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  • MIL-OSI USA: NEW SCHUMER ANALYSIS: TRUMP’S BUDGET PROPOSAL IS ALL-OUT ASSAULT ON FEDERAL PROGRAMS UPSTATE NY RELIES ON MOST, RAISING COSTS FOR SENIORS, FAMILIES, & SMALL BUSINESSES AND SLASHING CRITICAL INVESTMENT…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Trump Just Released His “Skinny Budget” Blueprint Of Next Year’s Spending – And It Completely Zeroes Out And Slashes Many Of The Programs Most Important To Communities From Albany, To Buffalo, To Watertown, To Westchester  

    Schumer Data Shows Upstate NY Families Would Lose BILLIONS – Ripping Away Support For Seniors & Families To Heat Their Homes In The Winter, Community Grants Our Cities Rely On For Economic Development, Decimating Support To Reduce Housing Costs, Ending Funding To Fight Opioid Crisis, Slashing Funding For Removing Lead Pipes, Cutting Support For Rural Air Service, & More

    Schumer: Trump’s Budget Is All-Out Assault On Upstate NY Families, Seniors & Communities

    After President Trump released his “skinny budget” plan for the next year, U.S. Senator Chuck Schumer revealed how these devastating cuts would totally eliminate and slash many of the federal programs Upstate NY relies on the most. Schumer is sounding the alarm on the most dangerous and severe of these cuts for Upstate NY, which could cost our seniors, families, local governments, and small businesses billions.

    “Trump’s budget proposal is an all-out assault on hardworking Upstate New York families and seniors and the programs our communities rely on most – from totally eliminating funding to help our seniors keep the heat on during cold winters, to slashing funding to fight the opioid crisis, to cutting funding for rural air service in the North Country, to decimating the CDBG and HOME grant programs that deliver tens of millions of dollars every year for cities from Buffalo to Rochester to Albany to reduce housing costs and create local jobs. The chaos and cruelty of these cuts to incredibly effective, popular and essential federal programs show no one is safe from government by chainsaw,” said Senator Schumer. “Donald Trump’s budget is dead on arrival in the Senate, and all NY House Republicans should stand up and be vocal against these cuts, which are so damaging to Upstate NY, and get them reversed and removed from this misguided budget proposal.”

    Schumer highlighted some of the most severe and alarming cuts proposed in Trump’s budget that would hit Upstate NY hardest:

    Totally Eliminates LIHEAP – Ripping Away Nearly $400 Million Per Year For NY Seniors & Families To Heat And Cool Their Homes

    Trump’s budget proposal completely eliminates all federal funding for the Low-Income Home Energy Assistance Program (LIHEAP), zeroing out the funding. LIHEAP is the program that provides federal support to seniors & families to help pay their winter heating bills or summer cooling bills.

    Schumer said, “We all know Upstate winters can be harsh, and it is beyond cruel Trump could turn off the heat for thousands of seniors who rely on this program to stay safe and warm in their homes.”

    Last year, more than 1.8 million families across New York State received nearly $400 million in funding thanks to LIHEAP. A full county-by-county breakdown of New Yorkers receiving LIHEAP can be found HERE, with some of the largest counties highlighted below:

    Upstate NY Major Counties LIHEAP Benefits

    Counties

    Households

    Benefits

    Erie

    119,693

    $41.7 million

    Monroe

    65,920

    $19.7 million

    Onondaga

    41,559

    $15.1 million

    Oneida

    28,545

    $13.8 million

    Albany

    19,603

    $6.7 million

    Westchester

    34,060

    $3.3 million

    Broome

    20,166

    $9.6 million

    St. Lawrence

    13,940

    $8.6 million

    Cuts $4.2+ Billion for CDBG and HOME Grants, Eliminating the Programs – These Investments Are Some of the Main Tools Local Governments Use To Reduce Housing Costs And Revitalize Neighborhood

    Trump’s budget proposal eliminates the Community Development Block Grant (CDBG) and HOME Investment Partnerships Programs. Schumer said CDBG and HOME have long been cornerstones of funding for building new housing to reduce costs and increase access, economic development, and community revitalization creating jobs for Upstate NY.

    Below is a breakdown of the CDBG and HOME funding levels Upstate NY communities are receiving for Fiscal Year 2025 that would be eliminated under the Trump budget proposal:

    Upstate CDBG and HOME Grant Breakdown

    Grantee

    2025 CDBG Award

    2025 HOME Award

    Total Combined

    State of New York

    $47,644,860

    $23,805,148

    $71,450,008

    Buffalo

    $13,103,636

    $3,092,955

    $16,196,591

    Rochester

    $8,068,072

    $2,316,840

    $10,384,912

    Syracuse

    $4,795,536

    $1,278,624

    $6,074,160

    Westchester County

    $4,646,543

    $1,027,065

    $5,673,608

    Yonkers

    $3,248,745

    $1,223,019

    $4,471,764

    Erie County

    $2,994,630

    $921,687

    $3,916,317

    Albany

    $3,043,143

    $857,575

    $3,900,718

    Rockland County

    $2,691,786

    $970,993

    $3,662,779

    Schenectady

    $2,050,241

    $1,187,096

    $3,237,337

    Monroe County

    $1,842,072

    $1,146,571

    $2,988,643

    Onondaga County

    $2,272,403

    $673,565

    $2,945,968

    Utica

    $2,320,311

    $590,075

    $2,910,386

    Orange County

    $1,645,340

    $1,110,380

    $2,755,720

    Niagara Falls

    $2,150,047

    $449,818

    $2,599,865

    Dutchess County

    $1,497,550

    $884,623

    $2,382,173

    Binghamton

    $1,790,607

    $442,780

    $2,233,387

    Mount Vernon

    $1,548,930

    $591,829

    $2,140,759

    New Rochelle

    $1,385,726

    $446,046

    $1,831,772

    Troy

    $1,725,397

    $0

    $1,725,397

    Union Town

    $1,253,674

    $390,411

    $1,644,085

    Tonawanda Town

    $1,592,983

    $0

    $1,592,983

    Amherst

    $625,669

    $838,600

    $1,464,269

    Jamestown

    $1,105,265

    $313,260

    $1,418,525

    Elmira

    $1,095,403

    $239,101

    $1,334,504

    Ends The Northern Border Regional Commission, Great Lakes Authority, and Economic Development Administration – Federal Investments Aimed Specifically At Spurring Economic Growth and Job Creation In Upstate NY

    Trump’s budget proposal would completely get rid of the Northern Border Regional Commission, which has delivered more than $48 million for 78 projects across Upstate NY since its creation, and the Great Lakes Authority which specifically benefit NY counties. These agencies provide targeted help for Upstate NY infrastructure, rural health care, child care access, workforce training, small business support, and community projects that otherwise would go unfunded. The Trump budget also eliminates the Economic Development Administration (EDA), which has delivered well over $320 million for New York State projects since 2018 alone. These EDA investments have created or supported nearly 40,000 New York jobs and spurred more than $4.4 billion in private investment.

    At the end of last year, the Economic Development Administration was reauthorized with wide bipartisan support. This bill that passed into law also reauthorized the Northern Border Regional Commission for another 5 years, increasing funding and expanding the critical grant program.

    1. The Northern Border Regional Commission includes: Cayuga, Clinton, Essex, Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Montgomery, Niagara, Oneida, Orleans, Oswego, Rensselaer, Saratoga, Schenectady, Schoharie, Seneca, St. Lawrence, Sullivan, Washington, Warren, Wayne, Wyoming and Yates counties.
    2. The Great Lakes Authority includes: Cattaraugus, Chautauqua, Allegany, Erie, Niagara, Genesee, Wyoming, Jefferson, Orleans, Oswego, Wayne, Monroe, Cayuga, Lewis, Herkimer, Hamilton, Oneida, Seneca, Onondaga, Tompkins, Schuyler, Yates, Ontario, Madison, Cortland, Chemung, Steuben, Livingston, St. Lawrence, Franklin, Essex, and Clinton counties.

    Slashes $1 Billion For Fighting The Opioid Epidemic And Combating Addiction

    Trump’s budget slashes the Substance Abuse and Mental Health Service Administration’s (SAMSA) budget by over $1 billion, a nearly 15% reduction. This will make it harder for Upstate NY to fight the opioid epidemic reducing critical treatments and mental health care, especially rural programs that uniquely rely on this funding.

    New York State-based institutions received nearly $650 million in grant funding in FY2024. A 15% reduction would rip away nearly $100 million from NY’s efforts to combat the opioid epidemic.

    Devastating 40% Cut to NIH Funding – Harming Medical Research On Cancer, Alzheimer’s And More: Hurting Healthcare and Jobs In Upstate NY

    Trump’s budget slashes the National Institutes of Health budget by approximately $18 billion, a roughly 40% reduction. Every corner of New York is using this funding to study cures for cancer, Alzheimer’s, Parkinson’s and other life-threatening diseases.

    Schumer said, “These extreme cuts will lead to layoffs in Upstate NY and make it more difficult for sick people to receive care, and set our country back decades in developing lifesaving medical treatment.”

    New York State institutions received more than $3.5 billion in grant funding in FY2024. A 40% reduction in the total NIH budget means that all of the money New York receives is at risk. Institutions could see millions of dollars ripped away for research efforts across NY. A full list of NIH grant recipients and federal funding awards can be found here.

    Examples of Upstate NIH Cut Subsidy Summary

    Recipient

    FY2024 Grants

    University of Rochester

    $187,470,266

    University at Buffalo

    $90,062,504

    Roswell Park Cancer Institute

    $48,999,339

    Albany Medical College

    $13,233,444

    University at Albany

    $11,007,516

    89% Slash For Federal Funds For Clean Drinking Water And Eliminating Lead Pipes

    Trump’s budget proposal cuts nearly $2.5 billion from the Drinking Water and Clean Water State Revolving Funds, amounting to an overall budget of $305 million which is a nearly 89% cut. The SRFs are one of the primary federal tools for municipalities to get low-cost financing for water and sewer infrastructure projects that ensures the water New Yorkers rely on is safe and clean.

    Schumer said, “Upstate NY has some of the oldest water infrastructure, and our cities like Buffalo and Troy have more lead pipes than most places in the country.  No amount of toxic lead exposure is safe for our children, and these cuts would leave communities high and dry when it comes to upgrading their water and sewage infrastructure.”

    According to the EPA, New York State received more than $368 million in funding from the Clean Water State Revolving Fund and nearly $294 million from the Drinking Water State Revolving Fund for a total of more than $662 million in FY2024. Under Trump’s proposed FY2026 funding levels, New York State would see a reduction of nearly $580 million.

    Cutting Rural Air Service Support For North Country Airports

    Trump’s budget proposal slashes funding for FAA’s Essential Air Service (EAS) program by 50%. The EAS provides federal support to bring air service to underserved & rural communities, and specifically all five of the North Country’s major airports. All of NY’s airports that rely on EAS are in the North Country: Ogdensburg, Massena, Plattsburgh, Watertown, and Adirondack Regional Airport.

    Cuts Funding For Programs That Help Seniors And People With Disabilities Pay Rent

    Trump’s budget proposal would consolidate funding for Tenant-Based Rental Assistance, Public Housing, Project-Based Rental Assistance, Housing for the Elderly, and Housing for Persons with Disabilities into a new State Rental Assistance Block Grant, cutting nearly $27 billion across these programs and foisting responsibility over these programs onto state and local governments, reducing their ability to help people in need. Over half a million New Yorkers rely on this assistance, the vast majority of whom are seniors, people with disabilities, and children. Schumer explained that as rent costs continue to go up across the country, the administration is slashing funding for rental assistance. 

    In FY2023, New York State received more than $7.4 billion across these programs that would not be consolidated into a new State Rental Assistance Block Grant and receive a massive cut of 42.8%. Below is a breakdown of funding for each program and how much would be allocated to New York State if Trump’s major cuts to the programs were to go through.

    NY State Rental Assistance Block Grant Breakdown

    Grant

    FY2023 Funding Levels

    Award Based on Proposed FY2026 HUD Funding Levels

    Amount Cut Based on Proposed FY2026 HUD Funding Levels

    Tenant-Based Rental Assistance

    $140,182,508

    $80,184,395

    $59,998,113

    Public Housing

    $5,239,042,468

    $2,996,732,292

    $2,242,310,176

    Project-Based Rental Assistance

    $1,907,344,837

    $1,091,001,247

    $816,343,590

    Housing for the Elderly

    $122,626,159

    $70,142,163

    $52,483,996

    Housing for Persons with Disabilities

    $14,109,993

    $8,070,916

    $6,039,077

    Total

     $7,423,305,965

    $4,246,131,012

    $3,177,174,953

    Cancels $1.3 Billion For NOAA- Essential To The Health Of Great Lakes & Weather Monitoring

    Trump’s budget proposal eliminates more than $1.3 billion for the National Oceanic and Atmospheric Administration (NOAA) grants and research programs which uniquely support the Great Lakes, including programs which helps identify storm water infrastructure in need of upgrades to ensure community safety during extreme weather events.

    In addition, Trump wants to cancel $209 million for weather satellites and infrastructure critical for Upstate NY communities to get timely and accurate forecasts, and without could put safety at risk.

    Senator Schumer said, “Trump’s seismic cuts to the NOAA Great Lakes programs are the equivalent of wandering outside during a blizzard in Buffalo without a jacket. It’s not just dumb, it’s dangerous. NOAA Great Lakes scientists are how we monitor the health of Lake Erie, how we keep our waterways clean, how Western NY gets daily weather reports and this funding is one of our best tools for knowing when a lake effect snow will drop and how extreme it will be.”

    MIL OSI USA News –

  • MIL-OSI USA: Crapo, Merkley Lead Bipartisan Effort to Expand Collaborative Forest Landscape Restoration

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senators Mike Crapo (R-Idaho) and Jeff Merkley (D-Oregon) teamed up to introduce the bipartisan Collaborative Forest Landscape Restoration (CFLR) Program Reauthorization Act of 2025.  This legislation would reauthorize and expand the CFLR program, which helps fund collaborative and community-based forest management.  The CFLR program has a proven track record of improving forest health, reducing wildfire risk and supporting rural communities. 

    “Shared, active forest management plays a vital role in reducing the risk of wildfires and fire suppression,” said Crapo.  “Ensuring long-term reauthorization of the CFLRP will promote Idaho’s forest health, encourage the responsible stewardship of our public lands and foster resilient, rural economies.  Reauthorizing the CFLRP results in stronger relationships on the ground, more effective projects and a decreased risk of conflict and litigation.”

    “When people come together to develop collaborative plans to manage our forests, we can thin overgrown forests, strengthen our timber stands, support diverse ecosystems, increase fire resilience and boost workforce development,” said Merkley, Ranking Member of the Interior Appropriations Subcommittee.  “This is a proven, bipartisan model that delivers healthier forests and stronger communities instead of litigation and conflict.  Investing more in collaborative solutions will make a real difference in rural communities across Oregon and beyond.”

    In addition to Crapo and Merkley, this legislation is supported by U.S. Senators Jim Risch (R-Idaho), Ron Wyden (D-Oregon), Steve Daines (R-Montana) and Michael Bennet (D-Colorado).

    “Cooperation is vital to effectively managing our forests and reducing wildfire risk across the West,” said Risch.  “Reauthorization of the CFLRP ensures the longevity of collaboratives that make our forests healthier and Idaho’s communities safer.”

    “Forest collaboratives are a proven tool to reduce wildfire risk as well as to head off needless litigation, with the end result in Oregon and elsewhere being jobs and more resilient woodlands,” said Wyden.  “The proof of this productive forest formula can be seen in the fact that this legislation has earned bipartisan support in the Senate along with backing from conservationists and lumber companies alike.”

    “Collaborative forest projects help create jobs throughout Colorado while restoring wildlife habitat and managing fuel for wildfires.  In Colorado, they bring together people across local government, industry and conservation advocacy to make our forests more resilient and help our communities adapt to a changing climate,” said Bennet.  “As a member of the Senate Committee on Agriculture, Nutrition and Forestry, I’ll work to expand this valuable program for Colorado in the upcoming Farm Bill.”

    “In Montana, we’re tired of breathing in smoke.  I’m glad to work with my colleagues on this bipartisan measure to streamline commonsense forest management programs and increase collaboration between state and federal partners, so that we can keep our communities safe from catastrophic wildfires,” said Daines.

    The CFLR program brings stakeholders from all walks of life together to create solutions aimed at reducing wildfire risk across the West.  Requirements of this program ensure that various local stakeholders collaborate, resulting in stronger relationships on the ground, better, more effective projects, and a decreased risk of conflict and litigation.  Then-Interior Appropriations Subcommittee Chairman Merkley pushed to double funding for the program in the Fiscal Year 2022 Interior spending bill, which funds the U.S. Forest Service.  This funded all five collaboratives in Oregon, including the new Rogue River CFLR.  The program was last reauthorized by Senators Crapo and Merkley in the 2018 Farm Bill.

    CFLR was first authorized in 2009, and in the first ten years of the program, CFLR projects treated and restored 5.7 million acres of forestland, and have helped improve 1,000 miles of trails and maintain 25,000 miles of roads.  The lawmakers’ bipartisan bill would extend the program for another ten years, increase the size and scope of the Collaborative to reduce wildfire risk and make other program improvements. 

    U.S. Representatives Joe Neguse (D-Colorado), Andrea Salinas (D-Oregon) and Kim Schrier (D-Washington) are expected to introduce companion legislation in the U.S. House of Representatives.

    The full text of the Collaborative Forest Landscape Restoration Program Reauthorization Act can be found by clicking here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: University spinouts to grow industries of the future with new government backing

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    University spinouts to grow industries of the future with new government backing

    Public sector is being primed to bring innovative ideas out of government labs and onto the market with £30 million backing and new guidance.

    • 4 of the UK’s most exciting regional research clusters to grow their ideas into thriving companies and industries of tomorrow with £30 million government backing
    • £30 million awarded to world-leading universities working with industry partners across Merseyside, East Anglia, Northeast England and the Midlands to grasp the opportunity to incubate and scale-up the businesses and jobs of the future
    • Alongside, first-of-its-kind guidance priming public sector to bring innovative ideas out of government labs and into markets, pulling in the investment that’s vital for growth and job creation to deliver on our Plan for Change

    4 innovative UK hubs across Merseyside, East Anglia, the Midlands, and Northeast England will today (Friday 9 May) get fresh backing to grow more ‘spinouts’,  innovative new businesses created from within research institutions. 

    In turn creating new jobs, developing the industries of tomorrow and driving economic growth through the Plan for Change.

    UK innovators have made great strides in getting bright ideas onto the market and in front of investors, but red tape, talent shortages and a lack of access to funding is holding back innovators from turning their ideas into viable growing businesses.  

    New £30 million funding will support a taskforce of world-leading universities and industry experts across the 4 locations to take advantage of this huge, and all-too-often untapped, opportunity.  

    It will support efforts to incubate and spin out new companies and create the most fertile and attractive environment for the brightest thinkers and entrepreneurs.

    The government is also priming the public sector with first ever guidance to put groundbreaking ideas on the path to investment, becoming the next generation of businesses, creating a pipeline of innovative businesses emerging from the UK’s excellent public sector research landscape.  

    With step-by-step advice, a new generation of British R&D entrepreneurs in the public sector will be empowered with the tools and support they need to turn ambitious research into marketable products – and in turn unlock benefits from clean energy, to healthcare, and beyond. 

    Announcing the news on a visit to Aston University, Science Minister, Lord Vallance said: 

    The UK is home to some of the world’s best universities, and we have deep strengths from life sciences to cutting-edge fields like quantum and engineering biology. But we can and must do more to unlock scientific research’s vast economic potential, and to help our innovators world-leading public sector labs turn brilliant ideas into businesses that attract investment and sustain jobs.

    The funding and guidance we are announcing today will reinforce those efforts – supporting our mission to grow the economy as part of the Plan for Change.

    The 4 projects receiving funding from Research England 

    Strategic Commercialisation Ecosystem North East (SCENE)

    Based in the North East is receiving over £8 million over 5 years to strengthen and expand the region’s ecosystem, engaging businesses, sector bodies, Catapults and investors more actively in commercialising university research. 

    Forging ahead/Forging beyond

    Based in the Midlands is receiving almost £10 million over 5 years to address the talent, expertise and skills gaps in the Midlands by creating a Talent Pool, inward investment champions and innovation networks. The project will particularly target Heath, Advanced Manufacturing, Net Zero, and Creative & Digital sectors.  

    Biologics Regional Innovation and Technology Ecosystem (BRITE)

    Based in Merseyside will get over £4 million over 3 years to establish a sustainable life sciences ecosystem, in the Liverpool City Region (LCR), focused on developing treatments like vaccines, by addressing gaps in the development of products and materials from living cells or their components, scale-up, and commercialisation.

    It will strengthen collaboration between academia, industry, and civic partners to create a connected innovation ecosystem and accelerate the translation of biologics for antimicrobial resistance, infectious diseases, and emerging health challenges.

    Agri-Tech Commercialisation Ecosystems (ACE)

    Based in Lincolnshire and East Anglia will receive almost £5 million over 3 years to establish a world-leading, self-sustaining Agri-Tech research commercialisation cluster in Greater Lincolnshire and East Anglia, with support from Barclays Eagle Labs, Greater Lincolnshire LEP, New Anglia LEP, and Cambridgeshire & Peterborough Combined Authority plus commercial partners.  

    Ana Avaliani, Director of the Royal Academy of Engineering’s Enterprise Hub, said:

    Industry Academia partnerships create the ideal setting for transforming groundbreaking research into spinouts, addressing real world challenges while fostering economic growth and creating pathways for talented researchers to become entrepreneurs. These spinouts drive innovation and represent a crucial and growing component in our economic future. Our Spotlight on Spinouts 2025: UK academic spinout trends report tracked UK university spinouts securing over £2.6 billion in funding, nearly 40% more than the previous year.

    This welcome investment and new guidance from government will enhance support for these fledgling businesses as they face complex issues such as skills gaps and funding challenges. They will help foster strategic alliances that aren’t just beneficial but essential for maintaining competitive advantage in today’s innovation landscape.

    Notes to editors

    The Government Office for Technology Transfer (GOTT) is publishing 2 guides. They provide step-by-step advice on how public sector organisations can create spinouts.

    The publications are: 

    The universities involved in the 4 projects

    Project: Strategic Commercialisation Ecosystem North East (SCENE)

    The universities involved are:

    • Durham University (Lead)   
    • Newcastle University   
    • Northumbria University   
    • University of Sunderland  
    • Teesside University   

    Project: Forging ahead/ Forging beyond 

    The universities involved are:

    • Loughborough University (Lead)   
    • Aston University  
    • University of Birmingham    
    • Birmingham City University   
    • Cranfield University  
    • Coventry University  
    • Derby University  
    • De Montfort University  
    • Keele University   
    • Leicester University  
    • University of Lincoln  
    • University of Nottingham 
    • Nottingham Trent University   
    • University of Warwick   
    • University of Wolverhampton   

    Project: Biologics Regional Innovation and Technology Ecosystems (BRITE)

    The universities involved are:

    • Liverpool School of Tropical Medicine (Lead)   
    • University of Liverpool  
    • Liverpool John Moores University  
    • Edge Hill University    

    Project: Agri-tech commercialisation ecosystems (ACE)

    The universities involved are:

    • University of Lincoln (Lead)   
    • University of Cambridge  
    • University of East Anglia  
    • Cambridge Enterprise

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Baldwin Introduces Bipartisan Bill to Support American Businesses’ Research and Development and Outcompete China

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) joined a group of her colleagues in reintroducing the American Innovation and Jobs Act, bipartisan legislation that will expand and strengthen American small businesses’ research and development (R&D) investments and help America outcompete global rivals, like China, who are significantly investing in R&D.  
    “When we invest in research and development, we invest in our American workers, small businesses, and economy. Wisconsin is a state that makes things, and I’m committed to ensuring our Made in Wisconsin economy and workers have the tools they need to pioneer the new breakthroughs and create good-paying jobs across the state,” said Senator Baldwin. “I am proud to work with Republicans and Democrats to boost American innovation, support American workers and businesses, and ensure that we don’t let countries like China get a leg up on us.”
    Currently, companies and startups investing in R&D can claim tax incentives that help them invest in developing new, innovative products that lead to additional jobs and a stronger economy. The bipartisan American Innovation and Jobs Act builds on this by expanding the refundable R&D tax credit and extending it to more startups and small businesses. In addition, the bill reverses a change in the 2017 tax law that limits companies from fully deducting R&D investments each year.
    Specifically, the American Innovation and Jobs Act would help businesses innovate and create jobs by:
    Restoring incentives for long-term R&D investment by ensuring that companies can continue to fully deduct R&D expenses each year by repealing the change made by the Tax Cuts and Jobs Act to section 174 of the tax code.
    Expanding support for innovative startups by:
    Immediately doubling the cap on the refundable R&D tax credit from $250,000 to $500,000, and ultimately raising it to $750,000 over ten years.
    Expanding access to the R&D tax credit for startups by lowering certain threshold needed to qualify.
    Expanding the number of startups eligible to use the refundable R&D credit by:
    Increasing the eligibility threshold from $5 million to $15 million in gross receipts.
    Increasing the period during which startups can claim the credit from 5 years to 8 years after beginning to generate at least $25,000 in revenue.
    The bill is led by Senators Maggie Hassan (D-NH) and Todd Young (R-IN) and co-sponsored by 33 of their Senate colleagues.
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Warren, Wyden, Senators Slam Social Security for Improperly Declaring Thousands Dead, Call for Watchdog Investigation

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    May 08, 2025
    Trump administration abused Death Master File to purge at least 6,300 Social Security numbers, including children and seniors
    Letter to SSA Acting Commissioner | Letter to SSA Assistant Inspector General for Audit 
    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), along with Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) and 11 Senate Democrats, slammed the Social Security Administration (SSA) for transferring thousands of Social Security numbers associated with immigrants to the SSA’s Death Master File, marking them as dead to pressure “self-deportation,” and demanded the agency’s watchdog launch a full investigation into the decision.
    Exploiting Social Security’s Death Master File to terminate the SSN of living individuals without full due process violates bedrock constitutional rights. The Trump administration’s actions, which amount to falsifying government records, also violate the Privacy Act. Even Trump’s lawyers reportedly agreed. 
    “This decision will result in the ‘financial murder’ of living individuals improperly placed in the file, with everything from their credit cards and banking to their ability to access healthcare and housing being ripped out from under them,” wrote the senators.
    The senators also called on the SSA Office of the Inspector General to launch a full investigation into the agency’s decision to begin using the Death Master File for this purpose, including how an individual gets targeted, who at the agency has decision-making authority, and how those who have had their SSNs nullified through this process can get it fixed if there is a mistake.
    The Trump administration’s abuse of Social Security and its flagrant violation of constitutional guarantees of due process set a precedent that could endanger the rights of all Americans. It also undermines the accuracy of the Social Security Administration’s data, which could lead to more mistakes that limit a person’s access to benefits, regardless of their immigration status. 
    “The purpose of SSA is to provide for the welfare of number-holders and their dependents, not to serve as an arm of President Trump’s immigration enforcement agenda. This move degrades the solvency, reliability, and accuracy of SSA systems and programs. It is as cruel as it is thoughtless—the impact will be felt in communities across the country and in the future of SSA programs themselves,” concluded the senators to Acting Social Security Commissioner Leland Dudek. 
    The letter was signed by Senators Peter Welch (D-Vt.), Mazie Hirono (D-Hawai’i), Tammy Duckworth (D-Ill.), Catherine Cortez Masto (D-Nev.), Bernie Sanders (I-Vt.), Angus King (I-Maine), Cory Booker (D-N.J.), Ben Ray Luján (D-N.M.), Patty Murray (D-Wash.), and Jeff Merkley (D-Ore.). 

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Cornyn Introduce Bill to Crack Down on Illegal Immigrants Who Murder Innocent Americans

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator John Cornyn and several of their colleagues to introduce the Justice for American Victims of Illegal Aliens Act, which would codify President Trump’s Executive Order subjecting illegal immigrants who kill American citizens to the death penalty. Earlier today, Sen. Tuberville joined Sen. Cornyn, Sen. Steve Daines (R-MT), and Sen. Tim Scott (R-SC) for a press conference about the bill.

    “Over the past four years, Joe Biden and Kamala Harris welcomed more than 10 million illegal immigrants into this country with open arms,” said Sen. Tuberville. “As a direct result, innocent Americans like Laken Riley and Rachel Morin have lost their lives. It’s simple: if you’re in this country illegally and you murder an American citizen, you should face the death penalty. President Trump has essentially stopped the crisis at our southern border. Republicans in Congress must do our part to ensure no more American blood is shed at the hands of criminals who shouldn’t be here in the first place.”
    “Violent predators who enter our country illegally and brutally murder American citizens should be subject to the death penalty as a consequence of their heinous actions,” said Sen. Cornyn. “By enshrining President Trump’s Executive Order into law, this legislation would protect the American people, make our country safe again, and ensure no future President can singlehandedly undo this consequence for taking innocent lives.”
    Joining Senators Tuberville and Cornyn in cosponsoring the bill are Senators Jim Banks (R-IN), Mike Crapo (R-ID), Steve Daines (R-MT), Jim Justice (R-WV), Pete Ricketts (R-NE), Jim Risch (R-ID), Tim Scott (R-SC), and Thom Tillis (R-NC).
    Watch the full press conference here or Sen. Tuberville’s remarks here.
    BACKGROUND:
    Under the Biden administration’s reckless open-border policy and failure to enforce the law, millions of illegal immigrants flooded into the United States, creating the worst immigration crisis in history. After entering the U.S., many illegal immigrants subsequently committed crimes, including violent felonies and murder. For example:
    August 5, 2023 – An illegal immigrant from El Salvador attacked, raped, and murdered 37-year old Rachel Morin, a mother of five, in Bel Air, Maryland. The perpetrator had previously attacked a 9-year old girl and her mother in Los Angeles. 
    December 4, 2023 – An illegal immigrant from Mexico stabbed 16-year old Lizbeth Medina to death and left her body in a bath tub in Edna, Texas.
    February 22, 2024 – An illegal immigrant from Venezuela murdered 22-year old Laken Riley as she went for a run in Athens, Georgia. 
    March 22, 2024 – An illegal immigrant from Mexico shot and killed 25-year old Ruby Garcia while in her car, then left her body on the side of a highway in Grand Rapids, Michigan. 
    June 17, 2024 – Two illegal immigrants from Venezuela kidnapped, sexually assaulted, and strangled 12-year old Jocelyn Nungaray to death in Houston, Texas.
    January 26, 2025 – Two illegal immigrants, one from Ecuador and the other from Venezuela, bound, gagged, and beat 63-year old George Levin to death in Chicago, Illinois. 
    March 12, 2025 – An illegal immigrant from Honduras choked 52-year old Camillia Williams, a mother of five and grandmother, to death, then dumped her body in the woods in Marietta, Georgia. 
    As President Trump highlighted, since America’s founding, capital punishment has been an essential tool for deterring and punishing murder. When illegal immigrants come into the United States and murder law-abiding American citizens, they should face the death penalty. The Justice for American Victims of Illegal Aliens Act would ensure that this deterrent is applied to predators illegally crossing our border and committing violent crimes here.
    The Justice for American Victims of Illegal Aliens Act would:
    Amend the Criminal Code to create a new aggravating factor for illegal immigrants who murder U.S. citizens
    Help direct juries to administer the death penalty when an illegal immigrant murders a U.S. citizen
    Fully implement and permanently codify President Trump’s Jan. 20, 2025 Executive Order, “Restoring the Death Penalty and Protecting Public Safety,” specifically Section 3(b)(i) of the Executive Order, which states that the “Attorney General shall, where consistent with applicable law, pursue Federal jurisdiction and seek the death penalty regardless of other factors for every federal capital crime involving … [a] capital crime committed by an alien illegally present in this country.”
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Speaks with Trump Defense Nominees on Supporting Small Businesses and Service Academy Oversight

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) spoke with Sean O’Keefe, President Trump’s nominee to be Deputy Under Secretary of Defense for Personnel and Readiness, and Michael Obadal, President Trump’s nominee to be Under Secretary of the Army during their Senate Armed Services Committee (SASC) nomination hearing. During the hearing, they spoke about how the Army can integrate and support small defense businesses and different ways to improve the United States’ military service academies.
    Read Sen. Tuberville’s remarks below or on YouTube or Rumble.

    ON RCCTO AT REDSTONE ARSENAL:
    TUBERVILLE: “Thank you for your service, first of all. […] One of our new defense contractors, obviously, has taken a novel approach to supporting the warfighter. You know, newer companies like this have become successful, partly because newer defense contract and authorities and organizations such as the RCCTO, which is headquartered in Redstone Arsenal in my state of Alabama, you know, we’re making progress. 
    So, how can the Army continue to improve our acquisition systems based on the lessons learned from the RCCTO?”
    OBADAL: “Senator, thank you for the question as this is a critical part of Army transformation. And I believe that the RCCTO really showed us that we can rapidly understand the problem, innovate solutions with industry, and then field them rapidly in a number of different ways. My experience in commercial industry, and specifically in the defense technology industry, gave me a wide exposure to a number of different companies dealing with the acquisition corps. And having been on both sides of the table and having overseen acquisitions in my government service, I came to the conclusion that the Army needs to be a better customer. And we need to do that through streamlining our requirements through predictability of requirements and not changing them and moving the goalpost on the defense industry. 
    With that said, we always have to have agile requirements, which requires modularity, both software and hardware. So, if confirmed, when I look at the entire acquisition corps, I believe the people—we have fantastic people—in our acquisition corps who have given us the world’s strongest Army. It is our processes that we have to fix. So, if confirmed Senator, I would work diligently on that.”
    ON SUPPORTING SMALL BUSINESSES IN DEFENSE:
    TUBERVILLE: “Yeah. Thank you. As Senator Ernst said earlier, last week, the Army announced the ATI initiative [is] headed in a different direction in some areas. I understand that being an old football coach—you can’t keep doing the same thing over and over, you gotta change along with your adversary, and obviously we need to do that. You know, part of this change last week, canceling multiple programs, you know, one of these contracts, the Future Tactical Uncrewed Aircraft System, was won by a small family business in Alabama, my home state, named Griffin Aerospace. On Friday, they were notified that the thousands of man hours and millions of dollars that they had spent and invested in good faith were basically wasted. It’s hard to understand that from their perspective. I’d like to suggest to you that the Army restore faith with this type of businesses because we need these smaller businesses. That is not Lockheed [Martin], this is not Boeing—who could really absorb this. This is gonna devastate this country. And at the end of the day, they need more than an, ‘oops.’ You know, we wanna change here. Do you agree with that?”
    OBADAL: “Senator, I wholeheartedly agree that the Army needs to take care of small business[es] as best it can. And I believe there are a number of different ways that we can do that because small business[es], in my experience, is where most of the innovation comes from. And obviously large companies, like you mentioned, build us exquisite weapon systems and we need them, but we have to make sure that we’re cultivating a robust small and medium sized business ecosystem.”
    TUBERVILLE: “Yeah. Thank you. And, you know, in my state, in Huntsville, we have probably 600-800 small defense contractors. We can’t lose them. You know, they get bought out obviously regularly, but we need to make sure that, you know, for future innovation, they’re as important as anybody. So, thank you for that.
    ON MILITARY SERVICE ACADEMY OVERSIGHT:
    TUBERVILLE: “Mr. O’Keefe, in my role as Chairman of the Subcommittee on Personnel, we held our first hearing, as you well know, with our [superintendents] of our [service] academies in 30 years. [The] first one in 30 years. […] One of the things we illuminated during that hearing is that permanent military professors at the academies require Senate confirmation—which is very understandable—while civilian-tenured faculty are not [Senate confirmed], making them as far as I can tell, the only lifetime government employee [that] is not subject to advice and consent. How do you feel about that?”
    O’KEEFE: “Senator, it’s an interesting dynamic when the permanent professors were set up decades ago, the majority of the faculty was all military at the service academies. I suppose the concern anytime you’re discussing whether to make more civilian positions Senate confirmed is perhaps extended vacancies. I do think that there’s some room to evaluate the administrative faculty authority. You know, they have a slightly nuanced statutory scheme that applies to civilian faculty. They didn’t always have tenure for instance. So, I think that is something that should be evaluated, which I think could improve the […] effectiveness of the workforce, of the faculty mix there. Without perhaps causing some of the vacancies that I think might result with Senate confirmation. But I do think that’s an area to take a look at. I know the Secretary has mentioned that that’s something he wants to take a look at as well.”
    TUBERVILLE: “Thank you, and when confirmed, I have some suggestions [for what superintendents can] do about transforming, you know, our military academies to make them better. We don’t wanna do something just to do it, but we need to make them better and grow with the times. And so, [I] look forward to visiting with you on that and working with you.”
    O’KEEFE: “Absolutely, Senator.”
    TUBERVILLE: “Thank you.”
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Speech to the India New Zealand Business Council

    Source: NZ Music Month takes to the streets

    Good morning. Namaskar. 

    • The Chair and General Manager of the India New Zealand Business Council
    • Prime Minister Luxon and Minister of State Margherita
    • Indian High Commissioner Bhushan
    • Distinguished Guests
    • Ladies and Gentlemen

    It’s a privilege to be with you today to offer some very brief reflections on the India-New Zealand relationship. 

    These reflections follow detailed speeches by Prime Minister Luxon and Minister of State Margherita. So, we won’t seek to repeat what you have already heard. Rather, we will make just three fundamental and summarising observations.

    Observation one: New Zealand wants closer, stronger relations with India. 

    New Zealand’s Coalition Government has made clear over the past 18 months, through our actions and policies, that we intend to seriously lift our relations with India.

    As Foreign Minister, we have spent much of this Parliamentary term travelling around the world advancing New Zealand’s interests. But our very first visit outside Australia and the Pacific since returning as Foreign Minister was to India.

    This selection of Gujarat and New Delhi as early visit destinations was very deliberate. Our government wanted to send an unambiguous signal to the people and Government of India that New Zealand wishes for our countries to draw ever closer – united by shared interests and a mutual desire to build deeper, mutually beneficial cooperation.

    India’s Foreign Minister, S. Jaishankar, is one of the world’s most impressive and astute statesmen. We have been pleased to work closely with him on this project of drawing our countries closer together. 

    And we are looking forward to meeting this afternoon with Minister of State Margherita, to discuss our building bilateral relationship. 

    This meeting will also provide an opportunity for us to exchange views on the heinous terrorist attack in Kashmir last month, developments between India and Pakistan in the last few days, and New Zealand’s wish to help support a seriously rapid de-escalation of the situation. 

    Observation two: India’s rise over the past generation has been seriously impressive. 

    There are few countries in the world that have been so dramatically transformed over the past 35 years as has India. 

    We have seen hundreds of millions of Indians lifted out of poverty; huge improvements in education, health and life expectancy; and a breathtaking economic expansion. 

    And all of this has been achieved while maintaining India’s proud democratic tradition of settling the inevitable differences that emerge in a country of such immense scale and diversity at the ballot box.

    When in Delhi last year, we visited the new Indian Parliament – whose carpets feature New Zealand wool – and got a first-hand sense of the scale and magnificence of Indian democracy. 

    India’s rise has been a force for good in our region and for our world. 

    Observation three: New Zealand wants a broad-based relationship with India, as the Prime Minister said. 

    We want to draw closer with India not in one domain, but in many domains. 

    New Zealand and India are two of the world’s great, long-standing democracies – and we have a shared objective of an open, free, democratic and peaceful Indo-Pacific region. To achieve that, we need to be cooperating in as many areas as possible. 

    We need to be working across the Indo-Pacific, including with Pacific Island countries.

    We need to be helping to manage our increasingly contested and disordered strategic environment via more regular, intensive high-level dialogue. 

    We need to be addressing shared security and defence challenges, by embedding deeper engagement in these areas. 

    And the Prime Minister is right.  We will be seriously boosting our diplomatic presence in India. We should have done so 40 years ago. 

    We need to be pursuing shared trade and economic opportunities, including in tourism and education. 

    And we need to be making the most of our intensifying people, sporting and cultural connections. 

    This audience will know well that, through the painstaking work of the governments, peoples and indeed businesses of India and New Zealand, a great foundation has been laid over the past 18 months. 

    There is so much potential in the relationship between New Zealand and India. Given the serious progress our two countries have made in the last 18 months, now is the time to work to realise that potential. 

    Thank you, and best of luck for the remaining conversations at this event today. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: Senator Markey, Leader Schumer, Senator Luján Decry Republican Vote to Tear Internet Access from Rural and Low-Income Students

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Senators Markey, Luján, joined by E-Rate advocates
    Washington (May 8, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, Senate Democratic Leader Chuck Schumer (D-N.Y.), and Senator Ben Ray Luján (D-N.M.), along with advocates from the Schools Health and Libraries Broadband (SHLB) Coalition, the American Library Association (ALA), the School Superintendents Association (AASA), and the Washington Teachers’ Union (WTU) today held a press conference on Republican attempts to gut low-income and rural students’ access to Wi-Fi internet hotspots. Senate Republicans voted Thursday to overturn a Federal Communications Commission (FCC) rule allowing schools and libraries to use their E-Rate funds to loan Wi-Fi hotspots to students and educators.
    “Today is a deeply disappointing day for students across the country, especially those living in rural and underserved communities. Today, Senate Republicans will vote to repeal a rule from the FCC to provide Wi-Fi hotspots to students at home. With this vote, Republicans are abandoning millions of students who lack the internet access needed to complete their homework, attend class, and reach their full potential,” said Senator Markey. “It is unfair. And it is cruel. This repeal doesn’t make our schools stronger. It doesn’t make our libraries better. It doesn’t improve student outcomes. It doesn’t save the government money. All it does is strip away a lifeline.”
    “For years, Senate Democrats have worked to close the digital divide, and this vote would blow a gaping hole in those efforts and set back years of progress. Access to high speed internet is not a luxury, it is a necessity – a utility as vital as electricity that people need to stay connected to the world and those they love,” said Leader Schumer. “Whether you are a student doing your homework, a veteran looking for job opportunities, senior utilizing telehealth, or someone reaching out during experiencing an emergency who needs internet access, E-rate is essential. I urge our Republican colleagues to stand up to DOGE and reconsider this vote. The American people are watching and they are feeling the effects of this slash and burn administration.”
    “Across the country, the E-Rate program has helped connect millions of students to the internet they need to succeed in today’s world – especially in the most rural parts of America. Under the FCC’s Wi-Fi hotspots rule, schools and libraries across America can provide Wi-Fi hotspots to students and educators to use at home,” said Senator Luján, Ranking Member of the Telecommunications and Media Subcommittee. “Senate Republicans just passed a partisan resolution that would rob our students and educators of the very tools they need to succeed. When we should be increasing connectivity, my Republican colleagues are working to limit it.”
    “This vote is a setback for the millions of students, library patrons, and patients who depend on hotspot access to stay connected,” said Joey Wender, Executive Director of SHLB. “But our fight isn’t over. SHLB remains committed to defending digital opportunity, and we are hopeful that the House will see the harm this resolution would cause and choose a better path forward. Communities across the country, including rural and underserved areas, are counting on it.”
    “This disappointing vote doesn’t need to become law if Congress considers how many constituents are benefitting – and will benefit in the future from this program. The enthusiasm for this vote was low. E-Rate, supported financially by the Universal Service Fund, is wildly popular. Hotspots provided through the federal E-Rate program offer a flexible, at-home opportunity for internet access, which individuals and families need, along with digital skills training. Libraries are uniquely suited to provide supportive connectivity and foster digital resilience,” said Cindy Hohl, President of the American Library Association.
    “As the national voice for more than 13,000 superintendents serving America’s public schools, we are speaking up about the danger of exacerbating a digital divide that disproportionately affects low-income, rural, and historically underserved children. This resolution would have a devastating impact on students and families who rely on internet access beyond the classroom. There are currently 20,000 school and library applications for hotspot and internet access – if it passes, students and patrons will be left offline and left behind. For many children, this program is the sole reason they are able to stay connected, keep up with their peers, complete homework, access digital learning tools, and be prepared to join the modern economy. Now is not the time to roll back access and connectivity, AASA urges members of the Senate to vote NO on S.J.Res.7,” said David Schuler, Executive Director of the AASA, the School Superintendents Association.
    Senator Markey is the House author of the original E-Rate program, which has invested over $62 billion to connect schools and libraries to the internet across the country. Massachusetts schools and libraries have received more than $930 million from the E-Rate program and another $97 million from the Emergency Connectivity Fund, a $7 billion program that Senators Markey and Chris Van Hollen (D-Md.) created within the American Rescue Plan to provide devices and connectivity for students and educators at home.

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn, GOP Colleagues Introduce Bill to Subject Illegal Immigrants Who Kill Americans to Death Penalty

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senators John Cornyn (R-TX), Steve Daines (R-MT), Pete Ricketts (R-NE), Tommy Tuberville (R-AL), Jim Risch (R-ID), Mike Crapo (R-ID), Tim Scott (R-SC), Jim Banks (R-IN), Jim Justice (R-WV), Thom Tillis (R-NC), Marsha Blackburn (R-TN), and Bill Hagerty (R-TN) today introduced the Justice for American Victims of Illegal Aliens Act, which would codify President Trump’s Executive Order subjecting illegal immigrants who kill American citizens to the death penalty:
    “Violent predators who enter our country illegally and brutally murder American citizens should be subject to the death penalty as a consequence of their heinous actions,” said Sen. Cornyn. “By enshrining President Trump’s Executive Order into law, this legislation would protect the American people, make our country safe again, and ensure no future President can singlehandedly undo this consequence for taking innocent lives.”
    “This legislation sends a strong message across the globe: we will not tolerate the senseless murder of innocent Americans at the hands of illegal immigrants any longer,” said Sen. Daines. “I’m proud to join Senator Cornyn to take decisive action and support President Trump’s efforts to make our communities safe again.”
    “When criminal illegal aliens murder American citizens, they should receive the harshest penalties,” said Sen. Ricketts. “After four years of Biden’s open border policies, measures must be taken to secure our communities. This bill will deter criminals and punish illegal aliens who callously take American lives.”
    “Over the past four years, Joe Biden and Kamala Harris welcomed more than 10 million illegal immigrants into this country with open arms,” said Sen. Tuberville. “As a direct result, innocent Americans like Laken Riley and Rachel Morin have lost their lives. It’s simple: if you’re in this country illegally and you murder an American citizen, you should face the death penalty. President Trump has essentially stopped the crisis at our southern border. Republicans in Congress must do our part to ensure no more American blood is shed at the hands of criminals who shouldn’t be here in the first place.”
    “Illegal immigrants who murder American citizens deserve the death penalty,” said Sen. Banks. “I fully support codifying President Trump’s executive order to ensure these monsters face justice.”
    “Under the Biden administration’s open-border agenda, illegal immigration surged—and with it, a horrifying rise in violent crimes committed by those who should never have been here in the first place,” said Sen. Tim Scott. “This legislation will help restore the rule of law, protect our communities, and ensure that no more families suffer the kind of unimaginable loss that so many already have.  We owe it to the victims and their families to hold these criminals fully accountable.”
    “If you come into this country illegally and murder an American citizen, you should absolutely face the full force of the judicial system,” said Sen. Justice. “There is no gray area, no excuse, and zero tolerance for this kind of evil. I am proud to support this bill because it puts American lives first and ensures the most brutal crimes committed by illegal aliens are met with the strongest punishment under law.”
    Background:
    Under the Biden administration’s reckless open-border policy and failure to enforce the law, millions of illegal immigrants flooded into the United States, creating the worst immigration crisis in history. After entering the U.S., many illegal immigrants subsequently committed crimes, including violent felonies and murder. For example:
    August 5, 2023 – An illegal immigrant from El Salvador attacked, raped, and murdered 37-year old Rachel Morin, a mother of five, in Bel Air, Maryland. The perpetrator had previously attacked a 9-year old girl and her mother in Los Angeles.
    December 4, 2023 – An illegal immigrant from Mexico stabbed 16-year old Lizbeth Medina to death and left her body in a bath tub in Edna, Texas.
    February 22, 2024 – An illegal immigrant from Venezuela murdered 22-year old Laken Riley as she went for a run in Athens, Georgia.
    March 22, 2024 – An illegal immigrant from Mexico shot and killed 25-year old Ruby Garcia while in her car, then left her body on the side of a highway in Grand Rapids, Michigan.
    June 17, 2024 – Two illegal immigrants from Venezuela kidnapped, sexually assaulted, and strangled 12-year old Jocelyn Nungaray to death in Houston, Texas.
    January 26, 2025 – Two illegal immigrants, one from Ecuador and the other from Venezuela, bound, gagged, and beat 63-year old George Levin to death in Chicago, Illinois.
    March 12, 2025 – An illegal immigrant from Honduras choked 52-year old Camillia Williams, a mother of five and grandmother, to death, then dumped her body in the woods in Marietta, Georgia.
    As President Trump highlighted, since America’s founding, capital punishment has been an essential tool for deterring and punishing murder. When illegal immigrants come into the United States and murder law-abiding American citizens, they should face the death penalty. The Justice for American Victims of Illegal Aliens Act would ensure that this deterrent is applied to predators illegally crossing our border and committing violent crimes here.
    The Justice for American Victims of Illegal Aliens Act would:
    Amend the Criminal Code to create a new aggravating factor for illegal immigrants who murder U.S. citizens;
    Help direct juries to administer the death penalty when an illegal immigrant murders a U.S. citizen;
    And fully implement and permanently codify President Trump’s Jan. 20, 2025 Executive Order, “Restoring the Death Penalty and Protecting Public Safety,” specifically Section 3(b)(i) of the Executive Order, which states that the “Attorney General shall, where consistent with applicable law, pursue Federal jurisdiction and seek the death penalty regardless of other factors for every federal capital crime involving … [a] capital crime committed by an alien illegally present in this country.”

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: Mullin, Kelly, Crapo, Cramer Introduce Lowering Broadband Costs for Consumers Act of 2025

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    RELEASE: Mullin, Kelly, Crapo, Cramer Introduce Lowering Broadband Costs for Consumers Act of 2025

    Washington, D.C. –U.S. Senators Markwayne Mullin (R-OK), Mark Kelly (D-AZ), Mike Crapo (R-ID), and Kevin Cramer (R-ND) introduced the Lowering Broadband Costs for Consumers Act of 2025 to direct the Federal Communications Commission (FCC) to require proper contributions to the Universal Service Fund (USF) from edge providers and broadband providers. Requiring edge providers to cover associated costs for rural fiber networks will reduce the financial burden on consumers and rural providers while strengthening broadband connectivity throughout rural America.
    In Oklahoma, less than half of all rural residents have access to broadband Internet, a necessity most people across the country have enjoyed at a low cost for years. More than 30 percent of individuals living on Tribal land across the U.S. do not have access to high-speed internet. 
    “Fair contributions to the USF from edge providers are long overdue,” said Senator Mullin. “Video streaming services account for 75 percent of all traffic on rural broadband networks. However, unrecovered costs from streaming companies are often shifted and borne by small rural broadband providers. Available, affordable internet will close the digital divide and increase telehealth, educational, and employment opportunities for those who previously went without. Rural Oklahomans deserve the same connectivity as those living in urban areas.”
    “In an interconnected world, high-speed internet access is part of our daily lives – from scheduling a doctor’s appointment to keeping in touch with family,” said Senator Kelly. “This bipartisan bill will have big corporations contribute to the expansion of affordable high-speed internet in areas that desperately need it.” 
    “Chickasaw Telephone Company wishes to thank Senator Markwayne Mullin, Senator Mark Kelly, and Senator Mike Crapo for introducing the Lowering Broadband Costs for Consumers Act of 2025. This bill recognizes that the Universal Service Fund rules written in 1996 aren’t applicable today, nor was the funding mechanism that was adopted decades ago. This bill takes the funding burden off those who are the smallest users of the network and places it fairly and rationally on the largest financial beneficiaries of the network,” Larry Jones, Vice President and Chief Financial Officer of Chickasaw Holding Company.
    “We are pleased and encouraged by the Lowering Broadband Costs for Consumers Act of 2025.  Senators Mullin and Kelly are true leaders for consumers and rural areas. During times of economic struggle for many in America, this bill would lessen the burden on families when they pay for the internet.  This legislation would also help modernize how broadband network deployment and maintenance is supported and paid for in the future.  We thank the Senators for introducing this ground-breaking bill,” Mark Gailey, President and CEO of Totah Communications, Inc.
    “The Universal Service Fund is a vital tool for ensuring that all Americans have access to affordable broadband, which is why WTA – Advocates for Rural Broadband supports the Lowering Costs for Broadband Consumers Act. This legislation would provide the FCC the authority it needs to ensure that all businesses that profit from the broadband network support the construction, maintenance, and upgrades of the network. It makes no sense to continue to rely on telephone customers alone. We thank the Senators for introducing this bipartisan bill and look forward to working with Congress and the FCC to modernize the USF contributions mechanism,” Derrick Owens, Senior Vice President of Government and Industry Affairs, WTA.
    “NTCA applauds the introduction of the Lowering Broadband Costs for Consumers Act, which would promote more predictable and stable funding to preserve and advance the statutory mission of universal service. As traditional telecommunications revenues decline, the assessment on the remaining consumers of such services increases, resulting in a disproportionate burden on those consumers even though they are not the most significant users of services or beneficiaries of underlying networks. Common-sense reforms like those directed by this legislation will shore up the foundation of universal service funding, spread contribution obligations more equitably among all of those that use and benefit from broadband networks, and ultimately help the low-income and rural consumers and schools, libraries, and rural health care facilities that depend on critical universal service programs,” Shirley Bloomfield, CEO of NTCA-The Rural Broadband Association.
    “The Universal Service Fund plays a crucial role in connecting millions in America, particularly in our rural areas. We appreciate Senators Mullin and Kelly for their leadership and urge Congress to make Universal Service Fund reform a top priority,” Brandon Heiner, Senior Vice President of Government Affairs, USTelecom.
    Background – The Lowering Broadband Costs for Consumers Act would:
    Direct the FCC to reform the USF by expanding the base so that edge providers and broadband providers contribute on an equitable and nondiscriminatory basis to preserve and advance universal service.
    Limit assessments of edge providers to only those with more than 3% of the estimated quantity of broadband data transmitted in the United States and more than $5 billion in annual revenue. 
    Direct the FCC to adopt a new mechanism under the current USF high-cost program to provide specific, predictable, and sufficient support for expenses incurred by broadband providers that are not otherwise recovered.
    Limit the FCC’s authority over edge providers and broadband providers only to requiring contributions to the USF.
    Full text of the Lowering Broadband Costs for Consumers Act of 2025 can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: GREAT DEAL FOR AMERICA: President Trump’s “Breakthrough” Trade Deal

    US Senate News:

    Source: The White House
    In February, President Donald J. Trump promised “a great trade agreement” with the United Kingdom — and today he delivered with a “breakthrough” trade deal that expands market access, curbs non-tariff barriers, and levels the playing field for American exporters.
    Promises made, promises kept — and he’s just getting started.
    It’s the first such deal under President Trump’s transformational plan to liberate Americans from globalist trade policies that make foreign countries rich while Americans get robbed. It’s all part of President Trump’s vision of economic prosperity: fair trade, historic tax cuts, deregulation, and a manufacturing revival that will cement America’s new Golden Age for decades to come.
    Here’s what they’re saying:
    National Cattlemen’s Beef Association President Buck Wehrbein: “With this trade deal, President Trump has delivered a tremendous win for American family farmers and ranchers. For years, American cattle producers have seen the United Kingdom as an ideal partner for trade. Between our countries’ shared history, culture, and their desire for high-quality American beef, securing a trade agreement is a natural step forward. Thank you President Trump for fighting for American cattle producers.”
    Renewable Fuels Association President and CEO Geoff Cooper: “We sincerely thank President Trump and his trade negotiators for ensuring that American-made ethanol is an important part of the trade agreement announced today with the United Kingdom. While we are still awaiting the specific details of the agreement, we are excited about the prospects of expanded market access that will help boost our farm economy, while also delivering lower-cost, cleaner fuel to UK drivers.”
    International Dairy Foods Association President and CEO Michael Dykes, D.V.M.: “On behalf of America’s dairy processors and producers, IDFA applauds President Trump’s announcement today that the United States and the United Kingdom have reached the terms for a significant trade deal between our two markets that promises to expand access for U.S. agricultural goods, reduce tariffs, and remove barriers to trade … For too long, the UK has limited America’s food and agricultural exports to the world’s sixth largest economy and now President Trump’s deal promises to level the playing field. IDFA looks forward to studying the details of this agreement as they emerge, especially specifics on relief and new market access opportunities for U.S. dairy products. The United States offers the world’s most wholesome, high-quality and affordable dairy products and IDFA is excited to work with our member companies to bring these delicious products to more consumers in the United Kingdom.”
    Growth Energy CEO Emily Skor: “In terms of trade with the UK, the American ethanol industry had its best year ever last year of exports valued at over $535 million. This trade agreement puts us on track to set another record, all to the benefit of American farmers, biofuel producers, and UK consumers. We look forward to learning more, and finding new ways to help the UK achieve its economic and environmental goals through the increased use of American biofuels. We commend the President and his team for making this deal and creating new opportunities for American ethanol and rural America.”
    Job Creators Network CEO Alfredo Ortiz: “Trump’s trade deal with the United Kingdom is a big victory for small businesses, American consumers, and the Trump administration itself. By reducing tariffs and trade barriers, American small businesses will be able to expand their markets and more easily sell to the relatively wealthy UK, whose population is 70 million. American consumers — including small businesses — will also get cheaper access to British goods. President Trump’s tough tariff stance is starting to pay dividends in the form of fairer and freer trade deals that put America first. The many more deals to come will greatly improve the small business economy, financial markets, and American prosperity.”
    Consumer Brands Association President and CEO Melissa Hockstad: “Consumer Brands commends the Trump administration’s successful completion of a comprehensive trade deal with the United Kingdom. As President Trump and his team pursues the America First Trade Policy agenda, the consumer packaged goods industry — America’s largest domestic manufacturing sector by employment — supports the creation of new opportunities for U.S. businesses and efforts to address unfair trade barriers around the world. As the administration continues to pursue deals with other countries, we encourage U.S. trade representatives to examine the needs of different manufacturing sectors and prioritize maintaining access to unavailable natural resources. Ensuring continued trade flows of those key ingredients, which are not available from U.S. sources, is critical to achieving the president’s economic vision, fighting grocery inflation and protecting the 22.3 million American jobs supported by food, beverage, household and personal care manufacturers.”
    HSBC USA President & CEO Lisa McGeough: “Today’s landmark US – UK trade agreement marks a significant step in strengthening transatlantic economic ties and expanding opportunities for businesses and investors. As a British-headquartered bank with a strong US footprint, we’re uniquely positioned to help American companies and investors seize new growth opportunities domestically, in the UK, and beyond. In the US, we stand ready to leverage our position as the world’s leading trade bank to facilitate cross-border commerce, support job creation, and drive investment. We commend the administration on the first of what we hope will be many forward-looking trade agreements.”
    American Farm Bureau Federation President Zippy Duvall: “Farm Bureau appreciates the work between the administration and the United Kingdom to secure a new trade agreement. We have long advocated for new trade deals, and this is an important first step in expanding markets in the four countries … We’re encouraged by progress to create market opportunities for farmers.”
    Nebraska Gov. Jim Pillen: “Trade matters to Nebraska because our farmers and ranchers produce the absolute best – and feed the world. America’s relationship with the U.K. is longstanding, and there is great potential for expanded trade between our countries. President Trump and his administration know that we need more trade with fewer barriers, and they are working around the clock to finalize trade deals with partners across the globe. That’s good news for Nebraska.”
    Iowa Secretary of Agriculture Mike Naig: “A new trade deal with a key ally like the United Kingdom is great news and so I am very encouraged by President Trump’s announcement today. I am particularly pleased to hear the President tout expanded market access for ethanol, beef, and, as he put it, ‘virtually all the products produced by our great farmers’ … Today’s trade announcement demonstrates that there is real progress being made toward opening additional markets for Iowa products across the globe. I hope this deal is the first of many that will be announced with other trading partners in the coming weeks and months.”
    Senate Majority Whip John Barrasso: “It’s good to have the dealmaker-in-chief back in the White House. President Trump’s historic trade deal with the U.K. will mean more jobs and increased investment right here in America. More promises kept.”
    Sen. Jim Banks: “Art of the Deal!”
    Sen. John Boozman: “I just spoke on the phone with USTR Ambassador Greer to discuss the good news. He’s doing a great job, and I look forward to working with him and @SecRollins to ensure agriculture market access remains a priority as the details continue to be worked out.”
    Sen. John Cornyn: “@POTUS Donald Trump will unveil his first post-Liberation Day trade deal this morning — a “major” agreement with the United Kingdom on rolling back tariffs.”
    Sen. Joni Ernst: “President Trump continues to deliver and is opening new markets for Iowa farmers!”
    Sen. Bill Hagerty: “No surprise that our Dealmaker-in-Chief President Donald Trump is rapidly delivering on his promise to ensure our trading partners are operating in good faith and that America is being treated fairly. The deal the President struck with the UK is proof that countries are responding to tariffs and want to enter into trade agreements with the United States that benefit both parties. I look forward to many more announcements in the near future.”
    Sen. Roger Marshall: “Promises made. Promises kept. We are opening up new markets for our world class Kansas beef! Big win.”
    Sen. Jerry Moran: “The UK offers a strategic market for American aviation & agricultural products. I introduced legislation earlier this year to lay the groundwork for a strong bilateral trade relationship, & President Trump’s announcement of a new trade agreement with the UK is a positive step forward.”
    Sen. Bernie Moreno: “An absolutely historic pro America deal by the most pro America President of my lifetime. We will no longer be ripped off and will no longer tolerate trade imbalances that have destroyed the opportunities for working Americans.”
    Sen. Eric Schmitt: “After years of getting ripped off, America is finally playing to win. More exports, more products made here, and record-breaking investment thanks to President Trump’s trade deals.”
    Sen. Rick Scott: “Great news! Thank you, President Trump, for working with our allies while putting America first and protecting American jobs!”
    Sen. Tim Sheehy: “The Art of the Deal. President Trump just delivered a huge win for hardworking Americans. Let’s keep them coming!”
    Sen. Thom Tillis: “A big win secured by @POTUS with the United Kingdom, our greatest ally and one of our largest trade partners. This is a significant step toward establishing fair and mutually beneficial trade relationships with our global partners.”
    Sen. Tommy Tuberville: “Today’s trade deal with the UK is the first of many to come. Like I always say: Never bet against @realDonaldTrump. THE ART OF THE DEAL”
    House Majority Whip Tom Emmer: “The master negotiator succeeds again. @POTUS promised to bring our trading partners to the table and secure deals that put AMERICA FIRST—and that’s exactly what he did. More to come!”
    House Republican Conference Chair Lisa McClain: “Promises Made, Promises KEPT! @POTUS brought countries to the negotiation table and has already DELIVERED a historic trade deal.”
    House Republican Leadership Chair Elise Stefanik: “President @realDonaldTrump delivers AGAIN. Thanks to his bold leadership and tough tariffs, the UK is the first to come to the table—with a new trade deal that puts American workers and businesses FIRST. This is what economic strength and real leadership looks like. Fair trade. Better deals. America wins.”
    Rep. Mark Alford: “Fact check: President Trump’s tariff strategy works. Boosting American manufacturing and fighting for our farmers. ANOTHER WIN FOR AMERICA.”
    Rep. Rick Allen: “Another VICTORY! @POTUS is bringing our trading partners to the table and securing billions in new market access for American workers, businesses, and producers. Today’s trade deal with the U.K. will be the first of many. Economic strength is national strength!”
    Rep. Don Bacon: “I congratulate @POTUS on striking a trade deal with the U.K. While we wait for the finer details of the agreement, including more than $700 million in ethanol exports and $250 million in other AG products like beef, every Nebraskan will surely feel it.”
    Rep. Aaron Bean: “President Trump announced the first historic trade deal with the UK—something the legacy media said was ‘impossible.’ Today’s deal will make our economy stronger, put American workers first, and unleash the full potential of American industry.”
    Rep. Vern Buchanan: “President Trump has once again delivered for the American people with a historic trade agreement that puts our workers and businesses first. This new deal with the United Kingdom dramatically expands access for American exports—especially agriculture—and levels the playing field for our manufacturers.”
    Rep. Tim Burchett: “.@realDonaldTrump is fulfilling his promise to protect American workers and businesses. The UK trade deal slashes tariffs against the U.S. and is Making America Prosperous Again.”
    Rep. Buddy Carter: “This new trade deal with the United Kingdom is just the start to the Golden Age of America. President Trump is keeping his promise, bringing fair trade to America by using the art of the deal!”
    Rep. Andrew Clyde: “ART OF THE DEAL in action!”
    Rep. Mike Collins: “President Trump’s tariff strategy works. Today’s trade deal with the U.K. will make our economy stronger and put American workers first. The only people upset are the Democrats and liberal media who wanted him to fail.”
    Rep. Warren Davidson: “A glaring example of why we need to trust President Trump’s tariff strategy—it’s working. Stay the course.”
    Rep. Pat Fallon: “Another day, another deal!”
    Rep. Michelle Fischbach: “More promises made and kept by @POTUS. He said he would hold our trade partners accountable and put America first, and he’s delivering. This is just the beginning!”
    Rep. Julie Fedorchak: “@POTUS is delivering exactly what our producers need. North Dakota grows and raises some of the best products in the world, and now we have greater access to one of the world’s largest markets. This is just the first of many trade victories to come under President Trump!”
    Rep. Chuck Fleischmann: “@POTUS is ending decades of unfair trade deals that have ripped off the American People and is moving at lightning speed to negotiate and deliver America First trade deals. The US-UK trade deal announced today is historic and is only just the beginning!”
    Rep. Mike Flood: “Over the last four years, President Biden did nothing on trade. Within a matter of months, President Trump’s dealmaking experience resulted in a trade deal with the United Kingdom, one of our country’s oldest allies.”
    Rep. Virginia Foxx: “The Art of The Deal.”
    Rep. Lance Gooden: “In four years, Joe Biden signed ZERO major trade deals. In just over 100 days, President Trump negotiated and signed a major trade deal with the United Kingdom. America is leading once again.”
    Rep. Mark Green: “Once again, the Negotiator-in-Chief is closing deals to safeguard American manufacturers and grow our trade bigger and better than ever. On Victory in Europe Day, there isn’t a better anniversary to solidify our partnership with the United Kingdom.”
    Rep. Marjorie Taylor Greene: “Another incredible trade deal just secured by President Trump! The Golden Age of America is here!!”
    Rep. Diana Harshbarger: “This is a HUGE WIN! Because of @POTUS’s leadership, America is securing historic economic deals—and this is just the beginning!”
    Rep. Ashley Hinson: “Huge win—and many more to come! @POTUS is fighting to right the wrongs of the past, return to fair trade, and build a more abundant America. Thank you for prioritizing new market opportunities for Iowa’s farmers and biofuels producers.”
    Rep. Richard Hudson: “This is what decisive leadership looks like. Thank you, @POTUS!”
    Rep. Wesley Hunt: “Economic Security IS National Security — and PRESIDENT TRUMP is doing it again! This HISTORIC DEAL delivers:A stronger industrial baseTougher export controlsProtection of U.S. techBoosted steel productionThis is the Art of the Deal — the world is taking notes!”
    Rep. Jim Jordan: “President Trump’s trade deal with the UK is the first of many to come. There’s no better negotiator. There’s no one better to fix Joe Biden’s broken economy.”
    Rep. Young Kim: “I’m glad to see the Trump administration work with our ally Britain to promote fair trade and expand market opportunity for U.S. agricultural producers.”
    Rep. David Kustoff: “Today, @POTUS unveiled a historic U.S.-UK trade deal. $5B in new market access, $6B in tariff revenue, and a stronger alliance! @realdonaldtrump keeps delivering on his promises! This is America First!”
    Rep. Barry Loudermilk: “America has spent far too long on the losing end of global trade. President Trump pledged to put America’s interests first, and he is doing so beginning with this trade deal with one of our oldest allies. #promiseskept.”
    Rep. Tom McClintock: “The freer the trade, the greater the benefits for all countries involved. The UK agreement takes us in the right direction. Let’s keep going toward a new golden age of global free trade and the peace and prosperity it produces.”
    Rep. Dan Meuser: “This is a strong step forward. Fairer trade, lower energy costs, and pro-growth tax policies will keep driving investment here at home. I also laid out how we can responsibly reduce spending while extending key provisions of President Trump’s Tax Cuts and Jobs Act, which delivered significant benefits for families and small businesses.”
    Rep. Mary Miller: “THE ART OF THE DEAL!”
    Rep. Riley Moore: “Absolute genius to announce this deal on V-E Day!”
    Rep. Troy Nehls: President Trump is the Dealmaker in Chief. He has reached a historic trade deal with the United Kingdom. President Trump and his entire administration are working hard to protect American industries, protect American workers, and grow our economy. AMERICA FIRST!”
    Rep. Ralph Norman: “MASSIVE win for our farmers who will have the opportunity for a wider range in markets!! Art of the deal.”
    Rep. Andy Ogles: “President Trump delivers again!! This deal will bring billions home and make America stronger, richer, and more respected. A huge win for the American people.”
    Rep. Gary Palmer: A win for our nation secured by President Trump! This is what it looks like to have leadership in the White House.”
    Rep. August Pfluger: “President Trump just secured a huge trade deal—one I believe will be the first of many. This massive win for all Americans brings us one step closer to restoring fair trade policies.”
    Rep. Adrian Smith: “I’m pleased the Trump administration has struck an initial trade deal with one of our nation’s greatest trade partners and longest-standing allies. This is a significant step toward eliminating barriers to American products in foreign markets and friendshoring supply chains. I commend President Trump and his administration for conducting negotiations swiftly to the mutual benefit of our producers, job creators, and consumers. This agreement builds upon the groundwork laid in the President’s first term, and I am pleased the administration has indicated it continues to pursue dynamic dialogue with the United Kingdom to address additional concerns.”
    Rep. Marlin Stutzman: “As @POTUS says, the first of many, this is a great day for America! A combination of Trump’s trade deals and the passage of the One Big Beautiful Bill will make our country strong for generations to come.”
    Rep. Claudia Tenney: “.@POTUS is continuing to put America FIRST, working to strengthen our economy & national security by achieving historic trade deals. This is a huge win for American manufacturers & farmers, & there is only more winning to come!”
    Rep. Beth Van Duyne: “The first of many historic trade deals!! Better market access for US products!”
    Rep. Daniel Webster: Once again, @POTUS delivers for the American people by securing a historic trade deal with our key ally, the United Kingdom. This agreement lowers trade barriers, opening $5 billion of increased market access for American exports, especially for American farmers. Thank you President Trump for putting America’s farmers, businesses, and workers first!”
    Rep. Tony Wied: “The Art of the Deal.”
    Rep. Rudy Yakym: “President Trump is bringing countries to the table and securing fair trade deals. The first of many!”
    Rep. Ryan Zinke: “Great news for Montana! The UK is our 6th largest trade partner and this will help that grow!”
    House Committee on Agriculture: “This announcement is a big win for American agriculture! @POTUS is unlocking billions in new market access for U.S. exports like beef, ethanol, and more—boosting our GREAT farmers and rural economies!”
    Republican Study Committee: “Another day, another historic deal secured by President Trump! This is a MASSIVE victory for American workers. PROMISES MADE, PROMISES KEPT!”

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes the 2025 Discussions on Common Policies of Member Countries of the Eastern Caribbean Currency Union

    Source: IMF – News in Russian

    May 8, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with member countries on common policies of the Eastern Caribbean Currency Union (ECCU). The Board considered and endorsed the staff appraisal without a meeting.[2]

    The currency union has provided a strong anchor for macroeconomic stability. In 2024, strong tourism performance and continued infrastructure investments have supported robust growth of 3.9 percent, and inflation moderated to below 2 percent in tune with global trends. This has facilitated a moderate reduction in the currency union’s fiscal and external imbalances, although public debt remains high at above 71 percent of GDP and the post-pandemic trend of narrowing of sizable current account deficits has stalled. The ECCB’s stable reserves underpin a strong currency backing ratio. The ECCU financial system has remained stable, though exhibiting legacy asset quality and credit condition weaknesses.

    The union’s recent growth momentum is projected to wane. Increasing constraints to tourism capacity and completion of major infrastructure projects are set to slow real GDP growth to around 2½ percent over the medium term. Modest growth prospects reflect weak productivity and local investment, as well as headwinds from ageing populations, a shrinking labor force, and constrained fiscal space for public investment in most union members. Fiscal and external imbalances are projected to narrow over the medium term, reflecting in part completion of import-intensive public investment projects.

    Risks to the outlook remain mostly on the downside amid a highly uncertain external environment. As reported in the April World Economic Outlook, the escalation of trade tensions and high levels of policy uncertainty are a major negative shock to global economic activity. For ECCU economies, increased global trade and geopolitical tensions could give rise to disruptions to tourism and FDI inflows and renewed inflationary pressures. High public debt, persistent current account deficits and weaknesses in the local financial system amplify vulnerability to recurrent ND shocks alongside the uncertain outlook for future citizenship-by-investment inflows.

    Executive Board Assessment[3]

    The ECCU has achieved a strong rebound from successive adverse shocks. Strong tourism performance and continued infrastructure investments have supported robust post‑pandemic growth, while inflation has moderated in tune with global trends. This has facilitated a moderate reduction in the currency union’s fiscal and external imbalances, although public debt levels and current account deficits remain high in several members. The ECCU’s external position is assessed as weaker than implied by fundamentals and desirable policies, but the current account deficits remain fully financed and the stability of the ECCB’s reserves underpin a strong currency backing ratio. The financial system has remained stable, albeit exhibiting continued asset quality and credit condition weaknesses. 

    Growth momentum is nonetheless projected to wane and risks to the outlook remain mostly on the downside. Increasing constraints to tourism capacity and completion of major infrastructure projects are set to slow growth to around 2½ percent over the medium term. This modest growth potential reflects weak productivity and local investment, as well as headwinds from ageing populations, a shrinking labor force, and constrained fiscal space for public investment in most union members. Downside risks to the outlook are significant amid a highly uncertain external environment, where increased trade and geopolitical tensions could give rise to renewed inflationary pressures and disruptions to tourism and FDI inflows. High public debt, persistent current account deficits, and weaknesses in the local financial system amplify vulnerability to recurrent natural disaster (ND) shocks alongside the uncertain outlook for future Citizenship-by-Investment (CBI) inflows.

    Achieving more robust, resilient, and inclusive long-term growth would support the currency union’s fiscal and external sustainability and raise living standards. To support this objective, common regional policies should be anchored in building economic, fiscal, and financial resilience and addressing supply bottlenecks that underpin the recent decades’ downward trend in the region’s growth potential.

    A key policy priority is alleviating the region’s structural growth impediments, which calls for a coordinated multipronged approach. Addressing frictions to employment and skills development requires a renewed effort to attune human capital to economic needs and development priorities through vocational training and modernized education systems, complemented by active labor market policies and improved access to child and elderly care. Common policies can also enhance the scale, resilience, and efficiency of the region’s capital stock by helping to accelerate energy transition to local renewables, optimize the CBI funding model, and increase ND preparedness. Substantial productivity gains may also be achieved through cooperative efforts to address bottlenecks to innovation and allocative efficiency, including by digitalizing key services, streamlining licensing and administrative processes, and strengthening financial intermediation.

    Fiscal policies should remain closely focused on rebuilding buffers, reducing public debt consistent with the regional debt anchor, and improving resilience to shocks. Region‑wide adoption of strong medium-term fiscal frameworks (MTFFs) embedded with well-designed fiscal rules and credible policy plans would support sustainability objectives and create policy space for growth-enhancing social and resilience investment. Comprehensive fiscal resilience strategies, including adequate disaster-financing frameworks, can help alleviate periodic ND disruptions to debt sustainability and support the region’s growth resilience. Strengthening fiscal management of uncertain CBI revenues can similarly alleviate risks and facilitate fiscal planning. These efforts can be supported by more institutionalized regional oversight and continued strengthening of national fiscal institutions.

    Enhancing financial system resilience and reducing persistent credit-frictions can support a more conducive environment for growth-supporting local investment. Regional policy priorities include reducing vulnerabilities from legacy bank balance sheet weaknesses, mitigating risks from rapid credit union expansion, building readiness to manage risks from high dependency on global reinsurance, and strengthening national AML/CFT frameworks. Common minimum NBFI regulatory standards under the planned Eastern Caribbean Financial Stability Board (ECFSB) will be an important step toward their more unified oversight, although a more centralized supervisory structure would better facilitate management of regional stability risks. Coordinated efforts to reduce institutional frictions in local credit markets and support small ECCU businesses’ bankability can help address structural challenges in financial intermediation, revive local credit and investment, and foster development of a more vibrant private sector.

    Strengthening economic data could significantly improve regional policy design and risk management. Priorities include addressing shortcomings in coverage, quality, and timeliness of key national and external accounts and reducing significant blind spots in areas such as the regional labor markets and CBI flows. Greater leveraging of synergies in regional data compilation and processing could help address persistent resource and capacity gaps.

    Table 1. ECCU: Selected Economic and Financial Indicators, 2020-2026 1/
       

    Est.

    Proj.

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    (Annual percentage change) 

    Output and Prices

    Real GDP

    -17.6

    6.5

    11.8

    3.7

    3.9

    3.5

    2.7

    GDP deflator

    -2.2

    4.4

    4.1

    3.3

    2.7

    1.7

    2.1

    Consumer prices, average

    -0.6

    1.7

    5.6

    4.0

    2.3

    1.9

    2.0

    Monetary Sector

    Net foreign assets

    6.1

    16.5

    -0.7

    11.5

    4.8

    1.7

    4.1

      Central bank

    3.6

    11.6

    -4.8

    5.4

    12.3

    5.9

    4.4

      Commercial banks (net)

    8.5

    21.1

    2.8

    16.3

    -0.5

    -1.7

    3.7

    Net domestic assets

    -16.5

    1.2

    13.0

    -5.8

    7.9

    11.0

    6.1

      Of which: private sector credit

    -0.9

    1.5

    1.6

    3.6

    4.7

    5.1

    2.5

    Broad money (M2)

    -4.7

    10.1

    4.6

    4.3

    6.0

    5.3

    4.9

    (In percent of GDP, unless otherwise indicated)

    Public Finances

    Central government

    		          

      Total revenue and grants

    29.0

    30.5

    29.7

    30.0

    30.8

    28.3

    27.3

      Total expenditure and net lending

    35.8

    33.4

    32.5

    31.2

    32.2

    32.8

    27.8

    Overall balance 2/

    -6.8

    -2.9

    -2.7

    -1.3

    -1.4

    -4.5

    -0.5

      Of which: expected fiscal cost of natural disasters

    0.5

    0.4

    0.5

    0.7

    0.7

    0.7

    0.7

      Excl. Citizenship-by-Investment Programs

    -11.5

    -8.7

    -9.3

    -8.0

    -7.3

    -8.4

    -3.6

    Primary balance 2/

    -4.3

    -0.6

    -0.5

    0.9

    1.1

    -1.8

    1.7

    Total public sector debt

    89.2

    84.5

    76.2

    73.9

    71.2

    70.8

    69.9

    External Sector

    Current account balance

    -19.1

    -18.5

    -12.3

    -10.3

    -10.4

    -9.9

    -8.3

    Trade balance

    -29.5

    -30.1

    -33.3

    -32.0

    -34.2

    -34.1

    -32.7

      Exports, f.o.b. (annual percentage change)

    -28.5

    31.5

    40.5

    21.9

    -9.7

    13.9

    11.4

      Imports, f.o.b. (annual percentage change)

    -23.2

    15.2

    29.7

    5.3

    11.0

    5.8

    1.9

    Services, incomes and transfers

    10.4

    11.6

    20.9

    21.8

    23.9

    24.2

    24.5

      Of which: travel

    17.1

    20.5

    34.6

    39.8

    42.1

    42.2

    42.5

    External public debt

    47.9

    47.6

    42.6

    42.7

    42.1

    43.7

    44.8

    External debt service (percent of goods and nonfactor services)

    21.3

    14.8

    10.3

    9.0

    10.3

    9.1

    8.6

    International reserves

       In millions of U.S. dollars

    1,747

    1,952

    1,869

    1,972

    2,202

    2,332

    2,435

       In months of prospective year imports of goods and services

    5.7

    4.8

    4.0

    4.0

    4.2

    4.4

    4.4

       In percent of broad money

    28.1

    28.5

    26.1

    26.4

    27.8

    28.0

    27.9

    REER (average annual percentage change)

    		    

       Trade-weighted 3/

    -.07

    -2.8

    3.1

    -1.1

    -1.0

    …

    …

    Sources: Country authorities; and IMF staff estimates and projections.

    1/ Includes all eight ECCU members unless otherwise noted. ECCU consumer price aggregates are calculated as weighted averages of individual country data. Other ECCU aggregates are calculated by adding individual country data. The staff report projections are based on the information available as of March 31, 2025. It, therefore, does not reflect the impact of the escalation of trade tensions on and after April 2, 2025.

    2/ Projections include expected fiscal costs of natural disasters.

    3/ Excludes Anguilla and Montserrat.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. Staff hold separate annual discussions with the regional institutions responsible for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central African Economic and Monetary Union, and the West African Economic and Monetary Union. For each of the currency unions, staff teams visit the regional institutions responsible for common policies in the currency union, collects economic and financial information, and discusses with officials the currency union’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis of discussion by the Executive Board. Both staff’s discussions with the regional institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member.

    [2] The staff report reflects discussions with the authorities during January 8-16 and January 27-February 10, 2025, and is based on the information available as of March 31, 2025. It, therefore, does not reflect the impact of the escalation of trade tensions on and after April 2, 2025. Based on information available until April 29, 2025, and covered in the Staff Supplement, the thrust of the staff appraisal remains unchanged.

    [3] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/08/pr-24135-caribbean-imf-concludes-2025-discussions-on-policies-of-east-carib-currency-union

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement with Barbados on the Fifth Reviews Under the Extended Fund Facility and the Resilience and Sustainability Facility

    Source: IMF – News in Russian

    May 8, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country or a virtual staff visit. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • The IMF team reached a staff-level agreement with the Barbadian authorities on the completion of the fifth and final reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements. The IMF’s Executive Board is expected to consider both reviews in June. Once the reviews are approved by the IMF Executive Board, Barbados will have access to about US$57 million in financing.
    • Barbados’ economy continues to perform well. Growth has been robust, inflation has moderated, and the external position has strengthened. Nevertheless, risks to the outlook are tilted to the downside, given the highly uncertain external economic environment and Barbados’ vulnerability to natural disasters.
    • Implementation of the home-grown Economic Recovery and Transformation (BERT 2022) plan remains strong. The authorities continue to focus on increasing resilience by maintaining fiscal discipline and debt sustainability and accelerating structural reforms to deliver more inclusive and sustainable growth.

    Bridgetown, Barbados: At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Michael Perks visited Barbados between May 2-8 to discuss the implementation of Barbados’ Economic Recovery and Transformation (BERT 2022) plan, supported by the IMF under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements. To summarize the mission’s findings, Mr. Perks made the following statement:

    “Following productive discussions, the IMF team and the Barbadian authorities reached a staff-level agreement on the completion of the fifth and final reviews of the EFF and the RSF arrangements with Barbados. The agreement is subject to approval by the IMF Executive Board, which is expected to consider the reviews in June. The completion of the final reviews will mark the successful conclusion of the arrangements and will allow the authorities to draw the remaining SDR 14.175 million (about US$19 million) under the EFF arrangement and SDR 28.35 million (about US$38 million) under the RSF arrangement.

    “The economy grew strongly in 2024 and continues to expand in 2025, driven by tourism, construction, and business services. Inflation has moderated further, due to an easing of global commodity prices and prices of domestic goods and services. The external position has improved, with a significant strengthening of the current account in 2024. International reserves have increased to almost US$1.7 billion (equivalent to over 7 months of import cover), ample to support the exchange rate peg. Real GDP is projected to grow by 2.7 percent in 2025, sustained by construction related to tourism projects and public investment. Nevertheless, the economic outlook is subject to significant downside risks, given heightened global uncertainty and Barbados’ vulnerability to external shocks and natural disasters.”

    “Program performance remains strong. All quantitative performance criteria and indicative targets for the fifth review of the EFF were met. The fiscal primary surplus reached 4.3 percent of GDP in FY2024/25, with strong corporate tax revenues and prudent current spending controls enabling a significant increase in capital investment aimed at boosting infrastructure and resilience. For FY2025/26, the budget aims to reach a primary surplus of 4.4 percent of GDP, consistent with program projections. Public debt continues to decline, and the authorities remain firmly committed to reaching the 60 percent of GDP target by FY2035/36.

    “The structural reform agenda is advancing, supported by technical assistance from the Fund and development partners. All three structural benchmarks (SBs) were met, including completing the assessment of human resource needs at the Barbados Customs and Excise Department, preparing a draft public-private partnership (PPP) framework and developing a daily liquidity forecasting framework by the Central Bank of Barbados (CBB). Efforts to strengthen growth and the business environment also continue to progress, including measures to address the skills gap.

    “The authorities have completed both reform measures for the fifth RSF review. Key elements to strengthen the integration of climate concerns into public financial management have been delivered, including the development of public investment project appraisal guidelines, deepening of fiscal risk analysis, and preparation of a PPP framework. The CBB has also included physical climate risks in its bank stress testing exercise. In addition, the government has created a new Resilience and Regeneration Fund, repurposing the previous Catastrophe Fund with an expanded role and additional financing for disaster mitigation, response, and regeneration.

    “The team would like to thank the authorities and other counterparts for their hospitality and the constructive and candid policy dialogue.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/08/pr-25136-barbados-imf-reaches-agreement-with-barbados-on-the-5th-rev-under-the-eff-and-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Global: Alberta has long accused Ottawa of trying to destroy its oil industry. Here’s why that’s a dangerous myth

    Source: The Conversation – Canada – By Ian Urquhart, Professor Emeritus, Political Science, University of Alberta

    “Alberta is a place soaked in self-deception.” Those words began Alberta-based journalist Mark Lisac’s 2004 book aimed at shattering the myths that have unhelpfully animated too much of Alberta’s politics over the past few decades.

    Current and former Alberta politicians are once again embracing and treating separatist grievances seriously. That means it’s time once again to highlight and challenge political misconceptions that have the potential to destroy Canada.

    Oil is the root of one such myth. The misconception? That Ottawa perenially opposes the oil and gas sector and is determined to stop its continued growth. The National Energy Program (1980), the Northern Gateway pipeline project (2016), the Energy East Pipeline (2017) and the proposed greenhouse gas pollution cap allegedly prove Ottawa’s hostility.

    Notably missing from these grievances is the Keystone XL pipeline and the Trans Mountain Expansion Project. Ottawa supported these projects aimed at transporting Alberta oilsands crude to foreign markets. The federal government even purchased the Trans Mountain project from Kinder Morgan in 2018 — not to kill it, but to build it.



    Read more:
    Justin Trudeau’s risky gamble on the Trans Mountain pipeline

    As for Keystone XL, Alberta Premier Jason Kenney thanked Prime Minister Justin Trudeau for supporting the project. This doesn’t fit the separatist narrative, so it’s largely ignored.

    Oilsands booster

    No one should dispute the National Energy Program’s devastating impact on Alberta’s conventional oil and gas sector 40 years ago. But the oilsands, not conventional oil, propelled Canada to its position as the world’s fourth largest oil producer.

    Has Ottawa facilitated or obstructed the spectacular post-1990 growth of oilsands production?

    The record shows that, since the mid-1970s, Ottawa has facilitated and supported the oilsands sector. The federal government helped keep the Syncrude project alive in 1975 when it took a 15 per cent interest in Canada’s second oilsands operation.

    Ironically, Ottawa’s enthusiasm for more, not less, petroleum from the oilsands also appeared in 1980 via the National Energy Program (NEP), the devil in Alberta’s conservative catechism. What most accounts of the NEP don’t mention is that Ottawa offered tax benefits to oilsands companies while stripping them from conventional oil producers.

    Furthermore, the NEP’s “made-in-Canada” pricing effectively guaranteed Syncrude would receive the world price for its production. At $38 per barrel, Syncrude received more than double what conventional producers received. If the NEP was harsh on conventional oil producers, it helped create a golden future for the oil sands.

    In the mid-1990s, Ottawa helped propel the post-1995 oilsands boom. The industry-dominated National Task Force on Oil Sands Strategies sought federal tax concessions to promote oilsands growth. The federal government delivered them in its 1996 budget, despite Prime Minister Jean Chretien’s general concern with cutting the deficit.

    Again, these measures clearly contradict the myth of federal opposition to the oil industry.

    Generous emissions caps

    Ottawa’s policy favouritism towards the oilsands didn’t end there. It has consistently animated the federal government’s treatment of the oilsands in its climate change policies.

    The federal Climate Change Plan for Canada (2002) treated oil and gas leniently. Its measures for large industrial emitters bore a striking resemblance to the climate change policy preferences of the Canadian Association of Petroleum Producers. Suncor and Syncrude, the two leading oilsands producers, estimated these federal proposals would add a pittance, between 20 and 30 cents, to their per barrel production costs.

    Justin Trudeau’s response to Alberta’s 2015 oilsands emissions cap also underlined Ottawa’s favouritism, not hostility, to the dominant player in Canada’s oil patch.

    Rachel Notley’s NDP government set this cap at 100 million tonnes of GHG per year, plus another 10 million tonnes allowed to new upgrading and co-generation facilities. This cap was a whopping 39 million tonnes or 55 per cent higher than what the oilsands emitted in 2014.

    This generous cap contributed to a tremendous increase in oilsands production. Healthy profits became record profits in 2022. Ottawa embraced Alberta’s largesse, incorporating the province’s cap into its post-2015 climate policies.

    Furthermore, Ottawa increased its leniency towards the oilsands by exempting new in-situ (non-mining) oilsands projects in Alberta from the federal Impact Assessment Act. This exemption applies until Alberta’s emissions cap is reached. Canada’s latest National Inventory Report on greenhouse gas emissions reported record oilsands GHG emissions of 89 million tonnes in 2023, still 11 million tonnes shy of the 100 million tonne threshold.

    Weaponizing myths

    Finally, we have today’s proposed national cap on greenhouse gas emissions. Alberta is apoplectic about the cap. But whether or not it’s intentional, Premier Danielle Smith’s outrage feeds into secessionist sentiment by seemingly misrepresenting the cap’s impact on oil and gas production.

    Smith and her environment minister use the work of the Parliamentary Budgetary Officer (PBO) to nurture their “Ottawa hates oil” narrative. They claim the officer’s analysis of the cap’s economic impact showed it “will cut oil and gas production by five per cent, or more than 245,000 barrels per day.”

    This is simply not true.

    In fact, the PBO concluded that, with the cap, oilsands production “is projected to remain well above current levels” — 15 per cent higher than in 2022. The proposed federal emissions cap, like the Alberta NDP’s cap of a decade ago, is higher than current oilsands emissions levels. The PBO concluded the proposed ceiling for oilsands emissions would be six per cent higher than 2022 emissions.

    Ottawa’s proposed cap, in fact, continues its decades-long support of the oilsands.

    Myths are central to our being. When I tell my grandsons about the pot of gold at the end of the rainbow, I hope to inspire curiosity, imagination and interest in their grandmother’s Irish heritage.

    But in politics, fanciful stories can be dangerous. Some weaponize myths, using the fictions at their core to encourage followers to let falsehoods rule their behaviour. That seems to be playing out yet again in Alberta. We must demand better from the political class.

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

    – ref. Alberta has long accused Ottawa of trying to destroy its oil industry. Here’s why that’s a dangerous myth – https://theconversation.com/alberta-has-long-accused-ottawa-of-trying-to-destroy-its-oil-industry-heres-why-thats-a-dangerous-myth-255908

    MIL OSI – Global Reports –

  • MIL-OSI USA: Congresswoman Tenney Announces FY26 Community Project Funding Submissions

    Source: United States House of Representatives – Congresswoman Claudia Tenney (NY-22)

    Washington, DC – Congresswoman Claudia Tenney (NY-24) today announced the 15 projects she has submitted to the House Appropriations Committee in the Fiscal Year 2026 (FY26) Community Project Funding (CPF) process. 

    The CPF process allows municipalities and non-profits to submit federal funding requests for high-priority community projects with strong local support in New York’s 24th Congressional District. Each application was subjected to a rigorous review process to ensure that it is a sound use of taxpayer dollars and that applicants have a clear and accountable plan to spend funds on targeted projects within a year.  

    A list of Rep Tenney’s submitted FY26 projects can be found below:

    • $2,000,000 for the City of Lockport’s Phase III – Erie Canal Flight of Five Locks
    • $1,000,000 for the City of Oswego Police Department’s New Police Station
    • $4,275,000 for Jefferson County’s Installation of Runway 10 Omni-Directional Approach Lights at Watertown International Airport
    • $2,000,000 for Orleans County’s Public Safety Building Vital Improvements for Safety and Security
    • $2,000,000 for Schuyler County’s Emergency Operations Center
    • $5,000,000 for the Town of Lyons’ Resurgence of the Town of Lyons Canal Street District
    • $3,300,000 for the Town of Phelps’ Sanitary Sewer Distribution Project
    • $1,000,000 for the Town of Throop’s Water Improvements Project
    • $2,475,000 for the Town of Torrey’s Water District #2 Resource Improvements      
    • $10,000,000 for the U.S. Army Corps of Engineers’ work on Genesee County’s water needs
    • $3,000,000 for the Village of Geneseo’s Water and Sewer System Improvements
    • $1,500,000 for the Village of Mexico’s Water System Improvements
    • $3,000,000 for the Village of Waterloo’s Sewer System Improvements and Wastewater Treatment Plant Upgrades
    • $4,000,000 for Wayne County’s Rural Health Services Building Renovation
    • $3,000,000 for Wyoming County’s Silver Lake Dredging Project    

    “The Community Project Funding Process allows Congress to hear directly from municipalities and community leaders about their needs. This year, I submitted 15 projects on behalf of our district to improve essential infrastructure, enhance public safety, and revitalize our local communities. I remain committed to advocating for these projects throughout the appropriations process and will continue to be a strong voice for protecting your hard-earned tax dollars while representing our district in Congress,” said Congresswoman Tenney.

    Community leaders who submitted and worked with Rep Tenney’s office on various funding proposals expressed their appreciation for her advocacy:

    “On behalf of Genesee County, I extend our sincere thanks to Congresswoman Tenney for championing this critical investment in our region’s infrastructure. The proposed water project will play a vital role in strengthening our water system—not only for the City of Batavia, but for communities, farms, and businesses throughout Genesee County. This funding brings us one step closer to securing long-term reliability, capacity, and growth potential for the entire county,” said the Genesee County Legislature Chair, Shelley Stein. 

    “The Town of Lyons and the Wayne County Regional Land Bank greatly appreciate Congresswoman Tenney’s commitment to our Resurgence of the Town of Lyons Canal Street District project. This neighborhood revitalization addresses legacy community needs by transforming blighted properties in the heart of downtown into quality housing, commercial space, enhanced infrastructure, and improved access to essential services,” said the Town of Lyons Supervisor, Jim Brady.

    “The Flight of Five is more than a historic marvel — it’s the beating heart of Lockport’s canal heritage and a cornerstone of our tourism future. With possible Phase III funding on the horizon, we’re poised to take the next critical step in fully restoring this 19th-century engineering wonder. This investment not only honors the legacy of the Erie Canal, but positions Lockport as a must-see destination for millions of visitors exploring the Niagara region,” said the President/CEO Greater Lockport Development Corporation, Vicki Smith.

    “We sincerely thank Congresswoman Tenney for selecting Oswego as one of 15 projects in the FY26 Appropriations Bill. This vital support moves us closer to replacing our 150-year-old police station with a modern facility that will enhance public safety, support emergency response, and provide space for community outreach and critical services. This project will help build a stronger, safer Oswego for all,” said the City of Oswego Police Chief, Phil Cady.

    “On behalf of the residents of the Town of Phelps, I would like to extend our sincere gratitude to Congresswoman Claudia Tenney for her support of our Route 14 wastewater infrastructure project. We deeply appreciate Congresswoman Tenney’s efforts in advancing our funding request to the Appropriations Committee for review and consideration. Her advocacy brings us one step closer to a much-needed sewer line project that will significantly enhance development opportunities not only within our town but in the Town and City of Geneva. Federal funding is essential to ensure the timely construction of this project, which will serve thousands of visitors to the Finger Lakes region while supporting long-term growth for our community. We are especially grateful for Representative Tenney’s commitment, hard work, and her willingness to listen to the needs of our residents. Her support reflects a strong partnership between federal leadership and local priorities,” said the Town of Phelps Town Supervisor, Bill Wellman.

    “We are thankful for Congresswoman Tenney continuous support of Watertown International Airport, these lights are so important to airport users. The runway 10 lights help decrease delays and keep airplanes landing when visibility is limited. It’s vital for our residents, tourism, business, and DOD communities that rely on the airport for safe and reliable air transportation,” said the Watertown International Airport Director of Aviation, Grant Sussey.

    “This investment in critical infrastructure keeps villages like Geneseo moving forward while keeping tax rates and housing affordable. Most importantly, you are replacing lead water service pipes and ensuring that our sanitary sewer is safe, and keeping it separate from our storm sewer. Finishing the project will leave us ADA compliant and offer enhanced walkability to our village,” said the Geneseo Village Mayor, Christopher Ivers.

    “First, we would like the thank Congresswoman Tenney for including us in the Appropriations bill. We are deeply grateful for her advocacy, commitment, and unwavering support of our community. This funding will have a transformative impact on our community that will enable us to expand critical infrastructure, enhance resources, and provide greater opportunities for those we serve. The project we are looking to fund will foster long-term growth and positive changes for Waterloo,” said the Mayor of Waterloo, Walt Bennett.

    “The Town of Torrey is thrilled to have been selected by Congresswoman Tenney to provide funding through the Congressional Appropriations process for the Town’s Water District #2 serving the Perry Point area. This funding will provide the residents of the district with a reliable and safe supply of water at a reasonable cost while protecting the waters of Seneca Lake. The Town of Torrey is very appreciative of the efforts that Congresswoman Tenney has made on behalf of Torrey residents and the 24th Congressional District,” said the Supervisor of the Town of Torrey, Peter Martini. 

    “On behalf of the residents of Wyoming County, especially those living around Silver Lake, and the Board of Supervisors, I extend our sincere appreciation for Congresswoman Tenney’s selection of the Silver Lake dredging project to submit to the House Appropriations Committee. Congresswoman Tenney understands and shares the values we hold as part of our proud agricultural heritage. An integral part of the environmental stewardship we are tasked with is to fulfill our mission of a healthier and more resilient Silver Lake. It is not only an essential component of our county’s robust tourism industry, but is also a prime drinking water source for multiple communities spanning Wyoming and Livingston counties. This important funding will help to preserve sensitive habitats, protect water quality and enhance public waterway access. We are deeply grateful to Congresswoman Tenney for her unwavering support in this project and for Wyoming County,” said the Chairwoman of the Wyoming County Board of Supervisors, Rebecca Ryan.

    “The Village of Mexico would like to take this opportunity to express their appreciation for Congresswomen Claudia Tenney’s continued support of the Village and Town of Mexico. This project if awarded would help insure continued safe and accessible water far into the Future,” said the Mayor of the Village of Mexico, Terry Grimshaw.

    “Wayne County is humbled and so very grateful by this support from Congresswoman Tenney’s office to be selected as one of the 15 projects submitted for consideration. The House Appropriations funding opportunity provides a meaningful modernization of a rural facility offering healthcare and behavioral health treatment and services. Wayne County Health Building renovations would help expand support and treatment to all ages for critical outpatient treatment and support services in our rural community,” said Wayne County Public Health Director Diane Devlin, Aging & Youth Director Amy Haskins, and Interim County Administrator Mark Humbert.

    “The town of Throop is incredibly grateful to Congresswoman Tenney for selecting Throop’s Water District #3 project as a candidate for Community Project Funding. This investment will provide safe, reliable drinking water, as well as fire protection to residents who’ve long relied on aging private wells with poor water quality. Investing in this project will significantly improve the quality of life, health, and public safety for residents within this proposed water district. This project also has broader implications to the entire water system. This water district will vastly improve the area’s water infrastructure resiliency by completing a critical loop to an existing main line, creating essential system redundancy that benefits the broader network. Congresswoman Tenney has a steadfast commitment to ensuring all communities are supported, especially those in rural areas. Rural communities are the backbone of this region, and Congresswoman Tenney’s continued support for them is invaluable. Her support for this project is a powerful example of how by working together, elected officials can strengthen our infrastructure, safeguard our future, and impact the lives of our residents,” said the Town of Throop Supervisor, Eric Ridley. 

    “On behalf of Schuyler County, I want to say thank you to Congresswoman Tenney for supporting our project submission to improve our county’s Emergency Operations Center. This new Emergency Operations Center will house our county’s Emergency Management department, 911/Dispatch, Schuyler County Sheriff’s Office, and the Schuyler County Public Health Office to improve emergency response times and recovery efforts for our taxpayers and visitors. Thank you again to Congresswoman Tenney for advocating for the project. We are appreciative of your efforts in supporting critical emergency infrastructure projects NY-24,” said the Chairman of the Schuyler County Legislator, Carl H. Blowers

    “We very much appreciate the fact that Congresswoman Tenney recognizes the infrastructure needs of local governments and is working to secure $2 million in funding for the Orleans County Public Safety Building. Fixing a roof may be not be the most exciting project, but it was very necessary to maintaining that building and ensuring safe working conditions for our public safety team. We are very thankful Congresswoman Tenney delivered for us,” said the Orleans County Legislature Chairman, Lynne Johnson. 

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: New Zealand’s Space and Advanced Aviation Sectors Soar

    Source: Ministry of Business Innovation and Employment MBIE (2)

    The government has a goal of doubling the size of New Zealand’s space and advanced aviation sectors by 2030, as laid out in the New Zealand Space and Advanced Aviation Strategy 2024 to 2030.

    The Innovation for Growth, Charting the Space and Advanced Aviation sectors shows the space sector has grown by 53% since a 2019 report, and contributed nearly $2.5 billion to New Zealand’s economy in 2023-24.

    The advanced aviation sector overlaps with the space sector and, measured for the first time, contributed close to $500 million in the same period.

    The report outlines the current and future state of the sectors, along with the market size and composition, economic contributions, and barriers and enablers of growth.

    The report and an infographic can be read on the MBIE website:

    New Zealand Space and Advanced Aviation Sector – Economic Survey

    MIL OSI New Zealand News –

  • MIL-OSI USA: FBI Director Shows Up to Budget Hearing With “No” Timeline for Budget, Walks Back His Criticism of Trump’s Plan for Big Cuts at FBI

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Asked about FBI budget, Patel tells Senate Appropriations Committee: “I’m not asking you for anything at this time.”
    ***WATCH: Senator Murray’s remarks and questioning***
    Washington, D.C. — Today, at a Senate Appropriations Commerce, Justice, and Science Subcommittee hearing on the FY26 budget for the Federal Bureau of Investigation (FBI), U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, grilled Director Kash Patel on President Trump’s proposed budget for the FBI, the Department of Justice’s sweeping cancellation of grants to local law enforcement, and how the FBI is focusing its resources.
    In opening comments, Vice Chair Murray said:
    “The FBI does really crucial work to keep our nation safe—whether it’s stopping criminal organizations, or domestic terrorists. It protects our nation’s secrets, prevents cyber attacks, keeps our children safe from harm, and a lot more. So, this is really sober work with extremely high stakes.
    “And I’m concerned that instead of focusing on the incredibly important mandate—to keep Americans safe and to help impartially enforce our laws—under your leadership, Director Patel, the FBI has been weaponized to go after Americans who disagree with the President. FBI resources have been diverted away from combatting terrorism to focusing on immigration requests.
    “All of this—the diverted mission, fewer resources, fewer agents, heightened politicization—is happening now under your watch, and it is, I believe, making Americans less safe.”
    [LACK OF FBI SPEND PLAN AND FULL FY26 BUDGET]
    Senator Murray began her questioning by pressing Director Patel on where the FBI’s statutorily-required spend plan and its full FY26 budget is.
    “As Ranking Member Van Hollen noted earlier, this hearing is being held without the FBI’s fiscal year 2025 spend plan and a full budget request for fiscal year 2026. The spend plan, is required by law, it was due to Congress over a week ago, we have not yet seen it. That is really absurd. The FBI is our nation’s leading law enforcement agency, with a budget of $10.7 billion dollars—and it is critical that we understand how you are spending taxpayer dollars. So, Director Patel, when should we expect the FY25 spend plan for the FBI? Have you seen it, have you reviewed it, when will we get it?”
    “I will get you an answer ma’am. I don’t have a timeline on that,” replied Director Patel.
    Senator Murray noted, “It was due last week, by law.”
    “I understand,” said Director Patel.
    Senator Murray asked for clarification, “And your answer is you just understand, you’re not going to follow the law?”
    Director Patel dodged, stating: “My answer is that I am following the law, and I’m working with my interagency partners to do this and get you the budget that you are required to have.”
    “And you have no timeline?” Senator Murray inquired.
    “No,” stated Director Patel.
    Senator Murray then asked Patel about when the full FY26 FBI budget will arrive, stating: “Well we also need a full budget request—not a single paragraph full of wild talking points that we saw with the ‘skinny’ budget proposal. We’re now having a budget hearing without a budget request. So, Director Patel, where is the FY 2026 budget request for the FBI?”
    “It’s being worked on ma’am,” said Director Patel.
    “Have you reviewed it? Have you approved it?” Senator Murray continued to press.
    Director Patel responded, “Not yet.”
    Senator Murray asked for more details, “When will you get it?”
    “As soon as I can get it from my interagency partners and get it approved,” Director Patel replied.
    “Six months from now?” Senator Murray pressed.
    Director Patel continued to provide no details, stating: “I don’t know ma’am. I’m not going to make up a timeline.”
    Senator Murray pushed back, “Well, how do we as a Congress do our budget and our work without that request and without the spend plan?”
    Director Patel demurred, stating, in part: “I’m doing the best I can.”
    Senator Murray emphasized, “That is insufficient and deeply disturbing. No response?”
    Director Patel stated, “I have given my response.”
    [PATEL WALKS BACK CRITICISM OF TRUMP BUDGET REQUEST]
    Senator Murray then asked Director Patel about his apparent disagreement with President Trump’s budget request for the FBI. On Wednesday, Patel told House appropriators that he disagreed with the more than half a billion dollar proposed cut to the FBI budget that President Trump asked Congress to make in his preliminary request submitted last week. Patel told House lawmakers: “We have not looked at who to cut. We are focusing our energies on how not to have them cut by coming in here and highlighting to you that we can’t do the mission on those 2011 budget levels.” On Wednesday, Patel said the FBI actually requested an increase in the request it submitted to the Office of Management and Budget (OMB).
    “Well, the FBI is already down 1,900 employees since 2023 as a direct result of the Fiscal Responsibility Act. And under the Trump administration, FBI agents, analysts, linguists, cyber experts, and scientists are being asked to do a lot more in order to keep us safe. Director Patel, we all know that budget cuts will reduce the FBI’s ability to counter threats of terrorism, and it will hinder its ability to keep pace with firearm background checks, and shutter operations that combat violent crime, drugs, gangs, and transnational organized crime,” said Senator Murray. “Now, I understand that you told our House colleagues yesterday that you don’t want to reduce the FBI workforce—meaning that you disagree with what President Trump is proposing?”
    “No, I agree that we can sustain the mission with the proposed budget, and I agree with the budget,” replied Director Patel—walking back his sharp criticism of the funding levels for FBI in President Trump’s proposed budget.
    “That’s different than what you told the House yesterday. What are you communicating to the President and the White House about what you need, and again, we don’t have a budget request from you, so I’m not sure what you are asking us for,” pressed Senator Murray.  
    Director Patel said, “I’m not asking you for anything at this time.”
    Senator Murray asked, “You can operate without a budget?”
    “I never said that,” replied Director Patel.
    Without further details, Senator Murray said, “Well, this is unprecedented. Ok, well, let me just go to another topic, since you are not going to answer that.”
    [CUTS TO LOCAL LAW ENFORCEMENT]
    Senator Murray then asked Director Patel about how the FBI’s mission is affected by the sweeping cuts in funding the Trump administration has already made for its local law enforcement partners, stating: “The FBI partners with state, local, and Tribal law enforcement organizations. They provide critical intelligence and operational capabilities to combat violent crime, gangs, terrorist threats, and fentanyl trafficking—challenges that our local communities really can’t face alone. I’m going to give you an example. A few years ago, the Southeast Washington Safe Streets FBI task force worked with our Benton County and Franklin County Sheriff’s Offices, multiple Tri-Cities’ police departments, and the state corrections department to carry out one of the largest-ever drug seizures in the region’s history. Now we’ve got an administration already cutting more than $800 million in assistance in 2025 to local law enforcement organizations while proposing a half billion dollar cut for the FBI. Director Patel, can you explain to this Committee how cutting resources for our local law enforcement partner agencies the FBI relies on to help your bureau keep people safe, how do you expect the FBI and local law enforcement to do more without those significant resources they need?”
    “The FBI will continue to do what it does, which is work with embedded state and local law enforcement officers in our joint terrorism task force, the street task force, and our gang task forces. Those are a priority. Those billets have been maintained. Those billets have not been reduced. And with my reorientation, reprogramming—that we’ve notified congress to—you will see an augmentation in the field in every single state in this country,” replied Director Patel, dodging the question in its entirety.
    Senator Murray noted, “Again, we need to see the numbers and we need to see that budget from you.”
    [BACKGROUND CHECK SYSTEM]
    She continued her questioning by pressing Director Patel on whether he will maintain the FBI’s National Instant Criminal Background Check System (NICS)and support adequate funding for it, stating: “The FBI is really on the front lines of keeping guns out of the hands of very dangerous criminals. The NICS serves a really critical role in enhancing national security and public safety by conducting background checks, you know this. They are supported by the vast majority of American people. And I wanted to ask you this morning: will you commit to continuing to fund and run the FBI background check system?”
    “Yes,” replied Director Patel.
    [POLITICIZATION OF FBI]
    Senator Murray concluded her questions by grilling Director Patel on how the FBI is focusing its resources: “President Trump has turned the Department of Justice into a tool to go after his perceived enemies, and many of the actions we have now seen at the FBI are alarming. The FBI has reassigned and pushed out career FBI agents for political reasons. We’ve seen fear and intimidation promoted throughout the Bureau, including by polygraphing your own staff. We’ve seen the arrest of a sitting judge in Wisconsin. During your confirmation hearing, you committed that there would be no politicization, no retribution at the FBI under your leadership. You have reportedly placed FBI employees responsible for investigation January 6th cases on leave. Is that keeping up your promise of no politicization, no retribution?”
    Director Patel avoided the question, saying, “It is because that is wildly inaccurate. Let me tell you what the FBI has done since I got there…—”
    Senator Murray interjected, “Well, that is not my question.”
    Director Patel again demurred.
    “But you have placed on leave FBI employees responsible for the investigation of January 6, that sounds political to me,” Senator Murray pressed.
    “I have not placed anyone on leave who has not violated their ethical obligation or their oath to the constitution,” Director Patel said.
    Senator Murray asked, “So, if they were investigating January 6, you believe they were violating an ethic obligation?”
    “Nope, I think the common theme here is you putting words in my mouth and I am not going to tolerate it, nor will the men or women of the FBI,” Director Patel said.
    “Well, you did place on leave an analyst responsible for investigating Russia’s meddling in the 2016 election. Is that politicization, is that retribution?” Senator Murray pushed back.
    Director Patel continued to dodge the question, “No, not if she broke the law or the ethical guidelines. I don’t know which case you are talking about but that’s the standard. We will hold ourselves inordinately accountable and we will not be strayed from our mission because people think we are politicizing the bureau. If you want to talk about someone who is attacked by a weaponized bureau, you are looking at him and now he’s the director of the FBI and he’s cleaning it up.”
    Senator Murray concluded by emphasizing: “Well, I would just say to everyone who is listening, The FBI needs to be focused on its mission to keep the entire country safe, it should not be weaponized for partisan political gain.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Property Market – Renters could be $700/year better-off with decade-high rental stock

    Source: Brainchild for RealEstate.co.nz

    • Supply of rental properties the highest for any April since 2016 
    • Weekly rent softens by an average of $14/week nationally  
    • Cost of living crisis keeps would-be renters at home while investors retain properties 

    Friday 9 May, 2025 – Renters have more money in their pocket and more properties to choose from as latest data from realestate.co.nz shows the supply of rental properties in New Zealand reaches the highest level for any April in almost a decade.  

    April abundance: market awash with rentals

    The total number of new rental listings on the market last month was 5,868, up 24.1% year-on-year from 4,729. But we need to look back as far as April 2016 (6,836) to see numbers that can match the current level of supply.

    Regions leading the charge with the greatest number of new listings are, to be expected, New Zealand’s big three: Auckland (2,375, up 8.6% year-on-year), Canterbury (704, up 39.4% year-on-year), and Wellington (691, up 196.6% year-on-year).  

    Vanessa Williams, spokesperson for realestate.co.nz, says three key trends over the past 18 months have contributed to this rental market:

    Short to long-term rentals: “The number of holiday homes and Airbnbs that are being converted back from short-term rentals into long-term rentals.”
    Cost of living crisis: “When we look at our typical rental demographic (those aged 18-25), they’re doing one of two things: staying at home with their parents because of the cost of living or departing New Zealand shores and moving overseas.” 

    Investors holding tight: “A slower sales market over the last 2.5 years has seen investors holding onto their properties.”

    Renters reap benefits as rates reduce

    Further good news for renters is the softening in rental price, with the national average down by $14 per week year-on-year. The capital city had one of the highest falls in rental prices, with a year-on-year reduction of 7.2% or $50 per week ($647/week in April 2025 compared to $697/week in April 2024). 
    Subsequent rate falls occurred in the Central North Island, down 6.9% on April last year, and Taranaki, down 5.7% year-on-year.

    Williams says $14 extra in a tenant’s pocket per week over a 52-week period can result in a saving upwards of $700.  

    “That’s a nice three-seater sofa for the flat or a weekend away. In today’s current economic climate, $700 can go a long way.”    

    Central Otago and Lakes bucks the trend

    As to be expected there’s always a region that bucks the trend. Central Otago and Lakes reported an all-time high with an average rental price of $870 per week in April, a 3.0% increase year-on-year.

    Although the region’s 148 new listings reported in April was a 22.1% drop from the 190 listings in March, the region’s April numbers reflect a 35.8% year-on-year increase.

    “Central Otago and Lakes’ rental activity corresponds with our sales property data, which confirms the region’s reputation as one of the most highly valued markets in the country,” says Williams. “It’s not surprising to see this region continue to command top dollar with its beautiful homes, attractive lifestyle, and strong tourist market.”   

    About realestate.co.nz 

    We’ve been helping people buy, sell, or rent property since 1996. Established before Google, realestate.co.nz is New Zealand’s longest-standing property website and the official website of the real estate industry.  

    Dedicated only to property, our mission is to empower people with a property search tool they can use to find the life they want to live. With residential, lifestyle, rural and commercial property listings, realestate.co.nz is the place to start for those looking to buy or sell property.

    Market insights: Search by suburb to see median sale prices, popular property types and trends over time. 

    Sold properties: Switch your search to sold to see the last 12 months of sales and prices. 
    Valuations: Get a gauge on property prices by browsing sold residential properties, with the latest sale prices and an estimated value in the current market. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Legislation – New bill a vital step towards tobacco-free future in Aotearoa – Health Coalition

    Source: Health Coalition Aotearoa

    Health Coalition Aotearoa strongly supports Dr Ayesha Verrall’s new Tobacco Transparency Bill, launched this week, which – if supported by a majority of MPs – will help protect public health policy from tobacco industry interference and honour New Zealand’s international commitments.

    This landmark legislation gives real force to Article 5.3 of the World Health Organisation’s Framework Convention on Tobacco Control-an agreement New Zealand signed over two decades ago but has never been properly embedded into law.

    “The tobacco industry thrives in the shadows. This Bill brings in sunlight,” said Professor Chris Bullen of Health Coalition Aotearoa. “It sets clear rules for how government agencies and officials must engage with tobacco companies and helps close the door to backroom lobbying.”

    The Bill would amend the Smokefree Environments and Regulated Products Act to:

    • prohibit the Government from supporting or endorsing the interests of the tobacco industry
    • require the Prime Minister to issue guidance to Ministers on their interactions
    • with tobacco industry players 
    • direct the Minister of Health to provide similar guidance to public servants
    • require the Public Service Commissioner to issue conduct standards for officials
    • impose a six-month stand-down period before officials involved in tobacco policy can work for the industry.
    Crucially, the Bill also compels the tobacco industry to report on lobbying, marketing, sponsorships, hospitality, donations, social media deals, and corporate philanthropy-practices it has long used to undermine health laws.
    “This is world-leading transparency,” said Professor Bullen. “No other country has gone this far in requiring the tobacco industry to declare how it seeks to influence decision-makers. That alone will help deter interference.”
    Aotearoa New Zealand’s tobacco control policy has come under increasing attack in recent months, with life-saving legislation repealed and no safeguards in place to stop it. This Bill promises to change that.
    If supported, it will ensure all public servants understand their obligations under international law, and it opens the door to extending protections to cover emerging nicotine industries as well.
    “New Zealand once led the world with its Smokefree 2025 goal,” Professor Bullen. “This Bill would put us back on track. It’s a hopeful step forward-one that puts people’s health ahead of industry profits.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Governor Stein Calls for Fentanyl Control Unit

    Source: US State of North Carolina

    Headline: Governor Stein Calls for Fentanyl Control Unit

    Governor Stein Calls for Fentanyl Control Unit
    lsaito

    Raleigh, NC

    Today Governor Josh Stein joined law enforcement and North Carolinians impacted by the fentanyl crisis to call for funding for a Fentanyl Control Unit dedicated to investigating and stopping the flow of narcotics into North Carolina.

    “Too many North Carolinians continue to die from fentanyl and too many families have lost a loved one to overdose. We must do more to stop the fentanyl crisis and save lives,” said Governor Josh Stein. “I urge the North Carolina House to pass a budget that funds a Fentanyl Control Unit, keeps our communities safe, and allows law enforcement to do their job.”

    “Losing my son to a fentanyl overdose is a heartbreak that will never heal,” said Debbie Dalton, founder of HD Life Foundation and fentanyl awareness advocate. “Our state must do everything it can so that more families do not find themselves with that same grief.”

    Governor Stein’s 2025-2027 budget proposal includes funding for a Fentanyl Control Unit, made up of law enforcement and prosecutors dedicated to getting fentanyl off of the streets. As Attorney General, Stein led a national, bipartisan coalition of state attorneys general to hold accountable opioid drug companies and won more than $55 billion, with more than $1 billion going to North Carolina. He also successfully lobbied Congress to invest $300 million in fentanyl scanners at the border and championed the Stop Counterfeit Pill Act to address the growing threat of counterfeit pills. 

    May 8, 2025

    MIL OSI USA News –

  • MIL-OSI: Draganfly Announces First Quarter Results of 2025

    Source: GlobeNewswire (MIL-OSI)

    Vancouver, BC., May 08, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its first quarter financial results.

    Key Financial and Operational Highlights for Q1 2025:

    • Revenue for the first quarter of 2025 was $1,547,715 which represents a 16% year over year increase. Product sales of $1,541,811 were up 24.5% over the same period last year.
    • Gross profit for Q1 2025 was $310,088 up 10.7% from $280,011 for the same period last year. Gross margin percentage for Q1 2025 was 20.0% compared to 21.1% in Q1 2024. Gross profit would have been $271,422 and gross margin would have been 17.5%, not including a one-time non-cash recovery of a write down of inventory of $38,666. The decrease is due to the sales mix of the products sold.
    • The comprehensive loss for the period of $3,433,712 includes non-cash changes comprised of a positive change in fair value derivative of $157,830, a recovery of a write down of inventory of $38,666, and an impairment gain on notes receivable of $25,951 and would otherwise be a comprehensive loss of $3,656,159 vs an adjusted comprehensive loss of $3,559,976 for the same period last year. Contributors to the slight year-over-year increase are increased research and development, office and miscellaneous, professional fees, share based payments, and wages offset by change in derivative liability.
    • Cash balance on March 31, 2025 of $2,126,103 compared to $6,252,409 on December 31, 2024.
    • Volatus Aerospace partnered with Draganfly to integrate Volatus’ advanced Bathymetric LiDAR technology with Draganfly’s Heavy Lift Drone for a pilot project in oil and gas exploration. This collaboration aims to enhance precision data acquisition in energy markets. Additionally, Volatus became an OEM-approved dealer for Draganfly’s UAV platforms, including the Heavy Lift Drone, Commander 3XL, and Apex Drones.
    • Draganfly obtained a waiver from the FAA under 14 CFR §§ 107.39 and 107.145, allowing its drones to operate over people and moving vehicles. This waiver enables Draganfly to conduct flights beyond standard operational restrictions, facilitating advanced UAV operations in complex urban environments.
    • Building upon their existing partnership, Volatus Aerospace and Draganfly announced an expanded collaboration to address the growing demand for automated geospatial data collection and analysis solutions in the utility infrastructure sector. This strategic alliance combines Volatus’ operational expertise with Draganfly’s advanced sensor technology to enhance services for high-value power utility customers.
    • Draganfly announced the establishment of a new U.S. facility in Tampa, Florida, strategically positioned near key military and government clients. This expansion includes a demonstration and live-fire testing facility, reinforcing Draganfly’s commitment to delivering cutting-edge drone solutions to its U.S. customers and bolstering national security and defense partnerships.
    • The Massachusetts Department of Transportation’s Aeronautics Division selected Draganfly to conduct a drone medical delivery demonstration, which was successfully completed. The demonstration involved the simulated delivery of medical supplies to support home-based healthcare, showcasing the potential of UAVs in enhancing healthcare logistics.
    • Draganfly appointed Christopher C. Miller, former Acting U.S. Secretary of Defense under President Donald Trump, to its Board of Directors. Miller brings extensive experience in defense and intelligence, which is expected to guide Draganfly’s strategic initiatives in government, defense, and aerospace sectors.

    Draganfly will hold a shareholder update and earnings call on May 8, 2025 at 2:30 p.m. PDT / 5:30 p.m. EDT.

    Registration for the call can be done Here

    Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended March 31, 2025, and associated management discussion and analysis, which will be available under the Company’s profile on SEDAR at www.sedar.com and filed on EDGAR at www.sec.gov.

        Three months ended March 31,
                2025     2024  
    Total revenues         $ 1,547,715   $ 1,329,581  
    Gross Margin (as a % of revenues) (1)           20.0 %   21.1 %
    Net income (loss)           (3,424,825 )   (1,863,808 )
    Net income (loss) per share ($)                
              (0.63 )   (0.85 )
              (0.63 )   (0.85 )
    Comprehensive income (loss)           (3,433,712 )   (1,884,416 )
    Comprehensive income (loss) per share ($)                
              (0.63 )   (0.86 )
              (0.63 )   (0.86 )
    Change in cash and cash equivalents         $ (4,126,306 ) $ 1,246,124  

    (1) Gross Profit (as a % of revenues) would have been 17.5% and 32.2% not including a non-cash recovery of a write down of inventory of $38,666 and a non-cash write down of inventory of $148,760 respectively for the three month period ending March 31 2025 and 2024, respectively.

    As at           March 31, 2025   December 31, 2024
    Total assets         $ 6,919,097 $ 10,200,088
    Working capital           705,243   3,846,283
    Total non-current liabilities           296,067   342,013
    Shareholders’ equity         $ 1,476,648 $ 4,621,783
    Number of shares outstanding   5,433,824   5,427,795

    Shareholders’ equity and working capital as at March 31, 2025, includes a fair value of derivative liability of $2,040,291 (2024 – $2,198,121) and would otherwise be $3,516,939 (2024 – $6,819,904) and $2,745,534 (2024 – $6,044,404), respectively.

        2025 Q1   2024 Q4   2024 Q1
    Revenue $ 1,547,715   $ 1,613,162   $ 1,329,581  
    Cost of sales(2) $ (1,237,627 ) $ (1,397,422 ) $ (1,049,570 )
    Gross profit(3) $ 310,088   $ 215,740   $ 280,011  
    Gross margin – percentage   20.0 %   13.4 %   21.1 %
    Operating expenses $ (3,911,035 ) $ (4,085,766 ) $ (3,530,933 )
    Operating income (loss) $ (3,600,947 ) $ (3,870,026 ) $ (3,250,922 )
    Operating loss per share – basic $ (0.66 ) $ (0.91 ) $ (1.47 )
    Operating loss per share – diluted $ (0.66 ) $ (0.91 ) $ (1.47 )
    Other income (expense) $ 176,122   $ (851,896 ) $ 1,387,114  
    Change in fair value of derivative liability (1) $ 157,830   $ (946,116 ) $ 1,817,569  
    Other comprehensive income (loss) $ (8,887 ) $ 5,991   $ (20,608 )
    Comprehensive income (loss) $ (3,433,712 ) $ (4,715,931 ) $ (1,884,416 )
    Comprehensive income (loss) per share – basic $ (0.63 ) $ (1.11 ) $ (0.86 )
    Comprehensive income (loss) per share – diluted $ (0.63 ) $ (1.11 ) $ (0.86 )

    (1) Included in other income (expense).

    (2) Cost of goods sold includes non-cash inventory write downs of, $167,515 in Q4 2024 and a recovery of a write down of inventory of $38,666 in Q1 2025 and would have been $1,229,907 in Q4 2024 and $1,276,293 in Q1 2025 before these write downs.
    (3) Gross profit would have been $383,255 in Q4 2024 and $271,422 in Q1 2025 without the write downs in number 2 above. 
    (4) Cost of goods sold includes non-cash inventory write downs of $148,760 in Q1 2024 and would have been $900,810 in Q1 2024 before these write downs.
    (5) Gross profit would have been $428,771 in Q1 2024 without the write downs in number 4 above.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 25 years, Draganfly is an award-winning industry leader serving the public safety, public health, mining, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.

    Media Contact
    Erika Racicot
    Email: media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    Note Regarding Non-GAAP Measures

    In this press release we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (IFRS). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit and gross margin are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.

    Throughout this release, reference is made to “gross profit,” and “gross margin,” which are non-IFRS measures. Management believes that gross profit, defined as revenue less operating expenses, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as a percentage of revenue. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with International Financial Reporting Standards (“IFRS”). For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the “Non-GAAP Measures and Additional GAAP Measures”‎ section of the Company’s most recent MD&A which is available on SEDAR.

    Forward-Looking Statements

    This release contains certain “forward looking statements” and certain “forward-looking information” as ‎defined under applicable Canadian securities laws. Forward-looking statements and information can ‎generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, ‎‎“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements ‎and information are based on forecasts of future results, estimates of amounts not yet determinable and ‎assumptions that, while believed by management to be reasonable, are inherently subject to significant ‎business, economic and competitive uncertainties and contingencies. Forward-looking statements and ‎information are subject to various known and unknown risks and uncertainties, many of which are beyond ‎the ability of the Company to control or predict, that may cause the Company’s actual results, ‎performance or achievements to be materially different from those expressed or implied thereby, and are ‎developed based on assumptions about such risks, uncertainties and other factors set out here in, ‎including but not limited to: the Company’s arrangement with Volatus Aerospace to integrate Volatus’ advanced Bathymetric LiDAR technology with Draganfly’s Heavy Lift Drone for a pilot project in oil and gas exploration as well as the expanded collaboration to address the growing demand for automated geospatial data collection and analysis solutions in the utility infrastructure sector; the obtention of a waiver from the FAA under 14 CFR §§ 107.39 and 107.145, allowing its drones to operate over people and moving vehicles; the establishment of a new U.S. facility in Tampa, Florida, strategically positioned near key military and government clients‎; and financial condition, the successful integration of technology, the inherent risks involved in ‎the general securities markets; uncertainties relating to the availability and costs of financing needed in ‎the future; the inherent uncertainty of cost estimates and the potential for unexpected costs and ‎expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and ‎other related risks and uncertainties disclosed under the heading “Risk Factors“ in the Company’s most ‎recent filings filed with securities regulators in Canada on the SEDAR website at www.sedar.com. The ‎Company undertakes no obligation to update forward-looking information except as required by ‎applicable law. Such forward-looking information represents managements’ best judgment based on ‎information currently available. No forward-looking statement can be guaranteed and actual future results ‎may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking ‎statements or information.

    The MIL Network –

  • MIL-OSI: Parex Resources Announces Voting Results of Shareholders’ Meeting

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce that on May 8, 2025, it held its annual general meeting of shareholders (the “Meeting”) and all matters presented for approval have been fully authorized and approved.

    At the Meeting, shareholders approved the election of nine nominees as directors of Parex to serve until the next annual meeting of shareholders or until their successors are elected or appointed. The results of the ballot were as follows:

    Director VOTES IN FAVOR VOTES WITHHELD
    Number Percentage Number Percentage
    Lynn Azar 62,921,412 99.41% 375,419 0.59%
    Sigmund Cornelius 62,947,636 99.45% 349,195 0.55%
    Wayne Foo 62,313,105 98.45% 983,726 1.55%
    Mona Jasinski 63,132,823 99.74% 164,008 0.26%
    Jeff Lawson 63,142,309 99.76% 154,522 0.24%
    G.R. (Bob) MacDougall 62,922,121 99.41% 374,710 0.59%
    Glenn McNamara 61,045,206 96.44% 2,251,625 3.56%
    Imad Mohsen 62,936,760 99.43% 360,071 0.57%
    Carmen Sylvain 61,673,298 97.44% 1,623,533 2.56%
             

    In addition, a non-binding advisory resolution concerning the Company’s approach to executive compensation was approved. The results of the ballot were as follows:

      VOTES FOR
    		  
      Number Percentage  
      60,730,718 95.95%  
           

    Full voting results on all matters considered at the Meeting are available on the Company’s profile on SEDAR+ (www.sedarplus.ca).

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    PDF available: http://ml.globenewswire.com/Resource/Download/c5d624f6-5469-49f4-84c4-e0c701fadfb7

    The MIL Network –

  • MIL-OSI USA: Ernst Leads Fight to Confirm Key Trump Small Business Administration Nominee

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – To ensure the Small Business Administration (SBA) is equipped to properly serve Iowa’s job creators, U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) led the fight to break through a Democrat effort to block a key Trump nominee.
    During his nomination hearing, Chair Ernst detailed how Chief Counsel for Advocacy Nominee Casey Mulligan has the expertise and experience to slash the bloated bureaucracy, roll back burdensome regulations, and unleash Main Street.
    Click here to watch her remarks.
    Ernst’s full remarks:
    “I rise today to seek unanimous consent to confirm Dr. Casey Mulligan, the President’s nominee to be the Chief Counsel of the Office of Advocacy at the Small Business Administration.
    “I will make that motion in just a moment but first, let me explain why I am doing this.
    “This week is National Small Business Week – a week to recognize the achievements of our nation’s entrepreneurs.
    “As Chair of the Small Business Committee, I have a front row seat to the successes and challenges of our small business owners – and I have the privilege of being a champion for Iowa entrepreneurs.
    “Mr. President, our small businesses are more vulnerable to burdensome government regulations.
    “Over the past few years, the cost of regulations for small businesses has been out of control.
    “The previous administration created more than eleven hundred final rules costing 1.8 trillion dollars. 
    “The Biden administration’s regulatory costs were 600 times higher than that of the first Trump administration and 3.7 times higher than that of the Obama administration.
    “I have been encouraged by President Trump’s efforts to freeze and roll back regulations.
    “SBA Administrator Loeffler and the White House are working hard to eliminate burdensome and unnecessary regulations.
    “But to truly be effective, small businesses need a Senate-confirmed, Chief Counsel to continue this mission.
    “The Office of Chief Counsel for Advocacy has been vacant, without a Senate confirmed occupant, for nearly a decade.
    “This key role ensures small business interests are protected.  
    “Having served as the top Republican on the Small Business Committee for years now, I truly understand the need for this position to be filled immediately, and we are fortunate that President Trump nominated a highly qualified individual for this role.
    “Dr. Casey Mulligan’s unique mix of academic success and real-world small business experience makes him the best candidate for the job.
    “A Harvard graduate, Dr. Mulligan received his Ph.D. in economics from the University of Chicago, where he currently serves as an economics professor.
    “In addition to his academic role, Dr. Mulligan also owns two small consulting and economic research businesses. 
    “He has also conducted extensive research on the economic effects of regulation on small businesses.
    “At the SBA Office of Advocacy, Dr. Mulligan would serve as a champion for small businesses nationwide, as the agency undergoes much-needed changes to policy and direction.
    “Mr. President, Advocacy’s role remains true regardless of party — to ensure that a strong Chief Counsel stands up for the little guy and warns regulators when small firms will be harmed. 
    “Dr. Mulligan understands Main Street and the importance of examining all costs imposed on America’s entrepreneurs.
    “I urge my colleagues to consent to the confirmation of Dr. Mulligan as Chief Counsel of the Office of Advocacy at the SBA.”

    MIL OSI USA News –

  • MIL-OSI United Kingdom: The UK brought its innovation to EXPOMIN 2025

    Source: United Kingdom – Executive Government & Departments

    World news story

    The UK brought its innovation to EXPOMIN 2025

    During the week of the mining fair held in Santiago, nine British companies attended in the UK GREAT Zone, receiving hundreds of visitors.

    Ambassador Louise de Sousa, Executive Chairman of Anglo American Chile, Patricio Hidalgo, and Minister of Mining, Aurora Williams at the UK GREAT Zone ribbon cutting ceremony.

    A new edition of EXPOMIN took place in Chile between 22 and 25 April, and the United Kingdom took full advantage of the occasion, with our stand at Espacio Riesco, represented by the British Chilean Chamber of Commerce, (BritCham Chile), and the British Embassy.

    The UK GREAT Zone (UK stand) was inaugurated by the Minister of Mining of Chile, Ms Aurora Williams, the Under-Secretary of Mining, Suina Chahuán, the UK Ambassador to Chile, Louise de Sousa, the Executive Director of the British-Chilean Chamber of Commerce, Elle Denton, and the Executive Chairman of Anglo-American Chile and EXPOMIN, Patricio Hidalgo, who carried out the ceremonial ribbon cutting, to celebrate the opening of the stand.

    British companies

    Nine companies attended in the UK GREAT Zone. Aggreko, Bombas de Pozo, Brigade Electronics, Bupa Seguros, Hesco, Marsh MacLennan, StepChange Global, UMS and Watson Marlow were the organisations exhibiting at the British stand. During the four days at the event, the companies received hundreds of visitors, who were interested in learning more about the services offered by these companies in the mining field. The UK GREAT Zone also held various activities, which included informative talks on the challenges and opportunities of mining, as well as tasting sessions of typical British products.      

    The executive director of BritCham Chile, Elle Denton, highlighted the positive atmosphere surrounding the event, and underlined the relevance of mining innovation and sustainability for the United Kingdom.

    Regarding the British presence at EXPOMIN 2025, Elle Denton said:

    I feel very proud and honoured to have been part of this new successful version of EXPOMIN 2025, where, together with our partner companies, we shared the latest advances in innovation and mining technology, a highly relevant area that consolidates the strong ties that exist between the United Kingdom and Chile.

    Nine British companies were present in the UK GREAT Zone: Aggreko, Bombas de Pozo, Brigade Electronics, Bupa Seguros, Hesco, Marsh MacLennan, StepChange Global, UMS and Watson Marlow.

    During the week of the most important mining fair in Latin America, three talks were held in the UK GREAT Zone. The first of them, led by Anglo American Chile, addressed the main challenges of sustainable mining in current times; the second, organised by Codelco, the state-owed mining conglomerate, dealt with the main points of supply in the mining ecosystem, and the third, by SICEP   (Supplier Company Rating System) a comprehensive supplier qualification platform developed by the Asociación de Industriales de Antofagasta (AIA) which serves as a crucial tool for the mining and industrial sectors in Chile, particularly in the Antofagasta region, to evaluate, monitor, and select suppliers based on rigorous standards.

    Activities in the UK GREAT Zone also included tastings of Twinings tea and Johnnie Walker whisky. These two activities were very well received by those present, who had the opportunity to indulge in the traditional flavours of UK products.

    In addition, the second day of the fair was enlivened by a performance of Scottish bagpipers, who filled the corridors of Espacio Riesco with the sounds of traditional Scottish music.

    The British Ambassador, Louise de Sousa, was also present at the activities carried out throughout the four days, where she used the opportunity to strengthen the relationship with the different exhibitors. She also hosted a networking event at her Residence celebrating mining development and trade relations between the two countries.

    Regarding future collaboration, Ambassador De Sousa said: 

    We are proud to have participated in EXPOMIN 2025, the most important mining fair in Latin America, where we reassert the United Kingdom’s commitment to work together with Chile and the region to maintain sustainable, responsible and forward-thinking mining.

    About the GREAT Campaign

    The GREAT Britain & Northern Ireland Campaign is the UK’s international communications programme. It enhances the UK’s global reputation and drives economic growth by encouraging international audiences to visit, study, trade, invest, live and work in the UK.

    Further information

    If you want to know more about the British participation at EXPOMIN 2025, please contact the Communications Office.

    For more information about the activities of the British Embassy in Santiago, follow us on:

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Silvercrest Asset Management Group Inc. Reports Q1 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter ended March 31, 2025.

    Business Update

    Silvercrest experienced strong new client organic flows of $0.4 billion during the first quarter of 2025. The new assets under management (“AUM”) follow on the significant new client flows of $1.4 billion in the 4th quarter of 2024. Our first quarter’s new client account flows was in itself stronger than in some recent years. Silvercrest’s strategic investments continue to promote growth. The increases during the quarter bode well for future revenue, and we remain highly optimistic about securing more significant organic flows over the course of 2025, as we discussed during our last earnings call.

    Total AUM did decline during the quarter as a result of highly volatile markets amidst global economic and trade concerns. Discretionary AUM stands at $22.7 billion as of the end of the quarter, which is flat year over year. Total AUM was $35.3 billion. We expect continued market volatility to affect our short-term results. That said, we believe market and economic dislocations present meaningful opportunities for our business.

    Strategically, we will continue to pursue more initiatives to better highlight Silvercrest in both the institutional and wealth markets. The firm has invested in talent across the firm to drive new growth and successfully transition the business toward the next generation. Our new business pipeline remains robust.

    Silvercrest will continue to monitor and adjust our interim compensation ratio to match important investments in the business as long as we have compelling opportunities to grow the firm and build our return on invested capital.  We will keep you informed of our plans and the progress of these investments.

    We also completed a $12.0 million stock repurchase program. We will continue to look for opportunities to return capital to or accrete shareholders, especially as we invest in the business. Our strong balance sheet supports ongoing capital returns as well as our growth initiatives.

    On May 5, 2025, the Company’s Board of Directors declared a quarterly dividend of $0.20 per share of Class A common stock. The dividend will be paid on or about June 20, 2025 to stockholders of record as of the close of business on June 13, 2025.

    First Quarter 2025 Highlights

    • Total AUM of $35.3 billion, inclusive of discretionary AUM of $22.7 billion and non-discretionary AUM of $12.6 billion at March 31, 2025.
    • Revenue of $31.4 million.
    • U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $3.9 million and $2.5 million, respectively.
    • Basic and diluted net income per share of $0.26.
    • Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)1 of $6.5 million.
    • Adjusted net income1 of $3.9 million.
    • Adjusted basic and diluted earnings per share1,2 of $0.29 and $0.27, respectively.

    The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

        For the Three Months
    Ended March 31,    		  
    (in thousands except as indicated)   2025     2024  
    Revenue   $ 31,392     $ 30,272  
    Income before other income (expense), net   $ 4,837     $ 5,904  
    Net income   $ 3,928     $ 4,915  
    Net income margin     12.5 %     16.2 %
    Net income attributable to Silvercrest   $ 2,469     $ 3,000  
    Net income per basic share   $ 0.26     $ 0.32  
    Net income per diluted share   $ 0.26     $ 0.32  
    Adjusted EBITDA1   $ 6,497     $ 7,453  
    Adjusted EBITDA Margin1     20.7 %     24.6 %
    Adjusted net income1   $ 3,894     $ 4,718  
    Adjusted basic earnings per share1, 2   $ 0.29     $ 0.34  
    Adjusted diluted earnings per share1, 2   $ 0.27     $ 0.33  
    Assets under management at period end (billions)   $ 35.3     $ 34.5  
    Average assets under management (billions)3   $ 35.9     $ 33.9  
    Discretionary assets under management (billions)   $ 22.7     $ 22.7  
           
    1   Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 2 and 3.
    2   Adjusted basic and diluted earnings per share measures for the three months ended March 31, 2025 are based on the number of shares of Class A common stock and Class B common stock outstanding as of March 31, 2025. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units and non-qualified stock options to the extent dilutive at the end of the reporting period.
    3   We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.
         

    AUM at $35.3 Billion

    Silvercrest’s discretionary AUM remained flat at $22.7 billion at March 31, 2025 and 2024. Silvercrest’s total AUM increased by $0.8 billion, or 2.3%, to $35.3 billion at March 31, 2025, from $34.5 billion at March 31, 2024. The increase was attributable to market appreciation of $0.8 billion.

    Silvercrest’s discretionary assets under management decreased by $0.6 billion, or 2.6%, to $22.7 billion at March 31, 2025, from $23.3 billion at December 31, 2024. The decrease was attributable to market depreciation of $0.9 billion partially offset by net client inflows of $0.3 billion. Silvercrest’s total AUM decreased by $1.2 billion, or 3.3%, to $35.3 billion at March 31, 2025, from $36.5 billion at December 31, 2024. The decrease was attributable to market depreciation of $1.4 billion, partially offset by net client inflows of $0.2 billion.

    First Quarter 2025 vs. First Quarter 2024

    Revenue increased by $1.1 million, or 3.7%, to $31.4 million for the three months ended March 31, 2025, from $30.3 million for the three months ended March 31, 2024. This increase was driven by market appreciation during the twelve month period.

    Total expenses increased by $2.2 million, or 9.0%, to $26.6 million for the three months ended March 31, 2025, from $24.4 million for the three months ended March 31, 2024. Compensation and benefits expense increased by $1.2 million, or 6.9%, to $18.9 million for the three months ended March 31, 2025 from $17.7 million for the three months ended March 31, 2024. The increase was primarily attributable to increases in equity-based compensation of $0.1 million and salaries and benefits of $1.5 million primarily as a result of merit-based increases, partially offset by decreases in the accrual for bonuses of $0.3 million and severance expense of $0.1 million. General and administrative expenses increased by $1.0 million, or 14.6%, to $7.7 million for the three months ended March 31, 2025 from $6.7 million for the three months ended March 31, 2024. This was primarily attributable to increases in professional fees of $0.3 million, portfolio and systems expense of $0.3 million, recruiting costs of $0.1 million, marketing and advertising costs of $0.1 million, office expenses of $0.1 million and travel and entertainment expenses of $0.1 million.

    Consolidated net income was $3.9 million for the three months ended March 31, 2025, as compared to consolidated net income of $4.9 million for the same period in the prior year. Net income attributable to Silvercrest was $2.5 million, or $0.26 per basic and diluted share, for the three months ended March 31, 2025. Our Adjusted Net Income1 was $3.9 million, or $0.29 per adjusted basic share and $0.27 per adjusted diluted share2, for the three months ended March 31, 2025.

    Adjusted EBITDA1 was $6.5 million, or 20.7% of revenue, for the three months ended March 31, 2025, as compared to $7.5 million, or 24.6% of revenue, for the same period in the prior year.

    Liquidity and Capital Resources

    Cash and cash equivalents were $36.3 million at March 31, 2025, compared to $68.6 million at December 31, 2024. As of March 31, 2025, there was nothing outstanding under our term loan with City National Bank and nothing outstanding on our revolving credit facility with City National Bank.

    Silvercrest Asset Management Group Inc.’s total equity was $81.0 million at March 31, 2025. We had 9,473,772 shares of Class A common stock outstanding and 4,081,055 shares of Class B common stock outstanding at March 31, 2025.

    Non-GAAP Financial Measures

    To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

    • EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
    • We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.
    • Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.
    • Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our partners, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.
    • Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.

    Conference Call

    The Company will host a conference call on May 9, 2025, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer and President, and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.

    Forward-Looking Statements

    This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; our expectations with respect to deferred tax assets, adverse economic or market conditions; incurrence of net losses; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024, which is accessible on the U.S. Securities and Exchange Commission’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

    About Silvercrest

    Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

    Silvercrest Asset Management Group Inc.

    Contact: Richard Hough
    212-649-0601
    rhough@silvercrestgroup.com


    Exhibit 1

    Silvercrest Asset Management Group Inc.
     Condensed Consolidated Statements of Operations
    (Unaudited and in thousands, except share and per share amounts or as noted)
     
        Three Months Ended March 31,  
        2025     2024  
                 
    Revenue            
    Management and advisory fees   $ 30,268     $ 29,165  
    Family office services     1,124       1,107  
    Total revenue     31,392       30,272  
    Expenses            
    Compensation and benefits     18,881       17,669  
    General and administrative     7,674       6,699  
    Total expenses     26,555       24,368  
    Income before other (expense) income, net     4,837       5,904  
    Other (expense) income, net            
    Other (expense) income, net     7       8  
    Interest income     273       347  
    Interest expense     (15 )     (51 )
    Total other (expense) income, net     265       304  
    Income before provision for income taxes     5,102       6,208  
    Provision for income taxes     (1,174 )     (1,293 )
    Net income     3,928       4,915  
    Less: net income attributable to non-controlling interests     (1,459 )     (1,915 )
    Net income attributable to Silvercrest   $ 2,469     $ 3,000  
    Net income per share:            
    Basic   $ 0.26     $ 0.32  
    Diluted   $ 0.26     $ 0.32  
    Weighted average shares outstanding:            
    Basic     9,581,779       9,480,027  
    Diluted     9,618,888       9,515,581  
     


    Exhibit 2

    Silvercrest Asset Management Group Inc.
    Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure
    (Unaudited and in thousands, except share and per share amounts or as noted)
     
    Adjusted EBITDA   For the Three Months
    Ended March 31,    		  
        2025     2024  
    Reconciliation of non-GAAP financial measure:            
    Net income   $ 3,928     $ 4,915  
    Provision for income taxes     1,174       1,293  
    Delaware Franchise Tax     50       50  
    Interest expense     15       51  
    Interest income     (273 )     (347 )
    Depreciation and amortization     1,039       1,019  
    Equity-based compensation     454       354  
    Other adjustments (A)     110       118  
    Adjusted EBITDA   $ 6,497     $ 7,453  
    Adjusted EBITDA Margin     20.7 %     24.6 %
     
    (A)    Other adjustments consist of the following:
        Three Months Ended
    March 31,    		  
        2025     2024  
    Severance   $ —     $ 60  
    Other (a)     110       58  
    Total other adjustments   $ 110     $ 118  
    (a)   For the three months ended March 31, 2025, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives and sign-on bonuses of $62.  For the three months ended March 31, 2024, represents an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives and software implementation costs of $10.
         


    Exhibit 3

    Silvercrest Asset Management Group Inc.
    Reconciliation of GAAP to non-GAAP (“Adjusted”)
    Adjusted Net Income and Adjusted Earnings Per Share Measures
    (Unaudited and in thousands, except per share amounts or as noted)
           
    Adjusted Net Income and Adjusted Earnings Per Share   Three Months Ended
    March 31,    		  
        2025     2024  
    Reconciliation of non-GAAP financial measure:            
    Net income   $ 3,928     $ 4,915  
    Consolidated GAAP Provision for income taxes     1,174       1,293  
    Delaware Franchise Tax     50       50  
    Other adjustments (A)     110       118  
    Adjusted earnings before provision for income taxes     5,262       6,376  
    Adjusted provision for income taxes:            
    Adjusted provision for income taxes (26% assumed tax rate)     (1,368 )     (1,658 )
                 
    Adjusted net income   $ 3,894     $ 4,718  
                 
    GAAP net income per share (B):            
    Basic   $ 0.26     $ 0.32  
    Diluted   $ 0.26     $ 0.32  
                 
    Adjusted earnings per share/unit (B):            
    Basic   $ 0.29     $ 0.34  
    Diluted   $ 0.27     $ 0.33  
                 
    Shares/units outstanding:            
    Basic Class A shares outstanding     9,474       9,482  
    Basic Class B shares/units outstanding     4,081       4,428  
    Total basic shares/units outstanding     13,555       13,910  
                 
    Diluted Class A shares outstanding (C)     9,511       9,518  
    Diluted Class B shares/units outstanding (D)     4,652       4,817  
    Total diluted shares/units outstanding     14,163       14,335  
    (A)   See A in Exhibit 2.
    (B)   GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.
    (C)   Includes 37,109 and 35,554 unvested restricted stock units at March 31, 2025 and 2024, respectively.
    (D)   Includes 205,079 and 240,998 unvested restricted stock units at March 31, 2025 and 2024, respectively, and 366,293 and 147,506 unvested non-qualified options at March 31, 2025 and 2024, respectively.
         


    Exhibit 4

    Silvercrest Asset Management Group Inc.
    Condensed Consolidated Statements of Financial Condition
    (Unaudited and in thousands)
     
        March 31,
    2025    		     December 31,
    2024    		  
    Assets            
    Cash and cash equivalents   $ 36,255     $ 68,611  
    Investments     1,007       1,354  
    Receivables, net     12,288       12,225  
    Due from Silvercrest Funds     736       945  
    Furniture, equipment and leasehold improvements, net     7,331       7,387  
    Goodwill     63,675       63,675  
    Operating lease assets     14,925       16,032  
    Finance lease assets     221       254  
    Intangible assets, net     16,096       16,644  
    Deferred tax asset     3,813       4,220  
    Prepaid expenses and other assets     3,579       3,085  
    Total assets   $ 159,926     $ 194,432  
    Liabilities and Equity            
    Accounts payable and accrued expenses   $ 2,494     $ 1,953  
    Accrued compensation     9,085       39,865  
    Operating lease liabilities     21,023       22,270  
    Finance lease liabilities     230       262  
    Deferred tax and other liabilities     10,402       10,389  
    Total liabilities     43,234       74,739  
    Commitments and Contingencies (Note 10)            
    Equity            
    Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued
    and outstanding    		     —       —  
    Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,765,114
    and 9,473,772 issued and outstanding, respectively, as of March 31, 2025;
    10,450,559 and 9,376,280 issued and outstanding, respectively, as of December 31, 2024    		     107       104  
    Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,081,052
    and 4,373,315 issued and outstanding as of March 31, 2025 and December 31, 2024,
    respectively    		     39       42  
    Additional Paid-In Capital     59,068       56,369  
    Treasury Stock, at cost, 1,291,342 and 1,074,279 shares as of March 31, 2025 and
    December 31, 2024, respectively    		     (23,634 )     (19,728 )
    Accumulated other comprehensive income (loss)     (49 )     (43 )
    Retained earnings     44,511       43,953  
    Total Silvercrest Asset Management Group Inc.’s equity     80,042       80,697  
    Non-controlling interests     36,650       38,996  
    Total equity     116,692       119,693  
    Total liabilities and equity   $ 159,926     $ 194,432  
     


    Exhibit 5

    Silvercrest Asset Management Group Inc.
    Total Assets Under Management
    (Unaudited and in billions)
    Total Assets Under Management:
     
        Three Months Ended
    March 31,    		     % Change from
    March 31,    		  
        2025     2024     2024  
    Beginning assets under management   $ 36.5     $ 33.3       9.6 %
                       
    Gross client inflows     1.4       1.2       16.7 %
    Gross client outflows     (1.2 )     (1.5 )     20.0 %
    Net client flows     0.2       (0.3 )     166.7 %
                       
    Market (depreciation)/appreciation     (1.4 )     1.5       -193.3 %
    Ending assets under management   $ 35.3     $ 34.5       2.3 %
     


    Exhibit 6

    Silvercrest Asset Management Group Inc.
    Discretionary Assets Under Management
    (Unaudited and in billions)
    Discretionary Assets Under Management:
     
        Three Months Ended
    March 31,    		     % Change from
    March 31,    		  
        2025     2024     2024  
    Beginning assets under management   $ 23.3     $ 21.9       6.4 %
                       
    Gross client inflows     1.0       0.7       42.9 %
    Gross client outflows     (0.7 )     (1.1 )     36.4 %
    Net client flows     0.3       (0.4 )     175.0 %
                       
    Market (depreciation)/appreciation     (0.9 )     1.2       -175.0 %
    Ending assets under management   $ 22.7     $ 22.7       0.0 %
     


    Exhibit 7

    Silvercrest Asset Management Group Inc.
    Non-Discretionary Assets Under Management
    (Unaudited and in billions)
    Non-Discretionary Assets Under Management:
     
        Three Months Ended
    March 31,    		     % Change from
    March 31,    		  
        2025     2024     2024  
    Beginning assets under management   $ 13.2     $ 11.4       15.8 %
                       
    Gross client inflows     0.4       0.5       -20.0 %
    Gross client outflows     (0.5 )     (0.4 )     -25.0 %
    Net client flows     (0.1 )     0.1       -200.0 %
                       
    Market (depreciation)/appreciation     (0.5 )     0.3       -266.7 %
    Ending assets under management   $ 12.6     $ 11.8       6.8 %
     


    Exhibit 8

    Silvercrest Asset Management Group Inc.
    Assets Under Management
    (Unaudited and in billions)
     
        Three Months Ended
    March 31,    		  
        2025     2024  
    Total AUM as of January 1,   $ 36.455     $ 33.281  
    Discretionary AUM:            
    Total Discretionary AUM as of January 1,   $ 23.319     $ 21.885  
    New client accounts/assets (1)     0.438       0.035  
    Closed accounts (2)     (0.055 )     (0.439 )
    Net cash inflow/(outflow) (3)     (0.115 )     0.007  
    Non-discretionary to Discretionary AUM (4)     0.001       (0.002 )
    Market (depreciation)/appreciation     (0.933 )     1.195  
    Change to Discretionary AUM     (0.664 )     0.796  
    Total Discretionary AUM at March 31,     22.655       22.681  
    Change to Non-Discretionary AUM (5)     (0.463 )     0.432  
    Total AUM as of March 31,   $ 35.328     $ 34.509  
    (1)   Represents new account flows from both new and existing client relationships.
    (2)   Represents closed accounts of existing client relationships and those that terminated.
    (3)   Represents periodic cash flows related to existing accounts.
    (4)   Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.
    (5)   Represents the net change to Non-Discretionary AUM.
         


    Exhibit 9

    Silvercrest Asset Management Group Inc.
    Equity Investment Strategy Composite Performance1, 2
    As of March 31, 2025
    (Unaudited)
     
    PROPRIETARY EQUITY PERFORMANCE 1, 2   ANNUALIZED PERFORMANCE  
        INCEPTION   1-YEAR     3-YEAR     5-YEAR     7-YEAR     INCEPTION  
    Large Cap Value Composite   4/1/02   1.1     4.4     15.4     9.8     9.3  
    Russell 1000 Value Index       7.2     6.6     16.2     9.2     7.9  
                                       
    Small Cap Value Composite   4/1/02   -4.1     3.3     15.6     6.5     9.8  
    Russell 2000 Value Index       -3.1     0.1     15.3     5.3     7.4  
                                       
    Smid Cap Value Composite   10/1/05   -0.8     1.3     14.6     6.1     8.9  
    Russell 2500 Value Index       -1.5     2.3     16.7     6.7     7.4  
                                       
    Multi Cap Value Composite   7/1/02   0.4     2.7     14.6     7.7     9.3  
    Russell 3000 Value Index       6.7     6.3     16.1     9.0     8.4  
                                       
    Equity Income Composite   12/1/03   1.2     3.0     13.2     7.3     10.5  
    Russell 3000 Value Index       6.7     6.3     16.1     9.0     8.5  
                                       
    Focused Value Composite   9/1/04   6.3     0.4     11.2     4.9     9.1  
    Russell 3000 Value Index       6.7     6.3     16.1     9.0     8.3  
                                       
    Small Cap Opportunity Composite   7/1/04   -6.2     2.8     15.0     7.9     10.2  
    Russell 2000 Index       -4.0     0.5     13.3     5.4     7.5  
                                       
    Small Cap Growth Composite   7/1/04   -8.6     -4.1     14.5     8.4     9.6  
    Russell 2000 Growth Index       -4.9     0.8     10.8     5.0     7.8  
                                       
    Smid Cap Growth Composite   1/1/06   -2.7     -3.5     14.3     10.7     10.1  
    Russell 2500 Growth Index       -6.4     0.6     11.4     6.7     8.7  
    1   Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS®).
    2   The market indices used to compare to the performance of Silvercrest’s strategies are as follows:
        The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
        The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
        The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
        The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.
         

    The MIL Network –

  • MIL-OSI: Portman Ridge Finance Corporation Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Reports Net Investment Income of $0.47 Per Share and Net Asset Value of $18.85 Per Share

    Deployment of Approximately $17.5 Million and Sales and Repayments of Approximately $15.7 Million for Net Deployment of Approximately $1.8 Million

    Announces Second Quarter 2025 Quarterly Base Distribution of $0.47 Per Share

    Investors are Encouraged to Vote FOR the Acquisition of Logan Ridge Finance Corporation

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Total investment income for the first quarter of 2025 was $12.1 million, down from $14.4 million in the fourth quarter of 2024, due to the reversal of previously accrued income after a portfolio company was placed on non-accrual status in the first quarter of 2025.
    • Core investment income1, excluding the impact of purchase price accounting, for the first quarter of 2025 was $12.1 million, as compared to $14.4 million for the fourth quarter of 2024.
    • Net investment income (“NII”) for the first quarter of 2025 was $4.3 million ($0.47 per share), inclusive of the reversal of $0.4 million ($0.05 per share) of previously accrued interest income on a loan that was placed on non-accrual in the first quarter of 2025, as compared to $5.5 million ($0.60 per share) in the fourth quarter of 2024.
    • Net asset value (“NAV”), as of March 31, 2025, was $173.5 million ($18.85 per share), as compared to NAV of $178.5 million ($19.41 per share) as of December 31, 2024.
    • Deployments of approximately $17.5 million and sales and repayments of approximately $15.7 million, resulting in net deployments of approximately $1.8 million.

    Subsequent Events

    • On May 8, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common stock. The distribution is payable on May 29, 2025, to stockholders of record at the close of business on May 19, 2025.

    Management Commentary
    Ted Goldthorpe, Chief Executive Officer of Portman Ridge, stated, “During the first quarter we continued to execute on our disciplined investment strategy, deploying approximately $17.5 million into strong, defensively positioned portfolio companies. Concurrently, we had $15.7 million in repayments and sales, resulting in our return to net deployers of capital.

    Looking ahead, the current macroeconomic backdrop shaped by shifting trade dynamics, inflation, and ever-evolving monetary policy, continues to drive uncertainty in the market. These dynamics highlight the importance of taking a long-term approach, grounded in disciplined credit selection and prudent risk management. That said, we view this as an opportunity to further differentiate through thoughtful deployment and rigorous underwriting, backed by our prudent investment strategy and experienced management team. I remain confident in our ability to drive the best outcome for shareholders.

    Finally, we continue to believe in the strategic benefits the combination with Logan Ridge will provide. This merger represents a meaningful step forward for the Company, with the potential to provide increased scale, improved liquidity, and greater operational efficiency, all of which are critical to enhancing long-term shareholder value. We encourage shareholders to vote FOR the proposed merger, as recommended by the Board of Directors of both companies. We are excited about the road ahead and look forward to sharing more updates soon.”

    Selected Financial Highlights

    • Total investment income for the quarter ended March 31, 2025, was $12.1 million, of which $10.3 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income of $16.5 million for the quarter ended March 31, 2024, of which $14.2 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio.
    • Core investment income for the quarter ended March 31, 2025, excluding the impact of purchase discount accretion, was $12.1 million, as compared to core investment income of $16.5 million for the quarter ended March 31, 2024.
    • Net investment income (“NII”) for the quarter ended March 31, 2025, was $4.3 million ($0.47 per share) as compared to $6.2 million ($0.67 per share) for the quarter ended March 31, 2024.
    • Net asset value (“NAV”) as of March 31, 2025, was $173.5 million ($18.85 per share), as compared to $178.5 million ($19.41 per share) for the fourth quarter of 2024.
    • Deployment during the quarter was strong, with deployments of approximately $17.5 million and sales and repayments of approximately $15.7 million, resulting in net deployment of approximately $1.8 million.
    • Investment portfolio at fair value as of March 31, 2025, was $406.4 million, comprised of 93 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $324.8 million at fair value as of March 31, 2025, and was spread across 24 different industries comprised of 72 different portfolio companies with an average par balance per entity of approximately $2.6 million. This compares to a total investment portfolio at fair value as of December 31, 2024, of $405.0 million, comprised of 93 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $320.7 million at fair value as of December 31, 2024, spread across 26 different industries and comprised of 71 different portfolio companies, with an average par balance per entity of approximately $2.5 million.
    • Debt investments on non-accrual, as of March 31, 2025, were six, representing 2.6% and 4.7% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to six debt investments representing 1.7% and 3.4% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of December 31, 2024.
    • Weighted average annualized yield was approximately 11.0% (excluding income from non-accruals and collateralized loan obligations) as of March 31, 2025.
    • Par value of outstanding borrowings, as of March 31, 2025, was $255.4 million, as compared to $267.5 million as of December 31, 2024, with an asset coverage ratio of total assets to total borrowings of 168% and 167%, respectively. On a net basis, leverage as of March 31, 2025, was 1.3x2 compared to 1.3x2 as of December 31, 2024.

    Results of Operations

    Operating results for the three months ended March 31, 2025, and March 31, 2024, were as follows:

      For the Three Months Ended March 31,  
    ($ in thousands, except share and per share amounts) 2025       2024  
    Total investment income $ 12,118     $ 16,526  
    Total expenses   7,778       10,300  
    Net Investment Income   4,340       6,226  
    Net realized gain (loss) on investments   (173 )     (2,057 )
    Net change in unrealized gain (loss) on investments   (3,903 )     71  
    Tax (provision) benefit on realized and unrealized gains (losses) on investments   (346 )     459  
    Net realized and unrealized appreciation (depreciation) on investments, net of taxes   (4,422 )     (1,527 )
    Net realized gain (loss) on extinguishment of debt   —       (213 )
    Net Increase (Decrease) in Net Assets Resulting from Operations $ (82 )   $ 4,486  
    Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:            
    Basic and Diluted: $ (0.01 )   $ 0.48  
    Net Investment Income Per Common Share:            
    Basic and Diluted: $ 0.47     $ 0.67  
    Weighted Average Shares of Common Stock Outstanding — Basic and Diluted   9,198,223       9,344,994  
                   

    Investment Income
    The composition of our investment income for the three months ended March 31, 2025, and March 31, 2024, was as follows:

      For the Three Months Ended March 31,  
    ($ in thousands) 2025     2024  
    Interest income, excluding CLO income and purchase discount accretion $ 7,522     $ 12,088  
    Purchase discount accretion   16       73  
    PIK income   3,061       2,006  
    CLO income   78       555  
    JV income   1,417       1,653  
    Fees and other income   24       151  
    Investment Income $ 12,118     $ 16,526  
    Less: Purchase discount accretion $ (16 )   $ (73 )
    Core Investment Income $ 12,102     $ 16,453  
     

    Fair Value of Investments

    The composition of our investment portfolio as of March 31, 2025, and December 31, 2024, at cost and fair value was as follows:

    ($ in thousands) March 31, 2025     December 31, 2024  
    Security Type Cost/Amortized
    Cost    		     Fair Value     Fair Value Percentage of Total Portfolio     Cost/Amortized
    Cost    		     Fair Value     Fair Value Percentage of Total Portfolio  
    First Lien Debt $ 318,953     $ 294,379       72.4 %   $ 311,673     $ 289,957       71.6 %
    Second Lien Debt   35,147       28,724       7.1 %     34,892       28,996       7.2 %
    Subordinated Debt   8,034       1,740       0.4 %     8,059       1,740       0.4 %
    Collateralized Loan Obligations   3,800       4,639       1.1 %     5,318       5,193       1.3 %
    Joint Ventures   65,883       50,491       12.4 %     66,747       54,153       13.4 %
    Equity   32,098       26,218       6.5 %     31,921       24,762       6.1 %
    Asset Manager Affiliates(1)   17,791       —       —       17,791       —       —  
    Derivatives   31       232       0.1 %     31       220       —  
    Total $ 481,737     $ 406,423       100.0 %   $ 476,432     $ 405,021       100.0 %

    (1) Represents the equity investment in the Asset Manager Affiliates.

    Liquidity and Capital Resources
    As of March 31, 2025, the Company had $255.4 million (par value) of outstanding borrowings at a current weighted average interest rate of 5.9%, of which $108.0 million par value had a fixed rate of 4.875% (Notes due 2026), and $147.4 million par value had a floating rate under the JPM Credit Facility.

    As of March 31, 2025, and December 31, 2024, the fair value of investments and cash were as follows:

    ($ in thousands)    
    Security Type March 31, 2025     December 31, 2024  
    Cash and Cash Equivalents $ 9,233     $ 17,532  
    Restricted Cash   14,278       22,421  
    First Lien Debt   294,379       289,957  
    Second Lien Debt   28,724       28,996  
    Subordinated Debt   1,740       1,740  
    Equity   26,218       24,762  
    Collateralized Loan Obligations   4,639       5,193  
    Asset Manager Affiliates   —       —  
    Joint Ventures   50,491       54,153  
    Derivatives   232       220  
    Total $ 429,934     $ 444,974  
     

    As of March 31, 2025, the Company had unrestricted cash of $9.2 million and restricted cash of $14.3 million. This compares to unrestricted cash of $17.5 million and restricted cash of $22.4 million as of December 31, 2024. As of March 31, 2025, the Company had $52.6 million of available borrowing capacity under the JPM Credit Facility.

    Interest Rate Risk
    The Company’s investment income is affected by fluctuations in various interest rates, including SOFR and prime rates.

    As of March 31, 2025, approximately 88.5% of our Debt Securities Portfolio at par value were either floating rate with a spread to an interest rate index such as SOFR or the PRIME rate. 84.2% of these floating rate loans contain floors ranging between 0.50% and 5.25%. We generally expect that future portfolio investments will predominately be floating rate investments.

    In periods of rising or lowering interest rates, the cost of the portion of debt associated with the 4.875% Notes Due 2026 would remain the same, given that this debt is at a fixed rate, while the interest rate on borrowings under the JPM Credit Facility would fluctuate with changes in interest rates.

    Generally, the Company would expect that an increase in the base rate index for floating rate investment assets would increase gross investment income and a decrease in the base rate index for such assets would decrease gross investment income (in either case, such increase/decrease may be limited by interest rate floors/minimums for certain investment assets).

      Impact on net investment income from
    a change in interest rates at:
    ($ in thousands) 1%     2%     3%  
    Increase in interest rate $ 1,619     $ 3,289     $ 4,959  
    Decrease in interest rate $ (1,613 )   $ (3,222 )   $ (4,655 )
                           

    Conference Call and Webcast
    We will hold a conference call on Friday, May 9, 2025, at 10:00 am Eastern Time to discuss our first quarter 2025 financial results. To access the call, stockholders, prospective stockholders and analysts should dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 9782758.

    A replay of this conference call will be available shortly after the live call through May 16, 2025.

    A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on the Company’s website www.portmanridge.com in the Investor Relations section under Events and Presentations. The webcast can also be accessed by clicking the following link: https://edge.media-server.com/mmc/p/ovseyk3q. The online archive of the webcast will be available on the Company’s website shortly after the call.

    About Portman Ridge Finance Corporation
    Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P.

    Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company’s website at www.portmanridge.com.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

    Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements
    This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.

    Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

    Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with merger transactions effectuated by the Company; (3) the ability of the Company and/or its adviser to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific conditions, including but not limited to the impact of inflation; (6) the impact of increased competition; (7) business prospects and the prospects of the Company’s portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of Sierra Crest Investment Management LLC to attract and retain highly talented professionals; (11) the Company’s ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions and their impact on the industries in which we invest; (14) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC; (15) the successful completion of the proposed merger with Logan Ridge Finance Corporation (“LRFC”) and receipt of stockholder approval from the Company’s and LRFC’s stockholders; and (16) expectations concerning the proposed merger with LRFC, including the financial results of the combined company. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC. Although the Company and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that the Company and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Additional Information and Where to Find It
    This document relates to the proposed merger of the Company and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, the Company has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for the Company and LRFC and a prospectus of the Company (the “Joint Proxy Statement”) and will mail the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about the Company, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF THE COMPANY AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by the Company, from the Company’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation
    the Company, its directors, certain of its executive officers and certain employees and officers of Sierra Crest Investment Management LLC and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of the Company is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan Management LLC, and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Company and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    No Offer or Solicitation
    This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in the Company, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Contacts:
    Portman Ridge Finance Corporation

    650 Madison Avenue, 3rd floor
    New York, NY 10022
    info@portmanridge.com

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    PORTMAN RIDGE FINANCE CORPORATION
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share amounts)

      March 31, 2025     December 31, 2024  
      (Unaudited)        
    ASSETS          
    Investments at fair value:          
    Non-controlled/non-affiliated investments (amortized cost of $365,539 and $358,153, respectively) $ 333,519     $ 327,622  
    Non-controlled affiliated investments (amortized cost of $67,137 and $68,858, respectively)   61,523       64,384  
    Controlled affiliated investments (amortized cost of $49,061 and $49,421, respectively)   11,381       13,015  
    Total Investments at fair value (amortized cost of $481,737 and $476,432, respectively) $ 406,423     $ 405,021  
    Cash and cash equivalents   9,233       17,532  
    Restricted cash   14,278       22,421  
    Interest receivable   4,787       6,088  
    Dividend receivable   1,247       1,367  
    Other assets   2,812       1,205  
    Total Assets $ 438,780     $ 453,634  
    LIABILITIES          
    4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $832 and $1,017, respectively) $ 107,168     $ 106,983  
    Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $1,198 and $1,322, respectively)   146,181       158,157  
    Accounts payable, accrued expenses and other liabilities   4,900       3,007  
    Accrued interest payable   4,634       3,646  
    Due to affiliates   —       635  
    Management and incentive fees payable   2,386       2,713  
    Total Liabilities $ 265,269     $ 275,141  
    COMMITMENTS AND CONTINGENCIES          
    NET ASSETS          
    Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,965,480 issued, and 9,202,870 outstanding at March 31, 2025, and 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024 $ 92     $ 92  
    Capital in excess of par value   714,398       714,331  
    Total distributable (loss) earnings   (540,979 )     (535,930 )
    Total Net Assets $ 173,511     $ 178,493  
    Total Liabilities and Net Assets $ 438,780     $ 453,634  
    Net Asset Value Per Common Share $ 18.85     $ 19.41  
    PORTMAN RIDGE FINANCE CORPORATION
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share amounts)
     
      For the Three Months Ended March 31,  
      2025     2024  
    INVESTMENT INCOME          
    Interest income:          
    Non-controlled/non-affiliated investments $ 7,300     $ 12,621  
    Non-controlled affiliated investments   316       95  
    Total interest income   7,616       12,716  
    Payment-in-kind income:          
    Non-controlled/non-affiliated investments(1)   2,853       1,894  
    Non-controlled affiliated investments   208       112  
    Total payment-in-kind income   3,061       2,006  
    Dividend income:          
    Non-controlled affiliated investments   1,417       1,653  
    Total dividend income   1,417       1,653  
    Fees and other income:          
    Non-controlled/non-affiliated investments   24       151  
    Total fees and other income   24       151  
    Total investment income   12,118       16,526  
    EXPENSES          
    Management fees   1,466       1,729  
    Performance-based incentive fees   920       1,234  
    Interest and amortization of debt issuance costs   4,298       5,725  
    Professional fees   452       604  
    Administrative services expense   411       356  
    Directors’ expense   144       162  
    Other general and administrative expenses   87       490  
    Total expenses   7,778       10,300  
    NET INVESTMENT INCOME   4,340       6,226  
    REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS          
    Net realized gains (losses) from investment transactions:          
    Non-controlled/non-affiliated investments   (81 )     (1,641 )
    Non-controlled affiliated investments   (92 )     —  
    Controlled affiliated investments   —       (416 )
    Net realized gain (loss) on investments   (173 )     (2,057 )
    Net change in unrealized appreciation (depreciation) on:          
    Non-controlled/non-affiliated investments   (1,501 )     (659 )
    Non-controlled affiliated investments   (1,140 )     140  
    Controlled affiliated investments   (1,274 )     590  
    Derivatives   12       —  
    Net change in unrealized gain (loss) on investments   (3,903 )     71  
    Tax (provision) benefit on realized and unrealized gains (losses) on investments   (346 )     459  
    Net realized and unrealized appreciation (depreciation) on investments, net of taxes   (4,422 )     (1,527 )
    Net realized gain (loss) on extinguishment of debt   —       (213 )
    NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (82 )   $ 4,486  
    Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:          
    Basic and Diluted: $ (0.01 )   $ 0.48  
    Net Investment Income Per Common Share:          
    Basic and Diluted: $ 0.47     $ 0.67  
    Weighted Average Shares of Common Stock Outstanding — Basic and Diluted   9,198,223       9,344,994  

    (1) During the three months ended March 31, 2025, and 2024, the Company received $0.2 million and $0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.

    __________________________________

    1 Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”) and Harvest Capital Credit Corporation (“HCAP”) mergers. Portman Ridge believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial performance.
    2 Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. Portman Ridge believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of $23.5 million and $40.0 million of cash and cash equivalents and restricted cash as of March 31, 2025, and December 31, 2024, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing Portman Ridge’s financial condition.

    The MIL Network –

  • MIL-OSI: Athabasca Oil Corporation Announces Results from 2025 Annual Shareholder Meeting

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) announces that all matters presented for approval at the Annual General Meeting of Shareholders held May 8, 2025 have been fully authorized and approved. The items on the agenda included fixing the number of directors to be elected at eight, electing eight proposed director nominees and the appointment of Ernst & Young LLP as auditors.

    The results of the voting, inclusive of all votes cast and proxies received for each director nominee, which was conducted by ballot, are as follows:

    Nominee Votes For Votes Withheld
    No. % No. %
    Ronald Eckhardt 281,658,153 99.1 2,612,876 0.9
    Angela Avery 282,469,547 99.4 1,801,482 0.6
    Bryan Begley 275,896,264 97.1 8,374,765 2.9
    Robert Broen 283,592,923 99.8 678,106 0.2
    John Festival 205,388,503 72.3 78,882,526 27.7
    Marty Proctor 280,816,256 98.8 3,454,773 1.2
    Marnie Smith 283,480,131 99.7 790,898 0.3
    Theresa Roessel 283,458,217 99.7 812,812 0.3
             

    About Athabasca Oil Corporation

    Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

    For more information, please contact:
    Matthew Taylor              
    Chief Financial Officer   
    1-403-817-9104                
    mtaylor@atha.com    		 Robert Broen                    
    President and CEO
    1-403-817-9190
    rbroen@atha.com
       

    The MIL Network –

  • MIL-OSI: Navient declares second quarter common stock dividend

    Source: GlobeNewswire (MIL-OSI)

    HERNDON, Va., May 08, 2025 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) announced that its board of directors approved a 2025 second quarter dividend of $0.16 per share on the company’s common stock.

    The second quarter 2025 dividend will be paid on June 20, 2025, to shareholders of record at the close of business on June 6, 2025.

    About Navient
    Navient (Nasdaq: NAVI) provides technology-enabled education finance solutions that help millions of people achieve success. Learn more at navient.com.

    Contact:
    Media: Cate Fitzgerald, 317-806-8775, catherine.fitzgerald@navient.com
    Investors: Jen Earyes, 703-984-6801, jen.earyes@navient.com

    The MIL Network –

  • MIL-OSI: FLINT Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Reports Adjusted EBITDAS of $5.1 million, representing a 61% improvement from prior year

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — FLINT Corp. (“FLINT” or the “Company”) (TSX: FLNT) today announced its results for the three months ended March 31, 2025. All amounts are in Canadian dollars and expressed in millions of dollars unless otherwise noted.

    “EBITDAS” and “Adjusted EBITDAS” are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use.

    “Our commitment to quality execution and scaling the business has been demonstrated this quarter, as we were able to improve our operating results compared to prior year, despite the decrease in revenues. In addition, our liquidity is at an all-time high, which is a result of our improved finance performance and the significant advances made in our cash management cycle,” said Barry Card, Chief Executive Officer.

    “Activity levels in the first quarter were down slightly compared to the same period last year with revenues approximately 6% lower. Despite that, gross profit margin was $14.4 million and Adjusted EBITDAS was $5.1 million, up 11% and 61%, respectively, from the first quarter of 2024. We expect activity levels to increase in the second quarter as we execute our spring turnaround program. For the remainder of 2025, we expect activity levels to be fairly consistent with 2024, although there is increased uncertainly as to the timing of some contracts due to the current economic and geopolitical environment,” added Mr. Card.

    FIRST QUARTER HIGHLIGHTS

    • Revenues for the three months ended March 31, 2025 were $137.9 million, representing a decrease of $9.0 million or 6.1% from the same period in 2024.
    • Gross profit for the three months ended March 31, 2025 was $14.4 million, representing an increase of $1.4 million or 10.7% from the same period in 2024. Gross profit margin for the three months ended March 31, 2025 was 10.4%, compared to 8.9% for the same period in 2024.
    • Adjusted EBITDAS for the three months ended March 31, 2025 was $5.1 million, representing an increase of $1.9 million or 60.5% from the same period in 2024. Adjusted EBITDAS margin was 3.7% for the three months ended March 31, 2025 compared to 2.2% for the same period in 2024.
    • SG&A expenses for the three months ended March 31, 2025 were $9.4 million, representing a decrease of $0.7 million or 6.9% from the same period in 2024. As a percentage of revenue, SG&A expenses for the three months ended March 31, 2025 were 6.8%, consistent with 6.8% for the same period in 2024.
    • Liquidity, including cash and available credit facilities, was $89.1 million at March 31, 2025, as compared to $77.0 million at March 31, 2024.
    • Loss from continuing operations for the three months ended March 31, 2025 was $3.3 million, representing an improvement of $1.5 million or 30.4% form the same period in 2024.
    • New contract awards and renewals totaled approximately $78.0 million for the three months ended March 31, 2025 and $7.4 million for the month of April. Approximately 74% of the work is expected to be completed in 2025.

    FIRST QUARTER FINANCIAL RESULTS

    ($ thousands, except per share amounts) Three months ended March 31,
    2025   2024   % Change
           
    Revenue ($) 137,881   146,863   (6.1 )
           
    Gross Profit ($) 14,401   13,010   10.7  
    Gross Profit Margin (%) 10.4   8.9   1.5  
           
    Adjusted EBITDAS (1) 5,118   3,188   60.5  
    Adjusted EBITDAS Margin (%) 3.7   2.2   1.5  
           
    SG&A ($) 9,361   10,056   (6.9 )
    SG&A Margin (%) 6.8   6.8   —  
           
    Net loss from continuing operations ($) (3,332 ) (4,786 ) 30.4  
    Net loss ($) (3,341 ) (5,012 ) 33.3  
           
    Basic and Diluted:      
    Net loss per share from continuing operations ($) (0.03 ) (0.05 ) 40.0  
    Net loss per share ($) (0.03 ) (0.05 ) 40.0  

    (1) EBITDAS and Adjusted EBITDAS are not standard measures under IFRS and they are defined in the section “Advisory regarding Non-GAAP Financial Measures”

    Revenue for the three months ended March 31, 2025 was $137,881 compared to $146,863 for the same period in 2024, representing a decrease of 6.1%. The decrease in revenue was primarily due to the timing of maintenance and construction work as compared to the same period in 2024.

    Gross profit for the three months ended March 31, 2025 was $14,401 compared to $13,010 for the same period in 2024, representing an increase of 10.7%. Gross profit margin for three months ended March 31, 2025 was 10.4%, compared to 8.9% for the same period in 2024. The increase in gross profit, both on an absolute basis and as a percentage of revenue, was primarily due to the mix of work compared to the same period of 2024.

    SG&A expenses for the three months ended March 31, 2025 were $9,361, in comparison to $10,056 for the same period in 2024, representing a decrease of 6.9%. As a percentage of revenue, SG&A expenses for the three months ended March 31, 2025 were 6.8%, consistent with 6.8% for the same period in 2024. Spending in 2024 was elevated due to the focus on continuous improvement initiatives designed to scale the business more efficiently in future periods.

    For the three months ended March 31, 2025, Adjusted EBITDAS was $5,118 compared to $3,188 for the same period in 2024. As a percentage of revenue, Adjusted EBITDAS was 3.7% for the three months ended March 31, 2025 compared to 2.2% for the same period in 2024.

    Loss from continuing operations for the three months ended March 31, 2025 was $3,332 in comparison to a loss of $4,786 for the same period in 2024. The loss variance was driven primarily by the increase in gross profit margin.

    CORPORATE UPDATES

    On March 25, 2025, the Company released its third Sustainability Report as part of its ongoing commitment to environmental, social and governance matters. A copy of the 2024 Sustainability Report is accessible on the Company’s website at www.flintcorp.com. 

    The annual and special meeting of holders of common shares will be held at the Bow Valley Square Conference Centre (Hamilton Room), +30 Level, 205 – 5th Avenue S.W., Calgary, Alberta on Tuesday, June 24, 2025, at 9:00a.m. (Calgary time).

    LIQUIDITY AND CAPITAL RESOURCES

    FLINT has an asset-based revolving credit facility (the “ABL Facility”) providing for maximum borrowings up to $50.0 million with a Canadian chartered bank. The amount available under the ABL Facility will vary from time to time based on the borrowing base determined with reference to the accounts receivable of FLINT and certain of its subsidiaries. The maturity date of the ABL Facility is April 14, 2027.

    The Company anticipates that its liquidity (cash on hand and available credit facilities) and cash flows from operations will be sufficient to meet its short-term contractual obligations and to maintain compliance with its financial covenants. To maintain compliance with its financial covenants through March 31, 2026, the Company can request approval from the holder of the Senior Secured Debentures to pay interest on the Senior Secured Debentures in kind.

    As at March 31, 2025, the issued and outstanding share capital included 110,001,239 Common Shares, 127,732 Series 1 Preferred Shares, and 40,100 Series 2 Preferred Shares.

    The Series 1 Preferred Shares (having an aggregate value of $127.732 million) are convertible at the option of the holder into Common Shares at a price of $0.35/share and the Series 2 Preferred Shares (having an aggregate value of $40.100 million) are convertible into Common Shares at a price of $0.10/share.

    The Series 1 and Series 2 Preferred Shares have a 10% fixed cumulative preferential cash dividend payable when the Company has sufficient monies to be able to do so, including under the provisions of applicable law and contracts affecting the Company. The Board of Directors of the Company does not intend to declare or pay any cash dividends until the Company’s balance sheet and liquidity position supports the payment. As at March 31, 2025, the accrued and unpaid dividends on the Series 1 and Series 2 shares totaled $114.4 million. Any accrued and unpaid dividends are convertible in certain circumstances at the option of the holder into additional Series 1 and Series 2 Preferred Shares.

    ADDITIONAL INFORMATION

    Our unaudited condensed consolidated interim financial statements for the three months ended March 31, 2025 and the related Management’s Discussion and Analysis of the operating and financial results can be accessed on our website at www.flintcorp.com and will be available shortly through SEDAR+ at www.sedarplus.ca.

    About FLINT Corp.

    With a legacy of excellence and experience stretching back more than 100 years, FLINT provides solutions for the Energy and Industrial markets including: Oil & Gas (upstream, midstream and downstream), Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and a dedicated workforce, we provide maintenance, construction, wear technology and environmental services that help our customers bring their resources to our world. For more information about FLINT, please visit www.flintcorp.com or contact:

    Barry Card   Jennifer Stubbs
    Chief Executive Officer   Chief Financial Officer
    FLINT Corp.   FLINT Corp.
    (587) 318-0997    
    investorrelations@flintcorp.com     

    Advisory regarding Forward-Looking Information

    Certain information included in this press release may constitute “forward-looking information” within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other similar expressions concerning matters that are not historical facts. This press release contains forward-looking information relating to: our business plans, strategies and objectives; the expectation for activity levels to increase in the second quarter and that for the remainder of 2025, we expect activity levels to be fairly consistent with 2024, although there is increased uncertainly as to the timing of some projects due to the current economic and geopolitical environment; contract renewals and project awards, including the estimated value thereof and the timing of completing the associated work; the company’s approach to dividends and the sufficiency of our liquidity and cash flow from operations to meet our short-term contractual obligations and maintain compliance with our financial covenants through March 31, 2026.

    Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including, but not limited to, compliance with debt covenants, access to credit facilities and other sources of capital for working capital requirements and capital expenditure needs, availability of labour, dependence on key personnel, economic conditions, commodity prices, interest rates, regulatory change, weather and risks related to the integration of acquired businesses. These factors should not be considered exhaustive. Risks and uncertainties about FLINT’s business are more fully discussed in FLINT’s disclosure materials, including its annual information form and management’s discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in Canada and available on SEDAR+ at www.sedarplus.ca. In formulating the forward-looking information, management has assumed that business and economic conditions affecting FLINT will continue substantially in the ordinary course, including, without limitation, with respect to general levels of economic activity, regulations, taxes and interest rates. Although the forward-looking information is based on what management of FLINT consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management’s assumptions may prove to be incorrect.

    This forward-looking information is made as of the date of this press release, and FLINT does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

    Advisory regarding Non-GAAP Financial Measures

    The terms ‘‘EBITDAS’’ and “Adjusted EBITDAS” (collectively, the ‘‘Non-GAAP financial measures’’) are financial measures used in this press release that are not standard measures under IFRS. FLINT’s method of calculating the Non-GAAP Financial Measures may differ from the methods used by other issuers. Therefore, the Non-GAAP Financial Measures, as presented, may not be comparable to similar measures presented by other issuers.

    EBITDAS refers to income (loss) from continuing operations in accordance with IFRS, before depreciation and amortization, interest expense, income tax expense (recovery) and long-term incentive plan expenses. EBITDAS is used by management and the directors of FLINT as well as many investors to determine the ability of an issuer to generate cash from operations. Management believes that in addition to income (loss) from continuing operations and cash provided by operating activities, EBITDAS is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures and income taxes. FLINT has provided a reconciliation of income (loss) from continuing operations to EBITDAS below.

    Adjusted EBITDAS refers to EBITDAS excluding restructuring expense, gain on sale of property, plant and equipment, other income and one-time incurred expenses. FLINT has used Adjusted EBITDAS as the basis for the analysis of its past operating financial performance. Adjusted EBITDAS is a measure that management believes (i) is a useful supplemental measure from which to determine FLINT’s ability to generate cash available for debt service, working capital, capital expenditures, and income taxes, and (ii) facilitates the comparability of the results of historical periods and the analysis of its operating financial performance which may be useful to investors. FLINT has provided a reconciliation of income (loss) from continuing operations to Adjusted EBITDAS below.

    Investors are cautioned that the Non-GAAP Financial Measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return on the shares. These Non-GAAP Financial Measures should only be used with reference to FLINT’s consolidated interim and annual financial statements, which are available on SEDAR+ at www.sedarplus.ca or on FLINT’s website at www.flintcorp.com. 

    (In thousands of Canadian dollars) Three months ended March 31,
    		  
    2025   2024  
         
    Loss from continuing operations (3,332 ) (4,786 )
    Add:    
    Amortization of intangible assets 65   68  
    Depreciation expense 2,765   2,617  
    Long-term incentive plan expense 1,000   600  
    Interest expense 4,529   4,582  
    EBITDAS 5,027   3,081  
    Add (deduct):    
    Gain on sale of property, plant and equipment (314 ) (169 )
    Restructuring expenses 554   395  
    Other income (156 ) (315 )
    One-time incurred expenses 7   196  
    Adjusted EBITDAS 5,118   3,188  

    The MIL Network –