Category: Business

MIL-OSI New Zealand: Health – Primary care funding a positive step in the right direction, says College of GPs

Source: Royal NZ College of General Practitioners

The Royal New Zealand College of General Practitioners has welcomed the Health Minister’s funding announcement saying it is a big step in the right direction towards building a well-resourced and sustainable primary care workforce.

Increased investment in primary care has long been at the forefront of our members’ concerns and the College’s advocacy work, particularly improving access to GP, rural hospital and primary care services and growing, and retaining, the workforce.

College President Dr Samantha Murton says, “Any additional funding for primary care will ultimately benefit our patients and improve health outcomes, and as specialist GPs and rural hospital doctors who work in the community, this is our priority.

“As we know there are many areas in primary care that need permanent solutions and further investment, and the Minister has shown that he is willing to invest broadly. I hope that by incentivising primary care to nursing graduates they will see the value in what our workforce does and choose to stay in it for the long-term. This will help alleviate nursing workforce challenges especially in rural communities. Pay parity between primary and secondary nursing is what we still need to aim for.

“Providing timely and accessible care for all New Zealanders and the increased availability of telehealth will be beneficial, but it needs to be offered alongside improved support for face-to-face primary care services to ensure continued patient safety. Telehealth fills a niche, not a void,” says Dr Murton.

College Chief Executive Toby Beaglehole says, “Enabling more overseas doctors to gain general registration in primary care in New Zealand and gain valuable first-hand experience will boost the workforce pipeline. That said, we cannot take our focus off supporting our homegrown workforce. New Zealand needs to attract and retain 300 general practice registrars per year just to maintain GP numbers and investment in the training programme is critical to this.

“Investment in strong, future focused and sustainable primary care will reduce the pressure on secondary care. We look forward to further engagement with Minister Brown on lasting solutions that increase access to specialist general practitioners for New Zealanders and thank him for the steps he has announced.

“The College is pleased to see our ongoing advocacy has been reflected in the Minister’s decisions and we look forward to learning the specifics of this additional funding.”

MIL OSI New Zealand News –

March 4, 2025
MIL-OSI USA: AFSCME’s Saunders: Children and workers will suffer the cost of Linda McMahon’s plans to cut education

Source: American Federation of State, County and Municipal Employees Union

WASHINGTON – AFSCME President Lee Saunders released the following statement in opposition to Linda McMahon’s confirmation to lead the U.S. Department of Education:

“Billionaires led by Elon Musk are hellbent on dismantling the U.S. Department of Education, and wrestling mogul Linda McMahon is ready and willing to do their bidding. She has no reservations about hollowing out the agency responsible for ensuring equal educational opportunities for the nation’s 50 million public school students or protecting the civil rights of students with disabilities, English learners, and students from low-income and rural communities. Having spent her entire career padding the profits of corporate shareholders, it’s no surprise she supports vouchers that siphon funding away from public schools that serve 90 percent of our communities’ schoolchildren.

“Children and public school workers will suffer the cost of understaffed schools, larger classroom sizes, and fewer extracurricular opportunities – all to give tax cuts to the wealthy. But AFSCME members won’t stand for it. They are among the millions of workers across this nation who have dedicated their careers to educating and supporting America’s children and youth. They don’t do it to get rich – they do it because they believe in the next generation, and we will be standing together against any attack on students.”

MIL OSI USA News –

March 4, 2025
MIL-OSI New Zealand: Transport – National Freight Survey is Live!

Source: Ia Ara Aotearoa Transporting New Zealand

March is a big month for the road freight industry with the largest survey in a decade being held to find out what are the key issues for transport operators and all the industry players.

The 2025 National Road Freight Survey has been organised by national road freight organisation Transporting New Zealand.

CEO Dom Kalasih says the online survey, which is being run by independent surveying firm Research New Zealand, is designed to help all parts of the industry share their priorities with policy makers and regulators.

“There are over 30,000 people working in the road freight sector across more than 5,000 business entities, carrying 93 percent of the national freight task,” Kalasih says.

“We want to get a clearer picture of what their leading concerns are, what opportunities they see for improvement, and what might be lesser priorities.”

“There are plenty of big issues in the industry such as staff shortages, operating conditions, tolling and congestion charging, the Cook Strait ferries and road policing to name a few.”

“If it is important to the people in the industry, we want to hear about it.”

Some of the other groups supporting the survey are the New Zealand Heavy Haulage Association and Groundspread NZ.

Jonathan Bhana-Thomson, the CEO of Heavy Haulage, says it is a great initiative for the industry and he’s sure the industry will provide plenty of great responses.

The survey is to get feedback from transport companies, no matter their size, or whether they are member of an industry association or not.

Rose Hyslop, the Executive Officer for Groundspread NZ, is also right behind the survey. She is looking forward to seeing the results which will be shared with all the groups that make up the transport and freight sectors.

Kalasih says that Research NZ has kept the survey short, multi-choice and accessible, with the option to provide more in-depth answers if they have more detailed feedback.

“We’ve also thrown in a $500 travel voucher from the House of Travel for one lucky person to win. Just as a bit of a sweetener.”

The survey runs till March 28.

The survey is at:

MIL OSI New Zealand News –

March 4, 2025
MIL-OSI Security: Joseph Sanberg, Co-Founder of Aspiration Partners, Arrested for Conspiring to Defraud an Investment Fund of at Least $145 Million

Source: Office of United States Attorneys

SANTA ANA, California – Joseph Neal Sanberg, 45, of Orange, the co-founder and largest shareholder of the financial and sustainability services company Aspiration Partners, Inc., was arrested today on a federal criminal complaint alleging that he conspired to defraud two investor funds of at least $145 million.

Sanberg’s coconspirator, Ibrahim Ameen AlHusseini, 51, of Venice, pleaded guilty today to an information charging him with wire fraud for falsifying documents and information to assist Sanberg. According to his plea agreement, signed on February 7, 2025, and unsealed today, AlHusseini personally received approximately $12.3 million in payments from the scheme. AlHusseini is scheduled for sentencing on September 29, 2025.

Sanberg is scheduled to make his initial appearance this afternoon in United States District Court in Santa Ana. AlHusseini was arrested on a criminal complaint on October 7, 2024, and has been released on bond since November 13, 2024. That criminal complaint was previously dismissed against AlHusseini to facilitate his cooperation in the prosecution of others, including Sanberg.

“Our prosecutors and law enforcement partners have worked methodically to secure a guilty plea from one of the main offenders in this case and have now charged another member of the conspiracy,” said Acting United States Attorney Joseph McNally. “We will continue to ensure that markets and businesses receive an honest and level playing field in which to operate.”

According to the complaint against Sanberg and AlHusseini’s plea agreement, Sanberg obtained $145 million in loans secured by AlHusseini, who Sanberg knew did not have sufficient financial assets to cover those loans if Sanberg defaulted. Sanberg hid this fact from investors, then defaulted on the loans, which resulted in at least a $145 million in losses.

In January 2020, Sanberg began negotiating a $55 million loan from Investor Fund A to Sanberg, in which Sanberg pledged 10.3 million shares of Aspiration Partners stock as collateral. Because Aspiration Partners was a non-public company without a liquid market to sell its stock, Investor Fund A required Sanberg to find a buyer for the 10.3 million shares of Aspiration Partners stock as a hedge against the risk that the shares could not be sold on the open market.

To secure the $55 million loan, Sanberg recruited AlHusseini, who served on Aspiration Partners’ board of directors, to enter into a put option agreement with Investor Fund A that obligated AlHusseini to buy the 10.3 million shares of Aspiration Partners stock in the event of Sanberg’s default. A put option is an investment contract in which the option buyer has the right to require the option seller to buy an asset from the option buyer at a pre-determined price. Under the option, AlHusseini was obligated to purchase the 10.3 million shares in Aspiration Partners for $55 million from Investor Fund A.

Aware that AlHusseini lacked sufficient assets to cover the put option obligation, as required by the deal, Sanberg and AlHusseini hid that fact and lied to Investor Fund A, court documents state. Among other things, Sanberg and AlHusseini enlisted a graphic designer in Lebanon to create fake brokerage account and bank account statements that falsely inflated AlHusseini’s financial assets by between approximately $80 million and $200 million.

Unaware of the fraud, Investor Fund A extended the $55 million loan to Sanberg and purchased the put option from AlHusseini. AlHusseini received approximately $6 million of the $55 million loan at the time of the loan’s execution as consideration (also known as a “premium payment”) for guaranteeing Sanberg’s repayment of the loan.

Unsealed court documents also state that, in November 2021, Sanberg refinanced the $55 million loan against his 10.3 million shares of Aspiration Partners stock with Investor Fund B. Investor Fund B loaned $145 million to Sanberg against the same 10.3 million shares of stock as collateral. Investor Fund B and AlHusseini agreed to a new put option agreement in which AlHusseini was obligated to pay $65 million to Investor Fund B if Sanberg defaulted on the $145 million loan. The terms of the agreement required AlHusseini to have sufficient assets to pay $65 million in the event of Sanberg’s default.

Because AlHusseini lacked sufficient assets to cover his obligation, Sanberg and AlHusseini again submitted falsified brokerage account and bank account statements to Investor Fund B to secure the $145 million loan. AlHusseini received a premium payment of approximately $6.3 million as consideration for guaranteeing Sanberg’s repayment of the refinanced loan.

Sanberg thereafter defaulted on the $145 million loan in November 2022 and again in the spring of 2023. Investor Fund B exercised its put option requiring AlHusseini to buy the pledged shares of Aspiration Partners stock, which he has not done. As a result of Sanberg and AlHusseini’s fraud, Investor Fund B has suffered at least $145 million in losses.

Investor Fund A and Investor Fund B are investment funds that loaned investors’ capital to high-net-worth borrowers.

A criminal complaint contains allegations. A defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

If convicted of the charge in the complaint, Sanberg would face a maximum penalty of 20 years in prison. AlHusseini faces a maximum penalty of 20 years in prison.

The FBI and the United States Postal Inspection Service are investigating the case.

Assistant United States Attorneys Brett A. Sagel, Nisha Chandran, and Jenna Williams of the Corporate and Securities Fraud Strike Force, along with Theodore M. Kneller and Adam L.D. Stempel for the Fraud Section of the Justice Department’s Criminal Division, are prosecuting this case.

MIL Security OSI –

March 4, 2025
MIL-OSI Security: Former Gladwyne Entrepreneur Pleads Guilty to Bilking Dozens of Investors, Employees, and Business Partners Out of Millions of Dollars

Source: Office of United States Attorneys

PHILADELPHIA – Acting United States Attorney Nelson S.T. Thayer, Jr., announced that Josh S. Verne, 47, formerly of Gladwyne, Pennsylvania, now a resident of Fort Lauderdale, Florida, entered a plea of guilty today before United States District Court Judge John F. Murphy to three counts of securities fraud, nine counts of wire fraud, and one count of aggravated identity theft, charges arising from a series of schemes through which the defendant defrauded dozens of investors, prospective investors, employees, and business partners out of millions of dollars.

Verne was charged by indictment in August of last year with carrying out the schemes, which took place from in or about 2017 to 2020.

As detailed in the indictment and admitted by the defendant during today’s guilty plea hearing, Verne held himself out as a wealthy and successful businessman, entrepreneur, and investor, carrying out his fraudulent activities through a series of limited liability companies, of which he was the chief executive and over which he maintained control.

Among other things, Verne falsely represented his prior business successes, falsely represented his personal net worth, falsely represented his own investments, and falsely represented the financial health of his companies and investments, in order to induce others to invest in or provide loans to him or his companies.

For instance, Verne admitted to providing an investor with a forged Goldman Sachs statement that showed family investment holdings for Verne of more than $50 million, when, in fact, Verne did not have an investment account at Goldman Sachs in his own name or in his family’s names, much less an account with a market value of more than $50 million.

Verne also misused business and investor funds to repay prior debts and to finance an affluent lifestyle he could not afford, such as personal expenses related to renovations to his showcase vacation property on the Jersey shore, travel on private jets, contributions to political candidates, personal charitable contributions, and country club payments.

The defendant admitted that, in order to delay and prevent discovery by law enforcement of his own misconduct, he later sent bank and FedEx confirmations purporting to confirm delivery of funds to investors to whom he had promised repayment; the bank and FedEx confirmations were false and fraudulent.

Further, Verne stole the identity of a former employee from his company, forging the employee’s signature on a sales agreement to disguise an unauthorized sale of the employee’s shares of stock. Verne obtained $150,000 from the unauthorized sale and used those funds to make payments to himself and to a prior investor.

The defendant is scheduled to be sentenced on June 13 and faces a maximum possible sentence of 242 years’ imprisonment, with a mandatory minimum of two years’ imprisonment, three years of supervised release, a $17,500,000 fine, and a $1,300 special assessment. Full restitution also shall be ordered.

The case was investigated by FBI Philadelphia’s Fort Washington Resident Agency and is being prosecuted by Assistant United States Attorneys Paul G. Shapiro and Jerome M. Maiatico. The Securities and Exchange Commission’s Philadelphia Regional Office investigated civil securities fraud charges against Verne, which are pending.

MIL Security OSI –

March 4, 2025
MIL-OSI: DealBox Asks If Bitcoin Stuck in the Past? How It’s Quietly Becoming a Programmable Blockchain Powerhouse

Source: GlobeNewswire (MIL-OSI)

Palo Alto, CA, March 03, 2025 (GLOBE NEWSWIRE) — Ethereum showed the world that blockchains could do more than just settle transactions and lock in value; they could become platforms for a vast array of services, from decentralized finance (DeFi) applications and sophisticated liquidity pools to non-fungible tokens (NFTs) and entire digital economies.

At the heart of these innovations is the idea of Layer 1 and Layer 2 solutions. Layer 1 refers to the base blockchain itself—like Bitcoin or Ethereum—where transactions are recorded and secured by the network’s consensus mechanism. Layer 2, on the other hand, consists of additional protocols built on top of Layer 1 to improve scalability, reduce fees, and add advanced functionality without overloading the base layer. Ethereum, with its Layer 2 rollups and sidechains, has demonstrated how these additional layers can unlock entirely new possibilities.

As Bitcoin’s steadfast community watched this evolution unfold, a pressing question emerged: Can Bitcoin ever evolve to a similar level of programmability and utility, without compromising its prized security and decentralization? Today, the industry stands on the brink of an answer. Cutting-edge solutions are introducing the tools required to build complex applications using Bitcoin as the foundational layer of trust. By anchoring execution and data within Bitcoin’s unassailable network, these new frameworks promise to deliver functionality reminiscent of Ethereum’s thriving ecosystem—without bridging out, altering Bitcoin’s core code, or compromising on its guiding principles.

The Market’s Call for More Than Just a Store of Value

As Bitcoin continued to solidify its status as a global store of value, the broader cryptocurrency ecosystem moved quickly. DeFi platforms began serving as global liquidity pools, enabling everything from lending and borrowing to automated market making. Layer 2 solutions on Ethereum, such as rollups and sidechains, sprang up to improve scalability and reduce fees. NFTs captured mainstream attention by proving that digital art, music, and collectibles could carry verifiable uniqueness and ownership. All of this paved a path for a more complex and dynamic type of blockchain usage: one that Bitcoin, for all its strengths, had not yet fully embraced. Despite Bitcoin’s unmatched security and track record, developers wanting to build advanced financial applications, tokenization platforms, or NFT ecosystems had traditionally looked to Ethereum and other programmable chains to bring their ideas to life.

A Quiet Evolution: Introducing Programmability to Bitcoin

The key to bringing robust programmability to Bitcoin lies in meeting two critical demands: remain faithful to Bitcoin’s trust-minimized architecture and ensure that the network’s famously deliberate development ethos is respected. Attempts to graft complex applications directly onto Bitcoin’s blockchain often met resistance due to concerns around data bloat, security risks, and consensus changes. However, a new class of solutions is rising to the challenge by performing the heavy lifting off-chain and simply anchoring the integrity and ownership proofs back to Bitcoin. This approach allows the network to scale without burdening its base layer, enables complex logic without overhauling Bitcoin’s consensus, and brings forth a universe of use cases once thought out of reach.

How Ethereum’s Model Guides Bitcoin’s Next Steps

Ethereum’s success demonstrates that a healthy developer ecosystem requires flexible tools. Smart contracts, robust developer libraries, and clear frameworks for building decentralized applications turned Ethereum into a kind of “world computer” for the crypto industry. From this vantage point, Ethereum’s architecture taught the broader crypto community that bringing computation closer to the settlement layer can rapidly accelerate innovation—though often at the cost of greater complexity on-chain. Now, Bitcoin-focused projects are turning those insights into a unique blueprint for Bitcoin’s evolution. Instead of copying Ethereum wholesale, they are crafting methods that preserve Bitcoin’s minimalist approach. The idea: Off-chain computation and client-side validation ensure that complex logic happens where it won’t compromise Bitcoin’s streamlined ledger. Meanwhile, a proof or hash of that activity is anchored in Bitcoin, creating a trust-minimized linkage.

OroBit: Extending Bitcoin’s Capabilities Without Compromise

Enter chains like OroBit. These emerging Layer 2 solutions are building frameworks that enable advanced smart contracts, tokenization, DeFi, and NFTs directly anchored to Bitcoin’s security. By using Bitcoin as the root of trust and combining it with off-chain execution frameworks, OroBit opens the door for developers to leverage Bitcoin’s robust base layer while enjoying the creative freedom that previously existed mainly in Ethereum’s realm. For instance, OroBit can deploy a “Simple Contract Language” (SCL) to manage data off-chain via decentralized nodes, verifying contract logic without overloading Bitcoin’s main blockchain. This approach parallels Ethereum’s Layer 2 scaling solutions, but instead of making Bitcoin more complex or riskier, it keeps the core blockchain lean. Off-chain computation, Lightning Network integration, and careful cryptographic proofs ensure that even the most intricate financial logic can be executed while Bitcoin’s main layer remains secure and relatively unchanged.

DeFi, Private Equity, and More on Bitcoin

Just as Ethereum’s flexible framework led to an explosion of DeFi protocols, liquidity pools, lending platforms, and robust NFT ecosystems, OroBit and similar chains aim to spark a comparable wave of innovation anchored to Bitcoin. Developers could build Automated Market Makers (AMMs), lending protocols, stablecoins, or advanced NFTs that derive their fundamental trust and security from the Bitcoin network. Adding to this momentum, OroBit is collaborating with entities like Deal Box to revolutionize private equity markets through tokenization. This partnership is set to bring real-world assets, such as private securities, onto Bitcoin’s robust blockchain. By leveraging OroBit’s Bitcoin Layer 2 (BTC L2) solution, tokenized private markets can achieve unprecedented levels of accessibility, efficiency, and transparency. Investors will benefit from features like streamlined onboarding and fast, low-cost transactions enabled by the Lightning Network.

Major institutions have taken notice of Bitcoin’s Layer 2 advancements as well. Fidelity, which manages $5.9 trillion in assets, recently asserted that “The Lightning Network appears to be successfully delivering on its goal of being the most efficient way to transact in the digital asset ecosystem.” Such endorsements underscore the growing confidence in Bitcoin’s ability to power fast, cost-effective applications—ultimately bridging the gap between ‘digital gold’ and a fully programmable blockchain.

Bitcoin stands ready to leverage its immense liquidity and unparalleled security to empower developers, investors, and users seeking innovative solutions. In short, Bitcoin is evolving beyond its identity as “digital gold,” stepping into a future where it serves as a foundation for groundbreaking applications, proving that what began as the world’s most secure store of value can now drive the next generation of blockchain-powered advancements.

About Deal Box

Deal Box is venture capital that fits your life. By merging institutional-grade diligence with flexible investment options, Deal Box empowers accredited investors to craft portfolios that align with their financial ambitions. For more information, visit https://dealbox.vc/

About OroBit

OroBit is at the forefront of decentralizing finance with its Bitcoin-native smart contracts and tokenized assets. Anchored by real gold, OroBit blends blockchain innovation with palpable security. Discover more at https://orobit.ai

The MIL Network –

March 4, 2025

MIL-OSI: DMG Blockchain Solutions Reports First Quarter 2025 Results and February Operations Update

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 03, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its fiscal first quarter 2025 financial results. All financial references are in Canadian Dollars unless specified otherwise. Readers are encouraged to review the Company’s December 31, 2024 quarterly unaudited financial statements and management’s discussion and analysis thereof for a fulsome assessment of the Company’s performance and applicable risk factors, available at www.sedarplus.ca.

Q1 2025 Financial Results Highlights

Revenue: $11.6 million in Q1 2025, up 97% from $5.9 million in Q4 2024 and up 20% from $9.7 million in Q1 2024.
Bitcoin Mined: 97 bitcoin mined in Q1 2025, up 49% from Q4 2024.
Cash Flow from Operations: -$2.7 million in Q1 2025, versus +$1.3 million in Q4 2024, as the Company sold $4 million less bitcoin than it earned.
Hashrate: 1.62 EH/s for Q1 2025, up 65% sequentially and 68% year-over-year; now operating at 1.8 EH/s with the goal to reach 2.1 EH/s in March 2025.
Fleet Efficiency: 22.9 J/TH in Q1 2025, an improvement of 7% from Q4 2024; targeting 21 J/TH when hydro miners are fully energized.
Cash and Digital Assets: $58.2 million as of quarter-end Q1 2025, up 62% from Q4 2024 and up 110% from Q1 2024.
Net Loss: -$0.02 per share in Q1 2025, versus -$0.05 per share in Q4 2024 and $0.04 in Q1 2024.

Preliminary February Operational Results

Bitcoin Mined: 27 BTC (vs 31 BTC in Jan 2025, in line with 28 days and curtailment)
Hashrate: 1.71 EH/s (vs 1.75 EH/s in Jan 2025)
Bitcoin Holdings: 443 BTC (vs 431 BTC in Jan 2025)
Days non-firm power curtailed: 3 (vs 0 in Jan 2025); average hashrate was 1.81 EH/s for period excluding curtailment

DMG’s CEO, Sheldon Bennett, commented: “In addition to growing our hashrate, the first part of our financial year 2025 marks a major step forward in our Core+ strategy and Generative Artificial Intelligence ambitions. With Systemic Trust now a Qualified Digital Asset Custodian, we are focused on onboarding new customers and ramping revenue. Our near-term roadmap to offer Systemic Trust custodial wallets that support DMG’s Petra technology along with the integration of both Helm Data Center Infrastructure Management and Reactor into Terra Pool, position us to fully enable our carbon neutral Bitcoin ecosystem. Furthermore, we have expanded our AI initiatives, with a memorandum of understanding for a 10 MW prefabricated data center in addition to our MOU to establish a joint venture with the Malahat Nation for 30 MW of AI compute capacity. We remain committed to growth in areas that can deliver the most long-term value for our shareholders.”

Financial First Quarter 2025 Financial Results Review

Revenue increased by $1,942,061 in Q1 2025 from $9,690,764 Q1 2024. The increase in revenue is attributable to increases in digital currency mining revenues of $1,489,833 due to increases in the average bitcoin price in the period of $116,580 versus $49,006 during the same period in the prior year. These increases were offset by increases in network difficulty from the same period last year.

Operating and maintenance expenses for Q1 2025 was $6,679,843, up from $5,147,651 in Q1 2024. This increase is primarily attributed to a $1,368,217 rise in utilities expenses, driven by expanded digital currency mining operations related to additional operating miners.

Research costs for Q1 2025 were $553,964, having increased by $115,785 compared to Q1 2024. Research in fiscal 2025 continues to focus on software and relates to work on Systemic Trust, Helm, Reactor and Blockseer Explorer.

General and administrative costs for Q1 2025 was $1,836,680 in comparison to $886,061 for Q1 2024. General and administrative costs consist mostly of wages, professional fees, consulting fees and interest expense. The overall increase of $950,619 is attributable mainly to an increase of $178,958 in consulting fees, $171,595 in wages and $422,645 in interest expense related to the Company’s credit facility with Sygnum Bank.

Depreciation for Q1 2025 was $4,349,470 compared to $4,341,782 in Q1 2024.

Net income decreased by $10,075,491 to a net loss of $3,103,001 for Q1 2025 versus net income of $6,972,490 in Q1 2024. The decrease in net loss is mainly a result of a large unrealized gain on revaluation of digital currencies in the prior year of $8,162,860 in the statement of profit and loss. A gain of $15,319,443 was recorded through other comprehensive income in the current period related to an unrealized gain on the revaluation of the balance held of digital currency. Gains related to the increase in digital currency in the prior year were offset against historical losses incurred in prior periods. Gains are recognized to the extent of any historical losses, after which gains are recognized through other comprehensive income under the accounting policies of IAS 38. Resulting in a large difference in net income between the two periods.

Total assets as of December 31, 2024 were $137,128,716, an increase of $33,259,735 versus September 30, 2024. The increase is mostly attributable to a net increase in digital currency of $19,615,571, due to the revaluation of digital currency balances at an increased price of bitcoin, $132,949 as of December 31, 2024 as compared to $88,673 as of September 30, 2024.

In Q1 2025, DMG sold 78 bitcoin, generating $7,305,976 cash, thus selling 81% of the bitcoin mined versus 143% in the prior quarter.

Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

First Quarter 2025 Results Conference Call Details

The Company will host a conference call to review its results and provide a corporate update on Tuesday, March 4, 2025 at 4:30 PM ET. Participants should register for the call via the registration link.

In addition to a live Q&A session via chat, management will also address pre-submitted questions. Those wishing to submit a question may do so via email at investors@dmgblockchain.com, using the subject line ‘Conference Call Question Submission,’ through 2:00 PM ET on March 4, 2025.

About DMG Blockchain Solutions Inc.

DMG is a publicly traded, sustainably-focused and vertically integrated blockchain and data center technology company that develops, manages and operates end–to-end digital solutions to monetize the blockchain and generative artificial intelligence compute ecosystems. DMG’s businesses are segmented into two business lines under the Core (data center infrastructure) and Core+ (software and services) strategies and unified through DMG’s vertical integration.

For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

For further information, please contact:

On behalf of the Board of Directors,

Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com

For Investor Relations:
investors@dmgblockchain.com

For Media Inquiries:
Chantelle Borrelli
Head of Communications
chantelle@dmgblockchain.com

DMG Blockchain Solutions Inc.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian Dollars)
	Notes	As at December 31, 2024 (unaudited)	As at September 30, 2024 (audited)
ASSETS		$	$
Current
Cash and cash equivalents		4,273,533	1,679,060
Amounts receivable	6	4,802,944	4,910,251
Digital currency	5	53,943,274	34,327,703
Prepaid expense and other current assets		402,787	337,042
Marketable securities	8	359,833	316,803
Short-term investment	9	5,516,500	–
Total current assets		69,298,871	41,570,859

Long-term deposits	10	10,743,511	2,047,682
Property and equipment	12	50,194,530	53,798,978
Intangible asset		276,040	–
Long-term investments	13	45,000	45,000
Amount recoverable	7	6,570,764	6,406,462
Total assets		137,128,716	103,868,981

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Trade and other payables	14	3,748,608	5,183,107
Deferred revenue	19	7,355	–
Current portion of lease liability	15	40,071	43,483
Current portion of loans payable	16	20,020,520	13,928,462
Total current liabilities		23,816,554	19,155,052

Long-term lease liability	15	41,534	51,842
Total liabilities		23,858,088	19,206,894

Shareholders’ Equity
Share capital	17(a)	120,326,738	113,086,455
Reserves	17(b)(c)	55,036,328	45,853,100
Accumulated other comprehensive income		25,736,645	10,448,614
Accumulated deficit		(87,829,083)	(84,726,082)
Total shareholders’ equity		113,270,628	84,662,087
Total liabilities and shareholders’ equity		137,128,716	103,868,981

DMG Blockchain Solutions Inc.
Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)
(Expressed in Canadian Dollars, except for number of shares)
(Unaudited)
		For the three months ended December 31,
	Notes	2024		2023
		$		$
Revenue	19	11,632,825		9,690,764

Expenses
Operating and maintenance costs	20(a)	6,679,843		5,147,651
General and administrative	20(b)	1,836,680		886,061
Stock-based compensation	17(b)	678,528		368,494
Research	20(c)	553,964		438,179
Bad debt (recovery) expense	6	(4,743)		3,764
Depreciation	12	4,349,470		4,341,782
Total expenses		14,093,742		11,185,931

Operating loss before other items		(2,460,917)		(1,495,167	)

Other income (expense)
Interest and other income	7	164,302		165,781
Impairment of non-current assets		37,819		–
Foreign exchange loss		(909,388)		(94,585)
Loss on fair value of investments	10	–		(609,120)
Provision of sales tax receivable	6	(307,739)		(253,900)
Unrealized revaluation gain on digital currency	5	28,083		8,162,860
Realized gain on sale of digital currency		301,809		851,870
Gain on change in fair value of marketable securities	8	43,030		244,751
Net income (loss)		(3,103,001	)	6,972,490

Other comprehensive income
Items that may be reclassified subsequently to income or loss:
Revaluation gain on digital assets	5	15,319,443		–
Cumulative translation adjustment		(31,412)		10,082
Net income and comprehensive income		12,185,030		6,982,572

Basic earnings (loss) per share	17(d)	$(0.02)		$0.04
Diluted earnings (loss) per share	17(d)	$(0.02)		$0.04
Weighted average number of shares outstanding	17(d)
– basic		185,799,634		168,147,570
– diluted		185,799,634		170,175,939

DMG Blockchain Solutions Inc.
Condensed Consolidated Interim Statements of Cash Flows
(Expressed in Canadian Dollars)
(Unaudited)
For the three months ended December 31,	2024	2023
	$	$
OPERATING ACTIVITIES
Net income (loss) for the period	(3,103,001)	6,972,490
Non-cash items:
Accretion	1,867	11,460
Depreciation	4,349,472	4,338,369
Share-based payments	678,528	368,494
Unrealized gain on revaluation of digital currency	(28,083)	(8,162,861)
Unrealized foreign exchange (gain) loss	926,984	(16,272)
Impairment of non-current assets	(37,819)	–
Unrealized gain on marketable securities	(43,030)	(244,751)
Impairment of investment	–	609,120
Provision for sales tax receivable	307,739	253,900
Bad debt (recovery) expense	(4,743)	3,764
Digital currency related revenue	(11,266,187)	(8,744,492)
Digital currency sold	7,305,976	9,445,176
Realized gain on sale of digital currency	(301,809)	(851,870)
Non-cash interest income	(164,302)	(164,632)
Accrued interest	329,604	–

Changes in non-cash operating working capital:
Prepaid expenses and other current assets	(65,745)	30,629
Amounts receivable	(101,051)	(781,682)
Deferred revenue	7,355	14,302
Trade and other payables	(1,523,145)	668,276
Net cash (used in) provided by operating activities	(2,731,390)	3,749,420

INVESTING ACTIVITIES
Purchase of property and equipment	(343,976)	(381,773)
Purchase of intangible assets	(276,040)	–
Deposits on mining equipment	(9,554,087)	(2,570,515)
Purchase of short-term investment	(5,516,500)	(609,120)
Refund of security deposit	457,325	–
Net cash used in investing activities	(15,233,278)	(3,561,408)

FINANCING ACTIVITIES
Proceeds from issuance of units	17,254,945	–
Share issuance costs	(1,570,875)	–
Proceeds from option exercises	60,913	269,776
Principal lease payments	(15,356)	(45,276)
Repayment of loan payable	(1,000,000)	–
Proceeds from secure loan	5,829,013	–
Net cash provided by financing activities	20,558,640	224,500

Impact of currency translation on cash and cash equivalents	501	(206)
Cash and cash equivalents, change	2,594,473	412,306
Cash and cash equivalents, beginning	1,679,060	1,789,913
Cash and cash equivalents, end	4,273,533	2,202,219

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding the planned conference call, DMG’s strategies and plans, increasing hashrate and the anticipated timelines, the expected arrival and operation of the hydro miners and containers, growing the Company’s hashrate to 2.1 EH/s by March 2025, the development of Systemic Trust including generating revenues, the potential for a 10-megawatt prefabricated data center in addition to the MOU to establish a potential joint venture with the Malahat Nation for 30 megawatts of AI compute capacity, improving fleet efficiency and continuing to execute on Core+ software initiatives, onboarding of new clients to Terra Pool, the opportunity and plans to monetize bitcoin transactions, the continued investment in Bitcoin network software infrastructure and applications, developing and executing on the Company’s products and services, increasing self-mining, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

The MIL Network –

March 4, 2025

MIL-OSI Economics: China Unicom Launches AI Unites All Plan to Bridge Digital Divide Via Industry Intelligence Supported by Huawei

Source: Huawei

Headline: China Unicom Launches AI Unites All Plan to Bridge Digital Divide Via Industry Intelligence Supported by Huawei

[Barcelona, Spain, March 3, 2025] During MWC 2025 in Barcelona, China Unicom held a development workshop with the theme of 5G-A Empowering, AI Transforming, Digital Living. Jian Qin, General Manager (GM) of China Unicom and Yang Chaobin, Huawei Board Member and CEO of the ICT Business Group attended the press conference and delivered speeches. Several representatives from the industry, including GSMA, shared their ideas. The AI Unites All plan and its surrounding achievements were officially released at the conference, angled heavily on the integration of networks, services, and AI.
Jian Qin delivering a speech

According to Jian Qin in his speech, “China Unicom remains committed to technological innovation as our guiding principle, actively embracing the Al revolution, and contributing ‘Unicom Intelligence’ and ‘Unicom Solutions’ to global smart transformation. With forward-looking planning and sustained investment in Al, we prioritize integrated innovation across five pillars: computing infrastructure, network connectivity, data resources, model development, and application scenarios. Our goal is to lead and drive the convergence of Al technologies and industrial applications.”
Yang Chaobin making a speech

Yang Chaobin mentioned in his speech that Huawei looks forward to working with China Unicom to support their AI Unites All strategy. “We will do this by facilitating a wide range of intelligent user applications with the latest AI technologies. This will allow China Unicom to create new AI service portals with a global impact and make intelligence more inclusive for all,” he said.
As a strategic partner of China Unicom, Huawei and China Unicom maintain close cooperation and work together on converged AI innovation to seize new business opportunities in the AI era. Both parties have built a cloud-based AI service platform for individual and home users, combining cloud, computing, networks, and devices for a unified AI service portal. For example, during the Asian Winter Games, China Unicom launched personalized and cloud-based AI phones with the AI assistant named Tone. The product uses mainstream foundation models and 5G-A networks to provide users with a consistent experience in all scenarios and secure and reliable AI services. Huawei and China Unicom have also been using AI to empower sectors like government, healthcare, and manufacturing, as well as cultural and creative industries, making network experience more secure, reliable, flexible, scalable, efficient, and collaborative. China Unicom has also been actively engaged in advancing synergy between AI and networks. For smart home services, China Unicom has been a leading player in whole-house fiber broadband. The carrier launched the industry’s first HI-CON (Home Intelligent Collaborative Optical Network) communications system that features optical and Wi-Fi collaboration. This system is powered by an intelligent scheduling algorithm that greatly improves overall network experience for home users.
Group photo taken at the AI Unites All launch ceremony

At the conference, China Unicom launched its AI Unites All plan. Under the guidance of its Strategy for Convergence and Innovation, China Unicom will comprehensively advance the synergy of networks and AI to bring intelligent connection to all. It also looks to make AI accessible for use in a much wider range of technologies. By facilitating the integration of services and AI, China Unicom aims to enable various industries to go intelligent and benefit thousands of households.
MWC Barcelona 2025 is held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1.
In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world. For more information, please visit: http://carrier-back.huawei.com/en/events/mwc2025

MIL OSI Economics –

March 4, 2025
MIL-OSI New Zealand: Economy – Strengthening Trust and Confidence in New Zealand’s Insurance Industry – RBNZ

Source: Reserve Bank of New Zealand

4 March 2025 – Deputy Governor Christian Hawkesby has reinforced the Reserve Bank of New Zealand’s commitment to ensuring a resilient, efficient, innovative and transparent insurance sector, speaking at the Insurance Council of New Zealand’s conference today.

“The insurance industry is not just a key pillar of our financial system; it is fundamental to our society by enabling risk to be spread, transferred and shared. Its success relies on trust and confidence that comes with transparency, ensuring that consumers have the right coverage and that insurers can meet their obligations when needed,” Mr Hawkesby said.

New Zealand’s insurance landscape presents distinct challenges, with its complex composition of participants – retail and wholesale players, foreign parents, global reinsurers, government providers – and New Zealand’s unique risks – seismic activity, volcanic threats, and the increasing impact of climate change.

Meeting these challenges also requires a stable and sound financial system, underpinned by a modern and fit for purpose regulatory regime. The review of the Insurance Prudential Supervision Act (IPSA) is aimed at bringing about this modernisation.

It also requires all participants to take a system view and the necessity for a collaborative approach and leadership from across the industry. The CoFR[1] insurance forum is an opportunity to support this leadership and for regulators to share and collaborate with the industry.

The Reserve Bank remains dedicated to enhancing engagement with the industry, modernising its regulatory framework and approach, and embedding deeper insurance expertise within its leadership.

“We recognise that there is more work to do. However, our commitment to working collaboratively with industry leaders ensures that the insurance sector continues to play a vital role in a productive and sustainable economy,” Mr Hawkesby said.

More information

read the release : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f31a61e71d&e=f3c68946f8

________________________________
[1] The Council of Financial Regulators (CoFR), includes the Financial Markets Authority, Treasury, Commerce Commission, and Ministry of Business, Innovation and Employment,

MIL OSI New Zealand News –

March 4, 2025
MIL-OSI Australia: Australian Deputy PM: Over $200 million boost to South Tassie roads
Source: Minister of Infrastructure

The Albanese Government is building Tasmania’s future, investing nearly $213 million to upgrade critical highways and build active transport routes across the south east of the state.

This includes $204 million to improve the Arthur Highway and widen the Sorell Rivulet Bridge.

The Arthur Highway and Sorell Rivulet Bridge form the main access route between Port Arthur, Sorell and Hobart, providing a critical corridor for residents and tourists between some of the state’s most popular and populous destinations.

This investment will ease congestion for a growing community, as well as benefit agricultural and water supply businesses, tourists and local residents.

Funding will go towards safety upgrades including overtaking lanes, intersection improvements, and road modifications to enhance traffic flow such as shoulder widening and changes to lane configuration. It is expected to also include works to enable active and public transport as well as better signage and tourism pullover areas.

The Brooker Highway will also receive a $4 million investment to enable planning for critical safety and efficiency improvements. This will focus on identifying works that are most needed to improve safety, capacity, and resilience, and support active travel on one of Hobart’s major arterial roads.

An additional $2 million has also been committed to undertake further public transport planning on the Northern Suburbs Transit Corridor. This is part of the Albanese Government’s now $40.5 million investment in enhancing public transport infrastructure across Hobart.

Along with roads and public transport, the Albanese Government is better connecting communities by delivering walking and cycling paths.

Almost $3 million will be invested under the Active Transport Fund in two new projects across the south east of the state to build new or upgrade existing bicycle and walking paths:
- More than $2.2 million for the Tasman Council for a four-kilometre multi-use walking track connecting the towns of Nubeena and White Beach, south-east of Hobart;
- Almost $500,000 for Brighton Council to design and build a new shared path connecting to the existing path along the East Derwent Highway and to the new Bridgewater Bridge. This project also includes an extension of the path along Glenstone Road in Brighton, linking it to the pathway network within the Brighton township.
We have brought forward $15.6 million of funding for the Tasmanian Freight Rail Revitalisation – Tranche 4 – Network project, which has a total Australian Government commitment of $81.6 million. This will allow the ongoing delivery of improved network performance and assurance of supply chains for Tasmania’s largest freight producers.

The Albanese Government is making our cities and regions even better places to live, building social infrastructure, connecting place and designing healthier, more liveable towns.

The new Active Transport Fund is one part of this, providing safe and accessible transport options that mean more people have the chance to walk, cycle or push a pram to work, school and anywhere else.

More information on the Active Transport Fund is available at Active Transport Fund | Infrastructure Investment Program.

Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

“The Albanese Government is investing in the transport projects that matter most to Tasmanians, upgrading the state’s critical highways including the Bass, Tasman, Arthur, Esk and Brooker Highways.

“We’re making Tasmania’s roads safer, stronger and more efficient which means convenient commutes and faster freight.”

Quotes attributable to Federal Member for Lyons Brian Mitchell:

“These projects add to the Albanese Labor Government’s infrastructure investments throughout regional Tasmania.

“In Lyons for example, the Albanese Government is also investing $10 million towards improving the resilience of Esk Main Road at St Marys Pass.

“It is projects like these that are making our roads safer and improving driver experiences.”

MIL OSI News –
March 4, 2025
MIL-OSI Australia: Over $200 million boost to South Tassie roads
Source: Australian Ministers for Regional Development

The Albanese Government is building Tasmania’s future, investing nearly $213 million to upgrade critical highways and build active transport routes across the south east of the state.

This includes $204 million to improve the Arthur Highway and widen the Sorell Rivulet Bridge.

The Arthur Highway and Sorell Rivulet Bridge form the main access route between Port Arthur, Sorell and Hobart, providing a critical corridor for residents and tourists between some of the state’s most popular and populous destinations.

This investment will ease congestion for a growing community, as well as benefit agricultural and water supply businesses, tourists and local residents.

Funding will go towards safety upgrades including overtaking lanes, intersection improvements, and road modifications to enhance traffic flow such as shoulder widening and changes to lane configuration. It is expected to also include works to enable active and public transport as well as better signage and tourism pullover areas.

The Brooker Highway will also receive a $4 million investment to enable planning for critical safety and efficiency improvements. This will focus on identifying works that are most needed to improve safety, capacity, and resilience, and support active travel on one of Hobart’s major arterial roads.

An additional $2 million has also been committed to undertake further public transport planning on the Northern Suburbs Transit Corridor. This is part of the Albanese Government’s now $40.5 million investment in enhancing public transport infrastructure across Hobart.

Along with roads and public transport, the Albanese Government is better connecting communities by delivering walking and cycling paths.

Almost $3 million will be invested under the Active Transport Fund in two new projects across the south east of the state to build new or upgrade existing bicycle and walking paths:
- More than $2.2 million for the Tasman Council for a four-kilometre multi-use walking track connecting the towns of Nubeena and White Beach, south-east of Hobart;
- Almost $500,000 for Brighton Council to design and build a new shared path connecting to the existing path along the East Derwent Highway and to the new Bridgewater Bridge. This project also includes an extension of the path along Glenstone Road in Brighton, linking it to the pathway network within the Brighton township.
We have brought forward $15.6 million of funding for the Tasmanian Freight Rail Revitalisation – Tranche 4 – Network project, which has a total Australian Government commitment of $81.6 million. This will allow the ongoing delivery of improved network performance and assurance of supply chains for Tasmania’s largest freight producers.

The Albanese Government is making our cities and regions even better places to live, building social infrastructure, connecting place and designing healthier, more liveable towns.

The new Active Transport Fund is one part of this, providing safe and accessible transport options that mean more people have the chance to walk, cycle or push a pram to work, school and anywhere else.

More information on the Active Transport Fund is available at Active Transport Fund | Infrastructure Investment Program.

Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

“The Albanese Government is investing in the transport projects that matter most to Tasmanians, upgrading the state’s critical highways including the Bass, Tasman, Arthur, Esk and Brooker Highways.

“We’re making Tasmania’s roads safer, stronger and more efficient which means convenient commutes and faster freight.”

Quotes attributable to Federal Member for Lyons Brian Mitchell:

“These projects add to the Albanese Labor Government’s infrastructure investments throughout regional Tasmania.

“In Lyons for example, the Albanese Government is also investing $10 million towards improving the resilience of Esk Main Road at St Marys Pass.

“It is projects like these that are making our roads safer and improving driver experiences.”

MIL OSI News –
March 4, 2025

MIL-OSI Economics: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

Source: W & T Offshore Inc

Headline: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company” or “us”) today reported operational and financial results for the fourth quarter and full year 2024, including the Company’s year-end 2024 reserve report. Detailed guidance for the first quarter of 2025 and full year 2025 was also provided, and W&T announced its dividend for the first quarter of 2025.

This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow, Net Debt and PV-10 which are described and reconciled to the most comparable GAAP measures below in the accompanying tables under “Non-GAAP Information.”

Key highlights for the fourth quarter of 2024, the full year 2024 and since year end 2024 include:

Delivered production in full year 2024 of 33.3 thousand barrels of oil equivalent per day (“MBoe/d”) (43% oil), or 12.2 million barrels of oil equivalent (“MMBoe”). This production was within the Company’s guidance range despite impacts from three hurricanes in the Gulf of America (“GOA”) and other downtime which was mainly related to the Cox acquisition (as defined below);
- Achieved mid-point of the guidance for annual oil production and increased it by 4% year-over-year;
- Produced 32.1 MBoe/d (43% oil) or 3.0 MMBoe in fourth quarter 2024, within W&T’s guidance range;
- Announced the Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to come back online in the second quarter of 2025;
Increased year-end 2024 proved reserves at SEC pricing to 127.0 MMBoe, with oil reserves increasing 39%;
- Reported a standardized measure of discounted future net cash flows of $740.1 million and a present value of estimated future oil and natural gas revenues, minus direct expenses, discounted at a 10% annual rate (“PV-10”) of $1.2 billion, a 14% increase compared to PV-10 for year-end 2023, despite lower SEC pricing;
- Benefited from acquisitions totaling 21.7 MMBoe, along with positive well performance and technical revisions of 5.0 MMBoe, partially offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year, resulting in replacement of 219% of 2024 production with new reserves;
Incurred lease operating expenses (“LOE”) of $281.5 million in full year 2024, at the low end of the Company’s full year guidance range and $64.3 million in fourth quarter 2024, 12% below the low end of the Company’s fourth quarter guidance;
Acquired six shallow water GOA fields in January 2024 (“the Cox acquisition”), all of which are 100% working interest and located adjacent to existing W&T operations, for $77.3 million, which was funded with cash on hand;
Sold a non-core interest in Garden Banks Blocks 385 and 386 in January 2025, which included latest net production of approximately 195 barrels of oil equivalent per day (“Boe/d”) (72% oil) for $11.9 million (the “Garden Banks Disposition”), or over $60,000 per flowing barrel, after customary closing adjustments;
Received $58.5 million in cash for an insurance settlement (the “Insurance Settlement”) related to the Mobile Bay 78-1 well, in first quarter of 2025, which further bolsters W&T’s balance sheet;
Successfully refinanced the Company’s $275.0 million 11.75% Senior Second Lien Notes due 2026 (the “11.75% Notes”) and $114.2 million outstanding amount under the term loan provided by Munich Re Risk Financing, Inc., as lender (the “MRE Term Loan”) with proceeds from the issuance of new $350.0 million of 10.75% Senior Second Lien Notes due 2029 (the “10.75% Notes”) in January 2025 and available cash on hand;
- Paid down and effectively reduced gross debt by around $39.0 million;
- Eliminated principal payments of $27.6 million in 2025, $25.4 million in 2026, $22.9 million in 2027 and $38.3 million in 2028;
- Lowered interest rate on the Senior Second Lien Notes by 100 basis points;
Entered into a new credit agreement in the first quarter 2025 for a $50 million revolving credit facility which matures in July 2028, that is undrawn and replaces the previous credit facility provided by Calculus Lending, LLC;
Reported net loss for full year 2024 of $87.1 million, or $(0.59) per diluted share and net loss of $23.4 million, or $(0.16) per diluted share for fourth quarter 2024;
- Adjusted Net Loss totaled $67.6 million, or $(0.46) per diluted share for full year 2024, and $26.2 million, or $(0.18) per diluted share, for fourth quarter 2024, which primarily excludes the net unrealized gain on outstanding derivative contracts, non-ARO plugging and abandonment (“P&A”) costs, other costs and the related tax effect;
Generated Adjusted EBITDA of $153.6 million in full year 2024 and $31.6 million in the fourth quarter of 2024;
Produced net cash from operating activities of $59.5 million and Free Cash Flow of $44.9 million in full year 2024;
Reported cash and cash equivalents of $109.0 million, lowered total debt to $393.2 million and lowered Net Debt to $284.2 million at December 31, 2024;
Added costless collar hedges for 50,000 million British Thermal Units per day (“MMBtu/d”) of natural gas for the period of March through December 2025;
Paid fifth consecutive quarterly dividend of $0.01 per common share in November 2024; and
- Declared first quarter 2025 dividend of $0.01 per share, which will be payable on March 24, 2025 to stockholders of record on March 17, 2025;

Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We delivered solid results in 2024 thanks to our continued commitment to executing on our strategic vision focused on free cash flow generation, maintaining solid production and maximizing margins. We generated strong Adjusted EBITDA of $153.6 million and Free Cash Flow of $44.9 million for full year 2024. This was achieved despite limited contribution from the Cox acquisition as we continued to work on enhancing long-term value for these assets at the expense of deferring some near-term production. Some of this benefit is already reflected in our year-end reserves, which saw a 39% increase in oil reserves, and our PV-10 increased by almost $150 million, despite lower SEC pricing compared to year end 2023. We replaced production by over 200% with our positive revisions and acquisitions. Our focus on cost control and capturing synergies associated with our asset acquisitions contributed to our LOE coming in at the bottom end of our reduced guidance range. In addition, we are expecting further production uplift associated with the remaining fields from the Cox acquisition coming online in the second quarter of 2025 that have been shut in so that we could improve the facilities and transportation of production to enhance safety and efficiency of operations in the future.”

“In early 2025, we strengthened our balance sheet by closing the new 10.75% Notes, entered into a new revolving credit facility and added material cash through a non-core disposition and an insurance settlement. The new 10.75% Notes have an interest rate 100 basis points lower than our 11.75% Notes and received improved credit ratings from S&P and Moody’s, had a broad distribution including international investors and were significantly oversubscribed. We also received a $58.5 million cash insurance settlement payment related to a well loss event. Finally, we sold our non-core interests for $11.9 million after customary closing adjustments in Garden Banks 385 and 386 at over $60,000 per flowing barrel which is highly accretive to W&T. This further demonstrates the value of our assets and our ability to divest our properties at attractive multiples.”

Mr. Krohn concluded, “As we progress through 2025 with a stronger balance sheet, we remain poised to take advantage of potential acquisitions that will be accretive to our stakeholders. We remain committed to enhancing shareholder value and returning value to our shareholders through the quarterly dividend in place since November 2023. Our strategy has proven to be sustainable over the past 40 plus years, and we are well-positioned to continue to successfully execute it in the future.”

Production, Prices and Revenue: Production for the fourth quarter of 2024 was 32.1 MBoe/d, within the Company’s fourth quarter guidance and up 4% compared with 31.0 MBoe/d for the third quarter of 2024 and down compared with 34.1 MBoe/d for the corresponding period in 2023. Production in the second half of 2024 was temporarily reduced mainly due to multiple named storms and third-party downtime. Fourth quarter 2024 production was comprised of 13.7 thousand barrels per day (“MBbl/d”) of oil (43%), 3.0 MBbl/d of natural gas liquids (“NGLs”) (9%), and 92.4 million cubic feet per day (“MMcf/d”) of natural gas (48%).

W&T’s average realized price per Boe before realized derivative settlements was $39.86 per Boe in the fourth quarter of 2024, a decrease of 5% from $41.92 per Boe in the third quarter of 2024 and a decrease of 4% from $41.55 per Boe in the fourth quarter of 2023. Fourth quarter 2024 oil, NGL and natural gas prices before realized derivative settlements were $68.71 per barrel of oil, $24.59 per barrel of NGL and $2.85 per Mcf of natural gas.

Revenues for the fourth quarter of 2024 were $120.3 million, which were slightly lower than the third quarter of 2024 revenues of $121.4 million driven by lower realized prices for oil. Fourth quarter 2024 revenues were approximately 9% lower than $132.3 million of revenues in the fourth quarter of 2023 due to lower average realized prices and lower production volumes.

Lease Operating Expenses: LOE, which includes base lease operating expenses, insurance premiums, workovers and facilities maintenance expenses, was $64.3 million in the fourth quarter of 2024, which was 12% below the low end of the previously provided guidance range of $73.0 to $81.0 million. LOE came in lower than expected as the Company continued to realize synergies from asset acquisitions in late 2023 and early 2024. LOE for the fourth quarter of 2024 was approximately 11% lower compared to $72.4 million in the third quarter of 2024 primarily due to favorable audit adjustments, an increase in royalty credits and lower repairs and maintenance costs. LOE for the fourth quarter of 2024 was essentially flat compared to $64.6 million for the corresponding period in 2023. On a component basis for the fourth quarter of 2024, base LOE and insurance premiums were $53.5 million, workovers were $0.9 million, and facilities maintenance and other expenses were $9.9 million. On a unit of production basis, LOE was $21.76 per Boe in the fourth quarter of 2024. This compares to $25.37 per Boe for the third quarter of 2024 and $20.61 per Boe for the fourth quarter of 2023, reflecting a decrease in production in the periods.

Gathering, Transportation Costs and Production Taxes: Gathering, transportation costs and production taxes totaled $5.9 million ($2.00 per Boe) in the fourth quarter of 2024, compared to $6.1 million ($2.15 per Boe) in the third quarter of 2024 and $6.6 million ($2.11 per Boe) in the fourth quarter of 2023. Gathering, transportation costs and production taxes decreased in the fourth quarter of 2024 from the prior quarter due to lower processing and transportation fees offset by increased production taxes.

Depreciation, Depletion and Amortization (“DD&A”): DD&A was $12.94 per Boe in the fourth quarter of 2024. This compares to $11.99 per Boe and $10.73 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

Asset Retirement Obligations Accretion: Asset retirement obligations accretion was $2.76 per Boe in the fourth quarter of 2024. This compares to $2.75 per Boe and $2.35 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

General & Administrative Expenses (“G&A”): G&A was $20.8 million for the fourth quarter of 2024, which increased from $19.7 million in the third quarter of 2024 primarily due to higher quarter over quarter accrual for non-cash long-term incentives and increased from $18.3 million in the fourth quarter of 2023 primarily due to higher quarter over quarter accruals for short-term incentives and non-cash long term incentives. On a unit of production basis, G&A was $7.04 per Boe in the fourth quarter of 2024 compared to $6.91 per Boe in the third quarter of 2024 and $5.82 per Boe in the corresponding period of 2023. These differences are primarily related to production variances.

Derivative (Gain) Loss, net: In the fourth quarter of 2024, W&T recorded a net loss of $2.1 million with commodity derivative contracts comprised of $2.6 million of realized losses and $0.5 million of unrealized gains related to the increase in fair value of open contracts. W&T recognized a net gain of $3.2 million in the third quarter of 2024 and a net gain of $13.2 million in the fourth quarter of 2023 related to commodity derivative activities.

To take advantage of the recent uptick in prices for natural gas, W&T recently added Henry Hub costless collars for 50,000 MMBtu/d of natural gas for the period of March through December 2025 with a floor of $3.88 per MMBtu and a ceiling of $5.125 per MMBtu.

A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.

Interest Expense: Net interest expense in the fourth quarter of 2024 was $10.2 million compared to $10.0 million in the third quarter of 2024 and $9.7 million in the fourth quarter of 2023.

Other Expense: During 2021 and 2022, as a result of the declaration of bankruptcy by a third party that is the indirect successor in title to certain offshore interests that were previously divested by the Company, W&T recorded a contingent loss accrual related to anticipated non-ARO P&A costs. During the fourth quarter of 2024, the Company reassessed its existing obligations and recorded a $2.8 million decrease in the contingent loss accrual.

Income Tax (Benefit) Expense: W&T recognized an income tax benefit of $1.8 million in the fourth quarter of 2024. This compares to the recognition of an income tax benefit of $4.5 million and an income tax expense of $1.9 million for the quarters ended September 30, 2024 and December 31, 2023, respectively.

Capital Expenditures and Asset Retirement Settlements: Capital expenditures on an accrual basis (excluding acquisitions) in the fourth quarter of 2024 were $12.2 million, and asset retirement settlement costs totaled $19.3 million. For the year ended December 31, 2024, capital expenditures on an accrual basis (excluding acquisitions) totaled $28.6 million and asset retirements costs were $39.7 million. Investments related to acquisitions in the year ended December 31, 2024 totaled $80.6 million, which included $77.3 million for the Cox acquisition and $3.3 million of final purchase price adjustments related to W&T’s acquisition of properties in September 2023.

Balance Sheet and Liquidity: As of December 31, 2024, W&T had available liquidity of $159.0 million comprised of $109.0 million in unrestricted cash and cash equivalents and $50.0 million of borrowing availability under W&T’s first priority secured revolving facility provided by Calculus Lending LLC. As of December 31, 2024, the Company had total debt of $393.2 million and Net Debt of $284.2 million. As of December 31, 2024, Net Debt to trailing twelve months (“TTM”) Adjusted EBITDA was 1.8x.

Debt Refinance: On January 28, 2025 W&T closed an offering of the 10.75% Notes at par in a private offering that was exempt from registration under the Securities Act of 1933, as amended. The Company used a portion of the proceeds from the 10.75% Notes offering, along with cash on hand to, (i) purchase for cash pursuant to a tender offer, such of the Company’s outstanding 11.75% Notes that were validly tendered pursuant to the terms thereof, (ii) repay $114.2 million outstanding under the Term Loan, (iii) fund the full redemption amount for an August 1, 2025 redemption of the remaining 11.75% Notes not validly tendered and accepted for purchase in the tender offer, and (iv) pay premiums, fees and expenses related to these transactions. On the closing date of the offering of the 10.75% Notes, the Company completed all actions necessary to satisfy and discharge the indenture governing the 11.75% Notes.

Pro forma for the debt refinance, the Garden Banks Disposition and the Insurance Settlement, as of December 31, 2024, W&T’s cash and cash equivalents would have been approximately $104.3 million, total debt would have been approximately $349.5 million and Net Debt would have been approximately $245.2 million. As of December 31, 2024, the pro forma Net Debt to TTM Adjusted EBITDA would have been 1.6x.

In conjunction with the issuance of the 10.75% Notes, the Company entered into a new credit agreement which provides the Company with a revolving credit and letter of credit facility, with initial lending commitments of $50 million with a letter of credit sublimit of $10 million. The Credit Facility matures on July 28, 2028.

Accretive Acquisition of Producing Properties in the GOA: In January 2024, W&T was the successful bidder for six fields in the GOA, including Eugene Island 64, Main Pass 61, Mobile 904, Mobile 916, South Pass 49 and West Delta 73, all of which include a 100% working interest and an average 82% net revenue interest. They are located in water depths ranging between approximately 15 and 400 feet. Their proximity to W&T’s areas of existing operations provides the ability for W&T to capture synergies regarding personnel, well optimization, gathering and transport. The final purchase price for the assets was $77.3 million, after closing costs and other transaction costs, which were funded from the Company’s cash on hand. Key highlights of the transaction included:

Added significant year-end 2024 reserves of 21.7 MMBoe (62% liquids), even after excluding 1.3 MMBoe of production during 2024;
Based on the cash consideration paid of $77.3 million, this equates to a price of $3.38 per Boe of 2024 SEC reserves booked, when adding back 2024 production of 1.3 MMBoe;
Multiple fields were immediately shut-in while improvements were made to bring them up to W&T’s standards for safety and efficiency. Those fields are expected to come back online in the first half of 2025;
- The Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to return to production in the second quarter of 2025; and
The Company believes that it can further increase production on these properties through workovers, recompletions and ongoing facility upgrades.

Non-Core Asset Disposition

In early 2025, W&T sold a non-core interest in Garden Banks Blocks 385 and 386, which included net production of approximately 195 Boe/d, for $11.9 million after normal purchase price adjustments. The effective date of the sale was December 1, 2024, and the transaction closed in January 2025. The impact to W&T’s reserves for year-end 2024 were minimal at about 0.12 MMBoe.

Full Year-End 2024 Financial Review

W&T reported a net loss for the full year 2024 of $87.1 million, or $(0.59) per diluted share, and Adjusted Net Loss of $67.6 million, or $(0.46) per diluted share. For the full year 2023, the Company reported net income of $15.6 million, or $0.11 per diluted share, and Adjusted Net Loss of $21.7 million, or $(0.15) per diluted share. W&T generated Adjusted EBITDA of $153.6 million for the full year 2024 compared to $183.2 million in 2023. The year-over-year decrease was primarily driven by lower oil and natural gas prices and decreased production. Revenues totaled $525.3 million for 2024 compared with $532.7 million in 2023. Net cash provided by operating activities for the year ended December 31, 2024 was $59.5 million compared with $115.3 million for the same period in 2023. Free Cash Flow totaled $44.9 million in 2024 compared with $63.3 million in 2023.

Production for 2024 averaged 33.3 MBoe/d for a total of 12.2 MMBoe, comprised of 5.3 MMBbl of oil, 1.2 MMBbl of NGLs and 34.3 Bcf of natural gas. Full year 2023 production averaged 34.9 MBoe/d or 12.7 MMBoe in total and was comprised of 5.1 MMBbl of oil, 1.4 MMBbl of NGLs and 37.6 Bcf of natural gas.

For the full year 2024, W&T’s average realized sales price per barrel of crude oil was $75.28 and $23.08 per barrel of NGLs and $2.65 per Mcf of natural gas. While the realized pricing for oil and natural gas were down year-over-year, the production mix was more weighted toward oil in 2024, thus the equivalent sales price for 2024 was $42.23 per Boe, which was 3% higher than the equivalent price of $41.16 per Boe realized in 2023. For 2023, the Company’s realized crude oil sales price was $75.52 per barrel, NGL sales price was $22.93 per barrel, and natural gas price was $2.93 per Mcf.

For the full year 2024, LOE was $281.5 million compared to $257.7 million in 2023. While LOE increased year-over-year in 2024 due to increased workover and facility investments, higher oil production and costs from the acquisition of additional properties in January 2024 and September 2023, W&T’s LOE for 2024 was 10% below the midpoint guidance for LOE as the Company was able to mitigate some of these increased costs through synergies from the asset acquisitions.

Gathering, transportation, and production taxes totaled $28.2 million in 2024, an increase from the $26.3 million in 2023.

For the full year 2024, G&A was $82.4 million, which was a 9% increase over the $75.5 million reported in 2023. The increase year-over-year is primarily due to increased salary and benefits costs and non-recurring legal fees that were somewhat offset by lower accruals for short-term incentives. On a per unit basis, G&A per Boe was $6.76 in 2024, up from $5.93 per Boe in 2023. G&A increased on a per Boe basis primarily due to lower production.

OPERATIONS UPDATE

Well Recompletions and Workovers

During the fourth quarter of 2024, the Company performed two workovers and two recompletions that positively impacted production for the quarter. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.

Year-End 2024 Proved Reserves

The Company’s year-end 2024 SEC proved reserves were 127.0 MMBoe, compared with 123.0 MMBoe at year-end 2023. In 2024, W&T recorded positive performance revisions of 5.0 MMBoe, and acquisitions of reserves of 21.7 MMBoe, which were offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year. During 2024, W&T continued to focus on reducing Net Debt while identifying and executing attractive acquisitions. Successful workovers, operational excellence and acquisitions allowed W&T to replace 219% of production with new reserves.

The SEC twelve-month first day of the month average spot prices used in the preparation of the report for year-end 2024 were $76.32 per barrel of oil and $2.13 per MMBtu of natural gas. Comparable prices used for the prior year report were $78.21 per barrel of oil and $2.64 per MMBtu of natural gas. The PV-10 of W&T’s proved reserves at year-end 2024 increased 14% to $1.2 billion from $1.1 billion at year-end 2023, driven primarily by an increase in oil reserves due to the acquisition in January 2024 and by positive reserve performance revisions which were somewhat offset by lower SEC pricing.

Approximately 51% of year-end 2024 proved reserves were liquids (41% crude oil and 10% NGLs) and 49% natural gas. The reserves were classified as 52% proved developed producing, 31% proved developed non-producing, and 17% proved undeveloped. W&T’s reserve life ratio at year-end 2024, based on year-end 2024 proved reserves and 2024 production, was 10.4 years.


	Oil		NGLs		Natural Gas				PV-10¹
	(MMBbls)		(MMBbls)		(Bcf)		MMBoe		($MM)
Proved reserves as of December 31, 2023	37.0		13.7		434.0		123.0		$	1,080.9
Revisions of previous estimates	7.4		1.8		(26.1	)	5.0
Revisions due to change in SEC prices	(0.4	)	(1.6	)	(51.0	)	(10.5	)
Purchase of minerals in place	12.9		0.3		51.8		21.7
Production	(5.3	)	(1.2	)	(34.3	)	(12.2	)
Proved reserves as of December 31, 2024	51.6		13.0		374.4		127.0		$	1,229.5

⁽¹⁾PV-10 for this presentation excludes any provisions for asset retirement obligations or income taxes.

In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2024 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average of the first-day-of-the-month price for the year ended December 31, 2024. The WTI spot price and the Henry Hub spot price were utilized as the reference prices and after adjusting for quality, transportation, fees, energy content, and regional price differentials, the average realized prices were $74.69 per barrel for oil, $22.98 per barrel for NGLs, and $2.58 per Mcf for natural gas. In determining the estimated realized price for NGLs, a ratio was computed for each field of the NGLs realized price compared to the crude oil realized price. This ratio was then applied to the crude price using SEC guidance. Such prices were held constant throughout the estimated lives of the reserves. Future estimated production and development costs are based on year-end costs with no escalations.

The standardized measure of future net cash flows was $740.1 million at December 31, 2024, which is calculated as the PV-10 of $1,229.5 million less discounted cash outflows of $334.6 million associated with asset retirement obligations and $154.8 million associated with income taxes. At December 31, 2023, the standardized measure was $683.2 million, which is calculated as the PV-10 of $1,080.9 million less discounted cash outflows of $246.7 million associated with asset retirement obligations and $151.0 million associated with income taxes.

First Quarter and Full Year 2025 Production and Expense Guidance

The guidance for the first quarter and full year 2025 in the table below represents the Company’s current expectations. Please refer to the section entitled “Forward-Looking and Cautionary Statements” below for risk factors that could impact guidance.

In the first quarter of 2025, there have been several planned facility and pipeline maintenance projects as well as unplanned downtime at several fields due to multiple winter freezes in the first quarter of 2025 that temporarily reduced production. Full year 2025 production reflects the West Delta 73 field returning to production in the second quarter as well as the other fields that were temporarily shut-in during the first quarter of 2025. First quarter 2025 LOE is expected to be higher than the prior quarter due to increased maintenance and repair costs and facility upgrades; full year 2025 LOE is expected to be modestly higher than 2024.


Production	First Quarter 2025	Full Year 2025
Oil (MBbl)	1,130 – 1,250	5,150 – 5,690
NGLs (MBbl)	205 – 235	1,020 – 1,140
Natural gas (MMcf)	7,220 – 7,980	34,880 – 38,560
Total equivalents (MBoe)	2,538 – 2,815	11,983 – 13,257
Average daily equivalents (MBoe/d)	27.6 – 30.6	32.8 – 36.3
Expenses	First Quarter 2025	Full Year 2025
Lease operating expense ($MM)	72.5 – 80.5	280.0 – 310.0
Gathering, transportation & production taxes ($MM)	6.1 – 6.9	27.1 – 30.1
General & administrative – cash ($MM)	17.8 – 19.8	62.0 – 69.0
General & administrative – non-cash ($MM)	2.1 – 2.5	10.1 – 11.3
DD&A ($ per Boe)		13.40 – 14.90

W&T expects substantially all income taxes in 2025 to be deferred.

2025 Capital Investment Program

W&T’s capital expenditure budget for 2025 is expected to be in the range of $34.0 million to $42.0 million, which excludes potential acquisition opportunities. Included in this range are planned expenditures related to asset integrations as well as ongoing costs related to the acquisitions for facilities, leasehold, seismic, and recompletions.

Plugging and abandonment expenditures are expected to be in the range of $27.0 million to $37.0 million. The Company spent approximately $40 million on these costs in 2024.

Conference Call Information: W&T will hold a conference call to discuss its financial and operational results on Tuesday, March 4, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may dial 1-844-739-3797. International parties may dial 1-412-317-5713. Participants should request to connect to the “W&T Offshore Conference Call.” This call will also be webcast and available on W&T’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of December 31, 2024, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 646,200 gross acres (502,300 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 493,000 gross acres on the conventional shelf, approximately 147,700 gross acres in the deepwater and 5,500 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the Company’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, projected costs, industry conditions, potential acquisitions, sustainability initiatives, the impact of and integration of acquired assets, and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.


W&T OFFSHORE, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

	Three Months Ended
	December 31,			September 30,			December 31,			Year Ended December 31,
	2024			2024			2023			2024			2023
Revenues:
Oil	$	86,778		$	90,862		$	94,076		$	395,620		$	381,389
NGLs		6,713			5,636			6,851			27,978			32,446
Natural gas		24,203			23,148			29,401			90,877			110,158
Other		2,651			1,726			2,012			10,786			8,663
Total revenues		120,345			121,372			132,340			525,261			532,656

Operating expenses:
Lease operating expenses		64,259			72,412			64,643			281,488			257,676
Gathering, transportation and production taxes		5,912			6,147			6,620			28,177			26,250
Depreciation, depletion, and amortization		38,208			34,206			33,658			143,025			114,677
Asset retirement obligations accretion		8,157			7,848			7,377			32,374			29,018
General and administrative expenses		20,799			19,723			18,251			82,391			75,541
Total operating expenses		137,335			140,336			130,549			567,455			503,162

Operating (loss) income		(16,990	)		(18,964	)		1,791			(42,194	)		29,494

Interest expense, net		10,226			9,992			9,729			40,454			44,689
Derivative (gain) loss, net		2,113			(3,199	)		(13,199	)		(3,589	)		(54,759	)
Other (income) expense, net		(4,118	)		15,709			3,772			18,071			5,621
(Loss) income before income taxes		(25,211	)		(41,466	)		1,489			(97,130	)		33,943
Income tax (benefit) expense		(1,849	)		(4,545	)		1,932			(9,985	)		18,345
Net (loss) income	$	(23,362	)	$	(36,921	)	$	(443	)	$	(87,145	)	$	15,598

Net (loss) income per share:
Basic	$	(0.16	)	$	(0.25	)	$	—		$	(0.59	)	$	0.11
Diluted		(0.16	)		(0.25	)		—			(0.59	)		0.11

Weighted average common shares outstanding
Basic		147,365			147,206			146,578			147,133			146,483
Diluted		147,365			147,206			146,578			147,133			148,302


W&T OFFSHORE, INC.
Condensed Operating Data
(Unaudited)

	Three Months Ended
	December 31,		September 30,		December 31,		Year Ended December 31,
	2024		2024		2023		2024		2023
Net sales volumes:
Oil (MBbls)		1,263		1,210		1,219		5,255		5,050
NGLs (MBbls)		273		262		329		1,212		1,415
Natural gas (MMcf)		8,505		8,289		9,533		34,296		37,591
Total oil and natural gas (MBoe) ⁽¹⁾		2,953		2,854		3,136		12,183		12,730

Average daily equivalent sales (MBoe/d)		32.1		31.0		34.1		33.3		34.9

Average realized sales prices (before the impact of derivative settlements):
Oil ($/Bbl)	$	68.71	$	75.09	$	77.17	$	75.28	$	75.52
NGLs ($/Bbl)		24.59		21.51		20.82		23.08		22.93
Natural gas ($/Mcf)		2.85		2.79		3.08		2.65		2.93
Barrel of oil equivalent ($/Boe)		39.86		41.92		41.55		42.23		41.16

Average operating expenses per Boe ($/Boe):
Lease operating expenses	$	21.76	$	25.37	$	20.61	$	23.10	$	20.24
Gathering, transportation and production taxes		2.00		2.15		2.11		2.31		2.06
Depreciation, depletion, and amortization		12.94		11.99		10.73		11.74		9.01
Asset retirement obligations accretion		2.76		2.75		2.35		2.66		2.28
General and administrative expenses		7.04		6.91		5.82		6.76		5.93

(1) MBoe is determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or NGLs (totals may not compute due to rounding). The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, NGLs and natural gas may differ significantly. The realized prices presented above are volume-weighted for production in the respective period.


W&T OFFSHORE, INC.
Consolidated Balance Sheets
(In thousands)
(Unaudited)

	December 31,			December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	109,003		$	173,338
Restricted cash		1,552			4,417
Receivables:
Oil and natural gas sales		63,558			52,080
Joint interest, net		25,841			15,480
Other		—			2,218
Prepaid expenses and other assets		18,504			17,447
Total current assets		218,458			264,980

Oil and natural gas properties, net		777,741			749,056
Restricted deposits for asset retirement obligations		22,730			22,272
Deferred income taxes		48,808			38,774
Other assets		31,193			38,923
Total assets	$	1,098,930		$	1,114,005

Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Accounts payable	$	83,625		$	78,857
Accrued liabilities		33,271			31,978
Undistributed oil and natural gas proceeds		53,131			42,134
Advances from joint interest partners		2,443			2,962
Current portion of asset retirement obligations		46,326			31,553
Current portion of long-term debt, net		27,288			29,368
Total current liabilities		246,084			216,852

Asset retirement obligations		502,506			467,262
Long-term debt, net		365,935			361,236
Other liabilities		16,182			19,420

Commitments and contingencies		20,800			18,043

Shareholders’ (deficit) equity:
Preferred stock		—			—
Common stock		2			1
Additional paid-in capital		595,407			586,014
Retained deficit		(623,819	)		(530,656	)
Treasury stock		(24,167	)		(24,167	)
Total shareholders’ (deficit) equity		(52,577	)		31,192
Total liabilities and shareholders’ (deficit) equity	$	1,098,930		$	1,114,005


W&T OFFSHORE, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Three Months Ended
	December 31,			September 30,			December 31,			Year Ended December 31,
	2024			2024			2023			2024			2023
Operating activities:
Net (loss) income	$	(23,362	)	$	(36,921	)	$	(443	)	$	(87,145	)	$	15,598
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion, amortization and accretion		46,365			42,054			41,035			175,399			143,695
Share-based compensation		3,818			1,956			3,124			10,192			10,383
Amortization and write off of debt issuance costs		1,117			1,109			1,266			4,562			6,980
Derivative loss (gain), net		2,113			(3,199	)		(13,199	)		(3,589	)		(54,759	)
Derivative cash (settlements) receipts, net		(1,638	)		1,208			(2,809	)		4,527			(8,932	)
Deferred income (benefit) taxes		(1,941	)		(4,545	)		3,838			(10,077	)		18,485
Changes in operating assets and liabilities:								—
Accounts receivable		(17,064	)		21,913			(2,989	)		(19,621	)		12,586
Prepaid expenses and other current assets		1,792			2,502			(28,262	)		(1,450	)		(2,712	)
Accounts payable, accrued liabilities and other		3,831			(2,962	)		43,155			26,433			7,972
Asset retirement obligation settlements		(19,348	)		(8,347	)		(9,052	)		(39,692	)		(33,970	)
Net cash (used in) provided by operating activities		(4,317	)		14,768			35,664			59,539			115,326

Investing activities:
Investment in oil and natural gas properties and equipment		(14,124	)		(9,577	)		(12,139	)		(37,357	)		(41,813	)
Acquisition of property interests		—			—			1,479			(80,635	)		(27,384	)
Deposit related to acquisition of property interests		—			—			8,850			—			—
Purchase of corporate aircraft		—			—			—			—			(8,983	)
Purchases of furniture, fixtures and other		(19	)		(69	)		(347	)		(185	)		(3,428	)
Net cash used in investing activities		(14,143	)		(9,646	)		(2,157	)		(118,177	)		(81,608	)

Financing activities:
Proceeds from issuance of long-term debt		—			—			—			—			275,000
Repayments of long-term debt		(275	)		(275	)		(7,687	)		(1,100	)		(586,934	)
Debt issuance costs		(183	)		(174	)		—			(762	)		(7,380	)
Payment of dividends		(1,475	)		(1,473	)		(1,466	)		(5,902	)		(1,466	)
Other		(13	)		(31	)		(9	)		(798	)		(957	)
Net cash used in financing activities		(1,946	)		(1,953	)		(9,162	)		(8,562	)		(321,737	)
Change in cash, cash equivalents and restricted cash		(20,406	)		3,169			24,345			(67,200	)		(288,019	)
Cash, cash equivalents and restricted cash, beginning of period		130,961			127,792			153,410			177,755			465,774
Cash, cash equivalents and restricted cash, end of period	$	110,555		$	130,961		$	177,755		$	110,555		$	177,755

W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information

Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are “Net Debt,” “Adjusted Net Loss,” “Adjusted EBITDA,” “Free Cash Flow” and “PV-10” or are derivable from a combination of these measures. Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Prior period amounts have been conformed to the methodology and presentation of the current period.

We calculate Net Debt as total debt (current and long-term portions), less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.

Reconciliation of Net (Loss) Income to Adjusted Net Loss

Adjusted Net Loss adjusts for certain items that the Company believes affect comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include unrealized commodity derivative gain, net, allowance for credit losses, write-off of debt issuance costs, non-recurring legal and IT-related costs, non-ARO P&A costs, and other which are then tax effected using the Federal Statutory Rate. Company management believes that this presentation is relevant and useful because it helps investors to understand the net (loss) income of the Company without the effects of certain non-recurring or unusual expenses and certain income or loss that is not realized by the Company.


	Three Months Ended
	December 31,			September 30,			December 31,			Year Ended December 31,
	2024			2024			2023			2024			2023
		(in thousands)
		(Unaudited)
Net (loss) income	$	(23,362	)	$	(36,921	)	$	(443	)	$	(87,145	)	$	15,598
Unrealized commodity derivative gain, net		(497	)		(1,829	)		(14,785	)		(710	)		(58,846	)
Allowance for credit losses		118			10			28			558			37
Write-off debt issuance costs		—			—			—			—			2,330
Non-recurring legal and IT-related costs		860			(22	)		413			5,798			3,044
Non-ARO P&A costs		(2,763	)		16,627			4,137			20,925			6,246
Other		(1,302	)		(633	)		(240	)		(1,845	)		31
Tax effect of selected items ⁽¹⁾		753			(2,972	)		2,194			(5,192	)		9,903
Adjusted net loss	$	(26,193	)	$	(25,740	)	$	(8,696	)	$	(67,611	)	$	(21,657	)

Adjusted net loss per common share:
Basic	$	(0.18	)	$	(0.17	)	$	(0.06	)	$	(0.46	)	$	(0.15	)
Diluted	$	(0.18	)	$	(0.17	)	$	(0.06	)	$	(0.46	)	$	(0.15	)

Weighted average shares outstanding:
Basic		147,365			147,206			146,578			147,133			146,483
Diluted		147,365			147,206			146,578			147,133			146,483

⁽¹⁾ Selected items were tax effected with the Federal Statutory Rate of 21% for each respective period.

W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information

Adjusted EBITDA/ Free Cash Flow Reconciliations

The Company also presents non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITDA as net (loss) income plus net interest expense, income tax (benefit) expense, depreciation, depletion and amortization, ARO accretion, excluding the unrealized commodity derivative gain, allowance for credit losses, non-cash incentive compensation, non-recurring legal and IT-related costs, non-ARO P&A costs, and other. Company management believes this presentation is relevant and useful because it helps investors understand W&T’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, P&A costs and net interest expense (all on an accrual basis). For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, P&A costs and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses.

The following table presents a reconciliation of the Company’s net (loss) income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow, as such terms are defined by the Company:


	Three Months Ended
	December 31,				September 30,		December 31,			Year Ended December 31,
	2024				2024		2023			2024			2023
	(in thousands)
	(Unaudited)
Net (loss) income	$	(23,362	)	$	(36,921	)	$	(443	)	$	(87,145	)	$	15,598
Interest expense, net		10,226			9,992			9,729			40,454			44,689
Income tax (benefit) expense		(1,849	)		(4,545	)		1,932			(9,985	)		18,345
Depreciation, depletion and amortization		38,208			34,206			33,658			143,025			114,677
Asset retirement obligations accretion		8,157			7,848			7,377			32,374			29,018
Unrealized commodity derivative gain, net		(497	)		(1,829	)		(14,785	)		(710	)		(58,846	)
Allowance for credit losses		118			10			28			558			37
Non-cash incentive compensation		3,818			1,956			3,124			10,192			10,383
Non-recurring legal and IT-related costs		860			(22	)		413			5,798			3,044
Non-ARO P&A costs		(2,763	)		16,627			4,137			20,925			6,246
Other		(1,302	)		(633	)		(240	)		(1,845	)		31
Adjusted EBITDA	$	31,614		$	26,689		$	44,930		$	153,641		$	183,222

Capital expenditures, accrual basis ⁽¹⁾	$	(12,228	)	$	(4,461	)	$	(10,319	)	$	(28,626	)	$	(41,278	)
Asset retirement obligation settlements		(19,348	)		(8,347	)		(9,052	)		(39,692	)		(33,970	)
Interest expense, net		(10,226	)		(9,992	)		(9,729	)		(40,454	)		(44,689	)
Free Cash Flow	$	(10,188	)	$	3,889		$	15,830		$	44,869		$	63,285

⁽¹⁾ A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:


Capital expenditures, accrual basis reconciliation
Investment in oil and natural gas properties and equipment	$	(14,124	)	$	(9,577	)	$	(12,139	)	$	(37,357	)	$	(41,813	)
Less: acquisition related expenditures included in investment in oil and natural gas properties and equipment		—			(4,929	)		—			(4,929	)		—
Less: changes in operating assets and liabilities associated with investing activities		(1,896	)		(187	)		(1,820	)		(3,802	)		(535	)
Capital expenditures, accrual basis	$	(12,228	)	$	(4,461	)	$	(10,319	)	$	(28,626	)	$	(41,278	)

The following table presents a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as defined by the Company:


	Three Months Ended
	December 31,			September 30,			December 31,			Year Ended December 31,
	2024			2024			2023			2024			2023
	(in thousands)
	(Unaudited)
Net cash (used in) provided by operating activities	$	(4,317	)	$	14,768		$	35,664		$	59,539		$	115,326
Allowance for credit losses		118			10			28			558			37
Amortization of debt items and other items		(1,117	)		(1,109	)		(1,266	)		(4,562	)		(6,980	)
Non-recurring legal and IT-related costs		860			(22	)		413			5,798			3,044
Current tax (benefit) expense ⁽¹⁾		92			—			(1,906	)		92			(140	)
Change in derivatives (payable) receivable ⁽¹⁾		(972	)		162			1,223			(1,648	)		4,845
Non-ARO P&A costs		(2,763	)		16,627			4,137			20,925			6,246
Changes in operating assets and liabilities, excluding asset retirement obligation settlements		11,441			(21,453	)		(11,904	)		(5,362	)		(17,846	)
Capital expenditures, accrual basis		(12,228	)		(4,461	)		(10,319	)		(28,626	)		(41,278	)
Other		(1,302	)		(633	)		(240	)		(1,845	)		31
Free Cash Flow	$	(10,188	)	$	3,889		$	15,830		$	44,869		$	63,285

⁽¹⁾ A reconciliation of the adjustments used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:


Current tax (benefit) expense:
Income tax (benefit) expense	$	(1,849	)	$	(4,545	)	$	1,932		$	(9,985	)	$	18,345
Less: Deferred income (benefit) taxes		(1,941	)		(4,545	)		3,838			(10,077	)		18,485
Current tax (benefit) expense	$	92		$	—		$	(1,906	)	$	92		$	(140	)

Changes in derivatives receivable (payable)
Derivatives (payable) receivable, end of period	$	(1,377	)	$	(405	)	$	271		$	(1,377	)	$	271
Derivatives payable (receivable), beginning of period		405			567			952			(271	)		4,574
Change in derivatives (payable) receivable	$	(972	)	$	162		$	1,223		$	(1,648	)	$	4,845

W&T OFFSHORE, INC. AND SUBSIDIARIES
Non-GAAP Information

Reconciliation of PV-10 to Standardized Measure

The Company also discloses PV-10, which is not a financial measure defined under GAAP. The standardized measure of discounted future net cash flows is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. Company management believes that the non-GAAP financial measure of PV-10 is relevant and useful for evaluating the relative monetary significance of oil and natural gas properties. PV-10 is also used internally when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. Company management believes that the use of PV-10 is valuable because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid. Additionally, Company management believes that the presentation of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of the Company’s estimated oil and natural gas reserves. PV-10 should not be considered in isolation or as substitutes for the standardized measure of discounted future net cash flows as defined under GAAP. Investors should not assume that PV-10 of the Company’s proved oil and natural gas reserves represents a current market value of the Company’s estimated oil and natural gas reserves.

The following table presents a reconciliation of the standardized measure of discounted future net cash flows relating to the Company’s estimated proved oil and natural gas reserves, a GAAP measure, to PV-10, as defined by the Company.


	December 31,
	2024			2023
PV-10	$	1,229.5		$	1,080.9
Future income taxes, discounted at 10%		(154.8	)		(151.0	)
PV-10 before ARO		1,074.7			929.9
Present value of estimated ARO, discounted at 10%		(334.6	)		(246.7	)
Standardized measure	$	740.1		$	683.2


CONTACT:	Al Petrie	Sameer Parasnis
	Investor Relations Coordinator	Executive VP and CFO
	investorrelations@wtoffshore.com	sparasnis@wtoffshore.com
	713-297-8024	713-513-8654

Source: W&T Offshore, Inc.

Released March 3, 2025

MIL OSI Economics –

March 4, 2025

MIL-OSI USA: Luján Announces Guest for President’s Joint Address to Congress, Highlights Roadrunner Food Bank and Nutrition Support

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján
Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.) announced that Katy Anderson, Vice President of Strategy, Partnerships, and Advocacy at Roadrunner Food Bank will be his guest to President Trump’s address to a Joint Session of Congress.
“The Musk-Trump funding freeze and broad and indiscriminate firings across the federal government have devastated communities across America, leaving countless families uncertain where their next meal would come from. That’s why I’m honored to have Katy Anderson, Vice President of Strategy, Partnerships, and Advocacy at Roadrunner Food Bank join me for the President’s Joint Address. Roadrunner Food Bank is a leading hunger relief organization, ensuring that families in need have access to nutritious meals. But now, Elon Musk, President Trump, and Congressional Republicans are threatening critical funding for nutrition support – putting New Mexico families at risk,” said Senator Luján.
“Programs like the Supplemental Nutrition Assistance Program (SNAP) and the Emergency Food Assistance Program (TEFAP) are lifelines for thousands of New Mexicans. Gutting these resources hurts our families and threatens our communities and the economy. I hope Katy’s presence is a powerful reminder of the vital role that Roadrunner Food Bank and federal nutrition programs play in keeping our communities healthy and fed,” continued Senator Luján.
“Nutrition access is vital to New Mexicans – these are people who work hard to provide for themselves and their families. Those facing hunger want the same thing we all want for ourselves – dignity, access to fresh, healthy food and the opportunity to thrive. Proposed cuts to nutrition programs like SNAP and TEFAP undermine that; confusion around federal funding freezes undermines that,” said Katy Anderson, Vice President of Strategy, Partnerships, and Advocacy at Roadrunner Food Bank. “I’m honored to join Senator Luján for the Joint Address to stand up for New Mexico families.”
Background on Katy Anderson and Roadrunner Food Bank:
Katy Anderson joined Roadrunner Food Bank in 2014, focusing on special projects for the Community Initiatives team. For her first six years, she worked closely with the Food Bank’s network of 350+ partners as well as managing grants and government contracts. In April 2020, she moved into the role of Chief Programs Officer, a position that allowed her to work with amazing teams leading innovative efforts with all food partners, health and wellness programming, and data collection and analysis. In late 2023, she became the Vice President – Strategy, Partnerships, and Advocacy and has shifted her focus to state-wide collaborative approaches to addressing hunger issues.
Roadrunner Food Bank of New Mexico, a Feeding America member, is the largest non-profit dedicated to solving food insecurity in New Mexico. As a food distribution hub, Roadrunner Food Bank provides food to hundreds of affiliated member partners around the state including food pantries, soup kitchens, shelters and regional food banks. Roadrunner Food Bank also distributes food through specialized programs helping children, families and seniors at schools, low-income senior housing sites, senior centers and with and through health care partnerships. Every week, tens of thousands of hungry children, seniors and families are reached through this statewide hunger relief network. Roadrunner Food Bank is working together with partners, volunteers and contributors to end food insecurity and hunger in New Mexico. Learn more about Roadrunner Food Bank here.

MIL OSI USA News –

March 4, 2025
MIL-OSI USA: Ahead of Confirmation Hearing, Warren Presses FDA, NIH Nominees to Address Conflicts of Interest with Private Health Care, Medical Research Companies

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
March 03, 2025
“The rampant revolving door of former government leaders lobbying the agencies they once led, while their government relationships remain fresh, erodes Americans’ faith in the federal government.”
Text of Letter to Dr. Makary (PDF) | Text of Letter to Dr. Bhattacharya (PDF)
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) wrote to Marty Makary and Jay Bhattacharya, nominees to lead the Food and Drug Administration (FDA) and the National Institutes of Health (NIH), respectively, asking them to address their conflicts of interest ahead of their confirmation hearings.
Dr. Makary currently serves as Chief Medical Officer at Sesame Care, a direct-to-consumer health care company that connects patients with providers who virtually prescribe Sesame’s medicine. He also serves on the board of Harrow, an ophthalmic company that relies on the FDA to approve its therapeutics. While Dr. Makary said he would resign from the board before taking office, his relationship with the company raises concerns about his ability to be impartial at the FDA.
Dr. Bhattacharya most recently worked as a research associate at Acumen, LLC, which offers analytical research services to the federal government, and has contracts with multiple agencies across the Department of Health and Human Services – including NIH.
Senator Warren asked both nominees to recuse themselves from all matters involving their former clients and employers for at least four years, a commitment their predecessors under the Biden administration made.
Senator Warren also asked them to agree to not work for any companies they regulate or interact with during their tenure, for four years after leaving office. During his confirmation process, Health and Human Services Secretary Robert F. Kennedy Jr., who oversees both of the nominees’ agencies, committed not to work for a pharmaceutical company for at least four years after leaving office.
Lastly, Senator Warren asked the nominees to refrain from lobbying their respective agencies for four years after leaving office.
“The rampant revolving door of former government leaders lobbying the agencies they once led, while their government relationships remain fresh, erodes Americans’ faith in the federal government,” wrote Senator Warren to the nominees.
To mitigate concerns about former government leaders lobbying the agencies they once led, multiple Biden appointees agreed to a post-employment lobbying ban, following pressure from Senator Warren.
“By making these commitments, you would increase Americans’ trust in your ability to serve the public interest, rather than the special interests of [former contractors or companies they regulated],” concluded Senator Warren.
Senator Warren gave the nominees until March 10, 2025 to demonstrate their commitment to public health and address their conflicts of interest.
Senator Warren has been a leader on enforcing government ethics standards and pressing nominees to address conflicts of interest:
In February 2025, Senator Elizabeth Warren wrote to Mr. Stephen Feinberg, nominee for Deputy Secretary of the Department of Defense (DoD), pressing him to explain his “serious conflicts of interest” and his track record of mismanagement.
In February 2025, following reports that Elon Musk would take advantage of loopholes in federal ethics laws to avoid publicly disclosing his financial conflicts of interest, Senator Elizabeth Warren led several Democrats in a letter demanding Musk publicly reveal how he could stand to profit from his role in the Trump administration.
In February 2025, Senator Elizabeth Warren and Tim Kaine (D-Va.) called on Mr. Robert F. Kennedy Jr. to recuse himself from former clients’ and employers’ particular matters and commit to not lobbying HHS after his tenure as Secretary.
In February 2025, following the Senate Finance Committee vote to advance the nomination of Mr. Robert F. Kennedy Jr. for Secretary of Health and Human Services, Senator Elizabeth Warren gave remarks regarding the nominee’s continued conflicts of interest.
In February 2025, Senators Warren and Ron Wyden (D-Ore.), Ranking Member on the Senate Finance Committee, wrote to Mr. Robert F. Kennedy Jr., pressing him to urgently resolve his serious conflicts of interest before the committee vote Wednesday morning.
In January 2025, following pressure from Senate Democrats, Mr. Robert F. Kennedy Jr. agreed to amend his flawed ethics agreement (see Warren QFRs at the end of Part 2 and start of Part 3).
In January 2025, at a hearing of the Senate Finance Committee, Senator Elizabeth Warren questioned Mr. Robert F. Kennedy Jr., nominee for Secretary of Health and Human Services, about his dangerous conflicts of interest and record of profiting from anti-vaccine conspiracies.
In January 2025, ahead of Mr. Robert F. Kennedy Jr.’s confirmation hearing for Secretary of Health and Human Services, Senator Elizabeth Warren sent a 34-page letter detailing her concerns with his nomination and asked him to answer 175 questions ahead of his hearing before the Finance Committee.
In January 2025, Senator Elizabeth Warren wrote to Mr. Pete Hegseth, then-nominee for Secretary of the Department of Defense, regarding his ethics conflicts ahead of the Senate’s consideration of his nomination. Particularly concerning were the facts that Mr. Hegseth’s household owns stock in several defense contractors and that he was unwilling to commit to the same post-employment restrictions he previously advocated for.
In January 2025, Senator Elizabeth Warren wrote to Trump Transition Co-Chairs Howard Lutnick and Linda McMahon, urging them to make the White House’s ethics pledge for incoming appointees as strong as possible and outlining specific provisions to do so. The letter came at the end of the first week of confirmation hearings for President-elect Trump’s cabinet nominees, many of whom have been found to have serious conflicts of interest and massive wealth.
In December 2024, Senator Elizabeth Warren sent a letter to President-elect Trump with concerns about Elon Musk’s conflicts of interest as he served as a top advisor for the incoming president.
In December 2024, Senators Elizabeth Warren, Ron Wyden (D-Ore.), Dick Durbin (D-Ill.), Jeff Merkley (D-Ore.), and Representative Lloyd Doggett (D-Texas) wrote to Dr. Mehmet Oz, President-elect Donald Trump’s pick to lead the Centers for Medicare & Medicaid Services, raising stark concerns about his advocacy to eliminate traditional Medicare and his deep financial ties to the private health insurers that would benefit from that move.
In November 2024, in response to the news that President-elect Donald Trump selected Robert F. Kennedy Jr. to serve as Secretary of Health and Human Services, Senator Elizabeth Warren released a statement calling him a “danger to public health, scientific research, medicine, and health care coverage for millions of Americans.”
In March 2024, Senator Elizabeth Warren secured ethics commitments from Douglas Schmidt, ahead of his confirmation to be the Director of Operational Test and Evaluation (DOT&E) for the Department of Defense.
In February 2024, Senator Elizabeth Warren secured unprecedented ethics commitments from former Congressman Sean Patrick Maloney, President Biden’s nominee for U.S. Ambassador to the Organisation for Economic Co-operation and Development (OECD), including his recusal from participating in the OECD’s decision making processes regarding crypto and digital assets policy.
In January 2024, Senator Elizabeth Warren and Representative Jayapal sent a letter to Secretary of Commerce Gina Raimondo, expressing concerns about the Department of Commerce’s reliance on a small team of Wall Street financiers to help allocate $39 billion in CHIPS and Science Act taxpayer-funded manufacturing and R&D subsidies.
In June 2023, Senator Elizabeth Warren and representative Andy Kim reintroduced her Department of Defense Ethics and Anti-Corruption Act.
In April 2023, Senator Elizabeth Warren chaired a hearing with Pentagon officials and ethics experts about problems with the revolving door, retired military officers working for foreign governments, and issues with executive branch officials owning stocks in companies impacted by their official actions.
In May 2022, Senator Elizabeth Warren secured a commitment from then-Federal Reserve Vice Chair for Supervision nominee Michael Barr not to seek employment or compensation – including as a result of board service – from any company that has a party matter before the Fed, or any financial services company, for four years after he leaves government service.
In February 2022, Senator Elizabeth Warren secured the strongest ethics standards ever agreed to by Federal Reserve Board nominees from Lisa Cook, Phillip Jefferson, and Sarah Bloom Raskin. The nominees agreed to a four-year recusal period from matters which they oversee on the Board of Governors, not to seek a waiver from these recusals, and not to seek employment or compensation from financial services companies for four years after leaving government service.
In January 2022, Senator Elizabeth Warren secured a commitment from then-FDA Commissioner nominee Dr. Robert Califf to recuse himself from matters involving his former employers and clients for four years, two years longer than what was required in the Biden administration’s Ethics Pledge. He also agreed not to seek employment with or compensation, including as a result of board service, from any pharmaceutical or medical device company that he interacts with during his tenure as FDA Commissioner for four years after completing his government service.
In July 2021, Senator Elizabeth Warren secured agreements to four-year recusals from former clients’ and employers’ party matters from then-Secretary of the Air Force Frank Kendall and then-USD(R&E) Heidi Shyu.
In January 2021, Senator Elizabeth Warren secured a commitment from General Lloyd Austin III, then-nominee for Secretary of Defense, to extend his recusal from Raytheon Technologies for four years and to not seek a position on the board of a defense contractor or become a lobbyist after his government service.
In December 2020, Senator Elizabeth Warren and Representative Jayapal introduced the Anti-Corruption and Public Integrity Act, the most ambitious anti-corruption legislation since Watergate, which would outlaw corrupt revolving-door schemes so that public servants are serving the public – not the financial interests of themselves or giant corporations.
In March 2020, President Trump signed the bipartisan Presidential Transition Enhancement Act into law, which included major provisions of Sen. Warren’s (D-Mass.) Transition Team Ethics Improvement Act.
In September 2019, the Senate passed a key provision of the Transition Team Ethics Improvement Act introduced by Senators Warren and Tom Carper (D-Del.) to enhance the ethics requirements that govern presidential transitions.
In November 2016, as President Trump prepared to take office, Senator Elizabeth Warren and Chairman Cummings requested a GAO investigation of the chaotic Trump transition. In September 2017, Government Accountability Office (GAO) released the results of the investigation, finding that the Trump transition team ignored advice from the Office of Government Ethics and failed to follow past precedents regarding ethics and presidential transitions.

MIL OSI USA News –

March 4, 2025
MIL-OSI Australia: Screen Australia announces $2.3 million for documentaries, supporting a new wave of world-class Australian projects

Source: Screen Australia

04 03 2025 – Media release

Crowded House
Screen Australia has announced support for eight documentaries that will share in $2.3 million of direct production funding. These projects reflect the incredible tenacity of local documentary makers to uncover stories in Australia and around the globe, from Western Sydney to Ecuador. The documentaries deep-dive into a wide array of topics, from the defining issues of our time to celebrating cultural icons and shining a light on marginalised or misunderstood communities.
Among the projects are Robodebt (working title), a three-part series for SBS that combines documentary storytelling with drama to reveal how ordinary Australians fought back against the notorious Robodebt scandal; Crowded House, which unravels the psychological complexities the iconic band faced in their extraordinary journey; End Game, following Tony Armstrong on a mission to tackle racism in Australian sports; and RISE, from writer/director Patrick Abboud, about participants preparing to compete on Western Sydney’s spectacular LGBTQIA+ ballroom scene.
Screen Australia Head of Documentary Richard Huddleston said, “These stories, spanning numerous genres and disciplines, are a reflection of the ambition, sophistication and creativity of the current Australian documentary sector. These projects will grow Australia’s reputation for innovative, premium storytelling and point to an exciting future of global partnerships.”
Projects supported:

Crowded House: A feature-length documentary that dives deep into the Crowded House journey, unravelling the psychological complexities they faced in the wake of their meteoric rise, and spotlighting the evolution of the current line-up that includes Neil’s two sons, Liam and Elroy Finn. Woven from a treasure-trove of never-before-seen family and band archive, candid interviews, and more, the narrative moves between the past, present and a dream-like place of investigation and analysis that has the genius of Neil Finn’s song writing at its core. Crowded House is a co-production between Ghost Pictures (Mystify: Michael Hutchence, Autoluminescent, In Bob We Trust) and Academy Award-nominated producer, Carthew Neal (Jojo Rabbit, Tickled) and his production company Fumes. Financed by the New Zealand Film Commission in association with the ABC and VicScreen. Produced with the support of Primary Wave and Nude Run. An Australian-New Zealand Co-production. Australia and New Zealand territories distributed by Madman.
RISE: With exclusive access into Western Sydney’s underground LGBTQIA+ ballroom scene, the documentary RISE follows participants as they prepare to compete at the iconic West Ball. In a world seeking to erase them, RISE will portray which of these queer rebels will finally have their moment on the cutthroat stage and transform their life. It is written and directed by Patrick (Pat) Abboud (Australia Uncovered: Kids Raising Kids), with Monique Keller and Billy Russell (The Role of a Lifetime) executive producing, and West Ball community leaders, Xander Khoury and Jamaica Moana co-executive producing.
Death of a Shaman: In the depths of the Ecuadorian Amazon, a renowned Shuar shaman selects his reluctant grandson as his apprentice in an attempt to preserve their tribe’s ancestral wisdom for another generation. Meanwhile, the shaman’s son leads an Indigenous uprising that seeks to overthrow the Ecuadorian president. What transpires next will foreshadow either the preservation or destruction of a people. The feature-length documentary Death of a Shaman is from writer/director/producer Dan Jackson (In the Shadow of the Hill) and executive producers Robert Fernandez (The Fog of War) and Dan Levinson. It is financed in association with Soundfirm, with Umbrella Entertainment distributing locally.
Silenced: A feature film from Stranger Than Fiction that follows internationally renowned human rights lawyer Jennifer Robinson as she goes inside courtrooms and behind the headlines, to reveal the tricks and tropes used to silence women all over the world. Silenced is from writer/director Selina Miles and producer Blayke Hoffman, whose credits include the acclaimed Harley & Katya. Jennifer Peedom (Sherpa, Mountain) is executive producing. It is financed in association with Minderoo Pictures and the ABC, with support from Screen NSW, the Shark Island Foundation and Soundfirm. Local distribution by Sharmill Films and international sales by Together Films.
Troublemaker: This feature film follows massacre survivor Wendy Scurr and South Australian writer/director Jared Nicholson (Starting from Scratch), as they slip down the rabbit hole of paranoia in a desperate search for solace and truth. Directing alongside Nicholson is Ben Lawrence, with Rebecca Barry, Scott Baskett, Madeleine Hetherton-Miau and Chris Kamen producing and Deanne Weir executive producing. It is financed in association with the Shark Island Foundation, with support from the Adelaide Film Festival Investment Fund, the South Australian Film Corporation, Screen NSW and WeirAnderson Films. Post, digital and visual effects are supported by the South Australian Film Corporation.
Digby & Camille: This feature film is an eight-year love story about Sydney artist and the documentary’s co-director Digby Webster and his girlfriend, trainee chef Camille Collins, who both live with Down Syndrome. Looking to take the next step in their relationship, the couple fervently wish to live together and marry. But complicating their dream of wedded bliss are the very real concerns and questions from those who love and support them most, their parents. Directing alongside Digby is Trevor Graham (Chef Antonio’s Recipes for Revolution), who is also producing with Lisa Wang (White Fever). It is written by Rose Hesp (Who Do You Think You Are?), with Mitzi Goldman (Knowing the Score), Roger Savage and Jenny Lalor executive producing. It is financed in association with the Melbourne International Film Festival (MIFF) Premiere Fund, with support from Screen NSW, the Shark Island Foundation, Soundfirm, the Andy Inc Foundation and Philanthropy via Documentary Australia. Local distribution by Bonsai Films.
Robodebt (working title): A three-part series for SBS that combines documentary storytelling with drama to reveal how ordinary Australians fought back against the notorious Robodebt scandal that struck at the heart of inequality and social cohesion in Australia. It is from director Ben Lawrence (Hearts and Bones) and writer Jane Allen (Troppo, In Our Blood). Executive producing is Paula Bycroft (Con Girl), Michael Cordell (Go Back to Where You Came From) and Andrew Farrell (Murder in the Outback, Undercurrent). It has received major production investment from SBS with support from Screen NSW.
End Game: This three-part series for the ABC follows Tony Armstrong on a global mission to find solutions to combat the rising tide of racism in Australian sports to create real change for future generations — unpicking his own experiences on a personal journey of discovery, surprise, passion and understanding. End Game is executive produced by Daniel Brown (The Hospital: In the Deep End), Steve Bibb (Matildas: The World at Our Feet) and Dean Gibson (First Weapons). It has received major production investment from the ABC, with support from Screenwest and Lotterywest. International sales by ABC Commercial.

Documentaries also announced and recently supported by Screen Australia include Stan Originals Death Cap, Into the Night and Zyzz & Chestbrah: The Poster Boys, as well as ABC’s Ages of Ice, and feature film The Golden Spurtle.
The full list of documentary blocklines is available here. The latest projects funded for documentary development are available here. For more information about Documentary funding at Screen Australia and to apply, click here.

Digby & Camille
Download PDF
Media enquiries
Maddie Walsh | Publicist
+ 61 2 8113 5915 | [email protected]
Jessica Parry | Senior Publicist (Mon, Tue, Thu)
+ 61 428 767 836 | [email protected]
All other general/non-media enquiries
Sydney + 61 2 8113 5800 | Melbourne + 61 3 8682 1900 | [email protected]

MIL OSI News –

March 4, 2025
MIL-OSI: Live Oak Acquisition Corp. V Completes $230,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

New York, NY, March 03, 2025 (GLOBE NEWSWIRE) — Live Oak Acquisition Corp. V (the “Company”) announced today the closing of its initial public offering of 23,000,000 units, which includes 3,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000. The Company’s units began trading on February 28, 2025 on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “LOKVU.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The warrants will become exercisable 30 days after the completion of the Company’s initial business combination, and will expire five years after the completion of the Company’s initial business combination or earlier upon redemption or its liquidation. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “LOKV” and “LOKVW,” respectively.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $231,150,000 (or $10.05 per unit sold in the offering) was placed in a trust account of the Company.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry. The Company’s management team is led by Richard Hendrix, its Chairman, Chief Executive Officer and the co-founder of Live Oak Merchant Partners (“Live Oak”), and Adam Fishman, its President, Chief Financial Officer, Director and a Managing Partner of Live Oak. The Board also includes Ashton Hudson, Jonathan Furer and Andrea Tarbox. Gary Wunderlich, Jr. will serve as a Senior Advisor.

Santander acted as the sole underwriter for the offering.

The offering was made by means of a prospectus. Copies of the prospectus may be obtained from Santander US Capital Markets LLC, 437 Madison Avenue, New York, NY 10022, Attention: ECM Syndicate, by email at equity-syndicate@santander.us, or by telephone at 833-818-1602. A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all.

Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contacts

Live Oak Acquisition Corp. V
4921 William Arnold Road
Memphis, Tennessee 38117
Attn: Adam Fishman
E-mail: IR@liveoakmp.com

The MIL Network –

March 4, 2025
MIL-OSI: reAlpha’s AiChat Unveils Next-Gen AI Agents
Source: GlobeNewswire (MIL-OSI)

DUBLIN, Ohio, March 03, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (“reAlpha” or the “Company”) (Nasdaq: AIRE), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, today announces that its subsidiary, AiChat Pte. Ltd. (“AiChat”), is launching its AI-powered digital agents (the “AI Agents”), further enhancing its intelligent customer engagement capabilities.

Next-Generation AI Capabilities: Elevating Customer Experiences

AiChat’s AI Agents include Voice AI and Agentic AI, both of which are designed to facilitate and further personalize the way businesses connect with their customers. For example, the AI Agents can personalize responses based on the context of previous conversations, remembering customer preferences and past interactions to deliver more relevant recommendations. reAlpha expects that these AI-powered technologies will empower brands to create more personalized, seamless, and human-like interactions across their digital platforms.
- Voice AI: Human-Like Conversations Capabilities
AiChat’s Voice AI enables businesses to interact with customers in natural, human-like manner and handle their complex queries in real-time. With capabilities like multi-language support, voice-cloning, real-time analytics, and integrations with automatic speech recognition, text-to-speech, and large language model technologies, AiChat believes it will deliver prompt and scalable voice interactions through Voice AI.
- Agentic AI: The Next Step in Generative AI
AiChat’s Agentic AI will interact with customers with autonomy, adaptability, and personalization. Unlike scripted AI, Agentic AI will be able to understand context and adapt in real time to deliver prompt, natural responses. With self-learning and multi-turn contextual awareness, businesses can scale human-like interactions while maintaining brand consistency, which we believe may also improve customer loyalty and a customer’s overall customer service satisfaction.

Giri Devanur, Chief Executive Officer of reAlpha, said, “We are thrilled to announce this exciting new chapter for AiChat under reAlpha’s vision. With AiChat’s enhanced capabilities, including the introduction of Agentic AI and Voice AI, we are empowering businesses to unlock the true potential of customer engagement through human-centric, innovative technologies.”

Market Growth: AI Agents on the Rise

The global autonomous AI and autonomous agents market is witnessing rapid expansion, with the total market size expected to reach $783.27 billion by 2037¹. As businesses increasingly embrace digital transformation, AiChat believes it is positioning itself as a leader in next-generation AI solutions by delivering intelligent, personalized, and streamlined customer experiences for businesses worldwide.

One example is MYDIN, one of Malaysia’s largest retail chains, which has utilized AiChat’s AI-powered solutions to enhance its customer service. Malik Murad Ali, Director of Information Technology, Digital, Human Resources, and Leap Production System at MYDIN, shared, “Since integrating AiChat’s AI solutions, we’ve seen a significant improvement in our customer service capabilities, and, as of January 2025, we have automated 74.7% of customer inquiries. The AI-powered chatbot platform has enabled us to engage with customers more authentically and efficiently, and since January 2024, we improved overall customer service satisfaction by over 7%. We look forward to continuing this journey with AiChat and exploring the next phase of its AI-driven innovations.”

A Fresh Identity for a Bold Future

Alongside its AI Agents, AiChat is also unveiling a refreshed brand identity that reflects its mission to shape the future of AI-powered customer engagement solutions. At the heart of this rebrand is AiChat’s new logo shown below, which blends a brain-inspired design, representing AI’s creative capabilities, with a communication symbol, representing meaningful, human-like AI interactions. This fusion embodies AiChat’s vision of creating AI that goes beyond just assisting customers and businesses, offering instead a more personalized and tailored customer engagement solution to business and allowing them to foster meaningful relationships with customers.

Kester Poh, Chief Executive Officer of AiChat, added, “The rebranding of AiChat marks a significant step in the evolution of conversational AI, embodying our vision to redefine customer engagement. At AiChat, we are pioneering next-generation AI agents that go beyond traditional text-based chatbots to also include voice interactions. This development will enable us to deliver comprehensive, omnichannel customer experiences by integrating personalization and voice capabilities. As we continue to drive AI innovation, we are exploring new ways to make interactions even more natural and human-like, bringing us closer to a future of truly humanized AI-powered customer engagement.”

About reAlpha Tech Corp.

reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha aims to offer an affordable, streamlined experience for homebuyers. For more information, visit www.reAlpha.com.

About AiChat Pte. Ltd.

AiChat Pte. Ltd., a subsidiary of reAlpha, is a Singapore-based company that develops AI-powered conversational customer experience solutions. Its platform leverages artificial intelligence to provide businesses with intelligent chatbots and automation tools that improve customer interactions and operational efficiency. For more information about AiChat, visit www.aichat.com.

Forward-Looking Statements

The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about the announcement of AiChat’s AI Agents, Voice AI and Agentic AI; the anticipated benefits of AiChat’s AI Agents; reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products, including that of its subsidiaries, will be accepted and adopted by its customers and intended users; reAlpha’s ability to integrate AiChat’s AI Agents into its existing business and the anticipated demand for AiChat’s AI Agents; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to obtain the necessary regulatory and legal approvals to expand into additional U.S. states and maintain, or obtain, brokerage licenses in such states; reAlpha’s ability to generate additional sales or revenue from having access to, or obtaining, additional U.S. states brokerage licenses; reAlpha’s ability to enhance its, and its subsidiaries’, loan processing efficiency by leveraging its AI-powered platform and overall resources; AiChat’s ability to improve customer satisfaction and overall operational efficiency of businesses through implementation of its services and products, including, but not limited to, its AI Agents; AiChat’s ability to maintain its brand reputation and recognition with its customers and intended customers after its re-branding; reAlpha’s ability to, through a business’ implementation of AiChat’s technologies, increase loyalty of customers users using AiChat’s technologies; AiChat’s ability to scale its technologies, including its AI Agents, for adopting businesses; reAlpha’s and AiChat’s ability to provide personalized, human-like customer service solutions through its services and offerings; the inability to maintain and strengthen reAlpha’s brand and reputation; reAlpha’s ability to scale its operational capabilities to expand into additional geographic markets; the potential loss of key employees of its acquired companies; reAlpha’s inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any 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.

Investor Relations Contact:
Adele Carey, VP of Investor Relations
investorrelations@realpha.com

Media Contact:
Fatema Bhabrawala, Director of Public Relations
fbhabrawala@allianceadvisors.com

________________________
¹ https://www.researchnester.com/reports/autonomous-ai-and-autonomous-agents-market/5948

An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35c2d708-67b7-41b1-9cd1-d965f880da3e

The MIL Network –
March 4, 2025
MIL-OSI: Brookfield Announces Reset Dividend Rate on Its Series 38 Preference Shares

Source: GlobeNewswire (MIL-OSI)

All amounts in Canadian dollars unless otherwise stated.

BROOKFIELD, NEWS, March 03, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 38 (the “Series 38 Shares”) (TSX: BN.PF.E) for the five years commencing April 1, 2025 and ending March 31, 2030.

If declared, the fixed quarterly dividends on the Series 38 Shares during the five years commencing April 1, 2025 will be paid at an annual rate of 5.185% ($0.3240625 per share per quarter).

Holders of Series 38 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on March 17, 2025, to convert all or part of their Series 38 Shares, on a one-for-one basis, into Cumulative Class A Preference Shares, Series 39 (the “Series 39 Shares”), effective March 31, 2025. The quarterly floating rate dividends on the Series 39 Shares will be paid at an annual rate, calculated for each quarter, of 2.55% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the April 1, 2025 to June 30, 2025 dividend period for the Series 39 Shares will be 1.34331% (5.388% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.3358275 per share, payable on June 30, 2025.

Holders of Series 38 Shares are not required to elect to convert all or any part of their Series 38 Shares into Series 39 Shares.

As provided in the share conditions of the Series 38 Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series 38 Shares outstanding after March 31, 2025, all remaining Series 38 Shares will be automatically converted into Series 39 Shares on a one-for-one basis effective March 31, 2025; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series 39 Shares outstanding after March 31, 2025, no Series 38 Shares will be permitted to be converted into Series 39 Shares. There are currently 7,906,132 Series 38 Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 39 Shares effective upon conversion. Listing of the Series 39 Shares is subject to Brookfield fulfilling all the listing requirements of the TSX.

About Brookfield Corporation

Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

For more information, please visit our website at www.bn.brookfield.com or contact:

Media: Investor Relations:

Kerrie McHugh Katie Battaglia

Tel: (212) 618-3469 Tel: (212) 776-2252

Email: kerrie.mchugh@brookfield.com Email: katie.battaglia@brookfield.com

The MIL Network –

March 4, 2025
MIL-OSI: Top Producing Manager Liz Ryan Returns to Rate in the Northeast, Resumes Decade Long Run

Source: GlobeNewswire (MIL-OSI)

CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — Rate, a leader in fintech mortgage solutions, announces that Liz Ryan has rejoined the company as a top-producing manager in the Northeast. Ryan, a seasoned mortgage professional, brings a wealth of experience and a strong track record of success in helping loan officers grow their businesses through new technology, competitive rates, and strategic marketing strategies.

“I left Rate in 2022 after being here for 10 years. I returned in August of 2024 and was blown away by the marketing, technology, and ease of doing loans. I can’t believe how much more is offered to loan officers at Rate,” said Ryan. “I am so happy that I made the move back. I missed the camaraderie and my Rate family.”

Victor Ciardelli, CEO of Rate, expressed his enthusiasm for Ryan’s return. “I’m so glad Liz took my call and decided to return to the Rate family. Her leadership and experience will be invaluable as we continue to grow and support loan officers across the region.”

Ryan is a founding member of Capital Gains BNI in Amesbury, MA, and an active member of the Amesbury Chamber of Commerce, Kiwanis, and the Newburyport Women’s League. She is also an affiliate member of the North Shore Realtor Association.

About Rate

Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; No. 2 ranking in Scotsman Guide’s 2022 list of Top Retail Mortgage Lenders; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years. Visit rate.com for more information.

Media Contact

press@rate.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/06386e38-2396-46ff-905c-0c14609473d0

The MIL Network –

March 4, 2025
MIL-OSI: Petrus Resources Declares Monthly Dividend for March 2025

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 03, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to confirm that its Board of Directors has declared a monthly dividend in the amount of $0.01 per share payable March 31, 2025, to shareholders of record on March 17, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Dividend Reinvestment Plan (“DRIP”)
Petrus’ DRIP enables eligible shareholders to reinvest all or part of their cash dividends into additional common shares of the Company. Participation in the DRIP is optional. Eligible shareholders who elect to reinvest their cash dividends under the DRIP will receive common shares issued from treasury at a discount of 3% from the market price of the common shares.

To participate in the DRIP, registered shareholders must deliver a properly completed enrollment form to Odyssey Trust Company (“Odyssey”) before 4:00 p.m. (Calgary time) on the 5th business day immediately preceding a dividend record date. Beneficial shareholders who wish to participate in the DRIP should contact their broker or other nominee through which their Common Shares are held to determine their eligibility and provide appropriate enrollment instructions. Participation by shareholders that are not resident in Canada may be restricted.

A complete copy of the DRIP is available on the Company’s website at www.petrusresources.com and on Odyssey’s website at https://odysseytrust.com/faq/. A copy of the enrollment form for use by registered shareholders is available on Odyssey’s website at https://odysseytrust.com/faq/. For further information regarding the DRIP, please contact Odyssey at 1-888-290-1175 (Toll free in North America) or 1-587-885-0960.

ABOUT PETRUS
Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

FOR FURTHER INFORMATION PLEASE CONTACT:
Ken Gray
President and Chief Executive Officer
T: 403-930-0889
E: kgray@petrusresources.com

The MIL Network –

March 4, 2025
MIL-OSI Australia: New AI model detects toxic online comments with 87% accuracy

Source: University of South Australia

04 March 2025

Computer scientists have developed a powerful machine learning model that can detect toxic social media comments with remarkable accuracy, paving the way for safer digital interactions.

A team of researchers from Australia and Bangladesh has built a model that is 87% accurate in classifying toxic and non-toxic text without relying on manual identification.

Researchers from East West University in Bangladesh and the University of South Australia say their model is an improvement on existing automated detection systems, many of which produce false positives.

Lead author, data science expert Ms Afia Ahsan, says the massive increase in cyberbullying and hate speech in recent years is leading to serious mental health issues, self-harm and – in extreme cases – suicide.

“Despite efforts by social media platforms to limit toxic content, manually identifying harmful comments is impractical due to the sheer volume of online interactions, with 5.56 billion internet users in the world today,” she says.

“Removing toxic comments from online network platforms is vital to curbing the escalating abuse and ensuring respectful interactions in the social media space.”

UniSA IT and AI researcher, Dr Abdullahi Chowdhury, says the team tested three machine learning models on a dataset of English and Bangla comments collected from social media platforms such as Facebook, YouTube and Instagram.

Their optimised algorithm achieved an accuracy of 87.6%, outperforming the other models which achieved accuracy rates of 69.9% (baseline Support Vector Machine) and 83.4% (Stochastic Gradient Descent model).

“Our optimised SVM model was the most reliable and effective among all three, making it the preferred choice for deployment in real-world scenarios where accurate classification of toxic comments is critical,” Dr Chowdhury says.

Future research will focus on improving the model by integrating deep learning techniques and expanding the dataset to include more languages and regional dialects. The team is now exploring partnerships with social media companies and online platforms to implement this technology.

…………………………………………………………………………………………………………………………

Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au

Other articles you may be interested in

MIL OSI News –

March 4, 2025
MIL-OSI USA: Lt. Gov. Austin Davis Highlights Investments in Community-BasedPrograms That Are Making Pennsylvania Safer

Source: US State of Pennsylvania

March 03, 2025 – WEST READING, PA

Lt. Gov. Austin Davis Highlights Investments in Community-Based
Programs That Are Making Pennsylvania Safer

Lt. Gov. Austin Davis heard today from law enforcement officials, victims service providers and health care workers at Reading Hospital, which recently was awarded more than $600,000 in state grant funding to expand and enhance its hospital-based violence intervention program.

“Gun violence is something we can – and indeed, must – do something about,” said Davis, who leads the Pennsylvania Commission on Crime and Delinquency (PCCD). “I want to commend local law enforcement for the work you’ve done to reduce the number of homicides in Berks County, but I also know that one act of gun violence is one too many. Every Pennsylvanian deserves to be safe and feel safe, whether you live in West Reading or West Hamburg. We’ve been making progress on the issue of gun violence, in Reading, Philadelphia, Pittsburgh and many other cities and communities, but there is still much more work to be done.”

MIL OSI USA News –

March 4, 2025

MIL-OSI: VAALCO Schedules Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced the timing of its fourth quarter and full year 2024 earnings release and conference call.

The Company will issue its fourth quarter 2024 and full year earnings release on Thursday, March 13, 2025 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Friday morning, March 14, 2025 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time and 4:00 p.m. London Time.)

Interested parties in the United States may participate toll-free by dialing (833) 685-0907. Interested parties in the United Kingdom may participate toll-free by dialing 08082389064. Other international parties may dial (412) 317-5741. Participants should ask to be joined to the “Vaalco Energy Earnings Conference Call.” This call will also be webcast on VAALCO’s website at www.vaalco.com. An audio replay will be available on the Company’s website following the call.

About Vaalco

Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

For Further Information


Vaalco Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com

Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange

Buchanan (UK Financial PR)	+44 (0) 207 466 5000
Ben Romney / Barry Archer	Vaalco@buchanan.uk.com

The MIL Network –

March 4, 2025

MIL-OSI: Guggenheim Investments Announces March 2025 Closed-End Fund Distributions

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

The following dates apply to the distributions:
Record Date	March 14, 2025
Ex-Dividend Date	March 14, 2025
Payable Date	March 31, 2025

Distribution Schedule
NYSE Ticker	Closed-End Fund Name	Distribution Per Share	Change from Previous Distribution	Frequency
AVK	Advent Convertible and Income Fund	$0.1172^†		Monthly
GBAB	Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust	$0.12573^†		Monthly
GOF	Guggenheim Strategic Opportunities Fund	$0.1821^†		Monthly
GUG	Guggenheim Active Allocation Fund	$0.11875^†		Monthly

^† A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

About Guggenheim Investments

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $243 billion^* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 235+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

*Assets under management are as of 12.31.2024 and include leverage of $14.8bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

Analyst Inquiries

William T. Korver
cefs@guggenheiminvestments.com

Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
Member FINRA/SIPC (03/25) 64065

The MIL Network –

March 4, 2025

MIL-OSI USA: Senator Coons, Young resolution to establish National FFA Week passes Senate

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WASHINGTON – A bipartisan resolution introduced by Senators Chris Coons (D-Del.) and Todd Young (R-Ind.) to establish February 15-22, 2025, as National FFA Week passed the Senate yesterday.

The resolution highlights the important role of the National FFA Organization in developing the next generation of leaders by providing educational and career opportunities to students. It also commemorates the 75th anniversary of President Harry S. Truman signing into law a bill that provided a federal charter for FFA, acknowledging the significance of agricultural education in America.

“Young Delawareans learn to meet today’s agricultural challenges and prepare for tomorrow’s opportunities through programs offered by the Delaware FFA and the National FFA Organization,” said Senator Coons. “I’m thrilled this bipartisan resolution honoring this vital organization and its talented educators and members who will become the next generation of leaders passed the Senate.”

“FFA plays a critical role in the development of students through agricultural education. The lessons, tools, and resources gained through the FFA program equip Indiana’s future leaders with the skills needed to succeed in a variety of fields,” said Senator Young. “I’m glad to lead this resolution establishing National FFA Week in support of the more than 14,000 Hoosier FFA members.”

“National FFA Week serves as a powerful reminder of the vital role that agricultural education and leadership development play in shaping our future,” said National FFA Advisor Dr. Travis Park. “It’s a time of celebration and reflection as FFA members, advisors, and supporters come together to honor the impact of this extraordinary organization. The week highlights the value of fostering inclusivity and leadership while addressing the critical demand for skilled talent in agriculture and related industries. Through outreach events, community engagement, and heartfelt gratitude to supporters, National FFA Week strengthens the bond between members and their communities, ensuring the legacy of agriculture and education thrives for generations to come.”

In Delaware, there are 42 FFA chapters, with nearly 4,430 members.

In addition to Senators Young and Coons, Senators John Thune (R-S.D.), Jim Banks (R-Ind.), Bill Hagerty (R-Tenn.), Richard Blumenthal (D-Conn.), Jim Justice (R-W. Va.), Cory Booker (D-N.J.), Steve Daines (R-Mont.), Lisa Blunt-Rochester (D-Del.), Thom Tillis (R-N.C.), Catherine Cortez Masto (D-Nev.), Jim Risch (R-Idaho), Dick Durbin (D-Ill.), Susan Collins (R-Maine), John Fetterman (D-Pa.), James Lankford (R-Okla.), Ruben Gallego (D-Ariz.), John Barrasso (R-Wyo.), Maggie Hassan (D-N.H.), Shelley Moore Capito (R-W. Va.), John Hickenlooper (D-Colo.), Roger Marshall (R-Kan.), Tim Kaine (D-Va.), Roger Wicker (R-Miss.), Angus King (I-Maine), Cynthia Lummis (R-Wyo.), Mark Kelly (D-Ariz.), Chuck Grassley (R-Iowa), Amy Klobuchar (D-Minn.), Marsha Blackburn (R-Tenn.), Ben Ray Lujan (D-N.M.), Katie Britt (R-Ala.), Jeff Merkley (D-Ore.), Cindy Hyde-Smith (R-Miss.), Jon Ossoff (D-Ga.), Rick Scott (R-Fla.), Jeanne Shaheen (D-N.H.), Mitch McConnell (R-Ky.), Raphael Warnock (D-Ga.), Pete Ricketts (R-Neb.), John Boozman (R-Ark.), Joni Ernst (R-Iowa), Tim Sheehy (R-Mont.), Deb Fischer (R-Neb.), Tom Cotton (R-Ark.), Markwayne Mullin (R-Okla.), Eric Schmitt (R-Mo.), Ted Budd (R-N.C.), John Hoeven (R-N.D.), Mike Rounds (R-S.D.), and Kevin Cramer (R-N.D.) also cosponsored the resolution.

U.S. Representatives Tracey Mann (R-Kan.), Jimmy Panetta (D-Calif.), Glenn Thompson (R-Pa.), and Suzanne Bonamici (D-Ore.) introduced a companion resolution in the House of Representatives.

You can view the full text of the resolution here.

MIL OSI USA News –

March 4, 2025
MIL-OSI USA: Senators Coons, Moran introduce legislation to expand financing options for new energy projects

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Jerry Moran (R-Kan.) reintroduced the Financing Our Energy Future Act, which expands certain financing tools to all types of energy resources and infrastructure projects. The legislation would allow clean energy resources and infrastructure projects to form as master limited partnerships (MLPs), a tax structure currently only available to traditional energy projects. Newly eligible energy sources would include advanced nuclear, sustainable aviation fuel, hydrogen, biodiesel, biomass, carbon capture, and more.

“At a time when the United States needs to boost domestic energy production to meet surging demand, Congress should ensure all energy sources are competing on a level playing field,” said Senator Coons. “The Financing our Energy Future Act is a straightforward, bipartisan solution that will bolster investment in American energy projects, create good-paying jobs, and accelerate our transition to cleaner energy sources.”

“Being energy independent requires an all-of-the-above approach to energy production,” said Senator Moran. “Emerging renewable energy companies currently do not have access to a number of tax incentives available to other energy companies. Expanding these incentives to more companies will increase U.S. energy production, spur innovation, and help reduce prices for consumers.”

“NIA thanks Senator Coons and Moran for recognizing the role master limited partnerships can play in supporting our nation’s advanced nuclear energy leadership,” said Judi Greenwald, Executive Director of the Nuclear Innovation Alliance. “Their bipartisan master limited partnerships legislation will help commercialize important innovations in advanced nuclear energy and other key technologies, increase U.S. competitiveness, and create jobs.”

“The Energy Infrastructure Council commends Senators Moran and Coons, along with Representatives Estes and Thompson, for their leadership in introducing the Financing Our Energy Future Act,” said Lori Ziebart, President and CEO of the Energy Infrastructure Council. “This bipartisan legislation is one step that Congress can take this year to grow the energy economy to benefit all working-class Americans. It expands the master limited partnership structure to include new and emerging energy sources such as hydrogen, alternative energy, carbon capture and sequestration, and renewable fuels. The MLP structure has proven to be an efficient, cost-effective method for raising capital to support the development of critical energy infrastructure and provides individuals another vehicle to invest in energy infrastructure similar to real estate investment through REITS. Expanding this framework is essential as all energy sources will be needed to ensure a reliable and secure energy future. This expansion deepens the capital pool, improves market efficiency, creates jobs, and drives down costs of energy in a way that will help all Americans.”

“To strengthen its economic base and create more reliable and affordable energy, the U.S. needs tax policies that reflect the depth and breadth of America’s energy sector,” said Frank Macchiarola, American Clean Power (ACP) Association Chief Advocacy Officer. “The Financing Our Energy Future Act offers an innovative, logical approach to that challenge that will make America’s energy sector stronger and better able to serve the needs of the nation.”

“BPC Action applauds the introduction of the Financing Our Energy Future Act, an important step in incentivizing the deployment of innovative energy technologies to increase U.S. economic growth and global competitiveness,” said Michele Stockwell, President of Bipartisan Policy Center Action (BPC Action). “We commend Sens. Moran’s and Coons’ bipartisan leadership to level the playing field for novel energy projects—including around carbon capture, utilization, and storage, energy storage, advanced nuclear, and waste-to-energy—to have the same tax-advantaged structures currently available to fossil fuels.”

“As the U.S. enters a period of increasing demand growth, it is important to include all forms of reliable energy in advantageous tax and financing structures to accelerate deployment and ensure grid reliability,” said Jeremy Harrell, CEO of ClearPath Action. “We are excited to see advanced nuclear included in this proposal to help catalyze the next generation of advanced reactors through access to master limited partnerships.”

An MLP is a business structure that is taxed as a partnership but whose ownership interests are traded like corporate stock on a market. Currently, MLPs are only available to investors in energy portfolios for oil, natural gas, coal extraction, and pipeline projects. For projects to be an MLP, at least 90 percent of the project’s income must come from these sources. This legislation would amend the Internal Revenue Code to extend the publicly traded partnership ownership structure to renewable energy power generation projects.

In addition to Senators Coons and Moran, this legislation is cosponsored by Senators Susan Collins (R-Maine), John Barrasso (R-Wyo.), Roger Marshall (R-Kan.), John Cornyn (R-Texas), Angus King (I-Maine), John Curtis (R-Utah), Kevin Cramer (R-N.D.), Pete Ricketts (R-Neb.), and Mark Warner (D-Va.).

The full legislation can be read here.

MIL OSI USA News –

March 4, 2025
MIL-OSI Australia: Active Transport Boost for the ACT

Source: Australian Executive Government Ministers

Canberrans will have more opportunities to walk, cycle and actively move through their communities thanks to funding from the Albanese Labor Government.

Two projects will share in $8.5 million to build new or upgrade existing pedestrian and cycle paths – from Dickson to Watson and from Gold Creek to Hall.

$5 million will go to the Transport Canberra and City Services Directorate to further extend the Garden City Cycleway through the inner north.

This will be built between North Ainslie Primary School and Majura Primary School via the Dickson District playing fields, Downer shops, Academy of Interactive Entertainment and Mount Majura Walking and Riding Trail.

The Albanese and Barr Governments have already invested $5 million each into the Garden City Cycleway, with work nearing completion on the first stage connecting Braddon to Ainslie.

This additional funding will ensure a further 3.15 kilometres can be enjoyed by cyclists and pedestrians.

Further north, almost $3.5 million will go to the directorate for a new community path to be built between Hall Village and Gold Creek known as the Hall Village Main Route.

At about 2.3 kilometres long with a width of three metres, it’ll provide safer and more accessible transport options for visitors and locals.

This is part of the Albanese Government’s new Active Transport Fund which supports our commitment to invest in infrastructure planning, design and construction that improves safety outcomes for vulnerable road users under the National Road and Safety Strategy 2021-2030.

For more information visit Active Transport Fund | Infrastructure Investment Program.

Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

“Canberra is a beautiful city for walking, cycling and getting outdoors, which is why we’re making it easier to do so by investing in active transport options to better connect the territory.

“We’re linking the city, changing the way locals move and visitors explore; Whether you’re on a motor scooter, pushing a pram, walking or cycling, we’re making it easier and safer to walk and cycle to school, work, and anywhere else.”

Quotes attributable to ACT Minister for City and Government Services Tara Cheyne

“The ACT Government welcomes this investment from the Albanese Government which will strengthen our walking and cycling network.

“The completion of the Garden City Cycleway will mean that both sides of this busy transport corridor have good connections helping people get in and out of the city.

“This investment will go some way in delivering our long-standing active travel plan, which is an ambitious proposal to build quality walking and cycling infrastructure right across Canberra.”

Quotes attributable to Federal Member for Canberra Alicia Payne:

“Canberrans love active travel, and I’m proud our Government is investing in making it a safer and more viable option. By improving active travel connections in community centres, we are creating more opportunities for people to travel by using physical activity, making our communities healthier and more liveable.

“We are now providing a far safer way to get around for students, pedestrians and cyclists across Canberra.”

MIL OSI News –

March 4, 2025

MIL-OSI USA: Press Release: FDIC Board of Directors Withdraws Four Outstanding Proposed Rules

Source: US Federal Deposit Insurance Corporation FDIC

WASHINGTON – The Federal Deposit Insurance Corporation’s (FDIC) Board of Directors today approved the withdrawal of three outstanding proposed rules relating to brokered deposits, corporate governance, and the Change in Bank Control Act (CBCA). The FDIC is also withdrawing authority for staff to publish in the Federal Register a proposed rule related to incentive-based compensation arrangements.

The brokered deposits proposal was published in the Federal Register on August 23, 2024 and would have significantly disrupted many aspects of the deposit landscape.
The corporate governance proposal was published in the Federal Register on October 11, 2023 and would have created a number of overly prescriptive and process-oriented expectations for management and boards of directors of FDIC-supervised institutions with $10 billion or more in total consolidated assets.
The proposal related to the CBCA was published in the Federal Register on August 19, 2024 and would have removed an exemption from the requirement to submit a notice to the FDIC for an acquisition of voting securities of a depository institution holding company for which the Federal Reserve reviews a CBCA notice.
The proposal related to incentive-based compensation arrangements was approved by the FDIC Board on May 3, 2024, but was never published in the Federal Register.

If the FDIC pursues regulatory action on these matters in the future, it will do so by publishing new proposals or other issuances consistent with the Administrative Procedure Act.

ATTACHMENTS:
Federal Register Notice
Financial Institution Letter

###

MEDIA CONTACT:
MediaRequests@fdic.gov

The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe.

MIL OSI USA News –

March 4, 2025

MIL-OSI: James River Announces Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

PEMBROKE, Bermuda, March 03, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today reported the following results for the fourth quarter 2024 as compared to the same period in 2023:

	Three Months Ended December 31,						Three Months Ended December 31,
*($ in thousands, except for share data)*		2024		per diluted share				2023		per diluted share
Net (loss) income from continuing operations available to common shareholders	$	(92,669	)	$	(2.25	)	$	17,431		$	0.46
Net loss from discontinued operations¹		(1,372	)	$	(0.03	)		(170,211	)	$	(3.89	)
Net loss available to common shareholders		(94,041	)	$	(2.28	)		(152,780	)	$	(3.43	)
Adjusted net operating (loss) income²		(40,803	)	$	(0.99	)		12,442		$	0.33

Net loss from continuing operations available to common shareholders was $92.7 million ($2.25 per diluted share). Adjusted net operating loss² was $40.8 million ($0.99 per diluted share) for the fourth quarter of 2024. The decrease to both was largely attributable to the previously announced $52.8 million of consideration paid in connection with the Excess and Surplus Lines (“E&S”) adverse development reinsurance contract with Cavello Bay Reinsurance Limited, a subsidiary of Enstar Group Limited (“Enstar”) (“E&S Top Up ADC”) that closed on December 23, 2024. Net loss from continuing operations available to common shareholders was also negatively impacted by the $27 million deemed dividend resulting from the November 2024 amendment to the Series A Preferred Shares.

Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting for loss portfolio transfers (“LPTs”).

Highlights for 2024 included:

During the year we completed several strategic actions including (i) closing the sale of JRG Reinsurance Company Ltd. (“JRG Re”) to focus our business around our U.S. insurance businesses, (ii) entering into a $160.0 million combined loss portfolio transfer and adverse development cover for our E&S business (the “E&S ADC”), (iii) initiating a new strategic partnership with Enstar which, in part, entailed a $12.5 million equity investment in the Company and an additional $75.0 million E&S Top Up ADC, and (iv) amending the Certificate of Designations for our Series A Preferred Shares to, among other things, convert $37.5 million of the outstanding Series A Preferred Shares to common shares (see Amendment of Series A Preferred Shares on page 5). We believe these and other actions meaningfully strengthen our balance sheet and position us to generate attractive returns in the future.
E&S segment gross written premium exceeded $1.0 billion for a second consecutive year, a slight increase compared to the prior year as the Company continued to focus on its leading, wholesale driven franchise. The Company had its highest levels of both new and renewal annual submission growth in five years, and positive renewal rate change of 9.0% for 2024, as compared to 9.3% for 2023.
Full year 2024 net investment income increased 10.8% compared to 2023, with a majority of asset classes reporting higher income.
Specialty Admitted Insurance segment combined ratio was 92.2% for 2024 as compared to 95.9% for 2023. Underwriting profit grew 68.6% compared to the prior year.
Shareholders’ equity per share of $10.10 decreased sequentially from $14.02 at September 30, 2024, due to the net loss from continuing operations and increase in the common shares outstanding.
The Company does not expect any meaningful losses associated with the tragic series of California wildfires.

Frank D’Orazio, the Company’s Chief Executive Officer, commented, “2024 was a costly but transformational year for James River. We have meaningfully de-risked the organization and concluded an extensive strategic review, emerging with a renewed focus. The E&S market remains very healthy, and we believe that 2025 will provide significant opportunities to responsibly grow while taking advantage of the attractive rate environment.”

Fourth Quarter 2024 Operating Results

Gross written premium of $358.3 million, consisting of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Excess and Surplus Lines	$	280,287	$	275,171	2	%
Specialty Admitted Insurance		78,005		114,134	(32	)%
	$	358,292	$	389,305	(8	)%

Net written premium of $114.0 million, consisting of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Excess and Surplus Lines	$	99,684	$	146,628	(32	)%
Specialty Admitted Insurance		14,307		25,573	(44	)%
	$	113,991	$	172,201	(34	)%

Net earned premium of $105.6 million, consisting of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Excess and Surplus Lines	$	87,275	$	153,926	(43	)%
Specialty Admitted Insurance		18,311		28,027	(35	)%
	$	105,586	$	181,953	(42	)%

Lower net retention for the E&S segment reflects the $52.8 million of ceded premium recorded upon closing the E&S Top Up ADC as well as reinstatement premium which reduced net written premiums in the fourth quarter of 2024 compared to the prior year quarter.

E&S Segment Fourth Quarter Highlights:
- The E&S segment grew gross written premium by 1.9% compared to the prior year quarter. Excluding excess casualty, where we have been cautious, the segment grew by 11.2%.
- Total submissions grew 9% compared to the prior year quarter. The E&S segment received over 80,000 new and renewal policy submissions for the fourth consecutive quarter, its third consecutive quarter of 9% submission growth, a level not seen since 2020.
Specialty Admitted Insurance Segment Fourth Quarter Highlights:
- Gross written premium for the fronting and program business declined 11.1% compared to the prior year quarter, excluding the impact of our large workers’ compensation program and Individual Risk Workers’ Compensation book, which were non-renewed in the second quarter of 2023 and sold via a renewal rights transaction in the third quarter of 2023, respectively. Including these two programs, segment gross written premium declined 31.7%.
Pre-tax favorable (unfavorable) reserve development by segment on business not subject to retroactive reinsurance accounting was as follows:

	Three Months Ended December 31,
*($ in thousands)*		2024			2023
Excess and Surplus Lines	$	(8,943	)	$	(25,005	)
Specialty Admitted Insurance		—			(38	)
	$	(8,943	)	$	(25,043	)

The fourth quarter of 2024 reflected $8.9 million of net unfavorable reserve development in the E&S segment. The Company ceded $29.5 million of unfavorable reserve development on business subject to the E&S ADC during the fourth quarter of 2024 and the majority of the $8.9 million of net unfavorable development represents the retained loss corridor on that structure. There remains $116.2 million of aggregate limit on the E&S ADC and E&S Top-Up ADC which cover the overwhelming majority of all E&S reserves from 2010-2023.
Retroactive benefits of $2.7 million were recorded in loss and loss adjustment expenses during the fourth quarter and the total deferred retroactive reinsurance gain on the Balance Sheet is $58.0 million as of December 31, 2024.
Gross fee income was as follows:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Specialty Admitted Insurance	$	4,828	$	5,874	(18)%

The consolidated expense ratio was 43.7% for the fourth quarter of 2024, which was an increase from 24.2% in the prior year quarter. The expense ratio increase was primarily the result of $52.8 million of consideration paid in connection with the E&S Top Up ADC that closed on December 23, 2024, which resulted in lower net earned premium.

Investment Results

Net investment income for the fourth quarter of 2024 was $22.0 million, a decrease of 14.2% compared to $25.6 million in the prior year quarter. The decline in income was primarily due to a lower asset base across our fixed income and bank loan portfolios as we managed the portfolio for the payment of the $52.8 million of consideration paid in connection with the E&S Top Up ADC, as well as lower income from private investments, which in the prior year quarter benefited from a one-time payment of approximately $2.5 million related to the sale of certain investments.

The Company’s net investment income consisted of the following:

	Three Months Ended December 31,
*($ in thousands)*		2024		2023	*% Change*
Private Investments		1,334		3,199	(58)%
All Other Investments		20,628		22,389	(8)%
Total Net Investment Income	$	21,962	$	25,588	(14)%

The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended December 31, 2024 was 4.7% (versus 4.8% for the three months ended December 31, 2023).

Net realized and unrealized losses on investments of $2.8 million for the three months ended December 31, 2024 compared to net realized and unrealized gains on investments of $8.0 million in the prior year quarter.

Capital Management

The Company announced that its Board of Directors declared a cash dividend of $0.01 per common share. This dividend is payable on March 31, 2025 to all shareholders of record on March 10, 2025.

Amendment of Series A Preferred Shares

As previously disclosed, on November 11, 2024, the Company amended the Series A Preferred Shares. Among other amended terms, this amendment converted $37.5 million of the outstanding Series A Preferred Shares to common shares. The Company accounted for the amendment as an extinguishment due to the significance of qualitative and quantitative changes to the shares.

The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common shares. The Company also recorded a deemed dividend of $1.3 million for the difference between the $37.5 million of Series A Preferred Shares converted to common shares in the amendment and the $38.8 million fair value of the common shares issued. The combined $27 million deemed dividend increased the Net Loss to Common Shareholders and reduced tangible common equity for the fourth quarter of 2024 by approximately $0.60 per share.

Tangible Equity

Shareholders’ equity of $460.9 million at December 31, 2024 declined 13.1% compared to shareholders’ equity of $530.3 million at September 30, 2024. Tangible equity³ of $437.7 million at December 31, 2024 decreased 11.0% compared to tangible equity of $491.9 million at September 30, 2024, due to losses from continuing and discontinued operations as well as an increase in unrealized investment losses in accumulated other comprehensive income (“AOCI”). Other comprehensive loss was $27.2 million during the fourth quarter of 2024, due to a decrease in the value of the Company’s fixed maturity securities.

Board of Directors

The Company also announced that Non-Executive Chairman Ollie L. Sherman Jr. has chosen to retire from his leadership role and that the Board has appointed Christine LaSala as its next Non-Executive Chairperson. Following a period of transition, Mr. Sherman will also retire from the Board on April 30, 2025.

Mr. Sherman has served on the Board of Directors since May 2016 and had previously retired as a Managing Principal with Towers Watson in 2010. Ms. LaSala joined the Board of Directors in July 2024. She has over 45 years of management, client leadership and financial experience in the insurance industry in underwriting and insurance broking roles. She currently serves as a director of Sedgwick, a leading provider of claims management, loss adjusting and technology-enabled risk, benefit and business solutions. She served as a director of Beazley plc for eight years, including in a variety of board leadership roles such as Interim Chair, prior to stepping down in April 2024.

Conference Call

James River will hold a conference call to discuss its fourth quarter results tomorrow, March 4, 2025 at 8:30 a.m. Eastern Time. Investors may access the conference call by dialing (800)-715-9871, Conference ID 6424000, or via the internet by visiting www.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our ability to attract and retain insurance business that our subsidiaries write, our competitive position, and our financial condition; the amount of the final post-closing adjustment to the purchase price received in connection with the sale of our casualty reinsurance business and outcome of litigation relating to such transaction; the potential loss of key members of our management team or key employees and our ability to attract and retain personnel; adverse economic factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance law and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Non-GAAP Financial Measures

In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), and adjusted net operating return on tangible common equity excluding AOCI (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible common equity balances in the respective period, excluding AOCI), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com

For more information contact:

Zachary Shytle
Senior Analyst, Investments and Investor Relations
980-249-6848
InvestorRelations@james-river-group.com

James River Group Holdings, Ltd. and Subsidiaries Condensed Consolidated Balance Sheet Data (Unaudited)
*($ in thousands, except for share data)*	December 31, 2024		December 31, 2023
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale, at fair value	$	1,189,733	$	1,324,476
Equity securities, at fair value		86,479		119,945
Bank loan participations, at fair value		142,410		156,169
Short-term investments		97,074		72,137
Other invested assets		36,700		33,134
Total invested assets		1,552,396		1,705,861

Cash and cash equivalents		362,345		274,298
Restricted cash equivalents (a)		28,705		72,449
Accrued investment income		10,534		12,106
Premiums receivable and agents’ balances, net		243,882		249,490
Reinsurance recoverable on unpaid losses, net		1,996,913		1,358,474
Reinsurance recoverable on paid losses		101,210		157,991
Deferred policy acquisition costs		30,175		31,497
Goodwill and intangible assets		214,281		214,644
Other assets		466,635		457,047
Assets of discontinued operations held-for-sale		0		783,393
Total assets	$	5,007,076	$	5,317,250

LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses	$	3,084,406	$	2,606,107
Unearned premiums		572,034		587,899
Funds held (a)		25,157		65,235
Deferred reinsurance gain		57,970		20,733
Senior debt		200,800		222,300
Junior subordinated debt		104,055		104,055
Accrued expenses		53,178		56,722
Other liabilities		315,446		333,183
Liabilities of discontinued operations held-for-sale		0		641,497
Total liabilities		4,413,046		4,637,731

Series A redeemable preferred shares		133,115		144,898
Total shareholders’ equity		460,915		534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$	5,007,076	$	5,317,250

Tangible equity (b)	$	437,719	$	485,608
Tangible equity per share (b)	$	7.40	$	11.13
Tangible common equity per share (b)	$	6.67	$	9.05
Shareholders’ equity per share	$	10.10	$	14.20
Common shares outstanding		45,644,318		37,641,563

(a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company’s obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
(b) See “Reconciliation of Non-GAAP Measures”

James River Group Holdings, Ltd. and Subsidiaries Condensed Consolidated Income Statement Data (Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
*($ in thousands, except for share data)*		2024			2023			2024			2023
REVENUES
Gross written premiums	$	358,292		$	389,305		$	1,431,772		$	1,508,660
Net written premiums		113,991			172,201			580,854			693,901

Net earned premiums		105,586			181,953			600,196			708,005
Net investment income		21,962			25,588			93,089			84,046
Net realized and unrealized gains (losses) on investments		(2,803	)		7,954			3,625			10,441
Other income		1,968			2,609			10,716			9,517
Total revenues		126,713			218,104			707,626			812,009
EXPENSES
Losses and loss adjustment expenses (a)		144,560			133,162			554,374			500,157
Other operating expenses		47,068			45,734			193,198			193,656
Other expenses		1,563			2,325			6,145			3,792
Interest expense		5,709			6,561			24,666			24,627
Intangible asset amortization and impairment		91			91			363			2,863
Total expenses		198,991			187,873			778,746			725,095
(Loss) income from continuing operations before income taxes		(72,278	)		30,231			(71,120	)		86,914
Income tax (benefit) expense on continuing operations		(8,883	)		10,175			(7,634	)		25,705
Net (loss) income from continuing operations		(63,395	)		20,056			(63,486	)		61,209
Net loss from discontinued operations		(1,372	)		(170,211	)		(17,634	)		(168,893	)
NET LOSS	$	(64,767	)	$	(150,155	)	$	(81,120	)	$	(107,684	)
Dividends on Series A preferred shares		(29,274	)		(2,625	)		(37,149	)		(10,500	)
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS	$	(94,041	)	$	(152,780	)	$	(118,269	)	$	(118,184	)
ADJUSTED NET OPERATING (LOSS) INCOME (b)	$	(40,803	)	$	12,442		$	(41,503	)	$	50,317

(LOSS) INCOME PER COMMON SHARE
Basic
Continuing operations	$	(2.25	)	$	0.46		$	(2.60	)	$	1.35
Discontinued operations	$	(0.03	)	$	(4.52	)	$	(0.46	)	$	(4.49	)
	$	(2.28	)	$	(4.06	)	$	(3.06	)	$	(3.14	)
Diluted (c)
Continuing operations	$	(2.25	)	$	0.46		$	(2.60	)	$	1.34
Discontinued operations	$	(0.03	)	$	(3.89	)	$	(0.46	)	$	(4.47	)
	$	(2.28	)	$	(3.43	)	$	(3.06	)	$	(3.13	)

ADJUSTED NET OPERATING (LOSS) INCOME PER COMMON SHARE
Basic	$	(0.99	)	$	0.33		$	(1.07	)	$	1.34
Diluted (d)	$	(0.99	)	$	0.33		$	(1.07	)	$	1.33

Weighted-average common shares outstanding:
Basic		41,237,480			37,656,268			38,685,003			37,618,660
Diluted		41,237,480			43,744,208			38,685,003			37,810,440
Cash dividends declared per common share	$	0.01		$	0.05		$	0.16		$	0.20

Ratios:
Loss ratio		111.4	%		73.9	%		86.2	%		69.9	%
Expense ratio (e)		43.7	%		24.2	%		31.4	%		26.6	%
Combined ratio		155.1	%		98.1	%		117.6	%		96.5	%
Accident year loss ratio (f)		65.6	%		58.8	%		66.2	%		64.0	%



(a) Losses and loss adjustment expenses include $27.0 million and $37.2 million of expense for deferred retroactive reinsurance gains for the three and twelve months ended December 31, 2024, respectively ($1.3 million of benefit and $5.0 million of expense in the respective three and twelve month prior year periods).
(b) See “Reconciliation of Non-GAAP Measures”.
(c) The outstanding Series A preferred shares were dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
(d) The outstanding Series A preferred shares were anti-dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were not added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were excluded from the denominator.
(e) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $926,000 and $4.6 million for the three and twelve months ended months ended December 31, 2024, respectively ($1.7 million and $5.3 million in the respective prior year periods), and a denominator of net earned premiums.
(f) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).

James River Group Holdings, Ltd. and Subsidiaries Segment Results
EXCESS AND SURPLUS LINES
	Three Months Ended December 31,								Twelve Months Ended December 31,
*($ in thousands)*		2024			2023		% Change			2024			2023		% Change
Gross written premiums	$	280,287		$	275,171		1.9	%	$	1,017,029		$	1,007,351		1.0	%
Net written premiums	$	99,684		$	146,628		(32.0	)%	$	508,445		$	589,551		(13.8	)%

Net earned premiums	$	87,275		$	153,926		(43.3	)%	$	512,237		$	609,566		(16.0	)%
Losses and loss adjustment expenses excluding retroactive reinsurance		(103,327	)		(112,680	)	(8.3	)%		(448,714	)		(420,044	)	6.8	%
Underwriting expenses		(36,166	)		(32,348	)	11.8	%		(140,978	)		(135,175	)	4.3	%
Underwriting (loss) profit (a)	$	(52,218	)	$	8,898		—		$	(77,455	)	$	54,347		—

Ratios:
Loss ratio		118.4	%		73.2	%				87.6	%		68.9	%
Expense ratio		41.4	%		21.0	%				27.5	%		22.2	%
Combined ratio		159.8	%		94.2	%				115.1	%		91.1	%
Accident year loss ratio (b)		64.1	%		55.5	%				64.3	%		61.9	%

(a) See “Reconciliation of Non-GAAP Measures”.
(b) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).

SPECIALTY ADMITTED INSURANCE

	Three Months Ended December 31,								Twelve Months Ended December 31,
*($ in thousands)*		2024			2023		% Change			2024			2023		% Change
Gross written premiums	$	78,005		$	114,134		(31.7	)%	$	414,743		$	501,309		(17.3	)%
Net written premiums	$	14,307		$	25,573		(44.1	)%	$	72,409		$	104,350		(30.6	)%

Net earned premiums	$	18,311		$	28,027		(34.7	)%	$	87,959		$	98,439		(10.6	)%
Losses and loss adjustment expenses		(14,264	)		(21,752	)	(34.4	)%		(68,423	)		(75,122	)	(8.9	)%
Underwriting expenses		(3,186	)		(4,080	)	(21.9	)%		(12,663	)		(19,240	)	(34.2	)%
Underwriting profit (a), (b)	$	861		$	2,195		(60.8	)%	$	6,873		$	4,077		68.6	%

Ratios:
Loss ratio		77.9	%		77.6	%				77.8	%		76.3	%
Expense ratio		17.4	%		14.6	%				14.4	%		19.6	%
Combined ratio		95.3	%		92.2	%				92.2	%		95.9	%
Accident year loss ratio		77.9	%		77.5	%				78.5	%		77.3	%

(a) See “Reconciliation of Non-GAAP Measures”.
(b) Underwriting results for the three and twelve months ended December 31, 2024 include gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).

Underwriting Performance Ratios

The following table provides the underwriting performance ratios of the Company’s continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a loss portfolio transfer contract so long as any additional losses subject to the contract are within the limit of the loss portfolio transfer and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting for loss portfolio transfers gives the users of our financial statements useful information in evaluating our current and ongoing operations.

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2024		2023		2024		2023
Excess and Surplus Lines:
Loss Ratio	118.4	%	73.2	%	87.6	%	68.9	%
Impact of retroactive reinsurance	30.9	%	(0.8	)%	7.3	%	0.8	%
Loss Ratio including impact of retroactive reinsurance	149.3	%	72.4	%	94.9	%	69.7	%

Combined Ratio	159.8	%	94.2	%	115.1	%	91.1	%
Impact of retroactive reinsurance	30.9	%	(0.8	)%	7.3	%	0.8	%
Combined Ratio including impact of retroactive reinsurance	190.7	%	93.4	%	122.4	%	91.9	%

Consolidated:
Loss Ratio	111.4	%	73.9	%	86.2	%	69.9	%
Impact of retroactive reinsurance	25.5	%	(0.7	)%	6.2	%	0.7	%
Loss Ratio including impact of retroactive reinsurance	136.9	%	73.2	%	92.4	%	70.6	%

Combined Ratio	155.1	%	98.1	%	117.6	%	96.5	%
Impact of retroactive reinsurance	25.5	%	(0.7	)%	6.2	%	0.7	%
Combined Ratio including impact of retroactive reinsurance	180.6	%	97.4	%	123.8	%	97.2	%

RECONCILIATION OF NON-GAAP MEASURES

Underwriting Profit

The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.

	Three Months Ended December 31,						Twelve Months Ended December 31,
*($ in thousands)*		2024			2023			2024			2023
Underwriting (loss) profit of the operating segments:
Excess and Surplus Lines	$	(52,218	)	$	8,898		$	(77,455	)	$	54,347
Specialty Admitted Insurance		861			2,195			6,873			4,077
Total underwriting (loss) profit of operating segments		(51,357	)		11,093			(70,582	)		58,424
Other operating expenses of the Corporate and Other segment		(6,790	)		(7,628	)		(34,972	)		(33,940	)
Underwriting (loss) profit (a)		(58,147	)		3,465			(105,554	)		24,484
Losses and loss adjustment expenses – retroactive reinsurance		(26,969	)		1,270			(37,237	)		(4,991	)
Net investment income		21,962			25,588			93,089			84,046
Net realized and unrealized (losses) gains on investments		(2,803	)		7,954			3,625			10,441
Other income (expense)		(521	)		(1,394	)		(14	)		424
Interest expense		(5,709	)		(6,561	)		(24,666	)		(24,627	)
Amortization of intangible assets		(91	)		(91	)		(363	)		(363	)
Impairment of IRWC trademark intangible asset		—			—			—			(2,500	)
(Loss) income from continuing operations before taxes	$	(72,278	)	$	30,231		$	(71,120	)	$	86,914

(a) Included in underwriting results for the three and twelve months ended December 31, 2024 is gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).

Adjusted Net Operating Income

We define adjusted net operating (loss) income as income available to common shareholders excluding a) (loss) income from discontinued operations b) the impact of retroactive reinsurance accounting for loss portfolio transfers, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividend related to the conversion of the Series A Preferred Shares. We use adjusted net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

Our (loss) income available to common shareholders reconciles to our adjusted net operating (loss) income as follows:

	Three Months Ended December 31,
		2024						2023
*($ in thousands)*	Income Before Taxes			Net Income			Income Before Taxes			Net Income
Loss available to common shareholders	$	(102,924	)	$	(94,041	)	$	(142,605	)	$	(152,780	)
Loss from discontinued operations		1,372			1,372			170,211			170,211
Losses and loss adjustment expenses – retroactive reinsurance		26,969			21,306			(1,270	)		(1,003	)
Net realized and unrealized investment losses (gains)		2,803			2,214			(7,954	)		(6,284	)
Other expenses		1,563			1,340			2,321			2,298
Series A deemed dividends		27,006			27,006			—			—
Adjusted net operating (loss) income	$	(43,211	)	$	(40,803	)	$	20,703		$	12,442

	Twelve Months Ended December 31,
		2024						2023
*($ in thousands)*	Income Before Taxes			Net Income			Income Before Taxes			Net Income
Loss available to common shareholders	$	(125,903	)	$	(118,269	)	$	(92,479	)	$	(118,184	)
Loss from discontinued operations		17,634			17,634			168,893			168,893
Losses and loss adjustment expenses – retroactive reinsurance		37,237			29,418			4,991			3,943
Net realized and unrealized investment gains		(3,625	)		(2,865	)		(10,441	)		(8,248	)
Other expenses		6,145			5,573			1,588			1,938
Impairment of IRWC trademark intangible asset		—			—			2,500			1,975
Series A deemed dividends		27,006			27,006			—			—
Adjusted net operating (loss) income	$	(41,506	)	$	(41,503	)	$	75,052		$	50,317

Tangible Equity (per Share) and Tangible Common Equity (per Share)

We define tangible equity as shareholders’ equity plus mezzanine Series A preferred shares and the deferred retroactive reinsurance gain less goodwill and intangible assets (net of amortization). We define tangible common equity as tangible equity less mezzanine Series A preferred shares. Our definition of tangible equity and tangible common equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity and tangible common equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity and tangible common equity for December 31, 2024, September 30, 2024, December 31, 2023, and September 30, 2023.

	December 31, 2024		September 30, 2024		December 31, 2023		September 30, 2023
*($ in thousands, except for share data)*
Shareholders’ equity	$	460,915	$	530,347	$	534,621	$	562,544
Plus: Series A redeemable preferred shares		133,115		144,898		144,898		144,898
Plus: Deferred reinsurance gain (a)		57,970		31,001		20,733		37,653
Less: Goodwill and intangible assets		214,281		214,372		214,644		214,735
Tangible equity	$	437,719	$	491,874	$	485,608	$	530,360
Less: Series A redeemable preferred shares		133,115		144,898		144,898		144,898
Tangible common equity	$	304,604	$	346,976	$	340,710	$	385,462

Common shares outstanding		45,644,318		37,829,475		37,641,563		37,619,749
Common shares from assumed conversion of Series A preferred shares		13,521,635		6,848,763		5,971,184		5,640,158
Common shares outstanding after assumed conversion of Series A preferred shares		59,165,953		44,678,238		43,612,747		43,259,907

Equity per share:
Shareholders’ equity	$	10.10	$	14.02	$	14.20	$	14.95
Tangible equity	$	7.40	$	11.01	$	11.13	$	12.26
Tangible common equity	$	6.67	$	9.17	$	9.05	$	10.25

(a) Deferred reinsurance gain for the period ending September 30, 2023 includes the deferred retroactive reinsurance gain of $15.7 million related to the former Casualty Reinsurance LPT.

¹ The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been classified to discontinued operations for all periods.
² Adjusted net operating (loss) income, tangible common equity per share and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

³ Tangible equity and tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

The MIL Network –

March 4, 2025

MIL-OSI: Christine P. Ball Appointed to the Board of Hanmi Financial Corporation

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), and its wholly-owned subsidiary, Hanmi Bank (the “Bank”), today announced that Christine P. Ball has been appointed to the Board of Directors of the Company and the Bank effective March 1, 2025. The addition of Ms. Ball brings the total number of Hanmi Board directors to eleven.

“Christine brings a wealth of banking experience to the Hanmi Board,” said John J. Ahn, Chairman of the Board. “Her proven leadership and strategic insight, along with her deep expertise in credit and risk management, will be invaluable as we continue to strengthen our commitment to sound financial stewardship and long-term growth. We are very pleased to welcome Christine to our Board and look forward to her contributions.”

Ms. Ball was appointed to the Risk, Compliance and Planning Committee of the Company, as well as the Loan and Credit Policy Committee and Asset Liability Management Committee of the Bank.

Ms. Ball has more than 20 years of experience in corporate, commercial and private banking. Most recently, she served as Senior Vice President and Deputy Chief Credit Officer for City National Bank in Los Angeles. She joined the bank in 2013 as Senior Vice President and Division Credit Manager, Entertainment. Prior to that, Ms. Ball was a Senior Vice President at Wells Fargo Bank from 2008 until 2013 and a Senior Vice President for Wachovia Bank from 2006 until 2008 when it merged with Wells Fargo Bank. Ms. Ball earned a B.A. degree in economics from the University of California, Davis and an M.B.A. degree in finance from Cornell University.

About Hanmi Financial Corporation
Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches, five loan production offices and three loan centers in California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636

Lisa Fortuna
Investor Relations
Financial Profiles, Inc.
lfortuna@finprofiles.com
310-622-8251

Media Contact:
Juanita Gutierrez
Vice President
Financial Profiles, Inc.
310-622-8235
jgutierrez@finprofiles.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08a4916d-5d90-437f-852f-e08c40d42928

The MIL Network –

March 4, 2025

Media:	Investor Relations:
Kerrie McHugh	Katie Battaglia
Tel: (212) 618-3469	Tel: (212) 776-2252
Email: kerrie.mchugh@brookfield.com	Email: katie.battaglia@brookfield.com

Category: Business

Source: Royal NZ College of General Practitioners

Source: Ia Ara Aotearoa Transporting New Zealand

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