NewzIntel.com

Category: Australia

  • MIL-OSI New Zealand: Police urge parents and young people to be alert when online on Safer Internet Day

    Source: New Zealand Police (National News)

    New Zealand Police is urging parents to be alert to the potential risks facing children and young people online.

    Today is Safter Internet Day – a global event to promote safe and positive online experiences.

    To ensure a collaborative approach to internet safety, Police works closely with our partner agencies, including the Department of Internal Affairs, Netsafe, and New Zealand Customs.

    Detective Senior Sergeant Kepal Richards, officer in charge of New Zealand Police Online Child Exploitation Across New Zealand Team (OCEANZ), says supervising children and young people online is the best way to keep them safe.

    “The internet opens up a world of opportunity but there are offenders online looking to exploit people, and they target the most vulnerable.

    “In the worst-case scenario, we see online extortion groups trying to persuade children and young people to record self-harm and sexually explicit acts, alongside other violent crimes.

    “The footage is then circulated among members of the extortion group to gain notoriety and further extort victims.

    “Offenders may also threaten to share these videos or images online or with the victim’s family and friends.

    “While we’re not seeing a large number of this type of offending here in New Zealand at this time, we know this is having a significant impact overseas.

    “We want parents to be alert to the possible risks, but not alarmed.”

    Police urge parents and caregivers to educate themselves on this topic and have conversations with their young people about the dangers of having an online presence.

    “Having open and regular conversations is the most important tip we can give any parent or caregiver,” Detective Senior Sergeant Richards says.

    “This ensures their young children feel comfortable to come forward about any online issues that may arise.”

    For parents and caregivers: 

    • Supervision is essential. This means knowing what your children are doing online, who they are interacting with, and what platforms, apps, or games they are using.
    • Check privacy settings. We recommend parents and caregivers research and understand app settings, including privacy settings. This can include turning off location settings, setting profiles to private, or turning off chat functions.
    • Long term impact. Offenders will often use tactics such as fear or shame to manipulate young people, and make them feel alienated or trapped, like they cannot escape the situation. These situations can be very distressing and can have long term impacts and need to be addressed appropriately.
    • Report suspicious behaviour. Make a report and seek help and support.

    For victims:

    • Stop talking to the offender and avoid sending any more images or videos – even if they are threatening you. Once you have complied with their demands, there is nothing preventing them from targeting you again.
    • Save all the online chat, immediately take screenshots. This is important for making a report to the Police, we need all the evidence that you can gather.
    • Report the content and person’s profile to the platform and request the content is removed.
    • Block the profile.

    Where to report offending:

    To report any offending to Police, please call 111 in an emergency, and for non-emergencies, online at 105.police.govt.nz, clicking “Make a Report” or by calling 105.

    If you have seen content online that you wish to report, make a report to the Department of Internal Affairs HERE.

    If you would like advice and support from Netsafe, text ‘Netsafe’ to 4282 or call for free on 0508 NETSAFE (0508 638 723). You can also report online at netsafe.org.nz/report or by email at help@netsafe.org.nz.

    Click HERE to read the Virtual Global Taskforce Safer Internet Day’s media release issued by the Australian Federal Police.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Supporting Australian talent to perform for the world

    Source: Australian Executive Government Ministers

    Seven diverse Australian arts programs are showcasing their talent on the world stage thanks to recent funding from the Albanese Labor Government.

    Almost $300,000 is being delivered through the International Cultural Diplomacy Arts Fund, which supports Australia’s global cultural engagement to increase access to international audiences.

    Amongst the recipients are the Gondwana Indigenous Children’s Choir, Marliya, who performed their acclaimed work Spinifex Gum at London’s Barbican Centre in October 2024.  

    Also receiving funding are:

    • Gumbaynggirr Giingana Freedom School and Batchelor Institute of Indigenous Tertiary Education – to compile and translate case studies on best practices as part of UNESCO’s International Decade of Indigenous Languages 2022-2032.
    • Interactive Games and Entertainment Association – to support a digital games showcase at the Australian Pavilion at Expo 2025 Osaka.
    • Australian Dance Theatre – to support the development of a new major dance work, Two Blood. 
    • Adelaide Festival Centre – to support presentations of Por Por’s Big Fat Surprise Wedding and Taylor Sheesh: The Errors Tour OzAsia Festival in October 2024.
    • Poetry in Action – to support attendance at the Asia Pacific International Schools Conference Teaching & Learning Expo and performances in Hong Kong in December 2024.

    Minister for the Arts, Tony Burke, said the recipients were representative of the range of Australian talent.

    “We’re supporting these unique and truly incredible Australian artists and programs to share their work on a global stage.

    “Engaging international audiences not only creates a cultural dialogue, but it strengthens bonds and builds appreciation for the amazing talent Australia has to offer.”

    MIL OSI News –

  • MIL-Evening Report: Is Steve Smith set to become the best? What data says about Test cricket’s elite 10,000+ run club

    Source: The Conversation (Au and NZ) – By Ronnie Das, Associate Professor in Data Analytics, The University of Western Australia

    In the recent Border-Gavaskar series against India, Steve Smith agonisingly missed out reaching 10,000 Test runs in front of his home crowd at the Sydney Cricket Ground, falling short by just one run.

    However he entered the “10K club” in style after hitting his 35th century against Sri Lanka in the series won by Australia, 2-0.

    Smith is now the 15th batsman to join the exclusive club and the fourth Australian to do so, after Allan Border, Steve Waugh and Ricky Ponting.

    The illustrious group of players who have reached 10,000 is headed by Indian legend Sachin Tendulkar (15,921 runs) with Ponting (13,378) second and South African Jacques Kallis (13,289) third.

    Among this group, Tendulkar, the West Indies’ Brian Lara and Sri Lanka’s Kumar Sangakkara were fastest to 10,000 in terms of innings batted (195), just ahead of Ponting (196). Smith was fifth fastest (205 innings).

    But where does Smith sit among this group of truly elite batsmen? How does he compare to his fellow Australians? And can he eventually reach the pinnacle and overtake Tendulkar at the top of the mountain?

    The challenges of modern cricket

    Modern day cricket is physically, emotionally and psychologically demanding.

    The physical demands, coupled with fixture congestion, make it tough on athletes’ bodies. Research also suggests psychological pressures have a heightened impact on players’ thinking, feeling and overall performances.

    The evolution of lucrative Twenty20 games has also meant cricketers often play in these shorter-format leagues instead of resting between Test series.

    Smith is one of many elite cricketers still playing all three formats of the sport.

    While some batsmen continue to score well into their late 30s, more often than not performance declines in these twilight years of a batter’s career.

    Smith turns 36 in June.

    Judging the best

    The 10,000 run club is the hallmark of batting excellence in Test cricket.

    It is regarded as the pinnacle of a batsman’s career achievement.

    Together (at the time of writing) the players in the 10K club have scored 181,947 runs, with 541 centuries and 818 half centuries.

    The highest individual score belongs to Lara, who scored 400 (not out) against England in 2004.

    Lara also maintained a very high strike rate (60.51) throughout his career.

    A strike rate is a batsman’s run scoring efficiency per 100 balls – the higher the strike rate, the faster the batter scores. A higher strike rate puts more pressure on opposition bowlers and when a batter scores quickly, it allows more time for their team’s bowlers to take the 20 wickets required for a Test victory.

    Only Ponting (a strike rate of 58.72 per 100 balls) closely matches Lara’s calibre, but England’s Joe Root (57.47) is enjoying a late-career renaissance and is closing the gap.

    Compare that to the Border and Sunil Gavaskar era (late 1970s–early 1990s) when runs were not as easy to come by – these two ended their career with low (41.09 and 43.35 respectively) strike rates.

    What about Smith?

    In his second match, his strike rate was an exceptionally high 75.75 but, since then it has dipped to 53.58 as Smith has become a more balanced batsman.

    Another way to judge a batter’s impact is their centuries per innings rate.

    Smith has the highest century per innings rate (17.48%) among the 10K club.
    He recently scored his 36th century, matching his modern-day peer, Root. But Root has played 72 additional innings.

    In terms of overall centuries, Tendulkar leads the way having scored a staggering 51 centuries during his Test career (six more than Kallis, in second). However, Tendulkar did it over a mammoth 329 innings – 38 more than anyone else on the list.

    How the Australians compare

    Across generations, the four Australians have shown different styles of play in achieving the landmark.

    Data shows Border was the most consistent player among them, with his average remaining relatively steady through his career, while Waugh improved his performance after a lacklustre start to his career.

    Smith hit his peak at around his 75th match and Ponting around his 115th match, before their run scoring dropped.

    In terms of batting positions, data suggests Smith has scored most of his runs coming in at number four. Border was most dominant coming in at four and five.

    Ponting dominated as a number three batsman, while Waugh was very consistent at number five.

    How far can Smith go?

    Considering Smith’s age (35), current form and the physical demands of modern cricket, our findings suggest it will take him at least another three to four years to surpass Ponting.

    That may be achievable but Smith’s year-long ban after the 2018 “sandpapergate saga” makes reaching Tendulkar’s mark extremely unlikely.

    However, there is a chance Smith ends up with the best average in the club.

    His batting average currently sits at 56.74, with only Sangakkara (57.4) higher.

    Considering his current form, with four centuries in his past five Test matches, there’s every chance this modern-day great retires atop the tree in that metric at least.

    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. Is Steve Smith set to become the best? What data says about Test cricket’s elite 10,000+ run club – https://theconversation.com/is-steve-smith-set-to-become-the-best-what-data-says-about-test-crickets-elite-10-000-run-club-248891

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: NTES launches new custom response vessel

    Source: Northern Territory Police and Fire Services

    The NT Emergency Service (NTES) has enhanced its marine capability with the addition of a new purpose-built response vessel.

    Officially handed over to NTES late last year, the vessel is now operational following fit out and will serve as the primary response vessel for evacuations, cargo transport, and flood rescues in the northern region. It replaces a 25-year-old vessel, which had reached the end of its service life.

    Built by local company Custom Works, the vessel was designed as an ‘in between’ option between the 5.3-meter primary flood rescue boats and the larger 6.2-meter landing crafts. The new asset is versatile and capable of transporting cargo and small ATVs. It is lighter than the larger landing craft, offering greater manoeuvrability.

    The new vessel significantly improves NTES’ response capabilities, particularly in the evacuation of people stranded in flooded communities. Additionally, it enhances the capacity to deliver supplies and cargo compared with the old boat, which only carried four people and minimal cargo. The new vessel has the capacity to carry up to 10 people or 800 kg of vital supplies, crucial for maintaining sustainability in remote communities during emergencies.

    Commissioner of NT Fire and Emergency Services, Andrew Warton, says the new vessel, will improve operational capacity during the high-risk weather season in the Top End.

    “Our NTES volunteers respond to a wide range of incidents, from flood evacuations and rescues at river crossings to assisting NT Police with inland river or dam searches and providing marine flood rescue training,”

    “Having a purpose-built asset that is tailored to our unique Northern Territory terrain is vital for handling the severe weather we face, especially in remote areas.”

    “Our crew is very pleased with the high-quality work of Custom Works. They’ve delivered a vessel that will exceed our operational requirements during the Wet Season.”

    The recent formation of the NT Fire and Emergency Services, which combines the NT Fire and Rescue Service, NT Emergency Service, and Bushfires NT into one agency, enhances our ability to respond to emergencies while prioritising community resilience.

    Media contact:

    Rickie Abraham

    89239803

    MIL OSI News –

  • MIL-OSI Australia: Airservices Australia announces first round of Uncrewed Aircraft Systems Service Suppliers

    Source: Airservices Australia

    Airservices Australia has announced the first round of Uncrewed Aircraft Systems (UAS) Service Suppliers (USS) to connect to the new Flight Information Management System (FIMS), the data-sharing platform that will enable drones and other uncrewed aircraft to be seamlessly incorporated into Australian airspace. 

    Following a Request for Proposal in late 2024 seeking specialist USS technology providers to collaborate with Airservices, Australian owned and operated AvSoft and Yarra Drones, along with United States based OneSky, have been selected to participate in the first round of technical integration with the FIMS.  

    The FIMS will be at the core of Australia’s Uncrewed Aircraft Systems Traffic Management (UTM) ecosystem. It will enable Airservices to share flight information between air traffic control, traditional aircraft, and uncrewed airspace users. 

    With over 60 million drones predicted to be utilising Australian airspace by 2043, delivering the UTM ecosystem through cross government and industry collaboration will ensure a safe, efficient and harmonised airspace for both uncrewed and conventional aircraft.  

    In the lead up to Airservices’ FIMS going live in late 2025 and beyond, these partnerships will also play a critical role in collectively delivering cutting edge, digital UTM solutions for drone operators as industry providers integrate their platforms with the FIMS.  

    Supported by Airservices’ strategic partner Frequentis Australasia and the Civil Aviation Safety Authority (CASA), the USS onboarding and integration process involves working together on end-to-end testing of FIMS capabilities, assuring technical and regulatory requirements and empowering the burgeoning uncrewed industry to thrive.  

    Airservices Australia Head of Transformation Uncrewed Services Integration, Luke Gumley, said this was a major milestone in developing the UTM ecosystem in Australia. 

    “We’re thrilled to be supporting the first cohort of UAS Service Suppliers and extend a warm welcome to OneSky, AvSoft and Yarra Drones as the expertise and experience they bring to the table is invaluable,” Luke said. 

    “We look forward to partnering with more USS through future onboarding rounds next year, which will benefit from the preliminary work we do with the first cohort. 

    “The forward leaning policy and regulatory frameworks, coupled with the collaboration between Airservices and industry in delivering open market UTM services connected to FIMS, positions Australia as a leader in enabling safe and sustainable growth of the drone and emerging aviation industries.” 

    For further information on Airservices’ work to support Australia’s UTM ecosystem visit our website. 

    About Airservices
    Airservices Australia is a government-owned organisation responsible for safely and efficiently managing air traffic in 11 per cent of the world’s airspace, as well as the provision of aviation rescue fire fighting services at Australia’s busiest airports. We are regulated by the Civil Aviation Safety Authority and work closely with our customers and industry to support the long-term growth of the aviation industry.

    MIL OSI News –

  • MIL-OSI Australia: Securing regional banking services

    Source: Australian Ministers 1

    The Albanese Government has secured commitments from the banks to ensure banking services remain available in the regions.

    Banks have a responsibility to regional communities and we’re holding them to it.

    We are making sure bank branches stay open in the bush.

    Since 2017, 36 per cent of bank branches in regional Australia have closed and we are taking action to arrest this decline in regional banking services.

    The Albanese Government governs for the whole country and we take our responsibilities to the regions seriously.

    We are standing up for regional Australians, helping to secure the banking services they need and deserve.

    More than banking, this is about keeping regional communities, that contribute so much to our national economy, connected and thriving.

    People are increasingly using digital banking and payment methods, but face-to-face services remain essential, particularly for people and small businesses in regional areas, where digital alternatives may not always be accessible or meet their needs.

    The package of commitments from the banks includes:

    • A moratorium on branch closures for two and half years: NAB has committed to a new moratorium on regional branch closures, with CBA and Westpac extending their existing moratoriums. These commitments build on the conditions imposed by the Government on ANZ and Suncorp and ensure no regional branch closures by these banks before 31 July 2027; and
    • New Bank@Post agreements: The Government has asked the banking sector to increase its commitment to and investment in regional banking.

    Following discussions with the Government and Australia Post, CBA, NAB and Westpac have all reached new in-principle Bank@Post agreements, and ANZ has agreed key terms on which it will join the service.  

    These new agreements will shore up the financial outlook for Bank@Post and provide greater certainty and choice to banking customers, particularly in rural and regional areas.

    The Government also welcomes the decision by Macquarie and HSBC to start negotiations with Australia Post on Bank@Post services.

    The Government’s work and consultation on longer-term options including other steps flagged at the end of last year will continue in the meantime.  

    The Government will continue to work with regulators, industry and communities to ensure our regions have access to fit-for purpose and sustainable banking services over the long term. 

    This includes a focus on sustainable cash distribution and ensuring Australians can use cash to pay for essentials if they want or need to.

    The Albanese Government will continue to stand up for the regions as part of building Australia’s future. 

    MIL OSI News –

  • MIL-OSI Security: U.S. Attorney’s Office Obtains $162,500 Settlement Compensating Victim of Fair Housing Act Discrimination

    Source: Office of United States Attorneys

    HONOLULU – Kenneth M. Sorenson, Acting United States Attorney for the District of Hawaii, announced a settlement of $162,500 resolving the United States’ lawsuit under the Fair Housing Act (“FHA”) against Kailua Village Condominium Association (“Kailua Village”), its Managing Agent, Associa Hawaii, the sellers of a Kailua Village condominium unit, and the sellers’ realtor.

    The lawsuit alleged that the defendants discriminated against an individual with paraplegia (the “Complainant”) who attempted to purchase a condominium unit at Kailua Village, a 54-unit condominium complex in Kailua-Kona, Hawaii, in or around October 2021. The Complainant was living at the condominium unit pursuant to an early occupancy agreement during the escrow period. According to the Complaint filed by the United States, the defendants unlawfully denied the Complainant’s requests for an accessible parking space, a temporary ramp to access his condominium unit, and installation of an accessible toilet at his own expense. This discrimination, as well as certain verbal harassment, allegedly caused the Complainant to withdraw from the purchase and move out of the condominium unit.

    The FHA makes it unlawful to discriminate in the terms and conditions of the sale or rental of, or to otherwise make unavailable or deny, a dwelling based on the prospective buyer or renter’s disability. The FHA also mandates that reasonable accommodations in rules, policies, practices, and services be provided when necessary to afford equal housing opportunities to persons with disabilities.

    The Complainant filed a discrimination complaint with the United States Department of Housing and Urban Development (“HUD”). HUD’s investigation determined that reasonable cause existed to believe that illegal discriminatory housing practices had occurred. The Complainant subsequently exercised his right to proceed to federal court with the dispute, thereby triggering the statutory requirement that the Department of Justice file suit on the Complainant’s behalf.

    The case was resolved by two Consent Decrees approved by the federal district court in October 2024 and January 2025. Pursuant to the Consent Decrees, the defendants will pay the Complainant $162,500 in damages and are required to complete FHA training. Additionally, Kailua Village is required to adopt a Department of Justice-approved reasonable accommodation and modification policy, and for a period of two years, Kailua Village and Associa Hawaii must comply with certain recordkeeping and reporting requirements to ensure FHA compliance.

    Assistant U.S. Attorneys Sydney Spector and Dana Barbata, in partnership with the Housing and Civil Enforcement Section of the Civil Rights Division of the United States Department of Justice, litigated the matter.

    Individuals who believe they have been victims of housing discrimination may submit a report online at www.civilrights.justice.gov, or may contact the Department of Housing and Urban Development at 1-800-669-9777 or www.hud.gov.

    MIL Security OSI –

  • MIL-OSI: First National Bank Alaska named top ten bank in America by Forbes

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Feb. 10, 2025 (GLOBE NEWSWIRE) — Forbes selected Alaska’s largest community bank, First National Bank Alaska, as one of the top ten banks in the country for their annual list America’s Best Banks. First National ranked sixth in the nation and was the only bank in Alaska to make the list.

    The global media company evaluates 11 metrics, including growth, credit quality, profitability and stock performance.

    “We are honored to receive this recognition,” said First National Board Chair and CEO/President Betsy Lawer. “I want to extend my gratitude to our customers and congratulate the more than 600 local employees who provide excellent customer service every day. Being ranked as one of the top ten banks in America by Forbes is a reflection of employee dedication to helping fellow Alaskans succeed.”

    Alaska’s community bank since 1922, First National Bank Alaska proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.

    In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time running, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.

    For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency. Our dedicated team strives to provide exceptional customer service to meet the banking needs of our fellow Alaskans to help shape a brighter tomorrow.

    First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.

    CONTACT: Marketing
    (907) 777-3409

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Encourages Stockholders of AMCR, HEES, LBRDA, SDIG to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • AMCOR plc (NYSE: AMCR), relating to the proposed merger with Berry Global Group, Inc. Under the terms of the agreement, Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively.

    ACT NOW. The Shareholder Vote is scheduled for February 25, 2025.

    Click here for more information https://monteverdelaw.com/case/amcor-plc-amcr/. It is free and there is no cost or obligation to you.

    • H&E Equipment Services, Inc. (Nasdaq: HEES), relating to the proposed merger with United Rentals, Inc. Under the terms of the agreement, United Rentals will acquire H&E for $92 per share in cash.

    ACT NOW. The Tender Offer expires on February 25, 2025.

    Click here for more https://monteverdelaw.com/case/he-equipment-services-inc-hees/. It is free and there is no cost or obligation to you.

    • Liberty Broadband Corporation (NASDAQ: LBRDA, LBRDK, LBRDP), relating to the proposed merger with Charter Communications, Inc. Under the terms of the agreement, Liberty Broadband common stockholders will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock they own.

    ACT NOW. The Shareholder Vote is scheduled for February 26, 2025.

    Click here for more information https://monteverdelaw.com/case/liberty-broadband-corporation-lbrda-lbrdk-lbrdp/. It is free and there is no cost or obligation to you.

    • Stronghold Digital Mining, Inc. (Nasdaq: SDIG), relating to its proposed merger with Bitfarms Ltd. Under the terms of the agreement, Stronghold stockholders are expected to receive 2.52 shares of Bitfarms per share of Stronghold they own.

    ACT NOW. The Shareholder Vote is scheduled for February 27, 2025.

    Click here for more information: https://monteverdelaw.com/case/stronghold-digital-mining-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI Australia: Legislation passes to boost First Nations investment

    Source: Australian Treasurer

    The Albanese Labor Government has today updated the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) to support greater investment in First Nations businesses and communities.

    This reform will give Indigenous Business Australia (IBA) the ability to borrow and raise funds to pursue investment opportunities that drive First Nations economic empowerment.

    It will allow IBA to pursue co‑investment and partnership opportunities with government and private entities and will deliver benefits that make a real difference to First Nations people.

    This is about getting more money and more investment into more First Nations communities around the country.

    It delivers on the Prime Minister’s commitment at the Garma Festival in August 2024 to boost the investment, borrowing and lending power of IBA.

    Access to capital continues to be a significant barrier to First Nations economic development and empowerment, and, until now, IBA’s ability to support First Nations people has been restricted.

    By modernising the ATSI Act, IBA will have the flexibility needed to structure investments and partnerships that support and promote First Nations economic self‑determination.

    This will contribute to Closing the Gap Target 8, which focuses on strong economic participation.

    It also forms part of broader work Treasury is undertaking to establish a First Nations Economic Partnership, to help increase employment and training opportunities, and expand access to finance and capital for First Nations businesses. We invested $16.9 million in this work in the 2024–25 MYEFO.

    The amendments to the ATSI Act have been informed by extensive consultation with IBA over several years.

    They will support more First Nations people to start, grow and sustain businesses, purchase homes, and invest in commercial ventures.

    MIL OSI News –

  • MIL-OSI USA: News 02/10/2025 Blackburn, Baldwin Introduce Bipartisan Bill to Support Tennessee Small Dairy Businesses

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    WASHINGTON, D.C. – U.S. Senators Marsha Blackburn (R-Tenn.) and Tammy Baldwin (D-Wisc.) introduced the Dairy Business Innovation Act to strengthen the Dairy Business Innovation Initiatives (DBII) to help more American dairy farmers and processors add value to their businesses, including creating new products, expanding their markets, and modernizing their production facilities:

    “The dairy industry is an essential part of the American economy. It is crucial that we provide the resources that dairies in Tennessee need to expand and create new products,” said Senator Blackburn. “With many small Tennessee dairies struggling to remain open, this bill will allow these businesses to diversify and expand their market competitiveness.”

    “My Dairy Business Innovation Initiative has helped Wisconsin dairy farmers, producers, and cheesemakers grow their operations, tap into new markets, and innovate new products,” said Senator Baldwin. “From expanding facilities and growing their operations to improving packaging and lowering their shipping costs, this program has helped Wisconsin businesses grow their bottom lines and create jobs in our rural communities. I’m fighting to expand this vital program so more farmers, cheesemakers, and dairy processors have the tools to innovate and drive our rural economy forward.”

    DAIRY BUSINESS INNOVATION ACT:

    • The DBII program was created in the 2018 Farm Bill, establishing multiple dairy business and innovation centers to serve producers across the country. These centers, in partnership with dairy farmers and processors, are spurring innovation in dairy businesses, fostering the development of new dairy products and modernizing existing dairy plants. As a result, the program has gone on to add value to the milk produced by American farmers and expand their market access.
    • Each regional initiative is tasked with providing technical assistance and grants to farmers and processors, including:
      • Supporting new and expanding dairy businesses—Centers provide assistance with business plan development, accounting, market evaluation, and strategic planning.
      • Promoting innovation in dairy products—Dairy businesses receive assistance with product innovation, marketing and branding, packaging, distribution, supply chain innovation, food safety training and consultation, and dairy product production training.
      • Assisting with dairy plant modernization and process improvement—Dairy businesses receive assistance with processing facility improvement, including assistance with plant upgrades, food safety modernization, energy and water efficiency, byproduct reprocessing and use maximization, and waste treatment.
    • The Dairy Business Innovation Act builds on the support for regional dairy research and innovation centers across the country by raising the program’s annual authorization from $20 million to $36 million.

    ENDORSEMENTS:

    The legislation is endorsed by the Tennessee Farm Bureau Federation, University of Tennessee Institute of Agriculture, National Milk Producers Federation, Organic Valley, and International Dairy Foods Association. 

    “Tennessee’s dairy farmers are an integral part of our rural economy and provide wholesome, nutritious milk products to consumers. We thank Senators Blackburn and Baldwin for filing the Dairy Business Innovation Initiative which will be a successful opportunity for dairy farmers to add value to their milk and increase on-farm profitability. Further investments into DBII can create increased opportunities for consumers to access local dairy products and support their regional agricultural economy.” – Eric Mayberry, President of the Tennessee Farm Bureau Federation 

    “We are grateful to Senators Blackburn and Baldwin for their support of the Dairy Business Innovation Act. It has had a historic impact on our Tennessee dairy industry and the development of the new Center for Dairy Advancement and Sustainability at the University of Tennessee. These resources will continue to help UTIA provide Real.Life.Solutions. to producers and processors across the region. Additionally, it has provided us with new partnership opportunities around the country.” – Dr. Keith Carver, Senior Vice Chancellor and Senior Vice President of the University of Tennessee Institute of Agriculture 

    “The Dairy Business Innovation Act continues to be a critical tool for dairy farms and processors across the Southeast region to overcome a history of low income, limited reinvestment into existing businesses, and high barriers to entry for new dairy businesses. As the program manager for the Southeast region, the University of Tennessee Institute of Agriculture (UTIA) strongly supports the continuation and expansion of this valuable assistance to producers, processors, and the allied industries impacted by them. Since 2021, over $17 million has been directly invested into 189 dairy businesses across the 12 states and 1 territory in our region. Within Tennessee, 40 awards totaling almost $3.4 million have supported existing dairy farmers, processors, and emerging value-added dairy ventures. The funding for administration and research around the dairy industry has resulted in 5 new dairy Extension positions across Tennessee, Kentucky, and North Carolina and has increased our understanding of consumer motivations around dairy. The new Center for Dairy Advancement and Sustainability at the University of Tennessee is a direct outcome of these grants, providing a unique hub of food, animal, economic, and consumer interaction to support the dairy industry.” – Dr. Elizabeth Eckelkamp, Southeast Dairy Business Innovation Initiative Program Director and Dairy Extension Specialist at the University of Tennessee Institute of Agriculture

    “We thank Senators Baldwin and Blackburn for their continued bipartisan leadership in strengthening the Dairy Business Innovation Initiatives program. Dairy has a storied history of pioneering effective new products and practices as dairy farmers and their cooperatives work to supply the U.S. and the world with nutritious, sustainably produced food. This program helps support researchers and their industry partners working to drive this innovation forward.” – Gregg Doud, President and CEO of National Milk Producers Federation 

    “Senator Tammy Baldwin and Senator Marsha Blackburn should be commended for a bill that enhances the assets and investments in the U.S. the dairy industry. Dairy is an economic engine in rural communities – we at Organic Valley know dairy processors who are doing more with support from this initiative and American farmers who are better positioned to bring milk to market because of it.” – Adam Warthesen, Vice President of Government and Industry Affairs at Organic Valley

    “IDFA applauds Senators Baldwin and Blackburn for introducing the Dairy Business Innovation Act of 2025.  The bill promotes innovation in the dairy processing sector and will help industry members work together to address common challenges and create new market opportunities for healthy and nutritious dairy products.” – Michael Dykes, D.V.M., President & CEO of International Dairy Foods Association

    MIL OSI USA News –

  • MIL-OSI Australia: Don’t let scammers leave you broken hearted

    Source: New South Wales Premiere

    Published: 11 February 2025

    Released by: Minister for Customer Service and Digital Government

    NSW residents searching for love this Valentine’s Day are being warned to guard their hearts – and wallets – against charming con artists posing as the real deal.

    In 2024, scammers managed to steal more than $8.9 million from NSW residents using romance scams, according to ScamWatch.                                                                               

    Fraudsters are skilled professionals at lying and deceiving their victims and seemingly there is no age limit, with all age groups represented in 798 reports of romance and dating scams last year in NSW including under 18s.

    Tips to avoid falling victim to a romance scam include:

    • Minimise the amount of personal info on your dating profile and adjust your privacy settings. Limit the disclosure of full names, addresses, work, location, and information about any children.
    • Keep conversations on the app. Online safety features on the app can only protect people while they’re using the app.
    • Look out for suspicious photos or profiles. Many dating apps now include verified photos which show a person is legitimate. An image search can also determine if a person is who they say they are.
    • Set up multi-factor authentication for accounts. Multi-factor authentication will help secure and minimise the risk of being hacked.
    • If it doesn’t feel right, trust your instincts. You don’t have to talk to someone just because you have been matched. You don’t have to agree to anything that you’re unsure about, or that makes you feel uncomfortable. It is always your decision.

    Anyone interested in learning more about scams, warning signs, and protecting their identity can sign up now for a free online event on romance scams on 14 February hosted by ID Support NSW.

    The event starts at 11:00am and will run for one hour. It will feature advice on how to spot common dating and romance scams, tools for protecting yourself and there will be opportunities to ask questions directly to experts.

    ID Support NSW also has a range of tools and information to protect people from scammers including a Data Breach Portal which checks if an email anyone has received from ID Support NSW is authentic.

    Anyone concerned about the security of personal information they store can use ID Support NSW’s Personal Information Risk Assessment Tool (PIRAT) to understand the potential risks in holding customer data. The tool can be used both proactively and in the wake of a data breach to assess risk from low to extreme based on the information’s usage and its appeal to cybercriminals.

    Book a spot in the ID Support NSW online event: www.nsw.gov.au/id-support-nsw/events/share-your-heart-and-not-your-identity-valentines-day

    Customers who want to access the Data Breach Portal can visit portal.idsupport.nsw.gov.au/s/

    To undertake a risk assessment via the PIRAT, go to www.nsw.gov.au/id-support-nsw/be-prepared/pirat

    Anyone who has experienced a scam and is seeking advice on what to do next can also call ID Support NSW on 1800 001 040 to speak with one of our advisors for personalised advice. Advisors are available from 9am to 5pm, Monday through Friday. Interpreter services are available.

    Minister for Customer Service and Digital Government, Jihad Dib said:

    “Fraudsters aren’t afraid to give you heartache this Valentine’s Day and will use sophisticated scams to try and steal from people across NSW.

    “People can protect themselves from being rorted by Romeo or jilted by Juliet by not sending money to anyone they have not met in person.

    “It’s important victims of romance scams speak up and get the help they need. ID Support NSW is here to help you – and remember, there is no shame in falling victim to a con artist.”

    Director ID Support NSW, Jacki Muir said:

    “Know the warning signs and take steps to protect yourself so you don’t fall victim to these convincing imposters.”

    MIL OSI News –

  • MIL-OSI Australia: New laws strengthen penalties for antisemitism, boost protection for people attending places of worship

    Source: New South Wales Premiere

    Published: 11 February 2025

    Released by: The Premier, Attorney General

    The NSW Government will today introduce two bills to protect places of worship and further criminalise Nazi symbols, as part of a crackdown on recent racial hatred and antisemitism.

    The Crimes Amendment (Places of Worship) Bill 2025 is part of a package of reforms announced last week to give police additional powers and resources to respond to acts of racial violence and hatred.

    The latest proposed changes to the Crimes Act create two new offences to ensure people of faith can attend their place of worship in safety:

    • Intentionally blocking, impeding or hindering a person from accessing or leaving, or attempting to access or leave, a place of worship without a reasonable excuse; and
    • Harassing, intimidating or threatening a person accessing or leaving, or attempting to access or leave, a place of worship.

    The maximum penalty for the new offences is 200 penalty units and/or two years’ imprisonment.

    The Bill will also amend the Law Enforcement (Powers and Responsibilities) Act 2002 to authorise a police officer to issue a move on direction to a person who is participating in a demonstration, protest, procession or assembly occurring in or near a place of worship. This would not apply in circumstances where the relevant action is within an authorised public assembly.

    The Crimes Legislation Amendment (Racial and Religious Hatred) Bill also:

    • Clarifies that graffiti is a “public act” for the purposes of the offences of threatening or inciting violence and displaying Nazi symbols;
    • Provides for tougher sentencing for displaying by public act a Nazi symbol on or near a synagogue, the Jewish Museum or a Jewish school; and
    • Aggravates sentences when a person’s conduct is partially or wholly driven by hate.

    These reforms provide greater protection to the community against public displays of hate and crimes that may be partially motivated by hate and prejudice.

    The Department of Communities and Justice held targeted consultation on the legislation, including with faith institutions, key legal stakeholders and relevant government agencies.

    The NSW Government is currently finalising new laws on hate speech.

    NSW Premier Chris Minns said:

    “Disgusting acts of antisemitism and intimidation have no place in NSW – acts designed to divide will not work.

    “Our package is a strong response to recent antisemitism, but will also protect any person, of any religion.

    “We are sending a clear message that these disgusting attacks have to stop.”

    Attorney General Michael Daley said:

    “People of faith have the right to attend their place of worship without fear or obstruction.

    “Blocking access to a church, mosque, synagogue or other holy building is a completely unacceptable behaviour that has no place in our society. These proposed changes provide strong penalties and expand police powers to ensure people can practice their beliefs in safety.

    “The NSW Government is also expanding the criminal law to send a clear message that inciting hatred is not just unacceptable, it will soon be criminal.

    “We believe these proposed reforms strike the right balance between protecting people of faith and the community’s right to protest.”

    MIL OSI News –

  • MIL-OSI Australia: App to support youth off vapes while tens of thousands of illegal products removed from community

    Source: New South Wales Premiere

    It comes as new data shows NSW Health’s youth-targeted campaign has supported or persuaded almost 40,000 young people in NSW to quit vaping.

    Meanwhile, the latest seizure data suggests a severe disruption to product availability following the introduction of laws stopping vapes at the border.

    New Pave app to support quitting vaping

    The new Pave app being launched today will provide users with helpful tips, motivation, tracking tools, distractions for when cravings hit, as well as activities and information to navigate common barriers to quitting vaping.

    It provides a daily check-in feature supporting users to reflect on their progress and a click-to-call function to connect with Quitline counsellors.

    The app was developed by the Cancer Institute NSW, and designed together with young people who vape or had recently quit vaping.

    Their experiences informed the content and user interface of the app.

    It’s free and available to download on iOS and Android.

    Campaign supports or persuades 40,000 to quit

    In January 2024, we launched the ‘Every vape is a hit to your health’ behaviour change campaign to reduce the health impact of vaping among 14 to 24 year olds in NSW – the campaign running across TV, public transport and social media.

    The campaign connects young people to information about vaping and quit support, including telephone support through the Quitline, general practitioners and now digital apps such as Pave.

    New research shows the campaign motivated 24,000 young people in NSW to quit vaping, and persuaded a further 15,000 to consider quitting.

    Research also shows that 80 per cent of young Aboriginal people who vape felt motivated to try to quit after being exposed to the campaign.

    The campaign is now entering a new phase which will highlight the health harms of vaping including nicotine addiction, lung damage, breathlessness, nicotine poisoning and burns from exploding vapes.

    These health materials are available in Cantonese, Mandarin, Vietnamese, Nepali and Arabic, and can be accessed here.

    Tens of thousands of illegal products removed from community

    Between 1 October 2024 to 31 December 2024, over 47,000 vaping products were seized from 300 inspections.

    This is compared to the same period the previous year, when just under 80,000 vaping products were seized from 238 inspections.

    Despite the higher number of inspections, the lower number of products seized is likely the result of the disruption in product availability in the market following the introduction of the commonwealth vaping laws.

    Quotes attributable to Health Minister Ryan Park:

    “I am very concerned about the prevalence of illegal vapes in our community.

    “In particular, I’m worried about the impacts it will have on the community’s health, and ultimately, our health system, long into the future.

    “This is a once-in-a-generation moment to prevent a ticking timebomb in public health.

    “Our efforts against vaping cannot be solely about enforcement – we’ve got to persuade young people to take ownership of their health, as well as clean our streets of illegal products.

    “I am encouraged by our efforts to create awareness among young people of the dangers of vaping, as well as to instil in them a desire to say no, or to quit.

    “What I’m determined to see as minister is the requisite supports to help them do it.”

    Quotes attributable to Chief Cancer Officer and CEO of Cancer Institute NSW Professor Tracey O’Brien AM

    “It’s encouraging to see that tens of thousands of young people are trying to quit vaping or thinking about doing so.

    But vaping remains a significant public health issue and the new Pave app is another option we can provide to encourage young people to seek help and stay on track on their quit journey.

    “Vaping can cause significant health harms and can be highly addictive.

    “Like cigarettes, vapes are also full of harmful chemicals that have been known to cause cancer and there is growing evidence that young people who vape are more likely to take up smoking, which can significantly increase their cancer risk.”

    “It’s important that people avoid taking up vaping or seek help to quit. While quitting can be hard, with support, taking that first step can be life changing.”

    Quotes attributable to former vaper Jillie Clarke

    “The craziest thing about vaping is that I genuinely don’t believe anyone wants to be a vaper.

    “I didn’t realise I was addicted until I tried to quit and I couldn’t.

    “But quitting vaping is 100 per cent possible, it’s a journey but every step is progress and you can do it.

    “Vaping had a noticeable impact on my breathing, it felt like my lungs were working harder than they used to and I ended up getting really sick with a lung infection.

    “What was really scary for me was learning that the impacts of vaping go beyond respiratory issues, with other damage not being felt until it’s too late – I didn’t want to risk getting to that stage.”

    MIL OSI News –

  • MIL-OSI Australia: New designs on the way for the NSW Pattern Book

    Source: New South Wales Premiere

    Published: 11 February 2025

    Released by: Minister for Planning and Public Spaces

    Thirteen highly skilled design practices have been commissioned by the Minns Labor Government to contribute additional low and mid rise designs to the NSW Pattern Book.

    This is the second tranche of designs to be added to the NSW Pattern Book to make the delivery of homes in NSW faster, providing more homes for those who need them.

    Six designs for terraces, semi-detached dual occupancy and manor houses or low-rise apartment buildings will be produced alongside six designs for mid-rise residential flat buildings.

    Additionally, one landscape design practice has been commissioned to develop design guidance for the low-rise and mid-rise patterns, for both private and shared open spaces.

    Once complete, these designs will become part of the NSW Pattern Book alongside the five winners from the professional category of the NSW Housing Pattern Book Design Competition that were announced in November last year.

    The NSW Pattern Book will provide families, builders and developers with a collection of pre-approved, architecturally designed and cost-effective patterns to choose from. Those that use the designs will have access to a fast-tracked planning pathway.

    Restoring choice and diversity is at the centre of the Minns Government’s housing reforms. This means building more homes that offer people at different stages of life more options.

    The Pattern Book builds on the Minns Government recent reforms to the planning system to speed up the delivery of more homes, including:

    ·       Establishment of the Housing Delivery Authority to allow for major housing projects to be prioritised by being assessed directly by the NSW Government.

    ·       The largest rezoning in NSW history around transport hubs.

    ·       The largest ever investment in the delivery of social and affordable housing in NSW.

    ·       $200 million in financial incentives for councils that meet the new expectations for development applications, planning proposals and strategic planning. 

    ·       $450 million to build new apartments for essential workers including nurses, paramedics, teachers, allied health care workers, police officers and fire fighters. 

    For more information on the Pattern Book please visit https://www.planning.nsw.gov.au/government-architect-nsw/housing-design/nsw-housing-pattern-book.

    Minister for Planning and Public Spaces Paul Scully said:

    “Sydney is currently the second most expensive city in the world and has less housing diversity than it did a century ago. This means less optionality and less opportunity for our families, young people, workers and downsizers to live in NSW.

    “As we see the average household change and evolve, we want to make sure there are homes to suit everyone, and this means more than just single dwellings and high-rise apartments.

    “We’re not sacrificing quality for quantity as we deliver more homes, the NSW Pattern Book will have the stamp of approval from the NSW Government Architect.

    “We want new homes to be built faster, but the Pattern Book will mean those homes are good quality, sustainable and cost-effective.”

    MIL OSI News –

  • MIL-OSI Australia: Transparency at the heart of strata reforms

    Source: New South Wales Premiere

    Published: 11 February 2025

    Released by: Minister for Better Regulation and Fair Trading

    Greater accountability and transparency are at the heart of new strata laws now in effect which require strata managers in NSW to be upfront with owners about kickbacks and conflicts of interest.

    The reforms give property owners better information and increase accountability for strata managers through improved transparency around their financial relationships and potential conflicts of interest.

    The expanded disclosure requirements mandate clear and timely information-sharing by strata managers.

    Under the new laws, strata managers must:

    • Disclose any connections with suppliers and developers, including the nature of the relationships
    • Provide detailed breakdowns of insurance quotes, including commissions and broker fees
    • Report in real time if any new connections or interests arise during their appointment

    Additionally, strata managers must now provide enhanced annual reports to owners corporations which detail any supplier and developer connections.

    NSW Fair Trading will be enforcing these new obligations, with strata managers required to understand and comply with the new requirements, including auditing their previous disclosure practices to identify any gaps, and implement processes to ensure timely and accurate reporting under the new requirements.

    Strata property owners are encouraged to familiarise themselves with the changes and discuss any concerns with their strata manager.

    Targeted compliance operations and education initiatives will embed recent reforms and improve consumer confidence in strata management.

    Managers who fail to meet the new disclosure obligations may face penalties of up to $110,000.

    These new rules form part of the second tranche of reforms the Government has passed through the NSW Parliament to improve the strata industry.

    A third tranche of reforms is currently being debated in the NSW Parliament and will increase accountability of developers to ensure initial strata levies are accurate so owners aren’t hit with higher fees once they move in, and will introduce financial hardship provisions for people struggling to pay their fees and protect owners from unfair contract terms. 

    For more information, visit the NSW Fair Trading website:

    https://www.fairtrading.nsw.gov.au/housing-and-property/property-professionals/working-as-a-property-agent/rules-of-conduct/disclosure-requirements

    Quotes to be attributed to Minister for Better Regulation and Fair Trading Anoulack Chanthivong:

    “These reforms are about ensuring transparency and accountability for everyone living in strata communities.

    “These enhanced disclosure requirements will give strata property owners the confidence they need to make informed decisions about their homes or investments.

    “Strata managers have an obligation to act in the best interests of their clients, which includes maintaining the trust of owners corporations. These reforms will improve oversight and ensure strata managers’ practices are open and transparent.

    “Strata owners deserve clear, timely, and honest information from their managers, and these laws provide a vital step in restoring trust and supporting better decision-making for strata communities.”

    Quotes to be attributed to Fair Trading Commissioner Natasha Mann:

    “With more than 87,000 strata schemes and more than 1.2 million people living in strata across NSW, these reforms are vital in ensuring fairness and trust for everyone living in strata communities.

    “We will be working to educate the industry on their obligations and monitor compliance with NSW strata laws, with penalties of up to $110,000 for those flouting the law.”

    MIL OSI News –

  • MIL-OSI Australia: Minister Rishworth interview on 4BC Breakfast with Peter Fegan

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    Topics: Antisemitism; US tariffs on aluminium and steel; US-Australia trade relationship; NDIS; Foundational supports; Australian federal election.

    PETER FEGAN, HOST: Someone that had a front row seat to the action, Social Services Minister Amanda Rishworth. She joins me on the line. Minister, it’s great to have your company this morning.

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: Good morning. Great to be with you.

    PETER FEGAN: Antisemitism is a very touchy subject. Now, the Attorney-General has accused the Coalition of politicising antisemitism. But look, I think the sad reality is, Minister, it is a political issue, but I think it was a little childish of the Coalition yesterday to try and attempt to silence the Attorney-General because Mark Dreyfus is Jewish.

    AMANDA RISHWORTH: It was a pretty unusual circumstance. We had Mark Dreyfus getting up and talking very personally about the impact that antisemitism has had on him and his family. In fact, he has direct family members that died in the Holocaust. So, it was a really moving comment. And he was making the point how dangerous it can be to politicise. Now, to shut down the Attorney-General by moving a motion that he no longer be heard was ironic. I mean, that was pretty ironic and pretty concerning, especially when the Parliament should be about free speech and canvassing these types of issues.

    PETER FEGAN: Yeah, look, I thought the move was very strange considering that, yes, he is Jewish and he had personal experiences. I thought it would have been more touching to allow Mark Dreyfus to talk. But look, it is politics. I want to move on, Minister, if I can, to President Trump’s threat to impose these 25 per cent tariffs on Australia’s aluminium industry. It is a really scary prospect. But, you know, particularly given the cost to Rio Tinto and, you know, and big companies like that BlueScope as well. But look, we don’t export a lot of those materials to America. But I think more broadly there’s an issue here, and it’s the relationship between the US and it hangs in the balance here. Do you think that the comments made by Anthony Albanese and Kevin Rudd may come back to bite us on the backside here?

    AMANDA RISHWORTH: Look, I think that the Prime Minister in particular has demonstrated already he is able to build strong relationships with world leaders. If you have a look at it, before President Trump even took office, our Prime Minister had had a conversation with him. Very few countries got an invite to the inauguration. Penny Wong was there, and we have Richard Marles meeting his Defence Minister counterpart just over the weekend. So, the relationship is strong. We will be working in our national interest. Our Prime Minister always does that. Obviously, President Trump has made comments that he will impose these across every country, but we will be working very closely in our national interest. I think the relationship is very strong. We’ve been working on it, and we’ll keep working on it in our national interest.

    PETER FEGAN: Let’s move on to your brief. The NDIS, it is as a ‘you know what’ sandwich. It’s been handed to you by Bill Shorten. The first question I want to ask you, Minister, and I hope you don’t deny this, have you been handed, have you been left a mess by Bill Shorten? Because the opinion of Australia is the NDIS couldn’t be in worse shape.

    AMANDA RISHWORTH: Well, firstly, I would say that the problems in the NDIS are not new. The reason why many of Australians understand some of the challenges in the NDIS is because Minister Shorten actually raised them. Just a couple of things…

    PETER FEGAN: He raised them, but he didn’t fix them, though, Minister. I mean, come on, let’s call it what it is. He never fixed the issues in the NDIS. He may have raised them, but under his watch you had NDIS carers taking patients or taking their clients to strip clubs, cash buying vehicles, going on holidays. It was an absolute mess, and it all happened under Bill’s watch.

    AMANDA RISHWORTH: No, no, that is just not true. Some of these things had happened for a long time. What we did, and what Minister Shorten did, was have a list of what things could be funded and what couldn’t. Before that, there hadn’t been a list of what could be and couldn’t be funded. Firstly, I would make the point that the NDIS does provide lifechanging supports for many Australians with disability. What I’m hearing, though, of course, and this is the work that Minister Shorten started and I will continue, is firstly, bring integrity back to the system and making sure that people are spending the money and getting support for the things that make a difference in their lives. Secondly, I would say that I hear a lot about making sure that there is fairness and consistency in decision making at the same time as making sure that individuals have an individualised plan. But the crackdown on some of the misuse of NDIS money was only brought to the fore because Bill Shorten decided to set up a fraud task force and actually have a look at this. Some of the practices previously, were invoices weren’t even being checked, they were just being paid.

    PETER FEGAN: But how do we get to that stage? How do we get to that stage where invoices aren’t even checked? I mean, the captain goes down with the ship, unfortunately, Minister.

    AMANDA RISHWORTH: No, no, they are now. We’ve got to bring integrity [to the system] and that’s what Minister Shorten started. It’s a long process because quite frankly, the previous government just did not pay attention to the work that needed to be done in the NDIS. So, we need to get it back to its original intent and that was providing reasonable and necessary support so that individuals with disability can achieve their goals and aspirations. And I think that is where we need to get back to and that’s what I’m absolutely committed to doing.

    PETER FEGAN: My guest this morning is the Minister for Social Services, Amanda Rishworth. One of the things I will agree with, which I think is a good move by the Albanese Government, is people with milder disabilities will be on a different system. It’s an all new system. And I think that’s what part of the NDIS may have been – the determination between people with milder disabilities, with more severe disabilities. But the only problem is the states aren’t getting on board. What’s the update? Because I know that you’ve been working behind the scenes on this, you want to try and get this rolled out by about July 1. Are the states playing ball?

    AMANDA RISHWORTH: This is a joint effort between states and territories and just last week, First Ministers agreed to continue work on what are called foundational supports. And I have to be really clear, these supports will be critical for people. We also need to make sure the evidence is there behind these supports as well. So, we’re working very closely with the states and territories, and we will continue to do so. We are still expecting that foundational supports will start to be rolled out in the second half of this year. Although just to be clear, it was never expected the whole system would be set up in the second half of this year. As the NDIS Review pointed out, there was a long term process. But look, I’m working with absolute good faith with the states and territories. Look, there’s different views and we’ll keep working with them, but I know they are keen as well to make sure that children particularly with disability, get the best evidence-based support they can that actually make a difference and actually change the trajectory of their lives. And that’s what I’m focused on.

    PETER FEGAN: Minister, before I let you go, I’ve just had a message here from the Prime Minister’s office that says Pete, you can ask the Minister, we’re giving her permission to let us know when the election is. You’re right to go.

    AMANDA RISHWORTH: Unfortunately that’s above my pay grade.

    PETER FEGAN: I’d say April 12. You’ll be busy. I’d say April 12. Minister, thanks for having for jumping on this morning. Nice to have your time.

    AMANDA RISHWORTH: No worries, have a good one.

    MIL OSI News –

  • MIL-OSI Australia: Australian Deputy PM: Entries open for 39th Local Government Awards

    Source: Minister of Infrastructure

    Nominations are now open for the 2025 National Awards for Local Government, an annual celebration and recognition of locally-led innovation. 

    The awards, now in their 39th year, will honour local councils across a total of 13 categories.

    This year there will be two new categories: 

    • Affordable housing – recognising leaders and projects which address housing needs from a policy, planning, social or infrastructure perspective, and
    • Outstanding rural and remote council – honouring the achievements of smaller, more remote or rural councils who have entered the main awards categories.  

    Nearly 12,000 votes were cast during the 2024 awards, where 121 councils were represented across a pool of 144 nominations. 

    These included winning projects such as the Armidale Regional Council’s Girls in Civil program, the City of Launceston’s public Wi-Fi network rollout, and Wyndham City Council’s LIT light experience. 

    All elected local government organisations and associations, and other recognised organisations that provide direct services to Australian communities, are eligible to submit entries until 17 March at: https://www.infrastructure.gov.au/territories-regions-cities/local-government/national-awards-local-government

    Voting will then be open to councils and the broader public from 18 March to 18 April, with winners in each category announced later in the year.

    Quotes attributable to Minister for Local Government, Kristy McBain MP:

    “The National Awards for Local Government are an important event on the calendars of councils across Australia.

    “Last year we had 144 incredible nominations from every corner of the country, and even though that’s amazing, I think that’s underselling what our councils delivered for their communities.

    “We know that our regional councils in particular have unique challenges and large footprints to manage, which is why we’ve introduced a dedicated award to recognise their innovative solutions.

    “Every nomination and every vote represent a job well done for the councils engaging, innovating and delivering at a grassroots level, so get nominating and promote the work of your peers.”

    MONDAY, 10 FEBRUARY 2025

    MEDIA CONTACT: BLAKE DANILCZAK, 0497 204 267 

    MIL OSI News –

  • MIL-OSI Australia: Entries open for 39th Local Government Awards

    Source: Australian Ministers for Regional Development

    Nominations are now open for the 2025 National Awards for Local Government, an annual celebration and recognition of locally-led innovation. 

    The awards, now in their 39th year, will honour local councils across a total of 13 categories.

    This year there will be two new categories: 

    • Affordable housing – recognising leaders and projects which address housing needs from a policy, planning, social or infrastructure perspective, and
    • Outstanding rural and remote council – honouring the achievements of smaller, more remote or rural councils who have entered the main awards categories.  

    Nearly 12,000 votes were cast during the 2024 awards, where 121 councils were represented across a pool of 144 nominations. 

    These included winning projects such as the Armidale Regional Council’s Girls in Civil program, the City of Launceston’s public Wi-Fi network rollout, and Wyndham City Council’s LIT light experience. 

    All elected local government organisations and associations, and other recognised organisations that provide direct services to Australian communities, are eligible to submit entries until 17 March at: https://www.infrastructure.gov.au/territories-regions-cities/local-government/national-awards-local-government

    Voting will then be open to councils and the broader public from 18 March to 18 April, with winners in each category announced later in the year.

    Quotes attributable to Minister for Local Government, Kristy McBain MP:

    “The National Awards for Local Government are an important event on the calendars of councils across Australia.

    “Last year we had 144 incredible nominations from every corner of the country, and even though that’s amazing, I think that’s underselling what our councils delivered for their communities.

    “We know that our regional councils in particular have unique challenges and large footprints to manage, which is why we’ve introduced a dedicated award to recognise their innovative solutions.

    “Every nomination and every vote represent a job well done for the councils engaging, innovating and delivering at a grassroots level, so get nominating and promote the work of your peers.”

    MONDAY, 10 FEBRUARY 2025

    MEDIA CONTACT: BLAKE DANILCZAK, 0497 204 267 

    MIL OSI News –

  • MIL-OSI: Apollo Commercial Real Estate Finance, Inc. Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported results for the quarter and year ended December 31, 2024.

    Net income (loss) attributable to common stockholders per diluted share of common stock was $0.27 and ($0.97) for the quarter and year ended December 31, 2024, respectively. Distributable Earnings (a non-GAAP financial measure defined below) and Distributable Earnings prior to net realized loss on investments per diluted share of common stock were $0.32 and $0.32 for the quarter ended December 31, 2024, respectively, and $0.43 and $1.33 for the year ended December 31, 2024, respectively.

    Commenting on 2024 performance, Stuart Rothstein, Chief Executive Officer and President of the Company, said:
    “ARI had an active year of capital deployment in 2024, continuing to benefit from the strength and breadth of Apollo’s real estate credit origination capabilities.  A resurgence in real estate transaction activity over the past year led to $2.5bn of repayments in ARI’s portfolio and we successfully redeployed that capital into new vintage, attractively priced loans.”

    ARI issued a detailed presentation of the Company’s quarter and year ended December 31, 2024 results, which can be viewed at www.apollocref.com.

    Conference Call and Webcast
    The Company will hold a conference call to review fourth quarter and year end results on February 11, 2025 at 10am ET. To register for the call, please use the following link:      

    https://register.vevent.com/register/BI38e4ed2c79b3458581a16a9a003e6be1

    After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders’ section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders’ section on ARI’s website approximately two hours after the call.

    Distributable Earnings
    “Distributable Earnings,” a non-GAAP financial measure, is defined as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items (including depreciation and amortization related to real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on the Company’s foreign currency hedges, and (v) provision for current expected credit losses.

    As a REIT, U.S. federal income tax law generally requires the Company to distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that the Company pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. Given these requirements and the Company’s belief that dividends are generally one of the principal reasons shareholders invest in a REIT, the Company generally intends over time to pay dividends to its stockholders in an amount equal to its net taxable income, if and to the extent authorized by the Company’s board of directors. Distributable Earnings is a key factor considered by the Company’s board of directors in setting the dividend and as such the Company believes Distributable Earnings is useful to investors.

    During the year ended December 31, 2024, the Company recorded in the consolidated statement of operations realized losses on the sale of a commercial mortgage loan secured by a hotel in Honolulu, Hawaii, and the extinguishment of a commercial mortgage loan secured by a portfolio of eight hospitals in Massachusetts.

    The Company believes it is useful to its investors to also present Distributable Earnings prior to net realized loss on investments and gain on extinguishment of debt, in applicable periods, to reflect its operating results because (i) the Company’s operating results are primarily comprised of earning interest income on its investments net of borrowing and administrative costs, which comprise the Company’s ongoing operations and (ii) it has been a useful factor related to the Company’s dividend per share because it is one of the considerations when a dividend is determined. The Company believes that its investors use Distributable Earnings and Distributable Earnings prior to net realized loss on investments and realized gain on extinguishment of debt, or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers.

    A significant limitation associated with Distributable Earnings as a measure of the Company’s financial performance over any period is that it excludes unrealized gains (losses) from investments. In addition, the Company’s presentation of Distributable Earnings may not be comparable to similarly titled measures of other companies, that use different calculations. As a result, Distributable Earnings should not be considered as a substitute for the Company’s GAAP net income as a measure of its financial performance or any measure of its liquidity under GAAP. Distributable Earnings are reduced for realized losses on loans which include losses that management believes are near certain to be realized.

    A reconciliation of Distributable Earnings to GAAP net income (loss) available to common stockholders is included in the detailed presentation of the Company’s quarter and year ended December 31, 2024 results, which can be viewed at www.apollocref.com.

    About Apollo Commercial Real Estate Finance, Inc.
    Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $751 billion of assets under management at December 31, 2024.

    Additional information can be found on the Company’s website at www.apollocref.com.

    Forward-Looking Statements
    Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    CONTACT:   Hilary Ginsberg
        Investor Relations
        (212) 822-0767

    The MIL Network –

  • MIL-OSI Australia: Glendenning one step closer to a new ambulance station

    Source: New South Wales Government 2

    Headline: Glendenning one step closer to a new ambulance station

    Published: 10 February 2025

    Released by: Minister for Health

    Communities in Glendenning, Doonside and the surrounding suburbs are a step closer to a new purpose-built ambulance station following the purchase of a site for a new Ambulance Station on Glendenning Road.

    The new Glendenning Ambulance Station is being delivered to boost frontline emergency care for the Glendenning and Doonside communities as part of the NSW Government’s $615.5 million NSW Ambulance Infrastructure Program.

    The new station will support local paramedics to provide the best emergency and mobile medical care now and into the future.

    NSW Ambulance identified the area as a high priority location for a new ambulance station following a comprehensive service planning process using best practice modelling software to map Triple Zero (000) calls.

    New stations are located at places which optimise ambulance response performance, best meet the needs of local community as well as the needs of emergency ambulance operations and paramedic staff.

    The next steps for the Glendenning Ambulance Station include design development and progressing planning approval. Construction and operational timeframes will be determined as the project progresses.

    The NSW Ambulance Infrastructure Program will deliver 30 additional ambulance stations and supporting infrastructure across Sydney, the Central Coast, Newcastle, the Hunter and Wollongong over the coming years, boosting frontline emergency ambulance care.

    Health Infrastructure is working with NSW Ambulance and other government stakeholders to identify potential sites for the new ambulance stations. Sites are confirmed for North Sydney, South Windsor, Oran Park, Berowra, Prestons, Moss Vale, Bargo, Lisarow and now Glendenning.

    The NSW Government is recruiting 2,500 additional NSW Ambulance staff including 500 paramedics to rural and regional areas, to boost emergency and mobile healthcare for our metropolitan and regional communities.

    Quotes attributable to Minister for Health, Ryan Park:

    “The purchase of this site marks a significant milestone in delivering a vital health service for growing communities in Glendenning, Doonside and surrounding suburbs.

    “The new Glendenning Ambulance Station will support local paramedics to provide the best emergency and mobile medical care well into the future.

    Quotes attributable to Member for Blacktown, Stephen Bali:

    “The new Glendenning Ambulance Station will bolster emergency care for the Western Sydney community and provide a first-class facility for NSW Ambulance paramedics.

    “The new ambulance station will improve ambulance network coverage and support existing stations and paramedic teams including the ambulance station at Blacktown.”

    MIL OSI News –

  • MIL-OSI: PrairieSky Announces Fourth Quarter and Year-End Results for 2024, Including Record Annual Oil Royalty Production and Increased Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 10, 2025 (GLOBE NEWSWIRE) — PrairieSky Royalty Ltd. (“PrairieSky” or the “Company”) (TSX: PSK) is pleased to announce its fourth quarter and year-end operating and financial results for the period ended December 31, 2024. PrairieSky is also pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share ($0.26 per common share quarterly).

    Fourth Quarter Highlights:

    • Oil royalty production volumes averaged 13,317 barrels per day, a 4% increase over Q4 2023(1), driven by strong third-party activity in the Mannville Stack(2) and Clearwater. Total royalty production averaged 24,982 BOE per day, a 2% decrease from Q4 2023 due to declines in natural gas and NGL production.
    • Royalty production revenue of $115.6 million combined with other revenue of $20.0 million to generate total revenues of $135.6 million for Q4 2024(1). Other revenue included bonus consideration of $15.8 million earned on entering into 60 new leasing arrangements focused on light and heavy oil targets across a number of different plays.
    • Funds from operations totaled $99.0 million or $0.41 per share, 11% below Q4 2023 primarily due to lower natural gas benchmark pricing.
    • Declared a fourth quarter dividend of $59.9 million ($0.25 per common share), representing a payout ratio of 61%.
    • Completed $31.5 million of both producing and non-producing royalty interest acquisitions primarily targeting light and heavy oil plays in Central Alberta and Saskatchewan. Acquisitions of producing assets (50 BOE per day) closed in late December 2024.

    Annual Highlights:

    • Record annual oil royalty production volumes averaged 13,125 barrels per day, a 6% increase over YE 2023(1). Total royalty production averaged 25,186 BOE per day, a 1% increase over YE 2023 as higher oil royalty volumes were partially offset by lower natural gas and NGL royalty volumes due to shut-ins and declines related to weak benchmark natural gas pricing.
    • Royalty production revenue of $465.8 million combined with other revenue of $43.4 million to generate total revenues of $509.2 million for YE 2024(1). Other revenue included bonus consideration of $30.8 million earned on entering into 219 new leasing arrangements focused on light and heavy oil targets across a number of different plays.
    • Funds from operations totaled $380.5 million or $1.59 per share, 1% below YE 2023.
    • Corporate proved plus probable reserves totaled 63,653 MBOE relative to 65,762 MBOE at December 31, 2023. Proved plus probable oil reserves totaled 26,620 Mbbl, a 3.5% increase over the prior year primarily due to drilling extensions in the Clearwater, Duvernay and Mannville light and heavy oil plays.
    • Declared cumulative annual dividends of $239.0 million ($1.00 per common share), representing a payout ratio of 63%.
    • Completed $57.3 million of both producing and non-producing royalty interest acquisitions primarily targeting light and heavy oil plays in Central Alberta and Saskatchewan.
    • Net debt totaled $134.9 million as at December 31, 2024, a decrease of $87.2 million or 39% since December 31, 2023.

    Dividend Increase:

    • PrairieSky is pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share, to be paid on a quarterly basis ($0.26 per common share quarterly). Subject to the approval of the Board of Directors, the first quarterly dividend of $0.26 per common share is expected to be effective for the March 31, 2025 record date.
    		  
       

    President’s Message

    Oil royalty production averaged 13,317 barrels per day in Q4 2024 and drove funds from operations which totaled $99.0 million ($0.41 per share). These results capped off a strong 2024 with annual funds from operations of $380.5 million ($1.59 per share) and record annual oil royalty production of 13,125 barrels per day, a 6% increase over YE 2023. The growth in oil royalty volumes is a direct result of our strategy of investing in royalties in low-cost oil plays. For 2024, oil royalty production from the Clearwater and Mannville Stack plays represented 21% of total oil royalty production, up from 17% in 2023. The momentum in these plays is expected to continue into 2025 and beyond. We have also seen strong initial results from new wells on our West Shale Duvernay acreage as well as incremental well licensing, which we expect to provide growth in high netback light oil volumes in 2025.

    Third-party operators spud 205 wells on PrairieSky’s royalty acreage during Q4 2024, an increase from 197 wells spud in Q4 2023. The average royalty rate for wells spud in the quarter was 6.2% (Q4 2023 – 7.2%). There were 46 wells spud in the Clearwater, a 5% increase over Q4 2023, with an additional 13 wells spud in the Mannville Stack in the quarter. This brought 2024 annual spuds on PrairieSky’s royalty properties to 741 wells, as compared to 805 wells in 2023, with an average royalty rate of 5.9% (2023 – 7.2%). Multi-lateral drilling continues to increase on our lands accounting for 77 of the spuds in the quarter and bringing 2024 annual multi-lateral drilling to 36% of the activity on our royalty lands versus 31% in YE 2023. Increased multi-lateral drilling activity helped drive the 3.5% increase in proved plus probable oil reserves to 26,620 Mbbl. Corporate proved plus probable reserves decreased to 63,653 MBOE primarily due to lower natural gas pricing impacting both the level of activity in 2024 and future economics.

    Strong oil royalty volumes generated royalty revenue of $100.0 million and represented 87% of total royalty production revenue of $115.6 million for Q4 2024. Natural gas royalty production of 55.1 MMcf per day and NGL royalty production of 2,482 barrels per day decreased 9% and 8% in the quarter, respectively, as compared to Q4 2023 due to lower third-party drilling activity driven by weak natural gas benchmark pricing with daily AECO index pricing averaging $1.48 per Mcf. Natural gas royalty revenue totaled $6.3 million and NGL royalty revenue totaled $9.3 million in the quarter. Total royalty production averaged 24,982 BOE per day in Q4 2024, 2% lower than Q4 2023. PrairieSky’s annual total royalty production averaged 25,186 BOE per day, 1% ahead of YE 2023, and generated annual royalty production revenue of $465.8 million, 2% behind YE 2023.

    Leasing continued to be busy across a number of oil plays including the Duvernay, Mannville and Mannville Stack. Our team issued 60 new leases to 47 separate counterparties and earned $15.8 million in lease bonus consideration in the quarter, which included non-cash consideration of $8.2 million for certain leases that were exchanged for a non-producing gross overriding royalty interest targeting Mannville heavy oil with polymer enhanced oil recovery(3) potential. For YE 2024, lease bonus consideration totaled $30.8 million from issuing 219 new leases to 101 separate counterparties, the second highest number of leases issued in a single year as third-party operators looked to build out their drilling inventories.

    In addition to active leasing in the quarter, PrairieSky acquired $31.5 million of incremental producing and non-producing royalty interests focused on heavy and light oil plays in Central Alberta and Saskatchewan. Acquisitions of producing assets, approximately 50 BOE per day, closed in late December 2024. PrairieSky also entered into an arrangement with a third-party operator to provide a letter of credit which secured their bank facility in order to provide capital to the operator to advance its Montney oil drilling program where PrairieSky has a royalty interest. The letter of credit is secured by a debenture over certain of the third-party operator’s assets. For YE 2024, acquisitions of producing and non-producing royalty properties totaled $57.3 million and were focused on heavy and light oil plays in Central Alberta and Saskatchewan. On January 10, 2025, PrairieSky completed an acquisition of fee lands, lessor interests and gross overriding royalty interests primarily in Central Alberta and Southeast Saskatchewan for cash consideration of $50 million, before customary closing adjustments. The acquisition is expected to add approximately 350 BOE per day of production (65% liquids).

    PrairieSky declared a dividend of $0.25 per share or $59.9 million in the quarter with a resulting payout ratio of 61%. Excess funds from operations, after the payment of the dividend and acquisitions, were used to reduce PrairieSky’s net debt which totaled $134.9 million at December 31, 2024, a decrease of $87.2 million from December 31, 2023. During the quarter, PrairieSky amended its credit facility, voluntarily reducing it to $350 million from $725 million. The credit facility provides for a permitted increase up to $600 million, subject to lender consent. Management believes PrairieSky’s high margin, low-cost business model is uniquely suited to provide sustainable returns to shareholders through all commodity price cycles and we are pleased to announce a 4% increase to our annual dividend policy to $1.04 per common share annually ($0.26 per share quarterly). Subject to the approval of the Board of Directors, the first quarterly dividend of $0.26 per common share is expected to be effective for the March 31, 2025 record date.

    The level of activity on our land base and cash flow generation underscores the benefits of our strategy of investing in low-cost oil plays and the optionality of owning fee mineral title acreage. I am very pleased with our 2024 annual results and the trajectory of the business. I would like to thank our staff for their hard work throughout the year and our shareholders for their continued support.

    Andrew Phillips, President & CEO

    ACTIVITY ON PRAIRIESKY’S ROYALTY PROPERTIES

    Third-party operators continued to be active across PrairieSky’s land base in Q4 2024. There were 205 wells spud (97% oil wells) in the quarter which included 114 wells on GORR acreage, 80 wells on Fee Lands, and 11 unit wells. There were a total of 198 oil wells spud during the quarter which included 55 Mannville light and heavy oil wells, 46 Clearwater wells, 28 Viking wells, 22 Mississippian wells, 17 Bakken wells and 30 additional oil wells spud in the Belly River, Cardium, Charlie Lake, Devonian, Duvernay, Montney, Nisku, and Triassic formations. There were 3 Montney natural gas wells spud in Q4 2024 as well as additional gas wells in the Mannville and Viking formations. PrairieSky’s average royalty rate for wells spud in Q4 2024 was 6.2% (Q4 2023 – 7.2%). 2024 annual spuds on PrairieSky’s royalty properties totaled 741 wells, as compared to 805 wells in 2023, with an average royalty rate of 5.9% (2023 – 7.2%).

    For YE 2024, PrairieSky estimates that $1.9 billion (net – $93 million) in third-party capital was spent drilling and completing wells on PrairieSky’s royalty properties, a decrease from $2.0 billion (net capital – $112 million) in YE 2023. Activity on PrairieSky’s lands drove a 3.5% increase in proved plus probable oil reserves as discussed further below.

    ANNUAL DIVIDEND INCREASED 4% TO $1.04 PER SHARE

    PrairieSky is pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share in 2025, to be paid on a quarterly basis. Subject to the approval of the Board of Directors, the first quarterly dividend of $0.26 per common share is expected to be effective for the March 31, 2025 record date. In determining changes to the dividend policy, the Board of Directors considers a number of factors including current and projected activity levels on PrairieSky’s royalty lands, the current commodity price environment, the working capital and bank debt balance and net earnings of the Company.

    2024 RESERVES INFORMATION

    PrairieSky’s proved plus probable oil reserves increased 3.5% to 26,620 MBOE at December 31, 2024, as drilling extensions and improved recoveries outpaced annual production. PrairieSky’s corporate proved plus probable reserves totaled 63,653 MBOE at December 31, 2024 (December 31, 2023 – 65,762 MBOE). Proved plus probable reserves decreased from 2023, with positive year over year changes to oil reserves outpaced by declines in natural gas and NGL reserves, primarily as a result of lower natural gas pricing impacting both activity on the royalty properties in 2024 and the future economics of certain natural gas plays using the pricing assumptions at December 31, 2024. The increase in oil proved plus probable reserves drove a 5% increase in the before-tax net present value of total proved plus probable reserves, discounted at 10%, to $1.93 billion (2023 – $1.84 billion). Changes to proved plus probable reserves comprised of additions related to third-party drilling and improved recovery (7,131 MBOE), technical additions (624 MBOE) and acquisitions (205 MBOE) less 2024 royalty production volumes of 9,218 MBOE and economic factors (851 MBOE). PrairieSky’s proved plus probable reserves include only developed assets (developed producing and developed non-producing properties) and do not include any future development capital on undeveloped lands.

    PrairieSky’s YE 2024 reserves were evaluated by independent reserves evaluators GLJ Ltd. The evaluation of PrairieSky’s royalty properties was done in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. PrairieSky’s reserves information is included in the Company’s Annual Information Form for the year ended December 31, 2024, which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    2025 INVESTOR DAY

    PrairieSky will be hosting an investor day on May 14, 2025, in Calgary, Alberta, where members of PrairieSky’s management team will present details on the Company’s oil and natural gas plays. The investor day will be webcast starting at 9:30 a.m. MDT (11:30 a.m. EDT). Interested parties may participate in the webcast which will be available through PrairieSky’s investor center at www.prairiesky.com. The webcast will be archived and accessible for replay after the event.

    NOTES AND REFERENCES

    (1) In this press release, the financial reporting periods are referred to as follows:  “Q4 2024” or “the quarter” refers to the three months ended December 31, 2024; “YE 2024” or “the year” refers to the year ended December 31, 2024; “Q4 2023” and “YE 2023” refer to the three months and year ended December 31, 2023, respectively.

    (2) For further details on the “Mannville Stack”, we refer you to PrairieSky’s most recent Corporate Presentation contained on PrairieSky’s website at www.prairiesky.com.

    (3) “enhanced oil recovery” means the extraction of additional crude oil, natural gas, and related substances from reservoirs through a production process other than natural depletion; includes both secondary and tertiary recovery processes such as pressure maintenance, cycling, waterflooding, thermal methods, chemical flooding, and using miscible and immiscible displacement fluids.
     

    Unless otherwise indicated or the context otherwise requires, terms used in this press release but not defined above are as defined in in the Company’s Annual Information Form for the year ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    FINANCIAL AND OPERATIONAL INFORMATION

    The following table summarizes select operational and financial information of the Company for the periods noted. All dollar amounts are stated in Canadian dollars unless otherwise noted.

    A full version of PrairieSky’s management’s discussion and analysis (“MD&A”) and annual audited consolidated financial statements and notes thereto for the fiscal period ended December 31, 2024 is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

      Three months ended Year ended
      December 31 September 30 December 31 December 31 December 31
    ($ millions, except per share or as otherwise noted) 2024 2024 2023 2024 2023
    FINANCIAL          
    Revenues 135.6   117.3   136.6   509.2   513.2  
               
    Funds from operations 99.0   92.4   111.1   380.5   382.5  
    Per share – basic and diluted(1) 0.41   0.39   0.46   1.59   1.60  
               
    Net earnings 60.2   47.3   67.4   215.3   227.6  
    Per share – basic and diluted(1) 0.25   0.20   0.28   0.90   0.95  
               
    Dividends declared(2) 59.9   59.7   57.3   239.0   229.2  
    Per share 0.25   0.25   0.24   1.00   0.96  
               
    Dividend payout ratio(3) 61 % 65 % 52 % 63 % 60 %
               
    Acquisitions – including non-cash consideration(4) 31.5   4.7   22.2   57.3   58.4  
    Net debt(5) 134.9   149.6   222.1   134.9   222.1  
               
    Shares outstanding          
    Shares outstanding at period end 239.0   239.0   239.0   239.0   239.0  
    Weighted average – basic and diluted 239.0   239.0   239.0   239.0   239.0  
               
    OPERATIONAL          
    Royalty production volumes          
    Crude oil (bbls/d) 13,317   12,733   12,844   13,125   12,438  
    NGL (bbls/d) 2,482   2,189   2,697   2,378   2,502  
    Natural gas (MMcf/d) 55.1   57.0   60.4   58.1   59.5  
    Royalty Production (BOE/d)(6) 24,982   24,422   25,608   25,186   24,857  
               
    Realized pricing          
    Crude oil ($/bbl) 81.66   85.90   83.27   84.12   82.52  
    NGL ($/bbl) 40.68   41.10   46.07   43.28   47.60  
    Natural gas ($/Mcf) 1.23   0.50   2.19   1.13   2.60  
    Total ($/BOE)(6) 50.30   49.63   51.78   50.53   52.31  
               
    Operating netback per BOE(7) 45.86   46.65   48.68   45.82   46.32  
               
    Funds from operations per BOE 43.07   41.12   47.16   41.28   42.16  
               
    Oil price benchmarks          
    West Texas Intermediate (WTI) (US$/bbl) 70.27   75.10   78.32   75.72   77.62  
    Edmonton light sweet ($/bbl) 94.90   97.77   99.72   97.55   100.46  
    Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl) (12.55 ) (13.55 ) (21.89 ) (14.76 ) (18.65 )
               
    Natural gas price benchmarks          
    AECO Monthly Index ($/Mcf) 1.46   0.81   2.66   1.44   2.93  
    AECO Daily Index ($/Mcf) 1.48   0.69   2.30   1.46   2.64  
               
    Foreign exchange rate (US$/CAD$) 0.7147   0.7341   0.7343   0.7299   0.7410  
    (1) Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.
    (2) A dividend of $0.25 per share was declared on December 3, 2024. The dividend was paid on January 15, 2025 to shareholders of record as at December 31, 2024.
    (3) Dividend payout ratio is defined under the “Non-GAAP Measures and Ratios” section of this press release.
    (4) Excluding right-of-use asset additions.
    (5) See Note 16 “Capital Management” in the annual audited consolidated financial statements for the years ended December 31, 2024 and 2023 and Note 14 “Capital Management” in the interim condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023.
    (6) See “Conversions of Natural Gas to BOE”.
    (7) Operating netback per BOE is defined under the “Non-GAAP Measures and Ratios” section of this press release.
     

    CONFERENCE CALL DETAILS

    A conference call to discuss the results will be held for the investment community on Tuesday, February 11, 2025, beginning at 6:30 a.m. MST (8:30 a.m. EST). To participate in the conference call, you are asked to register at one of the links provided below. Details regarding the call will be provided to you upon registration.

    Live call participant registration
    URL: https://register.vevent.com/register/BIec7e34fab05745059bfbdddfab97dbdb

    Live webcast participant registration (listen in only)
    URL: https://edge.media-server.com/mmc/p/xfyj3o3u

    FORWARD-LOOKING STATEMENTS

    This press release includes certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) which may include, but are not limited to PrairieSky’s future plans, current expectations and views of future operations and contains forward-looking statements that the Company believes allow readers to better understand the Company’s business and prospects. The use of any of the words “expect”, “expected to”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”, “strategy” and similar expressions (including negative variations) are intended to identify forward-looking information or statements. Forward-looking statements contained in this press release include, but are not limited to, estimates regarding our expectations with respect to PrairieSky’s business and growth strategy and trajectory, including the benefits of the Company’s strategy of investing in low-cost oil plays and the optionality of owning fee mineral title acreage, the expectation that the production growth momentum in the Clearwater and Mannville Stack heavy oil plays will continue, the expectation that incremental well licensing in the Duvernay play will provide growth in high netback light oil volumes in 2025 and the expectation that, subject to approval of the Board of Directors, PrairieSky will declare a quarterly dividend of $0.26 per common share for shareholders of record on March 31, 2025.

    With respect to forward-looking statements contained in this press release, PrairieSky has made several assumptions including those described in detail in our MD&A and the Annual Information Form for the year ended December 31, 2024. Readers and investors are cautioned that the assumptions used in the preparation of such forward-looking information and statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. PrairieSky’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. PrairieSky can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits the Company will derive from them.

    By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond PrairieSky’s control, including the impact of general economic conditions including inflation, industry conditions, volatility of commodity prices, lack of pipeline capacity, currency fluctuations, increasing interest rates, imprecision of reserve estimates, competitive factors impacting royalty rates, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability, the imposition of any tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States and the Company’s ability to access sufficient capital from internal and external sources. In addition, PrairieSky is subject to numerous risks and uncertainties in relation to acquisitions. These risks and uncertainties include risks relating to the potential for disputes to arise with counterparties, and limited ability to recover indemnification under certain agreements. The foregoing and other risks, uncertainties and assumptions are described in more detail in PrairieSky’s MD&A, and the Annual Information Form for the year ended December 31, 2024 under the headings “Risk Management” and “Risk Factors”, respectively, each of which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

    Further, any forward-looking statement is made only as of the date of this press release, and PrairieSky undertakes no obligation to update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable securities laws. New factors emerge from time to time, and it is not possible for PrairieSky to predict all of these factors or to assess, in advance, the impact of each such factor on PrairieSky’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

    CONVERSIONS OF NATURAL GAS TO BOE

    To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). PrairieSky uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

    NON-GAAP MEASURES AND RATIOS

    Certain measures and ratios in this document do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to similar measures and ratios presented by other issuers. These measures and ratios are commonly used in the oil and natural gas industry and by PrairieSky to provide potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to conduct its business. Non-GAAP measures and ratios include operating netback per BOE and dividend payout ratio. Management’s use of these measures and ratios is discussed further below. Further information can be found in the Non-GAAP Measures and Ratios section of PrairieSky’s MD&A for the year ended December 31, 2024 and 2023.

    “Operating netback per BOE” represents the cash margin for products sold on a BOE basis. Operating netback per BOE is calculated by dividing the operating netback (royalty production revenue less production and mineral taxes and cash administrative expenses) by the average daily production volumes for the period. Operating netback per BOE is used to assess the cash generating and operating performance per unit of product sold and the comparability of the underlying performance between years. Operating netback per BOE measures are commonly used in the oil and natural gas industry to assess performance comparability. Refer to the Operating Results table on page 7 of PrairieSky’s MD&A for the year ended December 31, 2024 and 2023 and page 7 of PrairieSky’s MD&A for the three and nine months ended September 30, 2024 and 2023.

      Three months ended Year ended
      December 31 September 30 December 31 December 31 December 31
    ($ millions) 2024 2024 2023 2024 2023
    Cash from operating activities 91.3   109.6   128.0   379.9   318.9  
    Other revenue (20.0 ) (5.8 ) (14.6 ) (43.4 ) (38.6 )
    Other revenue – non-cash 8.2   –   –   8.2   0.5  
    Amortization of debt issuance costs (0.2 ) (0.1 ) (0.1 ) (0.5 ) (0.4 )
    Finance expense 2.3   2.7   3.9   12.2   17.5  
    Current tax expense 16.2   15.6   14.4   65.5   58.8  
    Interest on lease obligation (0.1 ) –   –   (0.1 ) –  
    Net change in non-cash working capital 7.7   (17.2 ) (16.9 ) 0.6   63.6  
    Operating netback 105.4   104.8   114.7   422.4   420.3  
                         

    “Operating Margin” represents operating netback as a percentage of royalty production revenue. Management uses this measure to demonstrate the comparability between the Company and production and exploration companies in the oil and natural gas industry as it shows net revenue generation from operations.

      Three months ended Year ended
      December 31 September 30 December 31 December 31 December 31
    ($ millions) 2024 2024 2023 2024 2023
    Royalty production revenue 115.6   111.5   122.0   465.8   474.6  
    Operating netback 105.4   104.8   114.7   422.4   420.3  
    Operating margin 91 % 94 % 94 % 91 % 89 %
                         

    “Dividend payout ratio” is calculated as dividends declared as a percentage of funds from operations. Payout ratio is used by dividend paying companies to assess dividend levels in relation to the funds generated and used in operating activities.

      Three months ended Year ended
      December 31 September 30 December 31 December 31 December 31
    ($ millions, except otherwise noted) 2024 2024 2023 2024 2023
    Funds from operations 99.0   92.4   111.1   380.5   382.5  
    Dividends declared 59.9   59.7   57.3   239.0   229.2  
    Dividend payout ratio 61 % 65 % 52 % 63 % 60 %
                         

    ABOUT PRAIRIESKY ROYALTY LTD.

    PrairieSky is a royalty company, generating royalty production revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most consolidated independently-owned fee simple mineral title position in Canada. PrairieSky’s common shares trade on the Toronto Stock Exchange under the symbol PSK.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Andrew M. Phillips
    President & Chief Executive Officer
    PrairieSky Royalty Ltd.
    (587) 293-4005

    Michael T. Murphy
    Vice-President, Geosciences & Capital Markets
    PrairieSky Royalty Ltd.
    (587) 293-4056

    Investor Relations
    (587) 293-4000
    www.prairiesky.com

    		 Pamela P. Kazeil
    Senior Vice-President, Finance & Chief Financial
    Officer
    PrairieSky Royalty Ltd.
    (587) 293-4089

    HTML available: https://www.globenewswire.com/NewsRoom/AttachmentNg/c0644401-3ea3-41c0-9565-4a5b3a92d061

    PDF available: http://ml.globenewswire.com/Resource/Download/4d86ab10-f760-4db0-9b30-279a327dab36

    The MIL Network –

  • MIL-OSI: Prospect Capital Announces Financial Results for Fiscal December 2024 Quarter

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter ended December 31, 2024.

    FINANCIAL RESULTS

    All amounts in $000’s except per share amounts (on weighted average basis for period numbers) Quarter Ended Quarter Ended Quarter Ended
    December 31, 2024 September 30, 2024 December 31, 2023
           
    Net Investment Income (“NII”) $86,431 $89,877 $96,927
    NII per Common Share $0.20 $0.21 $0.24
    Interest as % of Total Investment Income 91.0% 94.0% 92.3%
           
    Net Income (Loss) Applicable to Common Shareholders $(30,993) $(165,069) $(51,436)
    Net Income (Loss) per Common Share $(0.07) $(0.38) $(0.13)
           
    Distributions to Common Shareholders $65,554 $77,358 $74,056
    Distributions per Common Share $0.15 $0.18 $0.18
    Cumulative Paid and Declared Distributions to Common Shareholders(1) $4,445,060 $4,384,924 $4,162,509
    Cumulative Paid and Declared Distributions per Common Share(1) $21.39 $21.25 $20.76
    Multiple of Net Asset Value (“NAV”) per Common Share(1) 2.7x 2.6x 2.3x
           
    Total Assets $7,234,855 $7,592,705 $7,781,214
    Total Liabilities $2,164,305 $2,469,590 $2,596,824
    Preferred Stock $1,630,514 $1,612,302 $1,500,741
    Net Asset Value (“NAV”) to Common Shareholders $3,440,036 $3,510,813 $3,683,649
    NAV per Common Share $7.84 $8.10 $8.92
           
    Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments $1,879,738 $1,631,291 $1,187,740
           
    Net of Cash Debt to Total Assets 28.1% 29.7% 31.2%
    Net of Cash Debt to Equity Ratio(2) 39.8% 43.7% 46.2%
    Net of Cash Asset Coverage of Debt Ratio(2) 351% 329% 316%
           
    Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity 91.9% 86.0% 78.4%
    Unsecured and Non-Recourse Debt as % of Total Debt 100.0% 100.0% 100.0%
    (1) Declared dividends are through the April 2025 distribution. February through April 2025 distributions are estimated based on shares outstanding as of 2/7/2025.
    (2)  Including our preferred stock as equity.
       

    CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION

    Prospect is declaring distributions to common shareholders as follows:

    Monthly Cash Common Shareholder Distribution Record Date Payment Date Amount ($ per share)
    February 2025 2/26/2025 3/20/2025 $0.0450
    March 2025 3/27/2025 4/17/2025 $0.0450
    April 2025 4/28/2025 5/20/2025 $0.0450

    Prospect expects to declare May 2025, June 2025, July 2025, and August 2025 distributions to common shareholders in May 2025.

    Taking into account past distributions and our current share count for declared distributions, since inception through our April 2025 declared distribution, Prospect will have distributed $21.39 per share to original common shareholders, representing 2.7 times December 2024 common NAV per share, aggregating $4.4 billion in cumulative distributions to all common shareholders.

    Since Prospect’s initial public offering in July 2004 through December 31, 2024, Prospect has invested over $21 billion across over 400 investments, exiting over 300 of these investments.

    Drivers focused on optimizing our business include: (1) rotation of assets into and increased focus on our core business of first lien senior secured middle market loans, including sometimes with selected equity investments, (2) continued amortization of our subordinated structured notes portfolio, (3) prudent exits of equity linked assets (including real estate properties and corporate investments), (4) enhancement of portfolio company operating performance, and (5) greater utilization of our cost efficient revolving floating rate credit facility.

    In our middle market lending strategy, we recently provided a first lien senior secured term loan, a first lien senior secured convertible term loan, and a preferred equity investment to Taos Footwear Holdings, LLC (“Taos Footwear”), aggregating $65 million, in collaboration with Taos Footwear’s founder and leadership team. Taos Footwear is a leading, innovative footwear brand providing customers with stylish and supportive footwear products. Taos Footwear is renowned for its supportive footbed that has reshaped the lifestyle footwear industry over the past 20 years.

    Examples of similar recent investments in our middle market lending strategy with both first lien senior secured debt and equity linked investments include Druid City Infusion, LLC (an infusion therapy services company with multiple locations across the South and Mountain West regions of the United States), Discovery Point Retreat, LLC (a rapidly growing detox and rehabilitation provider in North Texas), The RK Logistics Group, Inc. (a logistics service provider of turnkey inventory management and transportation services focused on technology and other sectors), and iQor Holdings, Inc. (a provider of customer experience services and business process outsourcing services).

    Our subordinated structured notes portfolio as of December 31, 2024 represented 5.8% of our investment portfolio, a reduction of 210 basis points from 7.9% as of December 31, 2023. Since the inception of this strategy in 2011 and through December 31, 2024, we have exited 15 subordinated structured note investments that have earned an unlevered investment level gross cash internal rate of return (“IRR”) of 12.1% and cash on cash multiple of 1.3 times. The remaining subordinated structured notes portfolio had a trailing twelve month average cash yield of 24.4% and an annualized GAAP yield of 3.9% (in each case as of December 31, 2024, based on fair value, and excluding investments being redeemed), with the difference between cash yield and GAAP yield representing amortization of our cost basis.

    In our real estate property portfolio at National Property REIT Corp. (“NPRC”), since the inception of this strategy in 2012 and through December 31, 2024, we have exited 51 property investments (including two exits in the December 2024 quarter) that have earned an unlevered investment-level gross cash IRR of 24.3% and cash on cash multiple of 2.5 times. The remaining real estate property portfolio included 59 properties and paid us an income yield of 6.9% for the quarter ended December 31, 2024. Our aggregate investments in the related portfolio company had a $522 million unrealized gain as of December 31, 2024.

    Our senior management team and employees own 28.7% of all common shares outstanding (an increase of 240 basis points since June 30, 2024) or approximately $1.0 billion of our common equity as measured at NAV.

    PORTFOLIO UPDATE AND INVESTMENT ACTIVITY

    All amounts in $000’s except per unit amounts As of As of As of
    December 31, 2024 September 30, 2024 December 31, 2023
           
    Total Investments (at fair value) $7,132,928 $7,476,641 $7,631,846
    Number of Portfolio Companies 114 117 126
    Number of Industries 33 33 36
           
    First Lien Debt 64.9% 64.9% 58.7%
    Second Lien Debt 10.2% 11.1% 15.5%
    Subordinated Structured Notes 5.8% 6.2% 7.9%
    Unsecured Debt 0.1% 0.1% 0.1%
    Equity Investments 19.0% 17.7% 17.8%
    Mix of Investments with Underlying Collateral Security 80.9% 82.2% 82.1%
           
    Annualized Current Yield – All Investments 9.1% 9.7% 10.1%
    Annualized Current Yield – Performing Interest Bearing Investments 11.2% 11.8% 12.3%
           
    Non-Accrual Loans as % of Total Assets (1) 0.4% 0.5% 0.2%
           
    Middle-Market Loan Portfolio Company Weighted Average EBITDA(2) $101,644 $104,682 $109,719
    Middle-Market Loan Portfolio Company Weighted Average Net Leverage Ratio(2) 6.1x 5.7x 5.4x
    (1) Calculated at fair value.
    (2) For additional disclosure see “Middle-Market Loan Portfolio Company Weighted Average EBITDA and Net Leverage” at the end of the release.
       

    During the March 2025 (to date), December 2024, and September 2024 quarters, investment originations (including follow on investments in existing portfolio companies) and repayments were as follows:

    All amounts in $000’s Quarter Ended Quarter Ended Quarter Ended
    March 31, 2025
    (to date)    		 December 31, 2024 September 30, 2024
           
    Total Originations $110,724 $134,956 $290,639
           
    Middle-Market Lending 86.4% 67.7% 85.8%
    Middle-Market Lending / Buyouts —% 14.5% 6.1%
    Real Estate 13.6% 17.8% 7.8%
    Subordinated Structured Notes —% —% —%
           
    Total Repayments and Sales $19,480 $383,363 $282,328
           
    Originations, Net of Repayments and Sales $91,244 $(248,407) $8,311
           

    For additional disclosure see “Primary Origination Strategies” at the end of this release.

    CAPITAL AND LIQUIDITY

    Our multi-year, long-term laddered and diversified historical funding profile has included a $2.1 billion revolving credit facility (aggregate commitments with 48 current lenders), program notes, institutional bonds, convertible bonds, listed preferred stock, and program preferred stock. We have retired multiple upcoming maturities and, after we retire our upcoming $156.2 million convertible bond maturity due March 2025 (utilizing existing liquidity on hand), will have just $3.9 million remaining of debt maturing during calendar year 2025.

    On June 28, 2024, we completed an extension and upsizing of our Revolving Credit Facility (the “Revolving Credit Facility”), which extended the term of the Facility five years and the revolving period to four years from such date. The Facility includes a revolving period that extends through June 28, 2028, followed by an additional one-year amortization period. The interest rate for amounts drawn under the Facility remained unchanged from prior to the extension and upsizing and is one-month SOFR plus 2.05%.

    Our total unfunded eligible commitments to portfolio companies totals approximately $62 million, of which $29 million are considered at our sole discretion, representing 0.9% and 0.4% of our total assets as of December 31, 2024, respectively.

      As of As of
    All amounts in $000’s December 31, 2024 September 30, 2024
    Net of Cash Debt to Total Assets Ratio 28.1% 29.7%
    Net of Cash Debt to Equity Ratio(1) 39.8% 43.7%
    % of Interest-Bearing Assets at Floating Rates 79.8% 81.0%
    Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity 91.9% 86.0%
         
    Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments $1,879,738 $1,631,291
         
    Unencumbered Assets $4,763,601 $4,852,971
    % of Total Assets 65.8% 63.9%
    (1) Including our preferred stock as equity.
       

    The below table summarizes our December 2024 quarter term debt issuance and repurchase/repayment activity:

    All amounts in $000’s Principal Coupon Maturity
    Debt Issuances      
    Prospect Capital InterNotes® $41,759 6.625% – 7.75% January 2027 – December 2034
    Total Debt Issuances $41,759    
           
    Debt Repurchases/Repayments      
    Prospect Capital InterNotes® $1,187 2.25% – 6.63% May 2026 – December 2051
    2026 Notes $11,443 3.706% January 2026
    Total Debt Repurchases/Repayments $12,630    
           
    Net Debt Repurchases/Repayments $29,129    

    We currently have four separate unsecured debt issuances aggregating approximately $1.1 billion outstanding, not including our program notes, with laddered maturities extending through October 2028. At December 31, 2024, $644 million of program notes were outstanding with laddered maturities through March 2052.

    At December 31, 2024 our weighted average cost of unsecured debt financing was 4.49%, an increase of 0.07% from September 30, 2024, and an increase of 0.34% from December 31, 2023.

    We have raised significant capital from our existing $2.25 billion perpetual preferred stock offering programs. The preferred stock provides Prospect with a diversified source of programmatic capital without creating scheduled maturity risk due to the perpetual term of multiple preferred tranches.

    DIVIDEND REINVESTMENT PLAN

    We have adopted a dividend reinvestment plan (also known as our “DRIP”) that provides for reinvestment of our distributions on behalf of our shareholders, unless a shareholder elects to receive cash. On April 17, 2020, our board of directors approved amendments to the Company’s DRIP, effective May 21, 2020. These amendments principally provide for the number of newly-issued shares pursuant to the DRIP to be determined by dividing (i) the total dollar amount of the distribution payable by (ii) 95% of the closing market price per share of our stock on the valuation date of the distribution (providing a 5% discount to the market price of our common stock), a benefit to shareholders who participate.

    HOW TO PARTICIPATE IN OUR DIVIDEND REINVESTMENT PLAN

    Shares held with a broker or financial institution

    Many shareholders have been automatically “opted out” of our DRIP by their brokers. Even if you have elected to automatically reinvest your PSEC stock with your broker, your broker may have “opted out” of our DRIP (which utilizes DTC’s dividend reinvestment service), and you may therefore not be receiving the 5% pricing discount. Shareholders interested in participating in our DRIP to receive the 5% discount should contact their brokers to make sure each such DRIP participation election has been made through DTC. In making such DRIP election, each shareholder should specify to one’s broker the desire to participate in the “Prospect Capital Corporation DRIP through DTC” that issues shares based on 95% of the market price (a 5% discount to the market price) and not the broker’s own “synthetic DRIP” plan (if any) that offers no such discount. Each shareholder should not assume one’s broker will automatically place such shareholder in our DRIP through DTC. Each shareholder will need to make this election proactively with one’s broker or risk not receiving the 5% discount. Each shareholder may also consult with a representative of such shareholder’s broker to request that the number of shares the shareholder wishes to enroll in our DRIP be re-registered by the broker in the shareholder’s own name as record owner in order to participate directly in our DRIP.

    Shares registered directly with our transfer agent

    If a shareholder holds shares registered in the shareholder’s own name with our transfer agent (less than 0.1% of our shareholders hold shares this way) and wants to make a change to how the shareholder receives dividends, please contact our plan administrator, Equiniti Trust Company, LLC by calling (888) 888-0313 or by mailing Equiniti Trust Company LLC, PO Box 10027, Newark, New Jersey 07101.

    EARNINGS CONFERENCE CALL

    Prospect will host an earnings call on Tuesday, February 11, 2025 at 9:00 a.m. Eastern Time. Dial 888-338-7333. For a replay after February 11, 2025 visit www.prospectstreet.com or call 877-344-7529 with passcode 2146236.

    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share data)
     
      December 31, 2024   June 30, 2024
      (Unaudited)   (Audited)
    Assets      
    Investments at fair value:      
    Control investments (amortized cost of $3,323,998 and $3,280,415, respectively) $ 3,772,329   $ 3,872,575
    Affiliate investments (amortized cost of $11,735 and $11,594, respectively) 20,212   18,069
    Non-control/non-affiliate investments (amortized cost of $3,689,972 and $4,155,165, respectively) 3,340,387   3,827,599
    Total investments at fair value (amortized cost of $7,025,705 and $7,447,174, respectively) 7,132,928   7,718,243
    Cash and cash equivalents (restricted cash of $1,508 and $3,974, respectively) 59,760   85,872
    Receivables for:      
    Interest, net 18,428   26,936
    Other 1,914   1,091
    Deferred financing costs on Revolving Credit Facility 21,180   22,975
    Prepaid expenses 641   1,162
    Due from broker —   734
    Due from Affiliate 4   79
    Total Assets 7,234,855   7,857,092
    Liabilities      
    Revolving Credit Facility 301,522   794,796
    Public Notes (less unamortized discount and debt issuance costs of $10,075 and $12,433, respectively) 966,197   987,567
    Prospect Capital InterNotes® (less unamortized debt issuance costs of $9,299 and $7,999, respectively) 634,535   496,029
    Convertible Notes (less unamortized debt issuance costs of $166 and $649, respectively) 156,002   155,519
    Due to Prospect Capital Management 50,700   58,624
    Interest payable 23,214   21,294
    Dividends payable 20,076   25,804
    Due to Prospect Administration 5,070   5,433
    Accrued expenses 4,028   3,591
    Due to broker 2,762   10,272
    Other liabilities 199   242
    Total Liabilities 2,164,305   2,559,171
    Commitments and Contingencies      
    Preferred Stock, par value $0.001 per share (847,900,000 and 647,900,000 shares of preferred stock authorized, with 80,000,000 and 80,000,000 as Series A1, 80,000,000 and 80,000,000 as Series M1, 80,000,000 and 80,000,000 as Series M2, 20,000,000 and 20,000,000 as Series AA1, 20,000,000 and 20,000,000 as Series MM1, 1,000,000 and 1,000,000 as Series A2, 6,900,000 and 6,900,000 as Series A, 80,000,000 and 80,000,000 as Series A3, 80,000,000 and 80,000,000 as Series M3, 90,000,000 and 80,000,000 as Series A4, 90,000,000 and 80,000,000 as Series M4, 20,000,000 and 20,000,000 as Series AA2, 20,000,000 and 20,000,000 as Series MM2, 90,000,000 and 0 as Series A5, and 90,000,000 and 0 as Series M5, each as of December 31, 2024 and June 30, 2024; 27,968,443 and 28,932,457 Series A1 shares issued and outstanding, 1,309,907 and 1,788,851 Series M1 shares issued and outstanding, 0 and 0 Series M2 shares issued and outstanding, 0 and 0 Series AA1 shares issued and outstanding, 0 and 0 Series MM1 shares issued and outstanding, 163,000 and 164,000 Series A2 shares issued and outstanding, 5,251,157 and 5,251,157 Series A shares issued and outstanding, 24,476,826 and 24,810,648 Series A3 shares issued and outstanding, 2,732,317 and 3,351,101 Series M3 shares issued and outstanding, 2,192,884 and 1,401,747 Series M4 shares issued and outstanding, 7,012,458 and 3,766,166 Series A4 issued and outstanding, 0 and 0 Series AA2 shares issued and outstanding, 0 and 0 Series MM2 shares issued and outstanding, 0 and 0 Series A5 issued and outstanding, and 0 and 0 Series M5 issued and outstanding as of December 31, 2024 and June 30, 2024, respectively) at carrying value plus cumulative accrued and unpaid dividends 1,630,514   1,586,188
    Net Assets Applicable to Common Shares $ 3,440,036   $ 3,711,733
    Components of Net Assets Applicable to Common Shares and Net Assets, respectively      
    Common stock, par value $0.001 per share (1,152,100,000 and 1,352,100,000 common shares authorized; 438,851,578 and 424,846,963 issued and outstanding, respectively) 439   425
    Paid-in capital in excess of par 4,267,636   4,208,607
    Total distributable (loss) (828,039)   (497,299)
    Net Assets Applicable to Common Shares $ 3,440,036   $ 3,711,733
    Net Asset Value Per Common Share $ 7.84   $ 8.74
     
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
    (Unaudited)
     
      Three Months Ended December 31, Six Months Ended December 31,
      2024   2023 2024   2023
    Investment Income            
    Interest income (excluding payment-in-kind (“PIK”) interest income):            
    Control investments $ 57,386   $ 41,690 $ 109,768   $ 90,816
    Non-control/non-affiliate investments 87,159   105,749 182,069   212,105
    Structured credit securities 4,054   8,882 8,233   25,569
    Total interest income (excluding PIK interest income) 148,599   156,321 300,070   328,490
    PIK interest income:            
    Control investments 13,884   26,834 33,594   50,951
    Non-control/non-affiliate investments 6,315   11,476 19,749   17,637
    Total PIK Interest Income 20,199   38,310 53,343   68,588
    Total interest income 168,798   194,631 353,413   397,078
    Dividend income:            
    Control investments 4,387   — 4,387   227
    Affiliate investments —   — 141   1,307
    Non-control/non-affiliate investments 2,574   1,340 4,843   2,865
    Total dividend income 6,961   1,340 9,371   4,399
    Other income:            
    Control investments 8,416   11,616 15,383   41,361
    Non-control/non-affiliate investments 1,291   3,355 3,607   4,349
    Total other income 9,707   14,971 18,990   45,710
    Total Investment Income 185,466   210,942 381,774   447,187
    Operating Expenses            
    Base management fee 37,069   39,087 75,675   78,376
    Income incentive fee 13,632   18,325 29,312   43,942
    Interest and credit facility expenses 37,979   40,044 77,739   80,637
    Allocation of overhead from Prospect Administration 5,708   12,252 11,416   14,365
    Audit, compliance and tax related fees 80   479 1,800   1,496
    Directors’ fees 150   131 300   266
    Other general and administrative expenses 4,417   3,697 9,224   5,566
    Total Operating Expenses 99,035   114,015 205,466   224,648
    Net Investment Income 86,431   96,927 176,308   222,539
    Net Realized and Net Change in Unrealized Gains (Losses) from Investments            
    Net realized gains (losses)            
    Control investments 3   — 6,370   (147)
    Non-control/non-affiliate investments (46,656)   123 (153,393)   (207,219)
    Net realized gains (losses) (46,653)   123 (147,023)   (207,366)
    Net change in unrealized gains (losses)            
    Control investments 30,419   (99,441) (143,829)   (117,235)
    Affiliate investments (1,446)   1,751 2,002   2,588
    Non-control/non-affiliate investments (69,053)   (27,051) (22,020)   188,535
    Net change in unrealized gains (losses) (40,080)   (124,741) (163,847)   73,888
    Net Realized and Net Change in Unrealized Gains (Losses) from Investments (86,733)   (124,618) (310,870)   (133,478)
    Net realized gains (losses) on extinguishment of debt 236   (53) 484   (144)
    Net Increase (Decrease) in Net Assets Resulting from Operations (66)   (27,744) (134,078)   88,917
    Preferred Stock dividends (26,228)   (24,070) (53,385)   (47,221)
    Net gain (loss) on redemptions of Preferred Stock (906)   378 1,398   879
    Gain (loss) on Accretion to Redemption Value of Preferred Stock (3,793)   — (9,997)   —
    Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders $ (30,993)   $ (51,436) $ (196,062)   $ 42,575
     
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    ROLLFORWARD OF NET ASSET VALUE PER COMMON SHARE
    (in actual dollars)
     
      Three Months Ended December 31,   Six Months Ended December 31,  
      2024   2023   2024   2023  
    Per Share Data                
    Net asset value per common share at beginning of period $         8.10   $         9.25   $         8.74   $         9.24  
    Net investment income(1) 0.20   0.24   0.41   0.54  
    Net realized and change in unrealized gains (losses)(1) (0.21)   (0.30)   (0.74)   (0.33)  
    Net increase (decrease) from operations (0.01)   (0.06)   (0.33)   0.21  
    Distributions of net investment income to preferred stockholders (0.06) (4) (0.07) (3) (0.12) (4) (0.12) (3)
    Distributions of capital gains to preferred stockholders — (4) — (3) — (4) — (3)
    Total distributions to preferred stockholders (0.06)   (0.07)   (0.12)   (0.12)  
    Net increase (decrease) from operations applicable to common stockholders (0.07)   (0.13)   (0.45)   0.10 (7)
    Distributions of net investment income to common stockholders (0.15) (4) (0.18) (3) (0.33) (4) (0.34) (3)
    Return of capital to common stockholders — (4) — (3) — (4) (0.02) (3)(6)
    Total distributions to common stockholders (0.15)   (0.18)   (0.33)   (0.36)  
    Common stock transactions(2) (0.04)   (0.02)   (0.13)   (0.06)  
    Net asset value per common share at end of period $         7.84   $         8.92   $         7.84 (7) $         8.92 (7)
    (1) Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for dividends to stockholders which is based on actual rate per share). Realized gains (losses) is inclusive of net realized losses (gains) on investments, realized losses (gains) from extinguishment of debt and realized gains (losses) from the repurchases and redemptions of preferred stock.
       
    (2) Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our common stock dividend reinvestment plan, common shares issued to acquire investments, common shares repurchased below net asset value pursuant to our Repurchase Program, and common shares issued pursuant to the Holder Optional Conversion of our 5.50% Preferred Stock and 6.50% Preferred Stock.
       
    (3) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2024.
       
    (4) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2025.
       
    (5) Diluted net decrease from operations applicable to common stockholders was $0.07 for the three months ended December 31, 2024. Diluted net decrease from operations applicable to common stockholders was $0.13 for the three months ended December 31, 2023. Diluted net decrease from operations applicable to common stockholders was $0.45 for the six months ended December 31, 2024. Diluted net increase from operations applicable to common stockholders was $0.10 for the six months ended December 31, 2023.
       
    (6) The amounts reflected for the respective fiscal periods were updated based on tax information received subsequent to our Form 10-K filing for the year ended June 30, 2023 and our Form 10-Q filing for December 31, 2023. Certain reclassifications have been made in the presentation of prior period amounts.
       
    (7) Does not foot due to rounding.
       

    MIDDLE-MARKET LOAN PORTFOLIO COMPANY WEIGHTED AVERAGE EBITDA, NET LEVERAGE AND INTERNAL RATE OF RETURN

    Middle-Market Loan Portfolio Company Weighted Average Net Leverage (“Middle-Market Portfolio Net Leverage”) and Middle-Market Loan Portfolio Company Weighted Average EBITDA (“Middle-Market Portfolio EBITDA”) provide clarity into the underlying capital structure of PSEC’s middle-market loan portfolio investments and the likelihood that such portfolio will make interest payments and repay principal.

    Middle-Market Portfolio Net Leverage reflects the net leverage of each of PSEC’s middle-market loan portfolio company debt investments, weighted based on the current fair market value of such debt investments. The net leverage for each middle-market loan portfolio company is calculated based on PSEC’s investment in the capital structure of such portfolio company, with a maximum limit of 10.0x adjusted EBITDA. This calculation excludes debt subordinate to PSEC’s position within the capital structure because PSEC’s exposure to interest payment and principal repayment risk is limited beyond that point. Additionally, subordinated structured notes, rated secured structured notes, real estate investments, investments for which EBITDA is not available, and equity investments, for which principal repayment is not fixed, are also not included in the calculation. The calculation does not exceed 10.0x adjusted EBITDA for any individual investment because 10.0x captures the highest level of risk to PSEC. Middle-Market Portfolio Net Leverage provides PSEC with some guidance as to PSEC’s exposure to the interest payment and principal repayment risk of PSEC’s middle-market loan portfolio. PSEC monitors its Middle-Market Portfolio Net Leverage on a quarterly basis.

    Middle-Market Portfolio EBITDA is used by PSEC to supplement Middle-Market Portfolio Net Leverage and generally indicates a portfolio company’s ability to make interest payments and repay principal. Middle-Market Portfolio EBITDA is calculated using the EBITDA of each of PSEC’s middle-market loan portfolio companies, weighted based on the current fair market value of the related investments. The calculation provides PSEC with insight into profitability and scale of the portfolio companies within PSEC’s middle-market loan portfolio.

    These calculations include addbacks that are typically negotiated and documented in the applicable investment documents, including but not limited to transaction costs, share-based compensation, management fees, foreign currency translation adjustments, and other nonrecurring transaction expenses.

    Together, Middle-Market Portfolio Net Leverage and Middle-Market Portfolio EBITDA assist PSEC in assessing the likelihood that PSEC will timely receive interest and principal payments. However, these calculations are not meant to substitute for an analysis of PSEC’s underlying portfolio company debt investments, but to supplement such analysis.

    Internal Rate of Return (“IRR”) is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. IRR is gross of general expenses not related to specific investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. Prospect’s gross IRR calculations are unaudited. Information regarding internal rates of return are historical results relating to Prospect’s past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

    PRIMARY ORIGINATION STRATEGIES

    Lending to Companies – We make directly-originated, agented loans to companies, including companies which are controlled by private equity sponsors and companies that are not controlled by private equity sponsors (such as companies that are controlled by the management team, the founder, a family or public shareholders). This debt can take the form of first lien, second lien, unitranche or unsecured loans. These loans typically have equity subordinate to our loan position. We may also purchase selected equity investments in such companies. In addition to directly-originated, agented loans, we also invest in senior and secured loans syndicated loans and high yield bonds that have been sold to a club or syndicate of buyers, both in the primary and secondary markets. These investments are often purchased with a long term, buy-and-hold outlook, and we often look to provide significant input to the transaction by providing anchoring orders.

    Lending to Companies and Purchasing Controlling Equity Positions in Such Companies – This strategy involves purchasing senior and secured yield-producing debt and controlling equity positions in operating companies across various industries. We believe this strategy provides enhanced certainty of closing to sellers and the opportunity for management to continue on in their current roles. These investments are often structured in tax-efficient partnerships, enhancing returns.

    Purchasing Controlling Equity Positions and Lending to Real Estate Companies – We purchase debt and controlling equity positions in tax-efficient real estate investment trusts (“REIT” or “REITs”). The real estate investments of National Property REIT Corp. (“NPRC”) are in various classes of developed and occupied real estate properties that generate current yields, including multi-family properties, student housing and senior living. NPRC seeks to identify properties that have historically significant occupancy rates and recurring cash flow generation. NPRC generally co-invests with established and experienced property management teams that manage such properties after acquisition. Additionally, NPRC makes investments in rated secured structured notes (primarily debt of structured credit). NPRC also purchases loans originated by certain consumer loan facilitators. It purchases each loan in its entirety (i.e., a “whole loan”). The borrowers are consumers, and the loans are typically serviced by the facilitators of the loans.

    Investing in Structured Credit – We make investments in structured credit, often taking a significant position in subordinated structured notes (equity). The underlying portfolio of each structured credit investment is diversified across approximately 100 to 200 broadly syndicated loans and does not have direct exposure to real estate, mortgages, or consumer-based credit assets. The structured credit portfolios in which we invest are managed by established collateral management teams with many years of experience in the industry.

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For additional information, contact:

    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network –

  • MIL-OSI: Astera Labs Announces Financial Results for the Fourth Quarter of Fiscal Year 2024

    Source: GlobeNewswire (MIL-OSI)

    • Record quarterly revenue of $141.1 million, up 25% QoQ and up 179% YoY
    • Fiscal 2024 record revenue of $396.3 million, up 242% versus the prior year
    • Ramping across diverse set of customers and platforms with four product families in fiscal 2025

    SANTA CLARA, Calif., Feb. 10, 2025 (GLOBE NEWSWIRE) — Astera Labs, Inc. (Nasdaq: ALAB), a global leader in semiconductor-based connectivity solutions for cloud and AI infrastructure, today announced preliminary financial results for the fourth quarter and full fiscal year 2024, ended December 31, 2024.

    “Astera Labs delivered strong Q4 results, with revenue growing 25% versus the previous quarter, and capped off a stellar 2024 with 242% revenue growth year-over-year,” said Jitendra Mohan, Astera Labs’ Chief Executive Officer. “The revenue growth in 2024 was largely driven by Aries PCIe Retimer products, with Taurus Smart Cable Modules for Ethernet coming in strongly in Q4. We expect 2025 to be a breakout year as we enter a new phase of growth driven by revenue from all four of our product families to support a diverse set of customers and platforms. This includes our flagship Scorpio Fabric products for head-node PCIe connectivity and backend AI accelerator scale-up clustering.”

    Fourth Quarter of Fiscal 2024 Financial Highlights

    GAAP Financial Results:  

    • Revenue of $141.1 million, up 25% sequentially and up 179% year-over-year
    • GAAP gross margin of 74.0%
    • GAAP operating income of $0.1 million
    • GAAP operating margin of 0.1%
    • GAAP net income of $24.7 million
    • GAAP diluted net earnings per share of $0.14

    Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

    • Non-GAAP gross margin of 74.1%
    • Non-GAAP operating income of $48.4 million
    • Non-GAAP operating margin of 34.3%
    • Non-GAAP net income of $66.5 million
    • Non-GAAP diluted earnings per share of $0.37

    Full Year Fiscal 2024 Financial Highlights

    GAAP Financial Results:  

    • Revenue of $396.3 million, up 242% year-over-year
    • GAAP gross margin of 76.4%
    • GAAP operating loss of $116.1 million
    • GAAP operating margin of (29.3%)
    • GAAP net loss of $83.4 million
    • GAAP diluted net loss per share of $0.64

    Non-GAAP and Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

    • Non-GAAP gross margin of 76.6%
    • Non-GAAP operating income of $119.6 million
    • Non-GAAP operating margin of 30.2%
    • Non-GAAP net income of $143.3 million
    • Pro forma non-GAAP diluted earnings per share of $0.84

    Full Year Fiscal 2024 Business Highlights

    • Introduced new portfolio of Scorpio Smart Fabric Switches purpose-built for AI infrastructure at cloud-scale. The Scorpio Smart Fabric Switch family features two application-specific product lines with a multi-generational roadmap, including the P-Series for GPU-to-CPU/NIC/SSD PCIe Gen 6 connectivity and the X-Series for platform-specific, back-end AI accelerator clustering. Scorpio is currently shipping in pre-production quantities.
    • Joined the Ultra Accelerator Link Consortium as a promoting member on the Board of Directors. UALink technology will be used to enable efficient high-speed scale-up connectivity between AI accelerators within large and growing cluster sizes for AI workloads. Astera Labs is well positioned to quickly contribute to this new and compelling industry initiative to develop and advance UALink technology.
    • Demonstrated the industry’s first end-to-end PCIe optical connectivity link to provide extended reach for larger, disaggregated GPU clusters. PCIe over optics expands Astera Labs’ widely deployed and field-tested Aries family of Smart DSP retimers and Smart Cable Modules (SCMs) to deliver robust PCIe and CXL connectivity in chip-to-chip, box-to-box, and rack-to-rack topologies throughout the data center.
    • Expanded the widely deployed and field-tested Aries PCIe/CXL Smart DSP Retimer portfolio with the introduction and initial shipment of Aries 6 Retimers, the industry’s lowest power PCIe 6.x/CXL 3.x Retimer solution, to achieve higher bandwidth and extended reach across complex AI and compute topologies.
    • Shipped Aries PCIe/CXL Smart Cable Modules for Active Electrical Cable applications to enable multi-rack GPU clustering and low-latency memory fabric connectivity within AI infrastructure. The solution drives seven meters of reach over flexible copper cables to seamlessly and affordably interconnect clusters of GPUs across rack enclosures.
    • Showcased the first public demonstration of end-to-end interoperability between a PCIe 6.x Switch and a PCIe 6.x SSD at DesignCon 2025. The PCIe 6.x link-up was between an Astera Labs Scorpio P-Series Fabric Switch and Micron’s PCIe 6.x SSDs and showcased remarkable sequential read speeds exceeding 26GB/s.

    First Quarter of Fiscal 2025 Financial Outlook

    Based on current business trends and conditions, Astera Labs estimates the following:

    GAAP Financial Outlook:

    • Revenue within a range of $151 million to $155 million
    • GAAP gross margin of approximately 74%
    • GAAP operating expenses within a range of approximately $113 million to $114 million
    • GAAP tax expense of approximately $3 million
    • GAAP diluted earnings per share within a range of approximately $0.03 to $0.04 on weighted-average diluted shares outstanding of approximately 180 million

    Non-GAAP Financial Outlook (excluding the impact of approximately $47 million of stock-based compensation and including approximately $3 million of additional income taxes):

    • Non-GAAP gross margin of approximately 74%
    • Non-GAAP operating expenses within a range of approximately $66 million to $67 million
    • Non-GAAP tax rate of approximately 10%
    • Non-GAAP diluted earnings per share within a range of approximately $0.28 to $0.29 on non-GAAP weighted-average diluted shares outstanding of approximately 180 million

    Earnings Webcast and Conference Call
    Astera Labs will host a conference call to review its financial results for the fourth quarter and full year of fiscal 2024 and to discuss our financial outlook today at 1:30 p.m. Pacific Time. Interested parties may join the conference call by dialing 1-800-715-9871 and using conference ID 5908687. The call will also be webcast and can be accessed at the Astera Labs website at https://ir.asteralabs.com/. The webcast will be recorded and available for replay on the company’s website for the next six months.

    Discussion of Non-GAAP Financial Measures
    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. A reconciliation of these non-GAAP measures to the closest GAAP measure can be found later in this release. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income (loss), non-GAAP diluted earnings (loss) per share, and non-GAAP weighted-average share count. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income (loss), non-GAAP pro forma diluted earnings (loss) per share, and non-GAAP pro forma weighted-average share count provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    No reconciliation is provided with respect to the forward-looking non-GAAP financial measures included in our non-GAAP financial outlook, as the GAAP measures are not accessible on a forward-looking basis. As a result, we cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results.

    We adjust the following items from one or more of our non-GAAP financial measures:

    Stock-based compensation expense
    We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate non-cash stock-based compensation expense using a variety of valuation methodologies and subjective assumptions. Moreover, stock-based compensation expense is a non-cash charge that can vary significantly from period to period for reasons that are unrelated to our core operating performance, and therefore excluding this item provides investors and other users of our financial information with information that allows meaningful comparisons of our business performance across periods.

    Employer payroll taxes related to stock-based compensation resulting from our IPO
    We exclude employer payroll taxes related to the time-based vesting and net settlement of restricted stock units in connection with our initial public offering (the “IPO”), because this does not correlate to the operation of our business. We believe that excluding this item provides meaningful supplemental information regarding operational performance given the amount of employer payroll tax-related items on employee stock transactions was immaterial prior to our IPO.

    Income tax effect
    This represents the impact of the non-GAAP adjustments on an after-tax basis and one-off discrete tax adjustments that are unrelated to our core operating performance in connection with the presentation of non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share. This approach is designed to enhance investors’ ability to understand the impact of our non-GAAP tax expense on our current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments.

    Non-GAAP pro forma weighted-average shares to compute non-GAAP pro forma net income (loss) per share
    We present non-GAAP pro forma weighted-average shares, assuming our redeemable convertible preferred stock is converted from the beginning of each respective periods presented, to provide meaningful supplemental information regarding EPS trend on a consistent basis. All of our outstanding redeemable preferred stock converted into the equivalent number of shares of common stock in connection with our IPO.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements based on Astera Labs’ current expectations. The words “believe”, “estimate”, “expect”, “intend”, “may”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Astera Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Astera Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, including for the first quarter of fiscal 2025, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products and anticipated results of those products for our customers, our competitive positioning, including to meet the connectivity market opportunity in the future and initiative to advance UALink technology, technological capabilities and plans, our plans to add R&D talent and strategic IP blocks, and macroeconomic trends in cloud and AI infrastructure. A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation: the competitive and cyclical nature of the semiconductor industry; the concentration of our customer base; the changes in demand for AI; the macroeconomic environment; risks that demand and the supply chain may be adversely affected, including by the imposition of tariffs by the United States and any corresponding retaliatory tariffs, changes in political policies, military conflict (such as between Russia/Ukraine and Israel/Hamas), terrorism, sanctions or other geopolitical events globally (including conflict between Taiwan and China); quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with managing international activities (including trade barriers, particularly with respect to China); absence of long-term commitments from customers; risks that Astera Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; stock price volatility; information technology risks, including cyber-attacks against Astera Labs’ products and its networks; and other risks and uncertainties that are detailed under the caption “Risk Factors” and elsewhere in our Annual Report on 10-K that will be filed with the Securities and Exchange Commission (the “SEC”) and in Quarterly Reports on Form 10-Q filed with the SEC and the other SEC filings and reports Astera Labs may make from time to time.  Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Astera Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    About Astera Labs
    Our PCIe, CXL and Ethernet semiconductor-based connectivity solutions are purpose-built to unleash the full potential of accelerated computing at cloud-scale. Inspired by trusted partnerships with hyperscalers and the data center ecosystem, we are an innovation leader of products that are customizable, interoperable, and reliable. Discover how we are transforming AI and modern data-driven applications at www.asteralabs.com.

     
    ASTERA LABS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
    (In thousands)
     
        December 31,
    2024    		   December 31,
    2023
    Assets        
    Current assets        
    Cash and cash equivalents   $ 79,551     $ 45,098  
    Marketable securities     834,750       104,215  
    Accounts receivable, net     38,811       8,335  
    Inventory     43,215       24,095  
    Prepaid expenses and other current assets     16,652       4,064  
    Total current assets     1,012,979       185,807  
    Property and equipment, net     35,651       4,712  
    Other assets     5,878       5,773  
    Total assets   $ 1,054,508     $ 196,292  
             
    Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
    Current liabilities        
    Accounts payable   $ 26,918     $ 6,337  
    Accrued expenses and other current liabilities     59,624       28,742  
    Total current liabilities     86,542       35,079  
    Other liabilities     3,167       3,787  
    Total liabilities     89,709       38,866  
    Commitments and contingencies        
    Redeemable convertible preferred stock     –       255,127  
    Stockholders’ equity (deficit)        
    Common stock     16       4  
    Additional paid-in capital     1,173,153       27,411  
    Accumulated other comprehensive income     426       259  
    Accumulated deficit     (208,796 )     (125,375 )
    Total stockholders’ equity (deficit)     964,799       (97,701 )
    Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)   $ 1,054,508     $ 196,292  
     
    ASTERA LABS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
    (In thousands, except per share amounts)
     
        Three Months Ended   Years Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenue   $ 141,096     $ 113,086     $ 50,514     $ 396,290     $ 115,794  
    Cost of revenue     36,648       25,209       11,489       93,591       35,967  
    Gross profit     104,448       87,877       39,025       302,699       79,827  
                         
    Operating expenses                    
    Research and development     56,524       50,659       19,654       200,830       73,407  
    Sales and marketing     22,818       23,248       4,995       123,652       19,992  
    General and administrative     24,962       22,866       5,356       94,283       15,925  
    Total operating expenses     104,304       96,773       30,005       418,765       109,324  
    Operating income (loss)     144       (8,896 )     9,020       (116,066 )     (29,497 )
    Interest income     10,558       10,912       1,674       34,288       6,549  
    Income (loss) before income taxes     10,702       2,016       10,694       (81,778 )     (22,948 )
    Income tax (benefit) provision     (14,011 )     9,609       (3,631 )     1,643       3,309  
    Net income (loss)   $ 24,713     $ (7,593 )   $ 14,325     $ (83,421 )   $ (26,257 )
                         
    Net income (loss) per share attributable to common stockholders:        
    Basic   $ 0.15     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    Diluted   $ 0.14     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders:                    
    Basic     159,895       156,831       38,627       131,262       37,131  
    Diluted     177,559       156,831       47,636       131,262       37,131  
     
    ASTERA LABS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
    (In thousands)
     
        Years Ended December 31,
          2024       2023  
    Cash flows from operating activities        
    Net loss   $ (83,421 )   $ (26,257 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities        
    Stock-based compensation     234,588       10,679  
    Depreciation     3,154       1,781  
    Non-cash operating lease expense     2,428       1,232  
    Warrants contra revenue     1,395       805  
    Inventory write-downs     168       10,343  
    Accretion of discounts on marketable securities     (8,341 )     (1,624 )
    Changes in operating assets and liabilities:        
    Accounts receivable, net     (30,480 )     2,386  
    Inventory     (19,287 )     (5,564 )
    Prepaid expenses and other assets     (13,031 )     (720 )
    Accounts payable     20,887       (4,264 )
    Accrued expenses and other liabilities     31,018       (167 )
    Operating lease liability     (2,402 )     (1,346 )
    Net cash provided by (used in) operating activities     136,676       (12,716 )
             
    Cash flows from investing activities        
    Purchases of property and equipment     (34,245 )     (2,761 )
    Purchases of marketable securities     (930,575 )     (126,225 )
    Sales and maturities of marketable securities     208,665       111,214  
    Other investing activities     (1,413 )     —  
    Net cash used in investing activities     (757,568 )     (17,772 )
             
    Cash flows from financing activities        
    Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions     672,198       —  
    Payment of deferred offering costs     (4,801 )     (1,407 )
    Proceeds from exercises of stock options     5,458       1,115  
    Proceeds from employee stock purchase plan     4,160       —  
    Tax withholding related to net share settlements of restricted stock units     (20,111 )     —  
    Repurchase of common stock upon termination     (1,066 )     (210 )
    Net cash provided by (used in) financing activities     655,838       (502 )
    Net increase (decrease) in cash, cash equivalents, and restricted cash     34,946       (30,990 )
    Cash, cash equivalents, and restricted cash        
    Beginning of the period     45,098       76,088  
    End of the period   $ 80,044     $ 45,098  
     
    ASTERA LABS, INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)
    (In thousands, except percentages and per share amounts)
     
        Three Months Ended   Years Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    GAAP gross profit   $ 104,448     $ 87,877     $ 39,025     $ 302,699     $ 79,827  
    Stock-based compensation expense upon IPO (1)     —       —       —       516       —  
    Stock-based compensation expense     131       102       8       329       24  
    Non-GAAP gross profit   $ 104,579     $ 87,979     $ 39,033     $ 303,544     $ 79,851  
                         
    GAAP gross margin     74.0 %     77.7 %     77.3 %     76.4 %     68.9 %
    Stock-based compensation expense upon IPO (1)     —       —       —       0.1       —  
    Stock-based compensation expense     0.1       0.1       —       0.1       0.1  
    Non-GAAP gross margin     74.1 %     77.8 %     77.3 %     76.6 %     69.0 %
                         
    GAAP operating income (loss)   $ 144     $ (8,896 )   $ 9,020     $ (116,066 )   $ (29,497 )
    Stock-based compensation expense upon IPO (1)     —       —       —       88,873       —  
    Stock-based compensation expense     48,218       45,535       3,299       145,715       10,679  
    Employer payroll tax related to stock-based compensation from IPO (2)     —       —       —       1,072       —  
    Non-GAAP operating income (loss)   $ 48,362     $ 36,639     $ 12,319     $ 119,594     $ (18,818 )
                         
    GAAP operating margin     0.1 %   (7.9)%     17.9 %   (29.3)%   (25.5)%
    Stock-based compensation expense upon IPO (1)     —       —       —       22.4       —  
    Stock-based compensation expense     34.2       40.3       6.5       36.8       9.2  
    Employer payroll tax related to stock-based compensation from IPO (2)     —       —       —       0.3       —  
    Non-GAAP operating margin     34.3 %     32.4 %     24.4 %     30.2 %   (16.3)%
                         
    GAAP net income (loss)   $ 24,713     $ (7,593 )   $ 14,325     $ (83,421 )   $ (26,257 )
    Stock-based compensation expense upon IPO (1)     —       —       —       88,873       —  
    Stock-based compensation expense     48,218       45,535       3,299       145,715       10,679  
    Employer payroll tax related to stock-based compensation from IPO (2)     —       —       —       1,072       —  
    Income tax effect (3)     (6,439 )     2,340       —       (8,910 )     —  
    Non-GAAP net income (loss)   $ 66,492     $ 40,282     $ 17,624     $ 143,329     $ (15,578 )
                         
    Net income (loss) per share attributable to common stockholders:        
    GAAP – basic   $ 0.15     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    GAAP – diluted   $ 0.14     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    Non-GAAP pro forma – diluted   $ 0.37     $ 0.23     $ 0.12     $ 0.84     $ (0.12 )
                         
    Weighted average shares used to compute net income (loss) per share attributable to common stockholders:        
    GAAP – basic     159,895       156,831       38,627       131,262       37,131  
    GAAP – diluted     177,559       156,831       47,636       131,262       37,131  
    Non-GAAP pro forma – diluted (4)     177,559       173,832       138,527       168,913       128,022  

    ____________________

    (1) Stock-based compensation expense recognized in connection with the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

    (2) Employer payroll taxes related to the time-based vesting and settlement of RSUs, that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

    (3) Income tax effect is calculated based on the tax laws in the jurisdictions in which we operate and is calculated to exclude the impact of stock-based compensation expense and one-off discrete tax adjustments that are unrelated to our core operating performance. For the three months ended December 31, 2024 and September 30, 2024, the non-GAAP tax benefit rate was 13% and tax expense rate of 15%, respectively. The adjustments for the three months ended December 31, 2023 were not material. For the years ended December 31, 2024, the non-GAAP tax expense rate was 7% compared to a tax benefit rate of 27% for the year ended December 31, 2023.

    (4) We present the non-GAAP pro forma weighted average shares to provide meaningful supplemental information of comparable shares for each periods presented. The non-GAAP pro forma weighted average shares is calculated as follows:

        Three Months Ended   Years Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Shares used to compute GAAP net income (loss) per share attributable to common stockholders – diluted   177,559   156,831   47,636   131,262   37,131
    Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the beginning of the periods   —   —   90,891   19,165   90,891
    Effect of dilutive equivalent shares   —   17,001   —   18,486   —
    Shares used to compute non-GAAP pro forma net income (loss) per share- diluted   177,559   173,832   138,527   168,913   128,022

      

     
    ASTERA LABS, INC.SUPPLEMENTAL FINANCIAL INFORMATIONSTOCK-BASED COMPENSATION EXPENSE (Unaudited)
    (In thousands)
     
      Three Months Ended   Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Cost of revenue $ 131   $ 102   $ 8   $ 845   $ 24
    Research and development   18,808     14,641     2,303     76,427     7,360
    Sales and marketing   14,671     16,200     681     95,887     2,067
    General and administrative   14,608     14,592     307     61,429     1,228
    Total stock-based compensation expense (1) $ 48,218   $ 45,535   $ 3,299   $ 234,588   $ 10,679

    ____________________

    (1) Stock-based compensation expense recognized during the year ended December 31, 2024 included $88.9 million of cumulative stock-based compensation expense related to the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.


    IR CONTACT:     Leslie Green
    leslie.green@asteralabs.com

    The MIL Network –

  • MIL-OSI: PennantPark Floating Rate Capital Ltd. Announces Financial Results for the First Quarter Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) — PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced today its financial results for the first quarter ended December 31, 2024.

    HIGHLIGHTS
    Quarter ended December 31, 2024 (Unaudited)
    ($ in millions, except per share amounts)

    Assets and Liabilities:      
    Investment portfolio (1)   $ 2,193.9  
    Net assets   $ 962.7  
    GAAP net asset value per share   $ 11.34  
    Quarterly increase in GAAP net asset value per share     0.3 %
    Adjusted net asset value per share (2)   $ 11.34  
    Quarterly increase in adjusted net asset value per share (2)     0.3 %
           
    Credit Facility   $ 608.8  
    2036 Asset-Backed Debt   $ 284.2  
    2036-R Asset Backed Debt   $ 265.3  
    2026 Notes   $ 184.0  
    Regulatory debt to equity   1.40x  
    Weighted average yield on debt investments at quarter-end     10.6 %
           
    Operating Results:      
    Net investment income   $ 30.0  
    Net investment income per share (GAAP)   $ 0.37  
    Core net investment income per share (3)   $ 0.33  
    Distributions declared per share   $ 0.31  
           
    Portfolio Activity:      
    Purchases of investments   $ 606.9  
    Sales and repayments of investments   $ 401.3  
           
    PSSL Portfolio data:      
    PSSL investment portfolio   $ 1,046.2  
    Purchases of investments   $ 224.9  
    Sales and repayments of investments   $ 86.6  
             
    1. Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $286.6 million, at fair value.
    2. This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of the unrealized amounts on the Credit Facility. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
    3. Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company’s financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended December 31, 2024, Core NII excluded:  i) $3.8m of accelerated amortization income from the early repayment of a loan and ii) $0.8m of incentive fee expense.

    CONFERENCE CALL AT 9:00 A.M. ET ON FEBRUARY 11, 2025

    The Company will also host a conference call at 9:00 a.m. (Eastern Time) on Tuesday February 11, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (929) 477-0402. All callers should reference conference ID #1777320 or PennantPark Floating Rate Capital Ltd. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

    PORTFOLIO AND INVESTMENT ACTIVITY

    “We are pleased to have another quarter of solid performance from both an NAV and net investment income perspective. We are actively investing in this excellent vintage of new core middle market loans,” said Art Penn, Chairman and CEO. “Through the growing balance sheets of PFLT and our PSSL joint venture, we are driving meaningfully increased income.”

    As of December 31, 2024, our portfolio totaled $2,193.9 million, and consisted of $1,963.8 million of first lien secured debt (including $237.7 million in PSSL), $3.4 million of  subordinated debt and $226.7 million of preferred and common equity (including $48.9 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of December 31, 2024, we had two portfolio companies on non-accrual, representing 0.4% and 0.1% of our overall portfolio on a cost and fair value basis, respectively. As of December 31, 2024, the portfolio had net unrealized depreciation of $40.4 million. Our overall portfolio consisted of 159 companies with an average investment size of $13.8 million and had a weighted average yield on debt investments of 10.6%.

    As of September 30, 2024, our portfolio totaled $1,983.5 million and consisted of $1,746.7 million of first lien secured debt (including $237.7 million in PSSL), $2.7 million of second lien secured debt and subordinated debt and $234.1 million of preferred and common equity (including $56.5 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2024, the portfolio had net unrealized depreciation of $11.4 million. Our overall portfolio consisted of 158 companies with an average investment size of $12.6 million, and a weighted average yield on debt investments of 11.5%.

    For the three months ended December 31, 2024, we invested $606.9 million in 11 new and 58 existing portfolio companies at a weighted average yield on debt investments of 10.3%. Sales and repayments of investments for the same period totaled $401.3 million including $187.7 million of sales to PSSL. For the three months ended December 31, 2023, we invested $302.6 million in 13 new and 34 existing portfolio companies with a weighted average yield on debt investments of 11.9%. Sales and repayments of investments for the same period totaled $103.8 million, including $62.7 million of sales to PSSL.

    PennantPark Senior Secured Loan Fund I LLC

    The Company and its joint venture partner jointly agreed to invest an additional $100 million of capital in PSSL. In conjunction with increased leverage capacity at PSSL, the $100 million investment will expand the joint venture’s total investment capacity to $1.5 billion, representing a nearly $500 million increase.

    As of December 31, 2024, PSSL’s portfolio totaled $1,046.2 million, consisted of 118 companies with an average investment size of $8.9 million and had a weighted average yield on debt investments of 10.8%. As of September 30, 2024, PSSL’s portfolio totaled $913.3 million, consisted of 109 companies with an average investment size of $8.4 million and had a weighted average yield on debt investments of 11.4%.

    For the three months ended December 31, 2024, PSSL invested $224.9 million (including $187.7 million purchase from the Company) in 17 new and eight existing portfolio companies with a weighted average yield on debt investments of 10.3%. PSSL’s sales and repayments of investments for the same period totaled $86.6 million. For the three months ended December 31, 2023, PSSL invested $75.7 million (including $62.7 million purchased from the Company) in four new and nine existing portfolio companies with a weighted average yield on debt investments of 12.3%. PSSL’s sales and repayments of investments for the same period totaled $27.7 million.

    RESULTS OF OPERATIONS

    Set forth below are the results of operations for the three months ended December 31, 2024 and 2023.

    Investment Income

    For the three months ended December 31, 2024 investment income was $67.0 million, which was attributable to $61.0 million from first lien secured debt and $6.0 million from other investments. For the three months ended December 31, 2023, investment income was $38.0 million, which was attributable to $33.2 million from first lien secured debt and $4.8 million from other investments. The increase in investment income was primarily due to the increase in the size of the debt portfolio.

    Expenses

    For the three months ended December 31, 2024, expenses totaled $37.0 million and were comprised of: $22.4 million of debt related interest and expenses, $5.3 million of base management fees, $7.5 million of performance-based incentive fees, $1.7 million of general and administrative expenses and $0.2 million of taxes. For the three months ended December 31, 2023, expenses totaled $18.5 million and were comprised of: $8.9 million of debt related interest and expenses, $3.0 million of base management fees, $4.9 million of performance-based incentive fees, $1.6 million of general and administrative expenses and $0.2 million of taxes. The increase in expenses was primarily due to the increase in interest expense from increased borrowings and an increase in base management fees and incentive fee  as a result of the increase in our investment portfolio.

    Net Investment Income

    For the three months ended December 31, 2024 and 2023, net investment income totaled $30.0 million or $0.37 per share, and $19.4 million or $0.33 per share, respectively. The increase in net investment income was primarily due to an increase in investment income partially offset by an increase in expenses.

    Net Realized Gains or Losses

    For the three months ended December 31, 2024 and 2023, net realized gains (losses) totaled $26.7 million and $(3.1) million, respectively. The change in net realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

    Unrealized Appreciation or Depreciation on Investments and Debt

    For the three months ended December 31, 2024 and 2023, we reported net change in unrealized appreciation (depreciation) on investments of $(29.0) million and $6.2 million, respectively. As of December 31, 2024 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $(40.4) million and $(11.4) million, respectively. The net change in unrealized appreciation (depreciation) on our investments was primarily due to the operating performance of the portfolio companies within our portfolio and changes in the capital market conditions of our investments and realization of investments.

    For the three months ended December 31, 2024 and 2023, our Credit Facility had a net change in unrealized appreciation (depreciation) of $0.1 million and of less than ($0.1) million, respectively. As of December 31, 2024 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately $0.1 million and zero, respectively.  The net change in net unrealized (appreciation) or depreciation was primarily due to changes in the capital markets.

    Net Change in Net Assets Resulting from Operations

    For the three months ended December 31, 2024 and 2023, net increase (decrease) in net assets resulting from operations totaled $28.3 million or $0.35 per share and $22.5 million, or $0.38 per share, respectively. The net increase or (decrease) from operations  was primarily due to operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and cost yield of our debt portfolio and costs of financing.

    LIQUIDITY AND CAPITAL RESOURCES

    Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments, and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

    The multi-currency Credit Facility with affiliates of Truist Bank, or the Lenders, was upsized during the quarter to $736 million (increased from $636 million in December 2024).

    For the three months ended December 31, 2024 and 2023, the annualized weighted average cost of debt, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 7.0% and 6.8%, respectively. As of December 31, 2024 and September 30, 2024, we had $127.1 million and $192.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

    As of December 31, 2024 and September 30, 2024, we had cash equivalents of $102.3 million and $112.1 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.

    For the three months ended December 31, 2024, our operating activities used cash of $232.7 million and our financing activities provided cash of $222.9 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from proceeds from the ATM program and borrowings under the Credit Facility.

    For the three months ended December 31, 2023, our operating activities used cash of $181.9 million and our financing activities provided cash of $157.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to borrowings under the Credit Facility partially offset by the repayment of the 2023 Notes.

    DISTRIBUTIONS

    During the three months ended December 31, 2024 we declared distributions of $0.3075 per share for total distributions of $25.2 million. During the three months ended December 31, 2023, we declared distributions of $0.3075 per share for total distributions of $18.1 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

    RECENT DEVELOPMENTS

    In February 2025, the Company priced a new securitization financing that is expected to close by early March. The new financing is a $361 million term debt securitization transaction with a weighted average spread of 1.59%, a four-year reinvestment period and a 12-year final maturity.  The weighted average spread of 1.59% is a decrease of 30 basis points from an existing securitization financing that we refinanced in July 2024.

    Securitization financing continues to be a good match for our lower risk first lien assets.  We believe securitizations are attractive financing structures as they have a 12 year stated maturity and generally have 4 to 5 year reinvestment periods. The securitization financings are governed by an indenture similar to other bond instruments which prescribes how the securitization deals with credit deterioration, which means there is no risk of unpredictable behavior from the counterparties.  In addition, securitizations are non mark to market financings regardless of broader market volatility. The only time an asset gets marked to market would be if there are defaults or if we experience CCC downgrades that would cause an excess CCC concentration, whereby only the excess CCC collateral is marked to market.  The securitizations provide an attractive cost of capital that is well matched to the portfolio and provide a downside mitigation tool given the stable and consistent long-term nature of the financing.

    AVAILABLE INFORMATION

    The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC, and stockholders may find such report on its website at www.pennantpark.com.

    PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except per share data)
     
        December 31, 2024     September 30, 2024  
        (unaudited)        
    Assets            
    Investments at fair value            
    Non-controlled, non-affiliated investments (amortized cost— $1,894,793 and  $1,622,669, respectively)   $ 1,907,349     $ 1,632,269  
    Controlled, affiliated investments (amortized cost— $339,500 and  $372,271, respectively)     286,561       351,235  
    Total investments (amortized cost— $2,234,293 and $1,994,940, respectively)     2,193,910       1,983,504  
    Cash and cash equivalents (cost— $102,273 and $112,046, respectively)     102,262       112,050  
    Interest receivable     13,024       12,167  
    Receivables from investments sold     29,090       —  
    Distributions receivable     577       635  
    Due from affiliate     312       291  
    Prepaid expenses and other assets     5,026       198  
    Total assets     2,344,201       2,108,845  
    Liabilities            
    Credit Facility payable, at fair value (cost— $608,855 and $443,855, respectively)     608,791       443,880  
    2026 Notes payable, net (par—$185,000)     184,026       183,832  
    2036 Asset-Backed Debt, net (par—$287,000)     284,222       284,086  
    2036-R Asset-Backed Debt, net (par-$266,000)     265,268       265,235  
    Payable for investments purchased     471       20,363  
    Interest payable on debt     13,318       14,645  
    Distributions payable     8,698       7,834  
    Base management fee payable     5,264       4,588  
    Incentive fee payable     7,492       3,189  
    Accounts payable and accrued expenses     2,920       2,187  
    Deferred tax liability     1,080       1,712  
    Total liabilities     1,381,550       1,231,551  
    Net assets            
    Common stock, 84,855,896 and 77,579,896 shares issued and outstanding, respectively
       Par value $0.001 per share and 200,000,000 shares authorized    		     85       78  
    Paid-in capital in excess of par value     1,058,949       976,744  
    Accumulated deficit     (96,383 )     (99,528 )
    Total net assets   $ 962,651     $ 877,294  
    Total liabilities and net assets   $ 2,344,201     $ 2,108,845  
    Net asset value per share   $ 11.34     $ 11.31  
     
    PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
    (Unaudited)
     
        Three Months Ended December 31,  
        2024     2023  
    Investment income:            
    From non-controlled, non-affiliated investments:            
    Interest   $ 47,463     $ 23,768  
    Dividend     577       508  
    Other income     1,480       1,763  
    From controlled, affiliated investments:            
    Interest     12,808       8,434  
    Dividend     4,375       3,500  
    Other income     306       —  
    Total investment income     67,009       37,973  
    Expenses:            
    Interest and expenses on debt     22,361       8,942  
    Performance-based incentive fee     7,492       4,863  
    Base management fee     5,264       2,951  
    General and administrative expenses     1,200       988  
    Administrative services expenses     500       626  
    Expenses before provision for taxes and financing costs     36,817       18,370  
    Provision for taxes on net investment income     225       154  
    Total expenses     37,042       18,524  
    Net investment income     29,967       19,449  
    Realized and unrealized gain (loss) on investments and debt:            
    Net realized gain (loss) on:            
    Non-controlled, non-affiliated investments     1,181       (3,089 )
    Non-controlled and controlled, affiliated investments     25,493       —  
    Provision for taxes on realized gain on investments     (73 )     —  
    Net realized gain (loss) on investments     26,601       (3,089 )
    Net change in unrealized appreciation (depreciation) on:            
    Non-controlled, non-affiliated investments     2,943       5,228  
    Controlled and non-controlled, affiliated investments     (31,904 )     943  
    Provision for taxes on unrealized appreciation (depreciation) on investments     632       —  
    Debt appreciation (depreciation)     90       (62 )
    Net change in unrealized appreciation (depreciation) on investments and debt     (28,239 )     6,109  
    Net realized and unrealized gain (loss) from investments and debt     (1,638 )     3,020  
    Net increase (decrease) in net assets resulting from operations   $ 28,329     $ 22,469  
    Net increase (decrease) in net assets resulting from operations per common share   $ 0.35     $ 0.38  
    Net investment income per common share   $ 0.37     $ 0.33  
     

    ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

    PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing $9.4 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC 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 Investment Advisers, LLC is headquartered in Miami   and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

    FORWARD-LOOKING STATEMENTS AND OTHER

    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 of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or 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 we file 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 Floating Rate Capital Ltd. 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.

    We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

    The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

    CONTACT: Richard T. Allorto, Jr.
      PennantPark Floating Rate Capital Ltd.
      (212) 905-1000
      www.pennantpark.com

    The MIL Network –

  • MIL-OSI: PennantPark Investment Corporation Announces Financial Results for the Quarter Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (NYSE: PNNT) announced today its financial results for the first quarter ended December 31, 2024.

    HIGHLIGHTS 
    Quarter ended December 31, 2024 (unaudited)
    ($ in millions, except per share amounts) 

    Assets and Liabilities:          
    Investment portfolio (1)       $ 1,298.1  
    Net assets       $ 494.3  
    GAAP net asset value per share       $ 7.57  
    Quarterly increase in GAAP net asset value per share         0.1 %
    Adjusted net asset value per share (2)       $ 7.57  
    Quarterly increase in adjusted net asset value per share (2)         0.1 %
               
    Credit Facility       $ 460.0  
    2026 Notes       $ 148.8  
    2026-2 Notes       $ 163.3  
    Regulatory debt to equity       1.58x  
    Weighted average yield on debt investments         12.0 %
               
    Operating Results:          
    Net investment income       $ 13.0  
    Net investment income per share       $ 0.20  
    Core net investment income per share (3)       $ 0.20  
    Distributions declared per share       $ 0.24  
               
    Portfolio Activity:          
    Purchases of investments*       $ 295.7  
    Sales and repayments of investments*       $ 353.7  
               
    PSLF Portfolio data:          
    PSLF investment portfolio       $ 1,275.1  
    Purchases of investments       $ 353.8  
    Sales and repayments of investments       $ 109.1  

    ________________________
           * excludes U.S. Government Securities

    1. Includes investments in PennantPark Senior Loan Fund, LLC (“PSLF”), an unconsolidated joint venture, totaling $208.2 million, at fair value.
    2. This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of unrealized gain on the Company’s multi-currency, senior secured revolving credit facility with Truist Bank, as amended, the “Credit Facility.” The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
    3. Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company’s financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended December 31, 2024, there were no one-time events, resulting in $0.20 of Core NII..

    CONFERENCE CALL AT 12:00 P.M. EST ON FEBRUARY 11, 2025

    PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, February 11, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #9452525 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

    PORTFOLIO AND INVESTMENT ACTIVITY 

    “We are pleased to announce another quarter of solid NAV and credit performance,” said Arthur Penn, Chairman and CEO.  “Our earnings stream continues to be strong and is driven in part by the  excellent returns generated by our PSLF Joint Venture. Additionally, our dividend stream is supported by substantial spillover income.”

    As of December 31, 2024, our portfolio totaled $1,298.1 million and consisted of $575.0 million or 44% of first lien secured debt, $124.8 million or 10% of U.S. Government Securities, $50.0 million or 4% of second lien secured debt, $206.1 million or 16% of subordinated debt (including $132.2 million or 10% in PSLF) and $342.2 million or 26% of preferred and common equity (including $76.0 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 92% variable-rate investments and 8% fixed-rate investments. As of December 31, 2024, we had two portfolio companies on non-accrual, representing 4.3% and 1.5% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $13.6 million as of December 31, 2024. Our overall portfolio consisted of 158 companies with an average investment size of $7.4 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.0%.

    As of September 30, 2024, our portfolio totaled $1,328.1 million and consisted of $667.9 million or 50% of first lien secured debt, $99.6 million or 8% of U.S. Government Securities, $67.2 million or 5% of second lien secured debt, $181.7 million or 14% of subordinated debt (including $115.9 million or 9% in PSLF) and $311.7 million or 23% of preferred and common equity (including $67.9 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 94% variable-rate investments and 6% fixed-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 4.1% and 2.3% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $11.2 million as of September 30, 2024. Our overall portfolio consisted of 152 companies with an average investment size of $8.1 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.3%.

    For the three months ended December 31, 2024, we invested $295.7 million in 12 new and 61 existing portfolio companies with a weighted average yield on debt investments of 10.6% (excluding U.S. Government Securities). For the three months ended December 31, 2024, sales and repayments of investments totaled $353.7 million (excluding U.S. Government Securities).

    For the three months ended December 31, 2023, we invested $231.1 million in 12 new and 32 existing portfolio companies with a weighted average yield on debt investments of 11.9%. For the three months ended December 31, 2023, sales and repayments of investments totaled $71.0 million (excluding U.S. Government Securities).

    PennantPark Senior Loan Fund, LLC

    As of December 31, 2024, PSLF’s portfolio totaled $1,275.1 million, consisted of 112 companies with an average investment size of $11.4 million and had a weighted average yield interest bearing debt investments of 10.7%.

    As of September 30, 2024, PSLF’s portfolio totaled $1,031.2 million, consisted of 102 companies with an average investment size of $10.1 million and had a weighted average yield interest bearing debt investments of 11.3%.

    For the three months ended December 31, 2024, PSLF invested $353.8 million (including $286.6 million was purchased from the Company) in 15 new and 43 existing portfolio companies at weighted average yield interest bearing debt investments of 10.5%. PSLF’s sales and repayments of investments for the same period totaled $109.1 million.

    For the three months ended December 31, 2023, PSLF invested $81.0 million (including $50.8 million were purchased from the Company) in five new and seven existing portfolio companies at weighted average yield on interest bearing debt investments of 12.7%. PSLF’s sales and repayments of investments for the same period totaled $29.1 million.

    RESULTS OF OPERATIONS

    Set forth below are the results of operations during the three months ended December 31, 2024 and 2023.

    Investment Income

    For the three months ended December 31, 2024, investment income was $34.2 million, which was attributable to $25.2 million from first lien secured debt, $2.0 million from second lien secured debt, $1.1 million from subordinated debt and $5.9 million from other investments, respectively. For the three months ended December 31, 2023, investment income was $34.3 million, which was attributable to $25.1 million from first lien secured debt, $2.6 million from second lien secured debt, $1.3 million from subordinated debt and $5.3 million from preferred and common equity, respectively. The decrease in investment income for the three months ended December 31, 2024 was primarily due to the changes in our portfolio and investment yields.

    Expenses

    For the three months ended December 31, 2024, expenses totaled $21.2 million and were comprised of $11.7 million of debt related interest and expenses, $4.3 million of base management fees, $2.8 million of incentive fees, $1.7 million of general and administrative expenses and $0.7 million of provision for excise taxes. For the three months ended December 31, 2023, expenses totaled $18.7 million, and were comprised of; $9.6 million of debt-related interest and expenses, $4.0 million of base management fees, $3.3 million of incentive fees, $1.4 million of general and administrative expenses and $0.4 million of provision for excise taxes. The increase in expenses for the three months ended December 31, 2024 was primarily due an increase in debt related interest and expenses.

    Net Investment Income

    For the three months ended December 31, 2024 and 2023, net investment income totaled $13.0 million, or $0.20 per share and $15.7 million, or $0.24 per share. The decrease in net investment income for the three months ended December 31, 2024 was primarily due to increase in interest expense.

    Net Realized Gains or Losses

    For the three months ended December 31, 2024 and 2023, net realized gains (losses) totaled $(2.6) million and $1.8 million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

    Unrealized Appreciation or Depreciation on Investments and Debt

    For the three months ended December 31, 2024 and 2023, we reported net change in unrealized appreciation (depreciation) on investments of $2.4 million and $(5.0) million, respectively. As of December 31, 2024 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $13.6 million and $11.2 million, respectively. The net change in unrealized depreciation on our investments was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.

    For the three months ended December 31, 2024 and 2023, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $3.3 million and $(2.0) million, respectively. As of December 31, 2024 and September 30, 2024, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $4.4 million and $1.1 million, respectively. The net change in unrealized depreciation was primarily due to changes in the capital markets.

    Net Change in Net Assets Resulting from Operations

    For the three months ended December 31, 2024 and 2023, net increase (decrease) in net assets resulting from operations totaled $16.1 million or $0.25 per share and $10.7 million or $0.16 per share, respectively. The increase in net assets from operations for the three months ended December 31, 2024 was primarily due to a decrease in the net realized and unrealized depreciation in the portfolio primarily driven by changes in market conditions.

    LIQUIDITY AND CAPITAL RESOURCES

    Our liquidity and capital resources are derived primarily from cash flows from operations, including investment sales and repayments, income earned, proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

    As of December 31, 2024 and September 30, 2024, we had $464.5 million and $461.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.8% and 7.2%, respectively, exclusive of the fee on undrawn commitments. As of December 31, 2024 and September 30, 2024, we had $10.5 million and $13.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions.

    As of December 31, 2024 and September 30, 2024, we had cash and cash equivalents of $55.9 million and $49.9 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allows us to effectively operate our business.

    For the three months ended December 31, 2024, our operating activities provided cash of $18.7 million and our financing activities used cash of $12.7 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for distributions paid to stockholders.

    For the three months ended December 31, 2023, our operating activities used cash of $155.1 million and our financing activities provided cash of $153.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from borrowings under the Truist Credit Facility.

    DISTRIBUTIONS

    During the three months ended December 31, 2024, we declared distributions of $0.24 per share, for total distributions of $15.7 million. During the three months ended December 31, 2023, we declared distributions of $0.21 per share, for total distributions of $13.7 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

    RECENT DEVELOPMENTS

    The multi-currency Truist Credit Facility was upsized to $500.0 million (increased from $475 million in February 2025).

    AVAILABLE INFORMATION

    The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC and stockholders may find the report on our website at www.pennantpark.com.

     
    PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (In thousands, except share data)
     
        December 31, 2024     September 30, 2024  
        (unaudited)        
    Assets            
    Investments at fair value            
    Non-controlled, non-affiliated investments (amortized cost—$856,406 and $916,168, respectively)   $ 845,829     $ 910,323  
    Non-controlled, affiliated investments (amortized cost—$57,109 and $56,734, respectively)     11,032       33,423  
    Controlled, affiliated investments (amortized cost—$370,967 and $343,970, respectively)     441,205       384,304  
    Total investments (amortized cost—$1,284,482 and $1,316,872, respectively)     1,298,066       1,328,050  
    Cash and cash equivalents (cost—$55,868 and $49,833, respectively)     55,851       49,861  
    Interest receivable     5,227       5,261  
    Receivable for investments sold     47,230       —  
    Distribution receivable     5,359       5,417  
    Due from affiliates     144       228  
    Prepaid expenses and other assets     214       269  
    Total assets     1,412,091       1,389,086  
    Liabilities            
    Truist Credit Facility payable, at fair value (cost—$464,456 and $461,456, respectively)     460,033       460,361  
    2026 Notes payable, net (par— $150,000)     148,796       148,571  
    2026 Notes-2 payable, net (par— $165,000)     163,293       163,080  
    Payable for investment purchased     125,050       100,096  
    Distributions payable     5,224       5,224  
    Base management fee payable     4,268       4,297  
    Incentive fee payable     2,756       3,057  
    Accounts payable and accrued expenses     5,500       4,053  
    Interest payable on debt     2,850       6,406  
    Due to affiliates     —       33  
    Total liabilities     917,770       895,178  
    Net assets            
    Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively
    Par value $0.001 per share and 200,000,000 shares authorized    		     65       65  
    Paid-in capital in excess of par value     743,968       743,968  
    Accumulated deficit     (249,712 )     (250,125 )
    Total net assets   $ 494,321     $ 493,908  
    Total liabilities and net assets   $ 1,412,091     $ 1,389,086  
    Net asset value per share   $ 7.57     $ 7.56  
     
    PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except share data)
    (Unaudited)
     
        Three Months Ended December 31,  
        2024     2023  
    Investment income:            
    From non-controlled, non-affiliated investments:            
    Interest   $ 18,767     $ 21,068  
    Payment-in-kind     1,421       2  
    Dividend income     508       692  
    Other income     582       1,425  
    From non-controlled, affiliated investments:            
    Payment-in-kind     —       347  
    From controlled, affiliated investments:            
    Interest     7,255       5,481  
    Payment-in-kind     823       632  
    Dividend income     4,851       4,689  
    Total investment income     34,207       34,336  
    Expenses:            
    Interest and expenses on debt     11,741       9,557  
    Base management fee     4,268       4,004  
    Incentive fee     2,756       3,321  
    General and administrative expenses     1,250       1,214  
    Administrative services expenses     500       189  
    Expenses before provision for taxes     20,515       18,285  
    Provision for taxes on net investment income     700       393  
    Net expenses     21,215       18,678  
    Net investment income     12,992       15,658  
    Realized and unrealized gain (loss) on investments and debt:            
    Net realized gain (loss) on investments and debt:            
    Non-controlled, non-affiliated investments     (2,560 )     2,581  
    Non-controlled and controlled, affiliated investments     —       (750 )
    Net realized gain (loss) on investments and debt     (2,560 )     1,831  
    Net change in unrealized appreciation (depreciation) on:            
    Non-controlled, non-affiliated investments     (4,777 )     (12,270 )
    Non-controlled and controlled, affiliated investments     7,138       7,324  
    Provision for taxes on unrealized appreciation (depreciation) on investments     (37 )     150  
    Debt appreciation (depreciation)     3,328       (2,040 )
    Net change in unrealized appreciation (depreciation) on investments and debt     5,652       (6,836 )
    Net realized and unrealized gain (loss) from investments and debt     3,092       (5,005 )
    Net increase (decrease) in net assets resulting from operations   $ 16,084     $ 10,653  
    Net increase (decrease) in net assets resulting from operations per common share   $ 0.25     $ 0.16  
    Net investment income per common share   $ 0.20     $ 0.24  

    ABOUT PENNANTPARK INVESTMENT CORPORATION

    PennantPark Investment Corporation, or the Company, is a business development company that invests primarily in U.S. middle-market 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 INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing $9.4 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC 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 Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

    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 of 1933, as amended, 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 SEC. 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.

    We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

    The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

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

    The MIL Network –

  • MIL-OSI Asia-Pac: Fourth India-UK Energy Dialogue- Advancing India’s energy transition held in New Delhi today

    Source: Government of India

    Fourth India-UK Energy Dialogue-   Advancing India’s energy transition held in New Delhi today

    Phase-2 of the India-UK bilateral Accelerating Smart Power & Renewable Energy in India (ASPIRE) programme announced

    Posted On: 10 FEB 2025 8:44PM by PIB Delhi

    The Fourth India-UK Energy Dialogue, co-chaired by Shri Manohar Lal, Union Minister of Power and Housing and Urban Affairs of India, and Mr. Ed Miliband, Secretary for Energy Security and Net Zero for United Kingdom, was held today in New Delhi.

    The dialogue focused on reviewing progress made in the energy sectors of both nations, including power and renewable energy, and reaffirming the commitment to a sustainable, resilient, and inclusive energy future. The Ministers underscored the importance of ensuring that the energy transition and economic growth proceed together, while maintaining affordable and clean energy access for all.

    The Ministers underscored the importance of ensuring energy security and sustainable development and emphasized expanding the cooperation in the areas of power distribution, sector reforms, industrial energy efficiency and de-carbonization, and electric mobility while exploring new opportunities in the emerging fields such as energy storage, green data centers, and offshore wind, with an increased focus on MSMEs.

    The Ministers were pleased to announce the launch of Phase-2 of the India-UK bilateral Accelerating Smart Power & Renewable Energy in India (ASPIRE) programme. This phase will aim to provide technical support for ensuring round-the-clock power supply, expanding renewable energy initiatives, and accelerating industrial energy efficiency and de-carbonization, in collaboration with the Ministry of Power (MOP) and Ministry of New and Renewable Energy (MNRE).

    The Ministers were pleased to observe the bilateral collaboration between the two sides to promote growth and jobs, through technical assistance cooperation and investment.  They also discussed the progress of trade missions focusing on offshore wind and green hydrogen, as well as the cooperation between the UK’s Energy Systems Catapult and India’s Power Trading Corporation.

    Recognizing the shared ambition for advancing offshore wind development, the Ministers announced the establishment of a UK-India Offshore Wind Taskforce, which will focus on advancing offshore wind ecosystem development, supply chains, and financing models in both countries.  Mr. Miliband commended India’s ambitious initiatives in the renewable energy sector and shown a strong interest in gaining insights from India’s experience in implementing the Solar Rooftop Programme (PM – Surya Ghar Muft Bijli Yojna).

    The Ministers agreed on the importance of power market regulations in driving the energy transition and ensuring greater energy security and access. To support this, they announced the continuation of the Power Sector Reforms programme under the UK Partnering for Accelerating Climate Change (UKPACT). Additionally, a new taskforce has been proposed between the UK’s Office of Gas and Electricity Markets (OFGEM) and India’s Central Electricity Regulatory Commission (CERC) to support renewable energy integration and grid transformation in India.

    Both Ministers emphasized the ongoing value of the India-UK Energy Dialogue in advancing mutual energy transition goals, ensuring energy access, and building secure and sustainable clean energy supply chains while aligning these efforts with economic growth.

    The Ministers expressed their intention to further strengthen their collaboration through the Comprehensive Strategic Partnership and looked forward to the fifth UK-India Energy Dialogue in 2026. The dialogue concluded with the launch of the ‘Best Practices Compendium of Industrial Energy Efficiency/Decarbonisation’ and a ‘Pathways for Energy Efficiency and Decarbonisation in the Indian Aluminium Sector’.

    *****

    JN/ SK

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Under the leadership of Prime Minister Shri Narendra Modi, more than Rs. 25,000 crore worth of drugs were seized in 2024 as part of the Zero Tolerance policy against drugs

    Source: Government of India (2)

    Under the leadership of Prime Minister Shri Narendra Modi, more than Rs. 25,000 crore worth of drugs were seized in 2024 as part of the Zero Tolerance policy against drugs

    Value of seized narcotics in 2024 is more than 55 per cent as compared to Rs 16,100 crore seized in 2023

    In 2024, the seized drugs included more harmful and addictive synthetic drugs, cocaine, and pharmaceutical drugs used as psychotropic substances, which are also of much higher value

    This success is a testament to the ‘Bottom to Top’ and ‘Top to Bottom’ approach adopted under the leadership of Prime Minister Modi and the guidance of Union Home Minister Shri Amit Shah

    The Modi government is moving forward with a Whole-of-Government Approach to create a drug-free India

    Posted On: 10 FEB 2025 7:16PM by PIB Delhi

    Under the leadership of Prime Minister Shri Narendra Modi, while implementing zero-tolerance policy against drugs, in 2024, all law enforcement agencies across the country, including the Narcotics Control Bureau (NCB), seized narcotics worth approximately ₹25,330 crore, which is more than 55% higher compared to the ₹16,100 crore worth of drugs seized in 2023. This success is a testament to the ‘Bottom to Top’ and ‘Top to Bottom’ approach adopted under the leadership of Prime Minister Modi and the guidance of Union Home Minister Shri Amit Shah. The Modi government is moving forward with a Whole-of-Government Approach to create a drug-free India.

    In 2024, the seizure of more harmful and addictive synthetic drugs, cocaine, and pharmaceutical drugs used as psychotropic substances has increased significantly, which are also of much higher value.

    In 2024, the quantity of ATS (Amphetamine-Type Stimulants)like Methamphetamine has more than doubled from 34 quintals in 2023 to 80 quintals in 2024. Similarly quantity of cocaine seized has also gone up from 292 Kgs in 2023 to 1426 Kgs in 2024.The quantity of seized Mephedrone has also gone up from 688 kgs in 2023 in comparison to 3391 kgs in 2024. Likewise, quantity of Hashish seized has gone up from 34 Quintal in 2023 to 61 Quintal in 2024.The quantity of pharmaceutical drugs which are increasingly being abused as psychotropic substances has gone up from 1.84 crore to 4.69 crore in number (Tablets).

    Major operations conducted by the Narcotics Control Bureau (NCB) in collaboration with various agencies in 2024:

    February 2024: NCB and Special Cell of Delhi Police busts an international drugs trafficking network with the arrest of three people and seizure of 50 kg narcotics-making chemical Pseudoephedrine. A joint team of NCB and Delhi Police busted the network acting on information provided by Australian and New Zealand authorities.

    February 2024: In a joint operation codenamed ‘Sagar Manthan-1’, carried out by NCB, Navy, and ATS Gujarat Police, a gigantic consignment of approximate 3300 kg of drugs (3110 Kg Charas/Hashish, 158.3 Kg crystalline powder Meth and 24.6 Kg Suspected Heroin) was seized in the Indian Ocean. It was a record in itself in terms of the amount of offshore seizure of Charas/Hashish on the beach in the country. Five suspected foreign nationals were detained in this case.

    March 2024: NCB arrested Jaffer Sadiq, the kingpin of the drug trafficking network busted by it in the month of February, 2024. Jaffer Sadiq was absconding and on the run since 15th February, 2024 when NCB seized 50.070 kg of Pseudoephedrine from the godown of a firm and arrested three accomplices of Jaffer Sadiq in this connection 

    April 2024: In a joint maritime operation by NCB, ATS of Gujarat Police and Indian Coast Guard, a foreign boat carrying 86 kgs (approx.) Heroin was seized and 14 Pakistani nationals were arrested. Drugs worth Approx. Rs.602 Crore were seized during the operation.

    October 2024:NCB conducted a search operation in a factory in Kasna Industrial Area of district Gautam Budh Nagar and found about 95 kg of Methamphetamine in solid and liquid forms. Chemicals like Acetone, Sodium Hydroxide, Methylene Chloride, Premium grade Ethanol, Toluene, Red phosphorus, Ethyl Acetate etc and imported machinery for manufacturing were also found.

    November 2024: In a major breakthrough against the drug trafficking syndicates operating in India and especially in Delhi NCR Region, the Narcotics Control Bureau recovered one of the biggest haul of Cocaine at Delhi. After working on the leads generated in these cases, and through technical and human intelligence, the NCB was finally able to reach at the source of the contraband and 82.53 Kg of high grade Cocaine was recovered from Janakpuri and Nangloi area of Delhi.

    November 2024: In a joint operation codenamed ‘Sagar Manthan-4’, the NCB, Indian Navy, and ATS Gujarat Police busted an international drug trafficking cartel and seized approx. 700 kg of contraband Meth in Gujarat.

    *****

    RK/VV/ASH/PR/PS

    (Release ID: 2101471) Visitor Counter : 45

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LOK SABHA SPEAKER URGES LEGISLATORS TO SPEND MORE TIME IN HOUSE DURING SESSIONS AND LISTEN TO ALL THE VIEW POINTS, BROADENING THEIR HORIZON & UNDERSTANDING ABOUT PEOPLE’S ISSUES

    Source: Government of India (2)

    LOK SABHA SPEAKER URGES LEGISLATORS TO SPEND MORE TIME IN HOUSE DURING SESSIONS AND LISTEN TO ALL THE VIEW POINTS, BROADENING THEIR HORIZON & UNDERSTANDING ABOUT PEOPLE’S ISSUES

    LOK SABHA SPEAKER EXPRESSES CONCERN OVER DECLINING PARTICIPATION OF MEMBERS IN LEGISLATIVE PROCEEDINGS AND POLITICAL LOGJAM

    PLANNED DISRUPTIONS IN LEGISLATURES ARE AGAINST DEMOCRATIC SPIRIT OF CONSTITUTION: LOK SABHA SPEAKER

    LEGISLATORS SHOULD COME TO HOUSE FOR DEBATES WELL-PREPARED AND WITH FACTS AND EFFECTIVELY USE LEGISLATIVE TOOLS LIKE QUESTION HOUR TO RAISE PEOPLE’S ISSUES: LOK SABHA SPEAKER

    LOK SABHA SPEAKER APPRECIATES PRODUCTIVITY OF MAHARASHTRA LEGISLATIVE ASSEMBLY

    LOK SABHA SPEAKER HIGHLIGHTS IMPORTANCE OF LEGISLATIVE DRAFTING AND EFFICIENCY AND EFFECTIVENESS OF PARLIAMENTARY COMMITTEES

    LOK SABHA SPEAKER ADDRESSES NEWLY ELECTED MEMBERS OF MAHARASHTRA LEGISLATIVE ASSEMBLY AND LEGISLATIVE COUNCIL DURING ORIENTATION PROGRAMME

    Posted On: 10 FEB 2025 6:46PM by PIB Delhi

    Lok Sabha Speaker Shri Om Birla today urged the legislators to actively engage with the House proceedings during sessions and listen to all the emanating view points, which would help them develop a broader perspective on understanding and addressing public issues.

    Addressing the inaugural session of an Orientation Programme for newly elected Members of the Maharashtra Legislative Assembly and Maharashtra Legislative Council at the Parliament House Complex, Lok Sabha Speaker Shri Om Birla expressed concern over the declining participation of Members in legislative proceedings and resulting political logjam. He also expressed concern over the decline in the number of sittings of legislative bodies and low productivity in legislatures.

    Stressing that planned disruptions in legislatures are against the democratic spirit of the Constitution, Shri Birla urged the legislators to raise public issues using effective legislative tools like Question Hour, without causing disruptions to the proceedings of the House. He also advised legislators to come prepared with facts for debates in the House. Shri Birla said that the more prepared legislators are, the more effective their participation will be, and the more productive the proceedings of the House will be. He said that the best legislator is the one who participates fully in House proceedings and engages in well-researched, logical discussions after understanding parliamentary procedures.

    On the completion of 75 years of the Constitution and the Republic, Shri Birla noted that it was a matter of pride that India is the world’s largest democracy, and that the Indian Constitution provides equal rights and freedom of expression to all.

    Appreciating the productivity of the Maharashtra Legislative Assembly, Shri Birla observed that while it is a matter of concern that the number of sittings of legislative bodies is decreasing in general, the productivity of the Maharashtra Legislative Assembly is commendable compared to other state assemblies. Referring to the glorious history of the Maharashtra Legislative Assembly, Shri Birla mentioned that from its establishment in 1937, it has laid the foundation for socio-economic changes. He told the elected representatives that being part of such a democratic system is a matter of pride. Shri Birla further remarked that Maharashtra has made significant contributions to the freedom movement, social reform, and spirituality, making the state an inspiration for the nation.

    Emphasizing the importance of efficient legislative drafting and the effectiveness of parliamentary committees, Shri Birla opined that it is a crucial responsibility for any legislator to ensure proper legislative drafting during the law-making process, as even a small error in legislative drafting can have long-term effects for our people. He said that there should be extensive discussions in the House during legislation, so that the issues of public welfare become part of the law in a positive way.

    Referring to parliamentary committees as “mini-parliaments,” Shri Birla urged all elected representatives to participate actively in Committee proceedings. He emphasized that legislators must ensure, that government spending is directed toward socio-economic change, especially in the Public Accounts and Estimates Committees, so that elected representatives can deliver positive outcomes towards public welfare.

    Referring to the importance of the Orientation Programme organized by the Parliamentary Research and Training Institute for Democracies (PRIDE), Shri Birla noted that the legislators attending the programme would gain in-depth knowledge of parliamentary procedures, traditions, and the functioning of legislative bodies in various states, which will help them discharge their parliamentary duties effectively. He added that continuous education and training are essential for understanding and effectively carrying out parliamentary work.

    Shri Birla exhorted the elected representatives, not to limit their work to constituency issues alone, but to also address state-level problems and challenges, bringing about socio-economic transformation with a positive outlook.

    On the occasion, Maharashtra Legislative Assembly Speaker Adv. Rahul Narwekar addressed the gathering and expressed gratitude to Lok Sabha Speaker Shri Om Birla. Shri Narwekar said that all legislators must follow the provisions of the Constitution and present their actions as a role model to society, so that people’s trust in parliamentary democracy is strengthened. He also highlighted the negative impact of planned disruptions in parliamentary work and stressed on the need to adopt better practices. Maharashtra Legislative Council Chairman Shri Ram Shinde also addressed the attending legislators on this occasion.

    Lok Sabha Secretary General Shri Utpal Kumar Singh delivered the welcome address. On this occasion, Shri Birla led the legislators in taking the pledge to uphold the preamble to the Constitution of India.

    ***

    AM

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    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Allocation of Grants to Autonomous Bodies

    Source: Government of India (2)

    Posted On: 10 FEB 2025 5:10PM by PIB Delhi

    Details of Grants allocated to various Autonomous Bodies under the administrative control of the Ministry of Culture is annexed at Annexure –I.

    There have been the demands of excess budget during the said period by some Autonomous Bodies and the same have been met. Autonomous Bodies are continuously advised to enhance their internal revenue generation to meet the excess demand. Details of the excess demand and the reasons there for is at Annexure-II.

    Grants are allocated to Autonomous Bodies keeping in view the overall allocation of the Ministry and their proposed programmes/activities during the year. Additional grants sought by the Autonomous Bodies are met through the Supplementary demands as per the GFR provisions. However, Autonomous Bodies are continuously encouraged to enhance their internal revenue generation to meet the excess demand.

    This information was given by Union Minister for Culture and Tourism Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    Annexure-I

    AUTONOMOUS BODIES BE/RE FROM F.Y. BE 2021-22 TO 2023-24                                                                                                (Rs. in lakh)

    S.No.

    Organizations

    BE 21-22

    RE 21-22

    BE 22-23

    RE 22-23

    BE 23-24

    RE 23-24

    I

    Support to Akademies

     

     

     

     

     

     

    1

    Sangeet Natak Akademi

    5925.00

    6087.00

    6315.00

    6660.52

    6555.00

    6855.00

    2

    Sahitya Akademi

    3910.00

    3787.00

    3920.00

    4198.16

    3805.00

    4055.00

    3

    Lalit Kala Akademi

    2620.00

    2558.00

    2650.00

    3310.80

    2855.00

    3255.00

    4

    National School of Drama

    7065.00

    6445.00

    6975.00

    4333.52

    4855.00

    5955.00

    5

    Centre for Cultural Resources and Training

    2555.00

    2455.00

    2495.00

    2495.00

    2545.00

    2545.00

    6

    Indira Gandhi National Culture for the Arts

    5005.00

    5330.00

    5505.00

    19005.00

    10010.00

    10010.00

    7

    Kalakshetra Foundation

    1767.00

    1872.00

    1927.00

    1977.00

    2452.00

    2662.00

    8

    Zonal Cultural Centers

    5310.00

    6419.00

    6748.00

    6748.00

    7050.00

    8208.00

     

    Total- Support to Akademies

    34157.00

    34953.00

    36535.00

    48728.00

    40127.00

    43545.00

    II

    Support to Museum

     

     

     

     

     

     

    9

    Victoria Memorial Hall

    3377.00

    3029.00

    3099.00

    2877.00

    3134.00

    3134.00

    10

    National Council of Science Museum

    13186.00

    13187.00

    13902.00

    14592.00

    17260.00

    20460.51

    11

    Allahabad Museum

    1077.00

    937.00

    967.00

    877.00

    962.00

    962.00

    12

    Indian Institute of Heritage (IIH)-NMI

    2057.00

    2057.00

    2087.00

    1902.00

    1222.00

    1222.00

    13

    Salarjung Museum

    2397.00

    2397.00

    2487.00

    2397.00

    2522.00

    2522.00

    14

    Indian Museum

    2457.00

    2392.00

    4040.00

    3282.00

    4042.49

    4042.49

    15

    Indira Gandhi Rashtriya Manav Sanghralaya

    1772.00

    1652.00

    1702.00

    1977.00

    2355.00

    2355.00

    16

    Prime Minister Museum & Library

    3058.00

    3058.00

    3248.00

    3608.00

    4242.00

    4242.00

     

    Total- Support to Museum

    29381.00

    28709.00

    31532.00

    31512.00

    35739.49

    38940.00

    III

    Support to Libraries

     

     

     

     

     

     

    17

    Raja Rammohun Roy Library Foundation

    2707.00

    2707.00

    2752.00

    3319.00

    3367.00

    3287.00

    18

    Delhi Public Library

    3627.00

    3237.00

    3367.00

    3252.00

    3558.00

    3538.00

    19

    Asiatic Society Library

    2342.00

    2342.00

    2541.50

    2261.50

    2437.00

    2237.00

    20

    Khuda Baksh Oriental Public Library

    632.50

    544.50

    580.50

    595.50

    622.00

    622.00

    21

    Rampur Raza Library

    702.00

    651.50

    672.00

    652.00

    662.00

    662.00

     

    Total- Support to Libraries

    10010.50

    9482.00

    9913.00

    10080.00

    10646.00

    10346.00

    IV

    BTI and Memorials

     

     

     

     

     

     

    22

    Gandhi Smriti Darshan Samiti

    1402.00

    1302.00

    1366.00

    1602.00

    1560.00

    2010.00

    23

    Maulana Abul Kalam Azad Institute of Asian Studies

    465.00

    465.00

    477.00

    492.00

    653.50

    653.50

    24

    Nava Nalanda Mahavihara

    1309.00

    1609.00

    1678.00

    2177.00

    2555.00

    3804.50

    25

    Central Institute of Buddhist Studies, Leh.

    2946.40

    2576.40

    2706.50

    3338.50

    3198.00

    3545.00

    26

    Central Institute of Higher Tibetan Studies,Sarnath

    5401.70

    6283.90

    4908.50

    3935.50

    3902.00

    4032.00

    27

    Central Institute of Himalayan Cultural Studies, Dahung

    1190.70

    1151.70

    1166.00

    1211.00

    1222.00

    1352.00

    28

    Tabo

     

     

    2.00

    0.00

    0.00

    0.00

        (Rs. in lakh)

    S.No.

    Organizations

     

    BE 21-22

    RE 21-22

    BE 22-23

    RE 22-23

    BE 23-24

    RE 23-24

     

     

    Total- BTI and Memorials

    12714.80

    13388.00

    12304.00

    12756.00

    13090.50

    15397.00

     

    Total- Autonomous Bodies

    86263.30

    86532.00

    90284.00

    103076.00

    99602.99

    108228.00

                   

    STATEMENT REFERRED TO PART(b) & (c) OF THE QUESTION NO. 1126 REGARDING ‘ALLOCATION OF GRANTS TO AUTONOMOUS BODIES’

    (Rs. in lakh)

    Annexure-II

     

     

    2021-22

    2022-23

    2023-24

     

    S. No.

     

    Organizations

     

    BE

     

    RE

    Funds Status after adjustments

     

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

    1

    Sangeet Natak Akademi

    5925.00

    6087.00

    5716.87

     

    6315.00

    6660.52

    6505.52

    For conducting various programmes/activities

    6555.00

    6855.00

    7105.00

    Additional requirement is for fellowship awards for the year.

    2

    Sahitya Akademi

    3910.00

    3787.00

    4369.77

    For payment to the CPWD Bengaluru towards construction of the sales-cum-godown and setting up of Metro Book Shop at their Kempe Gowda Metro Station

    3920.00

    4198.16

    4381.96

    For conducting various programmes/activitiesb

    3805.00

    4055.00

    4356.59

    For Festival of Letters was conducted at the large scale involving more than 1100 writers from across the nation, due to which amt of more than Rs. 4 crore was incurred and the bills are pending i.r.o. honorarium and TA to the writers and various vendors

     

     

    2021-22

    2022-23

    2023-24

     

    S. No.

     

    Organizations

     

    BE

     

    RE

    Funds Status after adjustments

     

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

    3

    Lalit Kala Akademi

    2620.00

    2558.00

    3022.57

    For renovation work of old building of Regional Centre of Kolkata & Chennai and infrastructure development of newly built building at Regional Office, Kolkata, etc.

    2650.00

    3310.80

    3110.80

    For conducting various programmes/activities

    2855.00

    3255.00

    3530.00

    For maintenance of all regional centre and pension to staff for the month of Feb, 2024/salary to outsourced staff etc.

    4

    National School of Drama

    7065.00

    6445.00

    5593.58

     

    6975.00

    4333.52

    4333.52

     

    4855.00

    5955.00

    6255.00

    For pending payment of bill related to BRM

    5

    Centre for Cultural Resources and Training

    2555.00

    2455.00

    3114.36

    Rs. 2cr. To CCRT towards payment of construction of CCRT Regional Centre building of Udaipur & purchase of new furniture/fixture & equipment

    2495.00

    2495.00

    2511.20

    For conducting various programmes/activities.

    2545.00

    2545.00

    2595.00

     

    6

    Indira Gandhi National Culture for the Arts

    5005.00

    5330.00

    5330.00

    To meet committed liabilities during the year

    5505.00

    19005.00

    23208.82

    For recoupment of advance taken of Rs.56.60 crore from Contingency fund of India in r/o IGNCA for parliament art works

    10010.00

    10010.00

    10910.00

    For Prerna School, Digitization of Sampurnand Sanskrit Vishwavidyalya and G20 Summit

     

     

    2021-22

    2022-23

    2023-24

     

    S. No.

     

    Organizations

     

    BE

     

    RE

    Funds Status after adjustments

     

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

    7

    Kalakshetra Foundation

    1767.00

    1872.00

    1872.00

    To meet committed liabilities during the year

    1927.00

    1977.00

    2127.00

    For project sanitization, language moderation by third party agency for Mera Estimated exp. of Rs.

    2.50 cr. By Kalakshetra foundation till 31.03.2023

    2452.00

    2662.00

    2662.00

    For creation of EL Fund with LIC

    8

    Zonal Cultural Centers

    5310.00

    6419.00

    6499.56

    To meet committed liabilities during the year

    6748.00

    6748.00

    6746.00

     

    7050.00

    8208.00

    11019.00

    For organizing program on Cultural Components(Anant Sutra,Vande Bharatam and Tableau)during 75th Republic Day Celebrations,2024

     

     

     

    2021-22

    2022-23

    2023-24

     

    S. No.

     

    Organizations

     

    BE

     

    RE

    Funds Status after adjustments

     

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

    9

    National Council of Science Museum

    13186.00

    13187.00

    13287.00

     

    13902.00

    14592.00

    14230.50

    For development of Planetarium software by NCSM

    17260.00

    20460.51

    20650.51

     

    10

    Indian Institute of Heritage(IIH)-NMI

    2057.00

    2057.00

    2057.00

     

    2087.00

    1902.00

    1934.90

     

    1222.00

    1222.00

    1578.75

    For expenditure towards special projects and enhanced expenditure on IIH campus such as security, housekeeping, horticulture, AMC of building, generator expenses etc.

    11

    Salarjung Museum

    2397.00

    2397.00

    3046.00

    To meet the committed liabilities during the year

    2487.00

    2397.00

    2397.00

     

    2522.00

    2522.00

    2522.00

     

     

     

    2021-22

    2022-23

    2023-24

     

    S. No.

     

    Organizations

     

    BE

     

    RE

    Funds Status after adjustments

     

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

    12

    Indira Gandhi Rashtriya Manav Sangrahalaya

    1772.00

    1652.00

    1729.10

    To meet the expense of DCRG fund, open air and indoor exhibition and other routine expense

    1702.00

    1977.00

    1942.00

    IGRMS for EPF  arrears, DCRG fund

    2355.00

    2355.00

    2545.25

    For

    Wages, Tagore Scholarship,Biennale2023-24, Audit fee,

    EPF Interest payable etc.

    13

    Prime Minister Museum & Library

    3058.00

    3058.00

    3366.62

    To incur the expenditure towards water, electricity charges and other general expenditure, to Tagore National Fellowship for Culture Research Scheme for local TA/Honorarium, stationery, travel project staff, accommodation, misc., software and on account of financial impact of implementation of 7th CPC benefits for the pensioner

    3248.00

    3608.00

    3555.00

    Rs. 1.50 cr. for office expenses of PM Museum, electricity bill, etc. by PMM&L

    4242.00

    4242.00

    7938.00

    To facilitate the payment of property tax/ service charges to NDMC under the Grant-in-aid General head.

     

     

    2021-22

    2022-23

    2023-24

     

    S. No.

     

    Organizations

     

    BE

     

    RE

    Funds Status after adjustments

     

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

    14

    Delhi Public Library

    3627.00

    3237.00

    3256.07

     

    3367.00

    3252.00

    3252.00

     

    3558.00

    3538.00

    3638.00

    For payment of communication to 12 pensioners, reimbursement of medical expenses to pensioners

    15

    Asiatic Society Library

    2342.00

    2342.00

    2402.05

    Additional Fund  given by the Ministry under the Object Head ‘GIA-General’ to meet expenses on account of Azadi Ka Amrit Mahotsava  and Digitization Project.

    2541.50

    2261.50

    2189.50

     

    2437.00

    2237.00

    2024.30

     

    16

    Khuda Baksh Oriental Public Library

    632.50

    544.50

    544.50

     

    580.50

    595.50

    608.50

    For conducting various programmes/activities

    622.00

    622.00

    700.47

    For

    Payment of corporation tax and repairing of Old A. C. Plant

     

     

     

    2021-22

    2022-23

    2023-24

     

    S. No.

     

    Organizations

     

    BE

     

    RE

    Funds Status after adjustments

     

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

    17

    Maulana Abul Kalam Azad Institute of Asian Studies

    465.00

    465.00

    465.00

     

    477.00

    492.00

    602.00

    For conducting various programmes/activities

    653.50

    653.50

    763.50

    For repair & renovation of Azad Bhawan premises of MAKAIAS

    & to conduct seminar/workshop/symposium/lecture session

    liability

    18

    Nava Nalanda Mahavihara

    1309.00

    1609.00

    2291.57

    To Nav Nalanda Mahavihara for upgradation of existing Residential Complex and administrative building, etc

     

    1678.00

    2177.00

    2177.72

    For conducting various programmes/activities

    2555.00

    3804.50

    3804.50

     

    19

    Central Institute of Buddhist Studies, Leh.

    2946.40

    2576.40

    2704.23

    To central Institute of Buddhist Studies for clearing  existing liabilities of CPWD, etc.

    2706.50

    3338.50

    3044.30

    For conducting various programmes/activities

    3198.00

    3545.00

    3845.00

    For CIBS to razzing and finishing of compound wall at new campus, repair and renovation of guest house and vertical extension of senior secondary school building another storey of classroom

     

     

    2021-22

    2022-23

    2023-24

     

    S. No.

     

    Organizations

     

    BE

     

    RE

    Funds Status after adjustments

     

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

     

    BE

     

    RE

    Funds Status after adjustments

    Reasons for excess demands

    20

    Central Institute of Higher Tibetan Studies, Sarnath

    5401.70

    6283.90

    6129.40

    For maintenance of Sowa Rigpa Bhawan (academic & hospital) under Central Institute of Higher Tibetan Studies, Sarnath, Varanasi

    4908.50

    3935.50

    4347.58

     

    3902.00

    4032.00

    4032.00

    For maintenance of Sowa Rigpa Bhawan (academic & hospital) under Central Institute of Higher Tibetan Studies, Sarnath, Varanasi

    21

    Central Institute of Himalayan Cultural Studies, Dahung

    1190.70

    1151.70

    1146.83

     

    1166.00

    1211.00

    1216.40

    For conducting various programmes/activities

    1222.00

    1352.00

    1352.00

    To meet the committed liabilities during the year
                                 

     

    ***

    Sunil Kumar Tiwari

    pibculture[at]gmail[dot]com

    (Release ID: 2101353) Visitor Counter : 48

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