Category: Economy

MIL-OSI Global: Canada is lagging in innovation, and that’s a problem for funding the programs we care about
Source: The Conversation – Canada – By Andrew Maxwell, Bergeron Chair in Technology Entrepreneurship, Lassonde School of Engineering, York University, Canada

As Canadians prepare to vote in another federal election, the country’s economy faces a sobering reality. As the Organization for Economic Co-operation and Development (OECD) notes, productivity is stagnating, our innovation performance lags global peers and high-potential startups often fail to scale.

Despite these warning signs, innovation policy remains largely absent from political discourse. Canadians hear a great deal about how political parties are going to spend money, but little about where the money is going to come from.

This is a critical oversight. Canada’s enduring productivity gap is more than an economic statistic — it’s why the country is struggling to sustain the social programs, such as health care and education, that Canadians value.

If Canadians want to maintain their standard of living, Canada must close that gap through a more deliberate, strategic approach to innovation.

Innovation is economic strategy

In today’s knowledge-based economy, as business executive and innovator Jim Balsillie observes, power flows to countries that own digital data and their “value-added applications” (like apps or platforms) and intellectual property.

Countries like the United States, China and South Korea have embedded innovation into national strategy, investing in sectors like artificial intelligence (AI), clean technology and biotech to drive growth and resilience. Canada, by contrast, has taken a fragmented, reactive approach.

Canada’s over-reliance on research and development (R&D) spending and patent counts has failed to translate into commercial success. According to the OECD, Canada ranks among the highest in public R&D investment but among the lowest in innovation outcomes such as productivity growth and technology adoption.

Canada also often conflates research with innovation. While both are vital, innovation is about turning knowledge into use through deployment, adoption, commercialization and scaling. Much of today’s transformative innovation, particularly in AI and software, depends on the transfer of tacit knowledge (related to things like user insights, execution experience and expertise in a particular domain) not just codified knowledge (for example, patents, technical drawings and licenses).

Why innovation policy fails

Governments struggle with innovation because it defies conventional policymaking:
- It requires failure tolerance. Innovation is iterative. But political systems fear failure.
- It demands long-term vision. Results may take years, beyond typical electoral cycles.
- It’s technically complex. Few policymakers have deep expertise in emerging technologies or understand the research and development process.
- It’s often misunderstood. Funding research is not the same as building innovation capacity or developing innovation processes.
- It’s hard to quantify. Quantifying innovation outcomes is complex and challenging to measure, making it also difficult to measure return.
As economist and innovation policy expert Mariana Mazzucato argued in The Entrepreneurial State: Debunking Public vs. Private Sector Myths, innovation success depends on bold missions, cross-sector collaboration and a willingness to learn from failure. Canada’s current model lacks these ingredients.

Breaking the cycle of failure

To break this cycle, Canada needs a non-partisan national innovation institution — an agency empowered to advise on strategy, evaluate outcomes and embed technical expertise into policy at the federal, provincial and municipal levels.

Models like DARPA from the U.S., Vinnova from Sweden and the Israel Innovation Authority show how long-term, high-impact innovation can be achieved with the right institutional scaffolding and appropriate knowledge.

Video about Vinnova, Sweden’s national innovation agency.

Canadians have created a number of innovation organizations with national implications, such as the Council of Canadian Academies, the CD Howe Institute, Canada Foundation for Innovation and the Institute for Competitiveness and Prosperity (ICP), which closed in 2019.

Yet none have been national organizations that addressed the broad proposed mandate to explicitly advise governments on technology and policy strategy, evaluate innovation outcomes and embed technical expertise into recommendations.

A non-partisan national innovation institution must:
1. Track outcomes more than inputs. Innovation success can be measured by a number of project- or industry-specific outcomes, such as productivity, firm growth and export revenue. The ICP proposed measuring the “prosperity gap,” comparing innovation performance to peer jurisdictions.
2. Support long-term strategic objectives, focusing on Canada’s strengths in critical areas like AI, clean technology, energy health-care technology, and leveraging expertise and experience in these and other areas.
3. Embed technology experts alongside health-care and education experts in the decision-making process. Recruit scientists, engineers and entrepreneurs to anticipate technology and market trends, guiding both implementation and policy development.
4. Differentiate innovation from research. Support both, but recognize the differences and explicitly link innovation to adoption and new use cases.
5. Promote value capture. Ensure Canadian firms and the country benefit from and retain control of key technologies that enable them to scale domestically.
6. Recognize the inherent risks in innovation and the potential for failure. Evaluate and build on impact and learn from failure to enhance innovation processes and improve future outcomes.
7. Align our educational institutions with innovation goals revising programs, creating more flexible learning options and enhancing entrepreneurship so that more research outcomes are commercialized.
These steps aren’t hypothetical. They’re backed by evidence from countries that have succeeded in turning innovation into sustained economic performance.

Why now?

Canada’s economy is heavily dependent on resource exports and vulnerable to technological disruption. Meanwhile, the global AI and clean tech races are accelerating. Canada is at risk of falling further behind — not just economically, but geopolitically.

But Canada also has strengths: world-class researchers, diverse entrepreneurial talent and global partnerships. What’s missing is a cohesive national strategy to harness this potential. Creating a non-partisan innovation institution would be a powerful first step.

If Canadians want to provide revenue for governments decide how to fund education, health care and climate adaptation, they must grow their economy. And to do that, Canada needs smarter innovation policy.

It’s time to stop celebrating activity and start rewarding outcomes. Let’s build the structures that allow Canadian ingenuity to thrive — not in theory, but in practice.

Andrew Maxwell works for York University, but received no direct benefit from comments in this article. He receives funding from various research agencies for his work in the area, but none of which creates the potential for conflict. He is a member of the Academy of Management, the International Society for Professional Innovation Management and Professional Engineers Ontario..

– ref. Canada is lagging in innovation, and that’s a problem for funding the programs we care about – https://theconversation.com/canada-is-lagging-in-innovation-and-thats-a-problem-for-funding-the-programs-we-care-about-254423
MIL OSI – Global Reports –
April 15, 2025
MIL-Evening Report: Why the Mormon church is on an expansion project, with two secretive new temples planned for Australia

Source: The Conversation (Au and NZ) – By Brenton Griffin, Casual Lecturer and Tutor in History, Indigenous Studies, and Politics, Flinders University

The Church of Jesus Christ of Latter-day Saints has announced it will build 15 new temples in countries across the world, including one in Liverpool, New South Wales.

This follows a similar announcement last year of plans to build a second temple for Queensland, in South Brisbane.

The two new structures – together with existing temples in Sydney (1984), Adelaide (2000), Melbourne (2000), Perth (2001) and Brisbane (2003) – will bring the total number of Australian temples to seven.

In a nation with fewer than 160,000 practising Mormons, these new buildings seek to increase the legitimacy and visibility of the church.

The Melbourne temple was erected in 2000, as was the temple in Adelaide.
Wikimedia

The significance of temples

There are currently at least 200 completed Mormon temples around the globe, with an additional 182 under construction or announced.

Temples have a different purpose and scope to Mormon chapels, which are far more common: Australia has about 190 Mormon chapels.

Chapels are used for weekly sacrament (or communion) and weekly sermons. They are open to visitors, and often hold cultural events, extra church activities and family history centres.

Temples, on the other hand, represent the blending of the divine and temporal. According to the Mormon worldview and doctrines, they are the world’s most sacred structures.

Each temple is emblazoned with the phrase “The House of the Lord, Holiness to the Lord”. This isn’t just symbolic. Mormons believe each temple is literally the house of God, in which his presence may be felt.

Given the gravity of this belief, these spaces are reserved for those who have been deemed worthy to enter by Mormon leaders.

Inside the House of the Lord

The church itself maintains that temples are “sacred, not secret”. It has long worked to dispel speculation over what happens within temple bounds.

One way it does this is through “open houses”, in which a newly-built temple may be toured by anyone for a brief period. Once the open house has ended and the temple has been “dedicated” by a church leader – a process that includes blessing the building and those who will use it – it becomes entirely closed to the public.

Within the temples, the most sacred rituals and knowledge of “the gospel” are imparted upon faithful members. Rituals can be performed for both living people and deceased ancestors. They must never be conducted – or even discussed – outside the sacred temple space.

One of these rituals is baptism and confirmation for the dead by proxy (baptisms for the living are conducted in chapels or other spaces). This provides the deceased individuals “ordinances” that are necessary for salvation, which they did not receive during life.

These baptisms have been controversial at times, with ordinances performed on individuals who were not direct ancestors of Latter-day Saints, including Holocaust victims and historical figures such as Joseph Stalin and Adolf Hitler. Even prominent Australians such as Ned Kelly, Malcolm Fraser, Neville Bonner and Truganini have allegedly appeared as “baptised” in Mormon records.

Other temple ceremonies, conducted for both the dead and living, include washing and anointing with oil, “endowment” and “sealing”.

The rituals are accompanied by various stages of knowledge progression for attendees. As with the rituals, temple knowledge is not to be discussed outside.

Local opposition

The air of secrecy and exclusivity surrounding Mormon temples has resulted in a flood of negative attention from Australian media, other religious institutions and society at large. News reports from as far back as the early 20th century sought to expose “Mormon temple secrets”.

The first temple, built in Sydney in 1984, was widely protested by community groups and organisations. The building had to be modified by the church before it was eventually approved. A similar situation transpired in Brisbane in the early 2000s.

In other cities, such as Adelaide and Melbourne, temples were not directly protested, but were still critiqued for their lavishness, with the average Australian temple costing around A$8 million in the late 1990s/early 2000s.

Given the cost of living crisis, and contention over the place of religion in contemporary Australia, the two proposed temples will likely also face criticism.

Reputational management

The church’s reputation in Australia has become ever more complicated over the past 20 years, not least due to several controversies.

In 2022 and 2023, The Age and The Sydney Morning Herald reported the church was allegedly abusing tax laws, to the amount of hundreds of millions of dollars. This was addressed, but not confirmed or denied, in the November 2022 Senate Estimates by Australian Tax Office Assistant Commissioner Jeremy Hirschhorn, after questioning by Greens Senator David Shoebridge. Accusations of tax evasion have also been made in New Zealand and the United States.

Other controversies relate to LGBTQIA+ discrimination, the church’s influence in Australian and global politics, and allegations resulting from the Royal Commission into child sexual abuse.

The new Australian temples will be completed under a pall of critiques and accusations around church finances and other controversies. And while they might be briefly open to the public, their doors will just as quickly shut – adding more fuel to the speculation.

Brenton Griffin was raised as a member of the Church of Jesus Christ of Latter-day Saints, but is no longer a practising member of the church. His current research is focused on the religion’s place in Australian and New Zealand popular culture, politics, and society from the nineteenth century to present.

– ref. Why the Mormon church is on an expansion project, with two secretive new temples planned for Australia – https://theconversation.com/why-the-mormon-church-is-on-an-expansion-project-with-two-secretive-new-temples-planned-for-australia-254217

MIL OSI Analysis – EveningReport.nz –

April 15, 2025
MIL-Evening Report: Would looser lending rules help more people buy a house – or just put them at risk?

Source: The Conversation (Au and NZ) – By Andrew Grant, Associate Professor in Finance, University of Sydney

doublelee/Shutterstock

Big promises on housing were at the centre of both major parties’ announcements at the official federal election campaign launches on the weekend.

Among the highlights, Labor pledged to build 100,000 new homes and extend a government-guaranteed 5% deposit scheme to all first home buyers. The Coalition promised to make interest payments on the first A$650,000 of a mortgage tax-deductible for up to five years, for eligible first home buyers purchasing new builds.

Amid this flurry of policies, it’s important we don’t forget another Coalition promise from earlier this month – lowering the 3% mortgage serviceability “buffer”.

Promising to help would-be homebuyers without access to the “bank of mum and dad”, the policy aims to make loans easier to get amid high interest rates and house prices. But it has also reignited debate over lending regulation.

What exactly does this buffer do, and what might we lose by lowering it?

Protecting banks and borrowers

Mortgage buffers are a risk management tool, regulated by the Australian Prudential Regulation Authority (APRA).

When banks assess a home loan, they don’t just check if you can repay it at today’s rate. They test whether you could still afford it if interest rates were higher.

Suppose a borrower in Sydney takes out a mortgage of $780,000 (around the average loan size). At a 6% interest rate, the monthly repayments over 30 years would be about $4,672.

Under the current serviceability buffer – three percentage points – banks assess whether this prospective borrower could still afford repayments if interest rates rose to 9%, which would increase their monthly repayments to around $6,270.

This buffer doesn’t increase the price the borrower actually pays. It simply ensures they have the capacity to service higher repayments if conditions worsen.

The last time mortgage rates were above 9% for an extended period (1996), Peter Dutton was in the Queensland Police Service, the Swans had lost the AFL Grand Final, and Oasis were about to cancel their Australian tour. Could history repeat itself?

Read more:
Labor and Coalition support for new home buyers welcome but other Australians also struggling with housing affordability

Why lower it?

APRA increased the serviceability buffer from 2.5% to 3% in late 2021. But at the time, Australia’s cash rate was very low, at just 0.1%. It’s now 4.1%.

Critics argue the buffer has become too restrictive now that rates are higher, locking out first home buyers and those without parental financial help.

The buffer can also act as a barrier to refinancing. Those who qualified for a loan when interest rates were low may no longer meet serviceability requirements under higher rates. Research suggests that removing refinancing barriers can reduce loan defaults and support household spending.

The risks

There are good reasons for the measures we have to protect borrowers from future shocks.

Reducing the buffer allows more borrowers to qualify for the same loan. But it also means there’s less built-in protection against future rate rises.

Research shows the risk of a borrower defaulting on their mortgage increases sharply when their loan-to-value ratio – the amount borrowed divided by the property’s purchase price – is above 75%, or where a borrower is spending two-thirds of their income on the mortgage.

But buffers also need to be set carefully, ensuring they don’t unnecessarily lock out creditworthy borrowers.

The mortgage serviceability buffer is designed to protect borrowers from sudden financial shocks.
doublelee/Shutterstock

Help for first home buyers?

When considered together with the Coalition’s additional policies – to allow first home buyers to withdraw up to $50,000 from their superannuation for a home deposit and deduct mortgage payments from their taxable income – the implications become clearer.

Economic theory suggests that combined, such measures would move more borrowers closer to the margin of affordability.

Many would likely take on the maximum debt they could qualify for, leaving them highly exposed if economic or interest rate conditions deteriorate.

And the very borrowers likely to rely on superannuation withdrawals to fund their deposits are also those with limited savings and potentially high loan-to-value ratios. The borrowers most affected by the barrier are therefore among the most vulnerable to repayment stress.

What about house prices?

There’s the obvious question of what reducing the barriers to borrowing would do to house prices, without a corresponding increase in supply.

Research has shown stricter borrower-level constraints are effective in slowing house price growth, especially during periods of rapid credit expansion.

These policies are most effective when targeted toward high-risk borrower groups such as first home buyers or those with high loan-to-valuation ratios.

Some economists argue buffers need not be static. Instead, they could be tightened during booms to prevent the housing market overheating, and eased during tougher times to avoid cutting off credit unnecessarily.

So, should we lower the buffer?

Serviceability buffers aren’t just bureaucratic hurdles. They are an unseen brake on unsustainable borrowing and a cushion against future shocks.

Borrower constraints don’t only reduce default risk – research shows they also redistribute credit more efficiently, shifting it away from overheated urban markets and toward lower-risk borrowers.

The first cut to the cash rate in nearly five years has eased Australian mortgage stress risk in the short term. With renewed borrowing appetite, the role of buffers becomes even more critical.

Removing them may help more people into homes in the short run, but it comes at the risk of greater pain later.

Andrew Grant has previously received funding from the Australian Institute of Credit Management and illion (Experian).

– ref. Would looser lending rules help more people buy a house – or just put them at risk? – https://theconversation.com/would-looser-lending-rules-help-more-people-buy-a-house-or-just-put-them-at-risk-253658

MIL OSI Analysis – EveningReport.nz –

April 15, 2025
MIL-Evening Report: Australian honeybees are under attack by mites and beetles. Here’s how to keep your backyard hive safe
Source: The Conversation (Au and NZ) – By Cornelia Sattler, Research Fellow in Ecology & Videographer, Macquarie University

Varroa mites on a male bee larva. Theotime Colin

Australia’s honeybees are facing an exceptional crisis. The tiny but devastating foreign pest Varroa destructor is steadily spreading across the country.

The mite feeds on baby bees (larvae), weakening them. It can also spread viruses that eventually destroy entire bee colonies.

Efforts to contain its spread have failed, so it looks like Australia must learn to live
with this parasite.

What’s worse, Varroa destructor isn’t acting alone. In many parts of New South Wales, the mite’s arrival appears to have triggered a surge in another destructive pest: the small hive beetle (Aethina tumida).

A wet summer in the east has created ideal conditions for beetle outbreaks. This combination is putting enormous pressure on bees and beekeepers alike. Here’s how to help support the bee industry and, if you’re a backyard beekeeper, defend your hives against attack.

The parasitic mite Varroa destructor can hitch a ride on the back of a honeybee.
Cornelia Sattler

Know your enemy

Varroa was first detected in Australia at the NSW Port of Newcastle in June 2022.

The mite is now widely established in NSW and in Queensland between Toowoomba and Brisbane.

It was detected in Victoria, North-West of Melbourne in February and the ACT earlier this month.

In September 2023, Australian authorities acknowledged eradication was no longer possible. The focus shifted to long-term management.

A slimy accomplice

The varroa invasion appears to be making hives more susceptible to the small hive beetle (Aethina tumida). This species arrived in 2002.

The beetle thrives in warm, humid conditions and lays its eggs inside hives. The larvae feed on honey and wax, turning once-thriving hives into a foul, fermented mess. Beekeepers call this a “slime-out” — and it’s just as bad as it sounds.

The deadly one-two punch

A healthy bee colony can usually defend itself against beetles. But when bees are weakened by varroa mites, they’re far less capable of resisting a beetle invasion.

This deadly one-two punch has already devastated many beekeepers in NSW. One commercial beekeeper reported:

I had large infestations of mites. And then following the mite, I got the boom of the hive beetles. I probably lost 30 hives to beetles.

As varroa mites weaken a bee colony, other parasites — like the small hive beetle seen here — can invade and cause further damage.
Cornelia Sattler

What to do if you suspect an infestation?

The number of registered recreational beekeepers in Australia is growing. In 2019, there were around 27,800 registered hobbyists. By 2023, that number had jumped to over 47,000. Backyard beekeepers also contribute A$260 million to the economy.

Varroa represents a major threat to every Australian honey producer, so here’s a few tips.

Inspect your hives at least once a month. If larvae appear to be tunnelling through honeycomb, or the honey appears fermented, these are signs beetles may be present.

It’s difficult to detect mites visually, especially when there are few mites present. That’s where monitoring techniques come in. Typically, 300 bees are placed in ethanol or icing sugar and shaken until mites fall off. This allows beekeepers to not only detect the mites but also to count them.

Report mites to the relevant state authorities. Failure to do so can result in fines.

Immediately treat the infested hive and move it at least ten metres away from any others.

Chemicals called miticides can kill varroa mites and knock the population down. But some beekeepers report side effects, including queen loss, so be prepared to replace queens.

Mites may develop resistance to these treatments over time, as one commercial beekeeper from NSW said:

We’ve experienced a lot of queenless hives. I don’t know whether that’s from treatments […] it might be just coincidence, but I’m hearing a lot of other beekeepers having the same problem.

Varroa mites feed on bee larvae, so caging the queen and taking a short break from brood production can reduce the mite population. Mites prefer male bee larvae, so removing these can help.

These control methods are effective, though labour-intensive, and potentially suitable for backyard beekeepers. They can lessen the need for chemical treatments — slowing the evolution of resistance to miticides.

Protection against mites and beetles

To prevent your backyard hives being infested by mites or beetles:
- keep colonies well fed, so they don’t rob other colonies and catch their parasites
- help bees recognise hives, so they don’t enter the wrong colony with varroa mites on their back (paint hives, space them apart by a few meters, ideally 10m)
- reduce the size of hive entrances to help bees block access to intruders
- regularly check that your beetle traps are still working, as bees often block the holes that let the beetles into the traps with tree resin
- fill the cracks where beetles hide.
How consumers can help

Australians can support the nation’s beekeepers in a few simple ways. Buy 100% Australian honey and hive products from trusted, local sources.

Sugar can easily be swapped for honey in most recipes and honey is a great way to sweeten tea.

When substituting sugar for honey, it’s worth noting honey tastes sweeter so you might want to use less. Honey also contains 18% water, so you may need to reduce the amounts of other liquids in cake recipes accordingly.

Avoid imported honey and bee products to reduce the chance of bringing bee viruses into the country. Not all imported bee products are treated to kill bee viruses.

Finally, planting pollinator-friendly gardens helps to feed local bees.

Safeguarding an industry and a popular hobby

As well as backyard hobbyists, Australia’s beekeeping community includes 1,872 large-scale commercial beekeepers.

Many fear mites will push beekeepers out of business. Protecting the industry requires a shift in mindset, from emergency response to long-term pest management.

With good science, community support and adaptive management, beekeepers — both commercial and backyard — can weather the storm.

Cornelia Sattler receives funding from the Ian & Shirley Norman Foundation to develop non-chemical varroa control methods.

Théotime Colin receives funding from the Australian Research Council, through an Early Career Industry Fellowship to develop non-chemical varroa control methods. He also receives funding from the Ian & Shirley Norman Foundation.

– ref. Australian honeybees are under attack by mites and beetles. Here’s how to keep your backyard hive safe – https://theconversation.com/australian-honeybees-are-under-attack-by-mites-and-beetles-heres-how-to-keep-your-backyard-hive-safe-253947
MIL OSI Analysis – EveningReport.nz –
April 15, 2025
MIL-Evening Report: Cutting migrant numbers won’t help housing – the real immigration problems not being tackled this election

Source: The Conversation (Au and NZ) – By Peter McDonald, Honorary Professor of Demography, Centre for Health Policy, The University of Melbourne

Immigration is shaping as one of the most potent policy issues of the election campaign.

Opposition Leader Peter Dutton has announced a Coalition government would cut the two major migration programs – permanent and net overseas. He has directly linked the number of people coming into the country to high house prices, which feeds into the election’s hot button issue of cost of living:

the first and foremost interest in mind is to get young Australians into housing.

But will cutting immigration help fix the housing crisis? Or is this a smokescreen for other problems with the migration system that are not being addressed by the major parties?

Fewer permanent migrants

The Coalition is campaigning on its plans to reduce the Permanent Migration Program, from 185,000 a year to 140,000.

This is the wrong time to make such a large cut. Permanent migration, more than temporary, is critical for Australia’s economic growth. It also helps offset the ageing of the population.

For its part, Labor failed to include the permanent migration number in last month’s budget, so we have no idea about its plans if it is re-elected.

It is best for our economy when the annual migration intake is between 160,000 and 220,000. From the Gillard government until today, the Permanent Migration Program has been set by governments of both shades within that range.

Th Coalition’s proposed cut is problematic because extreme pressure is building in two visa categories that have close to 100% grant rates: Partners and Children in the Family stream and Employer Sponsored workers in the Skill stream.

If recent experience is anything to go by, the number of applications lodged by family members of Australian citizens or permanent residents will skyrocket to 110,000 by June 30. It is important to note this category is largely demand-driven. These family members have a right to permanent residence under Section 87 of The Migration Act.

Demand is also exploding in the visa category that allows employers to address labour shortages, which has a grant rate of over 98%. Almost 100,000 applications are expected in 2024–25. However, only 44,000 places have been allocated. Employers are going to be very unhappy whichever side is elected.

Given the pent-up demand, the Coalition is avoiding the tricky questions about which parts of the Permanent Program it would cut and by how much. Labor is shirking the issue altogether by not providing any target.

Dutton’s planned reduction to permanent migration numbers would have only a small impact on housing. In a normal year, 60% of grantees are already living in Australia. They won’t be adding to housing demand, because they are already here.

The numbers don’t add up

The other major category, Net Overseas Migration, includes temporary arrivals – mainly skilled workers, working holiday makers and international students. Treasury estimates 260,000 migrants in this category in 2025–26

Dutton says the Coalition would cut this number by 100,000 people and would do it “straight away, once we get into government”.

But this number is not achievable, at least not “straight away”. Arrivals can be lowered. But the number of departures will be way too low to reach the target.

The category has already fallen by 100,000 in each of the past two years. It will continue to decline gradually over the next couple of years, but not nearly as fast as the Coalition target requires.

The number of departures has been low due to the surge in temporary migrants that followed the COVID border closures. The majority of these people have valid visas until at least 2027–28. Only then, is there likely to be a flow of migrants leaving Australia.

Dutton should have said a Coalition government would reach this target in its third year, not its first. But this would not have suited the false argument that net overseas migration has a big impact on housing affordability. It’s spurious because net overseas migration largely consists of temporary residents who rarely buy houses. And both major parties have policies banning temporary residents from purchasing established properties.

New temporary migrants do have an impact on rental demand, but it’s highly localised near universities and along public transport routes. Even this demand is somewhat muted. According to 2021 Census data, a large minority (30–40%) of students and working holiday makers live in specialist accommodation or in very large households.

Problems beyond the election

Australia is facing an estimated shortfall of 130,000 housing construction workers. Both sides of politics are taking worthwhile steps to expand the number of apprentices. But the apprenticeship route is slow and likely to fall short of requirements.

We need more skilled tradies from overseas, but it’s not happening due to obstacles in the migration system. Neither side of politics seems to be looking for creative solutions. Certainly, cutting the Permanent Program is not the answer.

Another major issue is the difficulty successive governments have had in getting people to leave Australia once all their options to remain have been exhausted.

As of January 2025, there were 92,000 individuals who had been refused a final Protection Visa, but had not yet departed. This number accumulated under the previous Morrison government and has continued to expand under Labor.

Policy not politics

Undue panic over the level of net overseas migration in an election context has made a mess of Australian migration policy.

This is evidenced by the policy shambles over international education. The major parties both have plans to limit the number of foreign students, but the cap in both cases is not much below pre-COVID enrolments.

On a more positive note, both sides of politics should be commended for not allowing racism and the “otherness” of migrants to enter the debate.

But it’s time to drop the fantasy that cutting migration will help young Australians enter the housing market. This a blatant distraction from the real and tangible problems with the migration system that must be dealt with by whoever wins on May 3.

This is the seventh article in our special series, Australia’s Policy Challenges. You can read the other articles here

Peter McDonald has received funding from the Australian Research Council and from the Department of Home Affairs (including its predecessors) for studies of migration issues, but not in the past decade.

– ref. Cutting migrant numbers won’t help housing – the real immigration problems not being tackled this election – https://theconversation.com/cutting-migrant-numbers-wont-help-housing-the-real-immigration-problems-not-being-tackled-this-election-250646

MIL OSI Analysis – EveningReport.nz –

April 15, 2025
MIL-Evening Report: Amid the election promises, what would actually help ‘fix’ the housing crisis? Here are 5 ideas

Source: The Conversation (Au and NZ) – By Rachel Ong ViforJ, John Curtin Distinguished Professor & ARC Future Fellow, Curtin University

Shutterstock

As the election campaign rolls on, housing has been, unsurprisingly, a major campaign focus. We’ve seen a series of housing policy announcements from across the political spectrum, including duelling announcements from the major parties in recent days.

Labor will expand access to their Help to Buy and Home Gurantee schemes by either raising or removing income limits and price caps.

The Liberals will allow first homebuyers to access their super for housing and deduct mortgage repayments from their income tax, while lowering the mortgage serviceability buffer.

While the politicians make big promises, it’s worth thinking about what evidence shows would actually make a meaningful difference. We have five ideas.

But first, the extent of the problem

It’s old news that we have a significant housing affordability problem in Australia.

Between 2004 and 2024, the national dwelling price to income ratio climbed rapidly from five to eight, hitting ten in Sydney.

Advertised rents have climbed by more than 20% since the start of COVID.

The public housing waitlist is around 170,000 households, and the number of homeless persons rose from 95,000 to 122,000 in the two decades to 2021.

Policies of the past decade have not worked, and in some cases they’ve made it worse. So what would help?

Read more:
Labor and Coalition support for new home buyers welcome but other Australians also struggling with housing affordability

1. It’s a cluster problem that needs a cluster solution

When we talk of the affordability crisis, what we’re really talking about is a complicated cluster of interrelated problems that make housing unaffordable to buy, build and rent.

Unaffordable housing comes from the interaction between the global economy, interest rates, inefficiencies in our construction and planning systems, as well as the outcomes of poor government policies. We should be wary of hitching our wagon to any of these alone.

Reform of the planning system, for example, is held up by some as the simple solution. While the planning system needs to be improved, it does not make up the entirety of the housing production pipeline – and it’s definitely not a magical solution.

Equal attention needs to be given to workforce shortages, productivity concerns in the construction industry, development financial risk and developer behaviour. These are all arguably as important as planning in delivering new supply.

2. It’s not about supply versus demand. It’s both

Many major housing policy announcements are either supply-focused or demand-focused. What Australia needs are coherent and integrated policy packages addressing both sides of the problem at the same time.

During this election campaign, both major parties have made a series of demand-boosting policy announcements in rapid succession, designed to put more cash into the hands of first homebuyers.

All these measures will further fuel increases in house prices at a pace that income growth cannot match.

It is true both parties have proposed supply measures, such as Labor’s plan to build 100,000 new homes exclusively for first homebuyers.

However, supply lags mean these houses will not be delivered in time to offset any rise in demand (and price) from the expansion of the demand-boosting schemes.

3. Think beyond new supply

The shortfall of dwellings in Australia is certainly a problem, but even an ambitious construction target is likely to add only about 2% to our existing stock each year.

We need to look to the homes already built and how they can better meet demand. This might include measures to promote granny flats, or enable additional subdivision.

4. Aim before shooting

Too many housing programs are poorly targeted. We need to zero in on those in housing need. We shouldn’t be providing assistance to those who don’t need it.

Policymakers need to confront the targeting errors that afflict their proposed plans.

Currently, 11% of aspiring first homebuyers are able to meet deposit and repayment requirements to purchase a home.

Labor’s plan to lift the income limits and caps on available places will open up the scheme to many homebuyers who don’t need government-funded assistance for a home purchase.

The Liberals’ super for housing plan will also benefit higher-income and older groups.

5. Design policies through an intergenerational lens

As we live longer, policymakers must embrace the challenge of meeting the housing needs of multiple generations. This co-existence in society is the new normal.

For instance, economists have consistently called for the abolition of stamp duties in home purchases, favouring instead a broad-based land tax. This removes a major upfront sum that would otherwise be paid by both young people looking to buy their first home and older “empty nesters” looking to downsize.

Read more:
25 years into a new century and housing is less affordable than ever

Stamp duty is a major revenue source for state and territory governments. This reform needs Australian government financial support as we move to a more affordable future. Australia’s reliance on stamp duty is second only to South Korea among OECD countries.

But even if stamp duties are not abolished, we could better use this revenue to meet housing needs, including building additional social housing, bolstering homelessness services and constructing new housing infrastructure.

The elephant in the housing policy room

At the end of the day, it’s worth remembering that housing isn’t all about supply, buildings, investment and construction. Our housing is also where we live, sleep and grow old.

Our population aren’t just passive players in the housing system, they actively shape it, in their choices to buy housing, to rent, seek out major cities and renovate.

By demonstrating, de-risking, and promoting a broader range of housing options (such as making rental an attractive lifetime tenure, expanding shared equity options, or championing advances in modular and prefabricated construction), governments can shape demand towards more affordable homes.

Rachel Ong ViforJ is the recipient of an Australian Research Council Future Fellowship (project FT200100422). She also receives funding from the Australian Housing and Urban Research Institute.

Andrew Beer receives funding from the Australian Research Council, the National Health and Medical Research Council, the Australian Housing and Urban Research Institute and the City of Lithgow.

Emma Baker receives funding from the Australian Research Council (ARC), the National Health and Medical Research Council (NHMRC), and the Australian Housing and Urban Research Institute (AHURI).

– ref. Amid the election promises, what would actually help ‘fix’ the housing crisis? Here are 5 ideas – https://theconversation.com/amid-the-election-promises-what-would-actually-help-fix-the-housing-crisis-here-are-5-ideas-253332

MIL OSI Analysis – EveningReport.nz –

April 15, 2025
MIL-OSI: Applied Materials Announces a Strategic Investment in BE Semiconductor Industries

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., April 14, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. today announced it has purchased 9 percent of the outstanding shares of the common stock of BE Semiconductor Industries N.V. (Besi), a leading manufacturer of assembly equipment for the semiconductor industry.

Applied and Besi have been successfully collaborating since 2020, and recently extended their agreement, to co-develop the industry’s first fully integrated equipment solution for die-based hybrid bonding. Hybrid bonding is becoming a critical technology for advanced packaging of semiconductors as designers and manufacturers race to develop more energy-efficient chips. Hybrid bonding connects chips using direct copper-to-copper bonds, which increases density and shortens the lengths of interconnect wiring between chiplets, resulting in improved overall performance, power consumption and cost.

“We view this as a strategic, long-term investment that demonstrates Applied Materials’ commitment to co-developing the industry’s most capable hybrid bonding solution, a technology that is becoming increasingly important to the advanced logic and memory chips at the foundation of AI,” said Terry Lee, Corporate Vice President and General Manager, Heterogeneous Integration and Packaging at Applied Materials. “We look forward to furthering our collaboration with Besi and delivering innovative technology to our customers.”

Applied Materials and Besi have co-developed an integrated hybrid bonding system, which has the full capabilities chipmakers need to take the technology to very high-volume manufacturing over the next several years. The system brings together Applied’s expertise in front-end wafer and chip processing with high levels of bonding accuracy and speed from Besi’s leading die placement, interconnect and assembly solutions.

The investment was made through market-based transactions and is not subject to regulatory approvals. Applied does not intend to seek board representation at Besi, nor does it have plans to purchase additional shares of Besi common stock.

About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

Applied Materials Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Liz Morali (financial community) 408.986.7977

The MIL Network –

April 15, 2025
MIL-OSI: Oaktree Specialty Lending Corporation Announces Amendments to its Secured Revolving Credit Facility

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, CA, April 14, 2025 (GLOBE NEWSWIRE) — Oaktree Specialty Lending Corporation (NASDAQ:OCSL) (“Oaktree Specialty Lending”) today announced that it has extended its senior secured revolving credit facility (the “amended facility”). The final maturity was extended from June 2028 to April 2030. The interest rate on the amended facility was reduced from SOFR plus 2.00% to SOFR plus 1.75% to 1.875%, depending on the debt outstanding, plus a 0.10% SOFR adjustment. As of today, the interest rate is SOFR plus 1.875%, plus the 0.10% SOFR adjustment. In addition, the minimum consolidated interest coverage ratio of 2.25x was removed.

The amended facility continues to include an accordion feature which would allow Oaktree Specialty Lending to increase the size of the amended facility to a maximum of $1,500 million, under certain conditions.

“We are pleased to have completed the amendment and extension of our credit facility,” according to OCSL president, Matt Pendo. “We sincerely appreciate the support of our banking partners. By reducing interest expense and other fees, we believe this will have a positive effect on net investment income.”

About Oaktree Specialty Lending Corporation

Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets. The firm seeks to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The company is regulated as a business development company under the Investment Company Act of 1940, as amended. Oaktree Specialty Lending is managed by Oaktree Capital Management, L.P. For additional information, please visit Oaktree Specialty Lending’s website at www.oaktreespecialtylending.com.

Contacts

Investor Relations:
Oaktree Specialty Lending Corporation
Clark Koury
(213) 830-6222
ocsl-ir@oaktreecapital.com

The MIL Network –

April 15, 2025

MIL-OSI: South Bow Announces Timing of First-quarter 2025 Results, Conference Call and Webcast, and Annual General Meeting

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 14, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) will release its first-quarter 2025 financial and operational results after the close of markets on May 15, 2025.

Conference call and webcast details

South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s first-quarter 2025 results on May 16, 2025 at 8 a.m. MT (10 a.m. ET).

Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

Visit www.southbow.com/investors for the replay following the event.

Annual general meeting details

As previously announced, South Bow’s annual meeting of shareholders (the Meeting) will be held virtually via live audio webcast on May 15, 2025 at 8 a.m. MT (10 a.m. ET) to enable greater shareholder attendance and participation.

For full details on how to vote, as well as attend and participate in the Meeting, refer to South Bow’s management information circular and virtual meeting user guide, available on South Bow’s website at www.southbow.com/investors/shareholder-meeting, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov.

Copies of South Bow’s audited consolidated financial statements and notes and management’s discussion and analysis as at and for the year ended Dec. 31, 2024 are available electronically on South Bow’s website at www.southbow.com/investors, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov. Printed copies of these documents are available, free of charge, upon request by calling 1-844-318-7826 or e-mailing investor.relations@southbow.com.

Forward-looking information and statements

This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements). In particular, this news release contains forward-looking statements, including timing of the release of financial and operational results, the related conference call and webcast and replay, and timing of the Meeting. The forward-looking statements are based on certain assumptions that South Bow has made regarding, among other things: market conditions; economic conditions; and prevailing governmental policies or regulatory, tax, and environmental laws and regulations. Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; actions taken by governmental or regulatory authorities; adverse general economic and market conditions, and other factors set out in South Bow’s public disclosure documents. The foregoing list of assumptions and risk factors should not be construed as exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Contact information

Investor Relations Martha Wilmot investor.relations@southbow.com		Media Relations Solomiya Lyaskovska communications@southbow.com

The MIL Network –

April 15, 2025

MIL-OSI United Kingdom: Statement from the Minister for Treasury and Resources on prioritising investment in the Island14 April 2025 Whilst recent days have seen significant economic volatility across the globe, Jersey is well placed to face these challenges. We have a successful economy and long-term reserves of a scale that… Read more

Source: Channel Islands – Jersey

14 April 2025

Whilst recent days have seen significant economic volatility across the globe, Jersey is well placed to face these challenges. We have a successful economy and long-term reserves of a scale that very few jurisdictions can match.

Underpinned by these reserves, the public finances have proved to be remarkably resilient in the face of the events of recent years.

Faced with current global uncertainties, Jersey is best served by prioritising investment in infrastructure that benefits and stimulates the local economy, enhances the wellbeing of Islanders, and contributes to Jersey being a vibrant place to live and work.

I can assure Islanders that Treasury remains committed to improving investment in the Island’s infrastructure and, in particular, to financing the New Hospital Facilities at Overdale and Fort Regent

MIL OSI United Kingdom –

April 15, 2025
MIL-Evening Report: Amid the election promises, what would actually help ‘fix’ the housing crisis? Here’s 5 ideas

Source: The Conversation (Au and NZ) – By Rachel Ong ViforJ, John Curtin Distinguished Professor & ARC Future Fellow, Curtin University

Shutterstock

As the election campaign rolls on, housing has been, unsurprisingly, a major campaign focus. We’ve seen a series of housing policy announcements from across the political spectrum, including duelling announcements from the major parties in recent days.

Labor will expand access to their Help to Buy and Home Gurantee schemes by either raising or removing income limits and price caps.

The Liberals will allow first homebuyers to access their super for housing and deduct mortgage repayments from their income tax, while lowering the mortgage serviceability buffer.

While the politicians make big promises, it’s worth thinking about what evidence shows would actually make a meaningful difference. We have five ideas.

But first, the extent of the problem

It’s old news that we have a significant housing affordability problem in Australia.

Between 2004 and 2024, the national dwelling price to income ratio climbed rapidly from five to eight, hitting ten in Sydney.

Advertised rents have climbed by more than 20% since the start of COVID.

The public housing waitlist is around 170,000 households, and the number of homeless persons rose from 95,000 to 122,000 in the two decades to 2021.

Policies of the past decade have not worked, and in some cases they’ve made it worse. So what would help?

Read more:
Labor and Coalition support for new home buyers welcome but other Australians also struggling with housing affordability

1. It’s a cluster problem that needs a cluster solution

When we talk of the affordability crisis, what we’re really talking about is a complicated cluster of interrelated problems that make housing unaffordable to buy, build and rent.

Unaffordable housing comes from the interaction between the global economy, interest rates, inefficiencies in our construction and planning systems, as well as the outcomes of poor government policies. We should be wary of hitching our wagon to any of these alone.

Reform of the planning system, for example, is held up by some as the simple solution. While the planning system needs to be improved, it does not make up the entirety of the housing production pipeline – and it’s definitely not a magical solution.

Equal attention needs to be given to workforce shortages, productivity concerns in the construction industry, development financial risk and developer behaviour. These are all arguably as important as planning in delivering new supply.

2. It’s not about supply versus demand. It’s both

Many major housing policy announcements are either supply-focused or demand-focused. What Australia needs are coherent and integrated policy packages addressing both sides of the problem at the same time.

During this election campaign, both major parties have made a series of demand-boosting policy announcements in rapid succession, designed to put more cash into the hands of first homebuyers.

All these measures will further fuel increases in house prices at a pace that income growth cannot match.

It is true both parties have proposed supply measures, such as Labor’s plan to build 100,000 new homes exclusively for first homebuyers.

However, supply lags mean these houses will not be delivered in time to offset any rise in demand (and price) from the expansion of the demand-boosting schemes.

3. Think beyond new supply

The shortfall of dwellings in Australia is certainly a problem, but even an ambitious construction target is likely to add only about 2% to our existing stock each year.

We need to look to the homes already built and how they can better meet demand. This might include measures to promote granny flats, or enable additional subdivision.

4. Aim before shooting

Too many housing programs are poorly targeted. We need to zero in on those in housing need. We shouldn’t be providing assistance to those who don’t need it.

Policymakers need to confront the targeting errors that afflict their proposed plans.

Currently, 11% of aspiring first homebuyers are able to meet deposit and repayment requirements to purchase a home.

Labor’s plan to lift the income limits and caps on available places will open up the scheme to many homebuyers who don’t need government-funded assistance for a home purchase.

The Liberals’ super for housing plan will also benefit higher-income and older groups.

5. Design policies through an intergenerational lens

As we live longer, policymakers must embrace the challenge of meeting the housing needs of multiple generations. This co-existence in society is the new normal.

For instance, economists have consistently called for the abolition of stamp duties in home purchases, favouring instead a broad-based land tax. This removes a major upfront sum that would otherwise be paid by both young people looking to buy their first home and older “empty nesters” looking to downsize.

Read more:
25 years into a new century and housing is less affordable than ever

Stamp duty is a major revenue source for state and territory governments. This reform needs Australian government financial support as we move to a more affordable future. Australia’s reliance on stamp duty is second only to South Korea among OECD countries.

But even if stamp duties are not abolished, we could better use this revenue to meet housing needs, including building additional social housing, bolstering homelessness services and constructing new housing infrastructure.

The elephant in the housing policy room

At the end of the day, it’s worth remembering that housing isn’t all about supply, buildings, investment and construction. Our housing is also where we live, sleep and grow old.

Our population aren’t just passive players in the housing system, they actively shape it, in their choices to buy housing, to rent, seek out major cities and renovate.

By demonstrating, de-risking, and promoting a broader range of housing options (such as making rental an attractive lifetime tenure, expanding shared equity options, or championing advances in modular and prefabricated construction), governments can shape demand towards more affordable homes.

Rachel Ong ViforJ is the recipient of an Australian Research Council Future Fellowship (project FT200100422). She also receives funding from the Australian Housing and Urban Research Institute.

Andrew Beer receives funding from the Australian Research Council, the National Health and Medical Research Council, the Australian Housing and Urban Research Institute and the City of Lithgow.

Emma Baker receives funding from the Australian Research Council (ARC), the National Health and Medical Research Council (NHMRC), and the Australian Housing and Urban Research Institute (AHURI).

– ref. Amid the election promises, what would actually help ‘fix’ the housing crisis? Here’s 5 ideas – https://theconversation.com/amid-the-election-promises-what-would-actually-help-fix-the-housing-crisis-heres-5-ideas-253332

MIL OSI Analysis – EveningReport.nz –

April 15, 2025
MIL-OSI: Evolution Petroleum Closes Acquisition of Non-Operated Oil and Natural Gas Assets in New Mexico, Texas, and Louisiana
Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 14, 2025 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced the closing of its previously announced acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana (the “Acquisition”, or “TexMex”). The total purchase price for the Acquisition is $9.0 million before customary post-closing adjustments, with an effective date of February 1, 2025. The Company funded the Acquisition through a combination of cash on hand and borrowings under its existing credit facility.

Strategic Benefits of the Acquisition:
- Attractive valuation at ~3.4x estimated next 12 months (NTM) Adjusted EBITDA¹ based on current strip pricing.
- Adds ~440 net BOEPD of stable, low-decline production (60% oil and 40% natural gas).
- Provides enhanced cash flow visibility and strengthens long-term dividend sustainability.
- Offers low-risk development upside with potential for incremental production growth.
- $9.0 million purchase price vs. ~$13 million of Proved Developed PV-10².²
Kelly Loyd, President and Chief Executive Officer, commented: “Despite recent commodity price and market volatility, our TexMex transaction remains highly accretive to both near-term and long-term cash flows and directly supports our core objective — preserving and enhancing the long-term sustainability of our dividend. Our negotiated deal represents a significant discount to PV10 at the current strip and, due to its low-decline nature, should only get better if oil prices move back up to a more normalized price range. TexMex is yet another execution of our proven strategy and represents exactly the kind of transaction that underpins Evolution’s long-standing commitment to deliver a stable and sustainable dividend.”

About Evolution Petroleum

Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

Non-GAAP Disclosure

Certain financial information utilized by the Company are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”).

Adjusted EBITDA is a non-GAAP financial measure used as a supplemental financial measure by management and external users of the Company’s financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. The Company defines “Adjusted EBITDA” as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items. The Company cannot provide a reconciliation of 2025E Adjusted EBITDA without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for reconciliation. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

PV-10 is a non-GAAP financial measure that differs from a financial measure under GAAP known as “standardized measure of discounted future net cash flows” in that PV-10 is calculated without including future income taxes. The Company believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. The Company also uses PV-10 when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. PV-10 is not intended to represent the current market value of the Company’s estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure as defined under GAAP. The Company also presents PV-10 at strip pricing, which is PV-10 adjusted for price sensitivities. Since GAAP does not prescribe a comparable GAAP measure for PV-10 of reserves adjusted for pricing sensitivities, it is not practicable for the Company to reconcile PV-10 at strip pricing to a standardized measure or any other GAAP measure.

Cautionary Statement

All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.

Contact

Investor Relations
(713) 935-0122
ir@evolutionpetroleum.com
___________________________________

1) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see disclosures at the end of this release for more information. NTM Adjusted EBITDA multiple based on Company estimates and NYMEX strip pricing as of 4/11/25.
2) PV-10 is based on current NYMEX strip prices as of 4/11/25 and is a non-GAAP financial measure; see disclosures at the end of this release for more information.

This press release was published by a CLEAR® Verified individual.

The MIL Network –
April 15, 2025
MIL-OSI: ARB IOT Group Limited Secures Approximately USD53.0 Million Order for Supplying AI Servers

Source: GlobeNewswire (MIL-OSI)

Kuala Lumpur, Malaysia, April 14, 2025 (GLOBE NEWSWIRE) — ARB IOT Group Limited (“ARB IOT” or the “Company”) (NASDAQ: ARBB) today announced that it has, through its indirect wholly owned subsidiary, ARB R1 Technology Sdn Bhd, successfully entered into a contract valued at approximately USD53.0 million to deliver cutting-edge AI data centre server solutions to Whizzl Group. This agreement represents a major step forward in advancing AI infrastructure capabilities for the AI industry in Malaysia.

Under the terms of the agreement, ARB IOT will supply its state-of-the-art ARB-222 AI servers (“AI Products”) to provide high-performance AI-driven data centre solutions to meet the complex demands of modern data-intensive operations. The solution will empower the customer to accelerate AI model training, enable faster data processing, and unlock deeper insights across its operations.

“This contract highlights our expertise in AI infrastructure and our commitment to delivering scalable, high-impact solutions,” said Dato’ Sri Liew Kok Leong, CEO of ARB IOT. “We are excited to support Whizzl Group in achieving their AI ambitions through robust, future-ready server technologies.”

Securing this contract delivers significant strategic value to ARB IOT. It strengthens the Company’s revenue base, reinforces its credibility in delivering enterprise-scale AI infrastructure, and opens the door to further opportunities within the high-growth AI and data centre sectors. Additionally, it supports the Company’s long-term growth strategy by expanding its project portfolio, enhancing client references, and accelerating innovation through real-world deployment at scale.

About ARB IOT Group Limited
ARB IOT Group Limited is a provider of complete solutions to clients for the integration of Internet of Things (“IoT”) systems and devices from designing to project deployment. We offer a wide range of IoT systems as well as provide customers a substantial range of services such as system integration and system support service. We deliver holistic solutions with full turnkey deployment from designing, installation, testing, precommissioning, and commissioning of various IoT systems and devices as well as integration of automated systems, including installation of wire and wireless and mechatronic works.

Safe Harbor Statement
This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to, those that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forwardlooking statements, other than as required by applicable law.

For further information, please contact:
ARB IOT Group Limited
Investor Relations Department
Email: contact@arbiotgroup.com

The MIL Network –

April 15, 2025
MIL-OSI: DGL Investments No. 1 Inc. Announces Proposed Qualifying Transaction with Rep Group Limited and Perspectives Productions Limited
Source: GlobeNewswire (MIL-OSI)

Not for distribution to U.S. news wire services or for dissemination in the United States

VANCOUVER, British Columbia, April 14, 2025 (GLOBE NEWSWIRE) — DGL Investments No. 1 Inc. (“DGL” or the “Company”) (TSXV: DGL.P) is pleased to announce details concerning a proposed arms-length “Qualifying Transaction” involving a business combination with two complimentary businesses named Rep Group Limited (“REP”) and Perspectives Productions Limited (“Perspectives” and collectively with REP, the “Targets”).

Overview of the Targets

REP is a privately-held corporation that was formed in June 2020 under the laws of England and Wales. Perspectives is in the process of becoming a 100% wholly owned subsidiary of REP Group and was formed in February 2024 under the laws of England and Wales. Each of the Targets’ head office is in Doncaster, Yorkshire, England.

REP have developed a narrative therapy based self-care mental health and wellbeing app, that combined with their AI profiling system allows organisations to better engage with their workforce to develop and deliver tangible and measurable ‘social’ programmes that advance company culture and collective wellbeing.

The REP corporate wellness app and service focuses on three key areas:

– Enabling individuals to feel empowered about managing their mental health and wellbeing.
– Equipping organisations with expert-led tools and data insights to lead a change in culture for sustainable positive wellbeing.
– Creating a workforce that is connected, performing, engaged and well.

As an extension to REP’s offering, in June 2024 the company executed a collaboration with a National Health Service (‘NHS’) Trust in the United Kingdom, to assess and validate the system and services for healthcare sector deployment.

Perspectives is a technology company that has developed an innovative production and OTT (‘Over-the-Top’) platform for the distribution of impactful stories related to mental health; transforming written stories captured by REP into bespoke and unique training and educational content to improve the understanding, knowledge and management of mental health in the workplace. The company has already developed the basic OTT platform and has applied for patent protection over its architecture.

Summary of the proposed Transaction

DGL has entered into a non-binding Letter of Intent with each of the Targets dated April 10, 2025 (the “LOI”) pursuant to which DGL and the Targets intend to complete a business combination (the “Transaction”) to form a company (the “Resulting Issuer”) and pursuant to which the businesses of the Targets will become the business of the Resulting Issuer. The final structure of both the business combination and the capitalization of the Resulting Issuer is subject to receipt of tax, corporate and securities law advice for both DGL and the Targets.

Pursuant to the LOI it is currently anticipated:
1. the shareholders of DGL on completion of the proposed Transaction will cumulatively hold approximately 2,273,141 common shares of the Resulting Issuer and DGL will conduct a consolidation of its common shares at the required ratio to achieve the same;
2. the Resulting Issuer will issue approximately 13,638,844 common shares of the Resulting Issuer (the “Resulting Issuer Shares”), proportionally to the current holders of the Targets’ common shares (the “Target Shares”) to acquire such Target Shares and each of the Targets will conduct a share split such that the Resulting Issuer Shares will be issued on a 1:1 basis;
3. either DGL, REP or Perspectives will conduct a financing (on a post share split or post consolidation basis as applicable) to close prior to or concurrent with the closing of the Transaction, for aggregate gross proceeds of not less than GBP£1,000,000 (approximately CAD$1,800,000) at a price commensurate with market conditions (the “Financing”).
Further, pursuant to the LOI, it is a condition precedent for the parties to enter into a definitive agreement that commitments for the minimum amount of the Financing must be received prior to June 30, 2025.

The Resulting Issuer Shares will be issued at a price per share equivalent to the closing price of the common shares of DGL on the TSX Venture Exchange (the “Exchange”) on April 11, 2025, adjusted to take account of any required consolidation of the common shares of DGL required to facilitate the proposed Transaction.

It is intended that the proposed Transaction, when completed, will constitute DGL’s “Qualifying Transaction” (“QT”) in accordance with Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the “Exchange”) Corporate Finance Policies. A comprehensive news release will be issued by DGL disclosing details of the proposed Transaction, including the proposed capital structure of the Resulting Issuer, financial information respecting the Targets, the names and backgrounds of all persons who will constitute insiders of the Resulting Issuer, and information respecting sponsorship, once a definitive agreement has been executed and certain conditions have been met, including satisfactory completion of due diligence.

It is not expected that shareholder approval will be required with respect to the proposed Transaction under the rules of the Exchange applicable to capital pool companies, because the proposed Transaction does not constitute a “Non-Arm’s Length Qualifying Transaction” pursuant to the Policy 2.4 of the Exchange.

In addition, the structure of the proposed Transaction is being finalized, and based on the final structure as reflected in the definitive agreement, shareholder approval of certain ancillary matters, including any consolidation or share split and any proposed change of name may be required.

Trading in the common shares of DGL has been halted and is not expected to resume until the proposed Transaction is completed or until the Exchange receives the requisite documentation to resume trading.

It is expected that upon completion of the proposed Transaction, the Resulting Issuer, will be renamed to a name mutually agreeable to DGL and the Targets and will be listed as a Tier 2 Technology Issuer on the Exchange.

For further information, please contact:

Gurpreet S. Sangha,
President and CEO
Telephone: 778-245-2282
Email: gsangha2x4@hotmail.com

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

Forward Looking Information

Statements in this press release regarding DGL’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as terms and completion of the proposed Transaction. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Completion of the proposed Transaction is subject to a number of conditions, including but not limited to completion of the Financing, execution of a binding definitive agreement relating to the proposed Transaction, Exchange acceptance and if applicable pursuant to Exchange requirements or the requirements of applicable securities law, majority of the minority shareholder approval. Where applicable, the proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the proposed Transaction, any information released or received with respect to the proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The MIL Network –
April 15, 2025
MIL-OSI: Capital Southwest Announces Preliminary Estimate of Fourth Quarter 2025 Operating Results and Earnings Release and Conference Call Schedule

Source: GlobeNewswire (MIL-OSI)

DALLAS, April 14, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, is pleased to announce its preliminary operating results for the fourth quarter of its 2025 fiscal year (quarter ended March 31, 2025) and its fourth quarter 2025 earnings release and conference call schedule.

During the quarter ended March 31, 2025, Capital Southwest incurred $2.8 million, or $0.05 per share, of one-time net expenses related to the departure of our former President and Chief Executive Officer.

Capital Southwest’s preliminary estimate of its fourth quarter 2025 pre-tax net investment income is in the range of $0.55 to $0.56 per share. The preliminary estimate of Capital Southwest’s net investment income for the same period is in the range of $0.54 to $0.55 per share.

Capital Southwest’s preliminary estimate of its fourth quarter 2025 adjusted pre-tax net investment income, excluding the one-time net expenses noted above, is in the range of $0.60 to $0.61 per share.⁽¹⁾ The preliminary estimate of its adjusted net investment income for the same period, excluding the one-time net expenses noted above, is in the range of $0.59 to $0.60 per share.⁽¹⁾

Additionally, Capital Southwest’s preliminary estimate of its net asset value per share as of March 31, 2025 is in the range of $16.65 to $16.75. Capital Southwest’s preliminary estimate of its non-accruals as a percentage of the total investment portfolio at cost and fair value is 3.5% and 1.7%, respectively.

Capital Southwest will release its finalized fourth quarter 2025 results on Wednesday, May 14, 2025 after the market closes. In conjunction with the release, Capital Southwest has scheduled a live webcast on Thursday, May 15, 2025 at 11:00 a.m., Eastern Time. Investors may participate in the webcast.⁽²⁾

By Webcast:
Connect to the webcast using the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com, or by going to the following website: https://edge.media-server.com/mmc/p/s389iru5. Please log in at least 10 minutes in advance to register and download any necessary software. A replay of the webcast will be available on Capital Southwest’s website shortly after the call.

Live Call Participation:
Participants who want to join the call and ask a question must register using the following URL: https://register-conf.media-server.com/register/BI8f006b736d2d44a6968a9f8113c60e06. Once registered, participants will receive the dial-in numbers and a unique PIN number. When participants dial in, they will input their PIN and be placed into the call. Registration is still possible even after the event has started.

About Capital Southwest
Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

Forward-Looking Statements
This press release contains forward-looking statements and provides historical information with respect to the business and investments of Capital Southwest, including, but not limited to, the preliminary estimates of the fourth quarter of its 2025 fiscal year financial information and results, which are based on current information available to Capital Southwest as of the date hereof. The preliminary estimates of the fourth quarter of its 2025 fiscal year financial information and estimated results furnished above are based on Capital Southwest management’s preliminary determinations and current expectations, and such information is inherently uncertain. The preliminary estimates may not align with Capital Southwest’s actual results of operations for the period, which will not be known until Capital Southwest completes its customary year-end closing and review procedures and third-party audit, including the determination of the fair value of Capital Southwest’s portfolio investments. As a result, actual results could differ materially from the current preliminary estimates based on adjustments made during Capital Southwest’s year-end closing and review procedures and third-party audit, and Capital Southwest’s reported information in its Annual Report on Form 10-K for the year ended March 31, 2025 may differ from this information, and any such differences may be material. In addition, the information furnished above does not include all of the information regarding Capital Southwest’s financial condition and results of operations for the quarter and year ended March 31, 2025 that may be important to readers. As a result, readers are cautioned not to place undue reliance on the information furnished in this press release and should view this information in the context of Capital Southwest’s full fourth quarter of 2025 and fiscal year 2025 results when such results are disclosed by Capital Southwest in its Annual Report on Form 10-K for the year ended March 31, 2025. The information furnished in this press release is based on current expectations of Capital Southwest’s management that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such information.

Forward-looking statements are statements that are not historical statements and can often be identified by words such as “will,” “believe,” “expect” and similar expressions and variations or negatives of these words. These statements are based on management’s current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to: changes in the markets in which Capital Southwest invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on Capital Southwest’s business and its portfolio companies; regulatory changes; tax treatment; Capital Southwest’s ability to operate its wholly owned subsidiary Capital Southwest SBIC I, LP, as a small business investment company; an economic downturn and its impact on the ability of Capital Southwest’s portfolio companies to operate and the investment opportunities available to it; the impact of supply chain constraints and labor shortages on Capital Southwest’s portfolio companies; and the elevated levels of inflation and its impact on Capital Southwest’s portfolio companies and the industries in which it invests.

Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest’s Annual Report on Form 10-K for the year ended March 31, 2024 and any subsequent filings, including the “Risk Factors” sections therein, with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.

Investor Relations Contact:
Michael S. Sarner, President and Chief Executive Officer
214-884-3829

(1) Adjusted pre-tax net investment income and adjusted net investment income are non-GAAP measures. These non-GAAP measures are included to supplement the Company’s financial information presented in accordance with GAAP and because the Company believes such measures are useful indicators of operations and enhance investors’ ability to analyze trends in the Company’s business exclusive of the one-time net expenses related to the departure of Capital Southwest’s former President and Chief Executive Officer. However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP.

These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate the Company’s results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Item 10(e) of Regulation S-K, as promulgated under the Securities Exchange Act of 1934, as amended, the Company has provided a reconciliation of these non-GAAP measures in the above disclosure.

(2) No information contained on our website or disclosed on the May 15, 2025 conference call, including the webcast, is incorporated by reference into this press release or any of our filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.

The MIL Network –

April 15, 2025
MIL-OSI USA: Congressman Goldman, Congresswoman Meng, Assemblymember Lee Host Press Conference Condemning Trump’s Disastrous Tariff War, Highlighting Devastating Impact on AAPI New Yorkers and Small Businesses

Source: US Congressman Dan Goldman (NY-10)

China Imposes 125% Tariffs on U.S. Goods in Response to 145% U.S. Tariffs on Chinese Imports

Trump Trade War Disproportionately Impacting Asian American Communities and Families

NYC, Home of Many Historic Asian American Communities, Pays Price For Trump’s Recklessness



View Pictures and Video of Press Conference Here

New York, NY – Today, Congressman Dan Goldman (NY-10), Congresswoman Grace Meng (NY-06), Chair of Congressional Asian Pacific American Caucus (CAPAC), Assembly Member Grace Lee, Chair of the New York State Assembly Asian Pacific American Task Force (APA Task Force), Council Member Susan Zhuang, and other elected officials and local advocates, hosted a press conference to demand President Trump stop his ongoing trade war which will harm Asian American families and businesses in New York.

The President’s tariffs are pushing many Asian American-owned small businesses in New York City toward financial ruin, especially those dependent on foreign imports. The trade war, driven by the White House, threatens to devastate historic Asian American neighborhoods. These reckless policies are creating economic volatility and disproportionately affecting businesses reliant on international trade. As a result, many small businesses are uncertain about their future, placing a significant financial strain on Asian American families and entrepreneurs across the city.

“From Manhattan’s Chinatown to Sunset Park and beyond, Donald Trump’s reckless and destructive trade war is crippling New York’s AAPI small businesses and pushing entire communities to the brink of financial ruin,” Congressman Dan Goldman said. “Mom-and-pop shops are struggling to make ends meet. Livelihoods are on the line. If Trump doesn’t reverse these tariffs immediately, his dangerous brinkmanship will shutter AAPI small businesses not only in New York City but across the country.”

Congresswoman Meng said, “As the new Chair of CAPAC, I’m proud to partner with New York State APA Task Force Chair Grace Lee, and my colleague Congressman Goldman to shine a light on the harm that this trade war will have on the Asian American community, in particular Asian-owned small businesses. These tariffs will deliver devastating blows to everybody from our local entrepreneurs to owners of mom-and-pop establishments, with many being forced to pass higher costs onto their customers or suffer financial hits to their livelihoods. Those working to fully recover from the COVID-19 pandemic will be hit especially hard. It will also impact jobs and investments in our neighborhoods. We will continue pushing for these tariffs to be rescinded.”

Assemblymember Grace Lee said, “Trump’s reckless tariff policies are driving up costs for small businesses and raising prices for everyday people. In Chinatown, family-run shops that have been part of the community for generations are struggling to survive. And when hostility toward China drives policy, it too often leads to racism against the Asian American community. These policies aren’t just bad economics — they’re bad for Asian Americans.”

NY State Senator John Liu said, “Trump’s punitive tariff charade is causing irreparable harm to immigrant communities and small businesses throughout the country, and especially here in New York City. In their pursuit of the American Dream, Asian American small businesses have revitalized our economy and strengthened our communities, but now their livelihoods are on the line as they’re forced to either absorb skyrocketing costs or pass them onto their customers, who are already struggling. It’s time to end this zero sum trade war that is threatening to stall so many economic engines for our city, state and country.”

Council Member Susan Zhuang said, “As the Councilmember for Brooklyn’s District 43, a majority Asian-American district, I see the direct impact of all federal changes on my constituents.I regularly say immigrant business owners provide essential services for New Yorkers. These tariffs hinder these business owners from doing their work which will put a burden on every single working class New Yorker.”

Council Member Sandra Ung said, “Just recently hit hard by COVID-19, a rise in anti-Asian hate crimes, inflation, and rising rents, the economic recovery remains fragile. Many immigrant-owned small businesses that rely heavily on international trade are still struggling to get back on their feet. Moreover, many budget grocery stores provide a vital lifeline for working-class families. The potential shocks to the market these tariffs will cause follow on the heels of recent cuts by Washington Republicans to the SNAP program that prevent stolen funds from being replaced. We need clear and compassionate federal guidance and targeted local support to protect these businesses from further setbacks and to ensure the economic recovery in our Asian American communities stays on track.”

Council Member Julie Won said, “Federal tariffs threaten the livelihoods of Asian-owned small businesses in District 26. High import fees will force Bangladeshi, Filipino, and Chinese business owners to pay more to purchase goods. Tariffs also hurt working-class New Yorkers who already struggle to pay for rent, groceries, and other necessities. I join my colleagues in Congress and the Assembly to urge Trump to reverse these harmful tariffs.”

Karen Liu, second generation owner of Grand Tea and Imports said, “Almost every business in Chinatown is an import business in some way. These tariffs threaten our ability to restock—and for many of our neighbors, their ability to stay open. As we move through this uncertain time, I hope policymakers remember Chinatown. We shouldn’t have to face this alone.”

All have made protecting and supporting small businesses, as well as the Asian American community, a priority of their time in office.

In March, Congressman Goldman and Senators Schumer and Gillibrand secured $50 million in IRS Employee Retention Tax Credits for 585 small businesses. This release was fought for by Congressman Goldman, Senator Chuck Schumer, and nine of their New York congressional colleagues in the winter of 2024, urging the agency to expedite the processing and resolution of legitimate Employee Retention Credit (ERC) claims.

In February, Congressman Goldman joined Senator Smith, and Congresswoman Underwood in introducing the ‘Job Protection Act,’ which would expand the Family and Medical Leave Act (FMLA) to millions of workers who are currently unable to take time off to care for themselves or their families. Nearly 2.6 million workers every year decline to take family or medical leave out of fear that they will lose their jobs due to gaps in FMLA coverage.

In Spring of 2023, Congressman Goldman joined Congresswoman Meng in introducing the ‘Teaching Asian Pacific American History Act’ which would require Presidential and Congressional Academies’ grant applicants and recipients to include Asian Pacific American history in American history and civics curricula.

Congressman Goldman is an Executive Board Member of the Congressional Asian Pacific American Caucus.

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MIL OSI USA News –

April 15, 2025
MIL-OSI USA: Reps. Carter, Fields, Letlow, Ezell Introduce Flood Insurance Bill to Provide Stability to Property Owners and the Real Estate Market

Source: United States House of Representatives – Congressman Troy A. Carter Sr. (LA-02)

WASHINGTON, D.C. – Congressman Troy A. Carter, Sr. (D-LA), Congressman Cleo Fields (D-LA), Congresswoman Julia Letlow (R-LA), and Congressman Mike Ezell (R-MS) have introduced the bipartisan National Flood Insurance Program (NFIP) Authorization Extension Act which will extend the federal authorization for the NFIP. The bill would extend the program through December 31, 2026, significantly longer than the typical short-term extensions passed by Congress.

“I am proud to introduce this bill to provide the long-overdue stability our communities deserve,” said Rep. Carter. “For too long, homeowners, small businesses, and local economies have lived under the cloud of short-term NFIP extensions, often attached to contentious government funding bills. This clean, multi-year reauthorization brings much-needed certainty to policyholders and ensures uninterrupted access to flood insurance across the country. As flooding becomes more frequent and severe, we must protect families and businesses by keeping this program operating while we work to deliver lasting, comprehensive reforms to strengthen and modernize the program.”

“Passing the NFIP Authorization Extension Act is essential to protecting hardworking people across Louisiana. Given our state’s history with extreme weather events, we must ensure that flood insurance remains accessible to all. My colleagues in both the House and Senate will continue to fight for those most affected by flooding throughout the state and across the country,” said Rep. Fields.

“Given the frequent storms and flooding our state endures, I’m a strong advocate for renewing the National Flood Insurance Program and making sure it serves those who depend on it. For many Louisianans, flood insurance is not just a policy—it’s a lifeline. I’m committed to working with my colleagues to strengthen this vital program and ensure our communities get the support they need when disaster strikes,” said Rep. Letlow.

“For far too long, families, businesses, and entire communities along our coast have lived with the uncertainty caused by short-term extensions of the National Flood Insurance Program. The NFIP Authorization Extension Act delivers the stability South Mississippians need and deserve as they continue to face the devastating effects of flooding and natural disasters. By extending the program through the end of 2026, we’re sending a clear message: we are committed to protecting our coastal communities, giving them the tools to recover and rebuild, and working in a bipartisan way to strengthen and modernize the program for the future,” said Rep. Ezell.

The Senate companion NFIP Authorization Extension Act was introduced by Senators Bill Cassidy, M.D. (R-LA) and John Kennedy (R-LA) in March 2025. Congressmembers Marc Veasey (D-TX), Jared Moskowitz (D-FL), and LaMonica McIver (D-NJ) are original cosponsors of the House legislation.

“Rather than experiencing a 33rd short-term extension, NFIP policyholders deserve certainty, and NFIP as a program requires stability. A two-year reauthorization will provide a runway for Congress and stakeholders to hold conversations and hearings around catastrophic insurance and towards highly-demanded comprehensive NFIP reform, like a means-tested benefit for affordability, a third-party review of the Risk Rating 2.0 methodology, and proper incentivization of flood risk mitigation,” said GNO, Inc. President Michael Hecht.

“Extending the National Flood Insurance Program would ensure continuous operations and greater stability for policyholders until a long-term reauthorization is enacted into law – a valuable source of certainty for counties and our residents,” said National Association of Counties Executive Director Matthew Chase. “Counties thank Representatives Carter, Fields, Letlow, and Ezell for their leadership, and we look forward to working with our bipartisan congressional partners to secure passage of this legislation.”

Background

The NFIP is a federal program managed by the Federal Emergency Management Agency (FEMA) that provides flood insurance to homeowners and businesses, aiming to reduce the financial impact of flooding. The program is vital for Louisiana, a state with extensive low-lying areas and frequent exposure to hurricanes and heavy rainfall. The NFIP helps protect residents from devastating financial losses due to flood damage, encourages responsible development in flood-prone areas, and supports rebuilding efforts after disasters—making it a critical safety net for Louisiana’s communities.

Over the last decade, Congress has passed 33 short-term NFIP authorization extensions, which have been attached to contentious government funding bills. Had Congress not been able to pass a government funding bill, not only would the government shut down, but the NFIP program’s authorization would have also lapsed. A lapse in the program’s authorization means new policies could not be issued, existing policies could not be renewed, and real estate transactions in flood-prone areas may stall, leaving homeowners and businesses vulnerable.

A lapse in authorization also delays claims payments, increases reliance on taxpayer-funded disaster aid, and creates market instability. According to the National Association of Realtors (NAR), a lapse of NFIP could impact 1,360 home sale closings daily, translating to approximately 41,300 affected monthly transactions nationwide. By extending the program through December 31, 2026, this legislation ensures that Americans are not left in limbo and gives Congress the necessary time to work toward bipartisan solutions that strengthen and modernize the program.

Flooding is the most common and costly natural disaster in the United States, affecting communities in every state. The NFIP is a lifeline for over five million policyholders, helping them recover and rebuild after disasters.

Full bill text can be found here.

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MIL OSI USA News –

April 15, 2025
MIL-OSI USA: PHOTOS: Capito Tours Recovery Efforts in Welch

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito

WELCH, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.) traveled to Welch, W.Va. where she made several stops in the area focused on ongoing flood recovery and infrastructure upgrades.

During the visit to Welch, Senator Capito met with Welch Mayor Harold McBride to discuss a number of topics, including a bridge infrastructure project. Next, Senator Capito traveled to the McDowell County 911 Center and Sheriff’s Office to discuss damage caused by the recent storms and ongoing recovery efforts. The visit concluded at the Welch Armory where Senator Capito met with local officials and agencies where they discussed recovery efforts that are already underway, as well as the community’s infrastructure needs.

“The recent flooding in southern West Virginia was devastating, and it continues to impact the way businesses and the local economy function today,” Senator Capito said. “I am grateful to Mayor McBride and other local leaders in Welch for the opportunity to tour recovery efforts and discuss with them directly the needs they have. While we’ve made progress in rebuilding efforts, we still have more work to do, and I am committed to doing what I can to help in this effort.”

BACKGROUND:

Following the storms, Senator Capito led the West Virginia Delegation in sending a letter to the Trump administration in support of the state’s request for a major disaster declaration. Full text of the letter can be found here.

On February 26, President Trump approved Individual Assistance (IA) in McDowell, Mercer, Mingo, and Wyoming counties. The IA Program provides funds to individuals experiencing significant damage to homes or property. The deadline to apply for these funds is April 28.

On March 19, President Trump approved Public Assistance (PA) in Greenbrier, Lincoln, Logan, McDowell, Mercer, Mingo, Monroe, Summers, Wayne, and Wyoming counties. On April 1, the president’s Major Disaster Declaration was amended to include PA for Boone and Raleigh counties, as well as IA for Raleigh County. The PA provides supplemental grants to state and local governments and certain private non-profits to cover their costs for debris removal, emergency protective measures, and infrastructure restoration. The deadline to apply for these funds for Greenbrier, Lincoln, Logan, McDowell, Mercer, Mingo, Monroe, Summers, Wayne, and Wyoming counties is April 18, while the deadline for Raleigh and Boone counties is May 1.

Photos from today’s visit are below:

U.S. Senator Shelley Moore Capito (R-W.Va.) meets with local leaders in Welch, W.Va. on Monday, April 14, 2025.

U.S. Senator Shelley Moore Capito (R-W.Va.) tours recovery efforts with Mayor Harold McBride in Welch, W.Va. on Monday, April 14, 2025.

MIL OSI USA News –

April 15, 2025

MIL-OSI: PrairieSky Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 14, 2025 (GLOBE NEWSWIRE) — PrairieSky Royalty Ltd. (“PrairieSky” or the “Company”) (TSX: PSK) is pleased to announce its first quarter operating and financial results for the period ended March 31, 2025.

First Quarter Highlights:

Oil royalty production volumes averaged a record 13,502 barrels per day, a 3% increase over Q1 2024⁽¹⁾. Total royalty production averaged 25,339 BOE per day, a 3% decrease from Q1 2024 due to declines in natural gas and NGL production.
Royalty production revenue of $119.9 million combined with other revenue of $8.2 million to generate total revenues of $128.1 million for Q1 2025⁽¹⁾. Other revenue included bonus consideration of $5.0 million earned on entering into 52 new leasing arrangements focused on Duvernay light oil and Mannville light and heavy oil targets.
Funds from operations totaled $85.8 million or $0.36 per share, an increase of 3% over Q1 2024 primarily due to increased oil royalty revenue with higher oil royalty production volumes combined with narrowed oil price differentials.
Declared a first quarter dividend of $61.2 million ($0.26 per common share), representing a payout ratio of 71%.
Purchased and cancelled 3,415,900 common shares under the Company’s normal course issuer bid (“NCIB”) for $90.0 million.
Completed acquisitions of both producing and non-producing royalty interests for $63.6 million, including the previously announced $50.0 million acquisition, before customary closing adjustments, of fee lands, lessor interests and gross overriding royalty interests in Central Alberta and Southeast Saskatchewan, as well as incremental royalty interests in the Duvernay, Clearwater and Mannville.
Net debt totaled $258.8 million as at March 31, 2025.

President’s Message

It was a busy first quarter across PrairieSky’s royalty properties with 200 wells spud on PrairieSky’s royalty acreage at an average royalty rate of 6.9%, an increase from 174 wells spud in Q1 2024 at an average royalty rate of 6.0%. In addition to robust activity in the Mannville heavy oil play with 39 wells spud, there were 20 wells spud in the Clearwater, 15 wells spud in the Duvernay light oil play, 8 wells spud in the liquids-rich Montney, and an incremental 118 oil and natural gas wells spud elsewhere across the basin.

PrairieSky earned $119.9 in royalty revenues, 93% liquids, from total royalty production volumes of 25,339 BOE per day in Q1 2025, 3% lower than Q1 2024. Oil royalty revenue totaled $101.1 million, a 10% increase over Q1 2024, and was generated from record oil royalty production of 13,502 barrels per day, an increase of 3% over Q1 2024. Oil royalty production volumes were positively impacted by continued activity in the Clearwater, Mannville and Duvernay and the addition of 177 barrels per day of production from the previously announced royalty acquisition that closed on January 10, 2025. Natural gas royalty production added 55.9 MMcf per day, a decrease of 10% from Q1 2024, and included an estimate of 1.1 MMcf per day of downtime related to cold weather in the quarter. Natural gas royalty production added $8.7 million of royalty revenue with continued weak natural gas benchmark pricing with daily AECO index pricing averaging $2.16 per Mcf, a decrease of 14% from Q1 2024. NGL royalty production averaged 2,520 barrels per day, a slight decrease of 1% from Q1 2024. NGL royalty production generated total NGL royalty revenue of $10.1 million in the quarter.

Other revenue totaled $8.2 million in Q1 2025 and included $5.0 million in bonus consideration from entering into 52 new leases with 39 separate counterparties. In addition to active leasing in the quarter, PrairieSky acquired incremental producing and non-producing royalty interests focused on heavy and light oil plays in Central Alberta and Saskatchewan for $63.6 million. Acquisitions included the previously announced purchase of fee lands, lessor interests and gross overriding royalty interests for cash consideration of $50.0 million, before customary closing adjustments, which closed on January 10, 2025.

Funds from operations totaled $85.8 million ($0.36 per share) in the quarter. PrairieSky declared a dividend of $0.26 per share or $61.2 million in the quarter with a resulting payout ratio of 71%. Excess funds from operations were allocated to acquisitions, including the purchase and cancellation of common shares under PrairieSky’s NCIB. Under the NCIB, PrairieSky purchased 3,415,900 common shares at a weighted average price of $26.36 per share for $90.0 million, including commissions and before income tax of $1.8 million. The NCIB is a key component of our capital allocation strategy and the recent share repurchase represents a high-quality acquisition of 1.4% more of the business, equivalent to purchasing approximately 259,000 acres of royalty lands. Repurchased common shares were cancelled prior to PrairieSky’s March 31, 2025 dividend record date. Share repurchases were funded using PrairieSky’s credit facility, which PrairieSky expects to pay down using excess cash flow above its quarterly dividend over time. At March 31, 2025, PrairieSky maintained a strong balance sheet with net debt of $258.8 million.

We will be holding our 2025 investor day and releasing our updated Royalty Playbook on May 14, 2025 which will highlight the unique attributes of our long-duration, high margin business model. The investor day will be broadcast via webcast for interested parties. Thank you to our staff for their hard work and our shareholders for their continued support.

Andrew Phillips, President & CEO

ACTIVITY ON PRAIRIESKY’S ROYALTY PROPERTIES

Third-party operators spud 200 wells in Q1 2025 (Q1 2024 – 174 wells) comprised of 108 wells on gross overriding royalty acreage, 81 wells on fee lands, and 11 unit wells. There were a total of 186 oil wells (93% of wells) spud during the quarter which included 53 Mannville light and heavy oil wells, 38 Viking wells, 20 Clearwater wells, 17 Mississippian wells, 15 Duvernay wells and 43 additional oil wells across Alberta and Saskatchewan and including 11 Lindbergh and 6 Onion Lake thermal oil wells which are expected to come on production in 2026. There were 14 natural gas wells spud in Q1 2025 including 8 Montney wells as well as additional gas wells in the Mannville, Spirit River and Duvernay formations. PrairieSky’s average royalty rate for wells spud in Q1 2025 was 6.9% (Q1 2024 – 6.0%).

NORMAL COURSE ISSUER BID

PrairieSky will apply to the Toronto Stock Exchange (“TSX”) to extend its NCIB for an additional one-year period. The renewal of the NCIB has been approved by the Company’s board of directors; however, the NCIB, including the limit of purchases thereunder, will be subject to acceptance by the TSX and, if accepted, will be made in accordance with the applicable rules and policies of the TSX and applicable securities laws. Under the NCIB, common shares may be repurchased in open market transactions on the TSX, and/or other Canadian exchanges or alternative trading systems. The price that PrairieSky will pay for common shares in open market transactions will be the market price at the time of purchase. Common shares acquired under the NCIB will be cancelled. If approved, the NCIB is expected to commence shortly after regulatory approvals are obtained and after expiry of the current program on June 3, 2025.

PrairieSky believes renewing the NCIB as part of its capital management strategy is in the best interests of the Company and represents an attractive opportunity to use cash resources to reduce PrairieSky’s share count over time and thereby enhance the value of the common shares held by remaining shareholders. Decisions regarding increases to the NCIB will be based on market conditions, share price, best use of funds from operations, and other factors including debt repayment and options to expand our portfolio of royalty assets.

2025 INVESTOR DAY

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

NOTES AND REFERENCES

(1) In this press release, the financial reporting periods are referred to as follows: “Q1 2025” or “the quarter” refers to the three months ended March 31, 2025; “Q1 2024” refers to the three months ended March 31, 2024.

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

FINANCIAL AND OPERATIONAL INFORMATION

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

A full version of PrairieSky’s management’s discussion and analysis (“MD&A”) and unaudited interim condensed consolidated financial statements and notes thereto for the fiscal period ended March 31, 2025 are available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

	Three months ended
	March 31			December 31			March 31
($ millions, except $ per share or as otherwise noted)	2025			2024			2024
FINANCIAL
Royalty production revenue		119.9			115.6			113.2
Other revenue		8.2			20.0			7.5
Revenues		128.1			135.6			120.7

Funds from operations		85.8			99.0			83.0
Per share – basic and diluted⁽¹⁾		0.36			0.41			0.35

Net earnings		58.4			60.2			47.5
Per share – basic and diluted⁽¹⁾		0.25			0.25			0.20

Dividends declared⁽²⁾		61.2			59.9			59.7
Per share		0.26			0.25			0.25

Dividend payout ratio⁽³⁾	71		%	61		%	72		%

Acquisitions – including non-cash consideration⁽⁴⁾		63.6			31.5			8.8
Net debt⁽⁵⁾		258.8			134.9			208.3
Common share repurchases, inclusive of all costs		91.8			–			–

Shares outstanding (millions)
Shares outstanding at period end		235.5			239.0			239.0
Weighted average – basic and diluted		238.3			239.0			239.0

OPERATIONAL
Royalty production volumes
Crude oil (bbls/d)		13,502			13,317			13,142
NGL (bbls/d)		2,520			2,482			2,535
Natural gas (MMcf/d)		55.9			55.1			62.1
Royalty Production (BOE/d)⁽⁶⁾		25,339			24,982			26,027

Realized pricing
Crude oil ($/bbl)		83.16			81.66			77.18
NGL ($/bbl)		44.51			40.68			44.18
Natural gas ($/Mcf)		1.73			1.23			1.89
Total ($/BOE)⁽⁶⁾		52.58			50.30			47.79

Operating netback per BOE ($)⁽⁷⁾		42.85			45.86			39.60

Funds from operations per BOE ($)		37.62			43.07			35.04

Oil price benchmarks
West Texas Intermediate (WTI) (US$/bbl)		71.39			70.27			76.95
Edmonton light sweet ($/bbl)		95.20			94.90			92.18
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)		(12.67	)		(12.55	)		(19.33	)

Natural gas price benchmarks
AECO Monthly Index ($/Mcf)		2.02			1.46			2.05
AECO Daily Index ($/Mcf)		2.16			1.48			2.50

Foreign exchange rate (US$/CAD$)		0.6976			0.7147			0.7411

(1)    Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.
(2)    A dividend of $0.26 per share was declared on March 10, 2025. The dividend will be paid on April 15, 2025 to shareholders of record as at March 31, 2025.
(3)    Dividend payout ratio is defined under the “Non-GAAP Measures and Ratios” section of this press release.
(4)    Excluding right-of-use asset additions.
(5)    See Note 13 “Capital Management” in the interim condensed consolidated financial statements for the three months ended March 31, 2025 and 2024 and Note 16 “Capital Management” in the annual audited consolidated financial statements for the years ended December 31, 2024 and 2023.
(6)    See “Conversions of Natural Gas to BOE”.
(7)    Operating netback per BOE is defined under the “Non-GAAP Measures and Ratios” section of this press release.

CONFERENCE CALL DETAILS

A conference call to discuss the results will be held for the investment community on Tuesday, April 15, 2025, beginning at 6:30 a.m. MST (8:30 a.m. EST). To participate in the conference call, you are asked to register at one of the links provided below. Details regarding the call will be provided to you upon registration.

Live call participant registration
URL: https://register-conf.media-server.com/register/BIadb5efe7e21145bda3895f295f81b293

Live webcast participant registration (listen in only)
URL: https://edge.media-server.com/mmc/p/be75c3go

FORWARD-LOOKING STATEMENTS

This press release includes certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) which may include, but are not limited to PrairieSky’s future plans, current expectations and views of future operations and contains forward-looking statements that the Company believes allow readers to better understand the Company’s business and prospects. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “expect”, “expected to”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “likely”, “believe”, “plans”, “intends”, “strategy” and similar expressions (including negative variations) are intended to identify forward-looking information or statements. Forward-looking statements contained in this press release include, but are not limited to, estimates regarding the impact of cold weather downtime on natural gas royalty production volumes, our expectations with respect to PrairieSky’s business and growth strategy and trajectory, including the benefits of the Company’s strategy of investing in low-cost oil plays, expectation that the 11 Lindbergh and 6 Onion Lake thermal oil wells spud in Q1 2025 will come on production in 2026 and the application of PrairieSky to renew the NCIB, the timing of when the NCIB will commence, the limit thereunder, and PrairieSky’s belief that repurchasing such common shares under the NCIB is a good allocation of PrairieSky’s capital resources and will enhance the value of the common shares held by remaining shareholders, and other statements.

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

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond PrairieSky’s control, including but not limited to the impact of general economic conditions including inflation, industry conditions, volatility of commodity prices, lack of pipeline capacity, currency fluctuations, increasing interest rates, imprecision of reserve estimates, competitive factors impacting royalty rates, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability, the risks and impacts of tariffs imposed between Canada and the United States (and other countries) or other restrictive trade measures, retaliatory or countermeasures implemented by such governments affecting trade between Canada and the United States (and other countries), including the potential introduction of regulatory barriers to trade and the effect on the demand and/or market price for commodities, and the Company’s ability to access sufficient capital from internal and external sources. In addition, PrairieSky is subject to numerous risks and uncertainties in relation to acquisitions. These risks and uncertainties include risks relating to the potential for disputes to arise with counterparties, and limited ability to recover indemnification under certain agreements. The foregoing and other risks, uncertainties and assumptions are described in more detail in PrairieSky’s MD&A and the Annual Information Form for the year ended December 31, 2024 under the headings “Risk Management” and “Risk Factors”, respectively, each of which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

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

CONVERSIONS OF NATURAL GAS TO BOE

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

NON-GAAP MEASURES AND RATIOS

Certain measures and ratios in this press release do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to similar measures and ratios presented by other issuers. These measures and ratios are commonly used in the oil and natural gas industry and by PrairieSky to provide potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to conduct its business. Non-GAAP measures and ratios include operating netback per BOE and dividend payout ratio. Management’s use of these measures and ratios is discussed further below. Further information can be found in the Non-GAAP Measures and Ratios section of PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024.

“Operating netback per BOE” represents the cash margin for products sold on a BOE basis. Operating netback per BOE is calculated by dividing the operating netback (royalty production revenue less production and mineral taxes and cash administrative expenses) by the average daily production volumes for the period. Operating netback per BOE is used to assess the cash generating and operating performance per unit of product sold and the comparability of the underlying performance between years. Operating netback per BOE measures are commonly used in the oil and natural gas industry to assess performance comparability. Refer to the Operating Results table on page 6 of PrairieSky’s MD&A for the three months ended March 31, 2025 and 2024 and page 7 of PrairieSky’s MD&A for the year ended December 31, 2024.

	Three months ended
	March 31			December 31			March 31
($ millions)	2025			2024			2024
Cash from operating activities		90.7			91.3			79.7
Other revenue		(8.2	)		(20.0	)		(7.5	)
Other revenue – non-cash		–			8.2			–
Amortization of debt issuance costs		(0.1	)		(0.2	)		(0.1	)
Finance expense		2.9			2.3			3.7
Current tax expense		17.3			16.2			14.7
Interest on lease obligation		–			(0.1	)		–
Net change in non-cash working capital		(4.9	)		7.7			3.3
Operating netback		97.7			105.4			93.8

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

	Three months ended
	March 31		December 31			March 31
($ millions)	2025		2024			2024
Royalty production revenue	119.9			115.6			113.2
Operating netback	97.7			105.4			93.8
Operating margin	81	%	91		%	83		%

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

	Three months ended
	March 31			December 31			March 31
($ millions, except otherwise noted)	2025			2024			2024
Funds from operations		85.8			99.0			83.0
Dividends declared		61.2			59.9			59.7
Dividend payout ratio	71		%	61		%	72		%

ABOUT PRAIRIESKY ROYALTY LTD.

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

FOR FURTHER INFORMATION PLEASE CONTACT:

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

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

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

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

PDF available: http://ml.globenewswire.com/Resource/Download/582f0ac4-3c4f-4983-afeb-621e284659ef

The MIL Network –

April 15, 2025

MIL-OSI: NextNav Announces Date for First Quarter 2025 Earnings Call

Source: GlobeNewswire (MIL-OSI)

RESTON, Va., April 14, 2025 (GLOBE NEWSWIRE) — NextNav (Nasdaq: NN), a leader in next generation positioning, navigation, timing (PNT) and 3D geolocation, today announced that it will release its financial results for the first quarter ended March 31, 2025 after the market closes on Wednesday, May 7, 2025, and will host a conference call on the same day at 5:00 PM ET to discuss its results.

Registration for the conference call can be completed by visiting the following website prior to, or on the day of, the conference call: https://registrations.events/direct/Q4I6293672417. After registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast.

To access the live webcast or a replay, visit the Company’s investor relations website at https://ir.nextnav.com/.

A replay will be available through May 14, 2025. To receive replay details, please register through the link above. After registering for replay details, each participant will be provided with call details and access codes to listen to the call playback.

About NextNav

NextNav Inc. (Nasdaq: NN) is a leader in next-generation positioning, navigation and timing (PNT), enabling a whole new ecosystem of applications and services that rely upon 3D geolocation and PNT technology. Powered by low-band licensed spectrum, NextNav’s positioning and timing technologies deliver accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency and commercial use cases.

For more information, please visit https://nextnav.com/ or follow NextNav on X at https://x.com/NextNav or LinkedIn at https://www.linkedin.com/company/nextnav/.

Source: NN-FIN

Contact:
Katie Eskwitt
Sloane & Company
keskwitt@sloanepr.com

The MIL Network –

April 15, 2025

MIL-OSI: CNB Financial Corporation Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CLEARFIELD, Pa., April 14, 2025 (GLOBE NEWSWIRE) —

CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three months ended March 31, 2025.

Executive Summary

Net income available to common shareholders (“earnings”) was $10.4 million, or $0.50 per diluted share, for the three months ended March 31, 2025. Excluding after-tax merger costs, earnings were $11.9 million, or $0.57 per diluted share, for the three months ended March 31, 2025, reflecting decreases of $2.1 million, or 14.98%, and $0.09 per diluted share, or 13.64% compared to earnings of $14.0 million, or $0.66 per diluted share, for the three months ended December 31, 2024.¹ The quarterly decrease was a result of a decrease in net interest income and non-interest income and an increase in non-interest expense, partially offset by a decrease in the provision for credit losses, as discussed in more detail below. Excluding after-tax merger costs in the first quarter 2025, earnings and diluted earnings per share when compared to earnings of $11.5 million, or $0.55 per diluted share, in the quarter ended March 31, 2024, increased $368 thousand, or 3.19%, and $0.02 per diluted share, or 3.64%, due to an increase in net interest income, partially offset by increases in non-interest expense and the provision for credit losses, coupled with a decrease in non-interest income.¹

At March 31, 2025, loans totaled $4.5 billion excluding the balances of syndicated loans. This total of $4.5 billion in loans represented a quarterly increase of $11.7 million, or 0.26% (1.05% annualized), compared to December 31, 2024, and a year-over-year increase of $188.1 million, or 4.32%, compared to March 31, 2024. The increase in loans for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 was primarily driven by growth in the BankOnBuffalo, Ridge View Bank and the legacy CNB markets. The year-over-year growth in loans as of March 31, 2025 compared to loans as of March 31, 2024 resulted primarily from growth in commercial and industrial loans in the ERIEBANK and Ridge View Bank markets, and growth in commercial real estate loans in the BankOnBuffalo market, ERIEBANK (primarily Cleveland, OH) and Ridge View Bank. Additional growth occurred in residential real estate loans in the Ridge View Bank and BankOnBuffalo markets and CNB Bank’s Private Banking division.
- At March 31, 2025, the syndicated loan portfolio totaled $69.2 million, or 1.50% of total loans, compared to $79.9 million, or 1.73% of total loans, at December 31, 2024 and $78.7 million, or 1.78% of total loans, at March 31, 2024. The decreases in syndicated lending balances of $10.7 million compared to December 31, 2024 and $9.5 million compared to March 31, 2024 were the result of scheduled paydowns or early payoffs of certain syndicated loans. The Corporation closely manages the level and composition of its syndicated loan portfolio to ensure it continues to provide a high credit quality, profitable use of excess liquidity to complement the Corporation’s loan growth from its in-market customer relationships.

At March 31, 2025, total deposits were $5.5 billion, reflecting a quarterly increase of $88.7 million, or 1.65% (6.70% annualized), compared to December 31, 2024, and a year-over-year increase of $422.5 million, or 8.39%, compared to total deposits measured as of March 31, 2024. The increase in deposit balances compared to December 31, 2024 was driven by higher retail and municipal deposits, coupled with growth in retail time deposits. Additional deposit and liquidity profile details were as follows:
- At March 31, 2025, the total estimated uninsured deposits for CNB Bank were approximately $1.6 billion, or approximately 27.94% of total CNB Bank deposits. However, when excluding $101.9 million of affiliate company deposits and $481.2 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $971.1 million, or approximately 17.46% of total CNB Bank deposits as of March 31, 2025.
  - The level of adjusted uninsured deposits at March 31, 2025 remained relatively unchanged, compared to the level at December 31, 2024, when the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 27.71% of total CNB Bank deposits. Excluding $101.9 million of affiliate company deposits and $429.0 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits were approximately $986.0 million, or approximately 18.01% of total CNB Bank deposits as of December 31, 2024.
- At March 31, 2025, the average deposit balance per account for CNB Bank was approximately $34 thousand, which has remained stable at this level for an extended period.
- At March 31, 2025, the Corporation had $447.1 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.7 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total available liquidity sources for the Corporation as of March 31, 2025 to be approximately 5.3 times the estimated amount of adjusted uninsured deposit balances discussed above.
At March 31, 2025, December 31, 2024, and March 31, 2024, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window.

At March 31, 2025, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled $61.7 million, or 9.88% of total shareholders’ equity, compared to $74.8 million, or 12.25% of total shareholders’ equity, at December 31, 2024 and $85.0 million, or 14.69% of total shareholders’ equity, at March 31, 2024. The change in unrealized losses during the first quarter 2025 was primarily due to changes in the yield curve compared to the fourth quarter of 2024 and first quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of March 31, 2025, December 31, 2024, and March 31, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation continued to maintain excess liquidity at its holding company totaling approximately $100.7 million of liquid funds at March 31, 2025, which more than covers the $61.7 million in combined available-for-sale and held-to-maturity unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary.

Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024. The decrease in nonperforming assets for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 was primarily due to paydowns to nonaccrual loans, charge-offs, and the sale of an other real estate owned property. The increase in non-performing assets at March 31, 2025 compared to March 31, 2024 was due to a commercial multifamily relationship totaling $20.3 million with a specific reserve balance of $885 thousand. Management does not believe there is a risk of significant additional loss exposure beyond the specific reserves related to this loan relationship and is actively working with the borrower and their real estate broker to facilitate the sale of the property. Other nonperforming assets contributing to the year-over-year increase include certain commercial and industrial and owner-occupied commercial real estate relationships as previously disclosed in the second quarter of 2024 and a commercial relationship (consisting of various loan types) in the third quarter of 2024. For the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024. The fourth quarter of 2024 included net loan charge-offs related to (i) an owner-occupied commercial real estate relationship with a charge-off of $750 thousand (remaining balance of approximately $3.8 million with specific reserves of $1.4 million), and (ii) a nonowner-occupied commercial real estate relationship for $625 thousand (no remaining balance).

Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $15.9 million for the three months ended March 31, 2025.¹ Excluding after-tax merger costs, PPNR was $17.4 million for the three months ended March 31, 2025, compared to $21.6 million and $16.8 million for the three months ended December 31, 2024 and March 31, 2024, respectively.¹ The first quarter 2025 PPNR, excluding after-tax merger costs, when compared to the fourth quarter of 2024, reflected decreases in net interest income, non-interest income and an increase in non-interest expense. The increase in PPNR for the three months ended March 31, 2025, compared to the three months ended March 31, 2024 was primarily attributable to higher net interest income, partially offset by an increase in non-interest expenses.

¹ This release contains references to certain financial measures that are not defined by U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.

Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, “Our first quarter performance reflects sound growth in both deposits and loans since year-end 2024. The net amount of loan growth was somewhat muted by some large unscheduled commercial loan payoffs that occurred early in the quarter and impacted our net interest income. This was evidenced by the quarterly average balance of total loans being less than both the quarter’s beginning and ending total loan balances. Favorably, we saw continued commercial loan growth and demand as we ended the quarter with both existing relationships and new prospects. Also, during the quarter, we continued to realize deposit growth based primarily in expanded Treasury Management relationships, as evidenced by favorable growth in our noninterest-bearing deposits. Concurrently, we reduced our cost of interest-bearing liabilities by 10 basis points to now being below three percent, as we continue to implement strategic reductions in deposit rates across our footprint. These fundamentals of well-priced and steadily growing loans and deposits position us well in our primary spread management business moving forward. Though we had some cyclical increases in noninterest elements, including base salaries and certain technology expenses with annual contract cost increases, and as we will have some additional non-recurring merger related costs as we pursue the regulatory and shareholder approval processes associated with our intended acquisition of ESSA Bancorp, Inc. and its subsidiary, ESSA Bank and Trust, we continue to focus on tightly managing the Corporation’s core overhead as we look to realize both positive operating leverage and improved efficiencies from economies of scale as we continue to expand the franchise. Additionally, we remain focused on growing our assets under management to realize more steady and sustainable growth in fee-based revenues from our wealth and asset management businesses.”

Other Balance Sheet Highlights

Book value per common share was $27.01 at March 31, 2025. Excluding after-tax merger costs, book value per common share was $27.08, reflecting an increase from $26.34 at December 31, 2024 and $24.77 at March 31, 2024.¹ Tangible book value per common share, a non-GAAP measure, was $24.91 as of March 31, 2025. Excluding after-tax merger costs, tangible book value per common share, a non-GAAP measure, was $24.98, reflecting an increase of $0.74, or 12.38% (annualized) from $24.24 as of December 31, 2024 and a year-over-year increase of $2.31, or 10.19%, from $22.67 as of March 31, 2024.¹ The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from December 31, 2024 to March 31, 2025 were primarily due to a $8.1 million increase in retained earnings, coupled with a $7.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the first quarter of 2025. The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from March 31, 2024 to March 31, 2025 were primarily due to a $35.6 million increase in retained earnings over the twelve months ended March 31, 2025 coupled with a $10.7 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.

Loan Portfolio Profile

As part of its lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and to identify any concentration risk issues that could lead to additional credit loss exposure. An important and recurring part of this process involves the Corporation’s continued measurement and evaluation of its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality standards for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At March 31, 2025, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:
- Commercial office loans:
  - There were 112 outstanding loans, totaling $109.2 million, or 2.37% of total Corporation loans outstanding;
  - There were no nonaccrual commercial office loans;
  - There were two past due commercial office loans that totaled $216 thousand, or 0.20% of total commercial office loans outstanding; and
  - The average outstanding balance per commercial office loan was $975 thousand.
- Commercial hospitality loans:
  - There were 162 outstanding loans, totaling $323.1 million, or 7.01% of total Corporation loans outstanding;
  - There were no nonaccrual commercial hospitality loans;
  - There was one past due commercial hospitality loan that totaled $157 thousand, or 0.05% of total commercial hospitality loans outstanding; and
  - The average outstanding balance per commercial hospitality loan was $2.0 million.
- Commercial multifamily loans:
  - There were 227 outstanding loans, totaling $373.4 million, or 8.10% of total Corporation loans outstanding;
  - There were two nonaccrual commercial multifamily loans that totaled $20.5 million, or 5.50% of total multifamily loans outstanding. As previously discussed, one customer relationship did have a specific reserve of $885 thousand, while the other customer relationship did not have a related specific loss reserve;
  - There were two past due commercial multifamily loans that totaled $20.5 million, or 5.50% of total commercial multifamily loans outstanding (included in nonaccrual loans disclosed above); and
  - The average outstanding balance per commercial multifamily loan was $1.6 million.

The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be high volatility commercial real estate (“HVCRE”) credits.

Performance Ratios

Annualized return on average equity was 7.52% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average equity was 8.49% for the three months ended March 31, 2025, compared to 9.79% and 8.79% for the three months ended December 31, 2024 and March 31, 2024, respectively.¹

Annualized return on average tangible common equity, a non-GAAP measure, was 8.15% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average tangible common equity was 9.32% for the three months ended March 31, 2025, compared to 10.90% and 9.77% for the three months ended December 31, 2024 and March 31, 2024, respectively.¹

The Corporation’s efficiency ratio was 72.07% for the three months ended March 31, 2025, and 71.28% on a fully tax-equivalent basis, a non-GAAP measure.¹ Excluding merger costs, the efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 68.62%, compared to 63.02% and 68.29% for the three months ended December 31, 2024 and March 31, 2024, respectively.¹ The quarter-over-quarter increase was primarily driven by lower net interest income and non-interest income and increased non-interest expense, as further discussed below. The year-over-year increase was primarily driven by higher non-interest expense, partially offset by an increase in net interest income.

Revenue

Total revenue (net interest income plus non-interest income) was $56.9 million for the three months ended March 31, 2025, an increase when compared to $59.4 million and $54.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively.
- Net interest income was $48.4 million for the three months ended March 31, 2025, compared to $49.0 million and $45.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively. When comparing the first quarter of 2025 to the fourth quarter of 2024, the decrease in net interest income of $613 thousand, or 1.25% (5.07% annualized), was primarily due to lower loan yields on variable and floating-rate loans following the three Federal Reserve rate decreases totaling 100 basis points since mid-September 2024, coupled with changes in the yield curve, partially offset by targeted interest-bearing deposit rate decreases.
- Net interest margin was 3.38%, 3.44% and 3.40% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.37%, 3.43% and 3.38% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.¹
  - The yield on earning assets of 5.73% for the three months ended March 31, 2025 decreased 11 basis points from December 31, 2024 and 8 basis points from March 31, 2024. The decrease in yield compared to December 31, 2024 was attributable to the net impact of declining interest rates on variable and floating-rate loans as a result of the Federal Reserve decreases since mid-September 2024, coupled with changes in the yield curve.
  - The cost of interest-bearing liabilities was 2.93% for the three months ended March 31, 2025, representing a decrease of 10 basis points from both December 31, 2024 and March 31, 2024. The decrease in the cost of interest-bearing liabilities is primarily the result of the Corporation’s targeted interest-bearing deposit rate decreases in response to the Federal Reserve rate decreases since mid-September 2024.
Total non-interest income was $8.5 million for the three months ended March 31, 2025 compared to $10.3 million and $9.0 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The quarter-over-quarter decrease was primarily attributable to lower pass-through income from small business investment companies (“SBICs”), increases in unrealized losses on equity securities, and a decrease in wealth and asset management fees. The decrease year-over-year in non-interest income was primarily due to increases in unrealized losses on equity securities and lower mortgage banking income, partially offset by higher pass-through income from SBICs.

Non-Interest Expense

For the three months ended March 31, 2025 total non-interest expense was $41.0 million. Excluding merger costs, total non-interest expense was $39.5 million, compared to $37.8 million and $37.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively. Excluding merger costs, the increase of $1.7 million, or 4.51%, from the three months ended December 31, 2024, was primarily driven by an increase in salaries and benefits, due to higher incentive compensation accruals, coupled with the timing of retirement plan contribution accruals, and higher supplemental executive retirement plan (“SERP”) accruals. Notably, SERP expenses were lower in the fourth quarter due to a reduction related to the departure of an executive, as previously disclosed. Excluding merger costs, the $2.1 million increase in non-interest expense compared to the three months ended March 31, 2024 was primarily driven by higher salaries and benefits, reflecting increased incentive compensation accruals and higher health insurance costs. Additionally, technology expense increased, primarily due to higher core processing charges associated with growth. These increases were partially offset by a decline in legal expenses.

Income Taxes

Income tax expense for the three months ended March 31, 2025 was $2.9 million, representing a 19.96% effective tax rate, compared to $3.6 million, representing a 19.14% effective tax rate, for the three months ended December 31, 2024 and $2.8 million, representing an 18.36% effective tax rate, for the three months ended March 31, 2024. The effective tax rate for the first quarter of 2025 was impacted by non-deductible merger costs totaling $1.3 million.

Asset Quality

Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024, as discussed in more detail above.

The allowance for credit losses measured as a percentage of total loans was 1.03% as of March 31, 2025, compared to 1.03% remaining consistent with the allowance for credit losses as a percentage of total loans as of as of December 31, 2024, and 1.03% as of March 31, 2024. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 87.57% as of March 31, 2025, compared to 84.08% and 159.41% as of December 31, 2024 and March 31, 2024, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed in more detail above.

The provision for credit losses was $1.6 million for the three months ended March 31, 2025, compared to $2.9 million and $1.3 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The $1.4 million decrease in the provision expense for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily a result of decreased net loan charge-offs in the first quarter of 2025. The $236 thousand increase in the provision expense for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to higher net loan charge-offs in the first quarter of 2025 compared to the first quarter of 2024, coupled with an additional reserve for unfunded commitments.

As discussed in more detail above, for the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024.

Capital

As of March 31, 2025, the Corporation’s total shareholders’ equity was $624.5 million, representing an increase of $13.8 million, or 2.26% (9.17% annualized), from December 31, 2024 and an increase of $45.9 million, or 7.93%, from March 31, 2024. The changes resulted from an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio.

Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of March 31, 2025, consistent with prior periods.

As of March 31, 2025, the Corporation’s ratio of common shareholders’ equity to total assets was 9.00% compared to 8.93% at December 31, 2024 and 8.98% at March 31, 2024. As of March 31, 2025, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.36%. Excluding after-tax merger costs, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.38% compared to 8.28% at December 31, 2024 and 8.28% at March 31, 2024.¹ The increase in the March 31, 2025 ratio of tangible common equity to tangible assets compared to December 31, 2024 was primarily the result of a decrease in accumulated other comprehensive loss, coupled with an increase in retained earnings, as discussed above.¹

Recent Events

On January 10, 2025, the Corporation announced that the Corporation and CNB Bank entered into a definitive merger agreement (the “Merger Agreement”) with with ESSA Bancorp, Inc. (“ESSA”) and ESSA Bank and Trust in an all-stock transaction. Under the terms of the Merger Agreement, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of the Corporation’s common stock. The transaction is currently expected to close in the third quarter of 2025, subject to customary closing conditions, including the receipt of regulatory approvals, and approval by the shareholders of ESSA and the Corporation.

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.3 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, one drive-up office, one mobile office, and 56 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) governmental approvals of the Corporation’s pending merger with ESSA may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (viii) the Corporation’s shareholders and/or the shareholders of ESSA may fail to approve the merger; (ix) higher than expected costs or other difficulties related to integration of combined or merged businesses; (x) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (xi) changes in the quality or composition of our loan and investment portfolios; (xii) adequacy of loan loss reserves; (xiii) increased competition; (xiv) loss of certain key officers; (xv) deposit attrition; (xvi) rapidly changing technology; (xvii) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xviii) changes in the cost of funds, demand for loan products or demand for financial services; and (xix) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Income Statement
Interest and fees on loans	$	72,379		$	74,164		$	71,513
Interest and dividends on securities and cash and cash equivalents		10,000			9,514			6,392
Interest expense		(33,948	)		(34,634	)		(32,683	)
Net interest income		48,431			49,044			45,222
Provision for credit losses		1,556			2,930			1,320
Net interest income after provision for credit losses		46,875			46,114			43,902
Non-interest income
Wealth and asset management fees		1,796			1,976			1,802
Service charges on deposit accounts		1,714			1,712			1,694
Other service charges and fees		510			770			695
Net realized gains on available-for-sale securities		—			83			—
Net realized and unrealized gains (losses) on equity securities		(249	)		(13	)		191
Mortgage banking		96			93			196
Bank owned life insurance		760			784			767
Card processing and interchange income		2,107			2,222			2,016
Other non-interest income		1,773			2,694			1,594
Total non-interest income		8,507			10,321			8,955
Non-interest expenses
Salaries and benefits		20,564			18,501			18,787
Net occupancy expense of premises		4,038			3,816			3,640
Technology expense		5,378			5,743			5,072
Advertising expense		514			684			685
State and local taxes		1,292			1,090			1,143
Legal, professional, and examination fees		849			986			1,172
FDIC insurance premiums		985			864			990
Card processing and interchange expenses		1,160			1,325			1,179
Merger costs		1,529			—			—
Other non-interest expense		4,729			4,796			4,756
Total non-interest expenses		41,038			37,805			37,424
Income before income taxes		14,344			18,630			15,433
Income tax expense		2,863			3,566			2,833
Net income		11,481			15,064			12,600
Preferred stock dividends		1,075			1,076			1,075
Net income available to common shareholders	$	10,406		$	13,988		$	11,525

Ending shares outstanding		20,980,245			20,987,992			21,024,695
Average diluted common shares outstanding		20,925,388			20,929,885			20,887,088
Diluted earnings per common share	$	0.50		$	0.66		$	0.55
Adjusted diluted earnings per common share, net of merger costs (non-GAAP) ⁽¹⁾	$	0.57		$	0.66		$	0.55
Cash dividends per common share	$	0.180		$	0.180		$	0.175
Dividend payout ratio		36	%		27	%		32	%
Adjusted dividend payout ratio, net of merger costs (non-GAAP) ⁽¹⁾		32	%		27	%		32	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Average Balances
Total loans and loans held for sale	$	4,591,395		$	4,556,770		$	4,428,751
Investment securities		798,427			744,149			731,366
Total earning assets		5,803,526			5,674,794			5,350,126
Total assets		6,220,575			6,085,277			5,729,779
Noninterest-bearing deposits		814,441			832,168			736,965
Interest-bearing deposits		4,574,700			4,442,150			4,229,135
Shareholders’ equity		619,409			612,184			576,528
Tangible common shareholders’ equity (non-GAAP) ⁽¹⁾		517,550			510,308			474,596

Average Yields (annualized)
Total loans and loans held for sale		6.41	%		6.50	%		6.51	%
Investment securities		2.75	%		2.40	%		2.01	%
Total earning assets		5.73	%		5.84	%		5.81	%
Interest-bearing deposits		2.89	%		3.00	%		3.00	%
Interest-bearing liabilities		2.93	%		3.03	%		3.03	%

Performance Ratios (annualized)
Return on average assets		0.75	%		0.98	%		0.88	%
Adjusted return on average assets, net of merger costs (non-GAAP) ⁽¹⁾		0.85	%		0.98	%		0.88	%
Return on average equity		7.52	%		9.79	%		8.79	%
Adjusted return on average equity, net of merger costs (non-GAAP) ⁽¹⁾		8.49	%		9.79	%		8.79	%
Return on average tangible common equity (non-GAAP) ⁽¹⁾		8.15	%		10.90	%		9.77	%
Adjusted return on average tangible common equity (non-GAAP) ⁽¹⁾		9.32	%		10.90	%		9.77	%
Net interest margin, fully tax equivalent basis (non-GAAP) ⁽¹⁾		3.37	%		3.43	%		3.38	%
Efficiency ratio, fully tax equivalent basis (non-GAAP) ⁽¹⁾		71.28	%		63.02	%		68.29	%
Adjusted efficiency ratio, fully tax equivalent basis (non-GAAP) ⁽¹⁾		68.62	%		63.02	%		68.29	%

Net Loan Charge-Offs
CNB Bank net loan charge-offs	$	926		$	1,719		$	878
Holiday Financial net loan charge-offs		513			425			466
Total Corporation net loan charge-offs	$	1,439		$	2,144		$	1,344
Annualized net loan charge-offs / average total loans and loans held for sale		0.13	%		0.19	%		0.12	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	March 31, 2025			December 31, 2024			March 31, 2024
Ending Balance Sheet
Cash and due from banks	$	68,745		$	63,771		$	38,953
Interest-bearing deposits with Federal Reserve		447,053			375,009			259,464
Interest-bearing deposits with other financial institutions		4,359			4,255			3,036
Total cash and cash equivalents		520,157			443,035			301,453
Debt securities available-for-sale, at fair value		516,412			468,546			348,565
Debt securities held-to-maturity, at amortized cost		282,159			306,081			381,706
Equity securities		10,293			10,456			9,581
Loans held for sale		860			762			1,010
Loans receivable
Syndicated loans		69,189			79,882			78,685
Loans		4,540,820			4,529,074			4,352,713
Total loans receivable		4,610,009			4,608,956			4,431,398
Less: allowance for credit losses		(47,357	)		(47,357	)		(45,832	)
Net loans receivable		4,562,652			4,561,599			4,385,566
Goodwill and other intangibles		43,874			43,874			43,874
Core deposit intangible		190			206			260
Other assets		358,911			357,451			329,397
Total Assets	$	6,295,508		$	6,192,010		$	5,801,412

Noninterest-bearing demand deposits	$	842,398		$	819,680		$	749,178
Interest-bearing demand deposits		719,460			706,796			719,781
Savings		3,160,618			3,122,028			3,035,823
Certificates of deposit		737,602			722,860			532,771
Total deposits		5,460,078			5,371,364			5,037,553
Subordinated debentures		20,620			20,620			20,620
Subordinated notes, net of issuance costs		84,646			84,570			84,343
Other liabilities		105,656			104,761			80,256
Total liabilities		5,671,000			5,581,315			5,222,772
Common stock		—			—			—
Preferred stock		57,785			57,785			57,785
Additional paid in capital		220,254			219,876			218,224
Retained earnings		387,925			381,296			353,780
Treasury stock		(4,944	)		(4,689	)		(3,946	)
Accumulated other comprehensive loss		(36,512	)		(43,573	)		(47,203	)
Total shareholders’ equity		624,508			610,695			578,640
Total liabilities and shareholders’ equity	$	6,295,508		$	6,192,010		$	5,801,412

Book value per common share	$	27.01		$	26.34		$	24.77
Adjusted book value per common share (non-GAAP) ⁽¹⁾	$	27.08		$	26.34		$	24.77
Tangible book value per common share (non-GAAP) ⁽¹⁾	$	24.91		$	24.24		$	22.67
Adjusted tangible book value per common share (non-GAAP) ⁽¹⁾	$	24.98		$	24.24		$	22.67

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	March 31, 2025			December 31, 2024			March 31, 2024
Capital Ratios
Tangible common equity / tangible assets (non-GAAP) ⁽¹⁾		8.36	%		8.28	%		8.28	%
Adjusted tangible common equity / tangible assets (non-GAAP) ⁽¹⁾		8.38	%		8.28	%		8.28	%
Tier 1 leverage ratio ⁽²⁾		10.27	%		10.43	%		10.64	%
Common equity tier 1 ratio ⁽²⁾		11.85	%		11.76	%		11.70	%
Tier 1 risk-based ratio ⁽²⁾		13.50	%		13.41	%		13.43	%
Total risk-based ratio ⁽²⁾		16.30	%		16.16	%		16.27	%

Asset Quality Detail
Nonaccrual loans	$	54,079		$	56,323		$	28,751
Loans 90+ days past due and accruing		308			653			49
Total nonperforming loans		54,387			56,976			28,800
Other real estate owned		1,664			2,509			1,864
Total nonperforming assets	$	56,051		$	59,485		$	30,664

Asset Quality Ratios
Nonperforming assets / Total loans + OREO		1.22	%		1.29	%		0.69	%
Nonperforming assets / Total assets		0.89	%		0.96	%		0.53	%
Ratio of allowance for credit losses on loans to nonaccrual loans		87.57	%		84.08	%		159.41	%
Allowance for credit losses / Total loans		1.03	%		1.03	%		1.03	%


Consolidated Financial Data Notes:
⁽¹⁾ Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
⁽²⁾ Capital ratios as of March 31, 2025 are estimated pending final regulatory filings.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

	Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
	Three Months Ended,
	March 31, 2025								December 31, 2024								March 31, 2024
	Average Balance			Annual Rate			Interest Inc./Exp.		Average Balance			Annual Rate			Interest Inc./Exp.		Average Balance			Annual Rate			Interest Inc./Exp.
ASSETS:
Securities:
Taxable ^{(1) (4)}	$	765,654			2.73	%	$	5,461	$	711,286			2.36	%	$	4,487	$	696,851			1.96	%	$	3,651
Tax-exempt ^{(1) (2) (4)}		25,345			2.69			181		25,489			2.67			184		27,743			2.59			191
Equity securities ^{(1) (2)}		7,428			5.84			107		7,374			5.77			107		6,772			5.64			95
Total securities ⁽⁴⁾		798,427			2.75			5,749		744,149			2.40			4,778		731,366			2.01			3,937
Loans receivable:
Commercial ^{(2) (3)}		1,466,323			6.74			24,369		1,458,902			6.77			24,824		1,429,718			6.90			24,519
Mortgage and loans held for sale ^{(2) (3)}		3,001,317			6.02			44,572		2,965,914			6.12			45,633		2,870,175			6.08			43,403
Consumer ⁽³⁾		123,755			12.01			3,665		131,954			11.93			3,956		128,858			11.79			3,778
Total loans receivable ⁽³⁾		4,591,395			6.41			72,606		4,556,770			6.50			74,413		4,428,751			6.51			71,700
Interest-bearing deposits with the Federal Reserve and other financial institutions		413,704			4.20			4,284		373,875			5.08			4,771		190,009			5.26			2,485
Total earning assets		5,803,526			5.73		$	82,639		5,674,794			5.84		$	83,962		5,350,126			5.81		$	78,122
Noninterest-bearing assets:
Cash and due from banks		58,152								59,445								53,523
Premises and equipment		129,188								124,398								110,038
Other assets		277,051								273,326								261,863
Allowance for credit losses		(47,342	)							(46,686	)							(45,771	)
Total non interest-bearing assets		417,049								410,483								379,653
TOTAL ASSETS	$	6,220,575							$	6,085,277							$	5,729,779
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Demand—interest-bearing	$	704,874			0.88	%	$	1,527	$	686,359			0.83	%	$	1,437	$	739,931			0.65	%	$	1,195
Savings		3,131,697			3.09			23,840		3,068,451			3.26			25,139		2,965,279			3.47			25,611
Time		738,129			3.99			7,267		687,340			4.02			6,953		523,925			3.64			4,742
Total interest-bearing deposits		4,574,700			2.89			32,634		4,442,150			3.00			33,529		4,229,135			3.00			31,548
Short-term borrowings		—			0.00			—		—			0.00			—		—			0.00			—
Finance lease liabilities		15,143			6.32			236		212			3.75			2		282			4.28			3
Subordinated notes and debentures		105,228			4.15			1,078		105,153			4.17			1,103		104,925			4.34			1,132
Total interest-bearing liabilities		4,695,071			2.93		$	33,948		4,547,515			3.03		$	34,634		4,334,342			3.03		$	32,683
Demand—noninterest-bearing		814,441								832,168								736,965
Other liabilities		91,654								93,410								81,944
Total Liabilities		5,601,166								5,473,093								5,153,251
Shareholders’ equity		619,409								612,184								576,528
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,220,575							$	6,085,277							$	5,729,779
Interest income/Earning assets					5.73	%	$	82,639					5.84	%	$	83,962					5.81	%	$	78,122
Interest expense/Interest-bearing liabilities					2.93			33,948					3.03			34,634					3.03			32,683
Net interest spread					2.80	%	$	48,691					2.81	%	$	49,328					2.78	%	$	45,439
Interest income/Earning assets					5.73	%		82,639					5.84	%		83,962					5.81	%		78,122
Interest expense/Earning assets					2.36			33,948					2.41			34,634					2.43			32,683
Net interest margin (fully tax-equivalent)					3.37	%	$	48,691					3.43	%	$	49,328					3.38	%	$	45,439

⁽¹⁾ Includes unamortized discounts and premiums.
⁽²⁾ Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $260 thousand, $284 thousand and $217 thousand, respectively.
⁽³⁾ Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees.
⁽⁴⁾ Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $(48.1) million, $(47.0) million and $(55.1) million, respectively.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of merger costs, net of tax (non-GAAP):
Merger costs – non deductible	$	1,327		$	—		$	—

Merger costs – deductible		202			—			—
Statutory federal tax rate		21	%		21	%		21	%
Tax benefit of merger costs (non-GAAP)		42			—			—
Merger costs – deductible, net of tax		160			—			—

Merger costs, net of tax (non-GAAP)	$	1,487		$	—		$	—

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Calculation of net income available to common (GAAP):
Net income	$	11,481	$	15,064	$	12,600
Less: preferred stock dividends		1,075		1,076		1,075
Net income available to common shareholders	$	10,406	$	13,988	$	11,525

Adjusted calculation of net income available to common (non-GAAP):
Net income available to common shareholders	$	10,406	$	13,988	$	11,525
Add: Merger costs, net of tax (non-GAAP)		1,487		—		—
Adjusted net income available to common shareholders (non-GAAP)	$	11,893	$	13,988	$	11,525

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Calculation of PPNR (non-GAAP): ⁽¹⁾
Net interest income	$	48,431	$	49,044	$	45,222
Add: Non-interest income		8,507		10,321		8,955
Less: Non-interest expense		41,038		37,805		37,424
PPNR (non-GAAP)	$	15,900	$	21,560	$	16,753

Adjusted calculation of PPNR (non-GAAP): ⁽¹⁾
Net interest income	$	48,431	$	49,044	$	45,222
Add: Non-interest income		8,507		10,321		8,955
Less: Non-interest expense		41,038		37,805		37,424
Add: Merger costs		1,529		—		—
Adjusted PPNR (non-GAAP)	$	17,429	$	21,560	$	16,753

⁽¹⁾ Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Basic earnings per common share computation:
Net income available to common shareholders	$	10,406	$	13,988	$	11,525
Less: net income available to common shareholders allocated to participating securities		57		98		92
Net income available to common shareholders allocated to common stock	$	10,349	$	13,890	$	11,433

Weighted average common shares outstanding, including shares considered participating securities		20,981		20,992		20,979
Less: Average participating securities		114		135		155
Weighted average shares		20,867		20,857		20,824
Basic earnings per common share	$	0.50	$	0.67	$	0.55

Diluted earnings per common share computation:
Net income available to common shareholders allocated to common stock	$	10,349	$	13,890	$	11,433

Weighted average common shares outstanding for basic earnings per common share		20,867		20,857		20,824
Add: Dilutive effect of stock compensation		58		73		63
Weighted average shares and dilutive potential common shares		20,925		20,930		20,887
Diluted earnings per common share	$	0.50	$	0.66	$	0.55

Adjusted basic earnings per common share computation (non-GAAP):
Net income available to common shareholders	$	10,406	$	13,988	$	11,525
Add: Merger costs, net of tax (non-GAAP)		1,487		—		—
Less: net income available to common shareholders allocated to participating securities		57		98		92
Less: Adjustment to net income available to common shareholders allocated to participating securities for merger cost impact, net of tax (non-GAAP)		8		—		—
Adjusted net income available to common shareholders allocated to common stock (non-GAAP)	$	11,828	$	13,890	$	11,433

Weighted average common shares outstanding, including shares considered participating securities		20,981		20,992		20,979
Less: Average participating securities		114		135		155
Weighted average shares		20,867		20,857		20,824
Adjusted basic earnings per common share (non-GAAP)	$	0.57	$	0.67	$	0.55

Adjusted diluted earnings per common share computation (non-GAAP):
Adjusted net income available to common shareholders allocated to common stock (non-GAAP)	$	11,828	$	13,890	$	11,433

Weighted average common shares outstanding for basic earnings per common share		20,867		20,857		20,824
Add: Dilutive effect of stock compensation		58		73		63
Weighted average shares and dilutive potential common shares		20,925		20,930		20,887
Adjusted diluted earnings per common share (non-GAAP)	$	0.57	$	0.66	$	0.55

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of dividend payout ratio:
Cash dividends per common share	$	0.180		$	0.180		$	0.175
Diluted earnings per common share		0.50			0.66			0.55
Dividend payout ratio		36	%		27	%		32	%

Adjusted calculation of dividend payout ratio (non-GAAP):
Cash dividends per common share	$	0.180		$	0.180		$	0.175
Adjusted diluted earnings per common share (non-GAAP)		0.57			0.66			0.55
Adjusted dividend payout ratio (non-GAAP)		32	%		27	%		32	%

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of net interest margin:
Interest income	$	82,379		$	83,678		$	77,905
Interest expense		33,948			34,634			32,683
Net interest income	$	48,431		$	49,044		$	45,222

Average total earning assets	$	5,803,526		$	5,674,794		$	5,350,126

Net interest margin (GAAP) (annualized)		3.38	%		3.44	%		3.40	%

Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):
Interest income	$	82,379		$	83,678		$	77,905
Tax equivalent adjustment (non-GAAP)		260			284			217
Adjusted interest income (fully tax equivalent basis) (non-GAAP)		82,639			83,962			78,122
Interest expense		33,948			34,634			32,683
Net interest income (fully tax equivalent basis) (non-GAAP)	$	48,691		$	49,328		$	45,439

Average total earning assets	$	5,803,526		$	5,674,794		$	5,350,126
Less: average mark to market adjustment on investments (non-GAAP)		(48,070	)		(46,988	)		(55,146	)
Adjusted average total earning assets, net of mark to market (non-GAAP)	$	5,851,596		$	5,721,782		$	5,405,272

Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)		3.37	%		3.43	%		3.38	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of tangible book value per common share and tangible common equity / tangible assets (non-GAAP):
Shareholders’ equity	$	624,508		$	610,695		$	578,640
Less: preferred equity		57,785			57,785			57,785
Common shareholders’ equity		566,723			552,910			520,855
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		190			206			260
Tangible common equity (non-GAAP)	$	522,659		$	508,830		$	476,721

Total assets	$	6,295,508		$	6,192,010		$	5,801,412
Less: goodwill and other intangibles		43,874			43,874			43,874
Less: core deposit intangible		190			206			260
Tangible assets (non-GAAP)	$	6,251,444		$	6,147,930		$	5,757,278

Ending shares outstanding		20,980,245			20,987,992			21,024,695

Book value per common share (GAAP)	$	27.01		$	26.34		$	24.77
Tangible book value per common share (non-GAAP)	$	24.91		$	24.24		$	22.67

Common shareholders’ equity / Total assets (GAAP)		9.00	%		8.93	%		8.98	%
Tangible common equity / Tangible assets (non-GAAP)		8.36	%		8.28	%		8.28	%

Adjusted calculation of book value per common share (non-GAAP):
Common shareholders’ equity	$	566,723		$	552,910		$	520,855
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted common shareholders’ equity (non-GAAP)	$	568,210		$	552,910		$	520,855

Ending shares outstanding		20,980,245			20,987,992			21,024,695

Adjusted book value per common share (non-GAAP)	$	27.08		$	26.34		$	24.77

Adjusted calculation of tangible book value per common share (non-GAAP):
Tangible common equity (non-GAAP)	$	522,659		$	508,830		$	476,721
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted tangible common equity (non-GAAP)	$	524,146		$	508,830		$	476,721

Ending shares outstanding		20,980,245			20,987,992			21,024,695

Adjusted tangible book value per common share (non-GAAP)	$	24.98		$	24.24		$	22.67

Adjusted calculation of tangible common equity / tangible assets (non-GAAP):
Adjusted common shareholders’ equity (non-GAAP)	$	524,146		$	508,830		$	476,721

Tangible assets (non-GAAP)	$	6,251,444		$	6,147,930		$	5,757,278
Add: Merger costs, net of tax (non-GAAP)		1,529			—			—
Adjusted tangible assets (non-GAAP)	$	6,252,973		$	6,147,930		$	5,757,278

Adjusted tangible common equity / Adjusted tangible assets (non-GAAP)		8.38	%		8.28	%		8.28	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of efficiency ratio:
Non-interest expense	$	41,038		$	37,805		$	37,424

Non-interest income	$	8,507		$	10,321		$	8,955
Net interest income		48,431			49,044			45,222
Total revenue	$	56,938		$	59,365		$	54,177
Efficiency ratio		72.07	%		63.68	%		69.08	%

Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Non-interest expense	$	41,038		$	37,805		$	37,424
Less: core deposit intangible amortization		17			16			20
Adjusted non-interest expense (non-GAAP)	$	41,021		$	37,789		$	37,404

Non-interest income	$	8,507		$	10,321		$	8,955

Net interest income	$	48,431		$	49,044		$	45,222
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)		1,464			1,508			1,337
Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)		2,076			2,111			1,932
Adjusted net interest income (fully tax equivalent basis) (non-GAAP)		49,043			49,647			45,817
Adjusted net revenue (fully tax equivalent basis) (non-GAAP)	$	57,550		$	59,968		$	54,772

Efficiency ratio (fully tax equivalent basis) (non-GAAP)		71.28	%		63.02	%		68.29	%

Adjusted calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Adjusted non-interest expense (non-GAAP)	$	41,021		$	37,789		$	37,404
Less: Merger costs (non-GAAP)		1,529			—			—
Adjusted non-interest expense (non-GAAP)	$	39,492		$	37,789		$	37,404

Adjusted net revenue (fully tax equivalent basis) (non-GAAP)	$	57,550		$	59,968		$	54,772

Adjusted efficiency ratio (fully tax equivalent basis) (non-GAAP)		68.62	%		63.02	%		68.29	%

CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of return on average assets:
Net income	$	11,481		$	15,064		$	12,600
Average total assets	$	6,220,575		$	6,085,277		$	5,729,779

Return on average assets (GAAP) (annualized)		0.75	%		0.98	%		0.88	%

Adjusted calculation of return on average assets (non-GAAP):
Net income	$	11,481		$	15,064		$	12,600
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted net income	$	12,968		$	15,064		$	12,600

Average total assets	$	6,220,575		$	6,085,277		$	5,729,779

Adjusted return on average assets (non-GAAP) (annualized)		0.85	%		0.98	%		0.88	%

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Calculation of return on average tangible common equity (non-GAAP):
Net income	$	11,481		$	15,064		$	12,600
Less: preferred stock dividends		1,075			1,076			1,075
Net income available to common shareholders	$	10,406		$	13,988		$	11,525

Average shareholders’ equity	$	619,409		$	612,184		$	576,528
Less: average goodwill & intangibles		44,074			44,091			44,147
Less: average preferred equity		57,785			57,785			57,785
Average tangible common shareholders’ equity (non-GAAP)	$	517,550		$	510,308		$	474,596

Return on average equity (GAAP) (annualized)		7.52	%		9.79	%		8.79	%
Return on average common equity (GAAP) (annualized)		7.51	%		10.04	%		8.94	%
Return on average tangible common equity (non-GAAP) (annualized)		8.15	%		10.90	%		9.77	%

Adjusted calculation of return on average equity (non-GAAP):
Net income	$	11,481		$	15,064		$	12,600
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted net income (non-GAAP)	$	12,968		$	15,064		$	12,600

Average shareholders’ equity	$	619,409		$	612,184		$	576,528

Adjusted return on average equity (non-GAAP) (annualized)		8.49	%		9.79	%		8.79	%

Adjusted calculation of return on average tangible common equity (non-GAAP):
Net income available to common shareholders	$	10,406		$	13,988		$	11,525
Add: Merger costs, net of tax (non-GAAP)		1,487			—			—
Adjusted net income available to common shareholders	$	11,893		$	13,988		$	11,525

Average tangible common shareholders’ equity (non-GAAP)	$	517,550		$	510,308		$	474,596

Adjusted return on average tangible common equity (non-GAAP) (annualized)		9.32	%		10.90	%		9.77	%

The MIL Network –

April 15, 2025

MIL-OSI USA: CFTC Staff Issues Interpretation Regarding U.S. Treasury Exchange-Traded Funds as Eligible Margin Collateral for Uncleared Swaps

Source: US Commodity Futures Trading Commission

WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Market Participants Division today issued an interpretation to clarify the types of assets that qualify as eligible margin collateral for certain uncleared swap transactions under CFTC regulations.
CFTC Regulation 23.156 lists the types of collateral that covered swaps entities can post or collect as initial margin (IM) and variation margin (VM) for uncleared swap transactions. The regulation, which includes “redeemable securities in a pooled investment fund” as eligible IM collateral, aims to identify assets that are liquid and will hold their value in times of financial stress.
The interpretation clarifies the division’s view that shares of certain U.S. Treasury exchange-traded funds may be considered redeemable securities in a pooled investment fund and may qualify as eligible IM and VM collateral subject to the conditions in CFTC Regulation 23.156. Swap dealers, therefore, may post and collect shares of certain UST ETFs as IM collateral for uncleared swap transactions with any covered counterparty. Swap dealers may also post and collect such UST ETF shares as VM for uncleared swap transactions with financial end users.
The interpretation was issued in response to a recommendation from the CFTC’s Global Markets Advisory Committee and prepared by its Global Market Structure Subcommittee.

MIL OSI USA News –

April 15, 2025
MIL-OSI: Abacus Global Management to Announce First Quarter 2025 Financial Results on Thursday, May 8, 2025

Source: GlobeNewswire (MIL-OSI)

ORLANDO, Fla., April 14, 2025 (GLOBE NEWSWIRE) — Abacus Global Management, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today announced it will release its first quarter 2025 financial results after the market closes on Thursday, May 8, 2025.

Abacus will hold a conference call to discuss the financial results at 5:00 pm Eastern Time on May 8, 2025. A live webcast of the conference call will be available on Abacus’ investor relations website at ir.abacusgm.com. The dial-in number for the conference call is (877) 407-9716 (toll-free) or (201) 493-6779 (international). Please dial the number 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available at ir.abacusgm.com for one year following the call.

About Abacus Global Management

Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.

Contact:

Investor Relations

Robert F. Phillips – SVP Investor Relations and Corporate Affairs
rob@abacusgm.com
(321) 290-1198

David Jackson – Director of IR/Capital Markets
david@abacusgm.com
(321) 299-0716

Abacus Global Management Public Relations
press@abacusgm.com

The MIL Network –

April 15, 2025
MIL-OSI: South Plains Financial, Inc. Announces First Quarter 2025 Earnings Call

Source: GlobeNewswire (MIL-OSI)

LUBBOCK, Texas, April 14, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank, today announced that its first quarter 2025 financial results will be released after market close on Thursday, April 24, 2025. The Company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss the financial results.

Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available on the Company’s website at https://www.spfi.bank/news-events/events.

A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed through the News & Events tab of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13752910. The replay will be available until May 8, 2025.

About South Plains Financial, Inc.

South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

Contact: Mikella Newsom, Chief Risk Officer and Secretary

investors@city.bank

(866) 771-3347

Source: South Plains Financial, Inc.

The MIL Network –

April 15, 2025
MIL-OSI: Amalgamated Financial Corp. Announces First Quarter 2025 Earnings Conference Call

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (“Amalgamated” or the “Company”) (Nasdaq: AMAL) today announced that its first quarter 2025 financial results will be released before market open on Thursday, April 24, 2025. The Company will host a conference call at 11:00 a.m. Eastern Time on the same day to discuss the financial results.

Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available on the website at https://ir.amalgamatedbank.com/.

A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed both online and by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13752421. The replay will be available until May 1, 2025.

About Amalgamated Financial Corp.

Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation^®. As of December 31, 2024, our total assets were $8.3 billion, total net loans were $4.6 billion, and total deposits were $7.2 billion. Additionally, as of December 31, 2024, our trust business held $35.0 billion in assets under custody and $14.6 billion in assets under management.

Investor Contact:
Jamie Lillis
Solebury Strategic Communications
shareholderrelations@amalgamatedbank.com
800-895-4172

Source: Amalgamated Financial Corp.

The MIL Network –

April 15, 2025
MIL-OSI USA: Oregon Delegation Urges Fishery Disaster Declaration

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)
April 14, 2025
Washington, D.C. – Today, U.S. Senator Jeff Merkley led his Democratic colleagues in the Oregon delegation—Senator Ron Wyden and U.S. Representatives Suzanne Bonamici (OR-01), Val Hoyle (OR-04), Andrea Salinas (OR-06), Maxine Dexter (OR-03), and Janelle Bynum (OR-05)—in urging the U.S. Department of Commerce to declare a federal fishery resource disaster for the 2024 Oregon troll salmon fishery.
“This declaration is critical to provide economic relief to Oregon’s fisheries and coastal communities in addition to protecting the sustainability of wild salmon populations,” said the lawmakers.
In 2024, Oregon’s troll salmon fishery struggled amid worsening effects of climate change, increased drought, shifting ocean conditions, and other impacts leading to poor salmon returns. Facing these significant challenges, the Oregon Department of Fish and Wildlife (ODFW) estimates that 2024 Chinook salmon population levels were below forecasts, with 2025 Chinook salmon populations likely “not high enough to allow for target summer Chinook fisheries.”
The impact salmon loss has on Oregon’s economy cannot be understated, as the state’s?commercial?fishing industry generates more than $640 million in economic activity each year, equivalent to 9,200 jobs.
“Despite best efforts from our local fishermen and state and local partners, the economic consequences of this crisis threaten both salmon fishermen and the broader economy of Oregon’s coastal communities which rely on the fishery,” continued the lawmakers.
As the Pacific Fisheries Management Council (PFMC) undergoes the process to finalize its 2025 salmon season management recommendations, the Oregon delegation is pushing for U.S. Commerce Secretary Howard Lutnick to quickly grant Governor Tina Kotek’s request for a federal fishery disaster under the Magnuson-Stevens Fishery Conservation and Management Act. The action is critical to access federal funding needed to ease the economic uncertainty for Oregon’s commercial troll salmon fishery, while recognizing the immense role salmon hold in the cultural heritage of Pacific Northwest Tribes, recreation, and as a treasured natural resource across the state.
The Oregon delegation has been essential in securing past federal fishery disaster declarations in the state through a series of actions, which led to the Commerce Department sending Oregon?a total of $7,050,722 for the fishery disaster declared for 2018, 2019, and 2020?Oregon?Chinook salmon?ocean commercial?fisheries. The lawmakers will keep pushing for federal support for this critical industry while local, state, and federal partners continue work on long-term solutions.
“We urge you to direct your attention to Governor Kotek’s request for a fishery resource disaster declaration. We look forward to your timely response, and our offices stand ready to work with you to recover and sustain Oregon’s commercial fisheries,” the Oregon delegation closed.
Full text of the letter can be found HERE.

MIL OSI USA News –

April 15, 2025
MIL-OSI USA: Murray, Colleagues Introduce Legislation to Expand Child Care Relief to Families

US Senate News:

Source: United States Senator for Washington State Patty Murray
To alleviate childcare costs for working families, Murray, Smith, Shaheen, Warnock, and Wyden introduce Child and Dependent Care Tax Credit Enhancement Act to permanently expand child care tax credits
Washington, D.C. — Today, Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, joined Senator Tina Smith (D-MN), and Senate Democratic colleagues to introduce the Child and Dependent Care Tax Credit Enhancement Act, legislation to help more working families cover a greater share of the high cost of child care.
The Child and Dependent Care Tax Credit Enhancement Act would permanently expand the Child and Dependent Care Tax Credit (CDCTC). This bill would help ease the burden of high childcare costs on working families by increasing the maximum tax credit to $4,000 per child, allowing families to receive up to $8,000 in tax credits to offset up to $16,000 in expenses. It would also make the credit refundable to ensure low-income working families can benefit. The credit would also be indexed to inflation to retain its value over time.
“Instead of addressing the growing child care crisis, Trump is indiscriminately firing the very workers who help child care and Head Start centers keep their doors open—making child care more expensive and harder to get for working parents,” said Senator Murray. “While Trump raises families costs by nearly $4000 a year and pushes child care even farther out of reach, my Democratic colleagues and I are continuing to fight to lower families’ costs in every possible way, and I am proud to reintroduce the Child and Dependent Care Tax Credit Enhancement Act as one additional way to help get families some additional relief to afford the child care they need.”
“I constantly hear from families in Minnesota who are struggling with the high cost of childcare. For some, it rivals mortgages and is even higher than tuition at the University of Minnesota. Families need real relief and this bill will lower costs and put more money back into the pockets of parents,” said Senator Smith. “When childcare works, everything else does, too—families thrive, the economy grows, and our communities get stronger. That’s why I’m committed to fighting to lower costs and improve access to childcare.”
“No matter where I go in New Hampshire, families tell me about how much they struggle to access affordable child care,” said Senator Shaheen. “The Child and Dependent Care Tax Credit is a proven and effective tool for bringing quality, affordable child care within reach for more families. Expanding this credit to keep up with the rising cost of child care is the right thing to do for workers, families and our nation’s economy.”
“American families have to deal with hefty expenses when raising a child or caring for a loved one. That’s why the Child and Dependent Care Tax Credit Enhancement Act is so crucial, especially right now,” said Senator Reverend Warnock. “It will help parents and caregivers afford caretaking costs in a time when margins are tight for many families across the country. Tax cuts should go to hardworking Americans, not the wealthiest people in the nation.”
“The cost of raising a family in this country is already way too high, and it’s getting even more expensive as Trump’s global tariffs jack up the cost of food, cars and products families use every day,” said SenatorWyden. “This proposal is a commonsense, pro-family policy aimed at helping parents and people caring for loved ones, and it’s striking that this kind of bill is nowhere to be found in the Republican tax agenda that costs a staggering $7 trillion. Trump and Republicans are locked in on giving trillions in new handouts to corporations and the wealthy and sticking everybody else with the bill, but pro-family proposals like this one prove that there’s a better way forward.”
The Child and Dependent Care Tax Credit Enhancement Act would:
Increase the maximum credit amount to $4,000 per child, allowing families to receive up to $8,000 in tax credits to offset up to $16,000 in expenses;
Automatically adjust it to keep pace with inflation;
Save money by phasing out the credit for families making more than $400,000; and
Ensure low-income families can benefit from the tax credit by making it refundable.
Senator Murray has led the fight to tackle the child care crisis in Congress. She was instrumental in ensuring Congress took action when the COVID pandemic forced the child care sector to the brink of collapse. She authored the stabilization provisions in the American Rescue Plan alongside Congresswoman Rosa DeLauro (D-CT-03) and helped secure a historic $24 billion in stabilization funds and an additional $15 billion for CCDBG in the legislation. One third of child care providers who received a stabilization grant said their child care program would have closed permanently without the grants. She introduced legislation and pushed to extend the stabilization grants—and has continued to push to deliver supplemental funding to address the child care crisis, particularly given the tight fiscal constraints the Fiscal Responsibility Act has imposed on annual appropriations. Critically, Senator Murray has introduced and continues working to build the support needed to pass her Child Care for Working Families Act, comprehensive legislation to tackle the child care crisis and ensure families across America can find and afford the high-quality child care they need.
In addition to Senators Murray, Smith, Shaheen, Warnock, and Wyden, the Child and Dependent Care Tax Credit Enhancement Act is cosponsored by Senators John Fetterman (D-PA), Brian Schatz (D-HI), Tammy Duckworth (D-IL), Mazie Hirono (D-HI), Chris Van Hollen (D-MD), Dick Durbin (D-IL), Amy Klobuchar (D-MN), Martin Heinrich (D-NM), Maria Cantwell (D-WA), Angus King (I-ME), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), Cory Booker (D-NJ), Elissa Slotkin (D-MI), Jack Reed (D-RI), Michael Bennet (D-CO), Chris Murphy (D-CT), Peter Welch (D-VT), Ruben Gallego (D-AZ), Chuck Schumer (D-NY), Adam Schiff (D-CA), Tammy Baldwin (D-WI), Kirsten Gillibrand (D-NY), Sheldon Whitehouse (D-RI).
The bill is also endorsed by the National Women’s Law Center Action Fund, Child Care Aware of America, Save the Children, First Focus Campaign for Children, First Five Years Fund, Center for Law and Social Policy (CLASP), Moms Rising, National Association for the Education of Young Children (NAEYC), Zero to Three, Society for Human Resource Management (SHRM) and the Early Care and Education Consortium (ECEC).
Read more about the Child and Dependent Care Tax Credit Enhancement Act HERE.

MIL OSI USA News –

April 15, 2025
MIL-OSI USA: NASA Sets Coverage for Astronaut Don Pettit, Crewmates Return

Source: NASA

NASA astronaut Don Pettit, along with Roscosmos cosmonauts Alexey Ovchinin and Ivan Vagner, will depart the International Space Station aboard the Soyuz MS-26 spacecraft and return to Earth on Saturday, April 19.
Pettit, Ovchinin, and Vagner will undock from the orbiting laboratory’s Rassvet module at 5:57 p.m. EDT, heading for a parachute-assisted landing at 9:20 p.m. (6:20 a.m. Kazakhstan time, Sunday, April 20) on the steppe of Kazakhstan, southeast of the town of Dzhezkazgan. Landing will occur on Pettit’s 70th birthday.
NASA’s live coverage of return and related activities will stream on NASA+. Learn how to stream NASA content through a variety of platforms.
A change of command ceremony also will stream on NASA platforms at 2:40 p.m. Friday, April 18. Ovchinin will handover station command to JAXA (Japan Aerospace Exploration Agency) astronaut Takuya Onishi for Expedition 73, which begins at the time of undocking.
Spanning 220 days in space, Pettit and his crewmates will have orbited the Earth 3,520 times and completed a journey of 93.3 million miles over the course of their mission. The Soyuz MS-26 spacecraft launched and docked to the station on Sept. 11, 2024.
This was Pettit’s fourth spaceflight, where he served as flight engineer for Expedition 71 and 72. He has a career total of 590 days in orbit. Ovchinin completed his fourth flight in space, totaling 595 days, and Vagner has earned an overall total of 416 days in space during two trips to the orbiting laboratory.
After returning to Earth, the three crew members will fly on a helicopter from the landing site to the recovery staging city of Karaganda, Kazakhstan. Pettit will board a NASA plane and return to Houston, while Ovchinin and Vagner will depart for a training base in Star City, Russia.
NASA’s coverage is as follows (all times Eastern and subject to changed based on real-time operations):
Friday, April 18:
2:40 p.m. – Expedition 72/73 change of command ceremony begins on NASA+.
Saturday, April 19:
2 p.m. – Farewells and hatch closing coverage begins on NASA+.
2:25 p.m. – Hatch closing
5:30 p.m. – Undocking coverage begins on NASA+.
5:57 p.m. – Undocking
8 p.m. – Coverage begins for deorbit burn, entry, and landing on NASA+.
8:26 p.m. – Deorbit burn
9:20 p.m. – Landing
For more than two decades, people have lived and worked continuously aboard the International Space Station, advancing scientific knowledge, and making research breakthroughs that are not possible on Earth. The station is a critical testbed for NASA to understand and overcome the challenges of long-duration spaceflight and to expand commercial opportunities in low Earth orbit. As commercial companies focus on providing human space transportation services and destinations as part of a robust low Earth orbit economy, NASA is focusing more resources on deep space missions to the Moon as part of Artemis in preparation for future human missions to Mars.
Learn more about International Space Station research and operations at:
https://www.nasa.gov/station
-end-
Claire O’Shea / Josh FinchHeadquarters, Washington202-358-1100claire.a.o’shea@nasa.gov / joshua.a.finch@nasa.gov
Sandra JonesJohnson Space Center, Houston281-483-5111sandra.p.jones@nasa.gov

MIL OSI USA News –

April 15, 2025
MIL-OSI NGOs: Lebanon: Authorities must immediately dismiss complaint against independent media outlets

Source: Amnesty International –

Lebanese authorities must immediately dismiss a criminal complaint filed against independent media outlets Daraj Media and Megaphone News, Amnesty International said today, following news that the two independent digital media outlets have been summoned for interrogation by the Cassation Public Prosecution Office on Tuesday 15 April in connection with the complaint.

The complaint came shortly after the media outlets’ criticism of certain candidates for the governorship of the Central Bank and their calls for accountability for Lebanon’s financial and economic crises. The complaint, filed in March, was initiated by three lawyers acting in a private capacity following the media outlets’ reporting on government financial decisions, appointments, and the Central Bank. Both outlets have investigated and reported on allegations of financial mismanagement, corruption, and money laundering. The complainants accused the media outlets of “undermining the state’s financial standing, undermining confidence in the local currency, inciting the withdrawal of bank deposits and the sale of government bonds, receiving suspicious foreign financing with the aim of undermining confidence in the state, inciting strife, undermining the reputation of the state, weakening national sentiment and attacking and conspiring against the security of the state.”

“The Lebanese authorities’ decision to summon Daraj Media and Megaphone News for questioning signals a willingness to allow powerful political and financial interests to instrumentalize the criminal justice system to intimidate and harass critical voices. The authorities should be protecting press freedom, not undermining it,” said Kristine Beckerle, Deputy Regional Director for the Middle East and North Africa.

“The targeting of these media outlets represents a dangerous escalation in ongoing efforts to intimidate independent journalism in Lebanon and to stifle the necessary scrutiny that outlets like Daraj Media and Megaphone News have provided through their reporting of the role of powerful actors in creating and prolonging the financial and economic crisis that continues to have a devastating impact on people’s rights.

“The Lebanese authorities must immediately dismiss the complaint and ensure independent media are able to continue their work without fear of intimidation or harassment.”

The targeting of these media outlets represents a dangerous escalation in ongoing efforts to intimidate independent journalism in Lebanon and to stifle the necessary scrutiny that outlets like Daraj Media and Megaphone News have provided through their reporting

Kristine Beckerle, Deputy Regional Director for the Middle East and North Africa

The authorities’ prompt response to complaints against journalists also stands in stark contrast to the slower pace at which investigations into allegations of corruption and other misconduct, including torture, have progressed.

Moreover, the proceedings against Daraj Media and Megaphone News are flouting domestic laws regarding criminal investigations, including those establishing safeguards for journalists. Both Daraj Media and Megaphone News confirmed receiving notification of the summons through a phone call and that they were not provided with written detail of the charges being brought against them or the legal basis for their summons.

Article 147 of Lebanon’s Code of Criminal Procedure requires that summons must be provided in writing, and the document must include, among other things, the offence that is the subject of the investigation and the legal provision(s) on which it is based. Additionally, the Publications Law requires that complaints based on journalistic work are handled through the Publications Court, rather than the public prosecutor. The summons follows a broader smear and disinformation campaign over the past weeks against Daraj Media and Megaphone News led by non-state actors and entities with ties to political and economic power centers.

Amnesty International has documented a worrying increase in the use of vague legal provisions to harass and intimidate journalists, activists, and critics in Lebanon, with thousands targeted by criminal investigations since the onset of the economic crisis in 2019. The summons against Daraj and Megaphone News are yet another example of the misuse of these provisions in an attempt to suppress critical voices.

MIL OSI NGO –

April 15, 2025
MIL-OSI USA: Senator Budd Leads Bipartisan, Bicameral Letter to Secure Funding for Western North Carolina

US Senate News:

Source: United States Senator Ted Budd (R-North Carolina)
Washington, D.C. — U.S. Senator Ted Budd (R-N.C.) led a bipartisan, bicameral letter requesting the Secretary of the U.S. Department of Housing and Urban Development to approve North Carolina’s Action Plan for $1.4 billion in Community Development Block Grant Disaster Recovery (CDBG-DR) funding. The letter outlines how this funding is critical to helping the state provide housing, infrastructure, and economic revitalization to Western North Carolina following the damage caused by Hurricane Helene.
“Last September, Hurricane Helene brought historic rainfall and strong winds to Western North Carolina, causing catastrophic flooding and landslides. The storm destroyed thousands of homes and damaged tens of thousands more, resulting in $12.7 billion in residential losses. Millions of North Carolinians lost access to essential services, and the region’s economy suffered a devastating hit, threatening livelihoods and the long-term stability of many of the state’s once-thriving communities.
“On March 26, 2025, Governor Josh Stein submitted North Carolina’s proposed Action Plan for $1.4 billion in Community Development Block Grant Disaster Recovery (CDBG-DR) funding to address housing, infrastructure, and economic needs in Western North Carolina. The plan was submitted only 181 days after Hurricane Helene made landfall, making this submission the fastest from any state in the past decade following a major hurricane.
“We appreciate HUD’s focus on this urgent matter and urge expedited consideration of North Carolina’s Action Plan. We stand ready to collaborate with you and your team at HUD to maximize the positive impact of this vital grant funding,” the legislators stated.
Senator Budd was joined by Senator Thom Tillis (R-N.C.) and Representatives Chuck Edwards (R-N.C.-11), Richard Hudson (R-N.C.-9), Deborah K. Ross (D-N.C.-2), Donald G. Davis (D-N.C.-1), David Rouzer (R-N.C.-7), Brad Knott (R-N.C.-13), Valerie Foushee (D-N.C.-4), Pat Harrigan (R-N.C.-10), Tim Moore (R-N.C.-14), and Alma Adams (D-N.C.-12).
Read the full letter text HERE.

MIL OSI USA News –

April 15, 2025

Contact:	Mikella Newsom, Chief Risk Officer and Secretary
	investors@city.bank
	(866) 771-3347

Category: Economy

Innovation is economic strategy

Why innovation policy fails

Breaking the cycle of failure

Why now?

The significance of temples

Inside the House of the Lord

Local opposition

Reputational management

Protecting banks and borrowers

Why lower it?

The risks

Help for first home buyers?

What about house prices?

So, should we lower the buffer?

Know your enemy

A slimy accomplice

The deadly one-two punch

What to do if you suspect an infestation?

Protection against mites and beetles

How consumers can help

Safeguarding an industry and a popular hobby

Fewer permanent migrants

The numbers don’t add up

Problems beyond the election

Policy not politics

But first, the extent of the problem

1. It’s a cluster problem that needs a cluster solution

2. It’s not about supply versus demand. It’s both

3. Think beyond new supply

4. Aim before shooting

5. Design policies through an intergenerational lens

The elephant in the housing policy room

14 April 2025

But first, the extent of the problem

1. It’s a cluster problem that needs a cluster solution

2. It’s not about supply versus demand. It’s both

3. Think beyond new supply

4. Aim before shooting

5. Design policies through an intergenerational lens

The elephant in the housing policy room