NewzIntel.com

Category: Finance

  • MIL-OSI Security: South Carolina Woman Sentenced for Money Laundering in Relation to COVID-19 Relief Fraud Scheme

    Source: Office of United States Attorneys

    BLUEFIELD, W.Va. – Anna Marie Omar, 51, of Myrtle Beach, South Carolina, was sentenced today to five years of federal probation, including six months on home detention, and ordered to pay $23,410.60 in restitution for money laundering by engaging in monetary transactions in property derived from a fraudulent Paycheck Protection Program (PPP) loan. Omar admitted that she fraudulently obtained a $20,833 PPP loan guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

    According to court documents and statements made in court, on April 30, 2021, Omar applied for a PPP forgivable loan while living in Bluefield, West Virginia. PPP loans were available to qualifying independent contractors and self-employed individuals adversely impacted by the COVID-19 pandemic, to replace their normal income and for certain other expenses. Omar admitted that she falsely represented that she was an independent contractor, that she had earned $152,000 in gross income in that capacity during tax year 2020, that she earned that income while working for a water processing business, and that she had been in business since 2010. Omar further admitted that she obtained the COVID-19 relief money for her own personal use.

    A PPP lender approved Omar’s loan application and deposited $20,833 in loan proceeds into Omar’s personal checking account on May 17, 2021. Omar admitted that she transferred $12,216.70 of the loan proceeds from her personal checking account to her personal savings account the following day.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the West Virginia State Police – Bureau of Criminal Investigation (BCI), the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU), Homeland Security Investigations, the Horry County South Carolina Sheriff’s Office and the Myrtle Beach Police Department.

    Senior United States District Judge David A. Faber imposed the sentence. Assistant United States Attorney Jonathan T. Storage prosecuted the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 1:24-cr-36.

    ###

     

     

    MIL Security OSI –

  • MIL-OSI: Bostock Capitals Announces Enhanced Crypto Management Services with Proven High-Return Strategies

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, California, Feb. 10, 2025 (GLOBE NEWSWIRE) — Bostock Capitals, a leader in innovative financial solutions, today announces the expansion of its crypto management services, led by veteran Crypto Manager Scarlett Bostock. With over a decade of specialized experience in Forex and crypto trading, Bostock Capitals offers unmatched expertise in wealth generation through cryptocurrency investments.

    Scarlett Bostock, Crypto Manager at Bostock Capitals, Introduces Advanced High-Return Crypto Trading Strategies

    Since its inception in 2013, Scarlett Crypto Management has been at the forefront of developing proprietary trading algorithms and strategies. These have been rigorously tested in real-market conditions to ensure consistent success and high returns for investors. As of 2019, the firm has successfully managed high-value funds exceeding $500 million, showcasing a proven track record through its advanced Live Command Centre and custom Crypto Trading Algorithm.

    “We are committed to offering only the highest quality trades and portfolio management services,” stated Scarlett Bostock. “Our approach involves meticulous technical and fundamental analysis with continuous trade monitoring, ensuring maximum performance and security for our clients’ investments.”

    Bostock Capitals excels in risk management by implementing a robust strategy that includes an optimal risk/reward ratio, innovative hedging options, and diversified trading portfolios. The firm’s financial consulting services further support clients in achieving their financial objectives with tailored advice and strategic insights.

    In addition to ongoing advancements in crypto trading, Bostock Capitals is exploring new partnership opportunities through equity, debt, or joint ventures as part of its next expansion phase. “Our business model ensures a win-win situation—we succeed when our clients succeed, aligning our goals directly with their financial success,” added Bostock.

    Investors are encouraged to join Bostock Capitals in navigating the complexities of the crypto markets, even during periods of high volatility. The firm’s proprietary quantitative models are designed to capitalize on market fluctuations, ensuring profitability through dynamically managed trading strategies overseen by skilled portfolio managers.

    Risk Declaration: Crypto trading involves significant risk and may not be suitable for all investors. Bostock Capitals is a registered member of FINRA and SIPC, adhering to the highest standards of regulatory compliance. All trading decisions are made with a stringent risk management framework to protect and maximize client investments.

    Bostock Capitals is dedicated to redefining the investment landscape, enabling clients to achieve their financial goals through cutting-edge crypto trading technologies and methodologies.

    About Bostock Capitals

    Bostock Capitals specializes in cryptocurrency trading and wealth management, providing high-return investment strategies and financial consulting to a global clientele. Founded in 2013 by Crypto Manager Scarlett Bostock, the company is committed to delivering superior financial outcomes for investors through continuous innovation and responsible trading practices.

    The MIL Network –

  • MIL-OSI: Foxx Development Expands Entertainment Offerings Through FreeCast Partnership

    Source: GlobeNewswire (MIL-OSI)

    Irvine, CA, Feb. 10, 2025 (GLOBE NEWSWIRE) — Foxx Development Holdings Inc. (“Foxx Development” or “Company”) (Nasdaq: FOXX), a leading provider of consumer electronics and integrated Internet-of-Things (IoT) solutions for retail and institutional clients, today announced that it has entered into a strategic distribution agreement with FreeCast Inc. so that FreeCast’s streaming platform will be available to users of the Company’s mobile device portfolio. The new integration will give Foxx Development’s users immediate access to FreeCast’s entertainment hub, consolidating hundreds of streaming services into a single user-friendly interface.

    Under the agreement, FreeCast’s all-in-one streaming platform will be installed on hundreds of thousands of smartphones and tablets of the Company to expand its out-of-box entertainment offerings. Users will gain immediate access to FreeCast’s entertainment hub, which features over 700 free channels, extensive on-demand content, and integration with major streaming services, including Netflix, Amazon Prime Video, HBO Max, and Hulu. FreeCast’s intelligent universal search feature enables users to easily discover content across all platforms, while its innovative YouBundle feature simplifies subscription management by consolidating multiple streaming services into a single monthly bill.

    “Modern content consumers face increasing complexity in their streaming entertainment choices, with recent industry surveys showing that approximately 65% of Americans struggle to discover content across multiple platforms,” said Greg Foley, CEO of Foxx Development Holdings. “Our partnership with FreeCast directly addresses these challenges by providing our users with an intelligent, cost-effective solution that simplifies content discovery and streaming subscription management.”

    “Partnering with Foxx Development represents a significant milestone in FreeCast’s mission to simplify the streaming experience,” added William Mobley, Founder and CEO of FreeCast. “By integrating our platform directly into Foxx Development’s devices, we’re making it easier than ever for users to discover, access, and manage their entertainment. This collaboration demonstrates how device manufacturers and content platforms can work together to solve the fragmentation challenges facing today’s streamers.”

    About Foxx Development Holdings Inc.
    Foxx Development is a consumer electronics and integrated Internet-of-Things (IoT) solution company catering to both retail and institutional clients. With robust research and development capabilities and a strategic commitment to cultivating long-term partnerships with mobile network operators, distributors and suppliers around the world, it currently sells a diverse range of products including mobile phones, tablets and other consumer electronics devices throughout the United States, and is in the process of developing and distributing end-to-end communication terminals and IoT solutions. For more information, please visit http://foxxusa.com and http://ir.foxxusa.com.

    About FreeCast
    FreeCast Inc., founded in 2011 and headquartered in Orlando, Florida, is a leading streaming media platform that simplifies how users discover and enjoy digital entertainment. The company’s flagship solution addresses the challenges of managing multiple streaming services by consolidating hundreds of content providers into a single, intuitive interface. FreeCast’s comprehensive platform gives users access to over 700 free channels, premium on-demand content, and live TV streaming, while making it easy to search and browse content across major streaming services. Through its advanced content aggregation and universal search capabilities, FreeCast helps users find and organize their entertainment choices more efficiently and serves as a practical solution for the modern streamer. For more information, visit www.freecast.com.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (“Exchange Act”). Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties, and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

    Investor Relations Contact:
    International Elite Capital
    Annabelle Zhang
    Telephone: +1 (646) 866-7928
    Email: foxx@iecapitalusa.com

    The MIL Network –

  • MIL-OSI Security: Sioux City Man Pleads Guilty to Meth Charges in Federal Court

    Source: Office of United States Attorneys

    Phillip Plummer, 42, from Sioux City, Iowa, pled guilty February 10, 2025, in federal court in Sioux City, to one count of conspiracy to distribute methamphetamine, one count of distribution of methamphetamine within 1,000 feet of a school, and another count of distributing methamphetamine.

    Evidence at the plea hearing showed that between 2022 and May 2023, Plummer and others conspired to distribute more than 5 kilograms of methamphetamine in the Sioux City area.  Plummer admitted to distributing methamphetamine on seven separate occasions to an individual cooperating with law enforcement, four of said occasions occurred within 1,000 feet of schools, namely, Mater Dei Elementary School and Hunt Elementary School in Sioux City. Evidence further showed that during a search warrant at Plummer’s residence in May 2023, law enforcement seized approximately one half-pound of meth, two (2) bags of medicated Jolly Rancher Gummies containing 600mg of THC and two (2) vape pens.  Plummer intended to sell some or all of the controlled substances to others in the area. 

    Sentencing before United States District Court Chief Judge Leonard T. Strand will be set after a presentence report is prepared.  Plumer remains in custody of the United States Marshal pending sentencing.  Plummer faces a mandatory minimum sentence of 10 years’ imprisonment and a possible maximum sentence of life imprisonment, a $20,000,000 fine, and at least ten years of supervised release following any imprisonment.

    The case is being prosecuted by Assistant United States Attorney Shawn S. Wehde and was investigated by Tri-State Drug Task Force based in Sioux City, Iowa, that consists of law enforcement personnel from the Drug Enforcement Administration; Sioux City, Iowa, Police Department; Homeland Security Investigations; Woodbury County Sheriff’s Office; South Sioux City, Nebraska, Police Department; Nebraska State Patrol; Iowa National Guard; Iowa Division of Narcotics Enforcement; United States Marshals Service; South Dakota Division of Criminal Investigation; and the Woodbury County Attorney’s Office.    

    Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.

    The case file number is 24-4069.  Follow us on X @USAO_NDIA.

    MIL Security OSI –

  • MIL-OSI: Hut 8 Schedules Full-Year 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced it will release financial results for the full year of 2024 before the market opens on March 3, 2025. The Company will host a conference call and webcast to review the results on the same day at 8:30 a.m. ET.

    Conference Call and Webcast Details

    Date: Monday, March 3, 2025
    Time: 8:30 a.m. ET

    Investors can join the live webcast here. Analysts can register here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Upcoming Conferences and Events

    • February 12, 2025: Maxim Group Digital Assets 2025: To Bitcoin and Beyond Conference, Virtual
    • February 24–25, 2025: Capacity Media Metro Connect USA, Fort Lauderdale
    • February 24–28, 2025: Bitcoin Investor Week, New York
    • February 25–27, 2025: Infocast ERCOT Market Summit, Austin
    • March 11–12, 2025: Cantor Crypto, Digital Assets & AI Infrastructure Conference, Miami
    • March 16–18, 2025: 37th Annual ROTH Conference, Dana Point

    About Hut 8

    Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising fifteen sites: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Media Relations
    media@hut8.com

    The MIL Network –

  • MIL-OSI USA: Dominican National Sentenced for Role in Human Smuggling Event that Resulted in 11 Deaths

    Source: US State of California

    A Dominican national was sentenced today to nine years in prison for his involvement in a deadly human smuggling venture that resulted in the deaths of 11 smuggled aliens.

    According to court documents, on or about the evening of May 12, 2022, Fermin Montilla, 45, piloted a vessel carrying 48 individuals from the Dominican Republic to Puerto Rico, with the intent of bringing those individuals to the United States illegally. At some point during the journey, the vessel took on water and capsized, and 11 people drowned.

    “The defendant attempted to illegally smuggle 48 migrants into the United States, leading to the tragic deaths of 11 people,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Human smugglers threaten our national security and exploit vulnerable people for profit with no regard for their safety. The Criminal Division is committed to eliminating these transnational criminal smuggling organizations and protecting the public and those who would fall victim to them.”

    “Human smuggling operations not only violate U.S. law and threaten our national security, but they also endanger the lives of the smuggled migrants and result in death as in this case,” said U.S. Attorney W. Stephen Muldrow for the District of Puerto Rico. “The Justice Department and the U.S. Attorney’s Office will continue to work with our federal, state, and local partners to bring those who smuggle illegal aliens to justice and dismantle their criminal organizations.”

    “It is essential to send a strong message to individuals that take advantage of the vulnerable by endangering lives undermining the safety and security of our communities,” said Special Agent in Charge Rebecca Gonzalez-Ramos of Homeland Security Investigations (HSI) San Juan. “In this one incident we lost 11 lives, we need to protect individuals from this heinous crime. We will continue to use all resources to pursue and to bring to justice transnational criminal organizations that jeopardize the safety of others exploiting immigration laws. To those seeking to be smuggled into the United States, please remember that it’s extremely dangerous and is not worth your life, these individuals do not care.”

    On Sept. 13, 2024, Montilla pleaded guilty to one count of bringing aliens to the United States at a place other than a designated port of entry resulting in death.

    HSI San Juan investigated this case, with assistance from U.S. Customs and Border Protection, U.S. Border Patrol, the U.S. Coast Guard, and the Puerto Rico Police Bureau.

    Trial Attorney Angela Buckner of the Criminal Division’s Human Rights and Special Prosecutions Section and U.S. Coast Guard Special Assistant U.S. Attorney Helena Daniel for the District of Puerto Rico prosecuted the case.

    The investigation is being conducted under the Extraterritorial Criminal Travel Strike Force (ECT) program, a joint partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    Last June, the Justice Department formally transmitted to Congress a new legislative proposal to increase the recommended penalties for the most prolific and dangerous human smugglers. The proposal, titled the “Deterring Human Smuggling and Harm to Victims Act of 2024,” would amend U.S. Sentencing Guideline 2L1.1, which governs human smuggling offenses, by creating steeper penalty tiers based on the number of people smuggled by the defendant; increasing penalties when the defendant’s conduct results in injury or death to more than one person; and ensuring defendants are subject to sentencing enhancements for sexual assault and other types of prohibited sexual conduct committed during the smuggling offense, even if that conduct occurred outside U.S. jurisdiction. The Department has been working with interested Members of Congress to advance the proposal so that the Sentencing Guidelines accurately account for the full scope of violence that can result from human smuggling.

    MIL OSI USA News –

  • MIL-OSI Security: Dominican National Sentenced for Role in Human Smuggling Event that Resulted in 11 Deaths

    Source: United States Attorneys General 7

    A Dominican national was sentenced today to nine years in prison for his involvement in a deadly human smuggling venture that resulted in the deaths of 11 smuggled aliens.

    According to court documents, on or about the evening of May 12, 2022, Fermin Montilla, 45, piloted a vessel carrying 48 individuals from the Dominican Republic to Puerto Rico, with the intent of bringing those individuals to the United States illegally. At some point during the journey, the vessel took on water and capsized, and 11 people drowned.

    “The defendant attempted to illegally smuggle 48 migrants into the United States, leading to the tragic deaths of 11 people,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Human smugglers threaten our national security and exploit vulnerable people for profit with no regard for their safety. The Criminal Division is committed to eliminating these transnational criminal smuggling organizations and protecting the public and those who would fall victim to them.”

    “Human smuggling operations not only violate U.S. law and threaten our national security, but they also endanger the lives of the smuggled migrants and result in death as in this case,” said U.S. Attorney W. Stephen Muldrow for the District of Puerto Rico. “The Justice Department and the U.S. Attorney’s Office will continue to work with our federal, state, and local partners to bring those who smuggle illegal aliens to justice and dismantle their criminal organizations.”

    “It is essential to send a strong message to individuals that take advantage of the vulnerable by endangering lives undermining the safety and security of our communities,” said Special Agent in Charge Rebecca Gonzalez-Ramos of Homeland Security Investigations (HSI) San Juan. “In this one incident we lost 11 lives, we need to protect individuals from this heinous crime. We will continue to use all resources to pursue and to bring to justice transnational criminal organizations that jeopardize the safety of others exploiting immigration laws. To those seeking to be smuggled into the United States, please remember that it’s extremely dangerous and is not worth your life, these individuals do not care.”

    On Sept. 13, 2024, Montilla pleaded guilty to one count of bringing aliens to the United States at a place other than a designated port of entry resulting in death.

    HSI San Juan investigated this case, with assistance from U.S. Customs and Border Protection, U.S. Border Patrol, the U.S. Coast Guard, and the Puerto Rico Police Bureau.

    Trial Attorney Angela Buckner of the Criminal Division’s Human Rights and Special Prosecutions Section and U.S. Coast Guard Special Assistant U.S. Attorney Helena Daniel for the District of Puerto Rico prosecuted the case.

    The investigation is being conducted under the Extraterritorial Criminal Travel Strike Force (ECT) program, a joint partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    Last June, the Justice Department formally transmitted to Congress a new legislative proposal to increase the recommended penalties for the most prolific and dangerous human smugglers. The proposal, titled the “Deterring Human Smuggling and Harm to Victims Act of 2024,” would amend U.S. Sentencing Guideline 2L1.1, which governs human smuggling offenses, by creating steeper penalty tiers based on the number of people smuggled by the defendant; increasing penalties when the defendant’s conduct results in injury or death to more than one person; and ensuring defendants are subject to sentencing enhancements for sexual assault and other types of prohibited sexual conduct committed during the smuggling offense, even if that conduct occurred outside U.S. jurisdiction. The Department has been working with interested Members of Congress to advance the proposal so that the Sentencing Guidelines accurately account for the full scope of violence that can result from human smuggling.

    MIL Security OSI –

  • MIL-OSI: Outbrain to Release Fourth Quarter and Full Year 2024 Financial Results on February 27, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB), which is operating under the new Teads brand, today announced that the company will release its fourth quarter and full year 2024 results before the market opens on Thursday, February 27, 2025, followed by a conference call at 8:30 a.m. (Eastern Time) that same day to discuss the company’s results and business outlook.

    The conference call can be accessed live over the phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13750872. The replay will be available until March 13, 2025.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company’s website at https://investors.outbrain.com/. The online replay will be available for a limited time shortly following the call.

    About The Combined Company 
    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

    To learn more, visit www.outbrain.com or www.teads.com

    Media Contact
    press@outbrain.com

    Investor Relations Contact
    IR@outbrain.com
    (332) 205-8999

    The MIL Network –

  • MIL-OSI: Notice of minimum investment amount increase for the EdgePoint Canadian Portfolio

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 10, 2025 (GLOBE NEWSWIRE) — EdgePoint Wealth Management Inc. (“EdgePoint”) announced today that it is changing the minimum amount of an initial investment in the EdgePoint Canadian Portfolio (the “Fund”) from $20,000 (the “Previous Minimum”) to $100,000 (the “New Minimum”).

    The New Minimum investment amount must be met per account and per Fund series. The minimum initial investment is subject to change at EdgePoint’s discretion.

    Why is EdgePoint raising the Fund’s minimum initial investment amount?

    The Canadian marketplace offers compelling investment opportunities; however, its size can pose investment restrictions. EdgePoint monitors the Fund’s size and inflows to ensure the Investment Team retains the flexibility needed to capitalize on them.

    The minimum increase is not being made due to capacity constraints today, but to potentially avoid them in the future. The flexibility to look anywhere in Canada for businesses undergoing positive change unrecognized by the market will never be compromised.

    One of EdgePoint’s measures of success is working with advisors who are aligned with its long-term investment approach. It is important to avoid attracting short-term performance chasers rather than like-minded investors.

    Raising the minimum investment threshold is a way of measuring an advisor’s alignment with EdgePoint by asking them to put their money (and conviction) where their mouth is. While this change does not guarantee alignment, it reinforces EdgePoint’s goal of delivering strong long-term returns while prioritizing the best interests of its investors. A stronger, more aligned investor base will create a better experience for all.

    EdgePoint is not an asset gathering firm. Selling and promoting a fund based on performance always serves the needs of the investment firm over the investor. These are necessary steps to protect the integrity of the Fund and to allow EdgePoint to continue building wealth for their long term and very aligned Canadian investors.

    Additional information about the Fund, including the simplified prospectus and Fund Facts, can be found on the Fund’s SEDAR+ profile at www.SEDARPLUS.ca or on EdgePoint’s website at www.edgepointwealth.com.

    ABOUT EDGEPOINT WEALTH MANAGEMENT

    EdgePoint Wealth Management Inc. is an independent investment management firm based in Toronto and owned and operated by investors.

    Contact: Patrick Farmer at 416.963.9353 or farmer@edgepointwealth.com.

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

    This is not an offer to purchase. Mutual funds can only be purchased through a registered Dealer. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Copies are available from your financial advisor or at www.edgepointwealth.com. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. EdgePoint is a registered trademark of EdgePoint Investment Group Inc. EdgePoint® and Owned and Operated by Investors™ are trademarks of EdgePoint Investment Group Inc.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Ingersoll Rand to Participate in Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    DAVIDSON, N.C., Feb. 10, 2025 (GLOBE NEWSWIRE) — Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life science and industrial solutions, announced that Vik Kini, chief financial officer, will participate in fireside chats at the following upcoming investor conferences:

    • The Citi Global Industrial Tech and Mobility Conference on Wednesday, February 19, 2025, at 11:20 a.m. Eastern Time.
    • The Barclays Industrial Select Conference on Thursday, February 20, 2025, at 7:30 a.m. Eastern Time.

    A real-time audio webcast of both fireside chats can be accessed via the Events and Presentations section of the Ingersoll Rand Investor Relations website here. A replay of the webcast will be available after conclusion of the fireside chat and can be accessed on the Ingersoll Rand Investor Relations website.

    About Ingersoll Rand Inc.
    Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

    Investors:

    Matthew Fort
    Matthew.Fort@irco.com

    Media:

    Sara Hassell
    Sara.Hassell@irco.com 

    The MIL Network –

  • MIL-OSI: Middlefield Banc Corp. Announces a 5% Increase in the 2025 First-Quarter Cash Dividend Payment

    Source: GlobeNewswire (MIL-OSI)

    MIDDLEFIELD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — Middlefield Banc Corp. (NASDAQ: MBCN) today announced that its Board of Directors declared a quarterly cash dividend of $0.21 per common share, representing a 5% increase from the 2024 fourth quarter dividend. The 2025 first-quarter dividend is payable on March 14, 2025, to shareholders of record on February 28, 2025.

    Ronald L. Zimmerly, Jr., President and Chief Executive Officer, stated, “The 5% increase in Middlefield’s dividend payment demonstrates our confidence in the future, as well as our strong capital position and expanding levels of profitability. Our regular dividend has increased 47.4% from $0.57 per share for the year ended December 31, 2019, to an annualized rate of $0.84 currently. This multi-year growth reflects our Board’s commitment to returning excess capital back to our shareholders.”

    About Middlefield Banc Corp.
    Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the Bank holding Company of The Middlefield Banking Company, with total assets of $1.85 billion at December 31, 2024. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

    Additional information is available at www.middlefieldbank.bank

    This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.

       
    Company Contact: Investor and Media Contact:
    Ron Zimmerly
    President and Chief Executive Officer Middlefield Banc Corp.
    (419) 673-1217
    RZimmerly@middlefieldbank.com    		 Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network –

  • MIL-OSI: Farmers and Merchants Bancshares, Inc. Reports Earnings of $4,277,703 or $1.37 Per Share for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    HAMPSTEAD, Md., Feb. 10, 2025 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the year ended December 31, 2024 was $4,277,703, or $1.37 per common share (basic and diluted), compared to $6,418,337, or $2.08 per common share (basic and diluted), for the same period in 2023. Higher interest expense as a result of the Federal Reserve rate increases over the last several years was the primary reason for the decline in net income. The Company’s return on average equity during the year ended December 31, 2024 was 7.83% compared to 13.08% for the same period in 2023. The Company’s return on average assets during the year ended December 31, 2024 was 0.53% compared to 0.86% for the same period in 2023. Loan growth for the year ended December 31, 2024 was $60 million, a growth rate of 11.4%.

    Net income for the three months ended December 31, 2024 was $856,080, or $0.27 per common share (basic and diluted), compared to $1,415,230, or $0.46 per common share (basic and diluted), for the fourth quarter of 2023. The Company’s return on average equity during the three months ended December 31, 2024 was 5.96% compared to 11.92% for the same period in 2023. The Company’s return on average assets during the three months ended December 31, 2024 was 0.41% compared to 0.72% for the same period in 2023.          

    Net interest income for the year ended December 31, 2024 was $579,928 lower when compared to the same period in 2023 due to a decrease in the net interest margin to 2.68% for the year ended December 31, 2024 from 2.97% for the same period in 2023. The decline in the net interest margin was partially offset by a $56.6 million increase in average interest earning assets to $784.6 million for the year ended December 31, 2024 from $728.0 million for the same period in 2023. Higher interest expense was the driving factor in the lower net interest income. The Federal Reserve interest rate decreased by 1.00% over the last four months of 2024 after aggregate increases of 5.25% from March 2022 through August 2023. The net aggregate increase of 4.25% caused the cost of deposits and borrowings to increase by 102 basis points to 2.76% for the year ended December 31, 2024 from 1.74% for the same period in 2023. In addition, average interest bearing liabilities increased by $64.3 million to $634.7 million for the year ended December 31, 2024 from $570.4 million for the same period in 2023. The taxable equivalent yield on total average interest-earning assets increased 59 basis points to 4.92% for the year ended December 31, 2024 from 4.33% for the same period in 2023, partially offsetting the higher cost of funds.

    The Bank entered into several interest rate swaps structured as fair value hedges during 2023 and 2024, some in combination with the purchase of mortgage backed securities, which are intended to offset the impact of higher interest expense by improving interest income on debt securities. During the fourth quarter of 2024, a swap with a notional amount of $22 million was unwound and the related $28 million of mortgage backed securities was sold, resulting in a net gain of $18,708. The notional amount of interest rate swaps outstanding at December 31, 2024 was approximately $75 million.

    Our loan portfolio is comprised primarily of commercial real estate loans with fixed rates for five-year terms. As those loans reprice, our net interest margin should improve. In addition, our current strategy is to increase the diversification of our portfolio with commercial and industrial loans, which are typically adjustable rate loans and would provide an immediate higher yield in today’s interest rate environment.

    A provision for credit losses of $150,000 was recorded for the year ended December 31, 2024. For the year ended December 31, 2023, we recorded a $570,000 recovery. The Company’s loan portfolio continues to perform at a high level with just one non-accrual loan totaling $403,853 and one loan more than 30 days delinquent totalling $269,852 at December 31, 2024.

    Noninterest income increased by $160,947 for the year ended December 31, 2024 when compared to the same period in 2023, primarily as a result of a $138,388 increase in the gain on insurance proceeds for our Upperco location and a $48,252 increase in bank owned life insurance income, offset by a decrease of 19,392 in the gain on sale of SBA loans. Noninterest expense was $1,787,830 higher in the year ended December 31, 2024 when compared to the same period in 2023, due primarily to a $475,241 increase in other expenses, a $505,322 increase in occupancy and furniture and equipment costs, a $495,733 increase in salaries and benefits, and a $311,534 increase in other real estate owned expenses. The increase in other expenses was due primarily to costs associated with our core system conversion that was completed in the fourth quarter of 2024, ATM related expenses, and legal fees incurred for stockholder matters. Also, the Bank’s FDIC assessment expense increased due to higher FDIC assessment rates. The increase in occupancy and furniture and equipment was due primarily to the renovations and new equipment for the Upperco location which was placed in service at the end of the first quarter and the new Towson location that was placed in service during the second quarter. The increase in salaries and benefits was due to normal annual salary increases as well as the hiring of several new employees primarily in the commercial loan production department. The increase in other real estate owned expenses is due primarily to a $249,217 gain that was realized in 2023.

    Income taxes decreased by $786,177 during the year ended December 31, 2024 when compared to the same period in 2023 due to lower earnings before taxes. The effective tax rate decreased to 22.3% for the year ended December 31, 2024 from 23.9% for the same period last year due to an increase in the amount of nontaxable income included in pretax income year over year.

    Total assets increased to $845 million at December 31, 2024 from $800 million at December 31, 2023. Loans increased by 11.4% to $583 million at December 31, 2024 from the $523 million recorded at December 31, 2023. Investments in debt securities decreased to $146 million at December 31, 2024 from $184 million at December 31, 2023. Deposits increased to $758 million at December 31, 2024 from $681 million at December 31, 2023.   The Company’s tangible equity was $49 million at December 31, 2024 compared to $45 million at December 31, 2023.

    The book value of the Company’s common stock increased to $17.77 per share at December 31, 2024 from to $16.74 per share at December 31, 2023. Book value per share at December 31, 2024 was reflective of the $17 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) investment portfolio as a result of the significant rise in interest rates over the last 30 months. Changes in the market value of the AFS investment portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The AFS investment portfolio is comprised of 72% government agency mortgage backed securities which are fully guaranteed, 23% investment grade non agency mortgage backed securities, 1% investment grade corporate and municipal bonds, and 4% subordinated debt of other community banks. There is no indication of credit deterioration in any of the bonds and we intend to hold these investments to maturity, so no actual losses are anticipated. There is no impact on regulatory capital because the Bank elected many years ago to not include in the calculation of regulatory capital changes in the market value of the AFS investment portfolio regardless of whether they are positive or negative.

    The Bank utilized the Federal Reserve Bank’s Bank Term Funding Program during 2024 and had borrowings of $54,000,000 outstanding for most of 2024, but the borrowings were repaid during December 2024 ahead of the maturity date of January 15, 2025. Our Federal Home Loan Bank facility, other borrowing lines available, unpledged securities, brokered deposit access, and cash provided us with access to approximately $332 million of liquidity at December 31, 2024.

    Gary A. Harris, President and CEO, commented “We are pleased that our loan portfolio grew $60 million, or 11.4%, during 2024, demonstrating that our investment in additional loan production staff and facilities is paying off. Our asset quality remains high and our liquidity position remains strong. Due to the sunsetting of our existing core operating system, after an almost year long effort, our core system conversion was completed in October 2024.  While it increased our expenses in 2024, the new system will be a substantial digital upgrade that will position the bank for future growth, provide for significant efficiency gains and an enhanced customer experience moving forward. The Federal Reserve interest rate decreased an additional 50 basis points in the fourth quarter after the 50 basis point reduction in September. Additional cuts are now not expected to occur until the second half of 2025. The 2024 cuts should provide for improvement in our net interest margin in 2025.”

    About the Company

    The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

    Forward-Looking Statements

    The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.

         
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (Unaudited)
         
      December 31, December 31, *
      2024 2023
         
    Assets  
         
    Cash and due from banks $ 63,962,047   $ 44,404,473  
    Federal funds sold and other interest-bearing deposits   697,066     285,864  
    Cash and cash equivalents   64,659,113     44,690,337  
    Certificates of deposit in other banks   100,000     100,000  
    Securities available for sale, at fair value   125,712,926     164,084,673  
    Securities held to maturity, at amortized cost less allowance for credit    
    losses of $60,009 and $35,627   20,498,502     20,163,622  
    Equity security, at fair value   517,550     507,130  
    Restricted stock, at cost   921,000     863,500  
    Mortgage loans held for sale   157,200     –  
    Loans, less allowance for credit losses of $4,260,189 and $4,285,247   582,993,314     523,308,044  
    Premises and equipment, net   7,348,800     6,583,452  
    Accrued interest receivable   2,439,108     2,180,734  
    Deferred income taxes, net   7,606,241     8,312,482  
    Other real estate owned, net   1,176,245     1,242,365  
    Bank owned life insurance   15,324,417     14,930,754  
    Goodwill and other intangibles, net   7,026,096     7,034,424  
    Other assets   8,162,575     5,939,309  
      $ 844,643,087   $ 799,940,826  
         
    Liabilities and Stockholders’ Equity
         
    Deposits    
    Noninterest-bearing $ 107,197,478   $ 115,284,706  
    Interest-bearing   651,609,250     565,678,145  
    Total deposits   758,806,728     680,962,851  
    Securities sold under repurchase agreements   5,564,103     6,760,493  
    Federal Home Loan Bank of Atlanta advances   5,000,000     5,000,000  
    Federal Reserve Bank advances   –     33,000,000  
    Long-term debt, net of issuance costs   11,329,115     13,212,378  
    Accrued interest payable   1,002,525     1,482,773  
    Other liabilities   6,668,826     7,344,040  
        788,371,297     747,762,535  
    Stockholders’ equity    
    Common stock, par value $.01 per share,    
    authorized 5,000,000 shares; issued and outstanding    
    3,166,653 in 2024 and 3,116,966 shares in 2023   31,667     31,170  
    Additional paid-in capital   31,135,552     30,398,080  
    Retained earnings   41,612,654     39,433,185  
    Accumulated other comprehensive loss   (16,508,083 )   (17,684,144 )
        56,271,790     52,178,291  
      $ 844,643,087   $ 799,940,826  
    * – Derived from audited consolidated financial statements    
         
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Statements of Income
    (Unaudited)
         
      Three Months Ended December 31, Year Ended December 31,
      2024 2023 2024 2023
             
    Interest income        
    Loans, including fees $ 8,316,953   $ 6,707,414   $ 30,338,189   $ 25,730,722  
    Investment securities – taxable   1,468,905     1,770,413     6,263,400     4,299,206  
    Investment securities – tax exempt   143,501     137,770     559,130     554,396  
    Federal funds sold and other interest earning assets   341,822     269,093     1,202,744     738,814  
    Total interest income   10,271,181     8,884,690     38,363,463     31,323,138  
             
    Interest expense        
    Deposits   4,274,980     2,960,470     14,518,632     7,971,094  
    Securities sold under repurchase agreements   16,222     17,924     65,335     41,873  
    Federal Home Loan Bank advances and other borrowings   13,433     33,614     122,663     485,886  
    Federal Reserve Bank advances   402,775     431,556     2,313,186     823,319  
    Long-term debt   120,154     140,000     507,562     584,953  
    Total interest expense   4,827,564     3,583,564     17,527,378     9,907,125  
    Net interest income   5,443,617     5,301,126     20,836,085     21,416,013  
             
    Provision for (recovery of) credit losses   150,000     –     150,000     (570,000 )
             
    Net interest income after provision for (recovery of) credit losses   5,293,617     5,301,126     20,686,085     21,986,013  
             
    Noninterest income        
    Service charges on deposit accounts   189,094     205,942     810,273     792,941  
    Mortgage banking income   41,484     4,483     107,846     96,997  
    Bank owned life insurance income   106,050     83,817     393,664     345,412  
    Gain (loss) on sale of debt securities   18,708     5,445     (13,214 )   –  
    Fair value adjustment of equity security   (18,183 )   15,343     (4,346 )   5,445  
    Loss on disposition of furniture and equipment   –     –     (5,157 )   –  
    Gain on sale of SBA loans   –     19,392     –     19,392  
    Gain on insurance proceeds   –     4,406     142,794     4,406  
    Other fees and commissions   85,899     83,782     320,587     326,907  
    Total noninterest income   423,052     422,610     1,752,447     1,591,500  
             
    Noninterest expense        
    Salaries   2,006,144     1,901,031     7,854,322     7,544,773  
    Employee benefits   590,365     517,654     2,187,116     2,000,932  
    Occupancy   271,859     229,377     1,070,456     874,775  
    Furniture and equipment   395,264     243,579     1,292,767     983,126  
    Other real estate owned, net   75,996     (235,538 )   75,996     (235,538 )
    Other   1,283,177     1,296,793     4,449,099     3,973,858  
    Total noninterest expense   4,622,805     3,952,896     16,929,756     15,141,926  
             
    Income before income taxes   1,093,864     1,770,840     5,508,776     8,435,587  
    Income taxes   237,784     355,610     1,231,073     2,017,250  
    Net income $ 856,080   $ 1,415,230   $ 4,277,703   $ 6,418,337  
             
    Earnings per share – basic $ 0.27   $ 0.46   $ 1.37   $ 2.08  
    Earnings per share – diluted $ 0.27   $ 0.46   $ 1.37   $ 2.08  
             
    Farmers and Merchants Bancshares, Inc.
    Selected Consolidated Financial Data
           
      2024 2023 2022
           
    OPERATING DATA      
           
    Interest income $ 38,363,463   $ 31,323,138   $ 26,269,653  
    Interest expense   17,527,378     9,907,125     2,146,158  
    Net interest income   20,836,085     21,416,013     24,123,495  
    Provision for (recovery of) loan losses   150,000     (570,000 )   475,000  
    Net interest income after provision for credit losses   20,686,085     21,986,013     23,648,495  
    Noninterest income   1,752,447     1,591,500     2,293,938  
    Noninterest expense   16,929,756     15,141,926     15,367,280  
    Income before income taxes   5,508,776     8,435,587     10,575,153  
    Income taxes   1,231,073     2,017,250     2,485,026  
    Net income $ 4,277,703   $ 6,418,337   $ 8,090,127  
           
    PER SHARE DATA      
           
    Net income (Basic) $1.37   $2.08   $2.66  
    Dividends $0.67   $0.66   $0.63  
    Book value $17.77   $16.74   $15.56  
           
    KEY RATIOS      
           
    Return on average assets   0.53 %   0.86 %   1.13 %
    Return on average equity   7.83 %   13.08 %   16.03 %
    Efficiency ratio   74.95 %   65.81 %   58.17 %
    Dividend payout ratio   48.91 %   31.73 %   23.68 %
    Net yield on interest-earning assets   2.68 %   2.97 %   3.54 %
    Tier 1 capital leverage ratio   9.12 %   9.42 %   9.83 %
           
    AT PERIOD END      
           
    Total assets $ 844,643,087   $ 799,940,826   $ 718,210,672  
    Gross loans   587,978,965     528,166,501     521,679,143  
    Cash and cash equivalents   64,659,113     44,690,337     7,263,537  
    Securities   146,211,428     184,248,295     146,823,446  
    Deposits   758,806,728     680,962,851     623,611,124  
    Borrowings   10,564,103     57,972,871     40,270,945  
    Stockholders’ equity   56,271,790     52,178,291     47,774,963  
           
    SELECTED AVERAGE BALANCES      
           
    Total assets $ 810,042,767   $ 745,478,612   $ 714,115,497  
    Gross loans   557,861,624     528,910,091     498,427,308  
    Cash and cash equivalents   27,564,076     18,497,261     20,015,477  
    Securities   177,742,677     182,159,701     174,776,879  
    Deposits   672,492,752     642,039,185     631,809,943  
    Borrowings   72,287,329     48,040,853     26,042,874  
    Stockholders’ equity   54,609,886     49,063,426     50,457,994  
           
    ASSET QUALITY      
           
    Nonperforming assets $ 1,580,098   $ 1,897,775   $ 1,897,775  
           
    Nonperforming assets/total assets   0.19 %   0.24 %   0.26 %
           
    Allowance for credit losses on loans/total loans   0.72 %   0.81 %   0.80 %
           
    Contact: Mr. Gary A. Harris
      President and Chief Executive Officer
      (410) 374-1510, ext. 1104
       

    The MIL Network –

  • MIL-OSI Security: Convicted Knoxville Gang Leader Sentenced To 45 Years For Drug Trafficking, Firearms, and Money Laundering Crimes

    Source: Office of United States Attorneys

    KNOXVILLE, Tenn. On February 10, 2025, Bryan Cornelius, 34, of Knoxville, was sentenced to a total term of 45 years in prison by the Honorable Thomas A. Varlan, United States District Judge, in the United States District Court for the Eastern District of Tennessee at Knoxville.  Following his imprisonment, Cornelius will be on supervised release for five years.

    The sentencing follows Cornelius’s federal trial in April 2022, during which a jury convicted him of conspiring to distribute various controlled substances, including methamphetamine, heroin, fentanyl, and marijuana.  The evidence presented at trial included wiretaps of multiple cellular phones, multiple search warrants at various Knoxville residences, narcotics, firearms, and cash seizures.  The evidence showed that Cornelius, a member of the Gangster Disciples street gang, was ordering narcotics from different sources of supply in California and receiving packages of methamphetamine and marijuana through the United States Postal Service (USPS), Fed-Ex, and UPS throughout 2019 and that he maintained multiple addresses across Knoxville to stash his narcotics, firearms, and cash to facilitate his narcotics distribution.  In addition, the evidence showed that, in furtherance of his drug trafficking, at approximately 2:45 p.m. on November 21, 2019, Cornelius, along with two others, drove by the Stop-n-Go on Brooks Avenue and Cornelius and fired fifteen rounds of 7.62mm into a Mercedes-Benz.  The driver sustained two non-life-threatening gunshot wounds.  The jury also convicted Cornelius of conspiracy to commit money laundering. According to court documents, twenty-two other charged members of the conspiracy previously pleaded guilty.

    In determining the sentence, Judge Varlan took into account several aggravating factors, including Cornelius’s role as a leader and organizer of the crimes, his credible threats of violence made against other people in connection with his crimes, and his use of guns and violence in connection with his crimes.

    U.S. Attorney Francis M. Hamilton III of the Eastern District of Tennessee; Special Agent in Charge Joe Carrico of the Federal Bureau of Investigation (FBI), and Tommy D. Coke of the U.S. Postal Inspector in Charge of the Atlanta Division, made the announcement.

    This conviction and sentence resulted from an investigation conducted by the FBI HIDTA Task Force and the United States Postal Inspection Service (USPIS).  The FBI HIDTA Task Force includes the Roane County Sheriff’s Office, Knoxville Police Department, Knox County Sheriff’s Office, Blount County Sheriff’s Office, and Sevier County Sheriff’s Office. The Tennessee Bureau of Investigation and the Drug Enforcement Administration, also assisted in this investigation by conducting drug analysis on seized narcotics in the case.

    Assistant United States Attorneys Cynthia Davidson and Alan Kirk represented the United States.

    This case was part of the Department’s Organized Crime Drug Enforcement Task Force (OCDETF) and the HIDTA programs.  OCDETF is the primary weapon of the United States against the highest-level drug trafficking organizations operating within the United States, importing drugs into the United States, or laundering the proceeds of drug trafficking.  The HIDTA program enhances and coordinates drug control efforts among local, State, and Federal law enforcement agencies.  The program provides agencies with coordination, equipment, technology, and additional resources to combat drug trafficking and its harmful consequences in critical regions of the United States.

    This case is also part of Project Safe Neighborhoods (PSN), the centerpiece of the Department of Justice’s violent crime reduction efforts. PSN is an evidence-based program proven to be effective at reducing violent crime.  Through PSN, a broad spectrum of stakeholders working together to identify the most pressing violent crime problems in the community and develop comprehensive solutions to address them.  As part of this strategy, PSN focuses enforcement efforts on the most violent offenders and partners with locally based prevention and reentry programs for lasting reductions in crime.

                                                                                                                              ###

    MIL Security OSI –

  • MIL-OSI Security: Wethersfield Man Sentenced to More Than 8 Years in Prison for Distributing Fentanyl and Oxycodone to Overdose Victim

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that JIMMY LASSUS, 40, of Wethersfield, was sentenced today by U.S. District Judge Kari A. Dooley in Bridgeport to 100 months of imprisonment, followed by three years of supervised release, for distributing fentanyl and oxycodone to an overdose victim.

    According to court documents and statements made in court, in the early morning of October 6, 2023, Meriden Police responded to a residence on a report of a suspected overdose and found a 27-year-old woman unresponsive in a bedroom.  She was transported to the hospital where she was pronounced deceased.  The investigation revealed that for several months before the victim’s death, the victim engaged in numerous drug-related text message conversations with Lassus.  The text messages revealed that Lassus supplied the victim with oxycodone, and that he supplied her with fentanyl that she ingested in the hours before she died.  The victim stated in text messages and in a journal entry that it was her first time using fentanyl.

    The Office of the Chief Medical Examiner determined the victim’s death to be caused by acute intoxication due to the combined effects of fentanyl, benzodiazepines, xylazine, and oxycodone.

    Lassus has been detained since his arrest on April 11, 2024.  On September 30, 2024, he pleaded guilty to distribution of fentanyl and oxycodone.

    This investigation was conducted by the Drug Enforcement Administration New Haven Task Force and the Meriden Police Department, with the assistance of the Wethersfield Police Department.  The Task Force includes members from the DEA, U.S. Marshals Service, Internal Revenue Service – Criminal Investigation Division, Connecticut State Police and the New Haven, Waterbury, East Haven, Branford, West Haven, Ansonia, Meriden, Naugatuck, and Shelton Police Departments.

    The case was prosecuted by Assistant U.S. Attorneys Brendan Keefe and Reed Durham.

    MIL Security OSI –

  • MIL-OSI Security: Clearwater Man Pleads Guilty To Obstructing And Impeding The Administration Of The Internal Revenue Laws

    Source: Office of United States Attorneys

    Tampa, Florida – United States Attorney Roger B. Handberg announces that Terence Taylor has pleaded guilty to obstructing and impeding the administration of the internal revenue laws for actions seeking to defeat the collection of back taxes he owed to the Internal Revenue Service (IRS). Taylor faces a maximum penalty of three years in federal prison.

    According to the plea agreement, Taylor was sentenced in 2012 for failing to file his income taxes for several years while he lived in the Northern District of New York. He owed more than $810,000 in taxes and was required to pay the tax debt during the term of his sentence.

    For more than seven years, continuing after he moved to the Middle District of Florida, Taylor engaged in a series of obstructive acts to defeat the efforts by the IRS to collect those taxes. During those years, Taylor hid assets from the IRS, placed other asserts and income in the names of alter egos or nominees such as his wife, and used money that he could have used to pay off his back taxes to make purchases of assets including boats, jewelry, and a home in Palm Harbor. Taylor continued to earn income from his work as a financial consultant during those years after 2012. He used that income for numerous personal purposes and expenses and only minimally paid his tax debt to the IRS during that time.

    The IRS made extensive efforts to collect on Taylor’s tax debt between 2004 and 2008. Aside from contacting Taylor on numerous occasions, IRS Revenue Officers also sent him numerous forms for detailing his financial situation. Taylor submitted false or incomplete information on those forms, omitting to record assets he owned such as boats and providing false information about his business and its accounts and dates of operation. Instead of using it to repay his tax debt, Taylor used his business income and bank accounts after 2012 to pay for a large number of personal expenses, including marina and yacht club expenses, boat expenses, and jewelry purchases, while knowing of his tax debt to the IRS. In February 2017, Taylor used income that he had earned from his business to buy a $73,000 boat, which he then titled in his wife’s name in an effort to shield that asset from the IRS collection effort.

    Taylor also failed to file personal income tax returns for several years after his New York sentence had ended. He did so, even though he was earning sufficient income requiring him to file tax returns.

    This case was investigated by the Internal Revenue Service – Criminal Investigation. It is being prosecuted by Assistant United States Attorney Jay L. Hoffer.

    MIL Security OSI –

  • MIL-OSI USA: ICYMI: Sen. Joni Ernst in WSJ: USAID Is a Rogue Agency

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – In case you missed it, U.S. Senator Joni Ernst (R-Iowa) detailed in the Wall Street Journal how the U.S. Agency for International Development (USAID) acts against our nation’s best interests and stonewalled her oversight of where tax dollars are going and why. 
    As Senate DOGE Caucus chair and founder, Senator Ernst will continue to work with President Trump’s Department of Government Efficiency (DOGE) to examine how taxpayers’ money is spent and put an end to any waste, fraud, and abuse.
    WSJ: Sen. Joni Ernst: USAID Is a Rogue Agency
    It dodges congressional questions about money that went to sex traffickers and the Wuhan virus lab.
    By: Senator Joni Ernst
    In moments of crisis, America can be counted on for leadership. Our nation’s compassionate giving has saved millions of lives around the world that were at risk from starvation or disease. All Americans should be able to take great pride in our generosity. And the government agencies coordinating aid efforts should be eager to share details about how they’re using taxpayers’ money to make the world a better place.
    Yet the U.S. Agency for International Development, entrusted with disbursing tens of billions of aid dollars to other nations annually, is a rogue bureaucracy. I’ve uncovered that the agency often acts at odds with our nation’s best interests and uses intimidation and shell games to hide where money is going, how it’s being spent and why.
    USAID repeatedly rebuffed my requests for a list of recipients of U.S. tax dollars sent to Ukraine, claiming that the information was classified. Despite the pushback, I persisted. Eventually, USAID permitted my staff to review documents under surveillance in a highly secure room at USAID headquarters, with note-taking prohibited.
    What warranted such secrecy? We learned that the aid that was supposed to alleviate economic distress in the war-torn nation was spent on such frivolous activities as sending Ukrainian models and designers on junkets to New York City, London Fashion Week, Paris Fashion Week and South by Southwest in Austin, Texas.
    I faced the same stonewalling from USAID when I asked about tax dollars being diverted from project missions for largely unrelated costs, known as the negotiated indirect cost rate. The agency claimed that it wasn’t possible to track. My team debunked that by providing USAID staff with a link to a public database. The agency fired back, warning that divulging this information would violate federal laws, including the Economic Espionage Act.
    When I launched a formal investigation in cooperation with the House Foreign Affairs Committee, USAID relented. Turns out, the agency is allowing grantees to skim significant amounts of money, up to and even beyond half of the total, for themselves.
    We need guarantees that U.S. assistance is helping people in need, but a recent review by the agency’s own inspector general found USAID still “does not have proper documentation to support indirect costs charged” by grant recipients.
    I shouldn’t have to ask these questions. All federal spending is required to be publicly available on the website USAspending.gov, a searchable database created nearly two decades ago by a bipartisan law.
    USAID’s sketchy spending schemes were the impetus for this law aimed at making federal funding more transparent. Congressional investigators in 2005 caught the agency supporting an organization involved with the trafficking of teenage girls in Asia. USAID staff called the claims “destructive” and vehemently denied them. The evidence proved otherwise. A pass-through group, set up with the help of former agency employees, was found funneling U.S. tax dollars into abetting the sex trade operation.
    The agency has learned to exploit loopholes in the law, as my investigation into the origins of the pandemic exposed. The watchdog organization White Coat Waste Project was the first to release evidence that both USAID and Anthony Fauci’s National Institute of Allergy and Infectious Diseases were financing bat studies involving coronaviruses at the Wuhan Institute of Virology. Yet no grants to the Chinese lab appeared in USAspending.gov. Audits later uncovered that more than a million dollars from the U.S. government were paying for the dangerous research. The bulk of the money was provided by USAID, not Dr. Fauci.
    USAID evaded the obligation to report this transaction to USAspending.gov by using multiple pass-through organizations, including the nefarious EcoHealth Alliance, which is now barred from receiving U.S. government grants.
    What was our international development agency developing at China’s Wuhan Institute of Virology? If the Central Intelligence Agency and Federal Bureau of Investigation are correct that the Covid virus likely originated from a lab leak, USAID may have had a hand in a once-in-a-century pandemic that claimed the lives of millions.
    There’s no shortage of other questionable USAID projects. More than $9 million intended for civilian food and medical supplies in Syria ended up in the hands of violent terrorists. Another $2 million was spent promoting tourism to Lebanon, a nation the State Department warns against traveling to due to the risks of terrorism, kidnapping and unexploded land mines.
    USAID spent millions of dollars paying people to dig irrigation ditches in Afghanistan and encouraging farmers to grow food crops instead of poppies for opium. The result: Poppy cultivation nearly doubled.
    Many other groups supported by USAID are doing great work, such as caring for orphans and people living with HIV. Imagine how much more good work could be supported with the dollars that instead ended up enriching terrorists, sex traffickers, mad scientists and drug cartels.
    After keeping its spending records hidden from Congress and taxpayers, USAID employees are now protesting the review of the agency’s records by President Trump’s Department of Government Efficiency. It’s no surprise that Washington insiders are more upset at DOGE for trying to stop wasteful spending than at USAID for misusing tax dollars.
    The question we should be asking isn’t why USAID’s grants are being scrutinized, but why it took so long.
    Ms. Ernst, an Iowa Republican, is founder and chairwoman of the Senate DOGE Caucus.

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Bill to Expand Child Care Access Advances

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – The Senate Committee on Small Business and Entrepreneurship passed a bipartisan bill to increase the availability of child care for small business owners and working families.
    The Small Business Child Care Investment Act led by Chair Joni Ernst (R-Iowa) and Senator Jacky Rosen (D-Nev.) would allow non-profit child care providers, including religious organizations, to participate in the Small Business Administration (SBA) loan programs.
    “One of the biggest pressures on working families is access to high-quality, affordable child care,” said Ernst. “By advancing this bill, we are one step closer to clearing the red tape and expanding options, especially in rural communities. Not only will it drive down costs for Iowans, but it will strengthen the workforce and make it easier for small businesses to hire and retain capable staff.”
    “The lack of affordable, quality child care options is hurting hardworking Nevada families and forcing them to make tough financial choices,” said Rosen. “That’s why I’ve been working across the aisle to pass my bipartisan bill to help lower costs by increasing access to affordable child care in our state. This legislation will help nonprofits, community organizations, churches, synagogues, and others to set up or expand child care centers, and I’m glad to see it advance out of committee today.”
    The Small Business Child Care Investment Act would:

    Ensure that qualified non-profit providers have equal access to key SBA loan options that allow providers to invest in and expand their operations;
    Create local jobs and give working families more options for affordable and quality child care; and
    Protect religiously-affiliated non-profit providers’ access to the larger and more flexible loan programs like 7(a) and 504 that can be used for real estate, construction, remodeling, and other expenses critical to maintaining and expanding high-quality child care operations.

    Background:
    Ernst has been a strong advocate for increasing access to affordable, high-quality child care in Iowa. 
    On her annual River to River Tour, Ernst routinely visits child care centers to understand the needs of Iowans and bring their voices to Washington.

    MIL OSI USA News –

  • MIL-OSI: ConnectM Publishes 2024 Impact Scorecard

    Source: GlobeNewswire (MIL-OSI)

    ~Ends 2024 With Triple Digit Growth Across All Electrification Metrics~

    MARLBOROUGH, Mass., Feb. 10, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (NASDAQ:CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today published its impact scorecard for the fourth quarter of 2024. Following the end of each quarter, ConnectM publishes its quarterly scorecard to provide the Company’s key electrification indicators which we use as internal operating performance measures. ConnectM determines its quarterly impact score metrics by aggregating data and behavioral analytics sourced from our Energy Intelligence Network and integrated artificial intelligence technology.

    Electrification Impact Scorecard for year-end 2024 (compared to year-end 2023)

    • 95.5 GWh of Electrification, an increase of 331% over last year and equivalent to 35,000 homes powered per day¹
    • 73,506 Metric Tons of Co2 Displaced, an increase of 391% over last year and equivalent to the amount of CO2 3.4 million trees can absorb in a year²
    • 6.7 Million Gallons of Fossil Fuel Displaced, an increase of 343% over last year and equivalent to driving around the world roughly 7,000 times³

    Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM, commented, “ConnectM’s 2024 impact scorecard reaffirms our unwavering commitment to accelerating the electrification economy. Our triple-digit growth across key metrics reflects the power of AI-driven insights and data intelligence in scaling cleaner, more efficient energy solutions. As we expand our technology’s reach, we remain focused on delivering measurable, sustainable impact for our customers, partners, and stakeholders.”

    About ConnectM Technology Solutions, Inc.
    ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

    For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.

    Contact:
    Investor Relations
    Dave Gentry, CEO
    RedChip Companies, Inc.
    1-407-644-4256
    CNTM@redchip.com

    ____________________
    ¹U.S. Energy Information Administration (EIA) – Assuming the average home uses about 30 kilowatt-hours per day.
    ²US Department of Agriculture
    ³Assumes 26 miles per gallon

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Fourth Quarter Highlights:

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

    Annual Highlights:

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

    Dividend Increase:

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

    President’s Message

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

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

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

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

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

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

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

    Andrew Phillips, President & CEO

    ACTIVITY ON PRAIRIESKY’S ROYALTY PROPERTIES

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

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

    ANNUAL DIVIDEND INCREASED 4% TO $1.04 PER SHARE

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

    2024 RESERVES INFORMATION

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

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

    2025 INVESTOR DAY

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

    NOTES AND REFERENCES

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

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

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

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

    FINANCIAL AND OPERATIONAL INFORMATION

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

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

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

    CONFERENCE CALL DETAILS

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

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

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

    FORWARD-LOOKING STATEMENTS

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

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

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

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

    CONVERSIONS OF NATURAL GAS TO BOE

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

    NON-GAAP MEASURES AND RATIOS

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

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

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

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

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

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

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

    ABOUT PRAIRIESKY ROYALTY LTD.

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

    FOR FURTHER INFORMATION PLEASE CONTACT:

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: HashiCorp to announce fourth quarter fiscal year 2025 financial results on March 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 10, 2025 (GLOBE NEWSWIRE) — HashiCorp, Inc. (NASDAQ: HCP), The Infrastructure Cloud™ company, today announced it will release financial results for the fourth quarter of its 2025 fiscal year, which ended January 31, 2025, after the U.S. markets close Thursday, March 6, 2025.

    In light of the pending transaction with IBM, HashiCorp will not be hosting an earnings conference call to review the results or providing a financial outlook.

    About HashiCorp

    HashiCorp is The Infrastructure Cloud™ company, helping organizations automate multi-cloud and hybrid environments with Infrastructure Lifecycle Management and Security Lifecycle Management. HashiCorp offers The Infrastructure Cloud on the HashiCorp Cloud Platform (HCP) for managed cloud services, as well as self-hosted enterprise offerings and community source-available products. The company is headquartered in San Francisco, California. For more information, visit hashicorp.com.

    Investor Contact
    ir@hashicorp.com

    Media & Analyst Contact
    Kate Lehman
    Senior Director, Corporate Communications
    media@hashicorp.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    FINANCIAL RESULTS

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

    CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION

    Prospect is declaring distributions to common shareholders as follows:

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

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

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

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

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

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

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

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

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

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

    PORTFOLIO UPDATE AND INVESTMENT ACTIVITY

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

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

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

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

    CAPITAL AND LIQUIDITY

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

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

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

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

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

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

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

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

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

    DIVIDEND REINVESTMENT PLAN

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

    HOW TO PARTICIPATE IN OUR DIVIDEND REINVESTMENT PLAN

    Shares held with a broker or financial institution

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

    Shares registered directly with our transfer agent

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

    EARNINGS CONFERENCE CALL

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

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

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

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

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

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

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

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

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

    PRIMARY ORIGINATION STRATEGIES

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

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

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

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

    About Prospect Capital Corporation

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

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

    Caution Concerning Forward-Looking Statements

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

    For additional information, contact:

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    PORTFOLIO AND INVESTMENT ACTIVITY

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

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

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

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

    PennantPark Senior Secured Loan Fund I LLC

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

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

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

    RESULTS OF OPERATIONS

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

    Investment Income

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

    Expenses

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

    Net Investment Income

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

    Net Realized Gains or Losses

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

    Unrealized Appreciation or Depreciation on Investments and Debt

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

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

    Net Change in Net Assets Resulting from Operations

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

    LIQUIDITY AND CAPITAL RESOURCES

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

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

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

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

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

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

    DISTRIBUTIONS

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

    RECENT DEVELOPMENTS

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

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

    AVAILABLE INFORMATION

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

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

    ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

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

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing $9.4 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami   and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

    FORWARD-LOOKING STATEMENTS AND OTHER

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

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

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

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

    The MIL Network –

  • MIL-OSI: Cipher Mining Announces Date of Fourth Quarter and Full Year 2024 Business Update Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced it will provide a business update and release its fourth quarter and full year 2024 financial results before U.S. markets open on Tuesday, February 25, 2025. Cipher will host a conference call and webcast that day at 8:00 a.m. Eastern Time.

    The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    About Cipher
    Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Contacts:
    Investor Contact:
    Courtney Knight
    Head of Investor Relations at Cipher Mining
    Courtney.knight@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

    The MIL Network –

  • MIL-OSI: iBio Reports Fiscal Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Feb. 10, 2025 (GLOBE NEWSWIRE) — iBio, Inc. (NYSEA:IBIO), today reported financial results for the second quarter ended Dec. 31, 2024, and provided a corporate update on its progress.

    “In our second fiscal quarter we further strengthened our leadership with key Board appointments, reinforcing our commitment to innovation and execution as we work to develop next-generation therapeutics,” said CEO and Chief Scientific Officer Dr. Martin Brenner, Ph.D. “Following more recent developments, we also want to highlight the significant strides we have made in advancing our preclinical pipeline with the in-licensing of potentially best-in-class IBIO-600, the notable discovery of a novel Activin E antibody, and the launch of a bispecific antibody program targeting myostatin/activin A. We are excited by the momentum we have built through these results and remain focused on leveraging our AI-driven platform as we aim to transform the treatment landscape for patients with cardiometabolic diseases and obesity, offering hope for more effective, targeted therapies addressing the underlying causes of these conditions while improving overall metabolic health and quality of life.”

    Fiscal Second Quarter 2025 & Recent Corporate Updates:

    • Discovered a novel antibody targeting activin E in collaboration with AstralBio, leveraging iBio’s Machine-Learning Antibody Engine to overcome significant technical challenges, demonstrating the platform’s ability to engineer innovative therapeutics potentially for cardiometabolic disease and obesity.
    • Expanded iBio’s cardiometabolic and obesity program with IBIO-600, the long-acting anti-myostatin antibody in-licensed from AstralBio in January. IBIO-600 was discovered by AstralBio through the use of iBio’s Machine-Learning Antibody Engine and was designed for subcutaneous administration with the potential for an extended half-life.
    • Initiated a bispecific antibody program targeting myostatin/activin A to promote weight loss, muscle preservation, and prevent weight regain with plans for clinical investigation in obesity and cardiometabolic disorders in 2026. The program leverages iBio’s Machine-Learning Antibody Engine as well as the technology of IBIO-600.
    • In January we further extended our cash runway with the closing of a private placement offering with members of our Board of Directors and Officers, underscoring their confidence and support in our strategy to advance as a clinical-stage biotech.

    Fiscal Second Quarter 2025 Financial Results:

    • Revenue of $0.2 million was reported for services provided to a collaborative partner during the quarter ended Dec. 31, 2024.
    • R&D and G&A expenses for the second quarter of fiscal 2025 totaled approximately $4.6 million as compared to $4.5 million in the same period of fiscal year 2024, an increase of approximately 3%. This slight increase is a result of additional spending on consumables supplies and research related activities offset by lower G&A personnel related costs, consulting fees and outside services spending. Net loss from continuing operations for the second quarter ended Dec. 31, 2024, was approximately $4.4 million, or $0.48 per share, compared to a net loss of approximately $4.5 million, or $2.42 per share, in the same period of fiscal 2024.
    • Cash, cash equivalents and restricted cash as of Dec. 31, 2024, was approximately $7.2 million, inclusive of $0.2 million of restricted cash.

    About iBio, Inc.

    iBio (NYSEA: IBIO) is a cutting-edge biotech company leveraging AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic diseases, obesity, cancer and other hard-to-treat diseases. By combining proprietary 3D modeling with innovative drug discovery platforms, iBio is creating a pipeline of breakthrough antibody treatments to address significant unmet medical needs. Our mission is to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine.  For more information, visit www.ibioinc.com or follow us on LinkedIn.

    Safe Harbor Statement

    Any statements contained in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include statements regarding the potential for IBIO-600 to be best-in-class; leveraging iBio’s AI-driven platform to transform the treatment landscape for patients with cardiometabolic diseases and obesity, offering hope for more effective, targeted therapies addressing the underlying causes of these conditions while improving overall metabolic health and quality of life; IBIO-600’s potential for an extended half-life; iBio’s clinical investigation in obesity and cardiometabolic disorders in 2026; advancing as a clinical-stage biotech; the creation of a pipeline of breakthrough antibody treatments to address significant unmet medical needs; and transforming drug discovery, accelerating development timelines, and unlocking new possibilities in precision medicine… Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including iBio’s ability to -leverage its AI-driven platform to transform the treatment landscape for patients with cardiometabolic diseases and obesity with more effective, targeted therapies addressing the underlying causes of these conditions while improving overall metabolic health and quality of life; extend the half-life of IBIO-600; advance as a clinical-stage biotech and commence a clinical investigation in obesity and cardiometabolic disorders in 2026; create a pipeline of breakthrough antibody treatments to address significant unmet medical needs; and transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine the ability to advance iBio’s internal pipeline priorities in immuno-oncology and cardiometabolics, and drive partnerships in new therapeutic areas, the ability to finance when needed and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended Juen 30, 2024, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, iBio, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

    Corporate Contact:

    iBio, Inc.
    Investor Relations
    ir@ibioinc.com

    Media Contacts:

    Ignacio Guerrero-Ros, Ph.D., or David Schull
    Russo Partners, LLC
    Ignacio.guerrero-ros@russopartnersllc.com
    David.schull@russopartnersllc.com
    (858) 717-2310 or (646) 942-5604

    The MIL Network –

  • MIL-OSI: SPS Commerce Reports Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Company delivers 96th consecutive quarter of topline growth

    Fourth quarter 2024 revenue grew 18% and recurring revenue grew 19% from the fourth quarter of 2023

    MINNEAPOLIS, Feb. 10, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the fourth quarter and year ended December 31, 2024.

    Financial Highlights

    Fourth Quarter 2024 Financial Highlights

    • Revenue was $170.9 million in the fourth quarter of 2024, compared to $145.0 million in the fourth quarter of 2023, reflecting 18% growth.
    • Recurring revenue grew 19% from the fourth quarter of 2023.
    • Net income was $17.6 million or $0.46 per diluted share, compared to net income of $19.0 million or $0.51 per diluted share in the fourth quarter of 2023.
    • Non-GAAP income per diluted share was $0.89, compared to non-GAAP income per diluted share of $0.75 in the fourth quarter of 2023.
    • Adjusted EBITDA for the fourth quarter of 2024 increased 18% to $49.6 million compared to the fourth quarter of 2023.

    Fiscal Year 2024 Financial Highlights

    • Revenue was $637.8 million for the year ended December 31, 2024, compared to $536.9 million for the year ended December 31, 2023, reflecting 19% growth.
    • Recurring revenue grew 20% from the year ended December 31, 2023.
    • Net income was $77.1 million or $2.04 per diluted share for the year ended December 31, 2024, compared to net income of $65.8 million or $1.76 per diluted share for the comparable period in 2023, reflecting 17% growth in year-over-year net income.
    • Non-GAAP income per diluted share was $3.48, compared to non-GAAP income per diluted share of $2.85 in the year ended December 31, 2023.
    • Adjusted EBITDA for the year ended December 31, 2024 increased 18% to $186.6 million compared to the year ended December 31, 2023.

    “We are pleased with what we have accomplished in 2024, and I would like to congratulate SPS Commerce employees for their unwavering commitment to excellence and exceptional understanding of the retail supply chain,” said Chad Collins, CEO of SPS Commerce. “With the depth and breadth of solutions we offer today, we are uniquely positioned to support all trading relationships and continue growing our network to move the world of commerce forward.”

    “We believe that SPS’ leading retail network and competitive product portfolio position us well to continue on our profitable growth trajectory,” said Kim Nelson, CFO of SPS Commerce.

    Guidance*

    First Quarter 2025 Guidance

    • Revenue is expected to be in the range of $178.5 million to $180.0 million, representing 19% to 20% year-over-year growth.
    • Net income per diluted share is expected to be in the range of $0.39 to $0.41, with fully diluted weighted average shares outstanding of 38.7 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $0.82 to $0.84.
    • Adjusted EBITDA is expected to be in the range of $49.5 million to $50.5 million.
    • Non-cash, share-based compensation expense is expected to be $15.0 million, depreciation expense is expected to be $5.4 million, and amortization expense is expected to be $9.2 million.

    Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $758.0 million to $763.0 million, representing 19% to 20% growth over 2024.
    • Net income per diluted share is expected to be in the range of $1.93 to $1.99, with fully diluted weighted average shares outstanding of 38.9 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $3.78 to $3.84.
    • Adjusted EBITDA is expected to be in the range of $227.5 million to $231.0 million, representing 22% to 24% growth over 2024.
    • Non-cash, share-based compensation expense is expected to be $63.0 million, depreciation expense is expected to be $23.5 million, and amortization expense is expected to be $39.8 million.

    *Inclusive of the expected results of the Carbon6 acquisition

    The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.

    Quarterly Conference Call

    To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q4 2024 conference call. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

    About SPS Commerce

    SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 45,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 96 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

    SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries. 

    SPS-F

    Use of Non-GAAP Financial Measures

    To supplement our consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.

    Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

    These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

    Adjusted EBITDA Measures:

    Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Other adjustments for the year ended December 31, 2024 included the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs. Other adjustments for the year ended December 31, 2023 included the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs. Net income is the comparable GAAP measure of financial performance.

    Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

    Non-GAAP Income Per Share Measure:

    Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the year ended December 31, 2024 the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs, and for the year ended December 31, 2023 the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the first quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

     
     
    SPS COMMERCE, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited; in thousands, except shares)
     
      December 31,
    2024    		   December 31,
    2023
    ASSETS      
    Current assets      
    Cash and cash equivalents $         241,017     $         219,081  
    Short-term investments           —               56,359  
    Accounts receivable           56,214               50,160  
    Allowance for credit losses           (4,179 )             (3,320 )
    Accounts receivable, net           52,035               46,840  
    Deferred costs           65,342               62,403  
    Other assets           23,513               16,758  
    Total current assets           381,907               401,441  
    Property and equipment, net           37,547               36,043  
    Operating lease right-of-use assets           8,192               7,862  
    Goodwill           399,180               249,176  
    Intangible assets, net           181,294               107,344  
    Other assets      
    Deferred costs, non-current           20,572               20,347  
    Deferred income tax assets           505               505  
    Other assets, non-current           2,033               1,126  
    Total assets $         1,031,230     $         823,844  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable $         8,577     $         7,420  
    Accrued compensation           47,160               41,588  
    Accrued expenses           12,108               8,014  
    Deferred revenue           74,256               69,187  
    Operating lease liabilities           4,583               4,460  
    Total current liabilities           146,684               130,669  
    Other liabilities      
    Deferred revenue, non-current           6,189               6,930  
    Operating lease liabilities, non-current           7,885               9,569  
    Deferred income tax liabilities           15,541               8,972  
    Other liabilities, non-current           241               229  
    Total liabilities           176,540               156,369  
    Commitments and contingencies      
    Stockholders’ equity      
    Common stock           40               39  
    Treasury stock           (99,748 )             (128,892 )
    Additional paid-in capital           627,982               537,061  
    Retained earnings           336,099               259,045  
    Accumulated other comprehensive gain (loss)           (9,683 )             222  
    Total stockholders’ equity           854,690               667,475  
    Total liabilities and stockholders’ equity $         1,031,230     $         823,844  
     
    SPS COMMERCE, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited; in thousands, except per share amounts)
     
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024       2023       2024       2023  
    Revenues $         170,907     $         144,965     $         637,765     $         536,910  
    Cost of revenues           55,585               49,040               210,714               182,069  
    Gross profit           115,322               95,925               427,051               354,841  
    Operating expenses              
    Sales and marketing           39,220               33,214               148,920               122,936  
    Research and development           17,142               14,216               62,809               53,654  
    General and administrative           26,354               20,612               102,929               84,887  
    Amortization of intangible assets           7,862               4,998               23,510               16,116  
    Total operating expenses           90,578               73,040               338,168               277,593  
    Income from operations           24,744               22,885               88,883               77,248  
    Other income (expense), net           (373 )             3,456               10,593               8,315  
    Income before income taxes           24,371               26,341               99,476               85,563  
    Income tax expense           6,812               7,330               22,422               19,739  
    Net income $         17,559     $         19,011     $         77,054     $         65,824  
                   
    Net income per share              
    Basic $         0.47     $         0.52     $         2.07     $         1.80  
    Diluted $         0.46     $         0.51     $         2.04     $         1.76  
                   
    Weighted average common shares used to compute net income per share              
    Basic           37,646               36,831               37,306               36,646  
    Diluted           38,133               37,640               37,856               37,475  
     
    SPS COMMERCE, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited; in thousands)
     
      Twelve Months Ended
    December 31,
        2024       2023  
    Cash flows from operating activities      
    Net income $         77,054     $         65,824  
    Reconciliation of net income to net cash provided by operating activities      
    Deferred income taxes           (9,786 )             (10,079 )
    Depreciation and amortization of property and equipment           18,721               18,631  
    Amortization of intangible assets           23,510               16,116  
    Provision for credit losses           7,683               5,707  
    Stock-based compensation           54,557               45,508  
    Other, net           577               2,415  
    Changes in assets and liabilities, net of effects of acquisitions      
    Accounts receivable           (9,653 )             (11,949 )
    Deferred costs           (3,120 )             (10,724 )
    Other assets and liabilities           (7,313 )             1,834  
    Accounts payable           796               (3,947 )
    Accrued compensation           1,434               7,143  
    Accrued expenses           4,115               1,302  
    Deferred revenue           728               6,464  
    Operating leases           (1,905 )             (1,947 )
    Net cash provided by operating activities           157,398               132,298  
    Cash flows from investing activities      
    Purchases of property and equipment           (20,046 )             (19,761 )
    Purchases of investments           (85,759 )             (133,994 )
    Maturities of investments           143,275               131,331  
    Acquisition of businesses, net           (147,924 )             (70,218 )
    Net cash used in investing activities           (110,454 )             (92,642 )
    Cash flows from financing activities      
    Repurchases of common stock           (37,567 )             —  
    Net proceeds from exercise of options to purchase common stock           4,714               9,856  
    Net proceeds from employee stock purchase plan activity           9,827               8,114  
    Payments for contingent consideration           —               (2,000 )
    Net cash provided by (used in) financing activities           (23,026 )             15,970  
    Effect of foreign currency exchange rate changes           (1,982 )             562  
    Net increase in cash and cash equivalents           21,936               56,188  
    Cash and cash equivalents at beginning of period           219,081               162,893  
    Cash and cash equivalents at end of period $         241,017     $         219,081  
     
     
     
    SPS COMMERCE, INC.
    NON-GAAP RECONCILIATIONS
    (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)
    Adjusted EBITDA
      Three Months Ended   Twelve Months Ended
    December 31, December 31,
        2024       2023       2024       2023  
    Net income $ 17,559     $ 19,011     $ 77,054     $ 65,824  
    Income tax expense   6,812       7,330       22,422       19,739  
    Depreciation and amortization of property and equipment   4,711       4,667       18,721       18,631  
    Amortization of intangible assets   7,862       4,998       23,510       16,116  
    Stock-based compensation expense   12,293       9,411       54,557       45,508  
    Realized (gain) loss from investments held and foreign currency impact on cash and investments   2,521       (1,201 )     (115 )     (1,726 )
    Investment income   (2,205 )     (2,287 )     (10,582 )     (7,660 )
    Other   86       28       1,064       1,198  
    Adjusted EBITDA $ 49,639     $ 41,957     $ 186,631     $ 157,630  
                   
    Adjusted EBITDA Margin
      Three Months Ended   Twelve Months Ended
    December 31, December 31,
       2024    2023    2024    2023
    Revenue $ 170,907       $ 144,965       $ 637,765       $ 536,910    
                   
    Net income   17,559         19,011         77,054         65,824    
    Margin   10   %     13   %     12   %     12   %
                   
    Adjusted EBITDA   49,639         41,957         186,631         157,630    
    Adjusted EBITDA Margin   29   %     29   %     29   %     29   %
                   
    Non-GAAP Income per Share
      Three Months Ended   Twelve Months Ended
    December 31, December 31,
        2024       2023       2024       2023  
    Net income $ 17,559     $ 19,011     $ 77,054     $ 65,824  
    Stock-based compensation expense   12,293       9,411       54,557       45,508  
    Amortization of intangible assets   7,862       4,998       23,510       16,116  
    Realized (gain) loss from investments held and foreign currency impact on cash and investments   2,521       (1,201 )     (115 )     (1,726 )
    Other   86       28       1,064       1,198  
    Income tax effects of adjustments   (6,371 )     (3,906 )     (24,505 )     (19,983 )
    Non-GAAP income $ 33,950     $ 28,341     $ 131,565     $ 106,937  
                   
    Shares used to compute net income and non-GAAP income per share              
    Basic   37,646       36,831       37,306       36,646  
    Diluted   38,133       37,640       37,856       37,475  
                   
    Net income per share, basic $ 0.47     $ 0.52     $ 2.07     $ 1.80  
    Non-GAAP adjustments to net income per share, basic   0.43       0.25       1.46       1.12  
    Non-GAAP income per share, basic $ 0.90     $ 0.77     $ 3.53     $ 2.92  
                   
    Net income per share, diluted $ 0.46     $ 0.51     $ 2.04     $ 1.76  
    Non-GAAP adjustments to net income per share, diluted   0.43       0.24       1.44       1.09  
    Non-GAAP income per share, diluted $ 0.89     $ 0.75     $ 3.48     $ 2.85  
                   
    The annual per share amounts may not cross-sum due to rounding.
                   

    Contact:
    Investor Relations
    The Blueshirt Group
    Irmina Blaszczyk & Lisa Laukkanen
    SPSC@blueshirtgroup.com
    415-217-4962

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    ________________________
           * excludes U.S. Government Securities

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

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

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

    PORTFOLIO AND INVESTMENT ACTIVITY 

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

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

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

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

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

    PennantPark Senior Loan Fund, LLC

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

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

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

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

    RESULTS OF OPERATIONS

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

    Investment Income

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

    Expenses

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

    Net Investment Income

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

    Net Realized Gains or Losses

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

    Unrealized Appreciation or Depreciation on Investments and Debt

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

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

    Net Change in Net Assets Resulting from Operations

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

    LIQUIDITY AND CAPITAL RESOURCES

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

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

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

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

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

    DISTRIBUTIONS

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

    RECENT DEVELOPMENTS

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

    AVAILABLE INFORMATION

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

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

    ABOUT PENNANTPARK INVESTMENT CORPORATION

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

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing $9.4 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

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

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

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

    The MIL Network –

  • MIL-OSI USA: Stephanie Getty: Exploring the Universe with Curiosity and Wonder

    Source: NASA

    Name: Dr. Stephanie Getty
    Title: Director of the Solar System Exploration Division, Sciences and Exploration Directorate and Deputy Principal Investigator of the DAVINCI Mission
    Formal Job Classification: Planetary scientist
    Organization: Solar System Exploration Division, Sciences and Exploration Directorate (Code 690)

    What do you do and what is most interesting about your role here at Goddard? How do you help support Goddard’s mission?
    As the Director of the Solar System Exploration Division, I work from a place of management to support our division’s scientists. As the deputy principal investigator of the DAVINCI (Deep Atmosphere Venus Investigation of Noble gases, Chemistry, and Imaging) mission, I work with the principal investigator to lead the team in implementing this mission to study the atmosphere of Venus.
    I love that I get to work from a place of advocacy in support of my truly excellent, talented colleagues. I get to think strategically to make the most of opportunities and do my best to overcome difficulties for the best possible future for our teams. It’s also a fun challenge that no two days are ever the same!
    Why did you become a planetary scientist?
    In school, I had a lot of interests and space was always one of them. I also loved reading, writing, math, biology, and chemistry. Being a planetary scientist touches on all of these.
    My dad inspired me become a scientist because he loved his telescope and photography including of celestial bodies. We watched Carl Sagan’s “Cosmos” often.
    I grew up in southeastern Florida, near Fort Lauderdale. I have a B.S. and Ph.D. in physics from the University of Florida.  
    How did you come to Goddard?

    I had a post-doctoral fellowship in the physics department at the University of Maryland, and a local connection and a suggestion from my advisor led me to Goddard in 2004.
    What is most important to you as director of the Solar System Exploration Division, Sciences and Exploration Directorate?
    My goal is to provide a supportive environment for our incredibly talented science community in the Division to thrive, to push discovery forward and improve the understanding of our solar system. It’s a priority to encourage effective and open communication. I really try to value the whole person, recognizing that each of us is three-dimensional, with full personal lives. The people create the culture that allows our scientists to thrive and explore.
    What are your goals as deputy principal investigator of the DAVINCI mission?
    DAVINCI’s goal is to fill long-standing gaps about Venus, including whether it looked more like Earth in the past. Our energetic team brings together science, engineering, technology, project management, and business acumen to build a multi-element spacecraft that will explore Venus above the clouds, and during an hour-long descent through the atmosphere into the searingly hot and high pressure deep layers of the atmosphere near the surface. We hope to launch in June 2029.
    What is your proudest accomplishment at Goddard?
    I am pleased and proud to be deputy principal investigator on a major mission proposal that now gets to fly. It is an enormous privilege to be entrusted as part of the leadership team to bring the first probe mission back to Venus in over four decades.
    What makes Goddard’s culture effective?
    Goddard’s culture is at its best when we collectively appreciate how each member of the organization works towards solving our problems. The scientists appreciate the hard, detailed work that the engineers do to make designs. The engineers and project managers are energized by the fundamental science questions that underlie everything we do. And we have brilliant support staff that keeps our team organized and focused.

    What goes through your mind when you think about which fundamental science question to address and how?
    A lot of the research I have done, including my mission work, has been inspired by the question of how life originates, how life originated on Earth, and whether there are or have been other environments in the solar system that could have ever supported life. These questions are profound to any human being. My job allows me to work with incredibly talented teams to make scientific progress on these questions.
    It is really humbling.
    Who inspired you?
    My 10th grade English teacher encouraged us to connect with the natural world and to write down our experiences. Exploring the manifestations of nature connects with the way I approach my small piece of exploring the solar system. I really love the writing parts of my job, crafting the narrative around the science we do and why it is important.
    As a mentor, what is the most important lesson you give?
    A successful career should reflect both your passion and natural abilities. Know yourself. What feels rewarding to you is important. Learn how to be honest with yourself and let yourself be driven by curiosity.
    Our modern lives can be very noisy at work and at home. It can be hard to filter through what is and is not important. Leaving space to connect with the things that satisfy your curiosity can be one way to make the most of the interconnectivity and complexity of life.
    Curiosity not only connects us to the natural world, but also to each other. Curiosity is a defining characteristic of a good scientist, never losing a sense of wonder.
    I’m looking out my window as we talk. When I can, I try to make time to pause to reflect on how beautiful and special our own planet is.
    What are your hobbies?
    I love hiking with my kids. Walking through the woods puts me in the moment and clears my mind better than anything else. It gives my brain a chance to relax. Nature gives perspective, it reminds me that I am part of something bigger. Walking in the woods gives me a chance to pause, for example, to notice an interesting rock formation, or watch a spider spinning an impressive web, or spot a frog trying to camouflage itself in a pond, and doing this with my children is my favorite pastime. 
    Where is your favorite place in the world?
    Any campsite at dusk with a fire going and eating s’mores with my family.

    Conversations With Goddard is a collection of Q&A profiles highlighting the breadth and depth of NASA’s Goddard Space Flight Center’s talented and diverse workforce. The Conversations have been published twice a month on average since May 2011. Read past editions on Goddard’s “Our People” webpage.
    By Elizabeth M. JarrellNASA’s Goddard Space Flight Center, Greenbelt, Md.

    MIL OSI USA News –

  • MIL-OSI Security: Two convicted in Eastern District of Texas COVID fraud scheme

    Source: Office of United States Attorneys

    SHERMAN, Texas – A Collin County man and a Floridian have been convicted of federal violations related to a COVID fraud scheme in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Cord Dean Newman, 47, of Homosassa, Florida, and Eric “Phoenix” Marascio, 53, of Allen, were found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering following a four-day trial before U.S. District Judge Jeremy D. Kernodle on February 6, 2025.

    According to information presented in court, Newman, a Hollywood stuntman, and Marascio, an author and baker, were convicted for their involvement in a multimillion-dollar loan fraud and money laundering conspiracy. The evidence at trial showed they were involved in a scheme to defraud lenders and the Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP) by applying for and obtaining fraudulent PPP loans during the COVID-19 pandemic.  Once Newman and Marascio obtained the loans, they used the funds in a manner inconsistent with the program, including to invest in foreign exchange currency markets, to purchase vehicles, and for various other non-business-related expenditures.

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act was a federal law enacted in March 2020 and designed to provide emergency financial assistance to the millions of Americans who were suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of forgivable loans to small businesses for job retention and certain other expenses, through a program referred to as the Paycheck Protection Program (PPP).  The Economic Injury Disaster Loan (EIDL) Program was an SBA program that provided low-interest financing to small businesses, renters, and homeowners in regions affected by declared disasters. 

    The defendants each face up to 20 years in federal prison at sentencing.  The maximum statutory sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors.  A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.

    This case is being investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigations.  This case is being prosecuted by Assistant U.S. Attorneys in the Eastern District of Texas.

    ###

    MIL Security OSI –

  • MIL-OSI: F&M Bank Welcomes Peter Schork as Market President for Toledo, OH & Birmingham, MI

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced that Peter Schork has joined F&M as Market President of the Toledo, Ohio and Birmingham, Michigan markets.

    Lars Eller, President and CEO of F&M stated, “As a proven community banker, Peter brings a wealth of experience to F&M. His leadership, deep market knowledge, and commitment to building strong relationships will be an invaluable resource to F&M as we continue to grow and serve our communities. We look forward to the impact he will make in driving success for our customers, employees, and stakeholders.”

    In his new role, Peter will oversee F&M’s presence in the Toledo, Ohio, and Birmingham, Michigan markets, including offices in Waterville, Swanton, Perrysburg, Sylvania, and Downtown Toledo, as well as F&M’s Loan Production Office in Troy and its Birmingham, Michigan location.

    Peter brings over 25 years of banking and financial experience to F&M. Prior to joining the Company, he served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank serving as its President and CEO. In addition to his community bank experience, Peter was the CFO at Catalyst Commercial Real Estate, and the President of a Michigan based title, mortgage, and real estate company. In addition to his business experience, Peter is a proud supporter of various community organizations. Currently he serves on the Michigan Theater Board of Trustees, is a member of the Ray and Eleanor Cross Foundation and the Kiwanis Club of Ann Arbor and is a Board Member and Treasurer for the Homeless/Unhoused Mission. Peter holds a Master of Business Administration (M.B.A.) with a specialization in Finance from Eastern Michigan University.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: 
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Investor and Media Contact:
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com
       

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e11179be-cf20-449e-9416-ca1e8ff1fd2f

    The MIL Network –