Australia – Page 17 – NewzIntel.com

MIL-Evening Report: Birds use hidden black and white feathers to make themselves more colourful

Source: The Conversation (Au and NZ) – By Simon Griffith, Professor of Avian Behavioural Ecology, Macquarie University

The green-headed tanager (_Tangara seledon_) has a hidden layer of plumage that is white underneath the orange feathers and black underneath the blue and green feathers. Daniel Field

Birds are perhaps the most colourful group of animals, bringing a splash of colour to the natural world around us every day. Indeed, exclusively black and white birds – such as magpies – are in the minority.

However, new research by a team from Princeton University in the United States has revealed a surprising trick in which birds use those boring black and white feathers to make their colours even more vivid.

Male golden tanagers (Tangara arthus) have hidden layers of white which make their plumage brighter, while females have hidden layers of black which make their plumage darker.
Daniel Field

In the study, published today in Science Advances, Rosalyn Price-Waldman and her colleagues discovered that if coloured feathers are placed over a layer of either white or black underlying feathers, their colours are enhanced.

A particularly striking discovery was that in some species the different colour of males and females wasn’t due to the colour the two sexes put into the feathers, but rather in the amount of white or black in the layer underneath.

Why birds are so bright – and how they do it

Typically, male birds have more vivid colours than females. As Charles Darwin first explained, the most colourful males are more likely to attract mates and produce more offspring than those that aren’t as vivid. This process of “sexual selection” is the evolutionary force that has resulted in most of the colours we see in birds today.

Evolution is a process that rewards clever solutions in the competition among males to stand out in the crowd. Depositing a layer of black underneath patches of bright blue feathers has enabled males to produce that extra vibrancy that helps them in the competition for mates.

The blue feathers of a red-necked tanager (Tangara cyanocephala) stand out against a black underlayer.
Rosalyn Price-Waldman

The reason the black layer works so well is that it absorbs all the light that passes through the top layer of coloured feathers. The colour we see is blue because those top feathers have a fine structure that scatters light in a particular way, and reflects light in the blue part of the spectrum.

The feathers appear particularly vivid blue because the light in other wavelengths is absorbed by the under-layer. If the under-layer was paler, some of the light in the other parts of the light spectrum would bounce back and the blue would not “pop out” as much.

Different tricks for different colours

Interestingly, in the new study, the researchers found that for yellow feathers the opposite trick works. Yellow feathers contain yellow pigments – carotenoids – and in this case they are enhanced if they have a white under-layer.

The white layer reflects light that passes through the yellow feathers, and this increases the brightness of these yellow patches, making them more striking in contrast to surrounding patches of colour.

The red feather tips of a scarlet-rumped tanager (Ramphocelus passerinii) are enhanced by the white feathers beneath them.
Rosalyn Price-Waldman

A surprisingly common technique

The authors focused most of their work on species of tanager, typically very colourful fruit-eating birds that are native to Central and South America.

However, once they had discovered what was happening in tanagers, they checked to see if it was occurring in other birds.

The vivid blue colouring of the Australian splendid fairy wren (Malurus splendens) is enhanced by an underlayer of colourless feathers.
Robbie Goodall / Getty Images

This additional work revealed that the use of black and white underlying feathers to enhance colour is found in many other bird families, including the Australian fairy wrens which have such vivid blue colouration.

This widespread use of black and white across so many different species suggests birds have been enhancing the production of colour in this clever way for tens of millions of years, and that it is widely used across birds.

The color of the vibrant red crown of this red-capped manakin (Ceratopipra mentalis) is magnified by a hidden layer of white plumage.
Daniel Field

The study is important because it helps us to understand how complex traits such as colour can evolve in nature. It may also help us to improve the production of vibrant colours in our own architecture, art and fashion.

Simon Griffith receives funding from the Australian Research Council.

– ref. Birds use hidden black and white feathers to make themselves more colourful – https://theconversation.com/birds-use-hidden-black-and-white-feathers-to-make-themselves-more-colourful-261567

MIL OSI Analysis – EveningReport.nz –

July 24, 2025

MIL-Evening Report: Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars

Source: The Conversation (Au and NZ) – By Tim O’Hara, Senior Curator of Marine Invertebrates, Museums Victoria Research Institute

A brittle star of the species _Gorgonocephalus eucnemis_. Lagunatic Photo / Getty Images

You may have read that the deep sea is a very different environment from the land and shallow water. There is no light, it is very cold, and the pressure of all the water above is immense.

Plants can’t grow there, and the energy powering life mostly comes from organic matter sinking from the sunlit surface. These facts have been known for more than 150 years.

But I want to tell you something you probably don’t know about the deep sea: for animals on the seafloor, it is a very connected environment. There are few environmental barriers to stop animals slowly expanding their distribution to cover thousands of kilometres. Over a million years, deep-sea animals can spread from Iceland to Tasmania.

In a new study published today in Nature, we map the distribution and relatedness of a single group of marine animals across all ocean seafloors, from the coast down to the abyssal plains of the deep sea, from the equator to the pole.

Australia’s ocean research vessel RV Investigator, operated by the CSIRO Marine National Facility, was used to explore deepsea life around Christmas Island in the Indian Ocean.
Chris Bray / CSIRO, CC BY-NC

Five arms, no brain, no eyes or heart

We sequenced the DNA of thousands of animal specimens stored in natural history collections of museums across the globe, deposited from hundreds of research voyages. For the first time, we have enough data to explore how marine life has evolved and dispersed across the oceans over the past 100 million years.

We studied a group of animals called brittle stars, strange spiny creatures with a disc-like body and five sinuous or branched arms. They have a central mouth and gut, but no brain, no eyes and no heart.

A branched brittle star (Gorgonocephalus chilensis) specimen taken from Coral Seamount, southwest Indian Ocean.
Tim O’Hara / Museums Victoria, CC BY

While these shy animals would not be always familiar to beach combers or snorkelers, they are perfect for our project as they are found in abundance across deep seafloors and frequently surveyed by research expeditions. They have inhabited our planet for more than 480 million years, efficiently consuming and recycling organic matter.

Deep-sea lifestyles

Life in the deep is distributed in a different way to that in shallow seas.

In shallow waters, the temperature differs a lot between the tropics, the temperate regions (mid latitudes) and the poles. This imposes a barrier to the movement of marine life. Animals (and plants) generally adapt to a narrow range of temperatures and only rarely spread to other climates.

So, if you are a tropical shallow-water species, you cannot migrate through frigid waters around South America, or through the Canadian Arctic, to get from the Pacific to Atlantic Ocean. For tens of millions of years, shallow marine species have evolved independently in different oceans and seas.

Tropical shallow-water brittle stars such as Ophiothrix purpurea cannot migrate through cold waters.
Julian Finn / Museums Victoria, CC BY-NC

But we found the deep sea is not like that. Species in different regions are much more closely related.

In fact, the age and geographic distribution of species on a family tree of deep-sea brittle stars resembles that of a group of seabirds or marine mammals. Yet these brittle stars don’t have wings or fins to get around.

The deep-sea brittle star Ophiotholia can burrow like a corkscrew into muddy seafloors.
Caroline Harding / Museums Victoria, CC BY

How eggs and larvae roam the globe

The secret of how slow-moving brittle stars migrate across oceans appears to be their eggs and larvae.

In warm, shallow waters, a yolk-filled food reserve is rapidly used up by the developing larva. But in the cold deep sea, a yolky larva can survive with very slow metabolic activity, drifting on slow-moving currents for more than a year before settling. This greatly expands the range of a brittle star’s offspring.

Moreover, there are numerous seamounts, ridges and plains on the oceanic seafloor that offer transit points for long-distance migration at different depths. This dispersal across oceans has been going on for a long time.

Deep-sea ‘highways’ where brittle stars disperse across the Atlantic and Indian oceans.
Tim O’Hara / Museums Victoria, CC BY

The most prominent of these dispersal highways is across the southern Indian Ocean, transporting deep-sea animals from the Atlantic and Southern Oceans to Australia and New Zealand. In contrast, very few shallow-water animals have traversed such vast distances.

A patchwork of deep-sea life

While brittle star populations show lots of evidence of long-distance connections, deep-sea communities are not uniform around the planet.

Life in the deep is perilous. There is always the threat that a given species may be wiped out in particular regions.

Seawater conditions can change, as can currents and food supplies. New predators or diseases may arrive at any time.

Over time, the combination of high connectivity and high rates of regional extinction has led to a patchwork of deep-sea species distributions across oceans.

To conserve these ecosystems into the future, we will need a much better understanding of the global patterns of deep-sea life.

Tim O’Hara has received funding from CSIRO’s Marine National Facility, Parks Australia, Ocean Census, and from philanthropic support of Museums Victoria Research Institute.

– ref. Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars – https://theconversation.com/five-arms-no-heart-and-a-global-family-what-dna-revealed-about-the-weird-deep-sea-world-of-brittle-stars-261566

MIL OSI Analysis – EveningReport.nz –

July 24, 2025

MIL-OSI: Eagle Bancorp, Inc. Announces Second Quarter 2025 Results and Cash Dividend

Source: GlobeNewswire (MIL-OSI)

BETHESDA, Md., July 23, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (“Eagle”, the “Company”) (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, reported its unaudited results for the second quarter ended June 30, 2025.

Eagle reported a net loss of $69.8 million or $2.30 per share for the second quarter 2025, compared to net income of $1.7 million or $0.06 per diluted share during the first quarter. The $71.5 million decrease in net income from the prior quarter is primarily due to a $111.9 million increase in provision expense. In the quarter, net interest income increased $2.1 million, noninterest income decreased $1.8 million, and noninterest expenses decreased $2.0 million.

Pre-provision net revenue (“PPNR”)¹ in the second quarter was $30.7 million compared to $28.4 million for the prior quarter reflecting expansion of the net interest margin.

“Our core profitability improvement this quarter, evident in the growth of pre-provision net revenue, expansion of core deposits, and reduced reliance on wholesale and brokered funding, reflects our disciplined execution of our strategic plan,” said Susan G. Riel, Chair, President, and Chief Executive Officer of the Company. “We continue to work on building a stronger balance sheet that will contribute to long-term, sustainable performance.”

Our second quarter reflects the execution of our previously communicated strategy to resolve challenged loans and address related valuation pressures in the office portfolio.

“This quarter’s credit costs reflect decisive actions we are taking to address risk in our loan portfolio. While the charge is significant, it is aligned with our ongoing strategy and reflects our judgement to remediate credit exposures thoughtfully and deliberately. We view this quarter’s loss as a necessary and measured outcome of our risk remediation strategy. The resulting impact of these decisions is difficult, yet represents necessary steps in our objective to drive long-term value creation for shareholders,” added Ms. Riel.

Eric R. Newell, Chief Financial Officer of the Company said, “This quarter, the credit loss reserve coverage rose to 2.38% of total loans, up 75 basis points from last quarter. This reserve build reflects our ongoing and continued proactive approach to address credit risk in our loan portfolio and our expectation that remediation activity will continue over the coming quarters. Our capital position remains strong, with common equity tier one capital at 14.0% and our tangible common equity¹ ratio exceeding 10%. We will continue to evaluate capital allocation decisions, in alignment with our objectives of maintaining long-term franchise value.”

Additionally, the Company is announcing today a cash dividend in the amount of $0.165 per share. The cash dividend will be payable on August 29, 2025 to shareholders of record on August 8, 2025.

Second Quarter of 2025 Key Elements

The Company announces today the declaration of a common stock dividend of $0.165 per share.
The ACL as a percentage of total loans was 2.38% at quarter-end; up from 1.63% at the prior quarter-end. Performing office coverage² was 11.54% at quarter-end; as compared to 5.78% at the prior quarter-end.
Nonperforming assets increased by $26.0 million to $228.9 million as of June 30, 2025, representing 2.16% of total assets, compared to 1.79% as of March 31, 2025. During the quarter, nonperforming loan inflows totaled $222.8 million, primarily driven by office and land properties, including a $33.6 million data center loan backed by office collateral and a $9.1 million life sciences office loan. Reductions of $182.8 million reflected charge-offs, loans moved to held for sale, and restructuring activity.
Substandard and special mention loans totaled $875.4 million at June 30, 2025, compared to $774.9 million in the prior quarter.
Annualized quarterly net charge-offs for the second quarter were 4.22% compared to 0.57% for the first quarter of 2025.
The net interest margin (“NIM”) increased to 2.37% for the second quarter of 2025, compared to 2.28% for the prior quarter, primarily driven by the paydown of average borrowings and reduced funding costs on money market accounts and other borrowings.
At quarter-end, the common equity ratio, tangible common equity ratio¹, and common equity tier 1 capital (to risk-weighted assets) ratio were 11.18%, 11.18%, and 14.01%, respectively.
Total estimated insured deposits remained stable at quarter-end to $6.8 billion, representing 75.0% of deposits, compared to $6.9 billion, or 74.7% in the prior quarter.
Total on-balance sheet liquidity and available capacity was $4.8 billion, compared to $2.3 billion in uninsured deposits, resulting in a coverage ratio of over 200%.

Income Statement

Net interest income was $67.8 million for the second quarter of 2025, compared to $65.6 million for the prior quarter. The increase in net interest income for the quarter was primarily driven by lower funding costs on savings and money market accounts, a reduction in average short-term borrowings, and the benefit of one additional day in the quarter. These benefits were partially offset by lower yields on loans and a higher mix of time deposits. Both interest income and interest expense declined during the quarter, reflecting the impact of lower market rates.
Provision for credit losses was $138.2 million for the second quarter of 2025, compared to $26.3 million for the prior quarter. The increase was primarily driven by higher office-related reserves and expected exit strategies. Net charge-offs totaled $83.9 million, up from $11.2 million in the first quarter. The reserve for unfunded commitments totaled $1.8 million, driven primarily by higher unfunded commitments in our commercial and industrial portfolio. This compared to a reversal for unfunded commitments in the prior quarter of $0.3 million.
Noninterest income was $6.4 million for the second quarter of 2025, compared to $8.2 million for the prior quarter. The primary driver for the decrease was a $1.9 million loss on a trade executed to reposition the investment portfolio into higher-yielding assets.
Noninterest expense was $43.5 million for the second quarter of 2025, compared to $45.5 million for the prior quarter. The decrease over the comparative quarter was primarily due to decreased legal, accounting, and professional fees.

Loans and Funding

Total loans were $7.7 billion at June 30, 2025, down 2.8% from the prior quarter-end. The decrease in total loans was primarily driven by declines in income-producing real estate loans, partially offset by an increase in commercial and industrial loans.
Total deposits at quarter-end were $9.1 billion, down $157.7 million, or 1.7%, from the prior quarter-end. The decrease was primarily driven by lower balances in brokered savings and money market accounts. Period end deposits have increased $852.3 million when compared to the prior year comparable period end of June 30, 2024.
Other short-term borrowings were $50.0 million at June 30, 2025, representing an 89.8% decrease from the prior quarter-end. The decline was driven by the pay down of FHLB borrowings, funded by cash and core deposit growth.

Asset Quality

Allowance for credit losses was 2.38% of total loans held for investment at June 30, 2025, compared to 1.63% at the prior quarter-end. Performing office coverage was 11.54% at quarter-end; as compared to 5.78% at the prior quarter-end.
Net charge-offs were $83.9 million for the quarter compared to $11.2 million in the first quarter of 2025.
Nonperforming assets were $228.9 million at June 30, 2025.
- NPAs as a percentage of assets were 2.16% at June 30, 2025, compared to 1.79% at the prior quarter-end. At June 30, 2025, other real estate owned consisted of five properties with an aggregate carrying value of $2.5 million.
- Loans 30-89 days past due were $34.7 million at June 30, 2025, compared to $83.0 million at the prior quarter-end.

Capital

Total shareholders’ equity was $1.2 billion at June 30, 2025, down 4.8% from the prior quarter-end. The decrease in shareholders’ equity of $59.8 million was primarily due to quarterly losses that reduced capital. This was partially offset by an increase in the fair market value of the available-for-sale investment portfolio.
Book value per share and tangible book value per share³ were $39.03 and $39.03, down 4.8% from the prior quarter-end.

Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 and June 30, 2024, as well as eight quarters of trend data. Persons wishing additional information should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the SEC.

About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through twelve banking offices and four lending offices located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, opportunity, belonging, and inclusion in both its workplace and the communities in which it operates.

Conference call: Eagle Bancorp will host a conference call to discuss its second quarter of 2025 financial results on Thursday, July 24, 2025 at 10:00 a.m. Eastern Time.

The listen-only webcast can be accessed at:

https://edge.media-server.com/mmc/p/yiqohzt3/
For analysts who wish to participate in the conference call, please register at the following URL:
https://register-conf.media-server.com/register/BI6d1c218e6b0143a6903a372200e40cc7

A replay of the conference call will be available on the Company’s website through Thursday, August 7, 2025: https://www.eaglebankcorp.com/

Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “can,” “anticipates,” “believes,” “expects,” “plans,” “strategy,” “estimates,” “potential,” “continue,” “should,” “could,” “strive,” “feel” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market (including reductions in the size of the federal government workforce; changes in government spending; the proposal, announcement or imposition of tariffs; volatility in interest rates and interest rate policy; inflation levels; competitive factors) and other conditions (such as the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks), which by their nature are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in other periodic and current reports filed with the SEC, including the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance, and nothing contained herein is meant to or should be considered and treated as earnings guidance of future quarters’ performance projections. All information is as of the date of this press release. Any forward-looking statements made by or on behalf of the Company speak only as to the date they are made. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

Eagle Bancorp, Inc.
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share data)

	Three Months Ended
	June 30,			March 31,			June 30,
		2025			2025			2024
Interest Income
Interest and fees on loans	$	125,223		$	126,136		$	137,616
Interest and dividends on investment securities		11,436			11,912			12,405
Interest on balances with other banks and short-term investments		14,760			15,803			19,568
Interest on federal funds sold		24			27			142
Total interest income		151,443			153,878			169,731
Interest Expense
Interest on deposits		78,912			77,211			76,846
Interest on customer repurchase agreements		250			260			330
Interest on other short-term borrowings		2,489			8,733			21,202
Interest on long-term borrowings		2,016			2,025			—
Total interest expense		83,667			88,229			98,378
Net Interest Income		67,776			65,649			119,910
Provision for Credit Losses		138,159			26,255			8,959
Provision (Reversal) for Credit Losses for Unfunded Commitments		1,759			(297	)		608
Net Interest Income After Provision for Credit Losses		(72,142	)		39,691			110,343

Noninterest Income
Service charges on deposits		1,771			1,743			1,653
Gain on sale of loans		—			—			37
Net gain on sale of investment securities		(1,854	)		4			3
Increase in cash surrender value of bank-owned life insurance		5,161			4,282			709
Other income		1,336			2,178			2,930
Total noninterest income		6,414			8,207			5,332
Noninterest Expense
Salaries and employee benefits		21,940			21,968			21,770
Premises and equipment expenses		3,019			3,203			2,894
Marketing and advertising		1,144			1,371			1,662
Data processing		4,293			3,978			3,495
Legal, accounting and professional fees		1,550			3,122			2,705
FDIC insurance		8,077			8,962			5,917
Goodwill impairment		—			—			104,168
Other expenses		3,447			2,847			3,880
Total noninterest expense		43,470			45,451			146,491
Income (Loss) Before Income Tax Expense		(109,198	)		2,447			(79,373	)
Income Tax Expense		(39,423	)		772			4,429
Net (Loss) Income	$	(69,775	)	$	1,675		$	(83,802	)

(Loss) Earnings Per Common Share
Basic	$	(2.30	)	$	0.06		$	(2.78	)
Diluted	$	(2.30	)	$	0.06		$	(2.78	)

Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
	June 30,			March 31,			June 30,
		2025			2025			2024
Assets
Cash and due from banks	$	14,005		$	12,516		$	10,803
Federal funds sold		4,091			2,968			5,802
Interest-bearing deposits with banks and other short-term investments		239,237			661,173			526,228
Investment securities available-for-sale at fair value (amortized cost of $1,271,179, $1,330,077, and $1,584,435 respectively, and allowance for credit losses of $—, $—, and $17, respectively)		1,170,489			1,214,237			1,420,618
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,229, $1,275, and $2,012 respectively (fair value of $799,136, $820,530, and $856,275 respectively)		896,855			924,473			982,955
Federal Reserve and Federal Home Loan Bank stock		30,613			51,467			54,274
Loans held for sale		37,576			15,251			5,000
Loans		7,721,664			7,943,306			8,001,739
Less: allowance for credit losses		(183,796	)		(129,469	)		(106,301	)
Loans, net		7,537,868			7,813,837			7,895,438
Premises and equipment, net		7,103			7,079			8,788
Operating lease right-of-use assets		31,202			32,769			16,250
Deferred income taxes		80,731			84,798			86,236
Bank-owned life insurance		325,174			320,055			114,333
Intangible assets, net		9			11			129
Other real estate owned		2,459			2,459			773
Other assets		223,919			174,268			174,396
Total Assets		10,601,331			11,317,361			11,302,023
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing demand		1,532,132			1,607,826			1,693,955
Interest-bearing transaction		895,604			926,722			1,123,980
Savings and money market		3,267,630			3,558,919			3,165,314
Time deposits		3,424,241			3,183,801			2,284,099
Total deposits		9,119,607			9,277,268			8,267,348
Customer repurchase agreements		23,442			32,357			39,220
Other short-term borrowings		50,000			490,000			1,659,979
Long-term borrowings		76,264			76,181			—
Operating lease liabilities		37,297			38,484			20,016
Reserve for unfunded commitments		4,925			3,166			6,653
Other liabilities		104,729			155,014			139,348
Total Liabilities		9,416,264			10,072,470			10,132,564
Shareholders’ Equity
Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,364,983, 30,368,843, and 30,180,482 respectively		300			300			297
Additional paid-in capital		388,927			386,535			380,142
Retained earnings		904,205			978,995			949,863
Accumulated other comprehensive loss		(108,365	)		(120,939	)		(160,843	)
Total Shareholders’ Equity		1,185,067			1,244,891			1,169,459
Total Liabilities and Shareholders’ Equity	$	10,601,331		$	11,317,361		$	11,302,023

Loan Mix and Asset Quality
(Dollars in thousands)

	June 30,				March 31,				June 30,
	2025				2025				2024
	Amount		%		Amount		%		Amount		%
Loan Balances – Period End:
Commercial	$	1,207,512	15	%	$	1,178,343	15	%	$	1,238,261	15	%
PPP loans		164	—	%		226	—	%	$	407	—	%
Income producing – commercial real estate		3,768,884	48	%		3,967,124	49	%	$	4,217,525	53	%
Owner occupied – commercial real estate		1,365,901	18	%		1,403,668	18	%	$	1,263,714	16	%
Real estate mortgage – residential		45,921	1	%		48,821	1	%	$	61,338	1	%
Construction – commercial and residential		1,211,728	16	%		1,210,788	15	%	$	1,063,764	13	%
Construction – C&I (owner occupied)		69,554	1	%		83,417	1	%	$	99,526	1	%
Home equity		49,224	1	%		50,121	1	%	$	52,773	1	%
Other consumer		2,776	—	%		798	—	%	$	4,431	—	%
Total loans	$	7,721,664	100	%	$	7,943,306	100	%	$	8,001,739	100	%

	Three Months Ended or As Of
	June 30,		March 31,		June 30,
	2025		2025		2024
Asset Quality:
Nonperforming loans	$	226,420	$	200,447	$	98,169
Other real estate owned		2,459		2,459		773
Nonperforming assets	$	228,879	$	202,906	$	98,942
Net charge-offs	$	83,877	$	11,230	$	2,285
Special mention	$	173,311	$	273,380	$	307,906
Substandard	$	702,128	$	501,565	$	408,311

Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
(Dollars in thousands)

	Three Months Ended
	June 30, 2025						March 31, 2025
	Average Balance		Interest		Average Yield/Rate		Average Balance		Interest		Average Yield/Rate
ASSETS
Interest earning assets:
Interest-bearing deposits with other banks and other short-term investments	$	1,375,782	$	14,749	4.30	%	$	1,445,054	$	15,803	4.44	%
Loans held for sale⁽¹⁾		15,418		284	7.39	%		169		—	—	%
Loans^{(1) (2)}		7,942,333		124,939	6.31	%		7,933,695		126,136	6.45	%
Investment securities available-for-sale⁽²⁾		1,233,206		6,491	2.11	%		1,321,954		6,857	2.10	%
Investment securities held-to-maturity⁽²⁾		918,083		4,945	2.16	%		933,880		5,055	2.20	%
Federal funds sold		2,184		24	4.41	%		5,410		27	2.02	%
Total interest earning assets		11,487,006		151,432	5.29	%		11,640,162		153,878	5.36	%
Total noninterest earning assets		635,125						596,585
Less: allowance for credit losses		133,036						118,557
Total noninterest earning assets		502,089						478,028
TOTAL ASSETS	$	11,989,095					$	12,118,190

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,489,056	$	9,982	2.69	%	$	1,368,609	$	9,908	2.94	%
Savings and money market		3,461,918		29,634	3.43	%		3,682,217		32,389	3.57	%
Time deposits		3,367,907		39,296	4.68	%		2,951,111		34,914	4.80	%
Total interest bearing deposits		8,318,881		78,912	3.80	%		8,001,937		77,211	3.91	%
Customer repurchase agreements		34,387		250	2.92	%		36,572		260	2.88	%
Derivative collateral liability		12,710		118	3.72	%		—		—	—	%
Other short-term borrowings		245,291		2,360	3.86	%		682,222		8,733	5.19	%
Long-term borrowings		76,236		2,016	10.61	%		76,146		2,025	10.79	%
Total interest bearing liabilities		8,687,505		83,656	3.86	%		8,796,877		88,229	4.07	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,907,214						1,881,296
Other liabilities		142,124						197,212
Total noninterest bearing liabilities		2,049,338						2,078,508
Shareholders’ equity		1,252,252						1,242,805
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	11,989,095					$	12,118,190
Net interest income			$	67,776					$	65,649
Net interest spread					1.43	%					1.29	%
Net interest margin					2.37	%					2.28	%
Cost of funds					3.17	%					3.35	%

(1	)	Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.6 million and $3.8 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
(2	)	Interest and fees on loans and investments exclude tax equivalent adjustments.

Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
(Dollars in thousands)

	Three Months Ended June 30,
		2025						2024
	Average Balance		Interest		Average Yield/Rate		Average Balance		Interest		Average Yield/Rate
ASSETS
Interest earning assets:
Interest-bearing deposits with other banks and other short-term investments	$	1,375,782	$	14,749	4.30	%	$	1,455,007	$	19,568	5.41	%
Loans held for sale⁽¹⁾		15,418		284	7.39	%		8,045		100	5.00	%
Loans^{(1) (2)}		7,942,333		124,939	6.31	%		8,003,206		137,516	6.91	%
Investment securities available-for-sale⁽²⁾		1,233,206		6,491	2.11	%		1,478,856		7,048	1.92	%
Investment securities held-to-maturity⁽²⁾		918,083		4,945	2.16	%		995,274		5,357	2.16	%
Federal funds sold		2,184		24	4.41	%		13,058		142	4.37	%
Total interest earning assets		11,487,006		151,432	5.29	%		11,953,446		169,731	5.71	%
Total noninterest earning assets		635,125						510,725
Less: allowance for credit losses		133,036						102,671
Total noninterest earning assets		502,089						408,054
TOTAL ASSETS	$	11,989,095					$	12,361,500

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,489,056	$	9,982	2.69	%	$	1,636,795	$	16,100	3.96	%
Savings and money market		3,461,918		29,634	3.43	%		3,321,001		33,451	4.05	%
Time deposits		3,367,907		39,296	4.68	%		2,215,693		27,295	4.95	%
Total interest bearing deposits		8,318,881		78,912	3.80	%		7,173,489		76,846	4.31	%
Customer repurchase agreements		34,387		250	2.92	%		38,599		330	3.44	%
Derivative collateral liability		12,710		118	3.72	%		—		—	—	%
Other short-term borrowings		245,291		2,360	3.86	%		1,682,684		21,202	5.07	%
Long-term borrowings		76,236		2,016	10.61	%		—		—	—	%
Total interest bearing liabilities		8,687,505		83,656	3.86	%		8,894,772		98,378	4.45	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,907,214						2,051,777
Other liabilities		142,124						151,324
Total noninterest bearing liabilities		2,049,338						2,203,101
Shareholders’ equity		1,252,252						1,263,627
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	11,989,095					$	12,361,500
Net interest income			$	67,776					$	71,353
Net interest spread					1.43	%					1.26	%
Net interest margin					2.37	%					2.40	%
Cost of funds					3.17	%					3.61	%

(1	)	Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.6 million and $4.8 million for the three months ended June 30, 2025 and 2024, respectively.
(2	)	Interest and fees on loans and investments exclude tax equivalent adjustments.

Eagle Bancorp, Inc.
Statements of Operations and Highlights Quarterly Trends (Unaudited)
(Dollars in thousands, except per share data)
				Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Income Statements:
Total interest income	$	151,443		$	153,878		$	168,417		$	173,813		$	169,731		$	175,602		$	167,421		$	161,149
Total interest expense		83,667			88,229			97,623			101,970			98,378			100,904			94,429			90,430
Net interest income		67,776			65,649			70,794			71,843			71,353			74,698			72,992			70,719
Provision for credit losses		138,159			26,255			12,132			10,094			8,959			35,175			14,490			5,644
Provision (reversal) for credit losses for unfunded commitments		1,759			(297	)		(1,598	)		(1,593	)		608			456			(594	)		(839	)
Net interest income after provision for credit losses		(72,142	)		39,691			60,260			63,342			61,786			39,067			59,096			65,914
Noninterest income before investment gain		8,268			8,203			4,063			6,948			5,329			3,585			2,891			6,342
Net gain on sale of investment securities		(1,854	)		4			4			3			3			4			3			5
Total noninterest income		6,414			8,207			4,067			6,951			5,332			3,589			2,894			6,347
Salaries and employee benefits		21,940			21,968			22,597			21,675			21,770			21,726			18,416			21,549
Premises and equipment expenses		3,019			3,203			2,635			2,794			2,894			3,059			2,967			3,095
Marketing and advertising		1,144			1,371			1,340			1,588			1,662			859			1,071			768
Goodwill impairment		—			—			—			—			104,168			—			—			—
Other expenses		17,367			18,909			17,960			17,557			15,997			14,353			14,644			12,221
Total noninterest expense		43,470			45,451			44,532			43,614			146,491			39,997			37,098			37,633
(Loss) income before income tax expense		(109,198	)		2,447			19,795			26,679			(79,373	)		2,659			24,892			34,628
Income tax expense		(39,423	)		772			4,505			4,864			4,429			2,997			4,667			7,245
Net (loss) income		(69,775	)		1,675			15,290			21,815			(83,802	)		(338	)		20,225			27,383
Per Share Data:
(Loss) earnings per weighted average common share, basic	$	(2.30	)	$	0.06		$	0.51		$	0.72		$	(2.78	)	$	(0.01	)	$	0.68		$	0.91
(Loss) earnings per weighted average common share, diluted	$	(2.30	)	$	0.06		$	0.50		$	0.72		$	(2.78	)	$	(0.01	)	$	0.67		$	0.91
Weighted average common shares outstanding, basic		30,373,167			30,275,001			30,199,433			30,173,852			30,185,609			30,068,173			29,925,557			29,910,218
Weighted average common shares outstanding, diluted		30,510,847			30,404,262			30,321,644			30,241,699			30,185,609			30,068,173			29,966,962			29,944,692
Actual shares outstanding at period end		30,364,983			30,368,843			30,202,003			30,173,200			30,180,482			30,185,732			29,925,612			29,917,982
Book value per common share at period end	$	39.03		$	40.99		$	40.60		$	40.61		$	38.75		$	41.72		$	42.58		$	40.64
Tangible book value per common share at period end⁽¹⁾	$	39.03		$	40.99		$	40.59		$	40.61		$	38.74		$	38.26		$	39.08		$	37.12
Dividend per common share	$	0.165		$	0.165		$	—		$	0.165		$	0.45		$	0.45		$	0.45		$	0.45
Performance Ratios (annualized):
Return on average assets	(2.33		)%		0.06	%		0.48	%		0.70	%	(2.73		)%	(0.01		)%		0.65	%		0.91	%
Return on average common equity	(22.35		)%		0.55	%		4.94	%		7.22	%	(26.67		)%	(0.11		)%		6.48	%		8.80	%
Return on average tangible common equity⁽¹⁾	(22.35		)%		0.55	%		4.94	%		7.22	%	(28.96		)%	(0.11		)%		7.08	%		9.61	%
Net interest margin		2.37	%		2.28	%		2.29	%		2.37	%		2.40	%		2.43	%		2.45	%		2.43	%
Efficiency ratio⁽¹⁾⁽²⁾		58.60	%		61.50	%		59.50	%		55.40	%		191.00	%		51.10	%		48.90	%		48.83	%
Other Ratios:
Allowance for credit losses to total loans⁽³⁾		2.38	%		1.63	%		1.44	%		1.40	%		1.33	%		1.25	%		1.08	%		1.05	%
Allowance for credit losses to total nonperforming loans		81.17	%		64.59	%		54.81	%		83.25	%		110.06	%		108.76	%		131.16	%		118.78	%
Nonperforming assets to total assets		2.16	%		1.79	%		1.90	%		1.22	%		0.88	%		0.79	%		0.57	%		0.64	%
Net charge-offs (recoveries) (annualized) to average total loans⁽³⁾		4.22	%		0.57	%		0.48	%		0.26	%		0.11	%		1.07	%		0.60	%		0.02	%
Tier 1 capital (to average assets)		10.63	%		11.11	%		10.74	%		10.77	%		10.58	%		10.26	%		10.73	%		10.96	%
Total capital (to risk weighted assets)		15.27	%		15.86	%		15.86	%		15.51	%		15.07	%		14.87	%		14.79	%		14.54	%
Common equity tier 1 capital (to risk weighted assets)		14.01	%		14.61	%		14.63	%		14.30	%		13.92	%		13.80	%		13.90	%		13.68	%
Tangible common equity ratio⁽¹⁾		11.18	%		11.00	%		11.02	%		10.86	%		10.35	%		10.03	%		10.12	%		10.04	%
Average Balances (in thousands):
Total assets	$	11,989,095		$	12,118,190		$	12,575,722		$	12,360,899		$	12,361,500		$	12,784,470		$	12,283,303		$	11,942,905
Total earning assets	$	11,487,006		$	11,640,162		$	12,303,940		$	12,072,891		$	11,953,446		$	12,365,497		$	11,837,722		$	11,532,186
Total loans⁽²⁾	$	7,942,333		$	7,933,695		$	7,971,907		$	8,026,524		$	8,003,206		$	7,988,941		$	7,963,074		$	7,795,144
Total deposits	$	10,226,095		$	9,883,233		$	10,056,463		$	9,344,414		$	9,225,266		$	9,501,661		$	9,471,369		$	8,946,641
Total borrowings	$	355,914		$	794,940		$	1,118,276		$	1,654,736		$	1,721,283		$	1,832,947		$	1,401,917		$	1,646,179
Total shareholders’ equity	$	1,252,252		$	1,242,805		$	1,230,573		$	1,201,477		$	1,263,627		$	1,289,656		$	1,238,763		$	1,235,162

(1	)	A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
(2	)	Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
(3	)	Excludes loans held for sale.

GAAP Reconciliation to Non-GAAP Financial Measures (unaudited)
(dollars in thousands, except per share data)

	June 30,			March 31,			June 30,
	2025			2025			2024
Tangible common equity
Common shareholders’ equity	$	1,185,067		$	1,244,891		$	1,169,459
Less: Intangible assets		(9	)		(11	)		(129	)
Tangible common equity	$	1,185,058		$	1,244,880		$	1,169,330

Tangible common equity ratio
Total assets	$	10,601,331		$	11,317,361		$	11,302,023
Less: Intangible assets		(9	)		(11	)		(129	)
Tangible assets	$	10,601,322		$	11,317,350		$	11,301,894

Tangible common equity ratio		11.18	%		11.00	%		10.35	%

Per share calculations
Book value per common share	$	39.03		$	40.99		$	38.75
Less: Intangible book value per common share	$	—		$	—		$	(0.01	)
Tangible book value per common share	$	39.03		$	40.99		$	38.74

Shares outstanding at period end		30,364,983			30,368,843			30,180,482

	Three Months Ended
	June 30,			March 31,			June 30,
	2025			2025			2024
Average tangible common equity
Average common shareholders’ equity	$	1,252,252		$	1,242,805		$	1,263,627
Less: Average intangible assets		(11	)		(14	)		(99,827	)
Average tangible common equity	$	1,252,241		$	1,242,791		$	1,163,800

Return on average tangible common equity
Net (loss) income	$	(69,775	)	$	1,675		$	(83,802	)
Return on average tangible common equity	(22.35		)%		0.55	%	(28.96		)%

Net (loss) income	$	(69,775	)	$	1,675		$	(83,802	)
Add back of goodwill impairment		—			—			104,168
Operating net (loss) income (Non-GAAP)	$	(69,775	)	$	1,675		$	20,366
Operating Return on average tangible common equity (Non-GAAP)	(22.35		)%		0.55	%		7.04	%

Efficiency ratio
Net interest income	$	67,776		$	65,649		$	71,353
Noninterest income		6,414			8,207			5,332
Operating revenue	$	74,190		$	73,856		$	76,685
Noninterest expense	$	43,470		$	45,451		$	146,491
Add back of goodwill impairment					—			(104,168	)
Operating Noninterest expense (Non-GAAP)		43,470			45,451			42,323

Efficiency ratio		58.59	%		61.54	%		191.03	%
Operating Efficiency ratio (Non-GAAP)		58.59	%		61.54	%		55.19	%

Pre-provision net revenue
Net interest income	$	67,776		$	65,649		$	71,353
Noninterest income		6,414			8,207			5,332
Less: Noninterest expense		(43,470	)		(45,451	)		(146,491	)
Pre-provision net revenue	$	30,720		$	28,405		$	(69,806	)

Pre-provision net revenue	$	30,720		$	28,405		$	(69,806	)
Add back of goodwill impairment	$	—		$	—		$	104,168
Operating Pre-provision net revenue (Non-GAAP)	$	30,720		$	28,405		$	34,362

Tangible common equity, tangible common equity to tangible assets (the “tangible common equity ratio”), tangible book value per common share, average tangible common equity, annualized return on average tangible common equity, and the operating annualized return on average tangible common equity are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders’ equity, or tangible common equity, and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders’ equity by common shares outstanding. The Company calculates the annualized return on average tangible common equity ratio by dividing net income available to common shareholders by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders’ equity. The Company calculates the operating annualized return on average tangible common equity ratio by dividing operating net income available to common shareholders, which adds back the goodwill impairment, by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders’ equity. The Company considers this information important to shareholders as the significant impact of the goodwill impairment is a one-time event that obscures the operating performance of the company. Further related to other measures, tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios, and as such is useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions.

The efficiency ratio is a non-GAAP measure calculated by dividing GAAP noninterest expense by the sum of GAAP net interest income and GAAP noninterest income. The efficiency ratio measures a bank’s overhead as a percentage of its revenue. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities. Further, the operating efficiency ratio is measured by dividing non-GAAP noninterest expense, which excludes the goodwill impairment, by the sum of GAAP net interest income and GAAP noninterest income. The Company considers this information important to shareholders as the significant impact of the goodwill impairment is a one-time event that obscures the operating performance of the company.

Pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans. Operating pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses with the impact of the goodwill impairment added back from the sum of net interest income and noninterest income. The Company considers this information important to shareholders as the significant impact of the goodwill impairment is a one-time event that obscures the operating performance of the company.

	June 30,			March 31,		June 30,
	2025			2025		2024
Net (loss) income	$	(69,775	)	$	1,675	$	(83,802	)
Add back of goodwill impairment		—			—		104,168
Operating Net (loss) income (Non-GAAP)	$	(69,775	)	$	1,675	$	20,366

(Loss) earnings per share (diluted)⁴	$	(2.30	)	$	0.06	$	(2.78	)
Add back of goodwill impairment per share (diluted)		—			—		3.45
Operating earnings (loss) per share (diluted) (Non-GAAP)	$	(2.30	)	$	0.06	$	0.67

Operating net (loss) income and operating (loss) earnings per share (diluted) are non-GAAP financial measures derived from GAAP based amounts. The Company calculates operating net (loss) income by excluding from net (loss) income the one-time goodwill impairment of $104.2 million. During the second quarter of 2024, the Company performed an annual impairment test as a result of management’s evaluation of current economic conditions, and concluded that goodwill had become impaired, which resulted in an impairment charge of $104.2 million to reduce the carrying value of the Company’s goodwill to zero. The Company calculates operating earnings (loss) per share (diluted) by dividing the one-time goodwill impairment of $104.2 million by the weighted average shares outstanding (diluted) for the three and six months ended June 30, 2024. The Company considers this information important to shareholders because operating net (loss) income and operating (loss) earnings per share (diluted) provides investors insight into how Company earnings changed exclusive of the impairment charge to allow investors to better compare the Company’s performance against historical periods. The table above provides a reconciliation of operating net income (loss) and operating earnings (loss) per share (diluted) to the nearest GAAP measure.

^{______________________________
₁}_{A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.}
_{²Calculated as the ACL attributable to loans collateralized by performing office properties as a percentage of total loans.}
_{³ A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.}
_{⁴ For periods ended with a net loss, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted EPS. Operating diluted EPS calculations include the impact of outstanding equity-based awards for all periods.}

EAGLE BANCORP, INC.
CONTACT:
Eric R. Newell
240.497.1796

For the June 30, 2025 Earnings Presentation, click 2025 EGBN Earnings DECK 6-30-2025 FINAL

The MIL Network –

July 24, 2025

MIL-OSI: Greystone Housing Impact Investors LP Schedules Second Quarter 2025 Earnings Conference Call for Thursday, August 7, 2025 at 4:30 p.m. Eastern Time

Source: GlobeNewswire (MIL-OSI)

OMAHA, Neb., July 23, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that it will host a conference call for investors on Thursday, August 7, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s Second Quarter 2025 results.

For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=I97G2goh

It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

About Greystone Housing Impact Investors LP

Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

Safe Harbor Statement

Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:
Ken Rogozinski
Chief Executive Officer
402-952-1235

The MIL Network –

July 24, 2025

MIL-OSI: Northrim BanCorp Earns $11.8 Million, or $2.09 Per Diluted Share, in Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, July 23, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $11.8 million, or $2.09 per diluted share, in the second quarter of 2025, compared to $13.3 million, or $2.38 per diluted share, in the first quarter of 2025, and $9.0 million, or $1.62 per diluted share, in the second quarter a year ago. The increase in second quarter 2025 profitability as compared to the second quarter a year ago was primarily the result of an increase in net interest income, higher purchased receivable income, and increased mortgage banking income, which were partially offset by a higher provision for credit losses, higher other operating expenses, and a higher provision for income taxes. Net interest income increased primarily due to higher loan balances and higher yields on earning assets. Purchased receivable income increased primarily due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport or SCF”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to purchased receivable factoring and asset-based lending in the United States, Canada, and the United Kingdom.

Dividends per share in the second quarter of 2025 remained consistent with the first quarter of 2025 at $0.64 per share as compared to $0.61 per share in the second quarter of 2024.

“Strong loan growth, increasing asset yields, and stable funding costs drove record net interest income in the second quarter of this year,” said Mike Huston, Northrim’s President and Chief Executive Officer. “We continue to attract new customers to Northrim and believe we have an opportunity to steadily increase our market share over the next few years.”

Second Quarter 2025 Highlights:

Net interest income in the second quarter of 2025 increased 7% to $33.6 million compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024.
Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.72% for the second quarter of 2025, up 11-basis points from the first quarter of 2025 and up 42-basis points from the second quarter a year ago.
Return on average assets (“ROAA”) was 1.48% and return on average equity (“ROAE”) was 16.37% for the second quarter of 2025 compared to ROAA of 1.76 and ROAE of 19.70 in the prior quarter and ROAA of 1.31% and ROAE of 14.84% for the second quarter of 2024.
Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago, primarily due to new customer relationships and expanding market share, as well as retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”). The Company sold $61 million in consumer mortgages in the second quarter of 2025 that were included in loans held for investment as of the end of 2024 to reduce the concentration of residential real estate loans and to provide additional liquidity for future commercial and construction loan growth.
Total deposits were $2.81 billion at June 30, 2025, up 1% from the preceding quarter, and up 14% from $2.46 billion a year ago. Non-interest bearing demand deposits increased 5% from the preceding quarter and increased 10% year-over-year to $777.9 million at June 30, 2025 and represent 28% of total deposits.
The average cost of interest-bearing deposits was 2.04% at June 30, 2025, up slightly from 2.01% at March 31, 2025 and down from 2.21% at June 30, 2024.
Mortgage loan originations were $277.1 million in the second quarter of 2025, up from $121.6 million in the first quarter of 2025 and up from $181.5 million in the second quarter a year ago. Mortgage loans funded for sale were $249.7 million in the second quarter of 2025, compared to $108.5 million in the first quarter of 2025 and $152.3 million in the second quarter of 2024.

Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total assets	$	3,243,760		$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668
Total portfolio loans	$	2,202,115		$	2,124,330		$	2,129,263		$	2,007,565		$	1,875,907
Total deposits	$	2,809,170		$	2,777,977		$	2,680,189		$	2,625,567		$	2,463,806
Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Net income	$	11,778		$	13,324		$	10,927		$	8,825		$	9,020
Diluted earnings per share	$	2.09		$	2.38		$	1.95		$	1.57		$	1.62
Return on average assets		1.48	%		1.76	%		1.43	%		1.22	%		1.31	%
Return on average shareholders’ equity		16.37	%		19.70	%		16.32	%		13.69	%		14.84	%
NIM		4.66	%		4.55	%		4.41	%		4.29	%		4.24	%
NIMTE^*		4.72	%		4.61	%		4.47	%		4.35	%		4.30	%
Efficiency ratio		64.68	%		63.54	%		66.96	%		66.11	%		68.78	%
Total shareholders’ equity/total assets		8.95	%		8.91	%		8.78	%		8.78	%		8.76	%
Tangible common equity/tangible assets^*		7.50	%		7.41	%		7.23	%		8.28	%		8.24	%
Book value per share	$	52.55		$	50.67		$	48.41		$	47.27		$	44.93
Tangible book value per share^*	$	43.35		$	41.47		$	39.17		$	44.36		$	42.03
Dividends per share	$	0.64		$	0.64		$	0.62		$	0.62		$	0.61
Common stock outstanding		5,522,271			5,520,892			5,518,210			5,501,943			5,501,562

^* References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (both of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information included in this section are included on page 14.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in May of 2025 was 4.7% compared to the U.S. rate of 4.2%. The rate has held steady in Alaska at 4.7% for eight consecutive months. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.1% or 3,800 jobs between May of 2024 and May of 2025.

According to the DOL, the Oil and Gas sector had the largest growth rate in new jobs of 8.8% through May of this year compared to the prior year, up 700 direct jobs. The Construction sector added 700 positions for a year-over-year growth rate of 3.7% through May of 2025. The larger Health Care sector grew by 1,200 jobs for an annual growth rate of 2.9%. Transportation, Warehousing and Utilities added 600 jobs for a 2.3% growth rate over the same period. Professional and Business Services increased 500 jobs year-over-year through May of 2025, up 1.7%.

The Government sector grew by 200 jobs for 0.2% growth, adding 400 State positions while losing 200 Federal jobs in Alaska over the same period. Declining sectors between May 2024 and May 2025 were Information down 100 jobs or (-2.3%), Manufacturing (primarily seafood processing) shrinking 200 positions (-2.1%), Wholesale Trade lost 100 jobs (-1.5%) and Financial Activities, down 100 jobs (-0.9%).

Alaska’s seasonally adjusted personal income was $57.4 billion in the first quarter of 2025 according to the Federal Bureau of Economic Analysis (“BEA”). This was an annualized improvement in the first quarter of 6.4% for Alaska, compared to the national average of 6.7%. Alaska enjoyed an annual personal income improvement of 6% in 2024 compared to the U.S. increase of 5.4%, ranking Alaska 6^th best in the nation. The $885 million increase in personal income in the first quarter of 2025 in Alaska came from a $352 million increase in net earnings from wages, $440 million growth in government transfer receipts, and a $92 million increase in investment income.

Alaska’s Gross State Product (“GSP”) in the first quarter of 2025 reached $72 billion according to the BEA. Alaska’s inflation adjusted “real” GSP increased 1.5% in 2024 and decreased -1.8% annualized in the first quarter of 2025. The average U.S. GDP growth rate was 2.8% for 2025 and -0.5% in the first quarter of 2025. Alaska’s real GSP decrease in the first quarter of 2025 was primarily caused by a decrease in the Mining, Oil & Gas sector, somewhat offset by improvements in the Construction sector.

Alaska exported $5.9 billion in goods to foreign countries in 2024 according to the U.S. International Trade Administration. China is the largest importer of Alaska’s products at $1.5 billion, followed by Australia at $804 million, Japan at $674 million and South Korea at $634 million in 2024. Fish and related maritime products accounted for the largest volume at $2.1 billion, followed by minerals and ores at $2 billion, and primary metals at $992 million in 2024. Oil & Gas exports are $380 million because the majority of Alaska’s production is refined and consumed in the United States. Chief Credit Officer and Bank Economist Mark Edwards stated, “President Trump’s significant changes to international tariffs has created uncertainty in trade markets. At this time, it is unknown how each country will respond. Alaska’s natural resources are highly valued commodities throughout the world. If issues arise with one country, such as China, it is most likely that Alaska’s products will be redirected to other markets like Japan and South Korea or sold domestically in the United States. Canada is the largest long-term investor in Alaska’s mining industry. This involves significant fixed capital investments made over decades that are unlikely to shift dramatically in the short-run. Alaska’s Legislature just passed a bill HJR-11 with an approval vote of 33-4 titled, Recognizing and honoring the relationship between Canada and Alaska. It highlights the deeply interconnected friendship between Alaska and Canada culturally, economically, and militarily.”

According to the US Bureau of Labor Statistics, the Consumer Price Index (“CPI”) for the U.S. increased 2.7% between June of 2024 and June of 2025. In Alaska, the rate of CPI increase was lower at 1.6% for the same time period. Food and beverage, housing costs, and medical care costs were the largest causes for inflation. Declining motor fuel prices, transportation, recreation and household furnishing costs have helped moderate inflationary pressures in Alaska.

The monthly average price of Alaska North Slope (“ANS”) crude oil has ranged between $76.39 a barrel in January of 2025 and $67.07 in May of the prior year. The June 2025 average was $72.62. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024. Production rose to 469 thousand bpd in fiscal year ending June 30, 2025. In the Spring 2025 Revenue Forecast published March 12, 2025, the DOR expects production to continue to grow to 663 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka field and ConocoPhillips is developing the large new Willow field. There are also a number of smaller new fields in the ANS that are contributing to the State of Alaska’s production growth estimates.

The Alaska Permanent Fund is seeded annually by the oil wealth the State continues to save each year and has grown significantly over 40 years of successful investment. As of May 31, 2025 the fund’s value was $83.13 billion. According to the DOR it is scheduled to contribute $3.7 billion to Alaska General Fund in fiscal year 2025 for general government spending and to pay the annual dividend to Alaskan residents.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $510,064, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases. Through June of 2025 prices have continued to increase on average 2.6% to $523,059.

The average sales price for single family homes in the Matanuska Susitna Borough rose 3.8% in 2024 to $412,859, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. Through June of 2025 prices have continued to increase on average 6.9% to $441,463. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. The first six months of 2025 has seen a 4.8% increase in home sales compared to the first half of 2024 in Anchorage.

There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or -0.2%. In the first six months of 2025 the number of units sold has increased 13.1% in the Matanuska Susitna Borough compared to the first half of 2024.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

In the second quarter of 2025, Northrim generated a ROAA of 1.48% and a ROAE of 16.37%, compared to 1.76% and 19.70%, respectively, in the first quarter of 2025 and 1.31% and 14.84%, respectively, in the second quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income increased 7% to $33.6 million in the first quarter of 2025 compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024. Interest expense on deposits increased to $10.3 million in the second quarter of 2025 compared to $9.9 million in the first quarter of 2025 and compared to $9.5 million in the second quarter of 2024.

NIMTE^* was 4.72% in the second quarter of 2025 up from 4.61% in the preceding quarter and 4.30% in the second quarter a year ago. NIMTE^* increased 42 basis points in the second quarter of 2025 compared to the second quarter of 2024 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher yields on those assets as variable rate loans reset at higher rates which were only partially offset by an increase in borrowings. The weighted average interest rate for new loans booked in the second quarter of 2025 was 7.27% compared to 7.30% in the first quarter of 2025 and 7.90% in the second quarter a year ago. The yield on the investment portfolio in the second quarter of 2025 increased to 3.07% from 2.97% in the first quarter of 2025 and 2.82% in the second quarter of 2024. “We are continuing to see some benefits from the repricing of our loan portfolio and new production increasing our margin” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.26% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of March 31, 2025.

Provision for Credit Losses

Northrim recorded a provision for credit losses of $2.0 million in the second quarter of 2025, which was comprised of a provision for credit losses on loans of $1.8 million, a $157,000 provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $18,000. This compares to a benefit to the provision for credit losses of $1.4 million in the first quarter of 2025, which was comprised of a benefit to the provision for credit losses on loans of $1.1 million, a $322,000 benefit for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $46,000. In the second quarter a year ago, Northrim recorded a benefit to the provision for credit losses of $120,000 which was comprised of a $134,000 provision for credit losses on loans and a $254,000 benefit to the provision for credit losses on unfunded commitments.

The increase to the provision for credit losses on loans in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. The increase to the provision for unfunded commitments in the second quarter of 2025 was primarily due to an increase in estimated loss rates which was only partially offset by changes in mix of unfunded commitments.

Nonperforming assets, net of government guarantees, decreased during the quarter to $11.9 million at June 30, 2025, compared to $12.3 million at March 31, 2025, and increased compared to $5.1 million at June 30, 2024. The increase in nonperforming assets, net of government guarantees at June 30, 2025 compared to June 30, 2024 is primarily the result of the acquisition of Sallyport in the fourth quarter of 2024.

The allowance for credit losses on loans was 290% of nonperforming loans, net of government guarantees, at the end of the second quarter of 2025, compared to 262% three months earlier and 365% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $16.6 million, or 33% of total second quarter 2025 revenues, as compared to $13.0 million, or 29% of revenues in the first quarter of 2025, and $9.6 million, or 26% of revenues in the second quarter of 2024. The increase in other operating income in the second quarter of 2025 as compared to the second quarter of 2024 was primarily the result of increased purchased receivable income due to the Company’s acquisition of Sallyport on October 31, 2024. Mortgage banking income in the second quarter of 2025 increased as compared to the first quarter of 2025 and second quarter of 2024 due to a higher volume of mortgage activity. See further discussion regarding mortgage activity contained under “Home Mortgage Lending” below.

Other Operating Expenses

Operating expenses were $32.5 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025, and $25.2 million in the second quarter of 2024. The increase in other operating expenses in the second quarter of 2025 compared to the first quarter of 2025 was primarily due to an increase in salaries and other personnel expense, including $980,000 in higher mortgage commissions expense due to higher mortgage volume, $763,000 in higher salary expense, a $760,000 increase in group medical expenses, and increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions. The increase in total other operating expenses in the second quarter of 2025 compared to the second quarter a year ago was primarily due to an increase in salaries and other personnel expense, the increase in compensation expense for Sallyport acquisition payments, and an increase in data processing expense. Total other operating expense increased $2.1 million in the Specialty Finance segment in the second quarter of 2025 compared to the second quarter of 2024 due to the acquisition of Sallyport on October 31, 2024.

Income Tax Provision

In the second quarter of 2025, Northrim recorded $4.0 million in state and federal income tax expense for an effective tax rate of 25.3%, compared to $4.3 million, or 24.2% in the first quarter of 2025 and $2.5 million, or 21.9% in the second quarter a year ago. The increase in the tax rate in the second quarter of 2025 as compared to the first quarter of 2025 and second quarter of 2024 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2025 as compared to 2024.

Community Banking

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as ‘distressed or underserved non-metropolitan middle-income geographies’.

Net interest income in the Community Banking segment totaled $30.0 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025 and $24.3 million in the second quarter of 2024. Net interest income increased $5.7 million or 23% in the second quarter of 2025 as compared to the second quarter of 2024 mostly due to higher interest income on loans. This increase was only partially offset by lower interest income on investments and higher interest expense on deposits and borrowings.

The provision for credit losses in the Community Banking segment was $1.3 million in the second quarter of 2025 compared to a benefit to the provision for credit losses of $1.8 million in the first quarter of 2025 and a benefit to the provision for credit losses of $184,000 in the same quarter a year ago. The increase to the provision for credit losses in the Community Banking segment in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. In the first quarter of 2025, the Company recorded a net benefit for credit losses in the Community Banking segment primarily due to changes in the Company’s loss rate regression models for commercial, commercial real estate, and construction loans. These decreases in the provision were only partially offset by increases in estimated loss rates for management’s assessment of economic conditions and an increase for higher loan balances.

Other operating expenses in the Community Banking segment totaled $21.8 million in the second quarter of 2025, up $3.2 million or 17% from $18.6 million in the first quarter of 2025, and up $3.7 million or 20% from $18.1 million in the second quarter a year ago. The increase in the second quarter of 2025 as compared to the prior quarter and compared to the same quarter a year ago was primarily due to increases in salaries and other personnel expense, including $667,000 in higher salary expense, an $873,000 increase in group medical expenses, as well as increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions.

The following tables provide highlights of the Community Banking segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025			December 31, 2024		September 30, 2024		June 30, 2024
Net interest income	$	29,971	$	28,151		$	27,643	$	25,928	$	24,318
(Benefit) provision for credit losses		1,319		(1,768	)		771		1,492		(184	)
Other operating income		3,268		2,703			2,535		3,507		2,451
Other operating expense		21,764		18,581			19,116		18,723		18,069
Income before provision for income taxes		10,156		14,041			10,291		9,220		8,884
Provision for income taxes		2,413		3,253			1,474		2,133		1,786
Net income	$	7,743	$	10,788		$	8,817	$	7,087	$	7,098
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,597,889		5,583,055		5,558,580
Diluted earnings per share attributable to Community Banking	$	1.37	$	1.93		$	1.58	$	1.26	$	1.27

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025			June 30, 2024
Net interest income	$	58,122		$	48,533
(Benefit) provision for credit losses		(449	)		13
Other operating income		5,971			4,919
Other operating expense		40,345			35,247
Income before provision for income taxes		24,197			18,192
Provision for income taxes		5,666			3,752
Net income Community Banking segment	$	18,531		$	14,440
Weighted average shares outstanding, diluted		5,611,734			5,562,025
Diluted earnings per share	$	3.30		$	2.59

Home Mortgage Lending

During the second quarter of 2025, mortgage loans funded for sale were $249.7 million, compared to $108.5 million in the first quarter of 2025, and $152.3 million in the second quarter of 2024.

During the second quarter of 2025, the Bank purchased loans of $27.5 million from its subsidiary, Residential Mortgage, of which approximately half were jumbos, one-quarter were mortgages for second homes, and one-quarter were adjustable rate mortgages, with a weighted average interest rate of 6.71%, as compared to $13.1 million and 6.39% in the first quarter of 2025, and $29.2 million and 6.82% in the second quarter of 2024. Net interest income contributed $3.5 million to total Home Mortgage Lending revenue in the second quarter of 2025, up from $3.0 million in the prior quarter, and up from $2.8 million in the second quarter a year ago.

The Company reclassified $100 million in consumer mortgages held for investment to held for sale in the first quarter of 2025 and recorded unrealized losses of $1.2 million related to this portfolio in the first quarter of 2025. In the second quarter of 2025, the Company sold $61 million of the $100 million that was reclassified to loans held for sale in the first quarter of 2025 for a total realized loss of $545,000.

The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 22% of Residential Mortgage’s $216 million total production in the second quarter of 2025 (excluding the $61 million in mortgages sold noted above), 20% of $122 million total production in the first quarter of 2025, and 22% of $182 million total production in the second quarter of 2024.

The provision for credit losses in the Home Mortgage Lending segment was $639,000 in the second quarter of 2025 compared to a benefit to the provision for credit losses of $307,000 in the first quarter of 2025 and a provision for credit loses of $64,000 in the second quarter of 2024. The increase in the provision for credit losses in the second quarter of 2025 in the Home Mortgage Lending segment as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances. The benefit to the provision for loan losses in the Home Mortgage Lending segment in the first quarter of 2025 was primarily the result of the reclassification of $100 million in mortgage loans to loans held for sale, which was only partially offset by an increase in the provision for loan losses due to changes in the Company’s loss rate regression models for home mortgage loans.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $818,000 during the second quarter of 2025 compared to a decrease of $855,000 for the first quarter of 2025 and a decrease of $81,000 for the second quarter of 2024. Mortgage servicing revenue increased to $3.0 million in the second quarter of 2025 from $2.7 million in the prior quarter and increased from $2.2 million in the second quarter of 2024 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the second quarter of 2025, the Company’s servicing portfolio increased $69.3 million compared to a $24.0 million increase in the first quarter of 2025, and an increase of $41.8 million in the second quarter of 2024.

As of June 30, 2025, Northrim serviced 6,458 loans in its $1.55 billion home-mortgage-servicing portfolio, a 5% increase compared to the $1.48 billion serviced as of the end of the first quarter of 2025, and a 41% increase from the $1.10 billion serviced a year ago.

The following tables provide highlights of the Home Mortgage Lending segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Mortgage commitments	$	73,198		$	68,258		$	32,299		$	77,591		$	88,006

Mortgage loans funded for sale	$	249,680		$	108,499		$	162,530		$	209,960		$	152,339
Mortgage loans funded for investment		27,455			13,061			23,380			38,087			29,175
Total mortgage loans funded	$	277,135		$	121,560		$	185,910		$	248,047		$	181,514
Mortgage loan refinances to total fundings		10	%		11	%		11	%		6	%		6	%
Mortgage loans serviced for others	$	1,553,987		$	1,484,714		$	1,460,720		$	1,166,585		$	1,101,800

Net realized and unrealized gains on mortgage loans sold and held for sale	$	5,091		$	1,580		$	3,747		$	5,079		$	3,189
Change in fair value of mortgage loan commitments, net		(110	)		660			(665	)		60			390
Total production revenue		4,981			2,240			3,082			5,139			3,579
Mortgage servicing revenue		2,957			2,696			2,847			2,583			2,164
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(355	)		(322	)		1,372			(566	)		239
Other²		(463	)		(533	)		(499	)		(402	)		(320	)
Total mortgage servicing revenue, net		2,139			1,841			3,720			1,615			2,083
Other mortgage banking revenue		280			170			238			293			222
Total mortgage banking income	$	7,400		$	4,251		$	7,040		$	7,047		$	5,884

Net interest income	$	3,507		$	3,046		$	3,280		$	2,941		$	2,775
Provision (benefit) for credit losses		639			(307	)		305			571			64
Mortgage banking income		7,400			4,251			7,040			7,047			5,884
Other operating expense		7,593			6,490			7,198			7,643			6,697
Income before provision for income taxes		2,675			1,114			2,817			1,774			1,898
Provision for income taxes		746			310			842			497			532
Net income	$	1,929		$	804		$	1,975		$	1,277		$	1,366

Weighted average shares outstanding, diluted		5,611,558			5,608,102			5,597,889			5,583,055			5,558,580
Diluted earnings per share attributable to Home Mortgage Lending	$	0.34		$	0.14		$	0.35		$	0.23		$	0.25

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025			June 30, 2024
Mortgage loans funded for sale	$	358,179		$	236,663
Mortgage loans funded for investment		40,516			46,578
Total mortgage loans funded	$	398,695		$	283,241
Mortgage loan refinances to total fundings		10	%		6	%

Net realized and unrealized gains on mortgage loans sold and held for sale	$	6,671		$	5,168
Change in fair value of mortgage loan commitments, net		550			777
Total production revenue		7,221			5,945
Mortgage servicing revenue		5,653			3,725
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(677	)		528
Other²		(996	)		(634	)
Total mortgage servicing revenue, net		3,980			3,619
Other mortgage banking revenue		450			351
Total mortgage banking income	$	11,651		$	9,915

Net interest income	$	6,553		$	5,007
Provision for credit losses		332			16
Mortgage banking income		11,651			9,915
Other operating expense		14,083			12,783
Income before provision for income taxes		3,789			2,123
Provision for income taxes		1,056			595
Net income Home Mortgage Lending segment	$	2,733		$	1,528

Weighted average shares outstanding, diluted		5,611,734			5,562,025
Diluted earnings per share	$	0.48		$	0.28

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

Specialty Finance

The Company’s Specialty Finance segment includes Northrim Funding Services and Sallyport. Northrim Funding Services is a division of the Bank and has offered factoring solutions to small businesses since 2004. Sallyport is a leading provider of factoring, asset-based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom that the Company acquired on October 31, 2024 in an all cash transaction valued at approximately $53.9 million. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also includes interest income from loans and other fee income.

The acquisition of Sallyport included $1.1 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter of 2024 in the tables below. Total pre-tax income for Sallyport for the second quarter of 2025 was $1.3 million compared to $1.3 million in the first quarter of 2025 and $945,000 for the two months of operations in the fourth quarter of 2024, excluding transaction costs.

Average purchased receivables and loan balances at Sallyport were $71.0 million for the second quarter of 2025 with a yield of 27.23% compared to average balances of $59.9 million for the first quarter of 2025 and a yield of 35.8%. The yield in the first quarter of 2025 included the recognition of $899,000 in nonaccrual fee income collected during the quarter related to two nonperforming receivables and the collection of a $350,000 line termination fee. The yield excluding these items for the first quarter of 2025 was 27.4%.

The following tables provide highlights of the Specialty Finance segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024
Purchased receivable income	$	5,897	$	6,150		$	3,526		$	1,033	$	1,242
Other operating income		75		(64	)		(68	)		—		—
Interest income		782		596			407			158		170
Total revenue		6,754		6,682			3,865			1,191		1,412
Provision for credit losses		18		666			125			—		—
Compensation expense – SCF acquisition payments		600		600			—			—		—
Other operating expense		2,531		2,500			3,063			362		428
Interest expense		668		496			489			185		210
Total expense		3,817		4,262			3,677			547		638
Income before provision for income taxes		2,937		2,420			188			644		774
Provision for income taxes		831		688			53			183		218
Net income Specialty Finance segment	$	2,106	$	1,732		$	135		$	461	$	556
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,597,889			5,583,055		5,558,580
Diluted earnings per share attributable to Specialty Finance	$	0.38	$	0.31		$	0.02		$	0.08	$	0.10

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025		June 30, 2024
Purchased receivable income	$	12,047	$	2,587
Other operating income		11		—
Interest income		1,378		382
Total revenue		13,436		2,969
Provision for credit losses		684		—
Compensation expense – SCF acquisition payments		1,200		—
Other operating expense		5,031		802
Interest expense		1,164		422
Total expense		8,079		1,224
Income before provision for income taxes		5,357		1,745
Provision for income taxes		1,519		494
Net income Specialty Finance segment	$	3,838	$	1,251
Weighted average shares outstanding, diluted		5,611,734		5,562,025
Diluted earnings per share	$	0.69	$	0.23

Balance Sheet Review

Northrim’s total assets were $3.24 billion at June 30, 2025, up 3% from the preceding quarter and up 15% from a year ago. Northrim’s loan-to-deposit ratio was 78% at June 30, 2025, up from 76% at both March 31, 2025 and June 30, 2024.

At June 30, 2025, liquid assets, investments, and loans maturing within one year were $1.15 billion and our funds available for borrowing under our existing lines of credit were $507.9 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.89 billion in the second quarter of 2025, up 4% from $2.78 billion in the first quarter of 2025 and up 12% from $2.57 billion in the second quarter a year ago. The average yield on interest-earning assets was 6.27% in the second quarter of 2025, up from 6.10% in the preceding quarter and up from 5.83% in the second quarter of 2024.

Average investment securities decreased to $515.9 million in the second quarter of 2025, compared to $523.8 million in the first quarter of 2025 and $640.0 million in the second quarter a year ago. The average net tax equivalent yield on the securities portfolio was 3.07% for the second quarter of 2025, up from 2.97% in the preceding quarter and up from 2.82% in the year ago quarter. The average estimated duration of the investment portfolio at June 30, 2025, was approximately 2.4 years compared to approximately 2.5 years at June 30, 2024. As of June 30, 2025, $55.7 million of available for sale securities with a weighted average yield of 1.40% are scheduled to mature in the next six months, $106.8 million with a weighted average yield of 1.28% are scheduled to mature in six months to one year, and $145.0 million with a weighted average yield of 1.96% are scheduled to mature in the following year, representing a total of $307.5 million or 11% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $1.9 million in the second quarter of 2025 resulting in total unrealized loss, net of tax, of $3.6 million compared to $5.5 million at March 31, 2025, and $15.2 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $711,000 at June 30, 2025, compared to $1.1 million at March 31, 2025, and $3.0 million a year ago.

Average interest bearing deposits in other banks decreased to $27.2 million in the second quarter of 2025 from $38.0 million in the first quarter of 2025 and increased from $17.4 million in the second quarter of 2024, as cash was used to fund loan growth and provide liquidity.

Loans held for sale decreased to $127.1 million at June 30, 2025, compared to $159.6 million at March 31, 2025, largely due to the sale of $61 million consumer mortgage loans in the second quarter of 2025 that had been reclassified to loans held for sale from portfolio loans in the first quarter of 2025, and increased from $85.9 million a year ago, due to higher loan production by Residential Mortgage.

Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $2.00 billion at June 30, 2025, up $59.1 million or 3% from the preceding quarter and up 21% from a year ago. This increase in the second quarter of 2025 was diversified throughout the loan portfolio including consumer mortgage loans increasing by $19 million, construction loans increasing by $31.2 million, commercial real estate owner-occupied loans increasing $17.1 million, and nonowner-occupied commercial real estate and multi-family loans increasing by $6.5 million from the preceding quarter. These increases were partially offset by a $3.8 million decrease in commercial loans. Average portfolio loans in the second quarter of 2025 were $2.17 billion, which was consistent with the preceding quarter after the sale of $61 million in consumer mortgage loans, and up 18% from a year ago. Yields on average portfolio loans in the second quarter of 2025 increased to 6.99% from 6.89% in the first quarter and increased from 6.87% in the second quarter of 2024. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.45% in the second quarter of 2025 as compared to 7.43% in the first quarter of 2025 and 8.26% in the second quarter of 2024.

Northrim’s loans and credit lines are subject to approval procedures and amount limitations. These limitations apply to the borrower’s total outstanding indebtedness and commitments to us, including the indebtedness of any guarantor. Generally, Northrim is permitted to make loans to one borrower of up to 15% of the unimpaired capital and surplus of the Bank. The legal lending limit was $39.4 million at June 30, 2025. At June 30, 2025, Northrim had 22 relationships totaling $504.0 million in portfolio loans whose total direct and indirect commitments were greater than 50% of the legal lending limit.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.81 billion at June 30, 2025, up 1% from $2.78 billion at March 31, 2025, and up 14% from $2.46 billion a year ago. “The increase in deposits in the second quarter of 2025 was consistent with our customers’ normal business cycles which typically result in increases in deposit balances in the second and third quarters and decreases in the first and fourth quarters,” said Ballard. At June 30, 2025, 75% of total deposits were held in business accounts and 25% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $60,000 as of June 30, 2025. Northrim had 27 customers with balances over $10 million as of June 30, 2025, which accounted for $731.1 million, or 27%, of total deposits. Demand deposits increased by 5% from the prior quarter and increased 10% from the prior year to $777.9 million at June 30, 2025. Demand deposits were 28% of total deposits at June 30, 2025 up from 27% at March 31, 2025 and were down from 29% of total deposits at June 30, 2024. Average interest-bearing deposits were up 1% to $2.03 billion with an average cost of 2.04% in the second quarter of 2025, compared to $2.00 billion and an average cost of 2.01% in the first quarter of 2025, and up 18% compared to $1.73 billion and an average cost of 2.21% in the second quarter of 2024. Uninsured deposits totaled $1.02 billion or 36% of total deposits as of June 30, 2025 compared to $1.08 billion or 40% of total deposits as of December 31, 2024.

Shareholders’ equity was $290.2 million, or $52.55 book value per share, at June 30, 2025, compared to $279.8 million, or $50.67 book value per share, at March 31, 2025 and $247.2 million, or $44.93 book value per share, a year ago. Tangible book value per share^* was $43.35 at June 30, 2025, compared to $41.47 at March 31, 2025, and $42.03 per share a year ago. The increase in shareholders’ equity in the second quarter of 2025 as compared to the first quarter of 2025 was largely the result of earnings of $11.8 million and an increase in the fair value of the available for sale securities portfolio, which increased $1.9 million, net of tax, which were only partially offset by dividends paid of $3.6 million. The Company did not repurchase any shares of common stock in the second quarter of 2025 and currently has no plans to repurchase shares this year. Tangible common equity to tangible assets^* was 7.50% as of June 30, 2025, compared to 7.41% as of March 31, 2025 and 8.24% as of June 30, 2024. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 9.80% at June 30, 2025, compared to 9.76% at March 31, 2025, and 11.68% at June 30, 2024.

Asset Quality

Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

Nonperforming assets (“NPAs”) net of government guarantees were $11.9 million at June 30, 2025, down from $12.3 million at March 31, 2025 and up from $5.1 million a year ago. Of the NPAs at June 30, 2025, $4.2 million are attributable to the Community Banking segment and $7.5 million are attributable to the Specialty Finance segment.

Net adversely classified loans were $35.8 million at June 30, 2025, as compared to $20.4 million at March 31, 2025, and $7.1 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. The increase in adversely classified loans, net of government guarantees, at June 30, 2025 as compared to the prior quarter is mostly attributable to two commercial relationships totaling $16.0 million. Net loan charge-offs were $140,000 in the second quarter of 2025, compared to net loan recoveries of $34,000 in the first quarter of 2025, and net loan recoveries of $26,000 in the second quarter of 2024. Additionally, Northrim had 13 loan modifications to borrowers experiencing financial difficulty totaling $3.3 million, net of government guarantees that had been modified in the last twelve months as of June 30, 2025.

Northrim had $141.2 million, or 6% of portfolio loans, in the Healthcare sector, $127.2 million, or 6% of portfolio loans, in the Tourism sector, $121.0 million, or 5% of portfolio loans, in the Accommodations sector, $93.4 million, or 4% of portfolio loans, in the Retail sector, $84.2 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector, $76.2 million, or 3% of portfolio loans, in the Fishing sector, and $59.5 million, or 3% in the Restaurants and Breweries sector as of June 30, 2025.

Northrim estimates that $105.9 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of June 30, 2025, and $1.5 million of these loans are adversely classified. As of June 30, 2025, Northrim has an additional $76.9 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

www.northrim.com

Forward-Looking Statement

This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives, including tariffs, on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; potential further increases in inflation, supply-chain constraints, and potential geopolitical instability, including the war in Ukraine and the conflict in the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
References:

https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

https://www.bls.gov/regions/west/news-release/consumerpriceindex_anchorage.htm

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.akleg.gov/basis/Bill/Text/34?Hsid=HJR011C

https://www.trade.gov/data-visualization/tradestats-express-trade-partner-state

https://tax.alaska.gov/programs/programs/reports/RSB.aspx?Year=2025&Type=Spring

Home

https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials

Contact:	Mike Huston, President, CEO, and COO
	(907) 261-8750
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

Income Statement
(Dollars in thousands, except per share data)	Three Months Ended								Year-to-date
(Unaudited)	June 30,		March 31,			June 30,			June 30,		June 30,
		2025		2025			2024			2025		2024
Interest Income:
Interest and fees on loans	$	40,519	$	37,470		$	32,367		$	77,989	$	62,817
Interest on portfolio investments		3,765		3,675			4,310			7,440		8,830
Interest on deposits in banks		515		416			232			931		1,070
Total interest income		44,799		41,561			36,909			86,360		72,717
Interest Expense:
Interest expense on deposits		10,304		9,935			9,476			20,239		18,656
Interest expense on borrowings		903		329			380			1,232		561
Total interest expense		11,207		10,264			9,856			21,471		19,217
Net interest income		33,592		31,297			27,053			64,889		53,500

Provision (benefit) for credit losses		1,976		(1,409	)		(120	)		567		29
Net interest income after provision for credit losses		31,616		32,706			27,173			64,322		53,471

Other Operating Income:
Mortgage banking income		7,400		4,251			5,884			11,651		9,915
Purchased receivable income		5,897		6,100			1,242			12,047		2,587
Bankcard fees		1,153		1,074			1,105			2,227		2,022
Service charges on deposit accounts		726		677			572			1,403		1,121
Unrealized gain (loss) on marketable equity securities		78		(50	)		(60	)		28		254
Other income		1,386		988			834			2,324		1,522
Total other operating income		16,640		13,040			9,577			29,680		17,421

Other Operating Expense:
Salaries and other personnel expense		20,854		17,223			16,627			38,077		32,044
Data processing expense		3,366		3,104			2,601			6,470		5,260
Occupancy expense		2,104		1,889			1,843			3,993		3,805
Professional and outside services		1,113		1,115			726			2,228		1,481
Marketing expense		1,042		672			690			1,714		1,203
Insurance expense		756		1,017			692			1,773		1,471
Compensation expense – SCF acquisition payments		600		600			—			1,200		—
OREO expense, net rental income and gains on sale		2		3			2			5		(389	)
Other expense		2,651		2,548			2,013			5,199		3,957
Total other operating expense		32,488		28,171			25,194			60,659		48,832

Income before provision for income taxes		15,768		17,575			11,556			33,343		22,060
Provision for income taxes		3,990		4,251			2,536			8,241		4,841
Net income	$	11,778	$	13,324		$	9,020		$	25,102	$	17,219

Basic EPS	$	2.13	$	2.41		$	1.64		$	4.54	$	3.13
Diluted EPS	$	2.09	$	2.38		$	1.62		$	4.47	$	3.10
Weighted average shares outstanding, basic		5,521,811		5,519,998			5,500,588			5,520,905		5,500,083
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,558,580			5,611,734		5,562,025

Balance Sheet
(Dollars in thousands)
(Unaudited)	June 30,			March 31,			June 30,
		2025			2025			2024

Assets:
Cash and due from banks	$	43,734		$	29,671		$	33,364
Interest bearing deposits in other banks		97,549			35,852			21,058
Investment securities available for sale, at fair value		429,421			463,096			584,964
Investment securities held to maturity		36,750			36,750			36,750
Marketable equity securities, at fair value		8,747			8,669			12,381
Investment in Federal Home Loan Bank stock		8,343			5,342			4,929
Loans held for sale		127,116			159,603			85,926

Portfolio loans		2,202,115			2,124,330			1,875,907
Allowance for credit losses, loans		(22,585	)		(20,922	)		(17,694	)
Net portfolio loans		2,179,530			2,103,408			1,858,213
Purchased receivables, net		109,098			95,489			25,722
Mortgage servicing rights, at fair value		27,506			26,814			21,077
Other real estate owned, net		—			—			—
Premises and equipment, net		36,501			37,070			40,393
Lease right of use asset		7,033			7,632			8,244
Goodwill and intangible assets		50,824			50,824			15,967
Other assets		81,608			80,740			72,680
Total assets	$	3,243,760		$	3,140,960		$	2,821,668

Liabilities:
Demand deposits	$	777,948		$	742,560		$	704,471
Interest-bearing demand		1,196,048			1,187,465			906,010
Savings deposits		248,141			256,650			238,156
Money market deposits		196,166			193,842			195,159
Time deposits		390,867			397,460			420,010
Total deposits		2,809,170			2,777,977			2,463,806
Other borrowings		63,026			13,136			43,961
Junior subordinated debentures		10,310			10,310			10,310
Lease liability		7,077			7,682			8,269
Other liabilities		63,958			52,099			48,122
Total liabilities		2,953,541			2,861,204			2,574,468

Shareholders’ Equity:
Total shareholders’ equity		290,219			279,756			247,200
Total liabilities and shareholders’ equity	$	3,243,760		$	3,140,960		$	2,821,668

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans
	June 30, 2025					March 31, 2025					December 31, 2024					September 30, 2024					June 30, 2024
	Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total
Commercial loans	$	569,753		27	%	$	573,593		27	%	$	518,148		24	%	$	492,414		24	%	$	495,781		26	%
Commercial real estate:
Owner occupied properties		447,561		20	%		430,442		20	%		420,060		20	%		412,827		20	%		383,832		20	%
Nonowner occupied and
multifamily properties		696,766		31	%		690,277		32	%		619,431		29	%		584,302		31	%		551,130		30	%
Residential real estate:
1-4 family properties
secured by first liens		206,905		9	%		188,219		9	%		270,535		13	%		248,514		12	%		222,026		12	%
1-4 family properties
secured by junior liens &
revolving secured by first liens		60,118		3	%		53,836		3	%		48,857		2	%		45,262		2	%		41,258		2	%
1-4 family construction		36,005		2	%		34,017		2	%		39,789		2	%		39,794		2	%		29,510		2	%
Construction loans		187,442		8	%		156,211		7	%		214,068		10	%		185,362		9	%		154,009		8	%
Consumer loans		7,570		—	%		7,424		—	%		7,562		—	%		7,836		—	%		6,679		—	%
Subtotal		2,212,120					2,134,019					2,138,450					2,016,311					1,884,225
Unearned loan fees, net		(10,005	)				(9,689	)				(9,187	)				(8,746	)				(8,318	)
Total portfolio loans	$	2,202,115				$	2,124,330				$	2,129,263				$	2,007,565				$	1,875,907

Composition of Deposits
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Demand deposits	$	777,948	28	%	$	742,560	27	%	$	706,225	27	%	$	763,595	29	%	$	704,471	29	%
Interest-bearing demand		1,196,048	42	%		1,187,465	43	%		1,108,404	41	%		979,238	37	%		906,010	36	%
Savings deposits		248,141	9	%		256,650	9	%		250,900	9	%		245,043	9	%		238,156	10	%
Money market deposits		196,166	7	%		193,842	7	%		196,290	7	%		204,821	8	%		195,159	8	%
Time deposits		390,867	14	%		397,460	14	%		418,370	16	%		435,870	17	%		420,010	17	%
Total deposits	$	2,809,170			$	2,777,977			$	2,680,189			$	2,628,567			$	2,463,806

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality	June 30,		March 31,		June 30,
		2025		2025		2024
Nonaccrual loans – Community Banking	$	4,180	$	4,274	$	4,233
Nonaccrual loans – Home Mortgage Lending		197		221		253
Nonaccrual loans – Specialty Finance		3,484		3,573		344
Nonaccrual loans – Total		7,861		8,068		4,830
Loans 90 days past due and accruing – Community Banking		—		—		17
Loans 90 days past due and accruing – Total		—		—		17
Total nonperforming loans – Community Banking		4,180		4,274		4,250
Total nonperforming loans – Home Mortgage Lending		197		221		253
Total nonperforming loans – Specialty Finance		3,484		3,573		344
Total nonperforming loans – Total		7,861		8,068		4,847
Nonperforming loans guaranteed by gov’t – Community Banking		70		80		—
Nonperforming loans guaranteed by gov’t – Total		70		80		—
Net nonperforming loans – Community Banking		4,110		4,194		4,250
Net nonperforming loans – Home Mortgage Lending		197		221		253
Net nonperforming loans – Specialty Finance		3,484		3,573		344
Net nonperforming loans – Total		7,791		7,988		4,847

Repossessed assets – Community Banking		50		297		297
Repossessed assets – Total		50		297		297

Nonperforming purchased receivables – Specialty Finance		4,017		4,007		—

Net nonperforming assets – Community Banking		4,160		4,491		4,547
Net nonperforming assets – Home Mortgage Lending		197		221		253
Net nonperforming assets – Specialty Finance		7,501		7,580		344
Net nonperforming assets – Total	$	11,858	$	12,292	$	5,144

Adversely classified loans, net of gov’t guarantees – Community Banking	$	32,128	$	16,592	$	6,006
Adversely classified loans, net of gov’t guarantees – Home Mortgage Lending		223		252		718
Adversely classified loans, net of gov’t guarantees – Specialty Finance		3,484		3,573		344
Adversely classified loans, net of gov’t guarantees – Total	$	35,835	$	20,417	$	7,068

Special mention loans, net of gov’t guarantees – Community Banking	$	3,966	$	14,496	$	8,902
Special mention loans, net of gov’t guarantees – Home Mortgage Lending		790		637		—
Special mention loans, net of gov’t guarantees – Total	$	4,756	$	15,133	$	8,902

Asset Quality, Continued	June 30,				March 31,				June 30,
		2025				2025				2024
Nonperforming loans, net of government guarantees / portfolio loans		0.35		%		0.38		%		0.26		%
Nonperforming loans, net of government guarantees / portfolio loans,
net of government guarantees		0.38		%		0.40		%		0.28		%
Nonperforming assets, net of government guarantees / total assets		0.37		%		0.39		%		0.18		%
Nonperforming assets, net of government guarantees / total assets
net of government guarantees		0.38		%		0.41		%		0.19		%

Loans 30-89 days past due and accruing, net of government guarantees /								%
portfolio loans		0.06		%		0.04		%		0.03		%
Loans 30-89 days past due and accruing, net of government guarantees /
portfolio loans, net of government guarantees		0.06		%		0.04		%		0.04		%

Allowance for credit losses for loans / portfolio loans		1.03		%		0.98		%		0.94		%
Allowance for credit losses for loans / portfolio loans, net of gov’t guarantees		1.10		%		1.06		%		1.01		%
Allowance for credit losses for loans / nonperforming loans, net of
government guarantees		290		%		262		%		365		%

Gross loan charge-offs for the quarter – Community Banking	$3				$50				$—
Gross loan charge-offs for the quarter – Specialty Finance		152				—				—
Gross loan charge-offs for the quarter – Total		155				50				—

Gross loan recoveries for the quarter – Community Banking		(15	)			(84	)			(26	)
Gross loan recoveries for the quarter – Home Mortgage Lending		—				—				—
Gross loan recoveries for the quarter – Specialty Finance		—				—				—
Gross loan recoveries for the quarter – Total	($15		)		($84		)		($26		)

Net loan (recoveries) charge-offs for the quarter – Community Banking	($12		)		($34		)		($26		)
Net loan (recoveries) charge-offs for the quarter – Specialty Finance		152				—				—
Net loan (recoveries) charge-offs for the quarter – Total	$140				($34		)		($26		)

Net loan charge-offs (recoveries) year-to-date – Community Banking	($46		)		($34		)		($68		)
Net loan charge-offs (recoveries) year-to-date – Specialty Finance		152				—				—
Net loan charge-offs (recoveries) year-to-date – Total	$106				($34		)		($68		)

Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter		0.01		%		—		%		—		%

Net loan charge-offs (recoveries) year-to-date / average loans,
year-to-date annualized		0.01		%		(0.01	)	%		(0.01	)	%

Allowance for credit losses for purchased receivables / purchased receivables		3.05		%		3.72		%		—		%

Net purchased receivable charge-offs (recoveries) for the quarter	$281				$—				$—

Net purchased receivable charge-offs (recoveries) year-to-date	$281				$—				$—

Net purchased receivable charge-offs (recoveries) for the quarter /
average purchased receivables, for the quarter		0.27		%	NA				NA

Net purchased receivable charge-offs (recoveries) year-to-date / average
purchased receivables, year-to-date annualized		0.61		%	NA				NA

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Three Months Ended
	June 30, 2025					March 31, 2025					June 30, 2024
				Average					Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	27,216		7.60	%	$	37,969		4.44	%	$	17,352		5.27	%
Portfolio investments		515,916		3.07	%		523,753		2.97	%		639,980		2.82	%
Loans held for sale		173,675		6.50	%		46,223		5.86	%		65,102		6.08	%
Portfolio loans		2,172,482		6.99	%		2,173,425		6.89	%		1,845,832		6.87	%
Total interest-earning assets		2,889,289		6.27	%		2,781,370		6.10	%		2,568,266		5.83	%
Nonearning assets		306,206					293,415					204,509
Total assets	$	3,195,495				$	3,074,785				$	2,772,775

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,029,100		2.04	%	$	2,002,594		2.01	%	$	1,725,013		2.21	%
Borrowings		86,404		4.14	%		37,081		3.55	%		38,390		3.92	%
Total interest-bearing liabilities		2,115,504		2.12	%		2,039,675		2.04	%		1,763,403		2.25	%

Noninterest-bearing demand deposits		737,112					697,534					706,339
Other liabilities		54,320					63,348					58,549
Shareholders’ equity		288,559					274,228					244,484
Total liabilities and shareholders’ equity	$	3,195,495				$	3,074,785				$	2,772,775
Net spread				4.15	%				4.06	%				3.58	%
NIM				4.66	%				4.55	%				4.24	%
NIMTE^*				4.72	%				4.61	%				4.30	%
Cost of funds				1.57	%				1.52	%				1.60	%
Average portfolio loans to average
interest-earning assets		75.19	%				78.14	%				71.87	%
Average portfolio loans to average total deposits		78.54	%				80.49	%				75.92	%
Average non-interest deposits to average
total deposits		26.65	%				25.83	%				29.05	%
Average interest-earning assets to average
interest-bearing liabilities		136.58	%				136.36	%				145.64	%

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Year-to-date
	June 30, 2025					June 30, 2024
				Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	32,563		5.77	%	$	39,457		5.36	%
Portfolio investments		519,813		3.02	%		655,458		2.82	%
Loans held for sale		110,301		6.35	%		48,868		6.10	%
Portfolio loans		2,172,950		6.94	%		1,819,629		6.81	%
Total interest-earning assets		2,835,627		6.19	%		2,563,412		5.76	%
Nonearning assets		299,848					202,819
Total assets	$	3,135,475				$	2,766,231

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,015,920		2.02	%	$	1,728,468		2.17	%
Borrowings		61,879		3.96	%		31,167		3.55	%
Total interest-bearing liabilities		2,077,799		2.08	%		1,759,635		2.19	%

Noninterest-bearing demand deposits		717,432					705,736
Other liabilities		58,809					59,478
Shareholders’ equity		281,435					241,382
Total liabilities and shareholders’ equity	$	3,135,475				$	2,766,231
Net spread				4.11	%				3.57	%
NIM				4.61	%				4.20	%
NIMTE^*				4.66	%				4.26	%
Cost of funds				1.55	%				1.57	%
Average portfolio loans to average interest-earning assets		76.63	%				70.98	%
Average portfolio loans to average total deposits		79.50	%				74.75	%
Average non-interest deposits to average total deposits		26.25	%				28.99	%
Average interest-earning assets to average interest-bearing liabilities		136.47	%				145.68	%

Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Capital Data (At quarter end)
	June 30, 2025				March 31, 2025				June 30, 2024
Book value per share	$52.55				$50.67				$44.93
Tangible book value per share^*	$43.35				$41.47				$42.03
Total shareholders’ equity/total assets		8.95		%		8.91		%		8.76		%
Tangible Common Equity/Tangible Assets^*		7.50		%		7.41		%		8.24		%
Tier 1 Capital / Risk Adjusted Assets		9.80		%		9.76		%		11.68		%
Total Capital / Risk Adjusted Assets		10.71		%		10.62		%		12.58		%
Tier 1 Capital / Average Assets		7.99		%		8.02		%		9.17		%
Shares outstanding		5,522,271				5,520,892				5,501,562
Total unrealized loss on AFS debt securities, net of income taxes	($3,571		)		($5,452		)		($15,197		)
Total unrealized gain on derivatives and hedging activities, net of income taxes	$1,026				$1,097				$1,212

Profitability Ratios
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
For the quarter:
NIM	4.66	%	4.55	%	4.41	%	4.29	%	4.24	%
NIMTE^*	4.72	%	4.61	%	4.47	%	4.35	%	4.30	%
Efficiency ratio	64.68	%	63.54	%	66.96	%	66.11	%	68.78	%
Return on average assets	1.48	%	1.76	%	1.43	%	1.22	%	1.31	%
Return on average equity	16.37	%	19.70	%	16.32	%	13.69	%	14.84	%

	June 30, 2025		June 30, 2024
Year-to-date:
NIM	4.61	%	4.20	%
NIMTE^*	4.66	%	4.26	%
Efficiency ratio	64.14	%	68.85	%
Return on average assets	1.61	%	1.25	%
Return on average equity	17.99	%	14.35	%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2025 and 2024. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

	Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Net interest income	$	33,592		$	31,297		$	30,841		$	28,842		$	27,053
Divided by average interest-bearing assets		2,889,289			2,781,370			2,787,517			2,674,291			2,568,266
Net interest margin (“NIM”)²		4.66	%		4.55	%		4.41	%		4.29	%		4.24	%

Net interest income	$	33,592		$	31,297		$	30,841		$	28,842		$	27,053
Plus: reduction in tax expense related to
tax-exempt interest income		409			379			379			385			378
	$	34,001		$	31,676		$	31,220		$	29,227		$	27,431
Divided by average interest-bearing assets		2,889,289			2,781,370			2,787,517			2,674,291			2,568,266
NIMTE²		4.72	%		4.61	%		4.47	%		4.35	%		4.30	%

	Year-to-date
	June 30, 2025			June 30, 2024
Net interest income	$	64,889		$	53,500
Divided by average interest-bearing assets		2,835,627			2,563,412
Net interest margin (“NIM”)³		4.61	%		4.20	%

Net interest income	$	64,889		$	53,500
Plus: reduction in tax expense related to
tax-exempt interest income		788			757
	$	65,677		$	54,257
Divided by average interest-bearing assets		2,835,627			2,563,412
NIMTE³		4.66	%		4.26	%

²Calculated using actual days in the quarter divided by 365 for the quarters ended in 2025 and 366 for the quarters ended in 2024, respectively.

³Calculated using actual days in the year divided by 365 for year-to-date period in 2025 and 366 for year-to-date period in 2024, respectively.

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value Per Share

Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Total shareholders’ equity	$	290,219	$	279,756	$	267,116	$	260,050	$	247,200
Divided by shares outstanding		5,522		5,521		5,518		5,502		5,502
Book value per share	$	52.55	$	50.68	$	48.41	$	47.26	$	44.93

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Total shareholders’ equity	$	290,219	$	279,756	$	267,116	$	260,050	$	247,200
Less: goodwill and intangible assets		50,824		50,824		50,968		15,967		15,967
	$	239,395	$	228,932	$	216,148	$	244,083	$	231,233
Divided by shares outstanding		5,522		5,521		5,518		5,502		5,502
Tangible book value per share	$	43.35	$	41.47	$	39.17	$	44.36	$	42.03

Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets for the periods indicated.

Northrim BanCorp, Inc.	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Total assets		3,243,760			3,140,960			3,041,869			2,963,392			2,821,668
Total shareholders’ equity to total assets		8.95	%		8.91	%		8.78	%		8.78	%		8.76	%

Northrim BanCorp, Inc.	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Less: goodwill and other intangible assets, net		50,824			50,824			50,968			15,967			15,967
Tangible common shareholders’ equity	$	239,395		$	228,932		$	216,148		$	244,083		$	231,233

Total assets	$	3,243,760		$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668
Less: goodwill and other intangible assets, net		50,824			50,824			50,968			15,967			15,967
Tangible assets	$	3,192,936		$	3,090,136		$	2,990,901		$	2,947,425		$	2,805,701
Tangible common equity ratio		7.50	%		7.41	%		7.23	%		8.28	%		8.24	%

Note Transmitted on GlobeNewswire on July 23, 2025, at 12:15 pm Alaska Standard Time.

The MIL Network –

July 24, 2025

MIL-OSI: PennantPark Investment Corporation’s Unconsolidated Joint Venture, PennantPark Senior Loan Fund, LLC Completes the Partial Refinancing of its $300 Million Securitization, Lowering the Cost of Financing

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 23, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (the “Company”) (NYSE: PNNT) today announced that PennantPark Senior Loan Fund, LLC (“PSLF”) through PSLF’s wholly-owned and consolidated subsidiary, PennantPark CLO VII, LLC (“CLO VII”) has closed the partial refinancing of its $300 million debt securitization.

The partial refinancing of this securitization (the “Debt”) impacted the following tranches:

Class	Par Amount ($ in millions)	Coupon	Expected Rating (S&P)	Issuance Price
B-R Loans	$21,000,000	3 Mo SOFR + 1.95%	AA	100.0%
C-R Loans	24,000,000	3 Mo SOFR + 2.30%	A	100.0%
D-R Loans	18,000,000	3 Mo SOFR + 3.35%	BBB-	100.0%

“The partial refinancing of this PSLF securitization is a continued testament to the strength of the Company’s platform, and highlights our ability to take advantage of an attractive market to reprice our liabilities lower,” said Arthur Penn, Chief Executive Officer. “The partial refinancing of CLO VII is expected to result in a significant reduction in the Company’s and PSLF’s cost of capital, which should allow PSLF to continue to achieve attractive returns on invested capital. PennantPark currently manages approximately $4.0 billion in middle market assets in securitizations, and we look forward to continued growth.”

PSLF will continue to retain the Subordinated Notes through a consolidated subsidiary. In addition, PSLF continues to act as retention holder in the transaction to retain exposure to the performance of the securitized assets. BNP Paribas acted as lead placement agent on the CLO transaction.

The Debt offered as part of this securitization have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state “blue sky” laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements. The CLO is a form of secured financing incurred and consolidated by PSLF. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the Debt in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation is a business development company which primarily invests in U.S. middle market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK SENIOR LOAN FUND, LLC

PennantPark Senior Loan Fund, LLC, is a joint venture between PennantPark Investment Corporation and Pantheon Ventures (UK), LLP and primarily invests in U.S. middle market companies whose debt is rated below investment grade.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC (“PennantPark”) is a leading middle market credit platform, managing approximately $10 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark is headquartered in Miami, and has offices in New York, Chicago, Houston, Los Angeles Amsterdam and Zurich.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

CONTACT:
Richard T. Allorto, Jr.
PennantPark Investment Corporation
(212) 905-1000
www.pennantpark.com

The MIL Network –

July 24, 2025

MIL-OSI: PennantPark Investment Corporation’s Unconsolidated Joint Venture, PennantPark Senior Loan Fund, LLC Completes the Partial Refinancing of its $300 Million Securitization, Lowering the Cost of Financing

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 23, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (the “Company”) (NYSE: PNNT) today announced that PennantPark Senior Loan Fund, LLC (“PSLF”) through PSLF’s wholly-owned and consolidated subsidiary, PennantPark CLO VII, LLC (“CLO VII”) has closed the partial refinancing of its $300 million debt securitization.

The partial refinancing of this securitization (the “Debt”) impacted the following tranches:

Class	Par Amount ($ in millions)	Coupon	Expected Rating (S&P)	Issuance Price
B-R Loans	$21,000,000	3 Mo SOFR + 1.95%	AA	100.0%
C-R Loans	24,000,000	3 Mo SOFR + 2.30%	A	100.0%
D-R Loans	18,000,000	3 Mo SOFR + 3.35%	BBB-	100.0%

“The partial refinancing of this PSLF securitization is a continued testament to the strength of the Company’s platform, and highlights our ability to take advantage of an attractive market to reprice our liabilities lower,” said Arthur Penn, Chief Executive Officer. “The partial refinancing of CLO VII is expected to result in a significant reduction in the Company’s and PSLF’s cost of capital, which should allow PSLF to continue to achieve attractive returns on invested capital. PennantPark currently manages approximately $4.0 billion in middle market assets in securitizations, and we look forward to continued growth.”

PSLF will continue to retain the Subordinated Notes through a consolidated subsidiary. In addition, PSLF continues to act as retention holder in the transaction to retain exposure to the performance of the securitized assets. BNP Paribas acted as lead placement agent on the CLO transaction.

The Debt offered as part of this securitization have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state “blue sky” laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements. The CLO is a form of secured financing incurred and consolidated by PSLF. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the Debt in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation is a business development company which primarily invests in U.S. middle market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK SENIOR LOAN FUND, LLC

PennantPark Senior Loan Fund, LLC, is a joint venture between PennantPark Investment Corporation and Pantheon Ventures (UK), LLP and primarily invests in U.S. middle market companies whose debt is rated below investment grade.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC (“PennantPark”) is a leading middle market credit platform, managing approximately $10 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark is headquartered in Miami, and has offices in New York, Chicago, Houston, Los Angeles Amsterdam and Zurich.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

CONTACT:
Richard T. Allorto, Jr.
PennantPark Investment Corporation
(212) 905-1000
www.pennantpark.com

The MIL Network –

July 24, 2025

MIL-OSI: Federal Home Loan Bank of New York Announces Second Quarter 2025 Operating Highlights

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended June 30, 2025.

“Throughout the first half of 2025, the Federal Home Loan Bank of New York has continued to provide stable, reliable and low-cost funding to our members in support of their lending activities across our region and beyond,” said Randolph C. Snook, president and CEO of the FHLBNY. “Our second quarter results reflect our ongoing dedication to executing on this foundational purpose. Providing members with on-demand access to our liquidity helps extend credit to and reduce borrowing costs for the consumer and supports the creation of attainable homeownership opportunities. This is our mission, on which we have continued to deliver this year.”

Highlights from the second quarter of 2025 include:

Net income for the quarter was $153.1 million, a decrease of $28.2 million, or 15.6%, from net income of $181.3 million for the second quarter of 2024. Net interest income for the quarter was $214.5 million, a decrease of $33.2 million, or 13.4%, from $247.7 million in the second quarter of last year. The decrease in net interest income was driven by a decrease in market interest rates and a decrease in average advances balances from the prior year period. Non-interest income increased by $2.1 million, or 12.3%, to $19.4 million from the second quarter of 2024.

Return on average equity (“ROE”) for the quarter was 7.20% (annualized), compared to ROE of 8.54% for the second quarter of 2024.

As of June 30, 2025, total assets were $167.8 billion, an increase of $7.5 billion, or 4.7%, from total assets of $160.3 billion at December 31, 2024. As of June 30, 2025, advances (par amount) were $104.9 billion, a decrease of $1.6 billion, or 1.5%, from $106.5 billion at December 31, 2024.

Total capital was $8.4 billion as of both June 30, 2025 and December 31, 2024, as a decrease in capital stock, aligned with the decrease in advances balances, was offset by an increase in retained earnings. The FHLBNY’s retained earnings were $2.6 billion as of June 30, 2025; $1.3 billion of the retained earnings were unrestricted and $1.3 billion were restricted. At June 30, 2025, the FHLBNY was in compliance with its regulatory capital ratios and liquidity requirements.

The FHLBNY allocated $17.0 million from its second quarter 2025 earnings for its Affordable Housing Program. The FHLBNY set aside an additional $4.2 million from the quarter’s earnings for voluntary contributions to affordable housing and community development initiatives.

The FHLBNY expects to file its Form 10-Q for the second quarter of 2025 with the U.S. Securities and Exchange Commission on or before August 7, 2025.


Selected Balance Sheet Items (dollars in millions)
	June 30,			December 31,
	2025			2024			Change

Advances	$	104,720		$	105,838		$	(1,118)
Mortgage loans held for portfolio		2,459			2,345			114
Mortgage-backed securities		19,961			19,397			564
Liquidity assets		38,143			30,344			7,799
Total assets	$	167,779		$	160,300		$	7,479

Consolidated obligations	$	154,520		$	148,411		$	6,109
Capital stock		5,962			6,014			(52)
Unrestricted retained earnings		1,280			1,286			(6)
Restricted retained earnings		1,271			1,209			62
Accumulated other comprehensive income (loss)		(88)			(100)			12
Total capital	$	8,424		$	8,410		$	14

Capital-to-assets ratio (GAAP)		5.02	%		5.25	%
Capital-to-assets ratio (Regulatory)		5.08	%		5.31	%

Operating Results (dollars in millions)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025			2024			Change		2025			2024			Change

Total interest income	$	1,895.8		$	2,283.4		$	(387.6)	$	3,717.3		$	4,599.4		$	(882.1)
Total interest expense		1,681.3			2,035.7			(354.4)		3,287.8			4,086.7			(798.9)
Net interest income		214.5			247.7			(33.2)		429.5			512.7			(83.2)
Provision (Reversal) for credit losses		(0.1)			(0.3)			0.2		0.1			(0.8)			0.8
Net interest income after provision for credit losses		214.6			248.0			(33.4)		429.4			513.5			(84.0)
Non-interest income (loss)		19.4			17.3			2.1		40.1			53.1			(13.0)
Non-interest expense		63.9			63.8			0.1		126.4			120.1			6.3
Affordable Housing Program assessments		17.0			20.2			(3.2)		34.4			44.7			(10.4)
Net income	$	153.1		$	181.3		$	(28.2)	$	308.7		$	401.8		$	(92.9)

Return on average equity		7.20	%		8.54	%				7.39	%		9.55	%
Return on average assets		0.36	%		0.43	%				0.38	%		0.48	%
Net interest margin		0.51	%		0.60	%				0.53	%		0.61	%

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of June 30, 2025, the FHLBNY serves 334 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT: Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com

The MIL Network –

July 24, 2025

MIL-OSI: Federal Home Loan Bank of New York Announces Second Quarter 2025 Operating Highlights

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended June 30, 2025.

“Throughout the first half of 2025, the Federal Home Loan Bank of New York has continued to provide stable, reliable and low-cost funding to our members in support of their lending activities across our region and beyond,” said Randolph C. Snook, president and CEO of the FHLBNY. “Our second quarter results reflect our ongoing dedication to executing on this foundational purpose. Providing members with on-demand access to our liquidity helps extend credit to and reduce borrowing costs for the consumer and supports the creation of attainable homeownership opportunities. This is our mission, on which we have continued to deliver this year.”

Highlights from the second quarter of 2025 include:

Net income for the quarter was $153.1 million, a decrease of $28.2 million, or 15.6%, from net income of $181.3 million for the second quarter of 2024. Net interest income for the quarter was $214.5 million, a decrease of $33.2 million, or 13.4%, from $247.7 million in the second quarter of last year. The decrease in net interest income was driven by a decrease in market interest rates and a decrease in average advances balances from the prior year period. Non-interest income increased by $2.1 million, or 12.3%, to $19.4 million from the second quarter of 2024.

Return on average equity (“ROE”) for the quarter was 7.20% (annualized), compared to ROE of 8.54% for the second quarter of 2024.

As of June 30, 2025, total assets were $167.8 billion, an increase of $7.5 billion, or 4.7%, from total assets of $160.3 billion at December 31, 2024. As of June 30, 2025, advances (par amount) were $104.9 billion, a decrease of $1.6 billion, or 1.5%, from $106.5 billion at December 31, 2024.

Total capital was $8.4 billion as of both June 30, 2025 and December 31, 2024, as a decrease in capital stock, aligned with the decrease in advances balances, was offset by an increase in retained earnings. The FHLBNY’s retained earnings were $2.6 billion as of June 30, 2025; $1.3 billion of the retained earnings were unrestricted and $1.3 billion were restricted. At June 30, 2025, the FHLBNY was in compliance with its regulatory capital ratios and liquidity requirements.

The FHLBNY allocated $17.0 million from its second quarter 2025 earnings for its Affordable Housing Program. The FHLBNY set aside an additional $4.2 million from the quarter’s earnings for voluntary contributions to affordable housing and community development initiatives.

The FHLBNY expects to file its Form 10-Q for the second quarter of 2025 with the U.S. Securities and Exchange Commission on or before August 7, 2025.


Selected Balance Sheet Items (dollars in millions)
	June 30,			December 31,
	2025			2024			Change

Advances	$	104,720		$	105,838		$	(1,118)
Mortgage loans held for portfolio		2,459			2,345			114
Mortgage-backed securities		19,961			19,397			564
Liquidity assets		38,143			30,344			7,799
Total assets	$	167,779		$	160,300		$	7,479

Consolidated obligations	$	154,520		$	148,411		$	6,109
Capital stock		5,962			6,014			(52)
Unrestricted retained earnings		1,280			1,286			(6)
Restricted retained earnings		1,271			1,209			62
Accumulated other comprehensive income (loss)		(88)			(100)			12
Total capital	$	8,424		$	8,410		$	14

Capital-to-assets ratio (GAAP)		5.02	%		5.25	%
Capital-to-assets ratio (Regulatory)		5.08	%		5.31	%

Operating Results (dollars in millions)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025			2024			Change		2025			2024			Change

Total interest income	$	1,895.8		$	2,283.4		$	(387.6)	$	3,717.3		$	4,599.4		$	(882.1)
Total interest expense		1,681.3			2,035.7			(354.4)		3,287.8			4,086.7			(798.9)
Net interest income		214.5			247.7			(33.2)		429.5			512.7			(83.2)
Provision (Reversal) for credit losses		(0.1)			(0.3)			0.2		0.1			(0.8)			0.8
Net interest income after provision for credit losses		214.6			248.0			(33.4)		429.4			513.5			(84.0)
Non-interest income (loss)		19.4			17.3			2.1		40.1			53.1			(13.0)
Non-interest expense		63.9			63.8			0.1		126.4			120.1			6.3
Affordable Housing Program assessments		17.0			20.2			(3.2)		34.4			44.7			(10.4)
Net income	$	153.1		$	181.3		$	(28.2)	$	308.7		$	401.8		$	(92.9)

Return on average equity		7.20	%		8.54	%				7.39	%		9.55	%
Return on average assets		0.36	%		0.43	%				0.38	%		0.48	%
Net interest margin		0.51	%		0.60	%				0.53	%		0.61	%

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of June 30, 2025, the FHLBNY serves 334 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT: Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com

The MIL Network –

July 24, 2025

MIL-OSI New Zealand: Take that! Tourism campaign a hit with Aussies

Source: New Zealand Government

The ‘Everyone Must Go’ campaign encouraging Australians to pick New Zealand for their next holiday has hit its results out of the park, bringing in thousands of visitors in a boost for regional economies and tourism operators.

Tourism and Hospitality Minister Louise Upston says ‘Everyone Must Go’ was initially targeted at 6,750 additional arrivals over the autumn but ended up significantly exceeding expectations.

“‘Everyone Must Go’ has been a winner,’” Louise Upston says.

“Tourism NZ stats released to me show it delivering an additional 7,981 visitors to smash its initial forecasts. It also attracted significant attention on both sides of the Tasman, and got Kiwis and Aussies talking about New Zealand as a destination.

“Tourism is a key part of our plan to grow the economy, create jobs, lift wages and help Kiwis get ahead. ‘Everyone Must Go’ is a great example of the sector and Government working together to achieve these goals.

“We knew Aussies would recognise it as a great opportunity. Just like they grabbed Phar Lap and pavlova, it’s proved the same story with ‘Everyone Must Go.’

“A key part of this campaign’s success were the deals the tourism industry came to the party with. This team approach showed we can deliver great results for the sector when Government and industry are joined up and working towards the same goals.”

More than 800 deals from 450 operators across accommodation, transport and experiences were available during the campaign.

The initial $500,000 campaign spend delivered a solid return on investment, leading to an additional $300,000 to give the campaign a further boost.

“This campaign was the first Tourism Boost initiative, and these positive results show that with the right investment in the right markets we will drive economic growth.

“Every one of those Australian visitors who ate at cafes and restaurants, visited tourist attractions and shopped in our towns and cities has helped the New Zealand tourism sector grow, and boosted the Kiwi economy in the process,” Louise Upston says.

MIL OSI New Zealand News –

July 24, 2025

MIL-OSI Australia: NAB boosts first-home buyers’ dreams with new HELP debt assessment

Source: Premier of Victoria

From 31 July, if someone owes $20,000 or less in student debt, it won’t affect how much they can borrow for their new home with NAB.

This means that NAB customers with HELP debt could see a boost in their borrowing power, helping them get into the property market sooner or buy a home that better suits their needs.

NAB Executive for Home Ownership Matt Dawson

NAB Executive for Home Ownership Matt Dawson said this change will make a real difference for first-home buyers especially.

“For too long HELP debt has been a roadblock for many Australians looking to buy a home,” said Mr Dawson.

“NAB was pleased to advocate for this change last year which will allow more people to turn their homeownership dreams into reality, faster.

“From 31 July, some HELP repayments won’t be part of NAB’s home lending assessment, so customers can hit the real estate market sooner.”

While NAB welcomes the move by the regulator to increase buying capacity for home buyers by clarifying the treatment of HELP debt, Mr Dawson said housing supply remained the most significant challenge.

“It is critical to address both demand and supply-side measures together to help more Australians buy a home. There’s no simple fix, solving Australia’s housing challenges will take collaboration across the board.”

If you’re thinking about buying a home, chat with a NAB banker today.

Notes to the editor:

NAB has a long history of supporting first home buyers. Since January 2020 NAB has helped over 45,000 Australians purchase their first homes through the federal government’s Home Guarantee Scheme.

Property

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

MIL OSI News –

July 24, 2025

MIL-OSI: eToro to Announce Product Updates in Global Webinar on July 29, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — eToro Group Ltd. (“eToro”, or the “Company”) (NASDAQ: ETOR), the trading and investing platform, announced today it will host a webinar on Tuesday, July 29, 2025 at 10AM ET / 3PM BST / 4PM CET.

Hosted by eToro’s Co-founder and CEO, Yoni Assia, the webinar ‘eToro Unlocked: Trade Without Boundaries’ will showcase the latest evolutions in eToro’s product offering and unveil details of what is coming next for users of the global trading and investing platform.

To hear more about Yoni’s vision and the details of these product updates live, you can register here to join the webinar.

For the latest on eToro, follow us @eToro.

About eToro
eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media center here for our latest news.

Contact
Media Relations – pr@etoro.com
Investor Relations – investors@etoro.com

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

eToro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory authorities overseeing eToro include:

The Financial Conduct Authority (FCA) in the UK
The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
The Australian Securities and Investments Commission (ASIC) in Australia
The Financial Services Authority (FSA) in the Seychelles
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE

Source: eToro Group Ltd.

The MIL Network –

July 24, 2025

MIL-OSI Submissions: Five ways professional athletes are redefining the limits of age in sport

Source: The Conversation – UK – By Paul Hough, Lecturer Sport & Exercise Physiology , University of Westminster

Maciej Rogowski Photo/Shutterstock

In elite sport, the phrase “past your prime” is rapidly being redefined.

At 38, Jess Fishlock just became the oldest goalscorer in UEFA Women’s Euro history. At Euro 2024, Portuguese defender Pepe made headlines not for a red card or faking injury — but for simply stepping onto the pitch at age 41, becoming the oldest player to feature in a European Championship. Fellow veterans Cristiano Ronaldo (39), Luka Modrić (38), and Keylor Navas (38) also made appearances.

And it’s not just football. Serena Williams won the Australian Open at 35 (while pregnant). Roger Federer won a Grand Slam at 36. Rafael Nadal became the oldest French Open champion at 36. Novak Djokovic, now 38, won Olympic gold in 2024 and reached the semi-finals of all three Grand Slams this 2025.

In American sports, Tom Brady retired at 45 after 23 physically punishing NFL seasons. LeBron James, at 39, is still dominating in the NBA, having won the inaugural NBA Cup with the LA Lakers in 2023.

These aren’t just feel-good stories; they reflect a growing trend. Athletes are staying competitive for longer and pushing the boundaries of peak performance. But how?

Research backs the shift. A study on Olympic athletes found that between 1992 and 2021, the average age of male Olympians rose from 25 to 27, and female athletes from 24 to 26. In football, a study of UEFA Champions League players found the average player age rose by nearly two years between 1992 and 2018.

So how are older athletes continuing to thrive in elite sport? Here are some of the key factors.

1. Smarter training

Modern athletes benefit from personalised training programmes informed by cutting-edge sports science. Tools like GPS tracking, heart rate variability (HRV), and biomarker analysis help coaches monitor performance, recovery and injury risk.

Metrics such as HRV, for example, can indicate when an athlete might need more rest, which is crucial for older athletes who take longer to recover after intense competition.

Athletes are no longer reliant on a single coach. Today, they work with integrated teams – sports scientists, strength and conditioning coaches, and performance analysts – all dedicated to improving their fitness and performance.

2. Better injury prevention and medical support

Athletes now undergo regular fitness testing and musculoskeletal screening to identify potential weaknesses before they lead to injury. And when injuries do occur, recovery methods have vastly improved.

Anterior cruciate ligament (ACL) injuries were once considered career-ending for older athletes. But thanks to advanced surgical techniques and biological therapies, recovery is now faster, and athletes return to play much sooner.

Zlatan Ibrahimović, at age 35, returned to top-level football just seven months after an ACL tear – a feat nearly unthinkable a decade earlier.

3. Optimised recovery and nutrition

Ageing athletes have different recovery needs — and sports science has stepped up. Cryotherapy, compression therapy, and advanced sleep protocols all help reduce muscle soreness and accelerate repair.

Nutrition plays a key role too. Ageing bodies experience more inflammation and slower repair, so diets rich in polyphenols (found in berries, leafy greens, and dark chocolate) are used to support vascular health and recovery. Athletes may also take approved supplements such as glucosamine and chondroitin to support joint health and slow degeneration.

The result? Older athletes can train more consistently and recover faster between games.

4. Experience and tactical intelligence

Speed and strength decline with age, but tactical intelligence often improves. Older athletes can compensate for age-related declines in physical capacity with their advanced game-reading skills and spatial awareness. For instance, footballers like Paul Scholes and Andrés Iniesta adapted their playing styles with age, relying more on positioning and passing intelligence than physical capacity.

5. Financial and legacy incentives

Today’s stars aren’t just competing for medals – they’re building brands. With massive financial rewards on offer, there’s a clear incentive to prolong careers.

Cristiano Ronaldo, for example, recently signed a two-year contract extension with Al-Nassr that will see him play until age 42 — reportedly earning an estimated £492 million. For many athletes, the chance to leave a lasting legacy and secure generational wealth keeps them in the game.

While we can’t stop the biological effects of ageing, today’s athletes are proving we can delay their impact – and even thrive later in life.

With smarter training, better recovery strategies and cutting-edge medicine, the upper age limit for peak performance continues to stretch. These advances may allow more veteran athletes to defy expectations and continue competing at the highest level.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Paul Hough does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Five ways professional athletes are redefining the limits of age in sport – https://theconversation.com/five-ways-professional-athletes-are-redefining-the-limits-of-age-in-sport-261028

MIL OSI –

July 24, 2025

MIL-OSI Submissions: Canadian wetlands are treasures that deserve protection

Source: The Conversation – Canada – By Maria Strack, Professor, Department of Geography and Environmental Management, University of Waterloo

The Grande Plée Bleue bog, near Québec City in June 2023. This peatland with pools is one of the largest wetlands in eastern Québec. (Maria Strack)

Though Canada is often known as a land of lakes, it is also a country of wetlands. Stretching like a necklace of emeralds, sapphires and rubies across the Canadian landscape, wetlands cover 14 per cent of the Canadian land mass, accounting for almost twice as much area as lakes.

Canada is home to a quarter of the world’s remaining wetlands, yet they remain like hidden treasures that most Canadians rarely pay a second thought.

The importance of wetlands to a sustainable future has been recognized internationally. Signed in 1971 in the Iranian city of Ramsar, the Convention on Wetlands — often called the Ramsar Convention — supports international collaboration and national action for the conservation of wetlands.

This week, delegations from contracting parties to the convention, including Canada, have come together in Victoria Falls, Zimbabwe, for the 15th Conference of the Parties.

Despite decades of efforts, wetlands continue to be under threat around the world. Delegates will work this week to chart a path forward that further elevates wetlands in the global consciousness, highlighting the need to protect these ecosystems and meet international goals to safeguard biodiversity and slow climate warming.

Canada currently has 37 Wetlands of International Importance under the Ramsar Convention, covering more than 13 million hectares. Yet many of Canada’s wetlands remain unprotected.

Canada’s wetlands

The term “wetland” usually conjures an image of a shallow pond bordered by cattails. In fact, Canadian wetlands come in a range of shapes and sizes, all of which provide valuable services. Those reedy marshes provide critically important habitat and water storage, particularly in the Prairies, southern Ontario and Québec.

The vast majority of Canada’s wetlands are made up of swamps, fens and bogs, most of which also hold deep deposits of organic soils called peat. Bogs and fens can resemble vast mossy carpets. But they can also look a lot like forests, hiding their soggy soils beneath a canopy of trees.

This wetland diversity contributes to their value. At the interface of terrestrial and aquatic ecosystems, wetlands are often biodiversity hotspots.

They are home to weird and wonderful species, including carnivorous plants like sundews, pitcher plants and bladderworts. And if you’re hungry, peatlands are a great place for berry picking.

Interwoven in our boreal landscape, wetlands also support iconic Canadian species like beavers, moose and woodland caribou and are key habitats for waterfowl and other migratory birds.

Preserving wetlands is also a key flood mitigation strategy. Storm water can fill up pore spaces in mossy peat soils, or spread out across the flat expanse of swamps and marshes, reducing peak flows and helping to protect downstream infrastructure. As the water slows, water quality can also be improved. Sediments have time to settle, while plants and microbes can remove excess nutrients.

Carbon storage

In recent decades, wetlands have gained international attention for their role in carbon storage. Waterlogged sediment and soil lead to slow rates of decomposition. When plant litter falls in a wetland, it builds up over time, creating a bank of carbon that can be stored for millennia.

Peatlands are particularly good at accumulating carbon, as they are home to plants that inherently decompose slowly. Because of this, peatlands store twice the carbon of the world’s forests. Keeping this carbon stored in wetland soils, and out of the atmosphere, is important to climate change mitigation.

Yet, the buildup of carbon in wetlands is slow. Many of these ecosystems have been adding to this carbon bank since the last ice age; digging through metres of peat is like travelling back through time, with the deposits at the bottom often thousands of years old.

This means that the carbon stored in wetlands is irrecoverable within human lifetimes. Once lost, it will be many generations before the full value of this treasure can be returned.

The economic value of the water-filtering and carbon storage that Canadian wetlands provide has been estimated at $225 billion per year. It’s clear: healthy wetlands contribute to our society’s well-being.

But just as important, they are an integral component of the Canadian landscape. Wetlands are interwoven with our forests, fields, lakes and now even our cities. They link us to the land and water. They are places of wonder and spiritual connection.

Impact of climate change

Despite their value, wetlands in Canada face many threats. In southern regions of Canada, most wetlands have already been lost to drainage for agriculture and urban development. Further north, up to 98 per cent of Canadian peatlands remain intact.

However, climate change and resource development are already exacerbating wetland disturbance and loss. Warming temperatures have contributed to larger and more severe wildfire that also impact peatlands and lead to large carbon emissions.

Thawing permafrost is further changing wetland landscapes and how they function. Warming also allows for northward expansion of agriculture with the potential for loss of even more wetland area to drainage.

Natural resource extraction further contributes to wetland disturbance, often with unexpected consequences. Geologic exploration used to map oil and gas reserves has left a network of over one million kilometres of linear forest clearing across the boreal forest, much of which crosses peatlands.

This has contributed to declines in woodland caribou populations and led to increases in methane emissions from these ecosystems.

Mining often involves regional drainage or excavation of peatlands, resulting in the loss of their services. The recent push to fast-track production of critical minerals in Canada is putting vast areas of our wetlands at risk.

Wetland restoration research is ongoing, with some promising results. However, given the long time-scale of wetland development, avoiding disturbances in the first place is the best way to safeguard wetlands.

As stewards of a quarter of world’s wetland treasures, policymakers and everyday Canadians need to ensure wetlands are safeguarded and preserved for a prosperous future.

Maria Strack receives funding from the Natural Sciences and Engineering Research Council of Canada, Environment and Climate Change Canada, the Canadian Sphagnum Peat Moss Association, Ducks Unlimited Canada, Imperial Oil Ltd., Alberta Pacific Forest Industries Inc., Cenovus Energy, Canadian Natural Resources Limited, ConocoPhillips Canada, Natural Resources Canada, and the Alberta Biodiversity Monitoring Institute.

– ref. Canadian wetlands are treasures that deserve protection – https://theconversation.com/canadian-wetlands-are-treasures-that-deserve-protection-261433

MIL OSI –

July 24, 2025

MIL-OSI Australia: Brown goshawk released from illegal captivity

Source: Tasmania Police

Issued: 23 Jul 2025

Open larger image

The brown goshawk was released into bushland after being rescued from the enclosure.

Photo credit: © Shari Griinke

Open larger image

The person received two fines for illegally capturing the brown goshawk.

Photo credit: © Shari Griinke

A brown goshawk has been released from a private property on Brisbane’s south side after it was unlawfully captured and placed into an enclosure without approval.

In June, the Department of the Environment, Tourism, Science and Innovation received information from a member of the public about a wild bird that had been illegally captured at Marsden.

Wildlife Rangers from the Queensland Parks and Wildlife Service attended the address and found a brown goshawk that been illegally held in the enclosure for up to three days.

Senior Wildlife Ranger Shari Griinke said rangers seized the bird and released it within 2.5km of the address.

“The person who lives at the address admitted to capturing raptors at least three times because he believed they had been harassing his homing pigeons and chickens,” Ms Griinke said.

“The person was planning on taking the captured goshawk to bushland west of Brisbane where it would be released it into the wild.

“It is illegal to take or keep native animals from the wild without an appropriate permit, and people needing protection for their poultry or other pets should contact a licenced bird catcher.”

Under the Nature Conservation Act 1992 it is an offence to take and or keep native animals in Queensland without the appropriate permits.

The person has been issued with two Penalty Infringement Notices to the value of $1,612 for illegally taking the bird from the wild and for keeping it in an enclosure.

View information about permits required to keep native animals and removal of native animals.

MIL OSI News –

July 24, 2025

MIL-OSI Australia: From Epping to Powrunna – fourth translocation successful

Source: Tasmania Police

Issued: 23 Jul 2025

Open larger image

Eleven wombats were taken from Epping Forest National Park (Scientific) to Powrunna State Forest.

An additional 11 northern hairy-nosed wombats have been transported from Epping Forest National Park (Scientific) in Queensland’s central west to Powrunna State Forest in the state’s southwest.

This translocation project is an integral component of the Queensland Government’s northern hairy-nosed wombat recovery program which aims to establish a third population of the endangered marsupial.

The project began in May 2024 after extensive preparation of the site at Powrunna and 37 wombats have already successfully been translocated.

In June 2025, rangers from across Queensland gathered at Epping Forest National Park (Scientific) to carefully trap six females and five males for relocation to their new home.

Principal Conservation Officer Samantha Ryan said there were now 21 females and 16 males at Powrunna, which had been specifically chosen for the third population of wombats.

“Monitoring by the Department of the Environment, Tourism, Science and Innovation shows the wombats have embraced their new home with plenty of new burrows,” Ms Ryan said.

“We have already seen some young-at-foot on trail cameras, and our ultimate goal is to create another self-sustaining population of northern hairy-nosed wombats.

“Transportation takes around ten hours during the day when the wombats are usually sleeping, and they’re released early in the evening into artificial burrows.

“Our goal is to translocate up to sixty wombats to Powrunna by 2026, and there is much hope that the population there will grow as it has at Epping.”

Senior Program Officer David Field had never seen a northern hairy-nosed wombat prior to the translocation, and said it was wonderful to be involved.

“It was great to be involved in the planning, trapping, relocation and release of this endangered species and it’s an experience I’ll never forget,” Mr Field said.

“I’ve learnt so much by working alongside experts, and the wombats were in excellent condition and were bigger and softer than you’d expect.”

Rangers from the Queensland Parks and Wildlife Service have used radio trackers and remote cameras to monitor wombats at Powrunna, and site inspections show they have moved on from starter burrows and have dug multiple burrows of their own.

Northern hairy-nosed wombats previously ranged from New South Wales and into Queensland. In the eighties, the population of wombats at Epping Forest National Park was estimated to be around 35 and is now estimated to be at least 400.

Richard Underwood Nature Refuge near Wycombe is managed by the Australian Wildlife Conservancy and is home to a small population of northern hairy-nosed wombats.

The Gunggari Native Title Aboriginal Corporation (GNTAC) and Gunggari Native Title Holders, Glencore, The Wombat Foundation and Australian Wildlife Conservancy have provided ongoing support for this project.

In Queensland, some national parks are designated as “scientific” and are either fully or partially closed to the public to protect their natural values.

MIL OSI News –

July 24, 2025

MIL-OSI: Compagnie de Financement Foncier : Results of Compagnie de Financement Foncier for the first half of 2025

Source: GlobeNewswire (MIL-OSI)

Press release for effective and full distribution

Paris, July 23, 2025

Compagnie de Financement Foncier’s results for the 1^sthalf of 2025

On July 23, 2025, Compagnie de Financement Foncier’s Board of Directors, chaired by Éric FILLIAT, met to approve the interim financial statements for 2025.

***

I. COMPAGNIE DE FINANCEMENT FONCIER’S BUSINESS ACTIVITY

In a still uncertain market context, Compagnie de Financement Foncier recorded good performance during the 1^st half of 2025 thanks to its secure model, investor confidence and the renewed interest from Groupe BPCE institutions for its competitive refinancing offer.

Issuance of covered bonds

During the 1^st half of 2025, Compagnie de Financement Foncier issued €2.8bn in covered bonds, of which €2.5bn in euro benchmark format.

In February, Compagnie de Financement Foncier completed a first “dual-tranche” issuance of €1.25bn. The €750m and €500m tranches were issued with maturities of five and ten years respectively. The strong rate of oversubscription and the diversified allocation in terms of geographic area and investor type confirmed the success of this operation.
In May, Compagnie de Financement Foncier carried out a second “dual-tranche” issuance of €1.25bn, with the tranches of €500m and €750m carrying maturities of four and nine years respectively. Total demand with very high oversubscription reached €4.1bn.

Compagnie de Financement Foncier also continued its currency diversification by issuing two tranches in CHF, each for an equivalent of €106.5m, with maturities of five and nine years.

Compagnie de Financement Foncier also responded to the specific needs of investors through private placements, which are a key component of its issuance strategy, thus demonstrating its ability to offer bespoke solutions.

Refinancing of Groupe BPCE receivables

During the 1^st half of 2025, in the context of high competition in the local authorities market, Compagnie de Financement Foncier refinanced a total of €400m in receivables for Groupe BPCE institutions. The majority of this related to primary refinancing operations won by Groupe BPCE institutions.

II. COMPAGNIE DE FINANCEMENT FONCIER’S INCOME STATEMENT

In millions of euros ⁽ⁱ⁾	1^sthalf 2025	1^sthalf 2024
Net interest margin	60	75
Net commissions	4	4
Other bank operating charges (net)	-1	-1
Net banking income	63	78
General operating expenses	-29	-27
Gross operating income	34	51
Cost of risk	-1	1
Gains or losses on long-term investments	1	0
Income before tax	34	52
Income tax	-12	-13
Net income	22	39

Net banking income amounted to €63m, down €15m compared to the 1^st half of 2024.

General operating expenses, at €29m, remained under control, and took into account the billing of services carried out by Crédit Foncier, as well as fees and sub-contracting expenses which were contained.

Gross operating income amounted to €34m.

The cost of risk represented a net allocation of €1m under the effect of a net individual risk allocation of €0.5m.

The overall tax expense amounted to €12m, impacted by the income tax surcharge resulting from the French Finance Act for 2025.

Net income was €22m at June 30, 2025, compared to €39m at June 30, 2024.

III. BALANCE SHEET INFORMATION

Compagnie de Financement Foncier’s total balance sheet amounted to €59.1bn at June 30, 2025, compared to €61.0bn at December 31, 2024.

Assets refinanced by Compagnie de Financement Foncier for the Group’s institutions during the 1^st half of 2025 mainly concerned the public sector, with a slight increase in their proportion on Compagnie de Financement Foncier’s balance sheet.

At June 30, 2025, the covered bonds outstanding totaled €51.7bn, including related debts, up slightly compared to December 31, 2024 (€51.5bn).

IV. PRUDENTIAL INFORMATION

Although exempt from regulatory requirements with regard to solvency ratios, Compagnie de Financement Foncier calculates a Common Equity Tier One (CET 1) ratio, for its scope and for indicative purposes. At June 30, 2025, this ratio remained well above the thresholds provided for by Regulation 575/2013 (CRR).

In accordance with the legislation applicable to Sociétés de Crédit Foncier, Compagnie de Financement Foncier maintains a coverage ratio for its privileged liabilities of more than 105%.

Appendices

***

Unless otherwise stated, the financial data in this press release are estimated as of today’s date and based on the Compagnie de Financement Foncier financial statements. The latter include the individual financial statements and related explanatory notes, prepared in accordance with applicable French accounting standards and Groupe BPCE standards.

At the date of publication of this press release, the audit procedures carried out by the Statutory Auditors on the interim financial statements are ongoing.

A wholly-owned subsidiary of Crédit Foncier and Groupe BPCE, and an affiliate of BPCE, Compagnie de Financement Foncier is an authorized specialist credit institution and a Société de Crédit Foncier.

Regulated information can be found on the website: https://foncier.fr/en/, under “Financial communication/Regulated information”.

Contact: Investor Relations

Email: ir@foncier.fr
Tel.: +33 (0) 1 58 73 55 10

⁽i⁾ The rounding of certain amounts expressed in millions of euros in this press release may lead to differences compared with the amounts in euros.

Attachment

Compagnie de Financement Foncier – Results for the first half of 2025

The MIL Network –

July 24, 2025

MIL-OSI Africa: The ‘Oil Industry, African Energy Chamber (AEC) and Africa Bromance’ Remains Committed to Africa’s Energy Development Despite Attacks from Foreign Funded Groups

Source: APO

In yet another attack on the African oil and gas industry, Extinction Rebellion has condemned South Africa as it strives to advance oil and gas exploration across its offshore market. An article published this week by the group’s spokesperson Moraig Peden cites new offshore oil and gas projects as being in direct conflict with the country’s climate commitments, despite the fact that operators have secured environmental authorization to explore offshore. Representing the voice of the African energy sector, the African Energy Chamber (AEC) (https://EnergyChamber.org) condemns the article as yet another blatant attack on not only the African energy industry but its population at large. Oil and gas will play a fundamental role in alleviating energy poverty in Africa and the AEC – in collaboration with the oil industry and African communities – will continue advocating for offshore exploration and production.

Groups such as Extinction Rebellion has been consistent in their attacks against the industry, turning to violent and disruptive measures to voice their biases and relentless opposition. Rather than peaceful protests, foreign funded environmental groups have turned to climate-motivated sabotage. Activists from Shut the System, for example, sabotaged internet cables in London in early 2025. Following which, the group stated that they “vow to wage a campaign of sabotage targeting the tools, property and machinery of those most responsible for global warming.” This is a direct attack on the industry.

Another group, Just Stop Oil, has also been relentless. Attacks include throwing soup at Van Gogh’s Sunflowers painting, throwing paint on Stonehenge, gluing themselves to roads to stop traffic, cable-tying themselves to goal posts at sports events and England-wide blockades at ten critical oil facilities in 2022. Just Stop Oil protestors were also given multi-year prison sentences in England in 2024 for their roles in closing multiple junctions of the M25 motorway. In the US, Greenpeace was issued to pay $660 million in damages in 2025 for malicious interference with the Dakota Access Pipeline. The group also has a history of occupying coal power plants and blocking coal shipments in New Zealand, Australia and the UK. But it is the group’s attacks on the industry in Africa that stand to bring far-reaching disruptions.

Greenpeace has been strongly opposing exploration in Africa by companies such as Shell, Meren Energy (formerly Africa Oil Corp), TotalEnergies and more. All three companies have secured environmental authorization and/or financing for their offshore activities but Greenpeace continues to launch attacks against these companies. The company challenged Shell’s exploration rights in court and continues to ask for donations to support its attacks on oil companies.

“We at the chamber expected these attacks as we approach this next edition of AEW: Invest in African Energies. These attacks always come. We denounce the violence of Extinction rebellion. We hope that we will have a robust conversation about Africans right to drill and provide energy for the millions of Africans that live without access to electricity or clean cooking solutions. The AEC-Africa-Oil and Gas Industry bromance will continue fighting for Africa. We will continue fighting to make energy poverty history. We will continue fighting for generations to come,” states NJ Ayuk, Executive Chairman of the AEC.

It is clear that the writer Peden does not fully understand the African context. If the writer truly understood what every day Africans in Mali, Mozambique, Namibia and other countries go through, she would not have this extremist and radical environmental agenda against the continent’s energy development. We must be reminded that over 600 million Africans live without access to electricity while over 900 million people live without access to clean cooking solutions. But it seems that Extinction Rebellion is bent on ensuring that Africans remain without access to electricity or the energy they need for the future. This is exactly what the AEC opposes. This is also why we are proud to be part of a bromance with Africa and the global oil and gas industry. This is why we will continue fighting for oil and gas exploration.

It is surprising to see that Extinction Rebellion and Peden criticize African exploration efforts when they fail to criticize the bromance between countries in other parts of the world and the oil and gas industry. They do not criticize Norway for producing four million bpd and sanctioning new energy projects or the UK which is drilling in the North Sea or the US in the Gulf. It is Africa, where people want to drill for more oil and gas to help lift the continent out of poverty, that the attacks come.

“I was hoping the she would bring Greta Thunberg along because she will protest anything. Moraig Peden and the foreign funded green groups now have the Mantashe Derangement Syndrome. The attacks on Africans by Moraig Peden and Extinction rebellion deceitful and dishonest, Or blatantly dishonest. This is just the beginning, Africans and the energy industry have been through tough times, but you’ve never seen me quit and there’s no quitting on our fight to make energy poverty history and industrialize Africa. We see Moraig Peden’s attacks as simply hypocrisy especially coming from a wealthy woman with a Eurocentric view of energy who believes Africans should stay in the dark while she is shopping for car elevators” Concluded Ayuk.

Distributed by APO Group on behalf of African Energy Chamber.

Media files

.

MIL OSI Africa –

July 24, 2025

MIL-OSI Canada: CFEC Releases Results of April 2025 Foreign Exchange Volume Survey

Source: Bank of Canada

The Canadian Foreign Exchange Committee (CFEC) released today the results of its April 2025 semi-annual survey of foreign exchange volumes in Canada. The purpose of the survey is to provide information on the size and structure of the foreign exchange and foreign exchange derivatives markets in Canada. Volumes are broken down by product, currency, counterparty, maturity and execution method. The eight banks with the largest foreign exchange sales activity in Canada participate.

The summary highlights of the April 2025 survey include the following:

The monthly turnover in April of traditional foreign exchange products (defined as spot transactions, outright forwards and foreign exchange swaps) totaled about US$4.4 trillion. On an average daily basis, total turnover decreased by 1.7 per cent to US$201.0 billion from October 2024.
Spot transactions increased by 23.9 per cent to US$32.1 billion on an average daily basis from October 2024. Outright forwards increased by 11.2 per cent to US$24.2 billion and foreign exchange swaps decreased by 7.8 per cent to US$144.7 billion over the same period.
The monthly turnover of foreign exchange derivatives (currency swaps and options) totaled US$608 billion in April. On an average daily basis, derivatives turnover increased by 42.4 per cent to US$27.6 billion from October 2024.
Currency swaps turnover increased 49.6 per cent to US$21.4 billion and currency options turnover increased by 22.2 per cent to US$6.2 billion on an average daily basis from October 2024.
Compared with the survey from one year ago, the average daily turnover of traditional foreign exchange products increased by 12.7 per cent, and foreign exchange derivatives increased by 34.6 per cent.

The detailed results of the survey are presented in the summary tables attached.

Notes

CFEC is an industry group composed of senior representatives from financial institutions actively involved in the foreign exchange market in Canada and the U.S. dollar/Canadian dollar market globally. Formed in 1989, its objective is to provide a forum for the regular discussion of issues and developments pertinent to the foreign exchange market, including the review of market practices and procedures. The Bank of Canada chairs CFEC and provides secretariat services to the Committee.

The Bank of Canada also co-ordinates the CFEC survey on behalf of the market participants. The eight banks that participate in the survey are:

Bank of America Canada
Bank of Nova Scotia
BMO Capital Markets
CIBC World Markets
National Bank of Canada
RBC Capital Markets
State Street Canada
TD Securities

Globally, the (London) Foreign Exchange Joint Standing Committee, the (New York) Foreign Exchange Committee, the Singapore Foreign Exchange Market Committee, the Tokyo Foreign Exchange Market Committee, the Australian Foreign Exchange Committee and Hong Kong’s Treasury Markets Association conduct similar surveys. Their results are also released today (see links below).

https://www.bankofengland.co.uk/markets/london-foreign-exchange-joint-standing-committee
http://www.newyorkfed.org/fxc/volumesurvey/
https://www.sfemc.org/statistics.html
http://www.fxcomtky.com/index_e.html
http://www.tma.org.hk/en_newsevents.aspx
https://www.afxc.rba.gov.au/statistics/

MIL OSI Canada News –

July 24, 2025

MIL-OSI: ETH and BTC Earning Made Easier: ETHRANSACTION Launches Newbie-Friendly Crypto Access Guide for 2025

Source: GlobeNewswire (MIL-OSI)

Kansas City, Missouri, July 23, 2025 (GLOBE NEWSWIRE) — ETHRANSACTION is a leading platform in the cryptocurrency space. In this industry, generating new digital assets and confirming transactions are core functions. The two most popular currencies involved in such operations are usually Bitcoin (BTC) and Ethereum (ETH). ETHRANSACTION operates as a mobile-first crypto earning platform founded in 2017. Today, the company announced the launch of its BTC and ETH earning system optimized for 2025, giving new users direct access to simplified crypto participation without hardware or setup costs. The update makes ETHRANSACTION one of the few mobile platforms that enables real-time BTC and ETH income generation through AI optimization and renewable energy.

ETHRANSACTION’s Approach to Ethereum (ETH) Rewards:
Ethereum’s early reliance on the Proof of Work (PoW) protocol demanded high-performance computing to solve complex problems and validate transactions. After shifting to Proof of Stake (PoS), Ethereum’s energy consumption dropped significantly, allowing participants to earn rewards by simply staking ETH.
Despite this transition, some platforms, including ETHRANSACTION, continue to offer ETH-based earning potential by utilizing off-chain infrastructure and data center solutions that replicate the original operational environment.

ETHRANSACTION’s Approach to Bitcoin (BTC) Rewards:
Bitcoin still uses the Proof of Work (PoW) protocol, which typically requires powerful, energy-intensive hardware. While earning BTC remains profitable, individual efforts often face challenges due to equipment and electricity costs.
Many users are turning to platforms like ETHRANSACTION, which let users access computing resources remotely, removing the need for personal hardware or ongoing maintenance.

What is ETHRANSACTION?
Launched in 2017, ETHRANSACTION is a mobile-based platform that enables users to earn from cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Ripple, and USDT, all from a smartphone. No costly setup is necessary. Just sign up, activate a contract with a free trial bonus, and begin earning rewards. ETHRANSACTION blends AI technology with solar-powered infrastructure to make crypto participation accessible to everyone.

Key Features of the ETHRANSACTION 2025 Platform

No upfront investment – New users receive a $19 sign-up bonus.
Mobile-optimized experience – All features are accessible directly through the app.
Multi-currency support – Earn rewards in BTC, ETH, XRP, DOGE, and USDT all in one place.
AI-driven performance optimization – The system intelligently allocates resources to the most rewarding opportunities.
Eco-friendly infrastructure – All facilities are powered by renewable energy sources.
Flexible earning contracts – Choose between 2 to 60-day plans, with daily payouts and reinvestment options.

Why ETHRANSACTION is a Practical Alternative to Traditional Crypto Earning Methods
Traditional approaches often require:

High electricity usage
Expensive, specialized hardware
Advanced technical skills

ETHRANSACTION removes these barriers through:

Fully automated, app-based earning
Sustainable operations powered by green energy
Daily returns without technical involvement

Plus, you can test the platform through a free trial before continuing. ETHRANSACTION opens the door to digital asset income for everyone — from newcomers to seasoned investors seeking passive returns.

GET STARTED WITH ETHRANSACTION
First:

Register at ethransaction.vip or download the ETHRANSACTION app.
Instantly receive your $19 bonus.
Select a reward plan.
Start earning daily rewards from BTC, ETH, and more.
No experience or equipment required.

Wrapping Up
Earning from crypto is no longer costly or complicated. With platforms like ETHRANSACTION, anyone can:

Start generating returns from Bitcoin and Ethereum
Begin immediately with a $19 bonus
Receive daily rewards straight to their phone

Whether you’re commuting, working, or just exploring crypto, ETHRANSACTION makes earning passive income easier than ever.
Ready? Sign up for ETHRANSACTION today and claim your free bonus!

About ETHRANSACTION
Founded in 2017, ETHRANSACTION operates one of the world’s largest mobile-based crypto earning platforms. By merging AI-driven optimization with ESG-compliant energy practices, ETHRANSACTION simplifies the way users interact with digital assets in a mobile-friendly format accessible worldwide.

Website: https://ethransaction.vip
App Download: Available on iOS and Android
Business Inquiries: info@ethransaction.vip

Attachment

ETHRANSACTION

The MIL Network –

July 24, 2025

MIL-OSI Analysis: Counting the climate costs of abandoned shopping trolleys

Source: The Conversation – UK – By Neill Raath, Assistant Professor of Sustainable Materials and Manufacturing, University of Warwick

Richard Johnson/Shutterstock

Despite the steady growth of online shopping, a majority of the UK public still prefers to buy groceries at the supermarket.

Shopping trolleys can help us lug our purchases back to the car, but some shoppers are evidently taking them further afield. In 2017, 520,000 trolleys were reported as abandoned in the UK. Sunderland in north-east England alone reported 30,000 abandoned trolleys between 2020 and 2022. Likewise, 550 trolleys were collected in a single day in western Sydney, Australia.

Supermarkets employ a range of methods to stop trolleys leaving their premises, including coin slots, vertical bars (to stop trolleys leaving the shop floor), wheel-locking mechanisms and car park wardens. Despite these efforts, abandoned trolleys still blight the landscape and need to be collected.

Many supermarkets use commercial collection services, such as Wanzl TrolleyWise or TMS Collex. These companies typically use diesel vans to survey suburban areas, collect trolleys and return them to supermarkets. They also offer to refurbish weathered or damaged trolleys, sometimes by applying a zinc-based coating to protect against corrosion – a process known as regalvanisation.

We are researchers at the University of Warwick who wanted to understand the environmental impact of trolley abandonment. So, we set out to investigate it.

Collecting versus manufacturing

How does the environmental impact of using vans to rescue abandoned trolleys compare with losing these trolleys to excessive damage or corrosion and having to make new ones?

Our study used a standardised methodology known as life-cycle assessment to analyse the potential environmental impact of collecting and handling abandoned shopping trolleys within an area of Coventry, a city in the English West Midlands, which includes our university campus.

We spoke to trolley suppliers, who told us trolleys used at the supermarket in Coventry were most likely made in Spain. This was incorporated into our model.

A trolley discovered by the author, abandoned in a bush near a car park.
Neill Raath

Through conversations with our university’s estates department and commercial collection services, we established that approximately 30 trolleys were collected a week on average in the area surrounding the Tesco supermarket in the Cannon Park shopping centre.

Our model assumed that a bulk transport of 50 trolleys is sent twice each year to be refurbished, in a round trip of 220km between Coventry and a refurbishment facility based in the UK that was noted on stickers placed on refurbished trolleys.

Vans collecting 520,000 abandoned trolleys in a year could emit the equivalent of 343 tonnes of CO₂ (the annual equivalent of driving 80 petrol cars). If we imagine that 10% of these 520,000 trolleys have been left outside too long and need to be regalvanised then the total global warming impact increases by 90% to the equivalent of 652 tonnes CO₂ (roughly the same as 152 petrol cars being driven for one year).

This is quite a surprising increase for such a small number of trolleys. It suggests that the real problem lies with the environmental impact of manufacturing.

Most of the emissions can be avoided

We found that one trolley would have to be collected 93 times by a diesel van to have the same environmental impact as manufacturing a new one.

Our results showed that the emissions incurred during the diesel van collection phase were only 1% of the manufacturing impact, and the regalvanisation stage was only 8%. We might wonder whether switching to electrically powered collection vans might help. While the emissions would be reduced, the impact of using diesel vans is still minuscule compared to that of making new trolleys.

We found that the highest environmental impact stemmed from manufacturing, which was mainly attributed to making and replacing the steel frame of the trolley.

These results reinforce the benefits of following the circular-economy principle of keeping trolleys in use for as long as possible, and avoiding manufacturing to replace abandoned ones.

Would anything change if we switched to plastic trolleys? Other researchers have investigated the effect of changing trolley materials and have found that trolleys made of polymers have many benefits compared with steel: they use less material, are less dense (a benefit for collection vans that emit less by driving around lighter products) and do not require protective coatings, which themselves have an environmental impact.

Blast furnaces at conventional steelworks are very carbon-intensive.
Pedal to the Stock/Shutterstock

However, if these polymer trolleys were to be sent to landfill (or left to deteriorate in the environment), they could release carcinogenic chemicals, as well as microplastics, as they break down. This leads us back to the importance of keeping products in use.

Abandoning trolleys is bad for the environment, with a potential global warming impact equivalent to 0.69 kg CO₂ for collecting one trolley and returning it to a supermarket. If we multiply this by the potential 520,000 abandoned trolleys a year, this figure becomes quite big.

Preventing trolley abandonment should be a priority not just for supermarkets, but for the general public as well. However, once a trolley is abandoned, it is far better to collect and refurbish it than to let it fall out of use and manufacture a new one, as 92–99% of the environmental impact can be avoided.

While it is unlikely that we can ever stop trolleys being abandoned, we hope that next time people see a trolley in an alley or park bush, the potential environmental impact of losing this trolley to service would be apparent.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Counting the climate costs of abandoned shopping trolleys – https://theconversation.com/counting-the-climate-costs-of-abandoned-shopping-trolleys-258500

MIL OSI Analysis –

July 24, 2025

MIL-OSI Analysis: What Canada can learn from Australia on adequately protecting citizens at live events

Source: The Conversation – Canada – By Sean Spence, Security Risk Management Pracitioner & Researcher, Royal Military College of Canada

In April 2025, a man drove an SUV through a crowd of people attending a Filipino cultural festival in Vancouver, killing 11 people and injuring dozens more. In response, the British Columbia government immediately commissioned an inquiry to examine the systemic causes of the incident and whether any lessons could be learned from the tragedy.

The commission came up with six recommendations based on gaps in the current municipal application and approval system for public events across the province.

One key recommendation was that all public events should be required to complete a risk assessment. This isn’t currently happening across the province. The absence of such analysis poses a risk for public safety.

Another recommendation was the creation of local knowledge capacity to support event organizers, particularly for small and rural events, where the expertise to conduct a basic security risk assessment is lacking.

Forseeable tragedy?

As I argued in August 2022, the live events industry lacks the same level of professionalism as other occupations. Many of these small event organizers are amateurs who lack the resources to properly deal with the security risks involved in holding their events.

These factors, combined with emerging security risks, meant that the tragedy at the Lapu Lapu festival could be considered a foreseeable event given the risk realities associated with modern mass gatherings.

The inquiry report highlighted how B.C. is lagging behind other international jurisdictions in terms of legislative pro-activeness in securing public events. This policy deficiency is actually a Canada-wide problem; the country is woefully behind other western nations when it comes to securing public events.

My doctoral thesis examined this very issue when I compared the regulation and application process to host public events in Canada and Australia’s largest cities.

Australia vs. Canada

Firstly, it’s important to note that Canada is a less safe country in terms of security than Australia, all things considered equal. Canada’s porous border with the United States means more illegal firearms are entering the country, resulting in more gun violence than in Australia, where there are more restrictive gun ownership laws.

The Lapu Lapu attack was not investigated as an act of terrorism, but in a related concern, Canada’s intelligence-gathering and national security laws place it at a counter-terrorism disadvantage compared to Australia.

Relatively speaking, research suggests Canada’s Charter of Rights and Freedoms hinders its security services from being able to detect and investigate terrorism-related offences given the greater importance placed on individual rights compared to Australia, where there is no such Charter equivalent.

Australia also has pro-active foreign intelligence collection capabilities to aid in its counter-terrorism efforts, while Canada’s CSIS agency only has domestic capabilities. That essentially requires it to import intelligence from its allies.

Given these facts, it would seem plausible that Canada would be at greater risk for security threats at public events — including terrorist attacks, active shooters, etc. — than Australia.

When I compared the data between both countries in my research, it suggested Australia has more public event regulation than Canada.

It was quantitatively shown that Australian officials require risk assessments and other proactive measures from event organizers, including for risk mitigation, while Canadian officials are mostly concerned with reactive security response plans — in other words, determining how organizers would respond to attacks after they occurred.

An analysis of event application documents in both countries reveal that Australian municipalities disproportionately emphasize “risk management” in approving events compared to Canadian municipalities.

Three ways the B.C. report falls short

The B.C. report missed out on examining several important elements.

Firstly, it did not take a holistic, deep dive into just how vulnerable public events are to myriad security threats — like active shooters, crowd crushing and terrorist attacks — but instead focused solely on the hostile vehicle threat.

It also failed to consider the urgency of governments to adopt policy changes in the face of emerging threats on public spaces, like drone attacks.

Secondly, the report made no mention of the need for law enforcement to develop stronger ties to share intelligence with event organizers as a proactive measure to protect mass gathering events from violence. The Hamas attacks at a music festival in Israel in October 2023 highlight the worst outcome of such failures.

Lastly, there was no call for action or recommendation for the federal government to play a greater role in providing guidance to the industry and lower levels of government.

National security is a federal issue as well as the regulation of airspace for drones. In countries such as the United Kingdom, Australia and the United States, the national government provides guidance on protecting public spaces. There is no such policy leadership in Canada.

The B.C. findings show Canadian authorities have a lot of work to do to make public events safer for Canadians. With the FIFA World Cup coming to Canada next year, Canadian governments still have time to implement corrective actions to ensure soccer fans stay safe.

Sean Spence provides security consulting services within the hospitality industry.

– ref. What Canada can learn from Australia on adequately protecting citizens at live events – https://theconversation.com/what-canada-can-learn-from-australia-on-adequately-protecting-citizens-at-live-events-261161

MIL OSI Analysis –

July 24, 2025

MIL-OSI Security: Chile Strengthens National Cancer Control, Views Expansion of Radiopharmaceutical Production

Source: International Atomic Energy Agency – IAEA

The imPACT team of 13 international experts reviewed cancer prevention, early detection, diagnosis, treatment and palliative care, as well as nuclear and radiation medicine safety. For the first time, the imPACT review also included radiopharmaceutical production.

The assessment underlined Chile’s achievements in cancer control, including universal health coverage, the adoption of latest technologies and a highly trained health workforce sustained by strong academic institutions.

At the same time, the team identified opportunities for improvement, such as strengthening governance and coordination mechanisms for cancer control, reducing waiting times, increasing access in underserved regions, and enhancing national cancer surveillance and information systems.

Chile has a well-established national governance structure for cancer control, which includes the Child and Adolescent Cancer Plan 2023-2028 and the Adult Action Plan for the National Cancer Plan 2022-2027.

“Chile’s cancer control strategy is rooted in inclusive and participatory processes. The involvement of stakeholders from across ministries, academia and civil society is essential to address the most pressing challenges,” said Bernardo Martorell Guerra, Vice Minister of Healthcare Networks at MINSAL.

The country is seeking to expand cancer control activities, including enhanced infectious disease control, addressing risk behaviours such as tobacco use and expanding access to radiation medicine.

MIL Security OSI –

July 24, 2025

MIL-OSI NGOs: Chile Strengthens National Cancer Control, Views Expansion of Radiopharmaceutical Production

Source: International Atomic Energy Agency (IAEA) –

The imPACT team of 13 international experts reviewed cancer prevention, early detection, diagnosis, treatment and palliative care, as well as nuclear and radiation medicine safety. For the first time, the imPACT review also included radiopharmaceutical production.

The assessment underlined Chile’s achievements in cancer control, including universal health coverage, the adoption of latest technologies and a highly trained health workforce sustained by strong academic institutions.

At the same time, the team identified opportunities for improvement, such as strengthening governance and coordination mechanisms for cancer control, reducing waiting times, increasing access in underserved regions, and enhancing national cancer surveillance and information systems.

Chile has a well-established national governance structure for cancer control, which includes the Child and Adolescent Cancer Plan 2023-2028 and the Adult Action Plan for the National Cancer Plan 2022-2027.

“Chile’s cancer control strategy is rooted in inclusive and participatory processes. The involvement of stakeholders from across ministries, academia and civil society is essential to address the most pressing challenges,” said Bernardo Martorell Guerra, Vice Minister of Healthcare Networks at MINSAL.

The country is seeking to expand cancer control activities, including enhanced infectious disease control, addressing risk behaviours such as tobacco use and expanding access to radiation medicine.

MIL OSI NGO –

July 24, 2025

MIL-OSI: YieldMax® ETFs Announces Distributions on HOOY, CONY, ULTY, AMDY, YMAG, and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — YieldMax® today announced distributions for the YieldMax® Weekly Payers and Group C ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share		Distribution Rate^2,⁴	30-Day SEC Yield³	ROC⁵	Ex-Date & Record Date	Payment Date
CHPY	YieldMax® Semiconductor Portfolio Option Income ETF	*Weekly*	$0.3723		35.54%	0.04%	100.00%	7/24/25	7/25/25
GPTY	YieldMax® AI & Tech Portfolio Option Income ETF	*Weekly*	$0.3219		35.36%	0.00%	100.00%	7/24/25	7/25/25
LFGY	YieldMax® Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.4876		62.94%	0.00%	100.00%	7/24/25	7/25/25
QDTY	YieldMax® Nasdaq 100 0DTE Covered Call ETF	*Weekly*	$0.1944		22.64%	0.00%	86.12%	7/24/25	7/25/25
RDTY	YieldMax® R2000 0DTE Covered Call ETF	*Weekly*	$0.3901		44.01%	1.65%	100.00%	7/24/25	7/25/25
SDTY	YieldMax® S&P 500 0DTE Covered Call ETF	*Weekly*	$0.1607		18.44%	0.07%	42.60%	7/24/25	7/25/25
ULTY	YieldMax® Ultra Option Income Strategy ETF	*Weekly*	$0.1029		85.29%	0.00%	100.00%	7/24/25	7/25/25
YMAG	YieldMax® Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.2033		68.60%	63.17%	42.42%	7/24/25	7/25/25
YMAX	YieldMax® Universe Fund of Option Income ETFs	*Weekly*	$0.1838		68.48%	82.40%	6.23%	7/24/25	7/25/25
ABNY	YieldMax® ABNB Option Income Strategy ETF	Every 4 weeks	$0.3748		40.32%	2.85%	0.00%	7/24/25	7/25/25
AMDY	YieldMax® AMD Option Income Strategy ETF	Every 4 weeks	$0.5656		85.13%	2.82%	0.00%	7/24/25	7/25/25
CONY	YieldMax® COIN Option Income Strategy ETF	Every 4 weeks	$0.7951		103.37%	2.93%	0.00%	7/24/25	7/25/25
CVNY	YieldMax® CVNA Option Income Strategy ETF	Every 4 weeks	$2.0473		61.43%	2.71%	97.34%	7/24/25	7/25/25
DRAY*	YieldMax® DKNG Option Income Strategy ETF	Every 4 weeks		–	–	–	–	–	–
FIAT	YieldMax® Short COIN Option Income Strategy ETF	Every 4 weeks	$0.1381		60.28%	4.73%	93.10%	7/24/25	7/25/25
HOOY	YieldMax® HOOD Option Income Strategy ETF	Every 4 weeks	$6.8981		121.23%	1.43%	100.00%	7/24/25	7/25/25
MSFO	YieldMax® MSFT Option Income Strategy ETF	Every 4 weeks	$0.4139		29.80%	2.97%	0.00%	7/24/25	7/25/25
NFLY	YieldMax® NFLX Option Income Strategy ETF	Every 4 weeks	$0.4350		32.40%	2.80%	0.00%	7/24/25	7/25/25
PYPY	YieldMax® PYPL Option Income Strategy ETF	Every 4 weeks	$0.2731		27.61%	3.48%	0.00%	7/24/25	7/25/25
Weekly Payers & Group D ETFs scheduled for next week: CHPY GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX AIYY AMZY APLY DISO MSTY SMCY WNTR XYZY YQQQ

Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at www.yieldmaxetfs.com

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (866) 864 3968.

Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for DRAY is July 14, 2025

¹All YieldMax® ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. YMAG has a management fee of 0.29% and Acquired Fund Fees and Expenses of 0.83% for a gross expense ratio of 1.12%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax® ETFs. ULTY has a gross expense ratio of 1.40%, and a net expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

²The Distribution Rate shown is as of close on July 22, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³ The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended June 30, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴ Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ROC refers to Return of Capital. The ROC percentage indicates how much the distribution reflects an investor’s initial investment. The figures shown for each Fund in the table above are estimates and may later be determined to be taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), or return of capital. Actual amounts and sources for tax reporting will depend upon the Fund’s investment activities during the remainder of the fiscal year and may be subject to changes based on tax regulations. Your broker will send you a Form 1099-DIV for the calendar year to tell you how to report these distributions for federal income tax purposes.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax® ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax® ETFs. As such, these Funds are subject to the risks listed in this section, which apply to all the YieldMax® ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA, HOOD, BRK.B, DKNG), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory, and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting, and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to CHPY)

Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax® ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax® ETFs.

The MIL Network –

July 23, 2025

MIL-OSI NGOs: Gaza: As starvation spreads, our colleagues and those we serve are wasting away – joint statement

Source: Amnesty International –

As the Israeli government’s siege starves the people of Gaza, aid workers are now joining the same food lines, risking being shot just to feed their families. With supplies now totally depleted, humanitarian organisations are witnessing their own colleagues and partners waste away before their eyes.

Exactly two months since the Israeli government-controlled scheme, the Gaza Humanitarian Foundation, began operating, 109 organisations are sounding the alarm, urging governments to act: open all land crossings; restore the full flow of food, clean water, medical supplies, shelter items, and fuel through a principled, UN-led mechanism; end the siege, and agree to a ceasefire now.

“Each morning, the same question echoes across Gaza: will I eat today?” said one agency representative.

Massacres at food distribution sites in Gaza are occurring near-daily. As of July 13, the UN confirmed 875 Palestinians were killed while seeking food, 201 on aid routes and the rest at distribution points. Thousands more have been injured. Meanwhile, Israeli forces have forcibly displaced nearly two million exhausted Palestinians with the most recent mass displacement order issued on July 20, confining Palestinians to less than 12 per cent of Gaza. WFP warns that current conditions make operations untenable. The starvation of civilians as a method of warfare is a war crime.

Just outside Gaza, in warehouses – and even within Gaza itself – tons of food, clean water, medical supplies, shelter items and fuel sit untouched with humanitarian organisations blocked from accessing or delivering them. The Government of Israel’s restrictions, delays, and fragmentation under its total siege have created chaos, starvation, and death. An aid worker providing psychosocial support spoke of the devastating impact on children: “Children tell their parents they want to go to heaven, because at least heaven has food.”

Doctors report record rates of acute malnutrition, especially among children and older people. Illnesses like acute watery diarrhoea are spreading, markets are empty, waste is piling up, and adults are collapsing on the streets from hunger and dehydration. Distributions in Gaza average just 28 trucks a day, far from enough for over two million people, many of whom have gone weeks without assistance.

The UN-led humanitarian system has not failed, it has been prevented from functioning.

Humanitarian agencies have the capacity and supplies to respond at scale. But, with access denied, we are blocked from reaching those in need, including our own exhausted and starved teams. On July 10, the EU and Israel announced steps to scale up aid. But these promises of ‘progress’ ring hollow when there is no real change on the ground. Every day without a sustained flow means more people dying of preventable illnesses. Children starve while waiting for promises that never arrive.

Palestinians are trapped in a cycle of hope and heartbreak, waiting for assistance and ceasefires, only to wake up to worsening conditions. It is not just physical torment, but psychological. Survival is dangled like a mirage. The humanitarian system cannot run on false promises. Humanitarians cannot operate on shifting timelines or wait for political commitments that fail to deliver access.

Governments must stop waiting for permission to act. We cannot continue to hope that current arrangements will work. It is time to take decisive action: demand an immediate and permanent ceasefire; lift all bureaucratic and administrative restrictions; open all land crossings; ensure access to everyone in all of Gaza; reject military-controlled distribution models; restore a principled, UN-led humanitarian response and continue to fund principled and impartial humanitarian organisations. States must pursue concrete measures to end the siege, such as halting the transfer of weapons and ammunition.

Piecemeal arrangements and symbolic gestures, like airdrops or flawed aid deals, serve as a smokescreen for inaction. They cannot replace states’ legal and moral obligations to protect Palestinian civilians and ensure meaningful access at scale. States can and must save lives before there are none left to save.

Signatories:

American Friends Service Committee (AFSC)
A.M. Qattan Foundation
A New Policy
ACT Alliance
Action Against Hunger (ACF)
Action for Humanity
ActionAid International
American Baptist Churches Palestine Justice Network
Amnesty International
Asamblea de Cooperación por la Paz
Associazione Cooperazione e Solidarietà (ACS)
Bystanders No More
Campain
CARE
Caritas Germany
Caritas Internationalis
Caritas Jerusalem
Catholic Agency for Overseas Development (CAFOD)
Center for Mind-Body Medicine (CMBM)
CESVI Fondazione
Children Not Numbers
Christian Aid
Churches for Middle East Peace (CMEP)
CIDSE- International Family of Catholic Social Justice Organisations
Cooperazione Internazionale Sud Sud (CISS)
Council for Arab‑British Understanding (CAABU)
DanChurchAid (DCA)
Danish Refugee Council (DRC)
Doctors against Genocide
Episcopal Peace Fellowship
EuroMed Rights
Friends Committee on National Legislation (FCNL)
Forum Ziviler Friedensdienst e.V.
Gender Action for Peace and Security
Global Legal Action Network (GLAN)
Global Witness
Health Workers 4 Palestine
HelpAge International
Humanity & Inclusion (HI)
Humanity First UK
Indiana Center for Middle East Peace
Insight Insecurity
International Media Support
International NGO Safety Organisation
Islamic Relief
Jahalin Solidarity
Japan International Volunteer Center (JVC)
Kenya Association of Muslim Medical Professionals (KAMMP)
Kvinna till Kvinna Foundation
MedGlobal
Medico International
Medico International Switzerland (medico international schweiz)
Medical Aid for Palestinians (MAP)
Mennonite Central Committee (MCC)
Médecins Sans Frontières (MSF)
Médecins du Monde France
Médecins du Monde Spain
Médecins du Monde Switzerland
Mercy Corps
Middle East Children’s Alliance (MECA)
Movement for Peace (MPDL)
Muslim Aid
National Justice and Peace Network in England and Wales
Nonviolence International
Norwegian Aid Committee (NORWAC)
Norwegian Church Aid (NCA)
Norwegian People’s Aid (NPA)
Norwegian Refugee Council (NRC)
Oxfam International
Pax Christi England and Wales
Pax Christi International
Pax Christi Merseyside
Pax Christi USA
Pal Law Commission
Palestinian American Medical Association
Palestinian Children’s Relief Fund (PCRF)
Palestinian Medical Relief Society (PMRS)
Peace Direct
Peace Winds
Pediatricians for Palestine
People in Need
Plan International
Première Urgence Internationale (PUI)
Progettomondo
Project HOPE
Quaker Palestine Israel Network
Rebuilding Alliance
Saferworld
Sabeel‑Kairos UK
Save the Children (SCI)
Scottish Catholic International Aid Fund
Solidarités International
Støtteforeningen Det Danske Hus i Palæstina
Swiss Church Aid (HEKS/EPER)
Terre des Hommes Italia
Terre des Hommes Lausanne
Terre des Hommes Nederland
The Borgen Project
The Center for Mind-Body Medicine (CMBM)
The Glia Project
The Global Centre for the Responsibility to Protect (GCR2P)
The Institute for the Understanding of Anti‑Palestinian Racism
Un Ponte Per (UPP)
United Against Inhumanity (UAI)
War Child Alliance
War Child UK
War on Want
Weltfriedensdienst e.V.
Welthungerhilfe (WHH)

MIL OSI NGO –

July 23, 2025

MIL-OSI NGOs: As mass starvation spreads across Gaza, our colleagues and those we serve are wasting away

Source: Amnesty International –

As the Israeli government’s siege starves the people of Gaza, aid workers are now joining the same food lines, risking being shot just to feed their families. With supplies now totally depleted, humanitarian organisations are witnessing their own colleagues and partners waste away before their eyes.

Exactly two months since the Israeli government-controlled scheme, the Gaza Humanitarian Foundation, began operating, 109 organisations are sounding the alarm, urging governments to act: open all land crossings; restore the full flow of food, clean water, medical supplies, shelter items, and fuel through a principled, UN-led mechanism; end the siege, and agree to a ceasefire now.

“Each morning, the same question echoes across Gaza: will I eat today?” said one agency representative.

Each morning, the same question echoes across Gaza: will I eat today?

Humanitarian agency representative in Gaza