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Category: GlobeNewswire

  • 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: MARA Holdings, Inc. Announces Postponement of Special Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    Fort Lauderdale, FL, Feb. 10, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a global leader in leveraging digital asset compute to support the energy transformation, today announced that its Special Meeting of Stockholders (the “Special Meeting”), which was originally scheduled to be held on February 11, 2025, has been postponed. The Special Meeting is now scheduled to be held virtually, via live webcast at web.lumiconnect.com/266814323, on Wednesday, February 19, 2025 at 8:30 a.m. PST / 11:30 a.m. EST. The record date for the Special Meeting, January 17, 2025, is unchanged and applies to the postponed Special Meeting.

    The Special Meeting has been postponed to provide the Company’s stockholders with additional time to vote in order to facilitate broader participation. The Company’s Board of Directors unanimously recommends that you vote FOR the proposals identified in the Company’s proxy statement for the Special Meeting. Stockholders who have already cast their votes do not need to take any action, unless they wish to change or revoke their prior proxy or voting instructions, and their votes will be counted at the postponed Special Meeting. For stockholders who have not yet cast their votes, we urge them to vote their shares now, so they can be tabulated prior to the postponed Special Meeting.

    Important Additional Information

    The Company has filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”) on January 21, 2025 (the “Proxy Statement”), which should be read in conjunction with this notice. To the extent information in this notice updates or conflicts with information contained in the Proxy Statement, the information in this notice is the more current information. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Stockholders may obtain a free copy of the Proxy Statement and the other relevant materials, and any other documents filed by the Company with the SEC, at the SEC’s website at https://www.sec.gov or on the “SEC Filings” section of the Company’s website at https://www.mara.com.

    About MARA

    MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

    Forward-Looking Statements

    Statements 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” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to quorum at the Special Meeting and the timing of the Special Meeting. 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. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to quorum at the Special Meeting, receipt of stockholder approval of the proposals presented at the Special Meeting and the other factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2024, as amended on May 24, 2024, the “Risk Factors” section of MARA’s Quarterly Report on Form 10-Q filed with the SEC on August 1, 2024, the “Risk Factors” section of MARA’s Quarterly Report on Form 10-Q filed with the SEC on November 12, 2024 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com

    The MIL Network –

  • MIL-OSI: PURE WALLET: The World’s First ISO-Certified Offline Blockchain Wallet By Pure Wallet LLC & NS Lab

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, Feb. 10, 2025 (GLOBE NEWSWIRE) — Pure Wallet LLC is pleased to announce the introduction of its new blockchain transaction system, which utilizes patented offline technology to facilitate decentralized digital payments and asset storage. The system is designed to address several challenges associated with traditional blockchain transactions, including dependency on internet connectivity, gas fees, and reliance on hardware-based cold storage solutions.

    At its core, Pure Wallet’s technology provides an alternative approach by enabling users to conduct transactions without an active internet connection, a feature intended to extend the accessibility of blockchain services to areas with limited connectivity. In addition, the platform eliminates gas fees, significantly reducing transaction costs for frequent users. The solution has been developed to offer a high level of security, supported by ISO 27001 certification, while removing the need for dedicated hardware devices commonly required by conventional cold storage systems.

    According to the company, Pure Wallet’s system is engineered to simplify blockchain transactions while maintaining robust security measures. This approach may offer an alternative to established cold storage providers in a market that has traditionally depended on hardware solutions from companies such as Ledger and Trezor. With its streamlined design and focus on operational efficiency, Pure Wallet aims to provide a practical method for managing digital assets, particularly in environments where access to the internet is intermittent or unavailable.

    Revolutionizing Blockchain Payments & Cold Storage

    Pure Wallet overcomes the major limitations of blockchain payments—gas fees, slow speeds, and reliance on the internet. With its revolutionary security, cost-efficiency, and offline functionality, it is poised to disrupt both the payments and cold storage markets, making blockchain transactions truly practical for everyday use.

    Designed for ease of use, Pure Wallet offers a straightforward transaction experience, eliminating the delays and costs often encountered in conventional blockchain operations. By removing common barriers, the platform could enable broader adoption of blockchain technology, particularly for microtransactions. The company anticipates that its solution will be of interest to both end-users and investors, contributing to the evolution of digital asset management.

    For Further Details, Please Visit: https://Purewallet.ai.  

    About Pure Wallet LLC

    Pure Wallet LLC is a technology firm dedicated to advancing decentralized digital transactions and secure asset storage. Founded by Andrew Cha and Dr. Dong Seong Kim, the founder and CEO of NS Lab, the company has developed a blockchain solution that leverages patented offline transaction technology and ISO 27001-certified security protocols. The platform is designed to provide cost-effective, secure, and user-friendly blockchain transactions without the limitations of traditional hardware-dependent systems.

    https://purewallet.ai/  

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • 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: Flow Capital Announces Performance Stock Unit Grant

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 10, 2025 (GLOBE NEWSWIRE) — Flow Capital Corp. (TSXV:FW) (“Flow Capital”) has announced the issuance of 100,000 new Performance Stock Units (PSU’s) to certain officers of the Company under its omnibus long term incentive plan.  The PSU’s will vest upon the attainment of certain performance criteria including certain levels of share price and certain levels of free cash flow.

    About Flow Capital 

    Flow Capital Corp. is a publicly listed growth venture debt lender dedicated to supporting high-growth companies. Since its inception in 2018, the Company has provided financing to businesses in the U.S., the U.K., and Canada, helping them achieve accelerated growth without the dilutive impact of equity financing or the complexities of traditional bank loans. Flow Capital focuses on revenue-generating companies seeking $2 to $10 million in capital to drive their continued expansion. For more information on Flow Capital, please visit  www.flowcap.com.

    For further information, please contact:

    Flow Capital Corp.

    Alex Baluta
    ‎Chief Executive Officer
    ‎alex@flowcap.com

    47 Colborne Street, Suite 303,
    ‎Toronto, Ontario M5E 1P8

    Forward-Looking Information and Statements

    Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of Flow or the industry to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof. Flow assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.

    The MIL Network –

  • 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: Beneficient Announces Third Quarter Fiscal 2025 Earnings Release and Webcast

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 10, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, announced that it will release its Third Quarter Fiscal 2025 financial results on Thursday, February 13, 2025. Beneficient will host a webcast to present the results on Thursday, February 13, 2025 at 8:30 a.m. Eastern Standard Time.

    To listen to the webcast please visit the Beneficient investor relations website at shareholders.trustben.com at least ten minutes prior to the scheduled start time to register.

    A replay of the webcast will be available on the Company’s website shortly after the initial presentation.

    About Beneficent

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

    For more information, visit www.trustben.com or follow us on LinkedIn.

    Contacts
    Matt Kreps 214-597-8200 mkreps@darrowir.com
    Michael Wetherington 214-284-1199 mwetherington@darrowir.com
    investors@beneficient.com  

    Forward-Looking Statements

    This communication includes forward-looking statements as defined under U.S. federal securities laws. Forward-looking statements include all statements that are not historical statements of fact, including related to statements about our plans, expectations and objectives with respect to the results of any legal or regulatory proceedings. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

    Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this release. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents we file with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    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: 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

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    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: Astera Labs Announces Financial Results for the Fourth Quarter of Fiscal Year 2024

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Fourth Quarter of Fiscal 2024 Financial Highlights

    GAAP Financial Results:  

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

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

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

    Full Year Fiscal 2024 Financial Highlights

    GAAP Financial Results:  

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

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

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

    Full Year Fiscal 2024 Business Highlights

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

    First Quarter of Fiscal 2025 Financial Outlook

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

    GAAP Financial Outlook:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    ____________________

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

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

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

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

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

      

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

    ____________________

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


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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    PORTFOLIO AND INVESTMENT ACTIVITY

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

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

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

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

    PennantPark Senior Secured Loan Fund I LLC

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

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

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

    RESULTS OF OPERATIONS

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

    Investment Income

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

    Expenses

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

    Net Investment Income

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

    Net Realized Gains or Losses

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

    Unrealized Appreciation or Depreciation on Investments and Debt

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

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

    Net Change in Net Assets Resulting from Operations

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

    LIQUIDITY AND CAPITAL RESOURCES

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

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

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

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

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

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

    DISTRIBUTIONS

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

    RECENT DEVELOPMENTS

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

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

    AVAILABLE INFORMATION

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

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

    ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

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

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

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

    FORWARD-LOOKING STATEMENTS AND OTHER

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

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

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

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

    The MIL Network –

  • MIL-OSI: 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: 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 –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 10.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    10 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 10.02.2025

    Espoo, Finland – On 10 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,400,000 4.72
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,400,000 4.72

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 10 February 2025 was EUR 6,611,080. After the disclosed transactions, Nokia Corporation holds 243,703,874 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: BioAstra Unveils “Twin Astra”: Pioneering Deep-Space Medical Research Program Set to Transform Space Exploration and Earth-Based Medicine

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — BioAstra, a pioneering force in space medicine and biotechnology, is set to revolutionize human health with the launch of Twin Astra—a first-of-its-kind deep-space research initiative poised to transform space exploration and medical advancements on Earth.

    The program will be officially unveiled on Thursday, February 20, 2025, at The Explorers Club in New York City, bringing together top minds in space, science, and biotechnology.

    About Twin Astra

    Twin Astra is designed to unlock critical insights into human health through space-based research, driving breakthroughs that will impact both astronauts and Earth-based medicine. The program focuses on:

    • Twin Studies in Space: By studying genetically identical twins—one on Earth, the other in space—scientists will map the molecular, genetic, and physiological shifts caused by space travel.
    • Medical Breakthroughs: This research will accelerate advancements in precision medicine, aging, cancer treatment, and regenerative therapies.
    • Space Exploration & Human Resilience: The findings will pave the way for safer, long-duration space missions to the Moon, Mars, and beyond.

    “By harnessing space as a biomedical testing ground, Twin Astra will redefine our understanding of human resilience in extreme environments,” said Professor Chris Mason, BioAstra Board Chair. “This research is crucial for protecting astronauts and unlocking medical discoveries that will benefit life on Earth and beyond.”

    Launch Event: February 20, 2025

    This exclusive gathering will unite astronauts, biotech leaders, philanthropists, investors, and innovators to explore the program’s groundbreaking potential.

    “Twin Astra represents the next frontier of biomedical discovery,” said Savi Glowe, BioAstra CEO. “By pushing the limits of human biology in space, we are opening doors to new treatments, technologies, and insights that will redefine healthcare for generations to come.”

    Event Highlights:

    • Speakers:
      • Dr. Sian Proctor, Inspiration4 Astronaut
      • John Shoffner, Axiom-2 Astronaut
      • Savi Glowe, BioAstra CEO
      • Professor Chris Mason, BioAstra Board Chair & Renowned Genomics Expert

    Event Details:

    Be part of this landmark event, where astronauts, investors, biotech leaders, and medical innovators will unveil Twin Astra’s bold vision.

    Limited seats available – RSVP today.

    Date: Thursday, February 20
    Time: 6:00 PM – 8:00 PM
    Location: The Explorers Club, 46 East 70th Street, New York

    RSVP Required: michal@bioastra.org
    Investor Inquiries: michal@bioastra.org
    Website: www.bioastra.org

    The MIL Network –

  • MIL-OSI: Willis Lease Finance Corporation Announces Timing of Fourth Quarter and Full Year 2024 Earnings and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Feb. 10, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC”) plans to announce its financial results for the fourth quarter and full year 2024 on Monday, March 10, 2025.

    WLFC plans to hold a conference call led by members of WLFC’s executive management team on Monday, March 10, 2025, at 10:00 a.m. Eastern Standard Time to discuss its fourth quarter and full year 2024 results. Individuals wishing to participate in the conference call should dial: US and Canada (877) 612-6725, International +1 (646) 828-8082, wait for the conference operator and provide the operator with the Conference ID 808553. A digital replay will be available two hours after the completion of the conference call. To access the replay, please visit our website at www.wlfc.global under the Investor Relations section for details.

    A copy of this press release and an earnings supplement will be posted to the Investor Relations section of the Company’s website, www.wlfc.global, prior to the call.

    Willis Lease Finance Corporation

    Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

     CONTACT: Scott B. Flaherty
      Executive Vice President & Chief Financial Officer
      sflaherty@willislease.com 
      561.413.0112

    The MIL Network –

  • MIL-OSI: EMGS reports fourth quarter 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the fourth quarter of 2024 are attached.

    Summary:

    * The Company recorded revenues of USD 9.7 million, up from USD 1.1 million in the fourth quarter of 2023.

    * Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 7.9 million, up from negative USD 1.7 million in the fourth quarter of 2023.

    * Free cash decreased with USD 4.1 million during the quarter, to USD 9.1 million.

    A pre-recorded presentation will be available over the internet from 20:00 (local time Norway) today. To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.

    Contact
    Anders Eimstad, Chief Financial Officer, +47 94 82 58 36

    About EMGS
    EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company’s services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.

    This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    Attachments

    The MIL Network –

  • MIL-OSI: Decentralized Search Engine Presearch Launches Powerful New Privacy-Centric AI Chatbot PreGPT 2.0

    Source: GlobeNewswire (MIL-OSI)

    Toronto, Canada, Feb. 10, 2025 (GLOBE NEWSWIRE) — Presearch (www.presearch.com), a hyper private, non-profiling meta-search engine, today announced the launch of PreGPT 2.0, an upgraded version of their innovative AI chatbot that has redefined how users interact with artificial intelligence by delivering uncensored and unbiased insights, powered by Venice.ai. 

    PreGPT 2.0 offers unbiased, unfiltered and truthful responses, fostering open conversations without hidden agendas or censorship. It delivers impartial, authentic insights across various topics, from historical events to technology, while prioritizing privacy. By leveraging Venice.ai’s infrastructure and open-sourced models, PreGPT 2.0 ensures that no chat content is stored, and responses are encrypted through decentralized GPUs. With a non-training by default policy, PreGPT 2.0 provides a secure, privacy-focused experience for users seeking autonomy in their interactions.

    Since the inception of widely available AI in 2022, consumers have had no choice but to rely on AI systems tethered to big cloud providers, often at the expense of personal privacy, unbiased content and freedom from uncensored search,” said Presearch.com CEO Tim Enneking. “We’re thrilled to offer a choice to consumers who are  concerned  that mainstream AI severely limits their options and restricts their freedoms.”

    In April 2024, Presearch made history with PreGPT, the world’s first AI chatbot powered entirely by decentralized compute. By leveraging GPU resources from Salad.com’s distributed network, it enhanced scalability, efficiency, and cost savings. Now, PreGPT 2.0 takes this further—delivering massively improved performance with hyper-unbiased, unfiltered results. Beyond breaking free from Big Cloud and corporate AI, it also establishes a sustainable revenue stream to fuel Presearch’s continued growth.

    PreGPT 2.0, consistent with the ethos Presearch, is designed to offer truthful and balanced responses across a wide range of topics. Free from corporate or governmental biases, it provides users with the freedom to explore, learn, and create without restrictions. Whether you’re exploring philosophical debates, historical context or solving complex problems, PreGPT 2.0 delivers authentic, censorship-free insights. 

    “Why am I so excited?  Because PreGPT 2.0 is so powerful and unrestrained, that it has the potential to fundamentally disrupt the echo chamber effect that has long been manipulating conventional wisdom, amplifying the herd instinct into blind conformity,” said Brenden Tacon, BD, Innovation and Operations Lead for Presearch. “With the help of Venice.ai, Presearch brings fun back to AI, giving users the freedom to explore ideas and boost their productivity without boundaries or compromising privacy.” 

    PreGPT 2.0 offers a tiered account system, payable in PRE or fiat via Stripe, to cater to different user needs:

    • Basic Account: The Basic Plan is ($2/month) for standard AI chat capabilities. The training data cutoff is roughly July 2023 with limited capabilities in languages other than English.
    • Pro Account: The Pro Plan ($5/month) runs the Venice.ai API with higher-powered uncensored models for advanced AI features, more recent training data, and multi-language support.

    To access Presearch and PreGPT 2.0 on the web, please visit www.Presearch.com. 

    About Presearch
    Presearch.com offers a privacy-focused, non-profiling search experience with results better than leading search engines. Its search-to-earn model rewards users with PRE tokens for every search, creating a unique value proposition. Powered by a decentralized node infrastructure, Presearch promotes fairness and mitigates biases in search outcomes unlike conventional platforms that may prioritize self-serving content and suppress others. With a loyal community, the platform serves over 12 million searches per month.

    MEDIA CONTACT: 
    presearch(at)transformgroup.com

    The MIL Network –

  • MIL-OSI: Metals & Mining Virtual Investor Conference Agenda Announced for February 12th and 13th

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series announced the agenda for the Metals & Mining Virtual Investor Conference to be held February 12th & 13th.

    Individual investors, institutional investors, advisors, and analysts are invited to attend.

    REGISTER NOW AT: https://bit.ly/3CGh5eQ

    It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations, or schedule 1×1 meetings with management.

    “We are looking forward to hosting the Metals & Mining Virtual Investor Conference this week, with a group of OTCQX and OTCQB companies presenting over the course of two days,” said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. “Our markets are tailored to meet the needs of today’s resource companies as they look to expand their investor base, and we are proud to support their outreach through the VIC platform.”

    February 12th

    February 13th

    To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    Media Contact: 
    OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

    Virtual Investor Conferences Contact:
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –