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MIL-OSI: First Merchants Corporation Announces Fourth Quarter 2024 Earnings Per Share

Source: GlobeNewswire (MIL-OSI)

MUNCIE, Ind., Jan. 30, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

Fourth Quarter 2024 Highlights:

Net income available to common stockholders was $63.9 million and diluted earnings per common share totaled $1.10, compared to $48.7 million and $0.84 in the third quarter of 2024, and $42.0 million and $0.71 in the fourth quarter of 2023. Excluding the impact of the branch sale and repositioning of the available for sale securities portfolio, adjusted net income available to common stockholders¹was $58.1 million or $1.00 per share for the fourth quarter of 2024.
Strong capital position with Common Equity Tier 1 Capital Ratio of 11.43% and Tangible Common Equity to Tangible Assets Ratio of 8.81%.
Net interest margin was 3.28% compared to 3.23% on a linked quarter basis and 3.16% in the fourth quarter of 2023.
Total loans grew $185.6 million, or 5.9% annualized, on a linked quarter basis, and $368.1 million, or 2.9% during the last twelve months.
Total deposits increased $156.5 million, or 4.4% annualized, on a linked quarter basis, and declined $32.4 million, or 0.2%, during the last twelve months after normalizing for deposits sold during the fourth quarter.
Nonperforming assets to total assets were 43 basis points compared to 35 basis points on a linked quarter basis.
Adjusted efficiency ratio totaled 53.60%¹for the quarter.
Completed the sale of five Illinois branches and certain loans and deposits to Old Second National Bank on December 6, 2024.

“The fourth quarter was a strong finish to the year and showed the momentum we have built with healthy increases in core earnings, NIM and ROA,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “We restructured a portion of our securities portfolio and completed the Illinois branch sale to help prioritize our core markets. These actions and the completion of multiple technology initiatives in 2024 have positioned First Merchants to deliver strong results in 2025.”

Fourth Quarter Financial Results:

First Merchants Corporation (the “Corporation”) reported fourth quarter 2024 net income available to common stockholders of $63.9 million compared to $42.0 million during the same period in 2023. Diluted earnings per common share for the period totaled $1.10 compared to the fourth quarter of 2023 result of $0.71. Excluding non-core income and expenses incurred in each period, adjusted net income available to common stockholders¹ for the fourth quarter 2024 was $58.1 million, or $1.00 diluted earnings per common share compared to $53.4 million, or $0.90 in the same period in 2023.

During the quarter, the Corporation completed the sale of five Illinois branches along with loans of $7.4 million and deposits of $267.4 million, generating a gain of $20.0 million recorded in non-interest income. The sale of these branches represents the Corporation’s exit from suburban Chicago markets.

Total assets equaled $18.3 billion and loans totaled $12.9 billion as of quarter-end. During the past twelve months, total loans grew by $368.1 million, or 2.9%. On a linked quarter basis, loans grew $185.6 million, or 5.9% annualized, with growth primarily in commercial loans.

Investments totaling $3.5 billion decreased $350.7 million, or 9.2%, during the last twelve months and decreased $201.5 million on a linked quarter basis. The decline during the quarter was partially due to the sale of $109.6 million of available for sale securities with a weighted average tax-equivalent yield of 2.31%, which resulted in a loss of $11.6 million. The remaining decline for the quarter was due to security paydowns and maturities, as well as a decline in valuation of securities reflecting the movement of interest rates. Sales of available for sale securities in 2024 totaled $268.5 million and resulted in a loss of $20.8 million.

Total deposits were $14.5 billion as of quarter-end and decreased by $299.8 million, or 2.0%, over the past twelve months. The decline was primarily due to the sale of the Illinois branches during the fourth quarter which included $267.4 million of deposits. Excluding this impact, deposits declined by $32.4 million in 2024. On a linked quarter basis, deposits grew by $156.5 million, or 4.4% annualized. The loan to deposit ratio increased slightly to 88.5% at period end from 88.0% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.8 million as of quarter-end, or 1.50% of total loans, an increase of $4.9 million from prior quarter. Loan charge-offs, net of recoveries totaled $0.8 million and provision for loans of $5.7 million was recorded during the quarter. Reserves for unfunded commitments totaled $18.0 million declining during the quarter due to reserve release of $1.5 million. Net provision for the quarter totaled $4.2 million. Non-performing assets to total assets were 43 basis points for the fourth quarter of 2024, an increase of eight basis points compared to 35 basis points in the prior quarter.

Net interest income totaled $134.4 million for the quarter, an increase of $3.3 million, or 2.5%, compared to the prior quarter and an increase of $4.3 million, or 3.3%, compared to the fourth quarter of 2023. Fully taxable equivalent net interest margin was 3.28%, an increase of five basis points compared to the third quarter of 2024, and an increase of 12 basis points compared to the fourth quarter of 2023. The increase in net interest margin compared to the third quarter was due to lower funding costs and a more favorable earning asset and funding mix.

Noninterest income totaled $42.7 million for the quarter, an increase of $17.9 million compared to the third quarter of 2024 and an increase of $16.3 million compared to the fourth quarter of 2023. When excluding non-core income from each period, noninterest income totaled $34.4 million for the quarter, an increase of $0.4 million compared to third quarter of 2024, and an increase of $5.6 million compared to the fourth quarter of 2023. The increase in core noninterest income over the fourth quarter of 2023 was primarily due to an increase in gains on sales of loans and CRA investment income.

Noninterest expense totaled $96.3 million for the quarter, an increase of $1.7 million from the third quarter of 2024 and a decrease of $11.8 million from the fourth quarter of 2023. The increase in the linked quarter was from higher marketing costs and other one-time operating expenses. The decrease from the fourth quarter of 2023 was due to one-time charges incurred in the prior year which included an FDIC special assessment, early retirement and severance costs, and a lease termination.

The Corporation’s total risk-based capital ratio totaled 13.31%, common equity tier 1 capital ratio totaled 11.43%, and the tangible common equity ratio totaled 8.81%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

¹ See “Non-GAAP Financial Information” for reconciliation

CONFERENCE CALL

First Merchants Corporation will conduct a fourth quarter earnings conference call and webcast at 11:30 a.m. (ET) on Thursday, January 30, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register.vevent.com/register/BIc49ad0293a7844dca2e7171f51e600dd95f36e86b6)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/9t5v76m2) during the time of the call. A replay of the webcast will be available until January 30, 2026.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	December 31,
		2024			2023
ASSETS
Cash and due from banks	$	87,616		$	112,649
Interest-bearing deposits		298,891			436,080
Investment securities, net of allowance for credit losses of $245,000 and $245,000		3,460,695			3,811,364
Loans held for sale		18,663			18,934
Loans		12,854,359			12,486,027
Less: Allowance for credit losses – loans		(192,757	)		(204,934	)
Net loans		12,661,602			12,281,093
Premises and equipment		129,743			133,896
Federal Home Loan Bank stock		41,690			41,769
Interest receivable		91,829			97,664
Goodwill and other intangibles		731,830			739,101
Cash surrender value of life insurance		304,906			306,301
Other real estate owned		4,948			4,831
Tax asset, deferred and receivable		92,387			99,883
Other assets		387,169			322,322
TOTAL ASSETS	$	18,311,969		$	18,405,887
LIABILITIES
Deposits:
Noninterest-bearing	$	2,325,579		$	2,500,062
Interest-bearing		12,196,047			12,321,391
Total Deposits		14,521,626			14,821,453
Borrowings:
Federal funds purchased		99,226			—
Securities sold under repurchase agreements		142,876			157,280
Federal Home Loan Bank advances		822,554			712,852
Subordinated debentures and other borrowings		93,529			158,644
Total Borrowings		1,158,185			1,028,776
Interest payable		16,102			18,912
Other liabilities		311,073			289,033
Total Liabilities		16,006,986			16,158,174
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding – 57,974,535 and 59,424,122 shares		7,247			7,428
Additional paid-in capital		1,188,768			1,236,506
Retained earnings		1,272,528			1,154,624
Accumulated other comprehensive loss		(188,685	)		(175,970	)
Total Stockholders’ Equity		2,304,983			2,247,713
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,311,969		$	18,405,887

CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended						Twelve Months Ended
(Dollars In Thousands, Except Per Share Amounts)	December 31,						December 31,
		2024			2023			2024			2023
INTEREST INCOME
Loans:
Taxable	$	197,536		$	197,523		$	803,652		$	747,837
Tax-exempt		9,020			8,197			34,262			31,954
Investment securities:
Taxable		9,024			8,644			36,086			35,207
Tax-exempt		12,754			13,821			53,487			58,117
Deposits with financial institutions		5,350			8,034			16,992			17,719
Federal Home Loan Bank stock		958			771			3,527			3,052
Total Interest Income		234,642			236,990			948,006			893,886
INTEREST EXPENSE
Deposits		89,835			96,655			386,127			306,092
Federal funds purchased		26			1			481			1,421
Securities sold under repurchase agreements		680			827			3,057			3,451
Federal Home Loan Bank advances		8,171			6,431			29,886			27,206
Subordinated debentures and other borrowings		1,560			3,013			7,341			10,316
Total Interest Expense		100,272			106,927			426,892			348,486
NET INTEREST INCOME		134,370			130,063			521,114			545,400
Provision for credit losses		4,200			1,500			35,700			3,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		130,170			128,563			485,414			541,900
NONINTEREST INCOME
Service charges on deposit accounts		8,124			7,690			32,606			30,837
Fiduciary and wealth management fees		8,665			8,187			34,215			30,840
Card payment fees		4,957			4,437			19,317			18,862
Net gains and fees on sales of loans		5,681			4,111			20,840			15,659
Derivative hedge fees		1,594			1,049			3,082			3,385
Other customer fees		316			237			1,547			1,880
Earnings on cash surrender value of life insurance		2,188			3,202			8,464			8,347
Net realized losses on sales of available for sale securities		(11,592	)		(2,317	)		(20,757	)		(6,930	)
Gain on branch sale		19,983			—			19,983			—
Other income (loss)		2,826			(152	)		6,283			2,722
Total Noninterest Income		42,742			26,444			125,580			105,602
NONINTEREST EXPENSES
Salaries and employee benefits		55,437			60,967			221,167			228,745
Net occupancy		7,335			9,089			28,387			29,859
Equipment		7,028			6,108			26,802			24,113
Marketing		2,582			2,647			7,389			7,427
Outside data processing fees		6,029			5,875			27,140			25,165
Printing and office supplies		377			402			1,462			1,552
Intangible asset amortization		1,771			2,182			7,271			8,743
FDIC assessments		3,744			7,557			15,029			14,674
Other real estate owned and foreclosure expenses		227			1,743			2,076			3,318
Professional and other outside services		3,777			3,981			14,586			16,172
Other expenses		7,982			7,552			27,957			28,502
Total Noninterest Expenses		96,289			108,103			379,266			388,270
INCOME BEFORE INCOME TAX		76,623			46,904			231,728			259,232
Income tax expense		12,274			4,425			30,326			35,446
NET INCOME		64,349			42,479			201,402			223,786
Preferred stock dividends		469			469			1,875			1,875
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	63,880		$	42,010		$	199,527		$	221,911
Per Share Data:
Basic Net Income Available to Common Stockholders	$	1.10		$	0.71		$	3.42		$	3.74
Diluted Net Income Available to Common Stockholders	$	1.10		$	0.71		$	3.41		$	3.73
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.34		$	1.39		$	1.34
Average Diluted Common Shares Outstanding (in thousands)		58,247			59,556			58,533			59,489

FINANCIAL HIGHLIGHTS
(Dollars in thousands)	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2024			2023			2024			2023
NET CHARGE-OFFS	$	771		$	3,148		$	49,377		$	25,643

AVERAGE BALANCES:
Total Assets	$	18,478,303		$	18,397,200		$	18,400,495		$	18,186,507
Total Loans		12,757,676			12,396,451			12,634,324			12,297,974
Total Earning Assets		17,089,198			17,222,714			17,054,267			16,991,787
Total Deposits		14,788,294			15,000,580			14,816,564			14,721,498
Total Stockholders’ Equity		2,312,270			2,130,993			2,252,491			2,127,262

FINANCIAL RATIOS:
Return on Average Assets		1.39	%		0.92	%		1.09	%		1.23	%
Return on Average Stockholders’ Equity		11.05			7.89			8.86			10.43
Return on Tangible Common Stockholders’ Equity		16.75			12.75			13.71			16.76
Average Earning Assets to Average Assets		92.48			93.62			92.68			93.43
Allowance for Credit Losses – Loans as % of Total Loans		1.50			1.64			1.50			1.64
Net Charge-offs as % of Average Loans (Annualized)		0.02			0.10			0.39			0.21
Average Stockholders’ Equity to Average Assets		12.51			11.58			12.24			11.70
Tax Equivalent Yield on Average Earning Assets		5.63			5.64			5.69			5.40
Interest Expense/Average Earning Assets		2.35			2.48			2.50			2.05
Net Interest Margin (FTE) on Average Earning Assets		3.28			3.16			3.19			3.35
Efficiency Ratio		48.48			63.26			53.55			55.17
Tangible Common Book Value Per Share	$	26.78		$	25.06		$	26.78		$	25.06

NONPERFORMING ASSETS
(Dollars In Thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
Nonaccrual Loans	$	73,773		$	59,088		$	61,906		$	62,478		$	53,580
Other Real Estate Owned and Repossessions		4,948			5,247			4,824			4,886			4,831
Nonperforming Assets (NPA)		78,721			64,335			66,730			67,364			58,411
90+ Days Delinquent		5,902			14,105			1,686			2,838			172
NPAs & 90 Day Delinquent	$	84,623		$	78,440		$	68,416		$	70,202		$	58,583

Allowance for Credit Losses – Loans	$	192,757		$	187,828		$	189,537		$	204,681		$	204,934
Quarterly Net Charge-offs		771			6,709			39,644			2,253			3,148
NPAs / Actual Assets %		0.43	%		0.35	%		0.36	%		0.37	%		0.32	%
NPAs & 90 Day / Actual Assets %		0.46	%		0.43	%		0.37	%		0.38	%		0.32	%
NPAs / Actual Loans and OREO %		0.61	%		0.51	%		0.53	%		0.54	%		0.47	%
Allowance for Credit Losses – Loans / Actual Loans (%)		1.50	%		1.48	%		1.50	%		1.64	%		1.64	%
Net Charge-offs as % of Average Loans (Annualized)		0.02	%		0.21	%		1.26	%		0.07	%		0.10	%

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
ASSETS
Cash and due from banks	$	87,616		$	84,719		$	105,372		$	100,514		$	112,649
Interest-bearing deposits		298,891			359,126			168,528			410,497			436,080
Investment securities, net of allowance for credit losses		3,460,695			3,662,145			3,753,088			3,783,574			3,811,364
Loans held for sale		18,663			40,652			32,292			15,118			18,934
Loans		12,854,359			12,646,808			12,639,650			12,465,582			12,486,027
Less: Allowance for credit losses – loans		(192,757	)		(187,828	)		(189,537	)		(204,681	)		(204,934	)
Net loans		12,661,602			12,458,980			12,450,113			12,260,901			12,281,093
Premises and equipment		129,743			129,582			133,245			132,706			133,896
Federal Home Loan Bank stock		41,690			41,716			41,738			41,758			41,769
Interest receivable		91,829			92,055			97,546			92,550			97,664
Goodwill and other intangibles		731,830			733,601			735,373			737,144			739,101
Cash surrender value of life insurance		304,906			304,613			306,379			306,028			306,301
Other real estate owned		4,948			5,247			4,824			4,886			4,831
Tax asset, deferred and receivable		92,387			86,732			107,080			101,121			99,883
Other assets		387,169			348,384			367,845			331,006			322,322
TOTAL ASSETS	$	18,311,969		$	18,347,552		$	18,303,423		$	18,317,803		$	18,405,887
LIABILITIES
Deposits:
Noninterest-bearing	$	2,325,579		$	2,334,197		$	2,303,313		$	2,338,364		$	2,500,062
Interest-bearing		12,196,047			12,030,903			12,265,757			12,546,220			12,321,391
Total Deposits		14,521,626			14,365,100			14,569,070			14,884,584			14,821,453
Borrowings:
Federal funds purchased		99,226			30,000			147,229			—			—
Securities sold under repurchase agreements		142,876			124,894			100,451			130,264			157,280
Federal Home Loan Bank advances		822,554			832,629			832,703			612,778			712,852
Subordinated debentures and other borrowings		93,529			93,562			93,589			118,612			158,644
Total Borrowings		1,158,185			1,081,085			1,173,972			861,654			1,028,776
Deposits and other liabilities held for sale		—			288,476			—			—			—
Interest payable		16,102			18,089			18,554			19,262			18,912
Other liabilities		311,073			292,429			329,302			327,500			289,033
Total Liabilities		16,006,986			16,045,179			16,090,898			16,093,000			16,158,174
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125			125			125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000			25,000			25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding		7,247			7,265			7,256			7,321			7,428
Additional paid-in capital		1,188,768			1,192,683			1,191,193			1,208,447			1,236,506
Retained earnings		1,272,528			1,229,125			1,200,930			1,181,939			1,154,624
Accumulated other comprehensive loss		(188,685	)		(151,825	)		(211,979	)		(198,029	)		(175,970	)
Total Stockholders’ Equity		2,304,983			2,302,373			2,212,525			2,224,803			2,247,713
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,311,969		$	18,347,552		$	18,303,423		$	18,317,803		$	18,405,887

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
INTEREST INCOME
Loans:
Taxable	$	197,536		$	206,680		$	201,413		$	198,023		$	197,523
Tax-exempt		9,020			8,622			8,430			8,190			8,197
Investment securities:
Taxable		9,024			9,263			9,051			8,748			8,644
Tax-exempt		12,754			13,509			13,613			13,611			13,821
Deposits with financial institutions		5,350			2,154			2,995			6,493			8,034
Federal Home Loan Bank stock		958			855			879			835			771
Total Interest Income		234,642			241,083			236,381			235,900			236,990
INTEREST EXPENSE
Deposits		89,835			98,856			99,151			98,285			96,655
Federal funds purchased		26			329			126			—			1
Securities sold under repurchase agreements		680			700			645			1,032			827
Federal Home Loan Bank advances		8,171			8,544			6,398			6,773			6,431
Subordinated debentures and other borrowings		1,560			1,544			1,490			2,747			3,013
Total Interest Expense		100,272			109,973			107,810			108,837			106,927
NET INTEREST INCOME		134,370			131,110			128,571			127,063			130,063
Provision for credit losses		4,200			5,000			24,500			2,000			1,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		130,170			126,110			104,071			125,063			128,563
NONINTEREST INCOME
Service charges on deposit accounts		8,124			8,361			8,214			7,907			7,690
Fiduciary and wealth management fees		8,665			8,525			8,825			8,200			8,187
Card payment fees		4,957			5,121			4,739			4,500			4,437
Net gains and fees on sales of loans		5,681			6,764			5,141			3,254			4,111
Derivative hedge fees		1,594			736			489			263			1,049
Other customer fees		316			344			460			427			237
Earnings on cash surrender value of life insurance		2,188			2,755			1,929			1,592			3,202
Net realized losses on sales of available for sale securities		(11,592	)		(9,114	)		(49	)		(2	)		(2,317	)
Gain on branch sale		19,983			—			—			—			—
Other income (loss)		2,826			1,374			1,586			497			(152	)
Total Noninterest Income		42,742			24,866			31,334			26,638			26,444
NONINTEREST EXPENSES
Salaries and employee benefits		55,437			55,223			52,214			58,293			60,967
Net occupancy		7,335			6,994			6,746			7,312			9,089
Equipment		7,028			6,949			6,599			6,226			6,108
Marketing		2,582			1,836			1,773			1,198			2,647
Outside data processing fees		6,029			7,150			7,072			6,889			5,875
Printing and office supplies		377			378			354			353			402
Intangible asset amortization		1,771			1,772			1,771			1,957			2,182
FDIC assessments		3,744			3,720			3,278			4,287			7,557
Other real estate owned and foreclosure expenses		227			942			373			534			1,743
Professional and other outside services		3,777			3,035			3,822			3,952			3,981
Other expenses		7,982			6,630			7,411			5,934			7,552
Total Noninterest Expenses		96,289			94,629			91,413			96,935			108,103
INCOME BEFORE INCOME TAX		76,623			56,347			43,992			54,766			46,904
Income tax expense		12,274			7,160			4,067			6,825			4,425
NET INCOME		64,349			49,187			39,925			47,941			42,479
Preferred stock dividends		469			468			469			469			469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	63,880		$	48,719		$	39,456		$	47,472		$	42,010
Per Share Data:
Basic Net Income Available to Common Stockholders	$	1.10		$	0.84		$	0.68		$	0.80		$	0.71
Diluted Net Income Available to Common Stockholders	$	1.10		$	0.84		$	0.68		$	0.80		$	0.71
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.35		$	0.35		$	0.34		$	0.34
Average Diluted Common Shares Outstanding (in thousands)		58,247			58,289			58,328			59,273			59,556
FINANCIAL RATIOS:
Return on Average Assets		1.39	%		1.07	%		0.87	%		1.04	%		0.92	%
Return on Average Stockholders’ Equity		11.05			8.66			7.16			8.47			7.89
Return on Tangible Common Stockholders’ Equity		16.75			13.39			11.29			13.21			12.75
Average Earning Assets to Average Assets		92.48			92.54			92.81			92.91			93.62
Allowance for Credit Losses – Loans as % of Total Loans		1.50			1.48			1.50			1.64			1.64
Net Charge-offs as % of Average Loans (Annualized)		0.02			0.21			1.26			0.07			0.10
Average Stockholders’ Equity to Average Assets		12.51			12.26			12.02			12.17			11.58
Tax Equivalent Yield on Average Earning Assets		5.63			5.82			5.69			5.65			5.64
Interest Expense/Average Earning Assets		2.35			2.59			2.53			2.55			2.48
Net Interest Margin (FTE) on Average Earning Assets		3.28			3.23			3.16			3.10			3.16
Efficiency Ratio		48.48			53.76			53.84			59.21			63.26
Tangible Common Book Value Per Share	$	26.78		$	26.64		$	25.10		$	25.07		$	25.06

LOANS
(Dollars In Thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
		2024			2024			2024			2024			2023
Commercial and industrial loans	$	4,114,292		$	4,041,217		$	3,949,817		$	3,722,365		$	3,670,948
Agricultural land, production and other loans to farmers		256,312			238,743			239,926			234,431			263,414
Real estate loans:
Construction		792,144			814,704			823,267			941,726			957,545
Commercial real estate, non-owner occupied		2,274,016			2,251,351			2,323,533			2,368,360			2,400,839
Commercial real estate, owner occupied		1,157,944			1,152,751			1,174,195			1,137,894			1,162,083
Residential		2,374,729			2,366,943			2,370,905			2,316,490			2,288,921
Home equity		659,811			641,188			631,104			618,258			617,571
Individuals’ loans for household and other personal expenditures		166,028			158,480			162,089			161,459			168,388
Public finance and other commercial loans		1,059,083			981,431			964,814			964,599			956,318
Loans		12,854,359			12,646,808			12,639,650			12,465,582			12,486,027
Allowance for credit losses – loans		(192,757	)		(187,828	)		(189,537	)		(204,681	)		(204,934	)
NET LOANS	$	12,661,602		$	12,458,980		$	12,450,113		$	12,260,901		$	12,281,093

DEPOSITS
(Dollars In Thousands)	December 31,		September 30,		June 30,		March 31,		December 31,
	2024		2024		2024		2024		2023
Demand deposits	$	7,980,061	$	7,678,510	$	7,757,679	$	7,771,976	$	7,965,862
Savings deposits		4,522,758		4,302,236		4,339,161		4,679,593		4,516,433
Certificates and other time deposits of $100,000 or more		1,043,068		1,277,833		1,415,131		1,451,443		1,408,985
Other certificates and time deposits		692,068		802,949		889,949		901,280		849,906
Brokered certificates of deposits¹		283,671		303,572		167,150		80,292		80,267
TOTAL DEPOSITS²	$	14,521,626	$	14,365,100	$	14,569,070	$	14,884,584	$	14,821,453

_{^{1 –} Total brokered deposits of $955.7 million, which includes brokered CD’s of $283.7 million at December 31, 2024.}
_{² – Total deposits at September 30, 2024 excluded $287.7 million of deposits reclassified to Deposits and other liabilities held for sale related to the Illinois branch sale. The sale of $267.4 million of deposits associated with the Illinois branch sale was subsequently completed on December 6, 2024.}

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Three Months Ended
	December 31, 2024						December 31, 2023
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	522,868	$	5,350	4.09	%	$	700,705	$	8,034	4.59	%
Federal Home Loan Bank stock		41,703		958	9.19			41,792		771	7.38
Investment Securities:⁽¹⁾
Taxable		1,677,554		9,024	2.15			1,801,533		8,644	1.92
Tax-exempt⁽²⁾		2,089,397		16,144	3.09			2,282,233		17,495	3.07
Total Investment Securities		3,766,951		25,168	2.67			4,083,766		26,139	2.56
Loans held for sale		36,219		550	6.07			16,355		246	6.02
Loans:⁽³⁾
Commercial		8,753,723		156,414	7.15			8,533,233		159,190	7.46
Real estate mortgage		2,177,351		24,401	4.48			2,118,060		21,829	4.12
HELOC and installment		841,537		16,171	7.69			820,728		16,258	7.92
Tax-exempt⁽²⁾		948,846		11,418	4.81			908,075		10,376	4.57
Total Loans		12,757,676		208,954	6.55			12,396,451		207,899	6.71
Total Earning Assets		17,089,198		240,430	5.63	%		17,222,714		242,843	5.64	%
Total Non-Earning Assets		1,389,105						1,174,486
TOTAL ASSETS	$	18,478,303					$	18,397,200
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits	$	5,564,228	$	37,049	2.66	%	$	5,504,725	$	40,996	2.98	%
Money market deposits		3,189,334		25,463	3.19			3,096,085		27,909	3.61
Savings deposits		1,362,705		3,102	0.91			1,587,758		3,913	0.99
Certificates and other time deposits		2,313,284		24,221	4.19			2,225,528		23,837	4.28
Total Interest-Bearing Deposits		12,429,551		89,835	2.89			12,414,096		96,655	3.11
Borrowings		1,049,677		10,437	3.98			1,013,856		10,272	4.05
Total Interest-Bearing Liabilities		13,479,228		100,272	2.98			13,427,952		106,927	3.19
Noninterest-bearing deposits		2,358,743						2,586,484
Other liabilities		328,062						251,771
Total Liabilities		16,166,033						16,266,207
STOCKHOLDERS’ EQUITY		2,312,270						2,130,993
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,478,303		100,272			$	18,397,200		106,927
Net Interest Income (FTE)			$	140,158					$	135,916
Net Interest Spread (FTE)⁽⁴⁾					2.65	%					2.45	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.63	%					5.64	%
Interest Expense / Average Earning Assets					2.35	%					2.48	%
Net Interest Margin (FTE)⁽⁵⁾					3.28	%					3.16	%

_{⁽¹⁾Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.}
_{⁽²⁾Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $5,788 and $5,853 for the three months ended December 31, 2024 and 2023, respectively.}
_{⁽³⁾Non accruing loans have been included in the average balances.}
_{⁽⁴⁾Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.}
_{⁽⁵⁾Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.}


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Twelve Months Ended
	December 31, 2024						December 31, 2023
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
Assets:
Interest-bearing deposits	$	418,163	$	16,992	4.06	%	$	431,581	$	17,719	4.11	%
Federal Home Loan Bank stock		41,736		3,527	8.45			41,319		3,052	7.39
Investment Securities:⁽¹⁾
Taxable		1,759,578		36,086	2.05			1,854,438		35,207	1.90
Tax-exempt⁽²⁾		2,200,466		67,705	3.08			2,366,475		73,566	3.11
Total Investment Securities		3,960,044		103,791	2.62			4,220,913		108,773	2.58
Loans held for sale		29,650		1,792	6.04			21,766		1,292	5.94
Loans:⁽³⁾
Commercial		8,687,638		641,393	7.38			8,519,706		603,611	7.08
Real estate mortgage		2,158,743		94,890	4.40			2,035,488		82,183	4.04
HELOC and installment		830,079		65,577	7.90			830,006		60,751	7.32
Tax-exempt⁽²⁾		928,214		43,370	4.67			891,008		40,448	4.54
Total Loans		12,634,324		847,022	6.70			12,297,974		788,285	6.41
Total Earning Assets		17,054,267		971,332	5.69	%		16,991,787		917,829	5.40	%
Total Non-Earning Assets		1,346,228						1,194,720
Total Assets	$	18,400,495					$	18,186,507
Liabilities:
Interest-Bearing deposits:
Interest-bearing deposits	$	5,506,492	$	157,984	2.87	%	$	5,435,733	$	138,012	2.54	%
Money market deposits		3,061,461		106,026	3.46			2,884,271		83,777	2.90
Savings deposits		1,463,707		14,587	1.00			1,694,230		14,606	0.86
Certificates and other time deposits		2,413,900		107,530	4.45			1,923,268		69,697	3.62
Total Interest-Bearing Deposits		12,445,560		386,127	3.10			11,937,502		306,092	2.56
Borrowings		1,005,017		40,765	4.06			1,111,472		42,394	3.81
Total Interest-Bearing Liabilities		13,450,577		426,892	3.17			13,048,974		348,486	2.67
Noninterest-bearing deposits		2,371,004						2,783,996
Other liabilities		326,423						226,275
Total Liabilities		16,148,004						16,059,245
Stockholders’ Equity		2,252,491						2,127,262
Total Liabilities and Stockholders’ Equity	$	18,400,495		426,892			$	18,186,507		348,486
Net Interest Income (FTE)			$	544,440					$	569,343
Net Interest Spread (FTE)⁽⁴⁾					2.52	%					2.73	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.69	%					5.40	%
Interest Expense / Average Earning Assets					2.50	%					2.05	%
Net Interest Margin (FTE)⁽⁵⁾					3.19	%					3.35	%

_{⁽¹⁾Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.}
_{⁽²⁾Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $23,326 and $23,943 for the years ended December 31, 2024 and 2023, respectively.}
_{⁽³⁾Non accruing loans have been included in the average balances.}
_{⁽⁴⁾Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.}
_{⁽⁵⁾Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.}

ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2024			2024			2024			2024			2023			2024			2023
Net Income Available to Common Stockholders – GAAP	$	63,880		$	48,719		$	39,456		$	47,472		$	42,010		$	199,527		$	221,911
Adjustments:
PPP loan income		—			—			—			—			(7	)		—			(49	)
Net realized losses on sales of available for sale securities		11,592			9,114			49			2			2,317			20,757			6,930
Gain on branch sale		(19,983	)		—			—			—			—			(19,983	)		—
Non-core expenses^1,2,3		762			—			—			3,481			12,682			4,243			12,682
Tax on adjustments		1,851			(2,220	)		(12	)		(848	)		(3,652	)		(1,229	)		(4,767	)
Adjusted Net Income Available to Common Stockholders – Non-GAAP	$	58,102		$	55,613		$	39,493		$	50,107		$	53,350		$	203,315		$	236,707

Average Diluted Common Shares Outstanding (in thousands)		58,247			58,289			58,328			59,273			59,556			58,533			59,489

Diluted Earnings Per Common Share – GAAP	$	1.10		$	0.84		$	0.68		$	0.80		$	0.71		$	3.41		$	3.73
Adjustments:
PPP loan income		—			—			—			—			—			—			—
Net realized losses on sales of available for sale securities		0.20			0.15			—			—			0.04			0.35			0.12
Gain on branch sale		(0.34	)		—			—			—			—			(0.34	)		—
Non-core expenses^1,2,3		0.01			—			—			0.06			0.21			0.07			0.21
Tax on adjustments		0.03			(0.04	)		—			(0.01	)		(0.06	)		(0.02	)		(0.08	)
Adjusted Diluted Earnings Per Common Share – Non-GAAP	$	1.00		$	0.95		$	0.68		$	0.85		$	0.90		$	3.47		$	3.98

_{¹ – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.}
_{² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.}
_{³ – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.}

NET INTEREST MARGIN (“NIM”), ADJUSTED
(Dollars in Thousands)
	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2024			2024			2024			2024			2023			2024			2023
Net Interest Income (GAAP)	$	134,370		$	131,110		$	128,571		$	127,063		$	130,063		$	521,114		$	545,400
Fully Taxable Equivalent (“FTE”) Adjustment		5,788			5,883			5,859			5,795			5,853			23,326			23,943
Net Interest Income (FTE) (non-GAAP)	$	140,158		$	136,993		$	134,430		$	132,858		$	135,916		$	544,440		$	569,343

Average Earning Assets (GAAP)	$	17,089,198		$	16,990,358		$	17,013,984		$	17,123,851		$	17,222,714		$	17,054,267		$	16,991,787
Net Interest Margin (GAAP)		3.15	%		3.09	%		3.02	%		2.97	%		3.02	%		3.06	%		3.21	%
Net Interest Margin (FTE) (non-GAAP)		3.28	%		3.23	%		3.16	%		3.10	%		3.16	%		3.19	%		3.35	%

RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
(Dollars In Thousands)	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2024			2024			2024			2024			2023			2024			2023
Total Average Stockholders’ Equity (GAAP)	$	2,312,270		$	2,251,547		$	2,203,361		$	2,242,139		$	2,130,993		$	2,252,491		$	2,127,262
Less: Average Preferred Stock		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)
Less: Average Intangible Assets, Net of Tax		(728,218	)		(729,581	)		(730,980	)		(732,432	)		(734,007	)		(730,295	)		(736,601	)
Average Tangible Common Equity, Net of Tax (Non-GAAP)	$	1,558,927		$	1,496,841		$	1,447,256		$	1,484,582		$	1,371,861		$	1,497,071		$	1,365,536

Net Income Available to Common Stockholders (GAAP)	$	63,880		$	48,719		$	39,456		$	47,472		$	42,010		$	199,527		$	221,911
Plus: Intangible Asset Amortization, Net of Tax		1,399			1,399			1,399			1,546			1,724			5,744			6,906
Tangible Net Income (Non-GAAP)	$	65,279		$	50,118		$	40,855		$	49,018		$	43,734		$	205,271		$	228,817

Return on Tangible Common Equity (Non-GAAP)		16.75	%		13.39	%		11.29	%		13.21	%		12.75	%		13.71	%		16.76	%

EFFICIENCY RATIO – NON-GAAP
(Dollars In Thousands)	Three Months Ended															Twelve Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,			December 31,
		2024			2024			2024			2024			2023			2024			2023
Non Interest Expense (GAAP)	$	96,289		$	94,629		$	91,413		$	96,935		$	108,103		$	379,266		$	388,270
Less: Intangible Asset Amortization		(1,771	)		(1,772	)		(1,771	)		(1,957	)		(2,182	)		(7,271	)		(8,743	)
Less: OREO and Foreclosure Expenses		(227	)		(942	)		(373	)		(534	)		(1,743	)		(2,076	)		(3,318	)
Adjusted Non Interest Expense (Non-GAAP)	$	94,291		$	91,915		$	89,269		$	94,444		$	104,178		$	369,919		$	376,209

Net Interest Income (GAAP)	$	134,370		$	131,110		$	128,571		$	127,063		$	130,063		$	521,114		$	545,400
Plus: Fully Taxable Equivalent Adjustment		5,788			5,883			5,859			5,795			5,853			23,326			23,943
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)	$	140,158		$	136,993		$	134,430		$	132,858		$	135,916		$	544,440		$	569,343

Non Interest Income (GAAP)	$	42,742		$	24,866		$	31,334		$	26,638		$	26,444		$	125,580		$	105,602
Less: Investment Securities (Gains) Losses		11,592			9,114			49			2			2,317			20,757			6,930
Adjusted Non Interest Income (Non-GAAP)	$	54,334		$	33,980		$	31,383		$	26,640		$	28,761		$	146,337		$	112,532
Adjusted Revenue (Non-GAAP)	$	194,492		$	170,973		$	165,813		$	159,498		$	164,677		$	690,777		$	681,875
Efficiency Ratio (Non-GAAP)		48.48	%		53.76	%		53.84	%		59.21	%		63.26	%		53.55	%		55.17	%

Adjusted Non Interest Expense (Non-GAAP)	$	94,291		$	91,915		$	89,269		$	94,444		$	104,178		$	369,919		$	376,209
Less: Acquisition-related Expenses		—			—			—			—			—			—			—
Less: Non-core Expenses^1,2,3		(762	)		—			—			(3,481	)		(12,682	)		(4,243	)		(12,682	)
Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP)	$	93,529		$	91,915		$	89,269		$	90,963		$	91,496		$	365,676		$	363,527

Adjusted Revenue (Non-GAAP)	$	194,492		$	170,973		$	165,813		$	159,498		$	164,677		$	690,777		$	681,875
Less: Gain on Branch Sale		(19,983	)		—			—			—			—			(19,983	)		—
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)	$	174,509		$	170,973		$	165,813		$	159,498		$	164,677		$	670,794		$	681,875
Adjusted Efficiency Ratio (Non-GAAP)		53.60	%		53.76	%		53.84	%		57.03	%		55.56	%		54.51	%		53.31	%

_{¹ – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.}
_{² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.}
_{³ – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.}

For more information, contact:
Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

The MIL Network –

January 31, 2025

MIL-OSI Russia: Financial News: December saw an expected cooling in corporate and consumer lending

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

The corporate loan portfolio decreased by 0.2% in December due to the repayment of a number of large foreign currency loans. Overall, for 2024, growth was 17.9%, which is comparable to 2023. More than half of the growth came from segments that are less sensitive to rate increases – lending for investment programs that have already begun and housing construction.

The effect of macroprudential restrictions and the increase in rates led to a reduction in unsecured consumer lending by 1.9%. However, given the high rates of lending dynamics observed in the spring and summer, by the end of 2024 the portfolio grew by 11.2%.

Mortgages increased by a modest 0.4% over the month, with more than 80% of new loans coming from mortgages with state support. The annual growth slowed to 13.4%, which is significantly lower than the 2023 level, when the market was overheated due to massive state support. At the same time, the volume of loans issued in 2024 was comparable to 2020 and 2022.

The population’s funds in banks grew by a significant 7.2%, which is due to the traditional advance payment of January social payments (including pensions and child benefits) and the payment of annual bonuses. At the end of the year, the growth was 26.1%, including due to an increase in the population’s income and high interest rates on deposits.

In December, banks’ net profit fell sharply to 187 billion rubles due to losses from currency revaluation and increased operating expenses. In 2024, the sector earned 3.8 trillion rubles (excluding receipts from subsidiary banks). The total financial result, taking into account the negative revaluation of securities reflected directly in capital, was lower and amounted to 3.4 trillion rubles.

Read more in the information and analytical material “On the development of the banking sector of the Russian Federation in December 2024”.

Preview photo: liliya Vantsura / Shutterstock / Fotodom

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //vv. KBR.ru/Press/Event/? ID = 23324

MIL OSI Russia News –

January 31, 2025

MIL-OSI Europe: AFRICA/DR CONGO – “Foreigners leave Bukavu: fears of advance of the M23 rebel movement on the capital of South Kivu province”

Source: Agenzia Fides – MIL OSI

Thursday, 30 January 2025 war

Kinshasa (Agenzia Fides) – “In Bukavu, foreigners are fleeing,” missionaries from the capital of the Congolese province of South Kivu tell Fides. “The various embassies in Kinshasa have ordered their compatriots to leave the city because they fear that the M23 rebels could conquer it after taking control of Goma and the province of North Kivu,” the observers say. “Important departments of international organizations of the United Nations and various international non-governmental organizations are based in Bukavu. Now the foreign staff of these organizations are being evacuated via Rwanda.” “Currently, the rebel troops are already in Nyabibwe, in the Kalehe area of South Kivu,” the observers say. “It is a mountainous peak and if you go down to the south you are 25 km from the shores of Lake Kivu; from there you can easily reach Bukavu.” “The movements of the M23 units are facilitated by the means made available to them by the Rwandan army, which transported new off-road vehicles to Goma by barge, which were handed over to the rebels,” the observers added. Nyabibwe is home to a mine that extracts coltan and cassiterite, two of the strategic minerals that are the subject of the ongoing war involving local and regional actors backed by world powers and multinational mining companies.Meanwhile, the situation in Goma, which was captured by Rwandan troops and the M23 rebels they support, is stabilizing. The M23 rebels have organized the first patrols in the city to reassure the population and fight pockets of resistance from the Congolese army and the pro-government “Wazalendo” militiamen.”The rebels are trying to portray themselves as ‘liberators’ against what they call ‘the repressive regime in Kinshasa’: they are therefore trying to ensure a minimum of order and services for the population of the city they have conquered,” the observers report. As Corneille Nangaa, the leader of the Congo River Alliance, explained, the guerrillas’ goal is to march on the capital Kinshasa (about 1,600 km as the crow flies from Goma, but the road distance is more than 2,500 km) to overthrow President Félix Tshisekedi. “It seems like we have gone back about thirty years, when the guerrillas began their triumphal march at the end of 1996, which began in the east of the country and overthrew Mobutu in Kinshasa in the spring of 1997. But at that time the guerrillas, supported by Rwanda and Uganda, were also supported by other foreign powers. Now we must see what international interests are at work today,” commented the observers. To counter the rebels’ advance, President Tshisekedi has meanwhile ordered general mobilization and called on former soldiers and young people to join the army. (L.M.) (Agenzia Fides, 30/1/2025)
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MIL OSI Europe News –

January 31, 2025

MIL-OSI: Easy Metrics Launches Profit Management Solution to Enhance 3PL Operating Margins up to 3%

Source: GlobeNewswire (MIL-OSI)

BELLEVUE, Wash., Jan. 30, 2025 (GLOBE NEWSWIRE) — Despite the third-party logistics (3PL) industry reaching $194B in revenue last year, 40% of 3PLs struggled to increase profits*. Easy Metrics addresses this profitability gap with Easy Metrics Profit Management, a new SaaS solution that provides real-time profitability insights by customer, process, and site. With instant access to profitability data, 3PLs can now optimize operating margins and boost their bottom line while eliminating weeks of manual reporting.

“This real-time profitability data is a game-changer for 3PLs,” commented Dan Keto, President and CTO of Easy Metrics. “Knowing each customer’s operating margin enables 3PLs to price competitively, negotiate pricing based on objective data, and boost operating margins by up to 3%. For 3PLs with typical operating margins of 20-30%, that’s a significant impact because it goes straight to the bottom line.”

Enhanced pricing transparency, supported by objective data, strengthens customer relationships for 3PLs. Since 3PL customers often value service over price, sharing operational data simplifies pricing discussions and builds trust. This transparency helps 3PLs retain key customers and attract new ones by showcasing their value. National Logistics Services, which piloted Easy Metrics Profit Management, demonstrated this impact. Val Ramoop, Vice President of Operations at NLS, said, “Ultimately, the data speaks for itself. If there are deviations, we can show our clients, ‘This is what’s driving your cost per unit.’”

Multi-tenant 3PLs, especially those with multiple sites, gain the most from Easy Metrics’ Profit Management. The innovative technology delivers daily profit analysis for a 3PL’s entire network, breaking down costs by site, customer, process, or timeframe—monthly, weekly, or daily. This level of detail allows 3PLs to pinpoint unprofitable processes or activities for precise troubleshooting and improvement. “With significant bottom-line gains through better pricing and the ability to identify and address unprofitable activities, 3PLs using our solution will have a clear edge in today’s ultra-competitive environment,” stated Keto.

Easy Metrics Profit Management integrates with Easy Metrics ProTrack™ or any Labor Management System (LMS) that allocates time spent on a process as employees perform work. For 3PLs without an LMS, Easy Metrics offers OpsFM™ alongside Profit Management, allowing them to get up and running quickly.

“We founded Easy Metrics to help warehouse executives address cost challenges by providing data that empowers them to make daily business decisions. Profit Management builds on this vision by connecting activity-based costing to revenue, allowing executives to view their operational cost structure as a profit center and maximize daily value for customers and shareholders,” concluded Dean Dorcas, Co-Founder and CEO of Easy Metrics.

*Source: https://www.inboundlogistics.com/articles/2024-perspectives-3pl-market-research-report/

About Easy Metrics
Operations and finance leaders use Easy Metrics’ cloud platform to analyze, forecast, and manage the cost and performance of their warehouse operations. Easy Metrics empowers leaders to drive operational speed and efficiency, cut waste, prioritize investments, and adopt labor and automation strategies that fuel their business growth. Easy Metrics is based in Bellevue, Washington and is backed by Nexa Equity, a private equity firm based in San Francisco, CA. For more information, please visit https://easymetrics.com.

About Nexa Equity
Nexa Equity is a San Francisco, California-based private equity firm that partners with founder-led, rapidly scaling SaaS companies that address markets underserved by technology to create enduring value for the benefit of its investors and portfolio companies. The firm has more than $350 million in private equity capital under management and is focused on continuing to grow its portfolio of companies. The Nexa Equity team brings substantial investing and operational experience and helps management teams professionalize and scale their businesses while driving long-term sustainable growth. For more information, please visit www.nexaequity.com.

Contact:

Easy Metrics
Ronda Broughton
650-400-8940
ronda@easymetrics.com

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/395656b7-159e-4d2c-af6b-cd40faded991

The MIL Network –

January 31, 2025

MIL-Evening Report: ‘All I wanted was to bid my daughter a final farewell’ – Gaza hostages, mainstream media and truth

Palestinian politician, MP and activist Khalida Jarrar . . . AFTER being jailed by the Israeli military and released last Sunday as part of the ceasefire deal. Image: www.solidarity.co.nz

COMMENTARY: By Eugene Doyle

Watching footage of Palestinian parliamentarian and hostage Khalida Jarrar emerge from Israeli captivity was jarring — a far, muffled cry from the sense of happiness and relief most of us felt seeing the young female Israeli soldiers released by Hamas around the same time.

What a study in contrast.

Khalida was clearly emaciated, traumatised and had turned, in the same period of time, from a powerful dynamic woman into a fragile, elderly human being who moved with difficulty.

What a difference it makes who holds you captive. It goes without saying I didn’t see this on any mainstream news outlet.

In a previous period of imprisonment — for being a member of the PFLP, a proscribed organisation — the Israelis wouldn’t even allow Khalida Jarrar to attend the funeral of her own daughter.

Instead she sent a message that was read at Suha’s funeral in 2021:

I am in so much pain, my child, only because I miss you.
I am in so much pain, my child, only because I miss you.

From the depths of my agony, I reached out and
embraced the sky of our homeland through the window
of my prison cell in Damon Prison, Haifa.
Worry not, my child.
I stand tall, and steadfast, despite the shackles and the jailer.
I am a mother in sorrow, from yearning to see you one last time.

Suha, my precious.

They have stripped me from bidding you a final goodbye kiss.
I bid you farewell with a flower.
Your absence is searingly painful, excruciatingly painful.
But I remain steadfast and strong,
Like the mountains of beloved Palestine.

No mainstream coverage
I searched online and found no mainstream outlet had covered Khalida’s release amid the flood of stories about the Israeli hostages. A search to see if Australian or New Zealand MPs had called for the release of their fellow legislator netted zero results.

To them, she is no doubt a non-person. Yet, Khalida Jarrar is a leading political activist and one of dozens of legislators imprisoned by the Israelis. She endured. She remained steadfast.

“The entire system of political imprisonment is based on suppressing Palestinian organising,” said Charlotte Kates, coordinator of Samidoun, the Palestinian Prisoner Support Network.

The four female Israeli “Offence” Force (IDF) soldiers, according to all the many images and reports, were fit, happy and well-fed after their 15 months in Hamas captivity.

The four female IDF soldiers, according to all the many images and reports, were fit, happy and well-fed after their 15 months in Hamas captivity. Images: Al Jazeera/www.solidarity.co.nz

In contrast Palestinian prisoners typically had lost 16kg by the time they were freed. The Israelis with all the food and resources in the world made a policy — an actual policy — of mistreating prisoners, reducing food to a minimum, often beating them, finding perverse ways to humiliate them and on many occasions sexually assaulting men, women, boys and girls who had been dragged into their custody without charge.

Many, an unknown number, died at their hands.

Israeli Minister of National Security, Itamar Ben-Gvir, called months ago for legislation to allow the execution of Palestinian prisoners “with a shot in the head” and said he would provide minimal food to them until the law was enacted. I couldn’t find a single Western leader who called for him to be arrested.

Israeli human rights report
These crimes are filling compendia being compiled by the United Nations, the ICC and multiple organisations worldwide. You can read some of it here in an Israeli human rights report, “Welcome to Hell, the Israeli prison system as a network of torture camps”.

Our media has a lot to answer for — for what was done to the thousands of Palestinian hostages because of its starring role in silencing Palestinian voices and hiding from view the realities of the Israeli prison system. Thousands were never charged with any crime — other than being Palestinian.

Entire congregations in mosques, groups of people in refugee centres, were indiscriminately swept up and tossed into Israeli concentration camps.

Were future historians to look back on these times and only have the mainstream media to go by, they would have lots of wonderful photos of the Israeli hostages, know them by name, see family hugs, biographical details, and listen to interviews with friends and relatives. In contrast, the Palestinians would turn towards History and we would see blank faces, erased of personality, all the detail of their stories rubbed out.

That’s why it is imperative to find better sources of news and information, like Middle East Eye, Palestine Chronicle, Electronic Intifada and Pearls & Irritations, that can enrich our understanding of our times and the experience of the victims of Western genocidal violence.

In his excellent article “The Other Hostages”, human rights lawyer Jonathan Kuttab says: “From the Palestinian perspective: there are about 13,000 Palestinian prisoners and detainees in Israeli jails who are just as worthy of our concern and also merit our sympathy, and whose families will rejoice at their long-awaited release.”

Turning a blind eye to Israeli mistreatment of prisoners — and the mainstream media bias in favour of all things Israeli — goes back decades. But let’s look at the months since October 7th.

No fact-checking
All the mainstream media and servile politicians raced to report without fact-checking the lies the Israelis and Americans, including President Biden, told about beheaded babies and mass rapes. Few had the decency to walk back the calumnies even after official retractions and international investigations disproved them.

In October 2023 I wrote one of my first stories post-October 7th on this very topic.

Within a month of October 7, eight BBC journalists wrote to Al Jazeera saying “the corporation is failing to humanise Palestinians . . . investing greater effort in humanising Israeli victims compared with Palestinians, and omitting key historical context in coverage.”

CNN staff told British colleagues last year that their network’s pro-Israel slant amounts to “journalistic malpractice”.

Hats off to Novara Media, one of the larger alternative news and analysis platforms for its exposure of bias. What they found was that Palestinians are “killed” whereas Israelis are “massacred” or “slaughtered”.

Checking over 1000 articles by the UK’s supposedly progressive, left-leaning outlets — The Guardian, The Independent, Daily Mirror – Novara found that “all three publications favoured Israeli lives, narratives and voices.”

Taking a list of emotive words they cross-checked and found that 77 percent were about violence against Israelis and only 23 percent about Palestinians. Well over 95 percent of victims of violence are Palestinians, 100 percent of land thefts are by Israelis. Facts matter.

Journalism ‘used’ for racist war crimes
This is journalism being used in the service of racist war crimes, used to normalise the mistreatment of prisoners and other Palestinian untermenschen.

In the case of The Independent, it ran 70 stories on Israeli hostages (who at peak numbered about 250) and just one story on a Palestinian hostage (they number over 10,000).

British journalist Owen Jones deserves a medal for reports like: “BBC in Civil War over Gaza.” The report details the efforts of journalists within the organisation to deliver more balanced coverage but the extent to which those efforts are thwarted by powerful pro-Israel operatives within the corporation who ensure “systematic pro-Israel propaganda at the corporation.”

Palestinian lawmaker Khalida Jarrar (centre) with her daughter Suha. This story appeared in Electronic Intifada. Its author Ali Abunimah was arrested in Switzerland this week to prevent him giving a speech. Image: www.solidarity.co.nz

“This unprecedented slaughter could not have happened without powerful cheerleaders,” Jones said in a recent piece about media co-conspirators with Israel in the genocide. “Hold them to account.”

Damn right. I pray to whatever gods may be that justice will one day be served on all those who by their actions or by their “journalism” allowed these crimes to be committed.

I’ll give the last word to Khalida Jarrar as I wish her a full and speedy recovery:

“All I wanted was to bid my daughter a final farewell – with a kiss on her forehead and to tell her I love her as much as I love Palestine.”

MIL OSI Analysis – EveningReport.nz –

January 31, 2025

MIL-OSI Russia: Marat Khusnullin: 1.8 million square meters of real estate have been commissioned under integrated territorial development projects

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Within the framework of integrated territorial development projects (ITD) in Russian regions, construction of residential complexes, social, transport and communal infrastructure facilities, as well as resettlement of dilapidated and hazardous housing stock continues.

“Since 2021, when the KRT mechanism was launched, regions have had the opportunity to use it for the comprehensive development of their settlements. Since then, more and more entities have joined this work. New residential complexes and various infrastructure facilities are being built, which in turn has a positive effect on the quality of life and comfort for people. In general, more than 1.8 million square meters of real estate have been commissioned under integrated territorial development projects to date, of which about 1.6 million square meters is residential space. In total, 866 integrated territorial development projects with an area of 19.6 thousand hectares are under implementation in 77 regions across the country,” said Marat Khusnullin.

The Deputy Prime Minister noted that the total urban development potential of KRT projects under implementation amounts to 139.7 million square meters of real estate, of which 101.9 million square meters are residential areas.

In total, the regions adopted 720 decisions on integrated development of territories, of which 217 relate to 2024. Also, 790 trade procedures were carried out and 737 contracts on integrated development of territories were concluded. In addition, 321 sets of planning documents were developed and approved for territories with an urban development potential of 36.6 million sq. m.

“The selection of new territories for integrated development is also continuing throughout the country. Today, 1,429 territories with a total area of 35.7 thousand hectares are being developed. The urban development potential of these sites reaches 252.3 million square meters, of which 182.6 million square meters are housing,” said First Deputy Minister of Construction and Housing and Public Utilities Alexander Lomakin.

The resettlement of dilapidated and emergency housing is also one of the priorities for the application of the KRT in the regions.

“Currently, the resettlement of dilapidated and emergency housing under the KRT projects is being carried out in 32 regions. As of today, 228.25 thousand square meters of housing have been resettled, including 195.49 thousand square meters of emergency housing. More than 13 thousand people were able to improve their living conditions. This work will continue in 2025,” noted Ilshat Shagiakhmetov, CEO of the Territorial Development Fund.

Integrated development of territories also covers land plots that belong to the Russian Federation. The Government Commission for the Development of Housing Construction and Evaluation of the Efficiency of Using Land Plots Owned by the Russian Federation has made positive decisions on 78 such KRT projects in 38 regions with a total urban development potential of 17 million sq. m.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 31, 2025

MIL-OSI: YieldMax™ Launches Option Income Strategy ETF on CARVANA CO. (CVNA)

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

YieldMax™ CARVANA Option Income Strategy ETF (NYSE Arca: CVNY)

CVNY seeks to generate current income by pursuing options-based strategies on CARVANA CO. (CVNA). CVNY is actively managed by Tidal Financial Group. CNVY does not invest directly in CVNA.

CVNY is the newest member of the YieldMax™ ETF family and like all YieldMax™ ETFs, aims to deliver current income to investors. With respect to distributions, CVNY will be a Group C ETF and its first distribution is expected to be announced on March 5, 2025. Please see table below for distribution information for all outstanding YieldMax™ ETFs as of January 29, 2025.

ETF Ticker¹	ETF Name	Reference Asset	Distribution per Share²
TSLY	YieldMax™ TSLA Option Income Strategy ETF	TSLA	$	0.7170
OARK	YieldMax™ Innovation Option Income Strategy ETF	ARKK	$	0.3298
APLY	YieldMax™ AAPL Option Income Strategy ETF	AAPL	$	0.2841
NVDY	YieldMax™ NVDA Option Income Strategy ETF	NVDA	$	0.8294
AMZY	YieldMax™ AMZN Option Income Strategy ETF	AMZN	$	0.4005
FBY	YieldMax™ META Option Income Strategy ETF	META	$	0.6390
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	GOOGL	$	0.3324
NFLY	YieldMax™ NFLX Option Income Strategy ETF	NFLX	$	0.5830
CONY	YieldMax™ COIN Option Income Strategy ETF	COIN	$	0.8339
MSFO	YieldMax™ MSFT Option Income Strategy ETF	MSFT	$	0.3667
DISO	YieldMax™ DIS Option Income Strategy ETF	DIS	$	0.2782
XOMO	YieldMax™ XOM Option Income Strategy ETF	XOM	$	0.3485
JPMO	YieldMax™ JPM Option Income Strategy ETF	JPM	$	0.6929
AMDY	YieldMax™ AMD Option Income Strategy ETF	AMD	$	0.3404
PYPY	YieldMax™ PYPL Option Income Strategy ETF	PYPL	$	0.4264
SQY	YieldMax™ SQ Option Income Strategy ETF	SQ	$	0.6338
MRNY	YieldMax™ MRNA Option Income Strategy ETF	MRNA	$	0.2730
AIYY	YieldMax™ AI Option Income Strategy ETF	AI	$	0.3763
YMAX	YieldMax™ Universe Fund of Option Income ETFs	Multiple	$	0.1469
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	Multiple	$	0.1898
MSTY	YieldMax™ MSTR Option Income Strategy ETF	MSTR	$	2.2792
ULTY	YieldMax™ Ultra Option Income Strategy ETF	Multiple	$	0.5715
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Bitcoin ETP	$	0.7893
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	TSLA	$	0.2862
GDXY	YieldMax™ Gold Miners Option Income Strategy ETF	GDX®	$	0.5937
SNOY	YieldMax™ SNOW Option Income Strategy ETF	SNOW	$	0.7392
ABNY	YieldMax™ ABNB Option Income Strategy ETF	ABNB	$	0.4220
FIAT	YieldMax™ Short COIN Option Income Strategy ETF	COIN	$	0.6530
DIPS	YieldMax™ Short NVDA Option Income Strategy ETF	NVDA	$	0.5026
BABO	YieldMax™ BABA Option Income Strategy ETF	BABA	$	0.4693
YQQQ	YieldMax™ Short N100 Option Income Strategy ETF	N100	$	0.3873
TSMY	YieldMax™ TSM Option Income Strategy ETF	TSM	$	0.6449
SMCY	YieldMax™ SMCI Option Income Strategy ETF	SMCI	$	1.7215
PLTY	YieldMax™ PLTR Option Income Strategy ETF	PLTR	$	2.9826
BIGY	YieldMax™ Target 12™ Big 50 Option Income ETF	Multiple	$	0.5130
SOXY	YieldMax™ Target 12™ Semiconductor Option Income ETF	Multiple	$	0.5256
MARO	YieldMax™ MARA Option Income Strategy ETF	MARA	$	2.1002
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Multiple	$	2.1944
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Multiple	$	1.6771
LFGY	YieldMax™ Crypto Industry & Tech Option Income ETF	Multiple	$	0.6294
GPTY*	YieldMax™ AI & Tech Option Income ETF	Multiple		–

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs” and “ADR” stands for American Depositary Receipt.

You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for GPTY is January 22, 2025.

¹Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

² The Distribution per Share is the most recently declared such amount as of close on January 29, 2025.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Important Information

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosures (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

Holdings

As of January 29, 2025, the YieldMax™ CARVANA Option Income Strategy ETF did not hold any shares of CARVANA CO. (CVNA). As of such date, the holdings of CVNA in such fund were 0.00%.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

The MIL Network –

January 31, 2025

MIL-OSI Video: UK Baroness Hazarika on tackling shoplifting and antisocial behaviour | Lord Speaker’s Corner

Source: United Kingdom UK House of Lords (video statements)

‘Where I live there is so much shoplifting going on.’
Broadcast Ayesha Hazarika – Baroness Hazarika – is the latest guest on Lord Speaker’s Corner. She talks to the Lord Speaker about why she is using her new role to campaign for more to be done to tackle shoplifting and antisocial behaviour.

Find out more, listen now wherever you get your podcasts or search ‘House of Lords’ on YouTube: https://www.parliament.uk/business/lords/house-of-lords-podcast/baroness-hazarika-lord-speakers-corner/

#LordSpeakersCorner #HouseOfLords #LordsMembers

https://www.youtube.com/watch?v=0wql65I9_g0

MIL OSI Video –

January 31, 2025

MIL-OSI Europe: Written question – Repatriation of Syrians – E-000218/2025

Source: European Parliament

Question for written answer E-000218/2025
to the Commission
Rule 144
Emmanouil Fragkos (ECR), Galato Alexandraki (ECR)

It was believed that the Assad Government was the reason why many Syrians fled to the EU. Between 2015 and 2023, around 1.3 million Syrians are estimated to have been accepted into the EU after seeking a safe home/asylum as ‘Syrian refugees’. Following recent attacks by the jihadist organisations Hayat Tahrir al-Sham and the Syrian National Army, a large part of Syria was captured, resulting in the collapse of Bashar al-Assad’s government. The end of al-Assad’s rule was celebrated by Syrians all across Europe.

Given that their reason for seeking asylum has ceased to exist, there is no reason why procedures for returning Syrians to Syria should not be initiated right away, so that they can benefit from the implementation of a jihadist regime.

In view of the above, can the Commission say:

1.Does it have a registry of Syrians in Europe or does it intend to request this data from the Member States and NGOs that have been the driving force behind their movement and that have provided them with asylum?
2.How does it intend to coordinate mass returns from the EU and transport to Syria safely, quickly and efficiently, guaranteeing that former ‘refugees’ from Syria will not be forgotten in the EU?
3.Will it propose sanctions for NGOs that do not cooperate with identifying Syrians to enable their effective repatriation?

Submitted: 20.1.2025

Last updated: 30 January 2025

MIL OSI Europe News –

January 31, 2025

MIL-OSI Europe: EIB Group increases investment in Austria for growth, innovation and climate action by nearly a third

Source: European Investment Bank

In 2024, the EIB Group reached a funding volume of €1.7 billion in Austria
Focus on countercyclical investment promotion in energy-intensive industries such as steel production
The expansion of renewable energies remains a priority goal

The European Investment Bank Group (EIB Group) can look back on a successful year 2024 in Austria. With a total lending volume of nearly €1.7 billion, it granted around 30% more loans than in the previous year. Funding applications were submitted to the EIB by public and private sector firms, primarily for energy projects that reduce CO₂ emissions and promote the transition to renewable energy.

2024 brought a rise in the construction of solar plants and wind farms in Austria – supported by the national government, which has set the objective of generating all of the country’s electricity from renewable sources by 2030. As in the two previous years, in 2024 the EIB exceeded its goal of allocating at least 50% of funding to climate action. In Austria, 64% of total investment went to climate.

The EIB co-finances wind and solar projects together with partner banks. In Burgenland, it is providing €80 million to fund six solar parks by Püspök. They will supply 71 000 households with electricity, and the farmland they will be built on can continue to be used to grow crops.

Burgenland Energie AG will also receive EIB financing of up to €620 million to build solar and wind parks. With a generation capacity of 1.3 GW once complete, they will be able to meet one-sixth of Austria’s electricity needs. The EU bank is also co-financing the Spannberg wind park in Lower Austria, with four wind turbines and a further seven in the planning phase.

The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), seeks to be a reliable partner in making European industry more competitive – especially in difficult economic times, by promoting countercyclical investment. In the steel and construction industries, the EIB Group finances projects in Austria that support their green transition: for example, with a €300 million grant issued to Voestalpine for research and development.

“The EIB is a strong partner for Austria’s future,” EIB Vice-President Thomas Östros stated. “Our investments make it easier for firms to expand and become more innovative, to use renewable energy and to cut energy consumption. We invest countercyclically and promote the long-term competitiveness of Austrian industry. We will continue to support the development of wind, solar and hydro power plants.”

To increase the housing supply, the EIB is continuing to back affordable housing projects. In Salzburg and Tyrol, it is working with regional savings banks to finance the construction of 1 750 rental units in non-profit housing with low-cost framework loans.

As in previous years, the EIF – whose shareholders include the EIB, the European Commission and several national and regional promotional banks – continued to support specialised funds targeting startups and innovative technologies, investing €66 million in Austria.

In 2024, in view of the EIB Group’s policy priorities, projects in Austria in the field of sustainable energy and natural resources received the most support, with €765 million, followed by innovation, digital and human capital, with €462 million. Sustainable cities and regions received €329 million, and SMEs and mid-caps received €112 million.

EIB Group investment in Austria in 2024 supported investment of in total €4.3 billion. Thus, each euro of EIB Group financing raised investment of around €2.60.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives by bolstering digitalisation and technological innovation, security and defence, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU, and the Capital Markets Union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 projects in 2024. These commitments are expected to mobilise around €350 billion in investment, supporting 400 000 companies and 5.8 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord and the EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

MIL OSI Europe News –

January 31, 2025

MIL-OSI Europe: EIB Group financing in Slovenia totals €284 million in 2024, driving the energy transition and business innovation

Source: European Investment Bank

EIB Group provided €284 million of new financing in Slovenia last year, boosting the energy transition, business innovation and capital markets.
Funding of €154 million from EIB and €130 million from EIF in the country in 2024.
Investments strengthened Slovenia’s electricity grid, early-stage companies and venture-capital markets.

The European Investment Bank (EIB) Group provided €284 million of fresh financing in Slovenia last year, bolstering the energy transition, business innovation and capital markets in the country. The total for 2024 includes €154 million from the EIB and €130 million from the European Investment Fund (EIF), which targets micro companies and small and medium-sized enterprises (SMEs) in Europe.

EIB financing in Slovenia last year focused on energy projects, fostering sustainable energy and energy efficiency, while the EIF investments supported venture capital and private equity to boost entrepreneurship and innovation.

“We are committed to fostering a sustainable, innovative and inclusive Slovenian economy,” said EIB Vice-President Kyriacos Kakouris. “Our investments in Slovenia last year not only strengthen the country’s energy resilience and competitiveness but also ensure that businesses and communities can thrive in a rapidly changing environment.”

Over the past five years, the EIB Group has invested over €1 billion in Slovenia, focusing on sustainable transport, energy infrastructure and capital markets. Its financing of local electricity distribution covers four out of five distribution companies, which supply around nine out of 10 Slovenian households.

Grid upgrades and business innovation

The EIB last year signed agreements with three power companies to upgrade Slovenia’s electricity grids. It committed €36 million to Elektro Maribor, €50 million to Elektro Ljubljana and €58 million to Elektro Celje.

These loans will reinforce regional energy infrastructure, enabling the integration of renewable energy, expanding capacity for electric vehicle charging and climate-proofing critical systems. The projects align with Slovenia’s 2050 climate targets and the European Union’s REPowerEU strategy.

Additionally, the EIB provided advisory services to municipalities, public institutions and private companies to ensure comprehensive support for sustainable growth across Slovenia.

For its part, the EIF pressed ahead in 2024 with its long-standing support for Slovenian SMEs and Mid-Caps, focusing on innovation and early-stage businesses. A highlight last year was a €40 million EIF pledge to the Vesna Deep Tech Venture Fund to build up technology transfer in Slovenia as well as Croatia. The fund prioritises early-stage businesses, fosters innovation and protects intellectual property, strengthening Slovenia’s venture-capital ecosystem.

Since 1996, the EIF has facilitated €531 million in financing for approximately 8,000 Slovenian enterprises, supporting 78,000 jobs.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances sound investment that contributes towards EU policy goals, including social and territorial cohesion, competitiveness, innovation, sustainable development and the just, swift transition to net zero. The EIB has committed €7.78 billion in total financing for projects in Slovenia since the start of its operations in the country.

MIL OSI Europe News –

January 31, 2025

MIL-OSI Europe: Lithuania financing from EIB Group totals €449 million in 2024, boosting business and green investments

Source: European Investment Bank

EIB Group financing in Lithuania last year totalled €449 million, bolstering business and green investments nationwide.
Funding supported 1,200 Lithuanian companies and sustained 19,000 jobs.
Energy storage and clean railways among key 2024 projects.

The European Investment Bank (EIB) Group’s financing in Lithuania last year amounted to €449 million, spurring business investments and accelerating the country’s green transition. The total for 2024 includes €240 million from the EIB and €209 million from the European Investment Fund (EIF), which targets small and medium-sized enterprises (SMEs).

The EIB Group pledges last year in Lithuania supported 1,200 SMEs and Mid-Caps, sustained 19,000 jobs and covered 21 investment projects across the country. Top operations included EIB loans of €105 million to Lithuanian utility Ignitis Group for expanding a pumped storage hydroelectric power plant and €100 million to national railway service LTG Link for buying electric and battery trains.

“Lithuania’s commitment to sustainability is inspiring,” said EIB Vice-President Thomas Östros. “Our investments in the country in 2024 underscore our dedication to supporting Lithuania’s green transition and economic resilience. We are helping to build a sustainable future for all Lithuanians.”

The level of EIB Group financing in Lithuania in 2024 was broadly in line with the organisation’s average annual commitments of €562 million in the country over the past five years. For example, EIB Group financing in Lithuania totalled €654 million in 2023 and €219 million in 2022.

Energy and transport projects

The €105 million EIB loan last year to Ignitis Group is for expanding the Kruonis Pumped Storage Hydroelectric Power Plant and making it one of Europe’s largest energy-storage facilities. The goal is to increase Lithuania’s energy independence and help the country achieve 100% renewable electricity by 2030.

The €100 million EIB loan to LTG Link is for replacing a third of the company’s train fleet. The aim is to reduce carbon-dioxide emissions from trains, shorten rail-travel times and improve passenger accessibility.

Also in the area of energy, the EIB last year signed a €35 million loan to district utility Kauno Energija for upgrading the heating and hot water system of the city of Kaunas by refurbishing pipelines, adding heat storage tanks and integrating renewable sources. This project will boost energy efficiency, diversify the energy mix and reduce reliance on imported natural gas, benefiting around 400,000 residents and businesses.

Supporting small companies

The EIF’s pledges in Lithuania last year included nearly €129 million to businesses through deals with various banks and financial institutions including AB Mano Bankas, AB SEB Bankas, Swedbank Bank Lithuania, UAB SME Bank, Lithuanian Central Credit Union, Taurus Fondas UAB and UAB Heavy Finance.

These agreements unlock loans to Lithuanian SMEs at preferential terms to support growth, create jobs and speed up the transition to a carbon-neutral economy.

In 2024, the EIF also invested €50 million in IAM CEE Student Housing Fund, an infrastructure fund committed to building housing for up to 3,500 students in Central-Eastern European countries including Lithuania, and €30 million in INVL Private Equity Fund II, a private equity fund dedicated to boosting investments in high-growth SMEs mainly in Lithuania.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

MIL OSI Europe News –

January 31, 2025

MIL-OSI Europe: Finland financing from EIB Group more than doubles in 2024 to €2.3 billion

Source: European Investment Bank

EIB Group investments in Finland rose to €2.3 billion in 2024 from €992 million the year before.
Financing boost of 132% supported 1,800 Finnish SMEs and Mid-Caps and sustained 40,000 jobs in the country.
Most funding went to green projects and business innovation.

The European Investment Bank (EIB) Group’s financing in Finland more than doubled to €2.3 billion in 2024, with the bulk of funds aimed at accelerating the green transition and business innovation in the country. The EIB Group’s pledges last year represent a 132% increase from €992 million in 2023.

The financing in Finland last year included €1.7 billion from the EIB and €606 million from the European Investment Fund (EIF) arm, which focuses on supporting Europe’s micro companies and small and medium-sized enterprises (SMEs).

The EIB Group’s funding in Finland in 2024 supported 1,800 SMEs and Mid-Caps, sustained 40,000 jobs and covered 21 investment initiatives across the country. The amount is expected to trigger €5.1 billion of total investment, equivalent to 1.9% of Finnish gross domestic product (GDP).

“Our significant investments in 2024 underscore our unwavering commitment to Finland’s economic growth and resilience,” said EIB Vice-President Thomas Östros. “By financing a diverse array of projects from cutting-edge healthcare to pioneering renewable-energy solutions, we are not just supporting Finland’s present needs but also building a brighter, more sustainable future. “

Driving innovation and sustainability

In 2024, half of the EIB Group’s funding in Finland was allocated to the green transition and a third to business innovation. This marks a 215% rise in support for Finnish sustainability and innovation compared with the previous year.

“Finland stands as a leading example of innovation and sustainability in Europe,” said Östros.

The EIB Group’s financing in Finland last year targeted a range of sectors including industrial investments, energy, education and healthcare.

Key green transition and innovation projects

Green transition and innovation projects backed by the EIB last year included a €168 million investment in the Keliber lithium project to enhance the EU’s battery material supply for electric vehicles and high-tech industries. Additionally, Prysmian’s factory in Pikkala received more than €221 million in EIB funding to expand its production of extra-high-voltage submarine power cables, supporting the EU’s clean energy-transmission goals.

Furthermore, the EIB invested €150 million to replace Helsinki’s fossil-based heating plants with renewable energy, supporting the city’s sustainability and carbon-reduction efforts as part of REPowerEU. In addition, the EIB provided a €435 million loan to Stora Enso for producing sustainable packaging at the Oulu factory, promoting a circular economy with renewable materials.

Lastly, Swappie received a €14 million venture-debt loan to refurbish and resell iPhones, reducing electronic waste and extending the lifecycle of devices, making high-quality technology more accessible.

Empowering SMEs and Mid-Caps

The EIB Group’s support for Finnish SMEs and Mid-Caps last year included a €200 million partnership with Finnvera. This initiative aimed to tackle barriers to accessing finance by sharing risks associated with economic uncertainties such as inflation, high interest rates, limited external growth opportunities, and unpredictable energy supplies.

For its part, the EIF collaborated with leading Finnish banks to provide over €560 million in loan guarantees last year. This substantial financing empowers SMEs, small Mid-Caps and housing associations to advance Finland’s climate goals, promote environmental sustainability and invest in innovation and digitalisation. In addition, the EIF made two new commitments in Finnish venture capital and private equity funds.

Investing in public infrastructure

The EU bank prioritised healthcare and education infrastructure in 2024, making significant investments in Finland’s public sector. A €100 million loan will upgrade Helsinki’s Laakso hospital, providing state-of-the-art medical services. Thousands of children in Tuusula will benefit from modern schools funded by a €105 million EIB loan. Additionally, the EIB is financing water-infrastructure projects in the Helsinki area, promoting sustainable water management, one of the key priorities of the bank.

Over the past five years, the EIB Group has provided nearly €8.6 billion in financing for Finland, highlighting the organisation’s dedication to the country’s economic growth and development.

For more information on EIB Group results in 2024, please click here.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

MIL OSI Europe News –

January 31, 2025

MIL-OSI Europe: EIB Group achieves record results in 2024, targets €95 billion in investments for 2025

Source: European Investment Bank

The EIB Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024.
A record of nearly 60% of all EIB Group financing supported the green transition, climate action and environmental sustainability.
There was a sharp increase in higher-risk activities, with a record €8 billion committed for equity and quasi-equity investment.
Financing for security and defence projects doubled to €1 billion in 2024, with a further doubling planned in 2025.

The European Investment Bank (EIB) Group signed €89 billion in new financing last year. The Group made more investments than ever before to strengthen EU energy security, mobilising over €100 billion for projects in new and upgraded infrastructure such as grids and interconnectors, renewables, net-zero industries, efficiency and storage. Nearly 60% of the total financing supported the green transition, climate action and environmental sustainability.

Our preliminary results once again signal robust profitability. At the same time, higher-risk EIB operations to back Europe’s most innovative companies have sharply increased. A record €8 billion in equity and quasi-equity investment from the EIB and the European Investment Fund (EIF) is expected to mobilise €110 billion in growth capital for startups, scale-ups and European pioneers.

Eligible security and defence investment doubled in 2024, and the goal is to double this figure again this year. Furthermore, the EIB Group significantly extended its eligible investments in dual-use projects, which now include border protection, military mobility, de-mining and de-contamination, space, cybersecurity, anti-jamming equipment, seabed and critical infrastructure protection, research and development, and drones.

Looking ahead, the EIB Group plans to increase its overall investments to €95 billion in 2025, with flagship initiatives to support European tech champions and a dedicated TechEU programme, critical raw materials, water management, the energy efficiency of small and medium-sized companies, and a dedicated platform to promote sustainable and affordable housing.

In parallel with increasing its investment capacity and impact, the EIB Group is making significant progress in cutting red tape for clients and has shortened the time to market required to approve and deploy new investments. During 2024, it introduced simplified appraisal procedures covering more than 40% of its operations.

“We have broken records with our financing in 2024. We have made ourselves ready to support EU priorities in this new political mandate. And we will play an even more relevant role in 2025 – building on the excellent performance of the EIB Group to increase our impact, bolstering Europe’s security and competitiveness with strategic and ambitious investments,” said EIB Group President Nadia Calviño as she presented the annual operational results of the EIB Group in Brussels.

Making records

The EIB Group financing committed in 2024 is expected to power almost 15 million households with clean energy, create up to 1.5 million new jobs in Europe over the next few years, advance therapies against cancer, and help secure affordable housing from Croatia to Latvia.

In more detail, highlights from last year include:

Stepped up higher-risk activities, expected to mobilise about €110 billion in new investments. This includes a record €7.2 billion of investments by the EIF in the equity funds ecosystem, and €1 billion in venture debt by the EIB.
More than €14 billion in total investment deployed by the EIF to support Europe’s small businesses and innovators, including in 102 venture capital funds, such as a dedicated fund to back women-owned and gender-balanced startups in space and deep tech.
A record €51 billion – around 60% of last year’s investments – to support the green transition, climate action and environmental sustainability, from the world’s first zero-emissions tyre factory in Romania to support for sustainable mobility in Valencia, keeping the EIB Group well on track to meet its target of supporting €1 trillion in climate and environmental sustainability investment in the critical decade to 2030.
A record €31 billion to back EU energy security, including for efficiency, renewables, storage and electricity grids, which is expected to support over €100 billion in investment. Flagship initiatives include counter-guarantees to bolster European wind manufacturers, electric vehicle battery manufacturing in France and the Princess Elisabeth Island in Belgium. For grids and storage, financing rose to a record €8.5 billion, mobilising 40% of Europe’s total investment in that sector in 2024, including transmission network upgrades and interconnectors in Spain, Czechia and Germany.
Support for eligible security and defence projects doubled to €1 billion, including the deployment of dual-use satellites in Poland, port upgrades to meet the needs of NATO vessels in Denmark and investment by the EIF in dedicated private investment funds. A further doubling of annual investments to €2 billion is expected this year.
A record €38 billion to accelerate social and territorial cohesion, including credit lines for farmers in Romania, innovative startups in Greece and just transition projects in Estonia.
The EIB Group has also provided financial support to boost climate resilience and adaptation from post-landslide reconstruction in Italy to recovery investments in European regions affected by devastating floods.
With more than €2.2 billion disbursed since 2022, EIB Group investments in Ukraine are helping to repair schools, kindergartens and hospitals, upgrade transport and protect energy infrastructure, as well as support the private sector.

Beyond Ukraine, the EIB Group’s operations outside the European Union are supporting stability in the EU neighbourhood and partner countries on their path to EU membership, including with rail upgrades in countries such as Albania and Montenegro.

Supporting EU global priorities and helping strengthen Europe’s voice in the world, EIB Group financing also helps drought-stricken countries like Jordan to manage water supplies. Thanks to reinforced partnerships inside and outside the European Union, EIB investments are helping eliminate diseases like polio and support sustainable infrastructure around the world from Vietnam to India.

Ready for the challenges ahead

Under President Calviño, who took office in January 2024, the EIB Group has updated its internal policies and investment strategy to maximise impact and scale up support for shared European priorities.

Changes include:

A Strategic Roadmap, aligned with EU policies and agreed by the EU 27 Member States (the EIB’s shareholders) to focus resources on impactful investment on eight core priorities.
A revamped framework expanding the EIB Group’s activity in the areas of security and defence, with streamlined internal procedures and new partnerships with external stakeholders, such as the NATO Innovation Fund and the European Defence Agency.
EIB governors approved the increase of the gearing ratio, an outdated limit on EIB Group’s investments.[1] This will enable the EIB Group to make the necessary strategic investments to deliver on EU policy goals while preserving its leverage and capital ratios.
An action plan with building blocks for a deeper capital markets union.
Actions and proposals to cut red tape, improve the usability of EU sustainability reporting rules and optimise the use of EU budget instruments.
A stepped up time to market initiative to simplify internal processes and boost efficiency, enabling much faster approvals for new financing.
An action plan to improve transparency, accountability and well-being in the workplace, including the appointment of an ombudsperson to swiftly address common workplace issues and improve the working environment.

More relevant than ever in 2025

Looking ahead, the EIB Group Operational Plan covers up to €95 billion in new investment in 2025, supported by the Group’s stellar credit rating and strong capital position.

New initiatives aligned with the priorities of the new European Commission expected to be rolled out in 2025 include:

Maintaining a 60% green finance target.
Scaling up support for leading technologies, including clean-tech, artificial intelligence, chips, high-performance and quantum computing, health sciences and medical technologies, and Europe’s cutting-edge industrial capacity.
An exit platform to facilitate the listing of European scale-ups in EU markets or the acquisition of these promising innovators by European companies.
An extension of the highly successful European Tech Champions Initiative (ETCI) as part of the broader goal to boost equity and venture debt investments to scale up Europe’s innovative startups.
Further doubling of support for Europe’s security and defence industry
A pan-European investment platform for affordable and sustainable housing, together with the European Commission and increased financing for the housing sector.
Increasing investment for critical raw materials projects, such as the Keliber lithium production facility in Finland agreed last year.
A dedicated water programme of about €4.5 billion to focus investment on flood resilience, and to address water scarcity amid intensifying droughts.
New support for Europe’s farmers through agricultural insurance and other de-risking schemes, building on a €3 billion facility to improve access to financing for young farmers and women.
A €2.5 billion programme to scale up energy efficiency investments by small and medium-sized companies so they can lower their CO₂ emissions and electricity bills.

EIB Group press conference on annual results

Background information

The EIB Group is the financing institution of the European Union owned by its Member States. It supports investment contributing toward EU policy goals, including sustainable growth, social and territorial cohesion, innovation and security. It finances its operations in global capital markets and has been consistently profitable in its operations since its inception. The EIB Group is the pioneer and one of the largest issuers of green bonds, while all of its operations are aligned with the Paris Climate Agreement.

[1] Subject to final approval by the Council of the European Union.

MIL OSI Europe News –

January 31, 2025

MIL-OSI: Real Matters Reports First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the first quarter ended December 31, 2024.

“We reported consolidated revenue of $41.0 million in the first quarter, up 16% year-over-year, and consolidated Net Revenue^(A) increased 12% led by growth in all three segments. Refinance origination volumes in our U.S. Title segment were up 46% year-over-year and Net Revenue^(A) margins increased by 610 basis points,” said Real Matters Chief Executive Officer Brian Lang.

“There are now 8.8 million outstanding mortgages with interest rates above 6%, which represents a sizeable pool of potential refinance candidates. We are encouraged by the market opportunity we saw as a result of a short-term rally in rates in September – adding to our conviction of the market potential for refinance going forward. As a result, we are seeing broad pipeline movement; we are confident that we will have new, active franchise title clients in the coming months,” added Lang.

“We have a strong balance sheet, and we will continue to prudently manage our cost base to align with market conditions, ensuring we focus on growth as headwinds turn to tailwinds for our business. We are at a key inflection point for our title business,” concluded Lang.

Q1 2025 Highlights

Consolidated revenue of $41.0 million –16% year-over-year increase
Consolidated Net Revenue^(A) of $10.9 million – 12% year-over-year increase
Adjusted EBITDA^(A) loss of $1.7 million compared with loss of $1.1 million in Q1’24
Net income of $2.3 million up from net loss of $3.6 million in Q1’24
Launched five new clients
Significant operating leverage in Canadian segment – converted 90% of the incremental Net Revenue^(A) to Adjusted EBITDA^(A) in Q1’25
Cash and cash equivalents of $49.0 million and no outstanding debt as at December 31, 2024

Financial and Operational Summary

		Quarter ended
	2025				2024			2024			2024			2024		% Change¹
		Q1			Q4			Q3			Q2			Q1		Quarter over Quarter		Year over Year
Consolidated
Revenue	$	41.0		$	45.6		$	49.5		$	42.2		$	35.4		-10	%	16	%
Net Revenue^(A)	$	10.9		$	12.0		$	13.1		$	11.5		$	9.7		-10	%	12	%
Adjusted EBITDA^(A)	$	(1.7	)	$	0.6		$	1.7		$	0.7		$	(1.1	)	-395	%	-54	%
Net income (loss)	$	2.3		$	(0.2	)	$	1.7		$	2.1		$	(3.6	)	1,562	%	163	%
Net income (loss) per diluted share	$	0.03		$	0.00		$	0.02		$	0.03		$	(0.05	)	0	%	160	%
Adjusted Net (loss) income^(A)	$	(0.3	)	$	0.9		$	1.7		$	1.3		$	(1.2	)	-129	%	75	%
Adjusted Net (loss) income^(A) per diluted share	$	0.00		$	0.01		$	0.02		$	0.02		$	(0.02	)	-100	%	100	%

U.S. Appraisal segment
Revenue	$	29.4		$	33.8		$	37.5		$	32.6		$	26.8		-13	%	9	%
Net Revenue^(A)	$	7.8		$	9.0		$	10.3		$	9.2		$	7.5		-14	%	4	%
Net Revenue^(A) margin		26.5	%		26.7	%		27.6	%		28.3	%		27.9	%
Adjusted EBITDA^(A)	$	2.4		$	4.1		$	5.5		$	4.4		$	2.7		-41	%	-10	%
Adjusted EBITDA^(A) margin		30.9	%		45.2	%		53.2	%		47.9	%		35.8	%

U.S. Title segment
Revenue	$	2.5		$	2.4		$	2.1		$	2.0		$	2.0		4	%	25	%
Net Revenue^(A)	$	1.4			1.2		$	0.9			0.9		$	1.0		12	%	41	%
Net Revenue^(A) margin		53.4	%		49.8	%		43.6	%		44.0	%		47.3	%
Adjusted EBITDA^(A)	$	(1.8	)	$	(1.6	)	$	(1.9	)	$	(1.7	)	$	(1.6	)	-13	%	-11	%
Adjusted EBITDA^(A) margin		-132.3	%		-131.4	%		-209.8	%		-184.8	%		-167.9	%

Canadian segment
Revenue	$	9.1		$	9.4		$	9.9		$	7.6		$	6.6		-3	%	38	%
Net Revenue^(A)	$	1.7		$	1.8		$	1.9		$	1.4		$	1.2		-3	%	39	%
Net Revenue^(A) margin		18.9	%		18.9	%		19.0	%		18.9	%		18.8	%
Adjusted EBITDA^(A)	$	1.1		$	1.2		$	1.3		$	0.9		$	0.7		-5	%	62	%
Adjusted EBITDA^(A) margin		66.1	%		67.7	%		69.3	%		62.3	%		56.8	%

Corporate segment
Adjusted EBITDA^(A)	$	(3.4	)	$	(3.1	)	$	(3.2	)	$	(2.9	)	$	(2.9	)	-8	%	-20	%

Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.

Conference Call and Webcast
A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, January 30, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.

To access the call:

Participant Local (Toronto): (289) 819-1520
Participant Toll Free Dial-In Number: 1-800-549-8228
Conference ID: 15714

To listen to the live webcast of the call:

The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.

(A) Non-GAAP Measures
The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by IFRS® Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three months ended December 31, 2024 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.

Real Matters financial results for the three months ended December 31, 2024 are included in the unaudited interim condensed consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.

Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:

								Quarter ended
		Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024

Net income (loss)	$	2.3		$	(0.2	)	$	1.7		$	2.1		$	(3.6)
Operating expenses		12.7			12.6			11.8			11.2			11.6
Amortization		0.7			0.8			0.8			0.8			0.8
Restructuring expenses		0.4			–			–			–			–
Interest expense		0.1			0.1			0.1			0.1			0.1
Interest income		(0.5	)		(0.5	)		(0.5	)		(0.4	)		(0.4)
Net foreign exchange (gain) loss		(6.1	)		1.3			(0.9	)		(2.2	)		2.0
Loss (gain) on fair value of derivatives		1.7			(1.9	)		(0.1	)		0.1			(0.2)
Income tax (recovery) expense		(0.4	)		(0.2	)		0.2			(0.2	)		(0.6)
Net Revenue	$	10.9		$	12.0		$	13.1		$	11.5		$	9.7

Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:

								Quarter ended
		Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024

Net income (loss)	$	2.3		$	(0.2	)	$	1.7		$	2.1		$	(3.6)
Stock-based compensation expense		0.1			1.2			0.4			0.4			0.8
Amortization		0.7			0.8			0.8			0.8			0.8
Restructuring expenses		0.4			–			–			–			–
Interest expense		0.1			0.1			0.1			0.1			0.1
Interest income		(0.5	)		(0.5	)		(0.5	)		(0.4	)		(0.4)
Net foreign exchange (gain) loss		(6.1	)		1.3			(0.9	)		(2.2	)		2.0
Loss (gain) on fair value of derivatives		1.7			(1.9	)		(0.1	)		0.1			(0.2)
Income tax (recovery) expense		(0.4	)		(0.2	)		0.2			(0.2	)		(0.6)
Adjusted EBITDA	$	(1.7	)	$	0.6		$	1.7		$	0.7		$	(1.1)

The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:

								Quarter ended
		Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024

Net income (loss)	$	2.3		$	(0.2	)	$	1.7		$	2.1		$	(3.6)
Stock-based compensation expense		0.1			1.2			0.4			0.4			0.8
Amortization of intangibles		0.4			0.5			0.4			0.4			0.4
Restructuring expenses		0.4			–			–			–			–
Net foreign exchange (gain) loss		(6.1	)		1.3			(0.9	)		(2.2	)		2.0
Loss (gain) on fair value of derivatives		1.7			(1.9	)		(0.1	)		0.1			(0.2)
Related tax effects		0.9			–			0.2			0.5			(0.6)
Adjusted Net (Loss) Income	$	(0.3	)	$	0.9		$	1.7		$	1.3		$	(1.2)

Forward-Looking Information
This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2024, which is available on SEDAR+ at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

About Real Matters
Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

For more information:
Lyne Beauregard
Vice President, Investor Relations and Corporate Communications
Real Matters
lbeauregard@realmatters.com
416.994.5930

The MIL Network –

January 31, 2025

MIL-OSI: reAlpha Tech Corp. Appoints Piyush Phadke as CFO

Source: GlobeNewswire (MIL-OSI)

DUBLIN, Ohio, Jan. 30, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (Nasdaq: AIRE) (“reAlpha” or the “Company”), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, is pleased to announce the appointment of Piyush Phadke as Chief Financial Officer, effective January 30, 2025. Mr. Phadke will succeed Rakesh Prasad, the Company’s Interim Chief Financial Officer, and he will oversee the Company’s financial and accounting operations, reporting directly to the Company’s President and Chief Operating Officer, Mike Logozzo.

With over 20 years of experience in finance, capital raising and strategic leadership, Mr. Phadke brings a wealth of expertise to reAlpha. Prior to joining reAlpha, he served as a Managing Director at BTIG, LLC, where he specialized in providing investment banking services for lower middle-market companies. Mr. Phadke also held senior investment banking positions at Jefferies LLC and Bank of America, where he focused on capital markets transactions for private equity clients.

“We’re excited to welcome Piyush to the team,” said Mike Logozzo, President and Chief Operating Officer of reAlpha. “His extensive background in investment banking and capital markets will be invaluable as we continue to execute on our growth strategy. We believe Piyush’s leadership will strengthen our financial infrastructure and support our mission to be a global leader in the real estate tech space.”

“I am thrilled to join reAlpha at this pivotal moment,” said Mr. Phadke. “reAlpha’s commitment to leverage AI technologies for the real estate industry is inspiring, and I expect to utilize my background in capital raising and investment banking to help reAlpha accelerate its financial and operational objectives.”

As a first order of business, Mr. Phadke will focus on optimizing reAlpha’s capital structure and strengthening its balance sheet.

For more information about Mr. Phadke’s appointment and related compensation arrangement, please refer to the Current Report on Form 8-K to be filed with the Securities and Exchange Commission (“SEC”).

About reAlpha Tech Corp.

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

Forward-Looking Statements

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The MIL Network –

January 31, 2025

MIL-OSI Africa: Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last

Source: The Conversation – Africa – By Alan Hirsch, Research Fellow New South Institute, Emeritus Professor at The Nelson Mandela School of Public Governance, University of Cape Town

Donald Trump, America’s new president, has cut back massively on US commitments to asylum seekers, blocked all asylum processes and started to remove irregular immigrants.

Trump’s new measures are far reaching. They include the suspension of the US refugee admissions programme. Flights booked for refugees to the US have been cancelled. Arrests and deportations have begun.

Strongly anti-immigrant policies were also pursued under the Biden administration, though Trump’s dramatic steps take them much further. Other countries in the global north have also introduced tougher policies. The 2024 EU Pact on Migration and Asylum sets out tougher border controls, quicker assessment of asylum seekers and swifter removal of those who did not qualify. In the UK, Labour prime minister Keir Starmer has promised to bring down the net migration rate and treat people-smugglers like terrorists.

Based on my research into migration over the past 30 years I believe that these measures are unlikely to last. There are two linked trends that make closing the borders of the global north impractical and destined for revision.

The first is that populations in most of the global north are ageing fast (on average) and the fertility rate, or natural population growth rate, has plummeted. There are many more older people as a percentage of the population.

Secondly, with a workforce shrinking and the dependency ratio (the proportion of non-working to working people) rising rapidly, closing borders to potential labourers from other countries, without any other change, would lead to declining living standards in the global north. Economic growth and government revenues would slow or stagnate, undermining infrastructure maintenance and social service provision.

There are several possible strategies that could be alternatives to anti-immigration measures. Some older people could migrate south, robots and AI could do more work, workers in the global south could perform remote work for the north, and arrangements could be made to allow migrants into the north either permanently or as circulating migrants.

All these strategies are already in use, if modestly. Their application would have to expand considerably.

Misplaced panic

The responses of governments in the global north are exaggerated. Governments putting in place tough anti-immigrant measures have done so on the back of a narrative that there’s been a significant rise in the number of migrants worldwide.

This isn’t true. Some countries, such as the US, Germany and Colombia, have seen a spike in refugees and other migrants. But for the rest of the world the picture remains much the same as it has done for decades.

Foreign-born residents (the most widely used definition of migrants) rose as a proportion of residents worldwide from 2.3% in 1970 to 3.6% in 2020. But in 1960 the number was over 3%, and in the late 1800s migrants made up somewhere between 3% and 5% of the global population.

So, 3.6% is nothing new.

As for refugees, in 2023 there were about 38 million, of whom 69% sought refuge in neighbouring countries and 75% in middle- and low-income countries.

In general, therefore, rich countries have not been carrying the greatest burden.

The real reason behind these tougher measures is that living standards have stagnated in many countries in the Organization for Economic Cooperation and Development. The cost and availability of housing have worsened; inequality has grown since the 1980s; the quality and availability of public services have deteriorated since the global financial crisis of 2008 and COVID-19; and the quality of employment has shifted to precarious work and poorly paid service sector occupations.

This has contributed to the rise of populism, including anti-foreigner sentiment and even xenophobia.

Trump’s actions are the most extreme yet. They include an order to block “aliens involved in the invasion” using “appropriate measures” that give the security forces further powers. The prohibition of southern border asylum hearings in the US and the instruction to “remain in Mexico” means that prospective asylum seekers from third countries may not cross the border to make their applications at the port of entry. They must apply remotely.

Trump has also ordered that birthright citizenship must be limited to the children of certain categories of residents, essentially citizens or those with residence rights in the form of a “green card”. This move has been temporarily blocked in some states by judges as unconstitutional.

In addition, the acting head of the Homeland Security Department gave Immigration and Customs Enforcement officials the power to deport migrants admitted temporarily into the US under several programmes of the Biden administration, targeting refugees from Cuba, Nicaragua, Venezuela and Haiti, and possibly Afghan and Ukrainian refugees too.

The very first bill to receive final approval from the US Congress under Trump’s second term, the Laken-Riley Act, would require the detention and deportation of migrants who enter the country without authorisation and are charged with certain crimes. This bill was passed with 263 votes and 156 votes against, meaning that 46 House Democrats supported the Republican bill.

In contrast, in the global south, as I have discussed elsewhere, the trend has been in the opposite direction. South American regional communities liberalised migration most extensively in recent decades, but African regional communities have made progress too, as has the Association of Southeast Asian Nations.

The way forward

Some alternative strategies are leading the way.

In Canada, the Temporary Foreign Worker programme has expanded steadily since 1973, increasingly including long-term circulating migrating lower-skilled workers for key occupations like catering, care, construction and agriculture. Though it is currently under political scrutiny because of the panic in the north over migration, and because of housing shortages in Canada, it is likely to survive and evolve. Similar systems are emerging across the global north.

In the EU, Talent Partnerships are now encouraged. Germany, for example, has talent partnerships with Kenya and Morocco, where they train health workers and IT technicians in those countries to work and live in Germany. Spain has various partnerships in Latin America and Africa. Prime minister Pedro Sanchez has chosen to be upfront on the choices. In October last year he told the Spanish people:

Spain needs to choose between being an open and prosperous country or a closed off poor country.

The current fashion for population protectionism in the global north is increasingly nasty, but it is unlikely to stand the test of time. Several constructive responses to the rising dependency ratio are feasible, but being open to more migration, possibly in new forms and through new channels. is an inevitable part of the solution.

New formal pathways for working migrants and reasonable systems for asylum seekers, along with full enforcement of rules against irregular migrants, could be the combination that works politically and economically.

– Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last
– https://theconversation.com/anti-immigration-policies-why-harsh-new-rules-put-in-place-by-trump-and-other-rich-countries-wont-last-248359

MIL OSI Africa –

January 31, 2025

MIL-OSI Global: Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last