of New York

    arlier today, Governor Kathy Hochul joined MTA officials and law enforcement to highlight a FY 2026 New York State Budget deal that delivers on the Governor’s public safety commitments to continue making our subways safer for all riders and transit workers. These major investments increase the presence of law enforcement, make crucial safety upgrades in protective barriers and LED lighting and continue cracking down on fare evasion. New York City’s Subways continue to experience the lowest levels of crime overall outside the pandemic since the 1990s — and as a result of the Governor’s continued efforts to prioritize public safety and make our subways safer, crime is down 11 percent since last year and down 16 percent compared to pre-pandemic levels.

    B-ROLL of the Governor taking the subway, meeting construction workers and subway riders is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    AUDIO: The Governor’s remarks are available in audio form here.

    PHOTOS: The Governor’s Flickr page will post photos of the event here.

    A rush transcript of the Governor’s remarks is available below:

    It’s great to see all of you and you’re really making a profound difference here. Always happy to be back riding our subway system. Nothing like it in the world. I want to thank Janno Lieber for leading an organization that has been down and out and now it’s back. And I’m so proud to say that we’ve achieved so much together over my last three and a half years to empower the MTA to head on a path that they know is sustainable and delivers the highest quality of service to the people he cares the most about. And those are our commuters. Let’s give round applause to Janno Lieber here today.

    Michael Kemper, our chief of security. Thank you, Michael, for finding every possible way we can to protect our commuters, our riders, our visitors. Superintendent Steven James, thank you for responding whenever I need you. You’ve been asked to do the extraordinary, whether it’s helping with gun interdiction on the streets to calming down prison strikes and right here in our subway. So I thank you and all the members of our State Police team for the extraordinary work you do every day. Brigadier General Isabel Smith, the director of joint staff and commander of the National Guard. I want to thank the National Guard for their presence here, making people feel calmer and safer.

    And I’ve heard that from moms who literally come up to me and say, “I feel a lot better having my child go to the subway when I see more people in uniform. And you help make that happen.” So let’s hear it for our National Guard and our MTA police, our state police and to everyone who cares so deeply about the success of this subway system.

    It may be overstated, but this is the beating heart of this city. This is what sets us apart from all others. Getting people anywhere they want to go within minutes. It’s extraordinary. And beneath every day – underneath these towering skyscrapers in our busy streets – millions of people for every walk of life come together. They head off to work. They head off to school. They visit families and friends. They go to doctor’s appointments.

    And the experience, all the wonder that the city has to offer. But I’ll tell you this – when I first took office three and a half years ago, this system faced a triple threat. First of all, subway crime was raging, absolutely raging. I would say as an aftermath – an outgrowth – of the pandemic, of which we know we were the epicenter for the nation. Ridership was down, it was absolutely lagging. And the MTA faced a looming fiscal crisis that threatened to bring this system to a screeching halt. Those were real challenges, but we were undaunted.

    We knew we needed to lean hard into them and find solutions that would work. So we secured significant recurring funding to save the MTA from literally going off the fiscal cliff. We got it done a few years ago, and we took bold, decisive action to protect riders.

    And you see it, as I mentioned, with the presence of law enforcement on the platforms and in the trains. You see it in the National Guard presence and you see it in the new platform, barriers and cameras docked in every single subway car. And I want to say we had a goal to get it done in a few years, and I want to thank the MTA for rising to the challenge I put out and said, “No, we’re going to shave off a lot of time. I want a camera in every single train so people feel secure and our law enforcement can reach and find and prosecute the law breakers.”

    So we made some real progress there as well. Now, subway crime, now, is down 16 percent compared to 2019. Why do I go back to 2019? I subtract it out. The higher years of the pandemic, because otherwise this would be a lot bigger drop. But I want to deal in realities.

    What was the world like before the pandemic when people were not so anxious about going on the subway? We are now down 16 percent compared to 2019. And just from last year, we’d already started seeing dramatic downward trends. We’re still 11 percent lower than last year at this time. So ridership continues to rise. Ticking up seven percent year over year.

    But I’ll say this, I more than anyone know, there’s still more work to do. Just last week, a man was stabbed to death on the five train, right in the middle of rush hour – a galling attack that shocked so many riders. That’s proof. That’s proof we still have more work to do. I acknowledge that. And in January, I came here and up, I outlined a plan to ramp up our efforts.

    I vow to fund the state funding for the first time in history, not just MTA police, not just state police, but funding the MTA – picking up the costs of the MTA – so there’s two NYPD police officers on every overnight train. When you see the police officers, NYPD, on those overnight trains starting at nine o’clock at night till 6:00 a.m. that is the New York State taxpayers working hard to make sure that this lifeline of our economic heartbeat is still viable and thriving. So we did that.

    We also vowed to make more security upgrades and I vowed to end the insanity of violent criminals getting off with crimes because of technicalities, whether it happens on the subway or happens on our streets. And I vowed to keep people who have severe mental health problems who are in our subways, on our streets. I said, we vowed to get them off these city streets and subway stations and in our trains – and get them into a hospital bed where they can get some help.

    I thought it was cruel to abandon them. Yes, they have civil rights. Of course they do. But some people don’t have the mental capacity to make decisions for their own health and wellbeing. How do we abandon them? That’s not what a civilized society does. And we said no more.

    And I’m proud to say with our new budget, securely in place – almost done – we delivered on these promises. And when it comes to public safety, I refuse to back down. Absolutely refuse to back down. So let me break down what we accomplished.

    First, an additional $45 million for Joint Task Force Empire Shield. That’s our National Guard. We want to make sure they’re funded and can remain here. This is the elite unit that protects New York City, including our subways. The National Guard members you see are an important part of that. $77 million in this year’s budget to make sure we can continue funding those NYPD on the overnight trains. These officers really are the unsung heroes. Those late night rides have to be stressful. Sometimes you walk into a car and you don’t know the unknown. It’s a frightening dynamic, and I want to thank them. Because they’re protecting the nurses and doctors who are on the midnight shift. The cooks and bartenders who clock out late, and all the people who have to rise before the sun are construction workers, our bakers, our baristas.These are the people who keep our city running and we must keep them safe.

    We also, as I mentioned, are taking the steps to take care of those languishing with mental health problems. And I’ll say this, we’re going to make a difference in their lives. We’re going to make sure they get the help they need, but we couldn’t do it up until now. Here’s why. Because we didn’t have the system in place to care for them. Because of decades of disinvestment in our system, our health care system, our mental health system – that we didn’t have enough beds, we didn’t have enough practitioners, we didn’t have enough people with long-term strategies and supportive housing.

    And I’m so proud after the first billion dollars investment I made back when I was brand new Governor. We are now positioned to be able to give these people the help they need. That’s why we can welcome them in and take good care of them. We’re also strengthening Kendra’s Law to ensure those with serious mental illness receive consistent treatment in the community so they don’t fall between the cracks.

    Also, investing $30 million in our homeless outreach teams, these safe option support teams. My God, they’re doing God’s work every single day you see them. I’ve come to thank them. And they’re so compassionate, and they don’t give up on anybody. They believe that everybody has value and they want to help them retrieve their full potential despite how hard life has been for them. These are compassionate public servants who’ve helped over 1,000 New Yorkers escape lives on the street and find, get this permanent housing. 1,000 people who are long term chronically homeless right here — now have a home to call and make sure it’s a safe place for them to rest their heads at night. Because you know what? It’s not just about public safety for all of us. It’s about human dignity and giving people what they deserve.

    As I mentioned, we reformed our criminal justice laws because – while a lot of people aren’t quite sure what discovery laws are, and that’s okay – what happens under changes that were made back in 2019? I will say this, and I’ve said this from the beginning, there were many changes that were necessary. The system was absolutely skewed against the defendants, and that was unfair. But we also know that the pendulum has swung way too far, and now the defense lawyers are able to lie and wait literally the night before a case is supposed to be presented and raise objections that a judge must say, based on the law, you must have this case dismissed now because the clock has run out. Or if there’s minor technicalities and the cases are legendary, you hear the reasons that cases are thrown out, whether it’s a crime in the subway or domestic violence incidents. You want to make sure that people do not escape because of a senseless loophole that we have now fixed. That’s how you start making people safer. That’s how you hold people accountable.

    And if you wear a mask to hide your identity while you’re committing a crime, you’ll face an additional charge. That’s important because we’ve seen in the subway people masking themselves, trying to evade the cameras that we put in place. But if you’re hiding under a mask, how are our police supposed to identify you and make sure you don’t hurt somebody else the next day? This is another force for ensuring that we have public safety.

    But also here’s the music to Janno’s ears – we are fully funding the $68 billion Capital Plan, and I want to thank the leaders in the Legislature for working hard with me. It’s been an interesting, always, always interesting process, but we’re also making sure through that we’re also upgrading $1 billion more in crucial physical security upgrades. So what we’re going to do, we’ll have platform barriers at 100 additional stations. LED lighting. I want them brighter. I want people to see. We’ll also continue swapping out the aging turnstiles. Guess what? Ones that are hard to evade, ones you can’t hurdle over or crawl under. So we’re going to be getting those out there. So those shameless fare invaders and everybody’s doing this who create unnecessary stress and chaos for the other riders who are actually doing what they’re supposed to do.So we’re going to stop them as well.

    We’re also going to make sure the MTA – we fully fund their repairs. And something that’s near and dear to my heart since I proposed it a few years ago, is to do the Interborough Express once and for all the money is there because as much as we love Manhattan, people who are trying to go from Brooklyn to Queen should not have to make us stop here first, let’s inject some common sense into our residents lives and let them have the quality of life they deserve, and less time traveling from one borough to another.

    Making ADA stations ADA accessible and enhancing, enhancing service to and from the Hudson Valley. So we’re going to continue with these goals and I’m always looking forward to partnering with the MTA as we go forth for the years ahead to make good on all these financial commitments.

    But mark my words. I’ll do everything in my power to ensure that the people of this city and this state are safe. And I’ll put the investments where they need to go. I’ll make the changes in the law where necessary because we won’t stop until every single person has what they deserve – the right to be safe in their homes and their communities, and in our subways.

    Thank you very much. Let me hand this now over to Janno Lieber, the Chairman and CEO of the MTA.

    MIL OSI USA News –

  • MIL-OSI USA: LYCOMING COUNTY – Shapiro Administration Talks REAL ID Ahead Federal Enforcement Starting Next Wednesday, May 7

    Source: US State of Pennsylvania

    May 02, 2025 – Montoursville, PA

    ADVISORY – LYCOMING COUNTY – Shapiro Administration Talks REAL ID Ahead Federal Enforcement Starting Next Wednesday, May 7

    The Pennsylvania Department of Transportation (PennDOT), in partnership with the Williamsport Regional Airport and the American Automobile Association (AAA), will hold a press conference at the Williamsport Regional Airport to urge Pennsylvanians to prepare for the federal REAL ID enforcement, which begins next Wednesday, May 7, 2025.

    In less than a week, Pennsylvanians will need either a REAL ID-compliant driver’s license or identification card or another form of federally accepted identification such as a passport, to board domestic flights, enter certain federal facilities that require a federally-acceptable ID, or enter military bases.

    WHO:
    Mike Carroll, Secretary, PennDOT
    Eric B. McKitish, CEO, Williamsport Regional Airport
    Nina Waskevich, Vice President for Brands and Marketing, AAA North Penn

    WHEN:
    Friday, May 2 at 10:00 AM

    WHERE:
    Williamsport Regional Airport
    724 Airport Road, Montoursville.
    The event will be held near the security checkpoint.

    PARKING:
    Media can park in the parking lot next to the terminal.

    MIL OSI USA News –

  • MIL-OSI USA: Hagerty Introduces Daniel Zimmerman, Trump’s Nominee to be Assistant Secretary of Defense for International Security Affairs

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    Zimmerman has served in Hagerty’s office as a Congressional Executive Fellow
    WASHINGTON—Today, United States Senator Bill Hagerty (R-TN) introduced Daniel Zimmerman, President Trump’s nominee to be Assistant Secretary of Defense for International Security Affairs, at the Senate Armed Services Committee Hearing.  Zimmerman, a 16-year CIA officer, has served in Senator Hagerty’s office as an Executive Branch detailee since January 2024.  During President Trump’s first term, he was detailed to the White House and worked on the Abraham Accords negotiations under then-Senior Advisor Jared Kushner.

    *Click the photo above or here to watch*
    Remarks as prepared for delivery:
    Chairman Wicker and Ranking Member Reed, thank you for holding today’s confirmation hearing.
    It is my honor to introduce my good friend Daniel Zimmerman—President Trump’s nominee to be Assistant Secretary of Defense for International Security Affairs.
    Daniel is tailor-made for this role.
    For nearly two decades, Daniel has served with distinction at the Central Intelligence Agency, the White House, and, most recently, in the United States Senate.
    While many of the details of his career remain classified, I can share a few anecdotes that highlight his experience and expertise.
    Daniel has risked his life in warzones, working with special operations forces out of Soviet-era bunkers in Iraq to hunt ISIS and other terrorists.
    He has dealt face-to-face with Russian energy oligarchs and traveled the world—from Europe, to the Middle East, to the Indo-Pacific—on sensitive matters related to energy and trade security.
    And Daniel was one of the first people whom the White House hired to support the historic Abraham Accords, which is one of President Trump’s signature achievements from his first term and is still bearing fruit in the Middle East today.
    For the last 15 months, I have had the pleasure of having Daniel on my Senate staff as a detailee.
    During this time, I have found that that his tremendous leadership skills and knowledge of global issues are matched only by his humility and qualities as a colleague and a friend.
    Daniel is the right person to serve as the next Assistant Secretary of Defense for International Security Affairs and I urge the members of this Committee to move quickly on his nomination.
    Thank you for the time this morning.

    MIL OSI USA News –

  • MIL-OSI USA: Hagerty Introduces Charles Kushner, Trump’s Nominee to be U.S. Ambassador to France and Monaco

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Foreign Relations Committee and former U.S. Ambassador to Japan, introduced Charles “Charlie” Kushner, President Trump’s nominee to be U.S. Ambassador to France and Monaco.

    *Click the photo above or here to watch*
    Remarks as prepared for delivery:
    Chairman Risch and Ranking Member Shaheen, thank you for holding this important nominations hearing today.
    It is my honor to introduce my good friend, Charles “Charlie” Kushner—President Trump’s nominee to be the U.S. Ambassador to France and Monaco.
    I have been fortunate to get to know Charlie, his wife Seryl and their wonderful family.
    Their children—Dara, Nicole, Josh, and Jared—are all tremendously successful in their own right and I’ve had the pleasure to know and work closely with Jared and his wife, Ivanka.
    The Kushner children—are a testament to the family’s values and character and are, in many ways, Charlie and Seryl’s finest achievement.
    Charlie truly embodies the “American Dream.”
    As the son of Holocaust survivors who immigrated to the United States in the 1940s with nothing, Charlie rose to become one of the country’s most successful real estate developers—indeed, he’s a skilled and talented negotiator, a leader who treats his employees like family, and a respected philanthropist.
    As a lifelong businessman who served as U.S. Ambassador to Japan during President Trump’s first term, I believe the skills and experiences that have made Charlie successful in the private sector will drive his success as America’s ambassador in Paris.
    Yet President Trump selected Charlie for this role—not only because of his business acumen and experience in tough negotiations, but also because Charlie is a deeply patriotic American who recognizes the strategic and historical importance of our transatlantic relationships.
    Charlie understands the unique and enduring bond between the United States and France—a bond rooted in shared history, democratic values, and mutual interests.
    He is committed to advancing U.S. national security interests by deepening the U.S.-France alliance through pragmatic defense collaboration and fair, reciprocal trade relations.
    In short, Charlie is a do-er, and he’s energized not only to represent our country, but also accomplish things for the American people.
    I am confident that Charlie, when he is confirmed, will work tirelessly to build a more secure and prosperous future for both the American and French people.
    I look forward to his testimony today and to working with my colleagues on this committee to ensure his nomination moves forward as quickly as possible.

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Colleagues Demand DOJ Reverse Cancellation of Hundreds of Public Safety Grants

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    WASHINGTON, D.C. – U.S. Senator Cory Booker (D-NJ) led nearly 30 Democratic senators in sending a letter to the Department of Justice (DOJ) urging Attorney General Pam Bondi and Deputy Assistant Attorney General Maureen Henneberg to reverse the abrupt cancellation of hundreds of public safety grants that serve crime victims and improve public safety in communities across the country. The letter DOJ to provide information about its decision to cancel the grants. 
    “On April 22, the Department of Justice’s (DOJ) Office of Justice Programs (OJP) notified  hundreds of grant recipients across the country, without warning, that their funding had been  terminated, effective immediately. Many of these grants are authorized by Congress and support  programs that have enhanced public safety in communities rural and urban, affluent and poor,  Democratic and Republican. While this Administration continues to market itself as the  administration of law and order and public safety, DOJ has decided to defund programs that  prosecutors, police and sheriff’s departments, judges, mental health service providers,  academics, and more depend on to advance the Department’s longstanding ‘core mission of  keeping Americans safe and vigorously enforcing the law,’” the Senators wrote. 
    “Based on public reporting, outreach from grantees, and a DOJ Justice Management Division  (JMD) spreadsheet (Encl. 1), it appears that the Department defunded at least 365 public safety  grants on April 22, 2025. A review of this information reveals that these grants provide support  for victims of crime and resources for communities to ensure public safety,” the Senators continued.
    For example, with these grant terminations, the Department has defunded programs that support victims of crime, combat rape in prison, assist people with mental health disorders, reduce and prevent violence, and support successful reentry. These examples offer only a sample of the critical funding that DOJ abruptly terminated.
    “The magnitude of these defunding measures, Congress’ role in authorizing and appropriating  grant funds, and the negative impacts that the sudden termination of funding will have on public  safety in communities across the country, requires the immediate review of the processes and  decisions that led to the cancellation of these critical grants,” the Senators wrote.
    The Senators requested answers to nine questions about the cancellations, including whether the Department has reallocated the money to other programs and how officials determined which grants should be cancelled. 
    A DOJ JMD spreadsheet (Encl. 1) lists 365 grants that were terminated on April  22.
    Does this spreadsheet represent the entire universe of grants that were  terminated?  
    Are there grants that were terminated that are not reflected on the list? If so, provide the information in every column for these grants. 
    Which grants that were terminated on April 22 have since been restored? For each grant restored, please provide the reason for its restoration.  
    How were the grants that were terminated chosen? What were the factors  considered in making the determination to terminate? Where the affected grantees were state or local jurisdictions, did the political party of state or local officials in  those jurisdictions influence the determination to terminate? 
    Were there entire categories of grants that were terminated? If so, provide the  categories.  
    What is the legal basis for terminating grant funds that are statutorily required? 
    Has DOJ reallocated the funds it rescinded on April 22? Provide any specific  programs or purposes to which these funds will be reallocated. 
    Will DOJ terminate any more grants, from any of its funding components, that  have been obligated or are in cycle? If so, provide the grant-making component  and the grants that will be terminated or are under consideration to be terminated.  
    Was former Tesla employee turned-DOGE staffer Tarak Makecha solely  responsible for selecting which grants to terminate? Provide the names of all  individuals within DOJ who reviewed or approved the cancellation of the grants.  
    Did any White House officials review the grants to be terminated or otherwise  have any involvement in the decision to terminate the grants? Provide their names.
    “Additionally, we advise that the Department restore immediately the grants terminated on April 22. The cursory termination of these programs imperils the public safety of the victims and communities that rely on these critical resources,” the Senators concluded.
    The letter is cosigned by U.S. Senators Chuck Schumer (D-NY), Dick Durbin (D-IL), Mazie Hirono (D-HI), Chris Coons (D-DE), Amy Klobuchar (D-MN), Richard Blumenthal (D-CT), Alex Padilla (D-CA), Adam Schiff (D-CA), Sheldon Whitehouse (D-RI), Peter Welch (D-VT), Andy Kim (D-NJ), Elizabeth Warren (D-MA), Ruben Gallego (D-AZ), Raphael Warnock (D-GA), Tim Kaine (D-VA), Ben Ray Lujan (D-NM), Ron Wyden (D-OR), Kirsten Gillibrand (D-NY), Jeanne Shaheen (D-NH), Chris Van Hollen (D-MD), Patty Murray (D-WA), Brian Schatz (D-HI), Maria Cantwell (D-WA), Ed Markey (D-MA), Jack Reed (D-RI), Bernie Sanders (I-VT), Gary Peters (D-MI), and Chris Murphy (D-CT). 
    To read the full text of the letter, click here.

    MIL OSI USA News –

  • MIL-OSI USA: 05.01.2025 Sen. Cruz, Rep. Harshbarger Introduce USA Act

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Universal Savings Account Act, a bill that allows American families to save without the restrictions and penalties associated with traditional tax advantaged accounts.
    Sen. Cruz said, “A simple and accessible incentive savings plan will provide families with a way to establish financial security and prosperity. This bill provides a straightforward solution to those challenges. I strongly urge my colleagues to pass this bill for the future generations of Americans.”
    Companion legislation was introduced in the House by Rep. Diana Harshbarger (R-Tenn.-1).
    Rep. Harshbarger said, “It’s an honor to partner with Senator Cruz on this commonsense legislation to empower Americans to take control of their financial futures. The Universal Savings Account Act cuts through red tape and gives every American a flexible, tax-free way to save, invest, and spend — without government interference or penalties. Washington shouldn’t be in the business of micromanaging how people use their own money. This bill is a win for working families, a win for personal freedom, and a win for financial independence.”
    Read the full text of the bill here.
    BACKGROUND
    Universal saving accounts (USAs) are tax-advantaged savings vehicles with unrestricted use of funds, allowing participants to save, invest, and withdraw funds for any reason.
    This bill would allow the following:
    Distributions from Universal Savings Accounts are not subject to income tax, nor included in gross income.
    An initial contribution limit of $10,000, which increases by $500 every year, before capping at $25,000.
    No contribution limits based on income.
    Experts have found Universal Savings Accounts would boost savings for low-income households, allowing them to better withstand economic shocks, such as pandemics and recessions, and plan for major expenses, such as an expanded family, education, and housing needs.

    MIL OSI USA News –

  • MIL-OSI USA: Wicker, Bennet Introduce the American Infrastructure Bonds Act

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senators Roger Wicker, R-Miss., and Michael Bennet, D-Colo., have introduced the American Infrastructure Bonds Act. This bipartisan legislation would help state and local governments finance critical infrastructure projects. The 2021 Bipartisan Infrastructure Law provided much-needed funding, but many rural communities continue to struggle with high interest rates that delay crucial projects. The American Infrastructure Bonds Act would address this challenge by establishing a taxable, direct-pay bond program, expanding investment opportunities for infrastructure improvements nationwide.
    “Local governments need flexibility to invest in the infrastructure their constituency needs, not be stifled by bureaucratic red tape. The American Infrastructure Bonds Act would establish a bond program to expand investment in infrastructure improvements nationwide. This legislation would help rural communities access affordable financing for the necessary infrastructure in their cities and towns,” said Senator Wicker.
    “To build an economy that works for every Coloradan, we have to invest in 21st-century American infrastructure,” said Senator Bennet. “American Infrastructure Bonds are a proven, successful model to expand investments to help state and local leaders build stronger and more resilient communities.”
    Click here for full text of the legislation.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla, Kaine, Van Hollen, Schumer to Force Senate Vote Demanding Answers on Trump Administration’s Compliance With Court Orders and El Salvador’s Horrific Human Rights Record

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Kaine, Van Hollen, Schumer to Force Senate Vote Demanding Answers on Trump Administration’s Compliance With Court Orders and El Salvador’s Horrific Human Rights Record

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.), Tim Kaine (D-Va.), Chris Van Hollen (D-Md.), and Minority Leader Chuck Schumer (D-N.Y.) introduced a resolution to investigate El Salvador’s human rights abuses and the Trump Administration’s compliance with due process and court orders. Under Senate rules, the members will be able to force a vote on the resolution requiring the Trump Administration to produce a report detailing any steps the Administration is taking to ensure compliance with court orders applicable to U.S. citizens or residents wrongfully deported by the United States to El Salvador; confirming whether U.S. security assistance has been used to support the illegal detention of U.S. residents; and assessing El Salvador’s human rights record. 
    Under existing Senate rules, if the Administration fails to produce the report, security assistance to El Salvador would be prohibited by federal law. Companion legislation is being led in the U.S. House of Representatives by Representative Joaquin Castro (D-Texas-20).
    “El Salvador’s ongoing human rights abuses against detainees at CECOT — including individuals removed from the United States to be detained at the mega-prison — must cease immediately,” said Senator Padilla. “As the Trump Administration upends due process to wrongfully deport people to El Salvador, we must restore fundamental civil liberties, end the inhumane treatment of all detainees, and ensure freedom from oppression for everyone in El Salvador. I stand with Senator Kaine and my colleagues in fighting to hold President Bukele and President Trump accountable over the corrosion of civil liberties and due process in El Salvador being supported by the United States. I also continue to call for the immediate return of those wrongfully deported to El Salvador.”
    “Salvadoran President Nayib Bukele has rounded up tens of thousands of Salvadorans without due process and jammed them indefinitely into overpopulated torture centers. And now he’s trying to do the same to people living in the United States. President Trump is even threatening to send U.S. citizens to these same horrific megaprisons,” said Senator Kaine. “This is a violation of the founding principles of the United States. That’s why I’m forcing a vote on legislation to require this Administration to explain its actions to the American public and shine a bright light on the Bukele regime’s human rights abuses, instead of celebrating them.”
    “Following the ruling of our federal courts that Kilmar Abrego Garcia was illegally deported, the Trump Administration is clearly refusing to comply with their orders to facilitate his return. This legislation would require the Trump Administration to report on the actions they’ve taken in response to the court orders, the Government of El Salvador’s collusion with the Trump Administration to violate due process rights, and the broader human rights concerns in El Salvador. The American people deserve answers on this clear defiance of our nation’s constitutional rights and the extent of El Salvador’s complicity in this scheme, as well its human rights abuses,” said Senator Van Hollen.
    “The cornerstone of American democracy is due process. The Trump administration has taken a sledgehammer to the very basis of our legal system and the rights Americans have as citizens,” said Leader Schumer. “Make no mistake: A threat to one is a threat to all. The courts have spoken and now the Senate needs to ensure that the Trump administration is listening. Senate Democrats will not rest until we have answers.”
    “The Trump Administration has sent numerous people to Salvadoran gulags using a wartime authority and without due process,” said Representative Castro. “El Salvador, under President Bukele, has engaged in well-documented human rights abuses. This resolution demands that the Trump Administration provide documentation of the human rights conditions in El Salvador. If they don’t do so, the law would cut off all security assistance to the country—we will use this resolution to force accountability.”
    As Ranking Member of the Senate Judiciary Immigration Subcommittee, Senator Padilla has also pushed back against wrongful deportations of U.S. residents to El Salvador. Last month, he joined 24 Senators in urging Department of Homeland Security (DHS) and Immigration and Customs Enforcement (ICE) leadership to return Kilmar Abrego Garcia, a father who was living legally in Maryland with his family until the Trump Administration wrongfully deported him without due process to a maximum-security prison in El Salvador. Padilla also joined Senators Van Hollen and Angela Alsobrooks (D-Md.) to meet with Abrego Garcia’s family and wife, Jennifer Vasquez Sura, to discuss the ongoing effort to secure his immediate release. Padilla promised to keep fighting for Abrego Garcia so he can be reunited with his family.
    Full text of the resolution is available here.

    MIL OSI USA News –

  • MIL-OSI: Cenovus to hold first-quarter 2025 conference call and webcast and 2025 Annual Meeting of Shareholders on May 8

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its first-quarter 2025 results on Thursday, May 8, 2025. The news release will provide consolidated first-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

    First-quarter 2025 conference call: 9 a.m. MT (11 a.m. ET)

    For analysts wanting to join the call, please register in advance at Conference Call registration.

    To participate, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    To listen to the conference call online, a live audio webcast will also be available and archived for approximately 30 days.

    Annual Meeting of Shareholders

    Cenovus will also host its Annual Meeting of Shareholders on May 8, 2025, at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is also available under Investors at cenovus.com.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts:

    Investors Media
    Investor Relations general line
    403-766-7711    		 Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI USA: Lawler Leads Bipartisan Effort to Curb Federal Use of Toxic PFAS Chemicals

    Source: US Congressman Mike Lawler (R, NY-17)

    Washington, D.C. – 4/30/2025… Today, Reps. Mike Lawler (NY-17), Haley Stevens (MI-11), Brian Fitzpatrick (PA-01), Chris Pappas (NH-01), and Pat Ryan (NY-18) introduced the PFAS-Free Procurement Act, a bill aimed at reducing harmful chemical exposure by prohibiting the procurement of products containing perfluorooctane sulfonate (PFOS) or perfluorooctanoic acid (PFOA), commonly known as PFAS. 

    These chemicals are linked to a variety of health issues, including cancer, liver damage, and developmental harm. The bill prioritizes the procurement of safer, PFAS-free products. The bill prohibits federal agencies from renewing or entering into contracts for products containing PFOS or PFOA, including nonstick cookware, cooking utensils, furniture, carpets, and rugs treated with stain-resistant coatings. The legislation takes effect six months after enactment and will apply to all contracts entered into after that date.

    “Across New York and the nation, communities grapple with the long-term consequences of PFAS contamination, threats to public health, drinking water, and environmental safety. As stewards of taxpayer dollars, we have a responsibility to ensure the federal government is not perpetuating this crisis through its procurement practices. The PFAS-Free Procurement Act takes a measured, forward-looking approach that protects public health, encourages safer alternatives, and leverages the purchasing power of the federal government to drive meaningful change,” said Congressman Lawler (NY-17).

    “In Michigan, PFAS contamination has touched nearly every corner of our state. Our communities have led the charge in confronting these harmful substances, and now it is time for the federal government to do the same. The bipartisan and bicameral PFAS-Free Procurement Act extends the Department of Defense’s sensible prohibition on PFAS products to most federal acquisitions. This common-sense, bipartisan bill will protect Michigan communities and take a bold step toward eliminating these harmful, forever chemicals from our daily lives,” said Congresswoman Stevens (MI-11).

    “The federal government shouldn’t be fueling the PFAS crisis—it should be leading the fight to end it. The PFAS-Free Procurement Act sets a clear standard: safer products, stronger accountability, and a healthier future. As Co-Chair of the PFAS Task Force, I’ll keep pushing for real reforms that put public health and environmental responsibility first,” said Congressman Fitzpatrick (PA-01).

    “PFAS and other toxic forever chemicals continue to pose health risks to Granite Staters and communities nationwide. We must take comprehensive and commonsense action to combat PFAS contamination and ensure the well-being of Americans. This bipartisan legislation would require federal agencies to prioritize procuring PFAS-free products to protect federal employees and individuals who visit federal facilities, like veterans at the VA and seniors at Social Security offices. The federal government should be a leader in addressing PFAS contamination, and this bipartisan legislation is an important step forward,” said Congressman Pappas (NH-01).

    “Our communities have suffered from exposure to PFAS for too long – I refuse to let your kids or mine be exposed to these toxins any longer,” said Congressman Pat Ryan (NY-18). “I’m proud to be leading the fight against PFAS exposures, and am excited to join my colleagues in supporting this vital legislation to ban the purchasing of PFAS-contaminated materials in federal buildings, protecting families, kids, and seniors from further exposure.”

    Congressman Lawler is one of the most bipartisan members of Congress and represents New York’s 17th Congressional District, which is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester Counties. He was rated the most effective freshman lawmaker in the 118th Congress, 8th overall, surpassing dozens of committee chairs.

    ###

    Full text of the bill can be found HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Mfume Joins Bicameral Letter on Cuts to Medicaid in District of Columbia

    Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

    WASHINGTON, DC – Amid reports that House Republicans plan to reduce the Federal Medical Assistance Percentage (FMAP) in the District of Columbia, Congressman Steny H. Hoyer (MD-05), Congresswoman Eleanor Holmes Norton (D-DC), and Senator Chris Van Hollen (D-MD) led 15 Members in sending a letter to leaders on the House Committee on Energy & Commerce decrying the proposed cuts to Medicaid in the District. The letter is signed by all Democrats in the National Capital Region, including Senators Mark Warner (D-VA), Tim Kaine (D-VA), and Angela Alsobrooks (D-MD), and Representatives Robert “Bobby” Scott (VA-03), Gerry Connolly (VA-11), Donald Beyer, Jr. (VA-08), Jamie Raskin (MD-08), Kweisi Mfume (MD-07), Glenn Ivey (MD-04), Jennifer L. McClellan (VA-04), Eugene Vindman (VA-07), Suhas Subramanyam (VA-10), Johnny Olszewski (MD-02), Sarah Elfreth (MD-03), and April McClain Delaney (MD-06).

    In 2024, 264,332 people enrolled in Medicaid in the District, including 3 in every 7 children, 4 in every 5 nursing home residents, and 1 in every 2 working-age adults with disabilities. Many of these Americans risk losing coverage if D.C.’s FMAP is reduced. A lower FMAP would also force hospitals, clinics, and local health centers to close their doors, undermining care for everyone in the region. 

    “It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care,” the Members wrote in their letter. “Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers.”

    “Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day,” the Members continued.

    “As a top children’s hospital and the region’s only Pediatric Level 1 Trauma Center, we are deeply concerned that the proposed cuts to D.C. Medicaid will have unintended consequences and will put critical health care for children at risk,” said Michelle Riley-Brown, President and CEO of Children’s National Hospital. “These proposals would force us to immediately scale back the specialized care that hundreds of thousands of families from all 50 states and D.C. rely on each year, including the 55 percent of our patients who are covered by Medicaid.” 

    “Cutting DC’s Medicaid funding would decimate health care, emergency preparedness, and public safety in the city, impacting not only DC residents but those who work and visit the city,” said Jacqueline Bowens, President and CEO of DC Hospital Association. “Cuts would force reductions in services at hospitals and have a ripple effect on the city budget and essential public safety services, including police, fire, education, and substance abuse, mental health, and homeless services.”

    The full text of the letter is included below:

    Dear Chairman Guthrie, Ranking Member Pallone, Chairman Carter, and Ranking Member DeGette:

    We write in strong opposition to the proposals contemplated in the FY25 Budget Resolution to cut Medicaid. It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care. Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers. These indispensable providers serve low-income, military-connected, and disabled children and adults, and play a unique role in our nation’s capital.

    We write with particular concern regarding proposals to reduce the Federal Medical Assistance Percentage (FMAP) for the District of Columbia. Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day. Notably, this includes Members of Congress and their staff, members of the administration, visiting dignitaries, and their families, as well as families across the country who rely on D.C.’s specialized care. We all depend on and expect our nation’s capital to have a quality, responsive health care system. Efforts to weaken that system through cuts to Medicaid undermine the stability and resilience our region requires and would have reverberating effects across the country.

    In 1997, a Republican Congress passed the National Capital Revitalization and Self-Government Improvement Act of 1997 (Revitalization Act), which established the current 70 percent D.C. FMAP and transferred certain functions and costs from the D.C. government to the federal government. Congress passed the Revitalization Act in part because it recognized that it imposes unique revenue limitations on D.C., which operates as a state, county, and city. Congress imposes three main revenue limitations on D.C.: D.C. cannot tax income earned in D.C. by nonresidents, depriving D.C. of more than $3 billion in revenue per year; D.C. cannot permit buildings to exceed certain height limitations; and D.C. cannot tax its sizable federal property.

    As it currently stands, other jurisdictions are entitled to a higher FMAP than D.C. The Consolidated Appropriations Act, 2023 set the FMAP for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands permanently at 83% and set the FMAP for Puerto Rico at 76% through FY 2027. Five states (Mississippi, West Virginia, Alabama, New Mexico, and Kentucky) have FMAPs that are higher than D.C.

    Reducing D.C.’s FMAP would weaken care for all in the Washington, D.C. metropolitan region, regardless of insurance status. Medicaid supports nearly a quarter of D.C.’s population, including 3 in 7 children and 4 in 5 nursing home residents. For example, proposals to reduce D.C.’s FMAP from 70 percent to 50 percent would create a $1.1 billion annual hole in local funds and ultimately result in a total loss of $2.1 billion per year in program funds to local hospitals, universities, and providers. This equates to a 40 percent cut in funding directly impacting health care providers. Hospitals in the region project at least $232 million in uncompensated care due to D.C.’s FMAP reductions, with at least one medical system expecting to close altogether. Impacts would reverberate across fire and emergency services, police recruitment and retention, and behavioral health resources and threaten the ability of hospitals and other safety net providers to stay open. Community-based providers in Virginia and Maryland risk being overwhelmed, as demand rises from D.C. residents seeking timely care.

    Further, without corresponding funding or infrastructure support, it would be challenging for the rest of the region to shoulder the responsibility for regional emergency response. D.C.’s four Level I trauma centers, including those at Children’s National Hospital and MedStar Washington Hospital Center, provide vital care for patients in major incidents or emergency situations, including those involving Members of Congress, federal employees, and visitors. Reducing D.C.’s FMAP would have a particularly disproportionate impact on the provision of trauma and specialty capacities, principally for burn and pediatric patients.

    Reductions to D.C.’s FMAP would adversely limit regional access to life-saving and specialized pediatric care. We note with particular alarm the potential impacts on Children’s National, which provides specialized care to patients from all 50 states, including West Virginia, Pennsylvania, Florida, and North Carolina. 73% of hospital stays and emergency department visits at Children’s National are covered by Medicaid. Reductions in Medicaid funding would likely result in the hospital making significant cuts to primary care, behavioral health, and outpatient subspecialty services, with families having to travel further to obtain such care or going without it. Further, local federally qualified health centers (FQHCs) anticipate that a change to D.C.’s FMAP would result in a loss of coverage for more than 33,000 adult health center patients and a loss of $58 million in payments, leaving them unable to serve over 24,000 of their current patients.

    Reductions to D.C.’s FMAP would be catastrophic for our local providers and pose grave challenges to ensuring patients in the mid-Atlantic region and beyond receive necessary care. As you consider potential policy options through Budget Reconciliation, we urge you to strongly oppose all cuts to Medicaid and to protect the current FMAP for the District of Columbia.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Gabe Amo, Congresswoman Lizzie Fletcher, and Congressman Mike Quigley Introduce Legislation To Reverse Trump Administration Decision Allowing Federal Agencies To Ban Public Input

    Source: US Congressman Gabe Amo (Rhode Island 1st District)

    Washington, D.C.—Today, Congresswoman Lizzie Fletcher (TX-07), Congressman Mike Quigley (IL-05), and Congressman Gabe Amo (RI-01) introduced a resolution opposing the U.S. Department of Health and Human Services’ (HHS) proposal to limit public notice and public comment for proposed rules. Senator Ron Wyden (D-OR), Senator Ed Markey (D-MA), and Senator Angus King (I-ME) introduced this legislation in the U.S. Senate today.

    “For more than half a century, the Department of Health and Human Services — under Democratic and Republican administrations alike — has allowed the American people to weigh in on proposed rules that would affect public property, loans, grants, benefits, and contracts,” said Congressman Gabe Amo. “Secretary Kennedy committed to ‘radical transparency’ during his confirmation hearing, yet his decision to end this public input would eviscerate transparency, undermine public participation, and allow the department to operate in secret. President Trump and Secretary Kennedy’s push to rescind basic transparency in public health begs the question — what are they trying to hide?”

    “For decades, HHS has engaged with the public about policies that directly affect their lives and livelihoods,” said Congresswoman Lizzie Fletcher.  “As a result of this input, Democratic and Republican administrations alike have modified proposed rules in response to the issues and concerns exposed through this public comment process, often clarifying a rule’s intended meaning and correcting unforeseen errors.  Banning public comment not only reduces transparency and accountability in the HHS decision-making process, creating uncertainty for health care providers, research institutions, and advocacy groups in grantmaking processes, it also excludes the people from their government. That’s why I am glad to introduce this legislation in the House with Congressman Mike Quigley and Congressman Gabe Amo in partnership with Senator Ron Wyden, Senator Ed Markey, and Senator Angus King to reaffirm the importance of public engagement in our health care and of the people in our government.”

    “For an administration that claims to be transparent, Trump and RFK’s choice to insulate HHS from public input is repugnant,” said Congressman Mike Quigley. “This change reverses years of HHS precedent. As Founder of the Transparency Caucus, I’m proud to lead this resolution to preserve public involvement in HHS decisions.”

    In 1971, HHS adopted the Richardson Waiver to ensure that public notice and comment procedures for HHS would include rules related to public property, loans, grants, benefits, and contracts.  The 1971 directive built on legal requirements laid out by the Administrative Procedure Act of 1946 (APA) to allow the public greater input in agency matters.  On March 3, HHS Secretary Robert F. Kennedy announced that HHS would rescind this longstanding policy to solicit public comments on proposed rules, effective immediately.

    AFSCME, AFT: Education, Healthcare, Public Services, AI Arthritis, Alliance for Aging Research, America’s Essential Hospitals, American Academy of Family Physicians (AAFP), American Academy of Pediatrics (AAP), American Cancer Society Cancer Action Network, American College of Obstetricians and Gynecologists (ACOG), American Federation for Aging Research, American Kidney Fund, American Lung Association, Arthritis Foundation, Association of American Medical Colleges, Asthma and Allergy Foundation of America, CancerCare, Caring Across Generations, Center for Medicare Advocacy, Center for Reproductive Rights, Center for Reproductive Rights, Children’s Hospital Association, Community Catalyst, Cystic Fibrosis Foundation, Daily Voice National, Epilepsy Foundation of America, Families USA, Geriatric Circle, Gerontological Society of America, Gillette Children’s, Immune Deficiency Foundation, Justice in Aging, Large Urology Group Practice Association, LeadingAge, Medicare Rights Center, Muscular Dystrophy Association, National Bleeding Disorders Foundation, National Bleeding Disorders Foundation, National Consumer Voice for Quality Long-Term Care, National Family Planning & Reproductive Health Association, National Health Council, National Health Law Program, National Kidney Foundation, National MS Society, National Nurses United, National Organization for Rare Disorders, National Partnership for Healthcare and Hospice Innovation, National Partnership for Women & Families, National Patient Advocate Foundation, National Rural Health Association, National Women’s Law Center Action Fund, PHI National, Planned Parenthood Federation of America, Protect Our Care, SEIU, Susan G. Komen, and the United Steelworkers (USW) have endorsed the resolution.

    To read the full text of the resolution, click here.

    MIL OSI USA News –

  • MIL-OSI USA: Stefanik Statement on Disgraceful Assisted Suicide Bill Passed by New York State Assembly

    Source: United States House of Representatives – Congresswoman Elise Stefanik (21st District of New York)

    Stefanik Statement on Disgraceful Assisted Suicide Bill Passed by New York State Assembly | Press Releases | Congresswoman Elise Stefanik

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    MIL OSI USA News –

  • MIL-OSI USA: LEADER JEFFRIES STATEMENT ON MIKE WALTZ

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Know Your Immigration Rights

    If you or a loved one encounter immigration enforcement officials, it is essential that you know your rights and have prepared your household for all possible outcomes.

    Ask for a warrant: The Fourth Amendment of the Constitution protects you from unreasonable search and seizure. You do not have to open your door until you see a valid warrant to enter your home or search your belongings.

    Your right to remain silent: The Fifth Amendment protects your right to remain silent and not incriminate yourself. You are not required to share any personal information such as your place of birth, immigration status or criminal history.

    Always consult an attorney: You have a right to speak with an attorney. You do not have to sign anything or hand officials any documents without speaking to an attorney. Try to identify and consult one in advance.

    The New York City Office of Civil Justice and the Mayor’s Office of Immigrant Affairs (MOIA) support a variety of free immigration legal services through local nonprofit legal organizations. To access these resources, dial 311 and say “Action NYC,” call the MOIA Immigration Legal Support Hotline at 800-354-0365 Monday through Friday from 9:00 a.m. to 6:00 p.m. or visit MOIA’s website.

    Learn more here: KNOW YOUR IMMIGRATION RIGHTS  – Congressman Hakeem Jeffries

    MIL OSI USA News –

  • MIL-OSI USA: Beyer, House Democrats Introduce Legislation To Rehire Federal Workers, Protect Federal Workforce From Future Purges

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

    Rep. Don Beyer, who represents a Northern Virginia congressional district with one of the largest concentrations of federal workers in the U.S. House, today led a group of House Democrats in announcing the introduction of legislation to rebuild the federal workforce and protect federal workers. The REHIRE Act would make it easier for federal employees wrongfully fired by the Trump Administration to be rehired, while the PREP Act would codify rules governing probationary status for federal employees to prevent future abuses like the mass firings illegally directed by Trump and Elon Musk.

    “Donald Trump and Elon Musk are doing unprecedented damage to the federal workforce and the services they provide which the American people depend on. Congress should lose no time in working to repair that damage and pass laws to stop it from happening again,” said Beyer. “My bills would pave the way to rehire many of the federal workers who devoted their careers to serving the American people, and bringing their essential expertise and experience back to public service. They would also make reforms that would prevent future mass purges like those employed by Trump and Musk, by clarifying and codifying protections in law. Congress allowed this disaster to happen, and Congress must lead in fixing it.”

    The REHIRE Act (text here) would address the reckless and nonsensical firing of much-needed and skilled employees with exemplary standing. The bill extends the hiring preference to career federal employees that have been involuntarily removed from their positions in the competitive service during the Trump Administration. The REHIRE Act is cosponsored by Reps. Gwen Moore (WI), Suhas Subramanyam (VA), Rashida Tlaib (MI), Steve Cohen (TN), Sarah Elfreth (MD), Terri Sewell (AL), David Scott (GA), Chellie Pingree (ME), and Congresswoman Eleanor Holmes Norton (DC).

    The PREP Act (text here) would reform the probationary process which impacts both new hires and feds with new jobs or recent promotions to prevent future executive misuse. Currently, there is no across-the-board probationary timeline that all agencies must adhere to. This bill will provide clarity to agencies with probationary periods standards within the competitive service and will remove agency discretion from retroactively reclassifying permanent employees as probationary at the will of the executive. In particular, it will codify into law the following probationary timelines: 1 year for new hires and 6 months for non-new hires (existing feds with new jobs or promotions). The PREP Act is cosponsored by Reps. Gwen Moore (WI), Rashida Tlaib (MI), Steve Cohen (TN), Sarah Elfreth (MD), Terri Sewell (AL), David Scott (GA), Chellie Pingree (ME), and Congresswoman Eleanor Holmes Norton (DC).

    The REHIRE Act and PREP Act are endorsed by the American Federation of Government Employees, the National Treasury Employees Union, the National Federation of Federal Employees, the Service Employees International Union, the American Federation of State, County and Municipal Employees, the International Federation of Professional and Technical Engineers, and the Endangered Species Coalition.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Kehoe Orders Flags to Fly at Half-Staff in Honor of Kansas City Fire Department Firefighter/Paramedic Graham Hoffman

    Source: US State of Missouri

    MAY 1, 2025

    Jefferson City — Today, in honor of Kansas City Fire Department Firefighter/Paramedic Graham Hoffman, Governor Mike Kehoe ordered U.S. and Missouri flags be flown at half-staff at government buildings in Cass, Clay, Jackson, and Platte counties, the Fire Fighters Memorial of Missouri in Kingdom City, and firehouses statewide on Friday, May 2, 2025, from sunrise to sunset.

    “Graham Hoffman was a young man who was full of compassion, a desire to help others, and a dedication to saving lives,” Governor Kehoe said. “This past weekend, as he worked an overtime shift, Firefighter/Paramedic Hoffman’s life was tragically cut short by senseless violence as he treated a patient. We pray for Graham’s loved ones and the entire Kansas City Fire Department family as we mourn the loss of this young first responder.”

    Early on the morning of April 27, Firefighter/Paramedic Hoffman, 29, was stabbed and mortally wounded by a patient as she was being transported to a local hospital.

    The flags will be held at half-staff on the day Firefighter/Paramedic Hoffman is laid to rest. To view the Governor’s proclamation, click here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: North Dakota Achieves Top Scores in 2025 American Consumer Satisfaction Index Report

    Source: US State of North Dakota

    The North Dakota Department of Commerce is pleased to announce that its Community Services Block Grant (CSBG) program has received outstanding results in the 2025 American Consumer Satisfaction Index (ACSI) report. This survey, conducted by the federal Office of Community Services (OCS), was sent to all the state’s Community Action Agencies to gauge the performance of the state office across multiple customer service dimensions. The average score across the nation is 73, but North Dakota achieved an impressive score of 93.

    The report highlights that North Dakota received a top score across all states in the following categories:

    • Distribution of Funds: Ensuring there is no interruption and maintaining the quality of the process.
    • Use of Discretionary Funds: Responsiveness to the needs of the network.
    • Monitoring and Corrective Action: Consistency of monitoring.
    • Linkages: Awareness of efforts and effectiveness of partnerships.

    “I am incredibly proud of the collaborative efforts and dedication of our team and partners,” said Community Services Block Grant Administrator Ben Faul. “Achieving such high scores across multiple dimensions is a testament to our commitment to provide exceptional service and support to our community.”

    The survey was conducted by CFI Group, an independent consulting and market research firm, on behalf of the Administration for Children and Families (ACF), a division of OCS. The survey was fielded via email from December 3, 2024, to February 6, 2025. A total of 1,016 surveys were sent, and 546 were completed nationally resulting in an excellent response rate of 54%.

    Commerce is incredibly proud of these achievements and looks forward to continuing its efforts to provide exceptional service to its Community Action Partners and the residents of North Dakota.

    For more information about the Community Services Block Grant Program, visit https://www.commerce.nd.gov/community-services/low-income-programs/community-services-block-grant-csbg.

    MIL OSI USA News –

  • MIL-OSI: Draganfly Announces Proposed Public Offering of Common Shares & Warrants

    Source: GlobeNewswire (MIL-OSI)

    Saskatoon, SK., May 01, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a drone solutions, and systems developer, today announced it has commenced an underwritten public offering in the United States (the “Offering”). The Offering consists of units of common shares (or pre-funded warrants in lieu thereof) and warrants to purchase common shares and is subject to market conditions.

    Maxim Group LLC is acting as sole book-running manager for the Offering.

    Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core products, potential acquisitions and research and development.

    The Offering is subject to customary closing conditions including the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange and notification to The Nasdaq Stock Market. The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or the actual size or terms of the Offering.

    The Offering is being made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly will offer and sell the securities in the United States only. No securities will be offered or sold to Canadian purchasers.

    A preliminary prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof will be filed with the applicable securities commissions in Canada and with the SEC in the United States and will be available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. Copies of the prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering may be obtained, when available, by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com. The final terms of the Offering will be disclosed in a final prospectus supplement to be filed with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and the SEC.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

    Media Contact
    media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the timing, size and expected gross proceeds of the Offering, the satisfaction of customary closing conditions related to the Offering and sale of securities, the intended use of proceeds, and Draganfly’s ability to complete the Offering. Closing of the Offering is subject to numerous factors, many of which are beyond Draganfly’s control, including but not limited to, the failure of the parties to satisfy certain closing conditions, and other important factors disclosed previously and from time to time in Draganfly’s filings with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and with the SEC. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

    The MIL Network –

  • MIL-OSI: Trupanion Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, May 01, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leading provider of medical insurance for cats and dogs, today announced financial results for the first quarter ended March 31, 2025.

    “Q1 was a strong start to the year, with performance ahead of plan across key metrics,” said Margi Tooth, Chief Executive Officer and President of Trupanion. “We saw early momentum in both retention and pet acquisition, and with expanded margins in our subscription business, we’re well-positioned to continue to invest in growth.”

    First Quarter 2025 Financial and Business Highlights

    • Total revenue was $342.0 million, an increase of 12% compared to the first quarter of 2024.
    • Total enrolled pets (including pets from our other business segment) was 1,667,637 at March 31, 2025, a decrease of 2% over March 31, 2024.
    • Subscription business revenue was $233.1 million, an increase of 16% compared to the first quarter of 2024.
    • Subscription enrolled pets was 1,052,845 at March 31, 2025, an increase of 5% over March 31, 2024.
    • Net loss was $(1.5) million, or $(0.03) per basic and diluted share, compared to a net loss of $(6.9) million, or $(0.16) per basic and diluted share, in the first quarter of 2024.
    • Adjusted EBITDA was $12.2 million, compared to adjusted EBITDA of $4.8 million in the first quarter of 2024.
    • Operating cash flow was $16.0 million and free cash flow was $14.0 million in the first quarter of 2025. This compared to operating cash flow of $2.4 million and free cash flow of $(0.6) million in the first quarter of 2024.
    • At March 31, 2025, the Company held $321.8 million in cash and short-term investments, including $48.8 million held outside the insurance entities, with an additional $15.0 million available under its credit facility.

    Conference Call
    Trupanion’s management will host a conference call today to review its first quarter 2025 results. The call is scheduled to begin shortly after 1:30 p.m. PT/ 4:30 p.m. ET. A live webcast will be accessible through the Investor Relations section of Trupanion’s website at https://investors.trupanion.com/ and will be archived online for 3 months upon completion of the conference call. Participants can access the conference call by dialing 1-866-250-8117 (United States) or 1-412-317-6011 (International). A telephonic replay of the call will also be available after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 10197710.

    About Trupanion
    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, and certain countries in Continental Europe with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited to, its expectations regarding its ability to continue to grow its enrollments and revenue, and otherwise execute its business plan. These forward-looking statements are based upon the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Trupanion as of the date hereof, and Trupanion has no obligation to update these forward-looking statements.

    In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the ability to keep growing our membership base and revenue; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to retain existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; the ability to maintain the security of our data; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; our ability to implement and maintain effective controls, including to remediate material weaknesses in internal controls over financial reporting; the ability to protect and enforce Trupanion’s intellectual property rights; the ability to successfully implement our alliance with Aflac; the ability to continue key contractual relationships with third parties; third-party claims including litigation and regulatory actions; the ability to recognize benefits from investments in new solutions and enhancements to Trupanion’s technology platform and website; our ability to retain key personnel; and deliberations and determinations by the Trupanion board based on the future performance of the company or otherwise.

    For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the Securities and Exchange Commission (SEC), including but not limited to, Trupanion’s Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequently filed reports on Forms 10-Q, 10-K and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at https://www.sec.gov or the Investor Relations section of Trupanion’s website at https://investors.trupanion.com.

    Non-GAAP Financial Measures
    Trupanion’s stated results may include certain non-GAAP financial measures. These non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry as other companies in its industry may calculate or use non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Trupanion’s reported financial results. The presentation and utilization of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Trupanion urges its investors to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures in its consolidated financial statements, and not to rely on any single financial or operating measure to evaluate its business. These reconciliations are included below and on Trupanion’s Investor Relations website.

    Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Trupanion believes that providing various non-GAAP financial measures that exclude stock-based compensation expense and depreciation and amortization expense allows for more meaningful comparisons between its operating results from period to period. Trupanion offsets new pet acquisition expense with sign-up fee revenue in the calculation of net acquisition cost because it collects sign-up fee revenue from new members at the time of enrollment and considers it to be an offset to a portion of Trupanion’s new pet acquisition expense. Trupanion believes this allows it to calculate and present financial measures in a consistent manner across periods. Trupanion’s management believes that the non-GAAP financial measures and the related financial measures derived from them are important tools for financial and operational decision-making and for evaluating operating results over different periods of time.

    Trupanion, Inc.
    Condensed Consolidated Statements of Operations
    (in thousands, except share data)
        Three Months Ended March 31,
          2025       2024  
      (unaudited)
    Revenue:        
    Subscription business   $ 233,064     $ 201,134  
    Other business     108,911       104,987  
    Total revenue     341,975       306,121  
    Cost of revenue:        
    Subscription business     189,845       172,132  
    Other business     101,027       97,762  
    Total cost of revenue(1),(2)     290,872       269,894  
    Operating expenses:        
    Technology and development(1)     8,072       6,960  
    General and administrative(1)     19,892       14,673  
    New pet acquisition expense(1)     20,516       16,843  
    Depreciation and amortization     3,791       3,785  
    Total operating expenses     52,271       42,261  
    Loss from investment in joint venture     (305 )     (103 )
    Operating loss     (1,473 )     (6,137 )
    Interest expense     3,211       3,596  
    Other (income), net     (3,240 )     (2,843 )
    Loss before income taxes     (1,444 )     (6,890 )
    Income tax (benefit) expense     39       (38 )
    Net loss   $ (1,483 )   $ (6,852 )
             
    Net loss per share:        
    Basic and diluted   $ (0.03 )   $ (0.16 )
    Weighted average shares of common stock outstanding:        
    Basic and diluted     42,775,955       41,917,094  
             
    (1)Includes stock-based compensation expense as follows:
        Three Months Ended March 31,
          2025       2024  
    Cost of revenue   $ 1,259     $ 1,390  
    Technology and development     1,151       1,254  
    General and administrative     4,528       3,449  
    New pet acquisition expense     2,892       2,059  
    Total stock-based compensation expense   $ 9,830     $ 8,152  
             
    (2)The breakout of cost of revenue between veterinary invoice expense and other cost of revenue is as follows:
        Three Months Ended March 31,
          2025       2024  
    Veterinary invoice expense   $ 247,450     $ 233,569  
    Other cost of revenue     43,422       36,325  
    Total cost of revenue   $ 290,872     $ 269,894  
    Trupanion, Inc.
    Condensed Consolidated Balance Sheets
    (in thousands, except share data)
      March 31,
    2025    		   December 31,
    2024
      (unaudited)    
    Assets      
    Current assets:      
    Cash and cash equivalents $ 166,308     $ 160,295  
    Short-term investments   155,508       147,089  
    Accounts and other receivables, net of allowance for credit losses of $1,046 at March 31, 2025 and $1,117 at December 31, 2024   290,104       274,031  
    Prepaid expenses and other assets   16,417       15,912  
    Total current assets   628,337       597,327  
    Restricted cash   39,702       39,235  
    Long-term investments   376       373  
    Property, equipment and internal-use software, net   101,938       102,191  
    Intangible assets, net   12,130       13,177  
    Other long-term assets   16,356       17,579  
    Goodwill   38,323       36,971  
    Total assets $ 837,162     $ 806,853  
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 9,681     $ 11,532  
    Accrued liabilities and other current liabilities   36,907       33,469  
    Reserve for veterinary invoices   54,042       51,635  
    Deferred revenue   267,357       251,640  
    Long-term debt – current portion   1,350       1,350  
    Total current liabilities   369,337       349,626  
    Long-term debt   127,526       127,537  
    Deferred tax liabilities   1,884       1,946  
    Other liabilities   4,742       4,476  
    Total liabilities   503,489       483,585  
    Stockholders’ equity:      
    Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 43,804,141 and 42,775,955 issued and outstanding at March 31, 2025; 43,516,631 and 42,488,445 shares issued and outstanding at December 31, 2024   —       —  
    Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding   —       —  
    Additional paid-in capital   578,293       568,302  
    Accumulated other comprehensive loss   (715 )     (2,612 )
    Accumulated deficit   (227,371 )     (225,888 )
    Treasury stock, at cost: 1,028,186 shares at March 31, 2025 and December 31, 2024   (16,534 )     (16,534 )
    Total stockholders’ equity   333,673       323,268  
    Total liabilities and stockholders’ equity $ 837,162     $ 806,853  
    Trupanion, Inc.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
      Three Months Ended March 31,
        2025       2024  
      (unaudited)
    Operating activities      
    Net loss $ (1,483 )   $ (6,852 )
    Adjustments to reconcile net loss to cash provided by operating activities:      
    Depreciation and amortization   3,791       3,785  
    Stock-based compensation expense   9,830       8,152  
    Other, net   349       (202 )
    Changes in operating assets and liabilities:      
    Accounts and other receivables   (15,965 )     (10,718 )
    Prepaid expenses and other assets   (204 )     287  
    Accounts payable, accrued liabilities, and other liabilities   1,527       (5,131 )
    Reserve for veterinary invoices   2,407       (885 )
    Deferred revenue   15,712       13,998  
    Net cash provided by operating activities   15,964       2,434  
    Investing activities      
    Purchases of investment securities   (40,875 )     (19,193 )
    Maturities and sales of investment securities   33,242       19,005  
    Purchases of property, equipment, and internal-use software   (1,928 )     (3,065 )
    Other   588       516  
    Net cash used in investing activities   (8,973 )     (2,737 )
    Financing activities      
    Repayment of debt financing   (338 )     (338 )
    Proceeds from exercise of stock options   1,024       372  
    Shares withheld to satisfy tax withholding   (915 )     (245 )
    Other   (230 )     (75 )
    Net cash used in financing activities   (459 )     (286 )
    Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net   (52 )     (313 )
    Net change in cash, cash equivalents, and restricted cash   6,480       (902 )
    Cash, cash equivalents, and restricted cash at beginning of period   199,530       170,464  
    Cash, cash equivalents, and restricted cash at end of period $ 206,010     $ 169,562  
    The following tables set forth our key operating metrics.
                                   
      Three Months Ended March 31,                        
        2025       2024                          
    Total Business:                              
    Total pets enrolled (at period end)   1,667,637       1,708,017                          
    Subscription Business:                              
    Total subscription pets enrolled (at period end)   1,052,845       1,006,168                          
    Monthly average revenue per pet $ 77.53     $ 69.79                          
    Average pet acquisition cost (PAC) $ 267     $ 207                          
    Average monthly retention   98.28 %     98.41 %                        
                                   
                                   
      Three Months Ended
      Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023
    Total Business:                              
    Total pets enrolled (at period end)   1,667,637       1,677,570       1,688,903       1,699,643       1,708,017       1,714,473       1,712,177       1,679,659  
    Subscription Business:                              
    Total subscription pets enrolled (at period end)   1,052,845       1,041,212       1,032,042       1,020,934       1,006,168       991,426       969,322       943,958  
    Monthly average revenue per pet $ 77.53     $ 76.02     $ 74.27     $ 71.72     $ 69.79     $ 67.07     $ 65.82     $ 64.41  
    Average pet acquisition cost (PAC) $ 267     $ 261     $ 243     $ 231     $ 207     $ 217     $ 212     $ 236  
    Average monthly retention   98.28 %     98.25 %     98.29 %     98.34 %     98.41 %     98.49 %     98.55 %     98.61 %
    The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands):
           
      Three Months Ended March 31,
        2025       2024  
    Net cash provided by operating activities $ 15,964     $ 2,434  
    Purchases of property, equipment, and internal-use software   (1,928 )     (3,065 )
    Free cash flow $ 14,036     $ (631 )
    The following tables reflect the reconciliation between GAAP and non-GAAP measures (in thousands except percentages):
      Three Months Ended March 31,
        2024       2023  
    Veterinary invoice expense $ 247,450     $ 233,569  
    Less:      
    Stock-based compensation expense(1)   (763 )     (862 )
    Other business cost of paying veterinary invoices(3)   (79,269 )     (81,213 )
    Subscription cost of paying veterinary invoices (non-GAAP) $ 167,418     $ 151,494  
    % of subscription revenue   71.8 %     75.3 %
           
    Other cost of revenue $ 43,422     $ 36,325  
    Less:      
    Stock-based compensation expense(1)   (482 )     (420 )
    Other business variable expenses(3)   (21,736 )     (16,498 )
    Subscription variable expenses (non-GAAP) $ 21,204     $ 19,407  
    % of subscription revenue   9.1 %     9.6 %
           
    Technology and development expense $ 8,072     $ 6,960  
    General and administrative expense   19,892       14,673  
    Less:      
    Stock-based compensation expense(1)   (5,396 )     (4,258 )
    Development expenses(2)   (1,406 )     (1,178 )
    Fixed expenses (non-GAAP) $ 21,162     $ 16,197  
    % of total revenue   6.2 %     5.3 %
           
    New pet acquisition expense $ 20,516     $ 16,843  
    Less:      
    Stock-based compensation expense(1)   (2,873 )     (1,857 )
    Other business pet acquisition expense(3)   (3 )     (13 )
    Subscription acquisition cost (non-GAAP) $ 17,640     $ 14,973  
    % of subscription revenue   7.6 %     7.4 %
           
    (1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation according to GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.3 million for the three months ended March 31, 2025.
    (2) Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.
    (3) Excluding the portion of stock-based compensation expense attributable to the other business segment.
    The following tables reflect the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
      Three Months Ended March 31,
        2025       2024  
    Operating Loss $ (1,473 )   $ (6,138 )
    Non-GAAP expense adjustments      
    Acquisition cost   17,643       14,985  
    Stock-based compensation expense(1)   9,514       7,397  
    Development expenses(2)   1,406       1,179  
    Depreciation and amortization   3,791       3,785  
    Gain (loss) from investment in joint venture   (305 )     (103 )
    Total adjusted operating income (non-GAAP) $ 31,186     $ 21,312  
           
    Subscription Business:      
    Subscription operating income (loss) $ 1,065     $ (4,525 )
    Non-GAAP expense adjustments      
    Acquisition cost   17,640       14,973  
    Stock-based compensation expense(1)   7,772       5,882  
    Development expenses(2)   958       774  
    Depreciation and amortization   2,584       2,487  
    Subscription adjusted operating income (non-GAAP) $ 30,019     $ 19,591  
           
    Other Business:      
    Other business operating loss $ (2,233 )   $ (1,510 )
    Non-GAAP expense adjustments      
    Acquisition cost   3       12  
    Stock-based compensation expense(1)   1,742       1,516  
    Development expenses(2)   448       404  
    Depreciation and amortization   1,207       1,298  
    Other business adjusted operating income (non-GAAP) $ 1,167     $ 1,720  
           
    (1) Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.3 million for the three months ended March 31, 2025.
    (2) Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.
    The following tables reflect the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
                   
      Three Months Ended March 31,
        2025       2024  
    Subscription revenue $ 233,064     $ 201,134  
    Subscription cost of paying veterinary invoices   167,418       151,493  
    Subscription variable expenses   21,204       19,407  
    Subscription fixed expenses*   14,423       10,642  
    Subscription adjusted operating income (non-GAAP) $ 30,019     $ 19,591  
    Other business revenue   108,911       104,987  
    Other business cost of paying veterinary invoices   79,269       81,213  
    Other business variable expenses   21,736       16,498  
    Other business fixed expenses*   6,739       5,555  
    Other business adjusted operating income (non-GAAP) $ 1,167     $ 1,721  
    Revenue   341,975       306,121  
    Cost of paying veterinary invoices   246,687       232,707  
    Variable expenses   42,940       35,905  
    Fixed expenses*   21,162       16,197  
    Total business adjusted operating income (non-GAAP) $ 31,186     $ 21,312  
           
    As a percentage of revenue: Three Months Ended March 31,
        2024       2023  
    Subscription revenue   100.0 %     100.0 %
    Subscription cost of paying veterinary invoices   71.8 %     75.3 %
    Subscription variable expenses   9.1 %     9.6 %
    Subscription fixed expenses*   6.2 %     5.3 %
    Subscription adjusted operating income (non-GAAP)   12.9 %     9.7 %
           
    Other business revenue   100.0 %     100.0 %
    Other business cost of paying veterinary invoices   72.8 %     77.4 %
    Other business variable expenses   20.0 %     15.7 %
    Other business fixed expenses*   6.2 %     5.3 %
    Other business adjusted operating income (non-GAAP)   1.1 %     1.6 %
           
    Revenue   100.0 %     100.0 %
    Cost of paying veterinary invoices   72.1 %     76.0 %
    Variable expenses   12.6 %     11.7 %
    Fixed expenses*   6.2 %     5.3 %
    Total business adjusted operating income (non-GAAP)   9.1 %     7.0 %
           
    *Fixed expenses represent shared services that support both our subscription and other business segments and, as such, are generally allocated to each segment pro-rata based on revenues.

    Adjusted operating income is a non-GAAP financial measure that adjusts operating income (loss) to remove the effect of acquisition cost, development expenses, non-recurring transaction or restructuring expenses, and gain (loss) from investment in joint venture. Non-cash items, such as stock-based compensation expense and depreciation and amortization, are also excluded. Acquisition cost, development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization are expected to remain recurring expenses for the foreseeable future, but are excluded from this metric to measure scale in other areas of the business. Management believes acquisition costs primarily represent the cost to acquire new subscribers and are driven by the amount of growth we choose to pursue based primarily on the amount of our adjusted operating income period over period. Accordingly, this measure is not indicative of our core operating income performance. We also exclude development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization because some investors may not view those items as reflective of our core operating income performance.

    Management uses adjusted operating income and the margin on adjusted operating income to understand the effects of scale in its non-acquisition cost and development expenses and to plan future advertising expenditures, which are designed to acquire new pets. Management uses this measure as a principal way of understanding the operating performance of its business exclusive of acquisition cost and new product exploration and development initiatives. Management believes disclosure of this metric provides investors with the same data that the Company employs in assessing its overall operations and that disclosure of this measure may provide useful information regarding the efficiency of our utilization of revenues, return on advertising dollars in the form of new subscribers and future use of available cash to support the continued growth of our business.

    The following tables reflect the reconciliation of adjusted EBITDA to net loss (in thousands):
                                   
      Three Months Ended March 31,                        
        2025       2024                          
    Net loss $ (1,483 )   $ (6,852 )                        
    Excluding:                              
    Stock-based compensation expense   9,514       7,398                          
    Depreciation and amortization expense   3,791       3,785                          
    Interest income   (2,835 )     (3,045 )                        
    Interest expense   3,211       3,596                          
    Income tax expense (benefit)   39       (38 )                        
    Adjusted EBITDA $ 12,237     $ 4,844                          
                                   
      Three Months Ended
      Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Dec. 31, 2023   Sep. 30, 2023   Jun. 30, 2023
    Net (loss) income $ (1,483 )   $ 1,656     $ 1,425     $ (5,862 )   $ (6,852 )   $ (2,163 )   $ (4,036 )   $ (13,714 )
    Excluding:                              
    Stock-based compensation expense   9,514       8,036       8,127       8,381       7,398       6,636       6,585       6,503  
    Depreciation and amortization expense   3,791       3,924       4,381       4,376       3,785       3,029       2,990       3,253  
    Interest income   (2,835 )     (2,999 )     (3,232 )     (3,135 )     (3,045 )     (2,842 )     (2,389 )     (2,051 )
    Interest expense   3,211       3,427       3,820       3,655       3,596       3,697       3,053       2,940  
    Income tax expense (benefit)   39       38       39       (44 )     (38 )     130       (43 )     (238 )
    Goodwill impairment charges   —       5,299       —       —       —       —       —       —  
    Non-recurring transaction or restructuring expenses   —       —       —       —       —       —       8       65  
    (Gain) loss from equity method investment   —       —       (33 )     —       —       —       (110 )     —  
    Adjusted EBITDA $ 12,237     $ 19,381     $ 14,527     $ 7,371     $ 4,844     $ 8,487     $ 6,058     $ (3,242 )
     

    Contacts:

    Investors:
    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af9a2ab5-2802-4ca8-8a90-199e1c54b91a

    The MIL Network –

  • MIL-OSI: Trisura Group Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the first quarter of 2025.

    David Clare, President and CEO of Trisura, stated,

    “In Q1 Trisura reported a strong Operating ROE of 18.4% driven by Operating net income of $34.2 million or $0.70 per share. Growth, profitable underwriting, and higher Net investment income demonstrates consistent execution of our strategy.

    Profitable underwriting resulted in a quarterly Combined ratio of 82.7%, alongside strong growth of 28.1% in our Primary lines. We continued expanding US Surety, reaching 33 state licenses in our Treasury-listed entity while broadening rate filings and building relationships with key distribution partners.

    Growth and strong earnings lifted book value to a new record of $820 million, with a conservative 10.7% debt-to-capital underscoring flexibility and capacity for growth.”

    Highlights

    • Operating ROE(1) of 18.4% was strong, reflecting profitability from core operations, while ROE(1) was 15.0% in the quarter.
    • BVPS(2) of $17.16 increased 23.5% over Q1 2024 demonstrating consistent expansion in book value.
    • Operating net income(3) was $34.2 million in the quarter, which increased over the prior year as a result of growth in the business. Net income of $29.0 million was lower than Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
    • Operating EPS(1) of $0.70 in the quarter increased by 2.9% demonstrating the strength of core operations(4) through continued growth and profitability. EPS of $0.60 in the quarter decreased from Q1 2024 primarily as a result of higher Net gains on the investment portfolio in Q1 2024 and the impact of movements in the yield curve in the quarter.
    • Combined ratio(1) for the quarter was 82.7%, reflecting a strong underwriting performance across the portfolio.
    • GPW(2) of $711.7 million, decreased by 1.6% compared to Q1 2024, primarily as a result of non-renewed programs in US Programs during 2024, offset by growth in our Primary lines(5). Trisura’s Primary lines grew by 28.1% in the quarter, which are the lines of business that contribute most meaningfully to Underwriting income(3).
    • Net investment income growth of 8.6% in the quarter was driven by a larger investment portfolio.
      Q1 2025 Q1 2024 $ variance % variance
    GPW 711,671   723,130   (11,458 ) (1.6% )
    Net insurance revenue(3) 172,711   153,054   19,657   12.8%  
             
    Underwriting income 29,862   29,359   503   1.7%  
    Net investment income 18,197   16,753   1,444   8.6%  
             
    Operating net income 34,170   33,188   982   3.0%  
    Net income 28,990   36,433   (7,443 ) (20.4% )
             
    Loss ratio(1) 31.5%   31.6%   n/a (0.1pts)
    Expense ratio(1) 51.2%   49.2%   n/a 2.0pts
    Combined ratio 82.7%   80.8%   n/a 1.9pts
             
    OEPS – diluted – in dollars 0.70   0.68   0.02   2.9%  
    EPS – diluted – in dollars 0.60   0.75   (0.15 ) (20.0% )
    BVPS – in dollars 17.16   13.89   3.27   23.5%  
    Debt-to-capital ratio(2) 10.7%   10.2%   n/a 0.5pts
    Operating ROE 18.4%   20.0%   n/a (1.6pts)
    ROE 15.0%   15.3%   n/a (0.3pts)

    Insurance Operations

    • Net insurance revenue of $172.7 million, increased by 12.8% compared to Q1 2024, reflecting growth in the business, driven by growth in our Primary Lines.
    • Underwriting income of $29.9 million, increased by 1.7% compared to Q1 2024 due to growth in the business and foreign exchange movement, offset by a higher Combined ratio.
    • The consolidated Combined ratio was 82.7% for the quarter reflecting a higher Loss ratio at Trisura Specialty offset by a shift in the business mix to Trisura Specialty which typically has a higher Expense ratio but a lower Loss ratio.

    Investments

    • Net investment income rose 8.6% in the quarter compared to Q1 2024. The portfolio benefited from growth in the business.

    Capital

    • The Minimum Capital Test ratio(6) of our regulated Canadian subsidiary was 273% as at March 31, 2025 (276% as at December 31, 2024), which comfortably exceeded regulatory requirements(7) of 150%.
    • As at December 31, 2024, the Risk-Based Capital(8) of the regulated US insurance companies were in excess of the various company action levels of the states in which they are licensed.
    • Consolidated debt-to-capital ratio of 10.7% as at March 31, 2025 is below our long-term target of 20.0%.

    Earnings Conference Call

    Trisura will host its First Quarter Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, May 2nd, 2025.

    To listen to the call via live audio webcast, please follow the link below:

    https://edge.media-server.com/mmc/p/tzhsg4ir

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:

    Name: Bryan Sinclair

    Tel: 416 607 2135

    Email: bryan.sinclair@trisura.com

    Non-IFRS Financial Measures and other Financial Measures

    We report certain financial information using non-IFRS financial measures, non-IFRS ratios and supplementary financial measures that we use to measure and evaluate the performance of our business. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and may not be comparable to similar measures used by other companies in our industry. They are used by management and financial analysts to assess our performance.

    Further, they provide users with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business.

    These metrics are operating performance measures that highlight trends in our core business or are required ratios used to measure compliance with OSFI and other regulatory standards. Our Company also believes that securities analysts, investors and other interested parties use these operating metrics to compare our Company’s performance against others in the specialty insurance industry. Our Company’s management also uses these operating metrics and other financial measures in order to facilitate operating performance comparisons from period to period. Such operating metrics and other financial measures should not be considered as the sole indicators of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For more information about these supplementary financial measures, Non-IFRS financial measures, and Non-IFRS ratios, including definitions and explanations of how these measures provide useful information, refer to Section 8 – Accounting and Disclosure matters in our Q1 2025 MD&A , which is available on our website at http://www.trisura.com and on SEDAR+ at www.sedarplus.ca.

    Table 1 – Reconciliation of Operating net income to reported Net income and OEPS: reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

      Q1 2025 Q1 2024
    Operating net income 34,170   33,188  
    Impact of Exited lines 111   –  
    Loss from run-off program –   (3,714 )
    Impact of movement in yield curve in Net insurance finance income (expenses) (3,569 ) 437  
    Impact of SBC 1,199   (2,923 )
    Net (gains) losses (4,547 ) 10,446  
    Tax impact of above items 1,626   (1,001 )
    Non-operating results, net of tax (5,180 ) 3,245  
    Net income 28,990   36,433  
         
    Operating net income 34,170   33,188  
    Weighted-average number of common shares outstanding – diluted
    (in thousands of shares)    		 48,472   48,456  
    Operating EPS – diluted (in dollars) 0.70   0.68  


    Table 2 – Reconciliation of Insurance service result to Underwriting income – Consolidated

    Financial statements line item 1   2 3   4   5   6   7 MD&A line item
    For the three months ended March 31, 2025
    Insurance revenue 779,606   (601,048 ) – –   –   (5,847 ) –   – 172,711   Net insurance revenue
    Insurance service expenses (585,213 ) 444,725   5,461 (10,649 ) (6,478 ) 5,736   3,569   – (142,849 ) Sum of Net claims ($54,345) and Net expenses ($88,504)
    Net income (expenses) from reinsurance contracts assets (156,323 ) 156,323   – –   –   –   –   – –   n/a
    Insurance service result 38,070   –   5,461 (10,649 ) (6,478 ) (111 ) 3,569   – 29,862   Underwriting income
    For the three months ended March 31, 2024
    Insurance revenue 744,266   (594,773 ) – –   –   –   –   3,561 153,054   Net insurance revenue
    Insurance service expenses (580,940 ) 466,895   5,345 (10,853 ) (3,858 ) –   (437 ) 153 (123,695 ) Sum of Net claims ($48,406) and Net expenses ($75,289)
    Net income (expenses) from reinsurance contracts assets (127,878 ) 127,878   – –   –   –   –   – –   n/a
    Insurance service result 35,448   –   5,345 (10,853 ) (3,858 ) –   (437 ) 3,714 29,359   Underwriting income
    Reconciling items in the table above:
    1 Net of reinsurance impact
    2 Other income
    3 Other operating expenses related to Trisura Specialty and Trisura US Programs
    4 Net insurance finance income (expenses)
    5 Impact of Exited lines
    6 Movement in yield curve in Net insurance finance income (expenses)
    7 Loss from run-off program


    Table 3 – ROE and Operating LTM ROE    : a measure of the Company’s use of equity.

      Q1 2025 Q1 2024
    LTM net income 111,472   89,398  
    LTM average equity 742,056   583,798  
    ROE 15.0%   15.3%  
    Operating LTM net income 136,831   116,819  
    Operating LTM ROE 18.4%   20.0%  


    Table 4 – Reconciliation of Average equity    (9)to LTM average equity: LTM average equity is used in calculating Operating ROE.

      Q1 2025
    		 Q1 2024
    Average equity 741,016   587,336  
    Adjustments: days in quarter proration 1,040   (3,538 )
    LTM average equity 742,056   583,798  


    Table 5 – Combined ratio – Consolidated:     Combined ratio is used to evaluate underlying profitability relative to Net insurance revenue in a given period.

       Q1 2025 Q1 2024
    Net insurance revenue, as presented in Table 2 172,711   153,054  
    Net claims, as presented in Table 2 (54,345 ) (48,406 )
    Net expenses, as presented in Table 2 (88,504 ) (75,289 )
    Underwriting income 29,862   29,359  
         
    Loss ratio 31.5%   31.6%  
    Expense ratio 51.2%   49.2%  
    Combined ratio 82.7%   80.8%  


    Footnotes

    (1) These are non-IFRS ratios. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of the ratio, and an explanation of how it provides useful information to an investor.

    (2) This is a supplementary financial measure. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

    (3) These are non-IFRS financial measures. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for details on composition and an explanation of how it provides useful information to an investor.

    (4) See Section 8, Accounting and Disclosure matters in our Q1 2025 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

    (5) Primary lines are lines of insurance business such as Surety, Corporate Insurance, and Warranty.

    (6) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

    (7) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

    (8) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

    (9) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

    Cautionary Statement Regarding Forward-Looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Non-IFRS and Other Financial Measures

    Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three months ended March 31, 2025. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

    The MIL Network –

  • MIL-OSI: Codere Online Files 2023 Annual Report on Form 20-F and to Release Q1-25 Earnings on May 16th

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg, Grand Duchy of Luxembourg, May 1, 2025 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”), a leading online gaming operator in Spain and Latin America, today announced that it has filed with the U.S. Securities and Exchange Commission (“SEC”) its annual report on form 20-F for the year ended December 31, 2023 (the “2023 20-F”) within the extension period granted by the Nasdaq Hearings Panel.

    Following this positive development, the Company expects to release its first quarter 2025 results prior to 8:30AM US Eastern Time on May 16, 2025. At 8:30AM US Eastern Time on the same day, Codere Online’s management will host a conference call to discuss the results and provide a business update.

    The Company’s earnings press release and related materials will be available on Codere Online’s website at www.codereonline.com. Dial-in details for the conference call as well as the audio webcast registration link are accessible in the Events & Presentations section of the same website. A recording of the webcast will be available following the conference call.

    A copy of the 2023 20-F is available in the SEC Filings section of the Company’s website: www.codereonline.com/financials-and-filings.

    In order to minimize the environmental impact of its annual report by reducing paper consumption, the Company encourages its shareholders to read it in digital format. However, Company shareholders willing to receive a hard copy of this document, which contains the Company’s audited financial statements, may do so, free of charge, upon request addressed to ir@codereonline.com.

    About Codere Online

    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    Forward-Looking Statements
    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including the Company’s statements related to the Company’s ability to regain compliance with the Rule.

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s or its management team’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the SEC. All subsequent written and oral forward-looking statements concerning Codere Online or other matters attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codereonline.com
    (+34) 628.928.152

    The MIL Network –

  • MIL-OSI: Bimini Capital Management Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VERO BEACH, Fla., May 01, 2025 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended March 31, 2025.

    First Quarter 2025 Highlights

    • Net income of $0.6 million, or $0.06 per common share
    • Book value per share of $0.74
    • Company to discuss results on Friday, May 2, 2025, at 10:00 AM ET

    Management Commentary 

    Commenting on the first quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “While economic data and events generally are never uniformly stable or consistent, the first quarter of 2025 was relatively uneventful.  Interest rates were generally range bound, and volatility was low for most of the quarter.  These are ideal conditions for a levered investment strategy in Agency RMBS.  Accordingly, the Company and the Agency RMBS market generated attractive returns for the period.  Orchid Island Capital’s stock also traded well during the quarter – at least until the last week of the quarter. Orchid was able to take advantage of these conditions and the performance of its common stock price and raise additional capital, enhancing the Company’s advisory service revenues going forward. 

    “Although we did not add to the RMBS portfolio at our Royal Palm Capital subsidiary this quarter we did several times during 2024, and with funding costs down as a result of Fed rates cuts late in 2024, our net interest income, inclusive of dividends from our holdings of Orchid, increased substantially.

    “While the first quarter market conditions were very supportive of our two operating segments, conditions so far in the second quarter have been challenging.  At the moment, there remains considerable uncertainty about how the tariffs introduced by the new administration will ultimately impact the economy and markets. To the extent the economy slows, leading to potential additional rate cuts by the Fed, and/or longer-term interest rates rise as a result of the inflationary impacts of the tariffs, both the Company’s investment portfolio as well as Orchid’s could benefit from enhanced net interest margins resulting from the steeper interest rate curve.”

    Details of First Quarter 2025 Results of Operations

    Orchid reported net income for the first quarter 2025 of $17.1 million and generated a 2.60% return on its book value for the quarter – not annualized. Orchid also raised $205.4 million during the quarter and its shareholders equity increased from $668.5 million at December 31, 2024 to $855.9 million at March 31, 2025. As a result, Bimini’s advisory service revenues of approximately $3.6 million represented a 22% increase over the first quarter of 2024 and a 6% increase over the fourth quarter of 2024. 

    Royal Palm did not add to the RMBS portfolio during the first quarter of 2025 but did so several times during 2024, and interest revenue increased 25% over the first quarter of 2024 and 4% over the fourth quarter of 2024.  With funding costs down as a result of Fed rates cuts late in 2024, net interest income, inclusive of dividends from holdings of Orchid common shares, increased approximately 64% over the first quarter of 2024 and by approximately 35% over the fourth quarter of 2024.  Note these figures represent just the net interest income from the investment portfolio, and do not include interest charges on our trust preferred or other long-term debt.

    Interest charges on the preferred trust and other long-term debt of $0.54 million were down 8% from the fourth quarter of 2024 and 12% from the first quarter of 2024. Expenses of $2.92 million increased 4% from the fourth quarter of 2024 and decreased 3% from the first quarter of 2024.  Bimini recorded an income tax provision of $0.2 million for the first quarter of 2025.

    Management of Orchid Island Capital, Inc.

    Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of a management agreement, our subsidiary, Bimini Advisors, provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended March 31, 2025, Bimini’s statement of operations included a fair value adjustment of $(0.1) million and dividends of $0.2 million from its investment in Orchid common stock. Also, during the three months ended March 31, 2025, Bimini recorded $3.6 million in advisory services revenue for managing Orchid’s portfolio, consisting of $2.7 million of management fees, $0.6 million in overhead reimbursement, and $0.2 million in repurchase, clearing and administrative fees.

    Book Value Per Share

    The Company’s book value per share on March 31, 2025 was $0.74. The Company computes book value per share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At March 31, 2025, the Company’s stockholders’ equity was $7.4 million, with 10,005,457 Class A Common shares outstanding.

    Capital Allocation and Return on Invested Capital

    The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio and the structured MBS portfolio, consisting of interest-only and inverse interest-only securities. The table below details the changes to the respective sub-portfolios during the quarter.

    Portfolio Activity for the Quarter  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    Market Value – December 31, 2024 $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  
    Securities purchased   –       –       –       –       –  
    Return of investment   n/a       (77,876 )     (346 )     (78,222 )     (78,222 )
    Pay-downs   (2,793,832 )     n/a       n/a       n/a       (2,793,832 )
    Discount accreted due to pay-downs   19,415       n/a       n/a       n/a       19,415  
    Mark to market gains   1,423,056       45,169       1,368       46,537       1,469,593  
    Market Value – March 31, 2025 $ 118,704,355     $ 2,252,898     $ 7,871     $ 2,260,769     $ 120,965,124  

    The tables below present the allocation of capital between the respective portfolios at March 31, 2025 and December 31, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended March 31, 2025. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

    Capital Allocation  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    March 31, 2025                                      
    Market value $ 118,704,355     $ 2,252,898     $ 7,871     $ 2,260,769     $ 120,965,124  
    Cash equivalents and restricted cash   5,500,438       –       –       –       5,500,438  
    Repurchase agreement obligations   (115,510,999 )     –       –       –       (115,510,999 )
    Total $ 8,693,794     $ 2,252,898     $ 7,871     $ 2,260,769     $ 10,954,563  
    % of Total   79.4 %     20.5 %     0.1 %     20.6 %     100.0 %
    December 31, 2024                                      
    Market value $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  
    Cash equivalents and restricted cash   7,422,746       –       –       –       7,422,746  
    Repurchase agreement obligations   (117,180,999 )     –       –       –       (117,180,999 )
    Total $ 10,297,463     $ 2,285,605     $ 6,849     $ 2,292,454     $ 12,589,917  
    % of Total   81.8 %     18.2 %     0.1 %     18.2 %     100.0 %

    The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 4.6% and 3.7%, respectively, for the three months ended March 31, 2025. The combined portfolio generated a return on invested capital of approximately 4.4%.

    Returns for the Quarter Ended March 31, 2025  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    Interest income (net of repo cost) $ 397,204     $ 38,427     $ 43     $ 38,470     $ 435,674  
    Realized and unrealized gains   1,442,471       45,169       1,368       46,537       1,489,008  
    Hedge losses   (1,368,795 )     n/a       n/a       n/a       (1,368,795 )
    Total Return $ 470,880     $ 83,596     $ 1,411     $ 85,007     $ 555,887  
    Beginning capital allocation $ 10,297,463     $ 2,285,605     $ 6,849     $ 2,292,454     $ 12,589,917  
    Return on invested capital for the quarter(1)   4.6 %     3.7 %     20.6 %     3.7 %     4.4 %
    (1 ) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.


    Prepayments

    For the first quarter of 2025, the Company received approximately $2.9 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 7.3%. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

      PT Structured  
      MBS Sub- MBS Sub- Total
    Three Months Ended Portfolio Portfolio Portfolio
    March 31, 2025 7.5 6.2 7.3
    December 31, 2024 10.9 12.5 11.1
    September 30, 2024 6.3 6.7 6.3
    June 30, 2024 10.9 5.5 10.0
    March 31, 2024 18.0 9.2 16.5


    Portfolio

    The following tables summarize the MBS portfolio as of March 31, 2025 and December 31, 2024:

    ($ in thousands)   
                    Weighted  
            Percentage       Average  
            of   Weighted   Maturity  
      Fair   Entire   Average   in Longest
    Asset Category Value   Portfolio   Coupon   Months Maturity
    March 31, 2025                  
    Fixed Rate MBS $ 118,704   98.1 % 5.60 % 338 1-Jan-55
    Structured MBS   2,261   1.9 % 2.86 % 279 15-May-51
    Total MBS Portfolio $ 120,965   100.0 % 5.27 % 337 1-Jan-55
    December 31, 2024                  
    Fixed Rate MBS $ 120,056   98.1 % 5.60 % 341 1-Jan-55
    Structured MBS   2,292   1.9 % 2.85 % 281 15-May-51
    Total MBS Portfolio $ 122,348   100.0 % 5.26 % 340 1-Jan-55
    ($ in thousands)  
      March 31, 2025   December 31, 2024  
          Percentage of       Percentage of  
    Agency Fair Value Entire
    Portfolio    		   Fair Value Entire
    Portfolio    		  
    Fannie Mae $ 31,705 26.2 % $ 32,692 26.7 %
    Freddie Mac   89,260 73.8 %   89,656 73.3 %
    Total Portfolio $ 120,965 100.0 % $ 122,348 100.0 %
      March 31, 2025 December 31, 2024
    Weighted Average Pass Through Purchase Price $ 102.72 $ 102.72
    Weighted Average Structured Purchase Price $ 4.48 $ 4.48
    Weighted Average Pass Through Current Price $ 100.85 $ 99.63
    Weighted Average Structured Current Price $ 14.02 $ 13.71
    Effective Duration (1)   3.257   3.622
    (1 ) Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.257 indicates that an interest rate increase of 1.0% would be expected to cause a 3.257% decrease in the value of the MBS in the Company’s investment portfolio at March 31, 2025. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.


    Financing and Liquidity

    As of March 31, 2025, the Company had outstanding repurchase obligations of approximately $115.5 million with a net weighted average borrowing rate of 4.47%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $121.4 million. At March 31, 2025, the Company’s liquidity was approximately $4.5 million, consisting of unpledged MBS and cash and cash equivalents.

    We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at March 31, 2025.

    ($ in thousands)  
    Repurchase Agreement Obligations
              Weighted   Weighted
      Total     Average   Average
      Outstanding % of   Borrowing   Maturity
    Counterparty Balances Total   Rate   (in Days)
    South Street Securities, LLC $ 25,952 22.5 % 4.46 % 21
    Marex Capital Markets Inc.   24,040 20.8 % 4.45 % 39
    DV Securities, LLC Repo   19,282 16.7 % 4.45 % 21
    Mirae Asset Securities (USA) Inc.   18,870 16.3 % 4.51 % 51
    Clear Street LLC   16,365 14.2 % 4.46 % 49
    Mitsubishi UFJ Securities, Inc.   11,002 9.5 % 4.49 % 49
      $ 115,511 100.0 % 4.47 % 36


    Summarized Consolidated Financial Statements

    The following is a summarized presentation of the unaudited consolidated balance sheets as of March 31, 2025, and December 31, 2024, and the unaudited consolidated statements of operations for the three months ended March 31, 2025 and 2024. Amounts presented are subject to change.

    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited – Amounts Subject to Change)
     
      March 31, 2025   December 31, 2024
    ASSETS          
    Mortgage-backed securities $ 120,965,124   $ 122,348,170
    Cash equivalents and restricted cash   5,500,438     7,422,746
    Orchid Island Capital, Inc. common stock, at fair value   4,279,414     4,427,372
    Accrued interest receivable   587,536     601,640
    Deferred tax assets, net   15,750,116     15,930,953
    Other assets   4,356,674     4,122,776
    Total Assets $ 151,439,302   $ 154,853,657
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Repurchase agreements $ 115,510,999   $ 117,180,999
    Long-term debt   27,362,762     27,368,158
    Other liabilities   1,191,564     3,483,093
    Total Liabilities   144,065,325     148,032,250
    Stockholders’ equity   7,373,977     6,821,407
    Total Liabilities and Stockholders’ Equity $ 151,439,302   $ 154,853,657
    Class A Common Shares outstanding   10,005,457     10,005,457
    Book value per share $ 0.74   $ 0.68
    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited – Amounts Subject to Change)
     
      Three Months Ended March 31,  
      2025     2024  
    Advisory services $ 3,582,289     $ 2,929,261  
    Interest and dividend income   1,947,040       1,598,965  
    Interest expense   (1,844,020 )     (1,815,678 )
    Net revenues   3,685,309       2,712,548  
    Other (expense) income   (27,745 )     926,731  
    Expenses   2,924,157       3,029,395  
    Net income before income tax provision   733,407       609,884  
    Income tax provision   180,837       396,776  
    Net income $ 552,570     $ 213,108  
                   
    Basic and Diluted Net (Loss) Income Per Share of:              
    CLASS A COMMON STOCK $ 0.06     $ 0.02  
    CLASS B COMMON STOCK $ 0.06     $ 0.02  
      Three Months Ended March 31,  
    Key Balance Sheet Metrics 2025     2024  
    Average MBS(1) $ 121,656,646     $ 90,697,087  
    Average repurchase agreements(1)   116,345,999       85,752,999  
    Average stockholders’ equity(1)   7,097,692       8,234,295  
                   
    Key Performance Metrics              
    Average yield on MBS(2)   5.73 %     6.15 %
    Average cost of funds(2)   4.49 %     5.63 %
    Average economic cost of funds(3)   4.13 %     5.54 %
    Average interest rate spread(4)   1.24 %     0.52 %
    Average economic interest rate spread(5)   1.60 %     0.61 %
    (1 ) Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
    (2 ) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
    (3 ) Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
    (4 ) Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
    (5 ) Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.


    About Bimini Capital Management, Inc.

    Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

    Forward Looking Statements

    Statements herein relating to matters that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements, except as may be required by applicable law.

    Earnings Conference Call Details

    An earnings conference call and live audio webcast will be hosted Friday, May 2, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BIa731c864bb5447568e7b00d74642ab23. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/cq5fazei or via the investor relations section of the Company’s website at https://ir.biminicapital.com. An audio archive of the webcast will be available on the website for 30 days after the call.

    CONTACT:
    Bimini Capital Management, Inc.
    Robert E. Cauley, 772-231-1400
    Chairman and Chief Executive Officer
    https://ir.biminicapital.com

    The MIL Network –

  • MIL-OSI Video: Angel Parents tell their story at the White House

    Source: United States of America – The White House (video statements)

    “We thank the Trump administration from the bottom of our hearts—without them, there would be no justice for my daughter.”

    https://www.youtube.com/watch?v=C9qkv05tv6E

    MIL OSI Video –

  • MIL-OSI Video: Department of State Press Briefing – May 1, 2025

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

    Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on May 1, 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=pZFH0WX7pOI

    MIL OSI Video –

  • MIL-OSI USA: Congresswoman Cherfilus-McCormick Leads Letter Calling for Transparent Investigation Into Death of Marie Blaise

    Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

    Washington D.C. ─ Today, Congresswoman Sheila Cherfilus-McCormick (D-FL-20), Co-Chair of the Haiti Caucus, led the Florida Democratic congressional delegation in a letter to Secretary of Homeland Security Kristi Noem. The letter calls for a transparent investigation into the death of Marie Blaise. Blaise, a 44-year-old Haitian immigrant, died at an Immigration and Customs Enforcement (ICE) facility in Pompano Beach.

    “According to ICE’s own statement, Ms. Blaise was pronounced dead at 8:35 p.m. by medical staff. Prior to her death, she had been moved through at least three different ICE facilities in a span of just over two months—from initial apprehension in the U.S. Virgin Islands to Puerto Rico, then to Richwood Correctional Center in Louisiana, and finally to the Broward Transitional Center,” the Members wrote. 

    “The federal government holds a solemn responsibility to ensure the safety and well-being of all individuals in its custody, including those detained by ICE. The circumstances of Ms. Blaise’s death raise serious questions about the quality of medical care provided during her detention, as well as the toll such frequent transfers may have taken on her physical and mental health,” the Members continued. 

    The letter calls for the U.S. Department of Homeland Security to:

    1. Conduct a transparent investigation into the death of Marie Ange Blaise, including a review of her medical records, detention conditions, and the decision-making process behind her multiple transfers.
    2. Publicly release the findings of this investigation in a timely manner.
    3. Assess systemic issues in the treatment of detainees — particularly those who are medically vulnerable or in transit across multiple facilities.
    4. Initiate a comprehensive audit of safety and medical protocols at the Broward Transitional Center.
    5. Release to Congress the identity of the official(s) responsible for each decision to transfer Marie Ange Blaise between facilities, and all associated rationales.

    As reported in The Miami Herald, Blaise had been complaining about chest pains and her blood pressure measured with a top number of 156. She was later provided pills and sent to lie down before she was pronounced dead by ICE. 

    Additional signatories of the letter include Reps. Wilson (D-FL), Wasserman Schultz, (D-FL), Soto (D-FL), Frankel (D-FL), Frost (D-FL), Castor (D-FL), and Moskowitz (D-FL). 

    The full text of the letter can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: LaMalfa Resolution Overturning Longfin Smelt ESA Listing Passes House

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    WASHINGTON, D.C. – Today, Congressional Western Caucus Members celebrated passage of H.J. Res. 78. This Congressional Review Act (CRA) resolution, introduced by Congressional Western Caucus Chairman Doug LaMalfa (CA-01), repeals the Biden Administration’s listing of the longfin smelt as endangered under the Federal Endangered Species Act. Once enacted into law, this resolution will halt the proposed designation of critical habitat for this fish species, as well as ensure California’s water remains available for those who need it most, families and farmers.
     

    “The Biden Administration and activist judges have used this listing as a political tool to block progress on California water policy,” said Chairman LaMalfa. “This listing is based on cherry picked scientific anecdotes and even Stanford’s Center for Water California Resources Policy and Management questioned the science of the listing. It adds yet another layer of conflicting regulations that dump tens of millions of acre feet of water out to the Pacific Ocean, with farmers receiving only 40% to 50% of their promised federal and state water. Congress isn’t going to stand by while bureaucrats and environmental lawsuits continue to wreck the water system that feeds our farms, our families, and our economy. I’m glad to see the House take a stand and push back with real solutions that help us grow food, provide water, and keep our economy strong.”

     
    “In the wake of litigation from radical environmentalists, the Biden administration ignored scientific data and inaccurately listed the longfin smelt as endangered,” said House Natural Resources Committee Chairman Bruce Westerman (AR-04). “This decision only created another layer of red tape, cutting off Californians from water resources that are essential to agriculture and daily life. Thanks to Congressman LaMalfa and the entire California Republican delegation’s work, today the House voted to overturn this flawed rule and restore common sense to California while ensuring farmers and communities can access their vital resources.” 

    “California is already facing a water crisis made worse each year by wildfires, drought, and mismanagement. This endangered species listing adds yet another roadblock to delivering water to the communities that need it most,” said Vice Chair Jay Obernolte (CA-23). “I was proud to see this resolution pass the House to stop an unnecessary mandate that would send vital water out to sea instead of to California’s future.”
     
    “California House Republicans are once again taking steps to secure a reliable and affordable water supply for our constituents and farmers,” said Representative Ken Calvert (CA-41). “H.J. Res. 78 will reverse a Biden administration action that was pursued by radical environmentalists to abuse federal regulations in an attempt to limit water supplies for California families and our farms. By restoring commonsense water solutions we can ensure California has the water supplies it needs.”
     
    “Working with Congressman Doug LaMalfa, we are advancing legislation that prioritizes commonsense water solutions for our state,” said Representative Vince Fong (CA-20). “Instead of wasting vital resources to protect a fish that never belonged on the endangered species list, this resolution will restore essential water allocations to support our region. This is a win for our communities to ensure we have reliable and stable water supplies for our homes, businesses, and farms.”
     
    “The Biden Administration’s unnecessary decision to list the longfin smelt as an endangered species is yet another example of an environmental policy not grounded in science that puts fish over people,” said Representative David Valadao (CA-22). “Our families and farmers are already struggling with burdensome regulations that restrict water deliveries and threaten the future of agriculture in the Central Valley, and this rule would have ensured even more of our water is sent out to sea. By passing this resolution, the House is taking an important step forward in rolling back draconian water restrictions that directly affect our farmers, families, and rural communities, and I’m happy to see common sense won.”
     

    This designation, driven by litigation from an environmental group, by the U.S. Fish and Wildlife Service during the Biden Administration threatens California’s water supply by imposing new restrictions on the Central Valley Project (CVP) and State Water Project (SWP). This listing resulted in subsequent burdensome requirements imposed on the CVP that will divert even more water to the Pacific Ocean instead of supplying farms and families across the state.

     
    Read the resolution here.

    MIL OSI USA News –

  • MIL-OSI USA: Chairmen Guthrie and Griffith Along with Vice Chairman Joyce and Reps. James and Obernolte Issue Statement on Passage of Bills to Stop California EV Mandates

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    WASHINGTON, D.C. – Today, Congressman Brett Guthrie (KY-02), Chairman of the House Committee on Energy and Commerce, and Congressman Morgan Griffith (VA-09), Chairman of the Subcommittee on Environment, along with other members of the Committee applauded the passage of three resolutions of disapproval under the Congressional Review Act to repeal disastrous electric vehicle (EV) mandates. 

    “The passage of these resolutions is a victory for Americans who will not be forced into purchasing costly EVs because of California’s unworkable mandates,”said Chairmen Guthrie and Griffith. “If not repealed, the California waivers would lead to higher prices for both new and used vehicles, increase our reliance on China, and strain our electric grid. The passage of these three resolutions will help to protect Americans from some of the worst policies of the Biden-Harris Administration. Thank you to Vice Chairman Joyce, Congressman James, and Congressman Obernolte for your work to ensure that families and businesses can continue choosing the vehicles they need.”

    “American consumers, not out-of-touch politicians, should decide what vehicle best fits their individual needs,”said Congressman John Joyce, M.D.“Since I arrived in Washington, I have led this fight to protect consumer freedom and save the American auto industry from dangerous environmental regulations. As this legislation takes its first step toward reaching President Trump’s desk, I urge my colleagues in the Senate to support this bill to save our auto industry and protect the freedom of the open road.”

    “Michigan is not afraid of the future, but we demand to be a part of it. The Biden Administration left behind comply-or-die Green New Deal mandates that threaten to crush our trucking industry and drive-up costs for hardworking Americans,” said Congressman James. “I know — my family has a trucking company. Republicans are working hard to implement President Trump’s America First Agenda, and the first step is repealing the rules and waivers that fueled Bideninflation.”

    “I’m proud that the House passed my resolution to stop California’s unworkable engine emission standards from becoming national policy,”said Congressman Obernolte. “These regulations would raise costs for consumers, crush small businesses, and threaten critical supply chains across the country. It is Congress’ job to ensure that one state’s overreach doesn’t dictate how all Americans live, work, or drive.”

    Read an Op-ed from Chairman Guthrie, Vice Chairman Joyce, Congressman James, and Congressman Obernolte on these resolutions here.

    Background:

    The Clean Air Act generally preempts individual states from setting their own vehicle emission standards. However, section 209 of the Clean Air Act allows the Environmental Protection Agency to waive state preemption for California. This carveout was intended to allow California to implement stricter air vehicle emission standards to address “compelling and extraordinary circumstances” involving local air pollution – not to remake the auto industry and limit consumer choice nationwide. 

    The Biden EPA granted these waivers that have allowed California to ban sales of new gas, diesel, and hybrid vehicles, as well as heavy-duty trucks, while also mandating 100% electric vehicle sales by 2035. With approval of these resolutions, Congress is exercising its important oversight responsibilities and reining in the regulatory overreach of the previous administration. 

    • H.J.Res. 88, led by Rep. John Joyce (PA-13), Vice Chairman of the House Committee on Energy and Commerce, will repeal California’s Advanced Clean Cars II (ACCII) waiver, allowing the State to ban the sale of gas-powered vehicles by 2035.
    • H.J.Res. 87, led by Rep. John James (MI-10), will repeal California’s Advanced Clean Trucks (ACT) waiver, which currently would allow the State to mandate the sale of zero-emission trucks.
    • H.J.Res. 89, led by Rep. Jay Obernolte (CA-23), will put an end to California’s implementation of its most recent nitrogen oxide (NOx) engine emission standards, which create burdensome and unworkable standards for heavy-duty on-road engines.

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    MIL OSI USA News –