Category: housing

  • MIL-OSI USA: PREPARED REMARKS: Sanders Confronts Congress’ Silence on Gaza

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, May 8 – Sen. Bernie Sanders (I-Vt.) today gave remarks on the Senate floor marking 68 days since Israel allowed humanitarian aid into Gaza and calling on the U.S. to end its complicity in the destruction of the Palestinian people.
    Sanders’ remarks, as prepared for delivery, are below and can be watched HERE:  
    M. President, I want to say a few words about an issue that people all over the world are thinking about – are appalled by – but for some strange reason gets very little discussion here in the nation’s capital or in the halls of Congress. And that is the horrific humanitarian disaster that is unfolding in Gaza. 
    Today marks 68 days and counting since ANY humanitarian aid was allowed into Gaza. For more than nine weeks, Israel has blocked all supplies: no food, no water, no medicine, and no fuel. 
    Hundreds of truckloads of lifesaving supplies are waiting to enter Gaza, sitting just across the border, but are denied entry by Israeli authorities. 
    There is no ambiguity here: Netanyahu’s extremist government talks openly about using humanitarian aid as a weapon. Defense Minister Israel Katz said “Israel’s policy is clear: no humanitarian aid will enter Gaza, and blocking this aid is one of the main pressure levers.” 
    M. President, starving children to death as a weapon of war is a clear violation of the Geneva Convention, the Foreign Assistance Act, and basic human decency. Civilized people do not starve children to death. 
    What is going on in Gaza is a war crime, committed openly and in broad daylight, and continuing every single day. 
    M. President, there are 2.2 million people who live in Gaza. Today, these people are trapped. The borders are sealed. And Israel has pushed the population into an ever-smaller area. 
    With Israel having cut off all aid, what we are seeing now is a slow, brutal process of mass starvation and death by the denial of basic necessities. This is methodical, it is intentional, it is the stated policy of the Netanyahu government. 
    Without fuel, there is no ability to pump fresh water, leaving people increasingly desperate, unable to find clean water to drink, wash with, or cook properly. Disease is once again spreading in Gaza. 
    Most of the bakeries in Gaza have now shut down, having run out of fuel and flour. The few remaining community kitchens are also shutting down. Most people are now surviving on scarce canned goods, often a single can of beans or some lentils, shared between a family once a day. 
    The UN reports that more than 2 million people out of a population of 2.2 million face severe food shortages. 
    The starvation hits children hardest. At least 65,000 children now show symptoms of malnutrition, and dozens have already starved to death. 
    Malnutrition rates increased 80 percent in March, the last month for which data is available, after Netanyahu began the siege, but the situation has severely deteriorated since then. 
    UNICEF reported yesterday that “the situation is getting worse every day,” and that they are treating about 10,000 children for severe malnutrition. 
    Without adequate nutrition or access to clean water, many children will die of easily preventable diseases, killed by something as simple as diarrhea. 
    For the tens of thousands of injured people in Gaza, particularly the countless burn victims from Israeli bombing, their wounds cannot heal without adequate food and clean water. Left to fester, infections will kill many who should have survived. 
    With no infant formula, and with malnourished mothers unable to breastfeed, many infants are also at severe risk of death. Those that survive will bear the scars of their suffering for the rest of their lives. 
    And with little medicine available, easily treatable illnesses and chronic diseases like diabetes or heart disease can be a death sentence in Gaza. 
    M. President, what is going on there is not some terrible earthquake, it is not a hurricane, it is not a storm. What is going on in Gaza today is a manmade nightmare. And nothing can justify this. 
    What is happening in Gaza will be a permanent stain on the world’s collective conscience. History will never forget that we allowed this to happen and, for us here in the United States, that we, in fact, enabled this atrocity. 
    There is no doubt that Hamas, a terrorist organization, began this terrible war with its barbaric October 7, 2023, attack on Israel, which killed 1,200 innocent people and took 250 hostages. 
    The International Criminal Court was right to indict Yahya Sinwar and other leaders of Hamas as war criminals for those atrocities. 
    Clearly, Israel had the right to defend itself against Hamas. 
    But Netanyahu’s extremist government has not just waged war against Hamas. Instead, they have waged an all-out barbaric war of annihilation against the Palestinian people. 
    They have intentionally made life unlivable in Gaza.
    Israel, up to now, has killed more than 52,000 people and injured more than 118,000 – 60 percent of whom are women, children, and the elderly. More than 15,000 children have been killed. 
    M. President, Israel’s indiscriminate bombardment has damaged or destroyed two-thirds of all structures in Gaza, including 92 percent of the housing units. Most of the population now is living in tents or other makeshift structures. 
    M. President, the health care system in Gaza has been essentially destroyed. Most of the territory’s hospitals and primary health care facilities have been bombed. 
    Gaza’s civilian infrastructure has been totally devastated, including almost 90 percent of water and sanitation facilities. Most of the roads have been destroyed. 
    Gaza’s education system has been obliterated. Hundreds of schools have been bombed, as has every single one of Gaza’s 12 universities. 
    And there has been no electricity in Gaza for 18 months. 
    M. President, given this reality, nobody should have any doubts that Netanyahu is a war criminal. Just like his counterparts in Hamas, he has a massive amount of innocent blood on his hands.
    And now Netanyahu and his extremist ministers have a new plan: to indefinitely reoccupy all of Gaza, flatten the few buildings that are still standing, and force the entire population of 2.2 million people into a single tiny area, where hired U.S. security contractors will distribute rations to the survivors. 
    Israeli officials are quite open about the goal here: to force Palestinians to leave for other countries “in line with President Trump’s vision for Gaza,” as one Israeli official said this week. 
    Israeli Finance Minister Smotrich said this week that “Gaza will be entirely destroyed,” and that its population will “leave in great numbers.” 
    For many in Netanyahu’s extremist government, this has been the plan all along: it’s called ethnic cleansing. 
    This would be a terrible tragedy, no matter where or why it was happening. But what makes this tragedy so much worse for us in America is that it is our government, the United States government, that is absolutely complicit in creating and sustaining this humanitarian disaster. 
    Last year alone, the United States provided $18 billion in military aid to Israel. This year, the Trump administration has approved $12 billion more in bombs and weapons. 
    And for months, Trump has offered blanket support for Netanyahu. More than that, he has repeatedly said that the United States will actually take over Gaza after the war, that the Palestinians will be pushed out, and that the U.S. will redevelop it into what Trump calls “the Riviera of the Middle East,” a playground for billionaires. 
    M. President, this war has killed or injured more than 170,000 people in Gaza. It has cost American taxpayers well over $20 billion in the last year. And right now, as we speak, thousands of children are starving to death. And the U.S. president is actively encouraging the ethnic cleansing of over 2 million people. 
    Given that reality, one might think that there would be a vigorous discussion right here in the Senate: do we really want to spend billions of taxpayer dollars starving children in Gaza. You tell me why spending billions of dollars to support Netanyahu’s war and starving children in Gaza is a good idea. I’d love to hear it. 
    But, M. President, we are not having that debate. And let me suggest to you why I think we are not having that debate.  
    That is because we have a corrupt campaign finance system that allows AIPAC to set the agenda here in Washington. 
    In the last election cycle, AIPAC’s PAC and Super PAC spent nearly $127 million combined.
    And the fact is that, if you are a member of Congress and you vote against Netanyahu’s war in Gaza, AIPAC is there to punish you with millions of dollars in advertisements to see that you’re defeated. 
    One might think that in a democracy there would be a vigorous debate on an issue of such consequence. But because of our corrupt campaign finance system, people are literally afraid to stand up. If they do, suddenly you will have all kinds of ads coming in to your district to defeat you.
    Sadly, I must confess, that this political corruption works. Many of my colleagues will privately express their horror at Netanyahu’s war crimes, but will do or say very little publicly about it. 
    M. President, history will not forgive our complicity in this nightmare. The time is long overdue for us to end our support for Netanyahu’s destruction of the Palestinian people. We must not put another nickel into Netanyahu’s war machine. We must demand an immediate ceasefire, a surge in humanitarian aid, the release of the hostages, and the rebuilding of Gaza – not for billionaires to enjoy their Riviera there – but rebuilding Gaza for the Palestinian people.

    MIL OSI USA News

  • MIL-OSI USA: Disaster Alert: Reed Warns Trump’s Efforts to Dismantle NOAA Threatens Economy, People, & Environment

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – As hurricane season approaches, U.S. Senator Jack Reed (D-RI) is leading Senate colleagues in sounding the alarm about President Trump’s attacks on the National Oceanographic and Atmospheric Administration (NOAA) and the National Weather Service (NWS) and urging bipartisan action to protect the critical agency from privatization.  

    Every day, NOAA employees collect, analyze, and freely disseminate vast amounts of data through its National Weather Service – vital information all Americans count on.  American commerce – particularly the transportation sector – relies heavily on federal weather forecasts, flooding predictions, hurricane and storm alerts, air temperature readings, nautical charts, and other scientific data.  The research, services, and forecasts provided by these federal agencies is essential for everything from accurately predicting the next severe weather front to supporting farmers and fishermen to scientifically assessing the long-term costs of extreme weather events linked to climate change.

    In a letter to Commerce Secretary Howard Lutnick, Senator Reed led U.S. Senators Richard Blumenthal (D-CT), Chris Coons (D-DE), Sheldon Whitehouse (D-RI), and Ed Markey (D-MA) in pointing to a new public letter released this week by five former Weather Service directors. The Senators say it offers an early warning on how the Trump Administration’s cuts to staff and programs could lead to “needless loss of life.”

    On May 2, five former NWS Directors – who served under both Republican and Democratic administrations – wrote a letter expressing alarm that the NWS is operating at a dangerous staffing deficit, with more than 10% of its workforce lost in recent months due to the Trump Administration’s reckless buyouts and mass firings,” the Senators wrote.  “These massive staffing cuts, combined with the Trump Administration’s proposal to slash funding for the NWS’s parent agency – the National Oceanic and Atmospheric Administration – by 25%, led these Directors to conclude that their “worst nightmare is that weather forecast offices will be so understaffed that there will be needless loss of life.”

    In his preliminary budget request, President Trump called for a $1.5 billion cut to NOAA programs, including a $209 million cut for NOAA’s weather satellites which help to ensure accurate weather forecasting is available to Americans. 

    In their letter, the five Senators called on Secretary Lutnick to “reverse course on the Trump Administration’s staffing and funding cuts, which will prevent the National Weather Service (NWS) from being fully prepared and operational.

    According to NWS, its employees collect over six billion weather observations every day, monitor local conditions through a host of field offices across the nation, issue daily forecasts, and circulate warnings before dangerous weather events. NWS provides the public with forecasts and alerts free of charge. Private companies like AccuWeather, Google, and Apple also rely on NOAA’s observational data and satellites, buoys, and weather sensors to power their own weather products.

    The Senators say that President Trump’s proposed cuts, paired with the administration’s efforts to significantly downsize NOAA and NWS, is already upending the agency’s ability to promptly alert and prepare Americans for imminent and dangerous severe weather events.

    Forecasters at Colorado State University have predicted an “above-average” 2025 hurricane season, with an estimated nine hurricanes, four of which are expected to reach Category 3 status or stronger,” the Senators continued.  Understaffed forecast offices mean longer wait times for critical alerts, slower radar maintenance, and a reduction in the high level of accuracy the public has come to rely upon. Any degradation in service risks loss of life, economic disruption, and long-term damage to public trust in our nation’s ability to prepare for and respond to extreme weather.

    Earlier this year, the so-called Department of Government Efficiency (DOGE) either fired or pushed out more than 10 percent of NOAA’s workforce, including top meteorologists and researchers who are charged with providing the public with accurate, life-saving weather reports and data. The Administration is reportedly working on further diminishing NOAA’s workforce by another 10 percent.

    According to data obtained by the Associated Press, nearly half of all NWS forecast offices are now critically understaffed. Due to these shortages, NWS meteorologists are reportedly being forced to forego important surveys of storm damage that help inform and improve future forecasts and warnings.

    While researchers, scientists, and experts point to a connection between climate change and worsening extreme storms, the Trump Administration is reportedly planning to propose eliminating NOAA’s research office and cutting NOAA research funding by 74 percent. It is anticipated that cuts to NOAA climate programs and activities will also have impacts on the collection of key weather data.  

    In March, Senator Reed called attention to the Trump Administration’s staffing cuts at NOAA and NWS and warned about negative impacts for Rhode Islanders. And last fall, Senator Reed sounded the alarm about Project 2025’s extremist plan to dismantle NOAA, which it labelled “one of the main drivers of the climate change alarm industry.”  Reed warned plans to gut the National Weather Service and emergency management would be a major disaster.

    Full text of the letter follows:

    May 8, 2025

    The Honorable Howard Lutnick, Secretary

    U.S. Department of Commerce

    1401 Constitution Ave NW

    Washington, D.C. 20230

    Dear Secretary Lutnick:

    As we approach the 2025 Atlantic hurricane season, which begins on June 1, we write to demand you reverse course on the Trump Administration’s staffing and funding cuts, which will prevent the National Weather Service (NWS) from being fully prepared and operational.

    The NWS and its employees play a critical role in protecting lives, property, and our national economy. From issuing tornado and hurricane warnings to providing essential weather information for aviation, shipping, agriculture, and emergency response, the NWS is integral to Americans’ daily lives. Its employees include highly trained meteorologists, technicians, and support staff who work hard to deliver life-saving data all across the United States.

    On May 2, five former NWS Directors – who served under both Republican and Democratic administrations – wrote a letter expressing alarm that the NWS is operating at a dangerous staffing deficit, with more than 10% of its workforce lost in recent months due to the Trump Administration’s reckless buyouts and mass firings. These massive staffing cuts, combined with the Trump Administration’s proposal to slash funding for the NWS’s parent agency – the National Oceanic and Atmospheric Administration – by 25%, led these Directors to conclude that their “worst nightmare is that weather forecast offices will be so understaffed that there will be needless loss of life.”

    Forecasters at Colorado State University have predicted an “above-average” 2025 hurricane season, with an estimated nine hurricanes, four of which are expected to reach Category 3 status or stronger. Understaffed forecast offices mean longer wait times for critical alerts, slower radar maintenance, and a reduction in the high level of accuracy the public has come to rely upon. Any degradation in service risks loss of life, economic disruption, and long-term damage to public trust in our nation’s ability to prepare for and respond to extreme weather.

    We urge you to provide a detailed plan on how you will ensure that this critical agency has the staffing and resources it needs to ensure Americans are safe heading into this hurricane season. We look forward to your prompt response to this important matter.

    Sincerely,

    MIL OSI USA News

  • MIL-OSI USA: Reed Rebukes Trump’s Misuse of Military in Immigration Enforcement

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Over the past three months, the Trump Administration has surged military personnel to the Southwest Border, Guantanamo Bay, and the U.S. southern coasts. The Administration has spent nearly $500 billion and engaged tens of thousands of troops, Navy warships, armored combat vehicles, and military aircraft in its immigration enforcement operation.

    On Thursday, U.S. Senator Jack Reed (D-RI), Ranking Member of the Senate Armed Services Committee, spoke on the Senate floor to address the unprecedented and likely illegal use of the U.S. military in domestic law enforcement. 

    A video of Senator Reed’s remarks may be viewed here.

    A copy of Senator Reed’s letter to the Department of Defense Office of Inspector General may be viewed here.

    A transcript of Senator Reed’s floor speech follows:

    REED:  Mr. President, I rise to address President Trump’s dangerous and inappropriate use of the U.S. military to carry out his immigration enforcement campaign. 

    Before I discuss the Trump Administration spending nearly half a billion dollars and sending tens of thousands of troops, ships, combat vehicles, and aircraft away from their real missions, I want to make clear that border security is a priority.  I do not support open borders.  And I believe that those who enter the United States and break our laws should be subject to deportation in accordance with the law and due process.  I have voted time and time again for billions of dollars of increased support for border agents, detection technology, and physical barriers where it makes sense. 

    Mr. President, it is no secret that our borders have been under pressure for more than a decade because of a broken immigration system that Congressional Republicans have consistently refused to help fix.  We have considered bipartisan immigration reform bills in 2006, in 2007, in 2013, and in 2024, all of which were shut down by Republicans.  The mess that we have today rests largely on their decision to put political advantage above real progress.

    Now, President Trump is ignoring Congress, ignoring the law, ignoring the Courts, and ignoring the Constitution in order to implement an immigration policy that fails to respect due process, adversely impacts our innovation economy, and to the point of my remarks, degrades our military.  In the name of his anti-immigrant efforts, President Trump is using the U.S. military to conduct operations on American soil that it has neither the training or authority to carry out.  Our troops, who are already stretched thin for time and resources, are now burning time, assets, morale, and readiness for these overblown operations.

    The President has declared an emergency at the border to justify using the military for civilian law enforcement.  This, despite border encounters currently at the lowest level since August of 2020.  Over the past 12 months, since President Biden’s executive actions last June, there has been a continued, significant decrease in unlawful border crossings – including a?more than 60 percent decrease in encounters?from May 2024 to December 2024. 

    In short, all along the Southern Border we have seen a dramatic drop in illegal crossings and migrant encounters, well before President Trump took office.  A national emergency?  It seems not. 

    We already have an entire federal agency to protect our borders and address illegal immigration: the Department of Homeland Security.  DHS includes Customs and Border Protection, Immigration and Customs Enforcement, and other law enforcement groups.  I have voted consistently to give these agencies additional resources to carry out their missions.  But immigration enforcement is not, and must not become, a function of the Department of Defense. 

    Our military has long provided technical and logistical support to DHS at the border, but always and exclusively in a supporting role, drawing a clear line between military law enforcement authorities.  Indeed, since the Reconstruction Era, U.S. presidents have been prohibited from using the military in civilian law enforcement by a law known as the Posse Comitatus Act.  This law has kept the commander-in-chief from wielding the military as a domestic political weapon, and it continues to provide an important check on the President’s ability to use the military domestically against American citizens.

    I understand American citizens asking if it matters which Department enforces immigration, as long as the job gets done.  Well, there are plenty of reasons to be concerned by the President’s current approach, even if one agrees with him politically.

    Most alarmingly, President Trump is taking real steps to militarize immigration enforcement.  Once he uses the military for this reason, it will be easier for him to use it for other purposes.  And given the tenor of his public statements, it is a reasonable fear that he may someday order the use of the armed forces in American cities and against American citizens.

    Indeed, the Brennan Center – a law and public policy institution – recently analyzed President Trump’s military actions at the border and concluded, quote: “Using the military for border enforcement is a slippery slope.  If soldiers are allowed to take on domestic policing roles at the border, it may become easier to justify uses of the military in the U.S. interior in the future.  Our nation’s founders warned against the dangers of an army turned inward, which can all too easily be turned into an instrument of tyranny.”

    Beyond these concerns, there are real, immediate consequences for our troops, which we are seeing right now.

    Readiness

    One of the military’s top priorities is readiness.  America faces real, growing threats from China, Russia, Iran, and other adversaries, and the Department of Defense needs to be laser focused on preparing troops to defend our interests abroad.

    It is difficult to explain the border missions as anything but a distraction from readiness.  We should acknowledge the jobs that our troops are actually doing there.  In the past, up to 2,000 National Guard and Reserve troops would rotate to the border each year to assist DHS and Customs and Border Patrol with basic monitoring, logistics, and warehousing activities.  These missions were designed to be “behind the scenes” logistical support to free up Border Patrol agents from administrative duties and return them back to the field to conduct their core mission of immigration enforcement.

    Today, however, Trump has surged more than 12,000 active-duty troops to the border to carry out a variety of expanded missions that do not look anything like “behind the scenes” administrative support.  For example, one Marine battalion has been stringing miles and miles of barbed wire across the California mountains.  Multiple Army infantry companies are patrolling the Rio Grande riverbank on foot, rifles loaded.  Navy aircrews are flying P-8 Poseidons – the most advanced submarine hunting planes in the world – over the desert.  Two Navy destroyers are loitering off our East and West Coasts, looking for migrant boats in the water.  And at least one Army transportation unit is changing the oil and tires on Border Patrol trucks all day, every day. 

    In addition, the Administration has wasted massive amounts of defense dollars by flying migrants out of the country using military aircraft.  Often, they have had to return them to the United States mainland just days later.  According to U.S. Transportation Command, it costs at least $20,000 per flight hour to use a C-130 and $28,500 per flight hour to use a C-17.  In comparison, contracted ICE flights that regularly transport migrants inside of the U.S. cost only $8,500 per flight hour.  President Trump’s decision to use military aircraft instead of ICE aircraft to shuttle migrants across the globe—to as far away as India—is a gross misuse of taxpayer dollars and servicemembers’ time.

    Just yesterday, we learned that the White House wanted to fly migrants, on military aircraft, to Libya, which is one of the most dangerous, hostile locations on earth.  Human rights groups have called the conditions in Libya’s network of migrant detention centers “horrific” and “deplorable.”  The plan has been cancelled for now, but it is unconscionable for the Trump Administration to consider sending migrants to Libya and endangering our troops in the process.

    Further, the Department of Defense has informed Congress that the current surge in border missions—including troop deployments and military flights—could cost as much as $2 billion by the end of the fiscal year.  Secretary Hegseth has claimed that the border mission is so overwhelming that we will have to withdraw massive numbers of troops from Europe in order to meet the demand.  Incredibly, he has also claimed that the border missions will have “no impact” on our military readiness.

    However, we know that these border missions are harming military readiness.  Last month, when the NORTHCOM commander testified before the Armed Services Committee, I asked how his forces on the border mission are maintaining their required military training.  He testified that his troops are spending 5 days a week supporting Customs and Border Patrol and other agencies, and only 1 day a week training.  In other words, 20 percent – at most – of our servicemembers’ time is being spent training on their critical military tasks.

    In my personal engagements with commanders at all levels, they have made clear that readying their formations requires extensive time and training, as well as stability for families.  Border missions will not build these warfighting requirements.  Border missions will distract from training, drain resources, and undermine readiness.  The Government Accountability Office, or GAO, has assessed previous military support missions to DHS and found them to be detrimental to unit readiness.  Specifically, in its 2021 report, GAO found that, quote, “separating units in order to assign a portion of them to the Southwest Border mission was a consistent trend in degrading readiness ratings.”

    Guantanamo Bay

    In February, President Trump issued an unprecedented order to the Defense Department to begin transporting and detaining migrants at Guantanamo Bay, Cuba.  For decades, the U.S. Naval Station at Guantanamo Bay has housed a facility called the Migrant Operations Center that is used to temporarily house migrants who are saved at sea while traveling in unsafe vessels from Cuba, Haiti, or other nearby nations.  The facility is typically unoccupied and is kept in a low-level operational state until needed and, until February, it was run by private contractors.  The intended use for this center was never to house migrants flown from the United States to Guantanamo Bay. 

    Nonetheless, President Trump ordered the military to expand the Migrant Operations Center to accommodate up to 30,000 migrants who would be brought there from the United States.  Within weeks, approximately 1,000 active-duty troops were sent to Guantanamo to build tents for this massive number of migrants.  However, once built, the tents were found not to meet ICE standards and, to date, they have never been used and are now being dismantled.  The hundreds of troops sent down for the mission have had very little to do in the meantime. 

    Since February, around 500 individuals identified by the Administration as illegal migrants have been flown to Guantanamo Bay, and most have been detained for no more than two weeks.  Rather than being taken to the Migrant Operations Center, about half of these migrants have been held on the other side of the island at the detention facility that was built and used for law of war detainees – such as 9/11 terrorist Khalid Sheikh Mohammed.

    There are currently 15 law of war detainees remaining on Guantanamo Bay.  The facilities housing these detainees have deteriorated significantly in the 20 years since they were built, and the military personnel who guard these individuals also endure the same tough conditions in these dilapidated facilities.   Needless to say, these servicemembers have been stretched thin.  Last fall, it was a significant morale boost for them when the remaining law of war detainees were moved to a “newer” facility.  Naturally, it was a blow to morale when, just one month later, they were ordered back to the older, more decrepit facility to make way for migrants at the newer facility.

    While it is crystal clear that the military is in charge of the law of war detention center at Guantanamo Bay, it is not clear who is legally responsible for the migrants being held there.  Longstanding law dictates that U.S. Immigration and Customs Enforcement maintain “custody and control” of migrants, but in the detention center, the military maintains control.  This leads to questions about who is in charge and accountable.  When I have asked those questions, the answers have often been contradictory.  That’s disturbing.  

    To investigate these issues, I traveled to Guantanamo Bay in March with several colleagues, including Senators Shaheen, Peters, King, and Padilla. We conducted a firsthand examination of the missions underway there and met with military servicemembers, ICE officers, and DHS officials to fully understand the costs and military readiness impacts of these missions.  This trip raised many new questions and concerns. 

    I have grave doubts about the legality of removing migrants from the U.S. to Cuba, a foreign nation, and detaining them there.  There are at least a dozen open cases and court orders impacting the Guantanamo mission.  The detention center has only been used for law of war detainees, and it is reckless to equate migrants with international war criminals. 

    I was outraged by the scale of wastefulness that we found there.  It is obvious that Guantanamo Bay is an illogical location to detain migrants.  The staggering financial cost to fly these migrants out of the United States and detain them at Guantanamo Bay—a mission costing tens of millions of dollars a month—is an insult to American taxpayers.  President Trump could implement his immigration policies for a fraction of the cost by using existing ICE facilities in the U.S., but he is obsessed with the image of using Guantanamo, no matter the cost.

    I am also frustrated that my Senate colleagues and I had to fly to Cuba to get answers to the questions that Defense Secretary Hegseth and Homeland Security Secretary Noem have been ducking for months.  By avoiding questions, they are putting servicemembers and officers on the ground in the position of trying to make sense of contradictory and political orders without any guidance or support from the Pentagon or DHS headquarters.

    Domestic Law Enforcement

    Since coming into office, the Trump Administration has expanded the role of the military in immigration enforcement in other troubling ways.  The movement of migrants from the U.S. to Guantanamo Bay is unprecedented, and the buildup of 12,000 active duty troops at the Southern Border, including the Army’s 10th Mountain Division and 100 armored Stryker combat vehicles, has a huge impact on our military posture.  This is a larger force than we deployed to Afghanistan in 2002 and 2003.

    This Administration has purposely placed many of our military forces into the immigration debate in this country, and I fear it will also place them in legal and ethical risk.

    For example, on March 30th, a military flight traveled from Guantanamo Bay to El Salvador with foreign nationals on board, including seven Venezuelans.  To my understanding, not a single DHS official or civilian was on the flight, meaning that military personnel maintained both custody and control of the migrants, contrary to longstanding DOD policy and practice. 

    Here is an image of that plane unloading in El Salvador.  As you can see, the crew does not include any DHS officials or civilian law enforcement personnel – only uniformed troops, who are physically handing migrants to the Salvadoran police.

    This flight would clearly have been in violation of various immigration laws and policies, recent judicial orders, and the Posse Comitatus Act, as the military carried out a core law enforcement function of deportation without any DHS officials present.  After the fact, the Administration tried to explain itself by saying it used, quote, “counter-terrorism” authorities rather than law enforcement authorities.  I am not aware of any counter-terrorism authorities that would authorize such a flight. 

    Accordingly, last month I sent a letter to the Department of Defense Office of Inspector General asking that office to conduct an inquiry into the incident and any laws or Defense Department policies that may have been violated.  I expect the IG to exercise his independence in carrying out this inquiry, and I am disturbed that the Administration continues to put servicemembers in legal and physical jeopardy through these reckless orders.  Mr. President, I would submit that letter for the record.

    I am also concerned about the Trump Administration’s dubious creation of “National Defense Areas” along the Southern Border in recent weeks.  These National Defense Areas, first designated in New Mexico and later expanded into Texas, were created when the Department of Interior transferred land, including the Roosevelt Reservation—a 60-foot-wide strip along the border—to the Department of Defense.  So now, large swaths of the border are considered military installations.  The Administration has created these zones so that when a migrant crosses the border in those areas, prosecutors can charge them with both entering the U.S. illegally and trespassing on a military installation.  In effect, the National Defense Zones evade the long-standing protections of the Posse Comitatus Act by allowing military forces to act as de facto border police, detaining migrants until they can be transferred to Customs and Border Protection.  In the Administration’s telling, this approach permits military involvement in immigration control without invoking the Insurrection Act of 1807.

    This is both unprecedented and a legal fiction.  As the Brennan Center report found, quote: “No matter how the Trump administration frames these activities… they are civilian law enforcement functions.  He cannot turn them into military operations by misusing the language of war.  These civilian law enforcement activities are not “incidental” — they are the reason for creating the installation.”

    The Administration is also considering using military bases to detain thousands of migrants inside the United States.  Unlike in past emergencies, when military bases near the border were used to hold migrants during large surges, this administration is seeking to use installations deep within the country, including in New Jersey, Indiana, Delaware, California, and Virginia.  One could be forgiven for extrapolating that these bases are being selected to hold round-ups of migrants in major cities. 

    The President is not taking these military actions out of necessity; he is testing the boundaries of our legal system, and, in my view, violating them.  If left unchecked and unchallenged, he will go much, much further in employing the armed forces in to enforce domestic immigration laws, traditionally a civilian law enforcement function.

    For years, Mr. Trump has publicly expressed his desire to use U.S. military personnel for domestic law enforcement.  During the last campaign, he repeatedly claimed that, if elected, he would order the National Guard and active-duty military to carry out mass deportations of undocumented migrants.  He even said that he would deploy the military to conduct local law enforcement in cities, and that troops could shoot shoplifters leaving the scene of a crime.

    Trump’s defenders often say that he is joking or exaggerating when he makes such claims.  But we know these are not idle threats.  In his first 100 days in office, he has declared multiple national emergencies and invoked the Alien Enemies Act of 1798 to deport migrants without due process.  Indeed, he has even unapologetically deported U.S. citizens in violation of the Constitution.  We have all seen the chilling videos of masked and hooded ICE agents arresting civilians on the street – scenes we are accustomed to seeing on the nightly news in countries run by dictators.  The Administration is expanding its operation one step at a time, and President Trump’s deployment of forces to the border, the military deportation flights, and the establishment of National Defense Areas can be interpreted as setting the stage to invoke the Insurrection Act and order the military to carry out domestic law enforcement inside the country. 

    In fact, we have seen this situation before.  In June 2020, then-President Trump, infuriated by protesters in front of the White House and across the country, ordered his staff to prepare to invoke the Insurrection Act to allow him to deploy active-duty military forces to patrol the streets of DC and other cities.  Then-Defense Secretary Mark Esper and Chairman of the Joint Chiefs of Staff Mark Milley talked him out of it, but the President clearly views this as a serious option.

    Beyond the immorality of Trump’s desire to deploy the military domestically, to do so would simply be illegal.  As I mentioned, the doctrine of Posse Comitatus is sacred in our nation to separate the military from direct law enforcement responsibilities. 

    The use of National Guard or active-duty troops should be reserved only to those rare circumstances where civilian law enforcement has collapsed, and state leaders have specifically asked for presidential assistance.  Their deployment should never be at the sole discretion of a President, as Trump has demonstrated that such power begs abuse.

    Ultimately, U.S. military members are trained to engage the enemies of the United States abroad with deadly force, not to arrest migrants on the Southern Border or to deport them from U.S. cities.  The military has a sacred role in our country, but the public’s trust is easily lost, and a pillar of our society is cracked when the commander-in-chief uses the military recklessly. 

    Our constitutional system is fundamentally designed to separate military and civilian roles, reserving police powers for law enforcement agencies, and endowing the military with the superior weaponry and firepower necessary to fight and win the nations’ wars.  When we allow the military to be used in the routine exercise of the police power, the nation teeters on the brink of autocracy and military rule.  One need not be a student of history to see how easily this backsliding can occur.  It is all around us in the world today.

    Trump’s clear intent to use the U.S. military in potentially illegal and certainly inappropriate ways for his own political benefit is antithetical to the spirit of our American democracy. Such power is the hallmark of authoritarians around the world.

    President Trump and Secretary Hegseth must use common sense, follow the law, and immediately cease the military border deployments and deportation flights.  And my colleagues, particularly my colleagues in the majority, should demand the same and hold the Administration accountable for its actions.

    I yield the floor.

    MIL OSI USA News

  • MIL-OSI USA: Gov. Kemp Signs Legislation Delivering Hurricane Helene Relief and Supporting Georgia Agriculture and Forestry

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp, joined by First Lady Marty Kemp, Agriculture Commissioner Tyler Harper, Georgia Forestry Commission Director Johnny Sabo, constitutional officers, and members of the Georgia General Assembly, signed three pieces of legislation that provides support for Georgia’s agriculture and forestry industry and delivers promised relief to farmers and timber producers impacted by Hurricane Helene.

    “Our farmers and foresters are tough people,” said Governor Brian Kemp. “Their commitment to moving forward after all they’ve faced is an inspiration to us all. There is still more work to be done, but I’m proud to sign these bills and deliver on our promises to the men and women who are the backbone of our state. I’m also grateful for the dedicated efforts of all of our partners in the General Assembly whose steadfast leadership and determination helped make today possible.”

    HB 223, a priority of Governor Brian Kemp, championed by Lieutenant Governor Burt Jones, Speaker Jon Burns, Commissioner Tyler Harper, Representative Chuck Efstration, and Committee Chairmen Shaw Blackmon, Chuck Hufstetler, Matt Hatchett, Blake Tillery, sponsored by Representative James Burchett, carried in the Senate by Senator Russ Goodman, exempts federal crop loss payments and disaster payments from state income tax, establishes a reforestation tax credit to help timber producers recover from the storm and encourage them to replant their crop, allows local governments to temporarily suspend their collection of harvest tax on timber producers to assist them in cleanup efforts, and provides a temporary addition to the Georgia Agricultural Tax Exemption (GATE) for building materials to repair and rebuild poultry houses, livestock facilities, greenhouses, and other agricultural structures.

    In addition to HB 223 Governor Kemp signed the following pieces of legislation:

    SB 201, sponsored by Senator Larry Walker and carried in the House by Representative Leesa Hagan, provides increased protection for consumers when entering into contracts with contractors following natural disasters. 

    HB 143, sponsored by Representative Robert Dickey, carried in the Senate by Senator Sam Watson, and championed by the Georgia Environmental Protection Division, shifts the burden of agricultural water metering equipment installation and maintenance from farmers back to the state.

    Governor Kemp extends his appreciation to all of those whose diligent work and efforts led to him being able to sign these bills today.

    MIL OSI USA News

  • MIL-OSI USA: Delivering Real Results for Colorado: Gov. Polis Signs Landmark Housing Bill Into Law, Celebrates Actions for Coloradans on Education, Housing, Public Safety

    Source: US State of Colorado

    DENVER – Today, Governor Polis marked the end of the successful 2025 legislative session with House Speaker McCluskie, Senate President Coleman, House Majority Leader Duran, Senate Majority Leader Rodriguez and Lt. Governor Primavera and then signed SB25-002 – Regional Building Codes for Factory-Built Structures to break down barriers to modular housing and discussed the successful 2025 legislative session. 

    “We are delivering real results for hardworking Coloradans, and during this session, we took major actions that will create more housing Coloradans can afford, support students and educators, cut through government red tape, and improve safety across our state. It’s fitting that I’m signing the modular housing bill, a law that will create more housing options that Coloradans can afford, to kick off the next 30 days of bill signings. We know our work is far from over, and I will continue looking for new opportunities to make life better for all Coloradans,” said Governor Jared Polis. 

    During his 2025 State of the State address, the Governor outlined key priorities for the legislative session that would build on Colorado’s work to break down barriers to housing, improve public safety in Colorado communities, and invest in students and educators. These successful legislative priorities resulted in new laws that will help reduce costs and strengthen Colorado communities. 

    MORE HOUSING NOW: 

    IMPROVING PUBLIC SAFETY: 

    • SB25-310 – Proposition 130 Implementation: This law supports funding for local law enforcement agencies to help recruit peace officers by providing financial reimbursements and tuition assistance for initial and continuing education and training for peace officers, as well as pay incentives and bonuses. The bill also provides funding to ensure that the families of fallen officers get the support they need after losing their loved one in the line of duty.
    • HB25-1062 Penalty for Theft of Firearm: This legislation cracks down on gun theft by reclassifying firearm theft as a class 6 felony regardless of the value of the firearm stolen.
    • HB25-1171 – Possession of Weapon by Previous Offender Crimes: This legislation adds first-degree motor vehicle theft to the list of criminal offenses that would make an individual ineligible to possess a firearm.
    • SB25-281 – Increase Penalties Careless Driving: adjusts penalties for persons convicted of careless driving, making each individual seriously injured or killed in a careless driving event a separate violation and clarifies that careless driving resulting in serious bodily injury or death is an included crime for the purposes of the “Victim Rights Act”.
    • Budget to Make Colorado Safer: Governor Polis continues working to make Colorado safer for everyone and by signing this year’s budget, Colorado continues investing in preventing and addressing crime. This includes:
      • Youth Crime Prevention: Helping to prevent at-risk youth from entering the criminal justice system through increased funding for prevention services.
      • Community Corrections Capacity: The budget also provides $2.4 million to invest in community corrections placement, increasing capacity.
      • Supporting Crime Victims: Additionally, this budget implements Colorado’s Proposition KK, designating $30.0M in spending authority to crime victims’ services, $8 million for mental health services, and $1 million for school safety. $15 million ongoing for critical public safety communication infrastructure, supporting over 1,000 local, regional, state, tribal, and federal public safety entities.
      • Funding for CBI’s Colorado Gangs Database: The Colorado Gangs database (CoG) is an application that stores gang information such as gang names, gang members, gang contacts, and is used by law enforcement as an investigative tool. It allows law enforcement the ability to add and change any information about the gangs, tracking gangs, and gang members that they contact during patrol or other investigative efforts conducted by law enforcement. This information is also queryable in the Colorado Crime Information Center (CCIC), which provides law enforcement with the most accurate information possible.
    • HB25-1146 – Juvenile Detention Bed Cap: This legislation allows judicial districts to utilize more juvenile detention beds to ensure that individuals deemed high-risk do not re-enter communities before receiving the rehabilitative services they need. 

    FULLY FUND SCHOOLS AND SUPPORT COLORADO’S WORKFORCE: 

    • HB25-1320 – School Finance Act: This legislation implements Colorado’s student-focused school finance formula without bringing back the budget stabilization factor. It also increases per-pupil funding again to $11,864, an increase from FY24-25 of $412 per student, or an average of $9,000 per classroom.
    • SB25-315 – Postsecondary & Workforce Readiness Programs: This legislation realigns Postsecondary and Workforce Readiness administration and funding to ensure all students have the opportunity to graduate high school with postsecondary credit, an industry-recognized credential, or work-based learning experience.
    • HB25-1278 – Education Accountability System: This legislation modernizes Colorado’s K-12 accountability system for the first time since 2009 to better measure student outcomes, including the creation of a new sub-indicator to support postsecondary and workforce readiness before graduation.
    • HB25-1192 – Financial Literacy Graduation Requirement: This legislation ensures that every student takes a course incorporating all financial literacy standards before they graduate high school, as well as practice filling out financial aid forms so that they are equipped with the know-how to plan for and secure their financial futures.
    • HB25-1038 – Postsecondary Credit Transfer Website: This law will support students by providing more information about how their credits earned through prior learning, concurrent and dual enrollment, and GT Pathways courses will transfer to each Colorado public institution. By allowing students to evaluate and compare the value of their transfer credits across institutions and programs, students can save money and more successfully plan their educational journeys. 

    DRIVING COLORADO’S ECONOMY: 

    FREE STATE OF COLORADO: 

    BOLD CLIMATE GOALS AND IMPROVING AIR QUALITY: 

    • HB25-1267 – Support for Statewide Energy Strategies: This legislation builds on our EV success by empowering the Division of Oil and Public Safety to adopt retail EV charging rules to promote consistency and provide for a more seamless EV charging experience.
    • HB25-1269 Building Decarbonization Measures: This law will make it simpler for buildings to comply with statewide standards by complying with a local standard and will help achieve the administration’s 2030 carbon emission reduction targets. 

    ###

    MIL OSI USA News

  • MIL-OSI Security: Man Sentenced to 50 Years in Prison for Participating in Violent Kidnappings in the Chicago Suburbs

    Source: Office of United States Attorneys

    CHICAGO — A man has been sentenced to 50 years in federal prison for conspiring to abduct several victims at gunpoint in the Chicago suburbs.

    SEDGWICK WILLIAMS participated in kidnappings in Naperville, Ill., and Westchester, Ill., in the fall of 2019.  Williams and a co-conspirator also attempted a third kidnapping in South Holland, Ill., but they were unsuccessful and were arrested fleeing from the intended victim’s residence.

    A federal jury last year convicted Williams, 48, of Chicago, and co-defendant TAI HON LA, 35, of Beach Park, Ill., of participating in the kidnapping conspiracy and other related charges.  On Wednesday, U.S. District Judge Jorge L. Alonso sentenced Williams to 50 years in federal prison.  La is scheduled to be sentenced on June 3, 2025.

    Two other defendants pleaded guilty in the case.  IVAN AYERS, 37, of Chicago, pleaded guilty to participating in the kidnapping conspiracy and is set to be sentenced on June 10, 2025.  JONATHAN VARGAS, 38, of Chicago, pleaded guilty to kidnapping the first victim in Naperville and is set to be sentenced on June 5, 2025.

    Williams’s sentence was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.  The case was investigated with assistance from the Naperville Police Department, Westchester Police Department, South Holland Police Department, Chicago Police Department, the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives, and the DuPage County Sheriff’s Office.

    According to evidence presented at trial, the first kidnapping occurred in Naperville on Oct. 17, 2019.  The conspirators posed as law enforcement officers to handcuff and abduct a man at gunpoint outside of his electronics store, which they then burglarized.  The conspirators forced the victim into a car and transported him to Chicago, where they assaulted him and extorted his family.

    The conspirators carried out the kidnapping in Westchester on Nov. 16, 2019.  Posing as federal agents, the conspirators handcuffed and abducted a man at gunpoint outside of his residence.  The conspirators forced the victim into his home, where they seized another victim and forced them both into the basement.  Two other victims later arrived at the residence and were also forced into the basement at gunpoint.  The conspirators stole cash and jewelry before fleeing.

    The conspirators attempted the third kidnapping in South Holland on Dec. 11, 2019, but the intended victim was able to call 911 and the South Holland Police arrived before the conspirators could gain access to the house.

    “Williams orchestrated a series of incredibly violent abductions and armed robberies throughout Chicago and the neighboring suburbs,” Assistant U.S. Attorneys Jared C. Jodrey and Kate McClelland argued in the government’s sentencing memorandum. “Williams and his co-conspirators ruthlessly threatened, restrained, beat, robbed, kidnapped, terrorized, and tortured people for their own personal gain.”

    MIL Security OSI

  • MIL-OSI Security: 21 Armed and Violent Drug Traffickers and Gang Members from Spokane Area Facing Federal Drug and Firearm Charges

    Source: Office of United States Attorneys

    Spokane, Washington – Today, the U.S. Attorney’s Office for the Eastern District of Washington announced that 21 individuals have been charged following the return of 15 separate indictments alleging dozens of charges against these defendants.  Certain of the individuals indicated are not yet in federal custody.

    The arrests follow a long-term joint federal investigation that began in October 2024, led by the by the Bureau of Alcohol, Tobacco, Firearms, and Explosives. This 7-month long investigation has targeted violent individuals and armed drug traffickers in Spokane as well as individuals operating in what has become nothing less than an open-air drug market on Division Street downtown..  These individuals have been problems in multiple states, impacting multiple communities during their lifetimes, in not only Washington State, but also Texas, Nevada, North Dakota, Montana, Alabama, Idaho, Oregon, and California.

    Upon release of the latest indictment, which was unsealed earlier today upon the arrest of several additional suspects, Acting United States Attorney Rich Barker stated, “I am grateful for the coordinated efforts of so many law enforcement agencies, who worked together to coordinate the takedown of this alleged drug trafficking operation.”  Acting U.S. Attorney Barker continued, “It is an honor work with our federal, state, and local law enforcement partners on such important prosecutions, which help remove illegal drugs and firearms from our community.  Our community and nation are safer, because of the work of our law enforcement and prosecution teams.”

    To date, agents seized just shy of 14-pounds of methamphetamine, over 1 kilogram of heroin, over 16,000 fentanyl pills, over 5.5 pounds of fentanyl powder, almost $60,000 in drug proceeds, as well as four vehicles and 36 firearms.  In connection with the prosecution, the United States has filed a civil forfeiture complaint in the Eastern District of Washington against a local Spokane apartment complex located near North Central High School, which allegedly was being used to distribute illegal drugs and a place for individuals to obtain firearms. Properties such as this one are not only a community safety issue as a free for all of illicit activity, they are also a drain on public resources that could be used elsewhere.  For example, in the last 2.5 years, records show there have been approximately 58 separate calls for service at the address.

    According to unsealed charging documents, the following individuals, many of whom have ties to various street gangs and who have a history of violence, have been charged in connection with the investigation. Additionally, the names of others indicted in connection with this investigation will be unsealed upon the arrest of those individuals.

    Andrew Vincent Auerbach, charged with Distribution of 50 Grams or More of Actual (Pure) Methamphetamine, Felon in Possession of a Firearm, Possession of a Firearm in Furtherance of Drug Trafficking.  Auerbach has a prior federal conviction for Felon in Possession of a Firearm.

    Daryl Edward Boone, 45, charged with Possess with Intent to Distribute 50 Grams or More of Actual (Pure) Methamphetamine, Possess with Intent to Distribute 40 Grams or More of Fentanyl, Distribution of 5 Grams or More of Actual (Pure) Methamphetamine

    James M. Ferguson, 33, charged with Unlawful Possession of a Short-Barreled Shotgun

    Jonathan Jacob Inglis, 40, pleaded guilty to Possession with Intent to Distribute 500 Grams or More of Methamphetamine and Possession with Intent to Distribute 400 Grams or More of Fentanyl. On January 30, 2025, he was sentenced to 151 months in prison.

    Nathan Carlson Johnson, 44, charged with Distribution of 50 Grams or More of Actual (Pure) Methamphetamine.

    James Lelacheur, 56, charged with Distribution of 50 Grams or More of Actual (Pure) Methamphetamine.

    Christopher Wayne O’Neal, charged with Distribution of 5 Grams or More of Actual (Pure) Methamphetamine.  O’Neal is currently in Spokane County Jail stemming from a separate drug trafficking investigation.

    Gabriella Sherif Rizkalla, charged with multiple counts of Distribution of 50 Grams or More of Actual (Pure) Methamphetamine, and Conspiracy to Distribute 50 Grams or More of Actual (Pure) Methamphetamine

    Roland Dewayne Sanders, 36, charged with Distribution of Fentanyl, Distribution of 40 Grams or More of Fentanyl.  Sanders was on federal supervised release at the time of his offense and utilized his minor child to assist in the distribution of fentanyl.

    Bernie Ray Shaw Jr., 45, charged with Distribution of Fentanyl

    Courtney A. Wheeler, charged with Possession of a Firearm in Furtherance of Drug Trafficking and Conspiracy to Possess a Firearm in Furtherance of Drug Trafficking

    Andrew Lee Williams, charged with Possession of a Firearm in Furtherance of Drug Trafficking and Conspiracy to Possess a Firearm in Furtherance of Drug Trafficking

    Anthony Dale Williams, charged with Possession of a Firearm in Furtherance of Drug Trafficking and Conspiracy to Possess a Firearm in Furtherance of Drug Trafficking, multiple counts of Distribution of 50 Grams or More of Actual (Pure) Methamphetamine, Conspiracy to Distribute Methamphetamine, and Distribution of Cocaine.

    Certain of the individuals will be arraigned at the Spokane Federal Courthouse on May 9, 2025, at 10:00am.

    The case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. For more information about Organized Crime Drug Enforcement Task Forces, please visit Justice.gov/OCDETF.

    The Bureau of Alcohol, Tobacco, Firearms, and Explosives conducted the investigation along with the Drug Enforcement Administration, Homeland Security Investigations, Moses Lake Police Department, Border Patrol, and the Washington Department of Corrections. Additional assistance was provided by the United States Marshals Service and the Spokane County Sheriff’s Office.

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    WILLIAMS et al – 2:25-CR-75-RLP

    SANDERS – 2:25-CR-15-MKD

    LELACHER – 2:24-CR-16-MKD

    FERGUSON – 2:24-CR-158-RLP

    JOHNSON – 2:24-CR-159-MKD

    AUERBACH – 2:25-CR-16-TOR

    INGLIS – 2:23-CR-56-TOR

    SHAW – 2:24-CR-163-MKD

    BOONE – 2:24-CR-164-RLP

    United States of America v. Real Property Known as 625 West Maxwell Avenue Spokane Washington et al, 2:25-cv-00148-RLP

    MIL Security OSI

  • MIL-OSI Security: Man Accused of Concealing Death of Disabled Veteran for Years to Reap Financial Benefits

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    ST. LOUIS – A convicted felon from Salem, Missouri was indicted on Wednesday and accused of concealing the death of his uncle, a U.S. Army veteran with quadraplegia, for at least five years so that he could steal at least $650,000 of his disability benefits.

    Brian K. Ditch, 44, is now facing four felony counts of wire fraud, four counts of aggravated identity theft, two counts of theft of government property and one count of being a felon in possession of a firearm.

    The indictment alleges that Ditch was solely responsible for his uncle’s care beginning in 2008, and kept his uncle locked in his garage and under his control so he could fraudulently obtain his government benefits. Instead of properly caring for his uncle, Ditch trapped him in the garage for over 24 hours at a time, forcing his uncle “to sit in his own urine and feces without the ability to eat or drink,” the indictment says. After his uncle’s death around 2019, Ditch concealed his death and the body so that he could continue to receive the money, the indictment says. It says Ditch told relatives that he had moved his uncle into a nursing home.

    His uncle received $9,559 per month in Disability Compensation benefits from the U.S. Department of Veterans Affairs (VA), the indictment says. The VA would not have continued to pay had they known Ditch’s uncle was dead, the indictment says. Ditch’s uncle also received a total of $235,210 in Social Security Disability Insurance benefits and Retirement Insurance benefits from the Social Security Administration since 2008.

    Ditch used the money to buy exotic reptiles, fund lavish vacations and enrich himself, the indictment says. Salem police officers found the uncle’s partially frozen body in a trash can in March, as well as three shotguns, the indictment says. As a convicted felon, Ditch is barred from possessing firearms.

    Ditch is expected to plead not guilty in U.S. District Court in St. Louis Friday.

    Charges set forth in an indictment are merely accusations and do not constitute proof of guilt.  Every defendant is presumed to be innocent unless and until proven guilty.

    “The Department of Veterans Affairs Office of Inspector General is committed to holding accountable anyone who exploits veterans or steals their VA benefits,” said Special Agent in Charge Gregory Billingsley with the VA OIG’s Central Field Office. “VA’s programs and services are established to justly compensate deserving veterans and the VA OIG will bring to justice those who would defraud these programs.”

    The Salem Police Department, the Department of Veterans Affairs Office of Inspector General, the Social Security Administration Office of Inspector General and the Bureau of Alcohol, Tobacco, Firearms and Explosives investigated the case. Assistant U.S. Attorney Derek Wiseman is prosecuting the case.

    MIL Security OSI

  • MIL-OSI: Prospect Capital Announces Financial Results for Fiscal March 2025 Quarter

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter ended March 31, 2025.

    FINANCIAL RESULTS

    All amounts in $000’s except
    per share amounts (on weighted average
    basis for period numbers)
    Quarter Ended
    March 31, 2025
    Quarter Ended
    December 31, 2024
    Quarter Ended
    March 31, 2024
           
    Net Investment Income (“NII”) $83,489 $86,431 $94,375
    NII per Common Share $0.19 $0.20 $0.23
    Interest as % of Total Investment Income 93.3% 91.0% 91.0%
           
    Net Income (Loss) Applicable to Common Shareholders $(171,331) $(30,993) $113,891
    Net Income (Loss) per Common Share $(0.39) $(0.07) $0.27
           
    Distributions to Common Shareholders $59,966 $65,554 $74,685
    Distributions per Common Share $0.135 $0.15 $0.18
    Cumulative Paid and Declared Distributions to Common Shareholders(1) $4,527,079 $4,445,060 $4,263,149
    Cumulative Paid and Declared Distributions per Common Share(1) $21.57 $21.39 $21.00
    Multiple of Net Asset Value (“NAV”) per Common Share(1) 3.0x 2.7x 2.3x
           
    Total Assets $6,996,312 $7,234,855 $7,905,794
    Total Liabilities $2,118,522 $2,164,305 $2,603,811
    Preferred Stock $1,632,426 $1,630,514 $1,559,764
    Net Asset Value (“NAV”) to Common Shareholders $3,245,364 $3,440,036 $3,742,219
    NAV per Common Share $7.25 $7.84 $8.99
           
    Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments $1,716,035 $1,879,738 $1,101,604
           
    Net of Cash Debt to Total Assets 28.7% 28.1% 31.2%
    Net of Cash Debt to Equity Ratio(2) 40.8% 39.8% 46.2%
    Net of Cash Asset Coverage of Debt Ratio(2) 345% 351% 316%
           
    Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity 87.5% 91.9% 77.7%
    Unsecured and Non-Recourse Debt as % of Total Debt 100.0% 100.0% 100.0%
    (1) Declared dividends are through the August 2025 distribution. May through August 2025 distributions are estimated based on shares outstanding as of 5/7/2025.
    (2) Including our preferred stock as equity.
       

    CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION

    Prospect is declaring distributions to common shareholders as follows:

    Monthly Cash Common Shareholder Distribution Record Date Payment Date Amount ($ per share)
    May 2025 5/28/2025 6/18/2025 $0.0450
    June 2025 6/26/2025 7/22/2025 $0.0450
    July 2025 7/29/2025 8/20/2025 $0.0450
    August 2025 8/27/2025 9/18/2025 $0.0450

    Prospect expects to declare September 2025 and October 2025 distributions to common shareholders in August 2025.

    Taking into account past distributions and our current share count for declared distributions, since inception through our April 2025 declared distribution, Prospect will have distributed $21.57 per share to original common shareholders, representing 3.0 times March 2025 common NAV per share, aggregating $4.5 billion in cumulative distributions to all common shareholders.

    Since Prospect’s initial public offering in July 2004 through March 31, 2025, Prospect has invested over $21 billion across over 450 investments, exiting over 325 of these investments.

    Since Prospect’s initial public offering in July 2004 through March 31,2025, Prospect’s exited investments resulted in an investment level realized gross internal rate of return (“IRR”) of approximately 13% (based on total capital invested and of approximately $11.8 billion and total proceeds from such exited investments of approximately $14.9 billion).

    Drivers focused on optimizing our business include: (1) rotation of assets into and increased focus on our core business of first lien senior secured middle market loans (with our first lien mix increasing 60 basis points from the prior quarter and 650 basis points from the prior year), including sometimes with selected equity investments, (2) continued amortization of our already significantly reduced subordinated structured notes portfolio (now down to 4.2% of total assets), (3) prudent exits of equity linked assets (including real estate properties and corporate investments, with an additional real estate property exit this past quarter), (4) enhancement of portfolio company operating performance, and (5) greater utilization of our cost efficient revolving floating rate credit facility (which significantly matches with our majority floating rate assets).

    In our middle market lending strategy, we continued our focus on first lien senior secured loans during the quarter, with such investments totaling $149 million of our $196 million of originations during the quarter. Investments during the quarter included our new platform investment in Taos Footwear Holdings, LLC, a leading innovative footwear brand with a two decade history, and other follow-on investments in existing portfolio companies to support acquisitions, working capital needs, organic growth initiatives, and other objectives.

    Our subordinated structured notes portfolio as of March 31, 2025 represented 4.2% of our investment portfolio, a reduction of 310 basis points from 7.3% as of March 31, 2024. Since the inception of this strategy in 2011 and through March 31, 2025, we have exited 15 subordinated structured note investments that have earned an unlevered investment level gross cash internal rate of return (“IRR”) of 12.1% and cash on cash multiple of 1.3 times. The remaining subordinated structured notes portfolio had a trailing twelve month average cash yield of 30.2% and an annualized GAAP yield of 4.4% (in each case as of March 31, 2025, based on fair value, and excluding investments being redeemed), with the difference between cash yield and GAAP yield representing amortization of our cost basis.

    In our real estate property portfolio at National Property REIT Corp. (“NPRC”), since the inception of this strategy in 2012 and through March 31, 2025, we have exited 52 property investments (including one exit in the March 2025 quarter) that have earned an unlevered investment-level gross cash IRR of 24.0% and cash on cash multiple of 2.4 times. The remaining real estate property portfolio included 58 properties and paid us an income yield of 4.5% for the quarter ended March 31, 2025. Our aggregate investment in NPRC had a $460 million unrealized gain as of March 31, 2025.

    Our senior management team and employees own 28.8% of all common shares outstanding (an increase of 240 basis points since June 30, 2024) or $0.9 billion of our common equity as measured at NAV.

    PORTFOLIO UPDATE AND INVESTMENT ACTIVITY

    All amounts in $000’s except
    per unit amounts
    As of
    March 31, 2025
    As of
    December 31, 2024
    As of
    March 31, 2024
           
    Total Investments (at fair value) $6,901,364 $7,132,928 $7,806,712
    Number of Portfolio Companies 114 114 122
    Number of Industries 33 33 36
           
    First Lien Debt 65.5% 64.9% 59.0%
    Second Lien Debt 10.5% 10.2% 14.6%
    Subordinated Structured Notes 4.2% 5.8% 7.3%
    Unsecured Debt 0.1% 0.1% 0.1%
    Equity Investments 19.7% 19.0% 19.0%
    Mix of Investments with Underlying Collateral Security 80.2% 80.9% 80.9%
           
    Annualized Current Yield – All Investments 9.2% 9.1% 9.7%
    Annualized Current Yield – Performing Interest Bearing Investments 11.5% 11.2% 12.1%
           
    Non-Accrual Loans as % of Total Assets (1) 0.6% 0.4% 0.4%
           
    Middle-Market Loan Portfolio Company Weighted Average EBITDA(2) $97,732 $101,418 $107,796
    Middle-Market Loan Portfolio Company Weighted Average Net Leverage Ratio(2) 5.6x 5.6x 5.1x
    (1) Calculated at fair value.
    (2) For additional disclosure see “Middle-Market Loan Portfolio Company Weighted Average EBITDA and Net Leverage” at the end of the release.
       

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

    All amounts in $000’s Quarter Ended Quarter Ended Quarter Ended
    June 30, 2025
    (to date)
    March 31, 2025 December 31, 2024
           
    Total Originations $65,577 $196,144 $134,956
           
    Middle-Market Lending 75.5% 81.0% 67.7%
    Middle-Market Lending / Buyouts —% 4.9% 14.5%
    Real Estate 21.3% 14.1% 17.8%
    Subordinated Structured Notes —% —% —%
           
    Total Repayments and Sales $20,348 $191,656 $383,363
           
    Originations, Net of Repayments and Sales $45,229 $4,488 $(248,407)
           

    For additional disclosure see “Primary Origination Strategies” at the end of this release. Totals may not add to 100% given there are other smaller and non-core investment strategies.

    CAPITAL AND LIQUIDITY

    Our multi-year, long-term laddered and diversified historical funding profile has included a $2.1 billion revolving credit facility (aggregate commitments with 48 current lenders), program notes, institutional bonds, convertible bonds, listed preferred stock, and program preferred stock. We have retired multiple upcoming maturities and, after successfully retiring our $156.2M convertible bond maturity in March 2025 (utilizing existing liquidity on hand), have just $2.4M remaining of debt maturing during calendar year 2025.

    On April 9, 2025, we commenced a tender offer to purchase for cash any and all of the $342.9 million aggregate principal amount of our outstanding 3.706% Notes due 2026 (the “2026 Notes”) at a purchase price of $990.00 for each $1,000 principal, plus accrued and unpaid interest. On April 22, 2025, $135.7 million was validly tendered and accepted, representing 39.6% of the outstanding notes. Approximately $207.2 million aggregate principal amount of the 2026 Notes remain outstanding.

    Our total unfunded eligible commitments to portfolio companies totals approximately $43 million, of which $17 million are considered at our sole discretion, representing 0.6% and 0.2% of our total assets as of March 31, 2025, respectively.

      As of As of
    All amounts in $000’s March 31, 2025 December 31, 2024
    Net of Cash Debt to Total Assets Ratio 28.7% 28.1%
    Net of Cash Debt to Equity Ratio(1) 40.8% 39.8%
    % of Interest-Bearing Assets at Floating Rates 77.5% 79.8%
    Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity 87.5% 91.9%
         
    Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments $1,716,035 $1,879,738
         
    Unencumbered Assets $4,440,135 $4,763,601
    % of Total Assets 63.5% 65.8%
    (1) Including our preferred stock as equity.
       

    The below table summarizes our March 2025 quarter term debt issuance and repurchase/repayment activity:

    All amounts in $000’s Principal Coupon Maturity
    Debt Issuances      
    Prospect Capital InterNotes® $2,366 7.00% – 7.50% March 2028 – April 2030
    Total Debt Issuances $2,366    
           
    Debt Repurchases/Repayments      
    Prospect Capital InterNotes® $3,302 2.50% – 5.50% February 2025 – March 2052
    2026 Notes $33,325 3.706% January 2026
    2025 Notes $156,168 6.375% March 2025
    Total Debt Repurchases/Repayments $192,795    
           
    Net Debt Repurchases/Repayments $(190,429)    

    We currently have three separate unsecured debt issuances aggregating approximately $0.8 billion outstanding, not including our program notes, with laddered maturities extending through October 2028. At March 31, 2025, $643 million of program notes were outstanding with laddered maturities through March 2052.

    At March 31, 2025 our weighted average cost of unsecured debt financing was 4.33%, a decrease of 0.16% from December 31, 2024, and an increase of 0.19% from March 31, 2024.

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

    DIVIDEND REINVESTMENT PLAN

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

    Shares held with a broker or financial institution

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

    Shares registered directly with our transfer agent

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

    EARNINGS CONFERENCE CALL

    Prospect will host an earnings call on Friday, May 9, 2025 at 9:00 a.m. Eastern Time. Dial 888-338-7333. For a replay after May 9, 2025 visit www.prospectstreet.com or call 877-344-7529 with passcode 7141044.

     
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share data)
     
      March 31, 2025
      June 30, 2024
      (Unaudited)   (Audited)
    Assets              
    Investments at fair value:              
    Control investments (amortized cost of $3,339,028 and $3,280,415, respectively) $ 3,702,161     $ 3,872,575  
    Affiliate investments (amortized cost of $11,735 and $11,594, respectively)   22,693       18,069  
    Non-control/non-affiliate investments (amortized cost of $3,604,248 and $4,155,165, respectively)   3,176,510       3,827,599  
    Total investments at fair value (amortized cost of $6,955,011 and $7,447,174, respectively)   6,901,364       7,718,243  
    Cash and cash equivalents (restricted cash of $2,300 and $3,974, respectively)   54,498       85,872  
    Receivables for:              
    Interest, net   16,176       26,936  
    Other   1,910       1,091  
    Deferred financing costs on Revolving Credit Facility   20,018       22,975  
    Prepaid expenses   1,576       1,162  
    Due from broker   715       734  
    Due from Affiliate   55       79  
    Total Assets    6,996,312       7,857,092  
    Liabilities               
    Revolving Credit Facility   459,963       794,796  
    Public Notes (less unamortized discount and debt issuance costs of $8,841 and $12,433, respectively)   934,106       987,567  
    Prospect Capital InterNotes® (less unamortized debt issuance costs of $8,975 and $7,999, respectively)    633,923       496,029  
    Convertible Notes (less unamortized debt issuance costs of $0 and $649, respectively)         155,519  
    Due to Prospect Capital Management   39,781       58,624  
    Interest payable   21,709       21,294  
    Dividends payable   20,460       25,804  
    Accrued expenses   3,674       3,591  
    Due to Prospect Administration   2,809       5,433  
    Due to broker   1,748       10,272  
    Other liabilities   349       242  
    Total Liabilities    2,118,522       2,559,171  
    Commitments and Contingencies              
    Preferred Stock, par value $0.001 per share (847,900,000 and 647,900,000 shares of preferred stock authorized, with 80,000,000 and 80,000,000 as Series A1, 80,000,000 and 80,000,000 as Series M1, 80,000,000 and 80,000,000 as Series M2, 20,000,000 and 20,000,000 as Series AA1, 20,000,000 and 20,000,000 as Series MM1, 1,000,000 and 1,000,000 as Series A2, 6,900,000 and 6,900,000 as Series A, 80,000,000 and 80,000,000 as Series A3, 80,000,000 and 80,000,000 as Series M3, 90,000,000 and 80,000,000 as Series A4, 90,000,000 and 80,000,000 as Series M4, 20,000,000 and 20,000,000 as Series AA2, 20,000,000 and 20,000,000 as Series MM2, 90,000,000 and 0 as Series A5, and 90,000,000 and 0 as Series M5, each as of March 31, 2025 and June 30, 2024; 27,423,137 and 28,932,457 Series A1 shares issued and outstanding, 1,226,738 and 1,788,851 Series M1 shares issued and outstanding, 0 and 0 Series M2 shares issued and outstanding, 0 and 0 Series AA1 shares issued and outstanding, 0 and 0 Series MM1 shares issued and outstanding, 163,000 and 164,000 Series A2 shares issued and outstanding, 5,251,157 and 5,251,157 Series A shares issued and outstanding, 24,283,306 and 24,810,648 Series A3 shares issued and outstanding, 2,321,362 and 3,351,101 Series M3 shares issued and outstanding, 2,208,613 and 1,401,747 Series M4 shares issued and outstanding, 6,982,590 and 3,766,166 Series A4 issued and outstanding, 0 and 0 Series AA2 shares issued and outstanding, 0 and 0 Series MM2 shares issued and outstanding, 1,029,762 and 0 Series A5 issued and outstanding, and 193,289 and 0 Series M5 issued and outstanding as of March 31, 2025 and June 30, 2024, respectively) at carrying value plus cumulative accrued and unpaid dividends   1,632,426       1,586,188  
    Net Assets Applicable to Common Shares $ 3,245,364     $ 3,711,733  
    Components of Net Assets Applicable to Common Shares and Net Assets, respectively              
    Common stock, par value $0.001 per share (1,152,100,000 and 1,352,100,000 common shares authorized; 447,344,378 and 424,846,963 issued and outstanding, respectively)   447       425  
    Paid-in capital in excess of par   4,304,253       4,208,607  
    Distributions in excess of earnings   (1,059,336 )     (497,299 )
    Net Assets Applicable to Common Shares $ 3,245,364     $ 3,711,733  
    Net Asset Value Per Common Share $ 7.25     $ 8.74  
                           
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
    (Unaudited)
                           
       Three Months Ended
    March 31,
       
       Nine Months Ended
    March 31,
       
        2025     2024     2025     2024
    Investment Income                              
    Interest income (excluding payment-in-kind (“PIK”) interest income):                              
    Control investments $ 60,584     $ 47,295     $ 170,352     $ 138,111  
    Non-control/non-affiliate investments   75,874       97,665       257,943       309,770  
    Structured credit securities   3,272       4,748       11,505       30,317  
    Total interest income (excluding PIK interest income)   139,730       149,708       439,800       478,198  
    PIK interest income:                              
    Control investments   8,915       21,210       42,509       72,161  
    Non-control/non-affiliate investments   10,611       13,014       30,360       30,651  
    Total PIK Interest Income   19,526       34,224       72,869       102,812  
    Total interest income   159,256       183,932       512,669       581,010  
    Dividend income:                              
    Control investments   4,387       510       8,774       737  
    Affiliate investments               141       1,307  
    Non-control/non-affiliate investments   3,366       1,469       8,209       4,334  
    Total dividend income   7,753       1,979       17,124       6,378  
    Other income:                              
    Control investments   416       14,192       15,799       55,553  
    Non-control/non-affiliate investments   3,291       2,112       6,898       6,461  
    Total other income   3,707       16,304       22,697       62,014  
    Total Investment Income   170,716       202,215       552,490       649,402  
    Operating Expenses                              
    Base management fee   35,578       39,218       111,253       117,594  
    Income incentive fee   4,207       17,390       33,519       61,332  
    Interest and credit facility expenses   36,151       39,841       113,890       120,478  
    Allocation of overhead from Prospect Administration   5,318       5,708       16,734       20,073  
    Audit, compliance and tax related fees   583       583       2,383       2,079  
    Directors’ fees   150       150       450       416  
    Other general and administrative expenses   5,240       4,950       14,464       10,516  
    Total Operating Expenses   87,227       107,840       292,693       332,488  
    Net Investment Income   83,489       94,375       259,797       316,914  
    Net Realized and Net Change in Unrealized Gains (Losses) from Investments                              
    Net realized gains (losses)                              
    Control investments   4       1,186       6,374       1,039  
    Non-control/non-affiliate investments   (63,184 )     (70,949 )     (216,577 )     (278,168 )
    Net realized gains (losses)   (63,180 )     (69,763 )     (210,203 )     (277,129 )
    Net change in unrealized gains (losses)                              
    Control investments   (73,292 )     125,827       (217,121 )     8,592  
    Affiliate investments   2,481       (487 )     4,483       2,101  
    Non-control/non-affiliate investments   (90,058 )     (5,523 )     (112,078 )     183,012  
    Net change in unrealized gains (losses)   (160,869 )     119,817       (324,716 )     193,705  
    Net Realized and Net Change in Unrealized Gains (Losses) from Investments   (224,049 )     50,054       (534,919 )     (83,424 )
    Net realized gains (losses) on extinguishment of debt   644       (68 )     1,128       (212 )
    Net Increase (Decrease) in Net Assets Resulting from Operations   (139,916 )     144,361       (273,994 )     233,278  
    Preferred Stock dividends   (26,698 )     (24,812 )     (80,083 )     (72,033 )
    Net gain (loss) on redemptions of Preferred Stock   (1,586 )     (925 )     (188 )     (46 )
    Gain (loss) on Accretion to Redemption Value of Preferred Stock   (3,131 )     (4,733 )     (13,128 )     (4,733 )
    Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders $ (171,331 )   $ 113,891     $ (367,393 )   $ 156,466  
     
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    ROLLFORWARD OF NET ASSET VALUE PER COMMON SHARE
    (in actual dollars)
     
      Three Months Ended
    March 31,
      Nine Months Ended
    March 31,
     
        2025     2024     2025     2024  
    Per Share Data                                
    Net asset value per common share at beginning of period $ 7.84     $ 8.92     $ 8.74     $ 9.24    
    Net investment income(1)   0.19       0.23       0.60       0.77    
    Net realized and change in unrealized gains (losses)(1)   (0.51 )     0.11       (1.25 )     (0.22 )  
    Net increase (decrease) from operations   (0.33 ) (7)   0.34       (0.66 ) (7)   0.56   (7)
    Distributions of net investment income to preferred stockholders   (0.06 ) (4)   (0.06 ) (3)   (0.18 ) (4)   (0.18 ) (3)
    Distributions of capital gains to preferred stockholders     (4)     (3)     (4)     (3)
    Total distributions to preferred stockholders   (0.06 )     (0.06 )     (0.18 )     (0.18 )  
    Net increase (decrease) from operations applicable to common stockholders   (0.39 )     0.27   (7)   (0.84 )     0.38    
    Distributions of net investment income to common stockholders   (0.14 ) (4)   (0.18 ) (3)   (0.47 ) (4)   (0.52 ) (3)
    Return of capital to common stockholders     (4)     (3)     (4)   (0.02 ) (3)(6)
    Total distributions to common stockholders   (0.14 )     (0.18 )     (0.47 )     (0.54 )  
    Common stock transactions(2)   (0.08 )     (0.03 )     (0.21 )     (0.09 )  
    Net asset value per common share at end of period $ 7.25   (7) $ 8.99   (7) $ 7.25   (7) $ 8.99    
    (1) Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for dividends to stockholders which is based on actual rate per share). Realized gains (losses) is inclusive of net realized losses (gains) on investments, realized losses (gains) from extinguishment of debt and realized gains (losses) from the repurchases and redemptions of preferred stock.
    (2) Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our common stock dividend reinvestment plan, common shares issued to acquire investments, common shares repurchased below net asset value pursuant to our Repurchase Program, and common shares issued pursuant to the Holder Optional Conversion of our 5.50% Preferred Stock and 6.50% Preferred Stock.
    (3) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2024.
    (4) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2025.
    (5) Diluted net decrease from operations applicable to common stockholders was $0.39 for the three months ended March 31, 2025. Diluted net increase from operations applicable to common stockholders was $0.20 for the three months ended March 31, 2024. Diluted net decrease from operations applicable to common stockholders was $0.84 for the nine months ended March 31, 2025. Diluted net increase from operations applicable to common stockholders was $0.33 for the nine months ended March 31, 2024.
    (6) The amounts reflected for the respective fiscal periods were updated based on tax information received subsequent to our Form 10-K filing for the year ended June 30, 2023 and our Form 10-Q filing for March 31, 2024. Certain reclassifications have been made in the presentation of prior period amounts.
    (7) Does not foot due to rounding.
       

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

    Middle-Market Loan Portfolio Company Weighted Average Net Leverage (“Middle-Market Portfolio Net Leverage”) and Middle-Market Loan Portfolio Company Weighted Average EBITDA (“Middle-Market Portfolio EBITDA”) provide clarity into the underlying capital structure of PSEC’s middle-market loan portfolio investments and the likelihood that such portfolio will make interest payments and repay principal. PSEC’s consumer finance middle-market lending / buyout portfolio company investments are excluded from Middle-Market Portfolio Net Leverage and Middle-Market Portfolio EBITDA because consumer finance companies typically rely on financing to fund their lending activities.

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

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

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

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

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

    PRIMARY ORIGINATION STRATEGIES

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

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

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

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

    About Prospect Capital Corporation

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

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

    Caution Concerning Forward-Looking Statements

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

    For additional information, contact:

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

    The MIL Network

  • MIL-OSI: Oportun Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GAAP Net income of $9.8 million increased $36 million year-over-year

    GAAP EPS of $0.21 increased $0.89 year-over-year

    Adjusted EPS of $0.40 increased $0.31 year-over-year

    Operating expenses of $93 million reduced 15% year-over-year

    Reiterating full year 2025 credit performance and profit expectations

    SAN CARLOS, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun”, or the “Company”) today reported financial results for the first quarter ended March 31, 2025.

    “We started 2025 with a strong first quarter, building on the momentum from last year. I’m pleased to report our second consecutive quarter of GAAP profitability, with net income increasing by $36 million year-over-year,” said Raul Vazquez, CEO of Oportun. “We’ve also delivered profitability on an adjusted basis for the fifth consecutive quarter, with Adjusted Net Income up $15 million year-over-year. Our Return on Equity (ROE) improved to 11%, while our Adjusted ROE also improved by 17 percentage points, to 21%. We maintained strong cost discipline, reducing quarterly operating expenses by 15% year-over-year during the quarter. In addition, credit continued to perform well, with 30-plus day delinquencies and dollar net-charge-offs declining year-over-year for the fifth and sixth consecutive quarters, respectively. Given the current macroeconomic uncertainty, we are prudently moderating our expectations for full year loan originations growth from the 10% to 15% range, to approximately 10%. Factoring in both this adjustment and our Q1 outperformance, we’re reiterating our full year 2025 Adjusted EPS guidance of $1.10 to $1.30 per share, implying growth of 53% to 81%.

    First Quarter 2025 Results

    Metric GAAP   Adjusted1
      1Q25 1Q24   1Q25 1Q24
    Total revenue2 $236 $250      
    Net income (loss) $9.8 $(26)   $19 $3.6
    Diluted EPS $0.21 $(0.68)   $0.40 $0.09
    Adjusted EBITDA       $34 $1.9
    Dollars in millions, except per share amounts.          
    1See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the table entitled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP to GAAP measures.
    21Q24 total revenue includes $11 million from the credit cards receivable portfolio which was sold in November 2024.


    Business Highlights

    • Aggregate Originations were $469 million, a 39% increase compared to $338 million in the prior-year quarter
    • Portfolio Yield was 33.0%, an increase of 49 basis points compared to 32.5% in the prior-year quarter
    • Owned Principal Balance at end-of-period was $2.7 billion, a decrease of 3% compared to $2.8 billion in the prior-year quarter
    • Annualized Net Charge-Off Rate of 12.2%, an increase of 16 basis points compared to 12.0% in the prior-year quarter; dollar Net Charge-Offs declined 5% year-over-year, marking the sixth consecutive quarterly decrease
    • 30+ Day Delinquency Rate of 4.7%, a decrease of 56 basis points compared to 5.2% for the prior-year quarter; fifth consecutive quarterly decline

    Financial and Operating Results

    All figures are as of or for the quarter ended March 31, 2025, unless otherwise noted.

    Operational Drivers

    Originations – Aggregate Originations for the first quarter were $469 million, an increase of 39% compared to $338 million in the prior-year quarter, as the Company grew originations year-over-year for the second consecutive quarter. Management currently expects full year 2025 Aggregate Originations growth in the 10% range.

    Portfolio Yield – Portfolio Yield for the first quarter was 33.0%, an increase of 49 basis points as compared to 32.5% in the prior-year quarter, primarily attributable to increased pricing on loans.

    Financial Results

    Revenue – Total revenue for the first quarter was $236 million, a decrease of 6% as compared to $250 million in the prior-year quarter. The decline was primarily due to the absence of $11 million of revenue from the credit cards receivable portfolio which was sold in November 2024. Net revenue for the first quarter was $106 million, a 34% increase compared to net revenue of $79 million in the prior-year quarter, as reduced fair value marks and net charge-offs more than offset the total revenue decline and higher interest expense.

    Operating Expense and Adjusted Operating Expense – For the first quarter, total operating expense was $93 million, a decrease of 15% as compared to $110 million in the prior-year quarter. The decrease is attributable to a combined set of cost reduction initiatives enacted during the last year. The Company continues to expect full year 2025 operating expenses of approximately $390 million, averaging $97.5 million a quarter for a 5% reduction from full year 2024. Adjusted Operating Expense, which excludes stock-based compensation expense and certain non-recurring charges, decreased 13% year-over-year to $89 million.

    Net Income (Loss) and Adjusted Net Income (Loss) – Net income was $9.8 million as compared to a net loss of $26 million in the prior-year quarter. The increased profitability was attributable to expense reduction initiatives, and increased net revenue driven by reduced fair value mark-to-market impact and improved credit performance. Adjusted Net Income was $19 million as compared to $3.6 million in the prior-year quarter. The increase in Adjusted Net Income was also driven by reduced operating expenses, along with improved credit performance.

    Earnings (Loss) Per Share and Adjusted EPS – GAAP earnings per share, basic and diluted, were both $0.21 during the first quarter, compared to GAAP net loss per share, basic and diluted of $0.68 in the prior-year quarter. Adjusted Earnings Per Share was $0.40 as compared to $0.09 in the prior-year quarter.

    Adjusted EBITDA – Adjusted EBITDA was $34 million, up from $1.9 million in the prior-year quarter, driven by the cost reduction initiatives enacted during the last year along with improved credit performance.

    Credit and Operating Metrics

    Net Charge-Off Rate – The Annualized Net Charge-Off Rate for the quarter was 12.2%, compared to 12.0% for the prior-year quarter. Net Charge-offs in dollars for the quarter were down 5% to $81 million, compared to $85 million for the prior-year quarter.

    30+ Day Delinquency Rate – The Company’s 30+ Day Delinquency Rate was 4.7% at the end of the quarter, compared to 5.2% at the end of the prior-year quarter.

    Following the first quarter, the Company’s 30+ Day Delinquency Rate declined to 4.5% at the end of April.

    Operating Expense Ratio and Adjusted Operating Expense Ratio – Operating Expense Ratio for the quarter was 13.9% as compared to 15.5% in the prior-year quarter, a 157 basis points improvement. Adjusted Operating Expense Ratio was 13.3% as compared to 14.3% in the prior-year quarter, a 102 basis points improvement. The Adjusted Operating Expense Ratio excludes stock-based compensation expense and certain non-recurring charges. The improvement in Adjuste        d Operating Expense Ratio is primarily attributable to the Company’s focus on reducing operating expenses, partially offset by a decrease in Average Daily Principal Balance including the impact from the sale of the credit cards receivable portfolio in November 2024.

    Return On Equity (“ROE”) and Adjusted ROE – ROE for the quarter was 11%, as compared to (27)% in the prior-year quarter. The improvement was attributable to the increase in net income. Adjusted ROE for the quarter was 21%, as compared to 4% in the prior-year quarter.

             

    Secured Personal Loans

    As of March 31, 2025, the Company had a secured personal loan receivables balance of $178 million, up from $112 million at the end of the first quarter of 2024. Oportun currently offers secured personal loans in California, Texas, Florida, Arizona, New Jersey and Illinois. During the full year 2024, secured personal loans losses ran approximately 500 basis points lower compared to unsecured personal loans. Furthermore, secured personal loans originated during the first quarter are expected to generate approximately twice the revenue per loan compared to unsecured personal loans, primarily due to higher average loan sizes.

    Funding and Liquidity

    As of March 31, 2025, total cash was $231 million, consisting of cash and cash equivalents of $79 million and restricted cash of $152 million. Cost of Debt and Debt-to-Equity were 8.2% and 7.6x, respectively, for and at the end of the first quarter 2025 as compared to 7.5% and 7.3x, respectively, for and at the end of the prior-year quarter. As of March 31, 2025, the Company had $317 million of undrawn capacity on its existing $766 million personal loan warehouse lines. The Company’s personal loan warehouse lines are committed through September 2027 and August 2028.

    Financial Outlook for Second Quarter and Full Year 2025

    Oportun is providing the following guidance for 2Q 2025 and full year 2025 as follows:

      2Q 2025   Full Year 2025
    Total Revenue $237 – $242M   $945 – $970M
    Annualized Net Charge-Off Rate 11.90% +/- 15 bps   11.5% +/- 50 bps
    Adjusted EBITDA1 $29 – $34M   $135 – $145M
    Adjusted Net Income1   $53 – $63M
    Adjusted EPS1   $1.10 – $1.30
    GAAP Net Income   GAAP Profitable
             
    1 See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the table entitled “Reconciliation of Forward Looking Non-GAAP Financial Measures” for a reconciliation of non-GAAP to GAAP measures.


    Paul Appleton, Treasurer and Head of Capital Markets, serving as interim Chief Financial Officer

    As previously indicated in a March 17th 2025 Form 8-K filing, Paul Appleton, the Company’s Treasurer and Head of Capital Markets, began serving as interim Chief Financial Officer on March 28th, 2025. Mr. Appleton’s appointment followed Jonathan Coblentz’ retirement as the Company’s Chief Financial Officer and he is expected to serve in this interim role until the search for Mr. Coblentz’ successor is completed. With the assistance of a leading executive search firm, the Company has identified and engaged with several highly qualified candidates in connection with its search process for a permanent chief financial officer.

    Conference Call

    As previously announced, Oportun’s management will host a conference call to discuss first quarter 2025 results at 5:00 p.m. ET (2:00 p.m. PT) today. A live webcast of the call will be accessible from the Investor Relations page of Oportun’s website at https://investor.oportun.com. The dial-in number for the conference call is 1-888-396-8049 (toll-free) or 1-416-764-8646 (international). Participants should call in 10 minutes prior to the scheduled start time. Both the call and webcast are open to the general public. For those unable to listen to the live broadcast, a webcast replay of the call will be available at https://investor.oportun.com for one year. A file that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP measures, will be available on the Investor Relations page of Oportun’s website at https://investor.oportun.com following the conference call.

    About Non-GAAP Financial Measures

    This press release presents information about the Company’s Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted Operating Expense, Adjusted Operating Expense Ratio, and Adjusted ROE, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes these non-GAAP measures can be useful measures for period-to-period comparisons of its core business and provide useful information to investors and others in understanding and evaluating its operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.

    About Oportun

    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $20.3 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun.com.

    Forward-Looking Statements

    This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to future performance, results of operations and financial position; achievement of the Company’s strategic priorities and goals; expectations regarding the Company’s interim CFO; the Company’s expectations regarding macroeconomic conditions; the Company’s profitability and future growth opportunities including expected revenue growth in connection with increasing originations; the effect of and trends in fair value mark-to-market adjustments on the Company’s loan portfolio and asset-backed notes; the Company’s second quarter and full year 2025 outlook; the Company’s expectations regarding Adjusted EPS in full year 2025; the Company’s expectations related to future profitability on an adjusted basis, and the plans and objectives of management for our future operations, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements. These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun’s filings with the Securities and Exchange Commission, including Oportun’s most recent annual report on Form 10-K, and include, but are not limited to, Oportun’s ability to retain existing members and attract new members; Oportun’s ability to accurately predict demand for, and develop its financial products and services; the effectiveness of Oportun’s A.I. model; macroeconomic conditions, including fluctuating inflation and market interest rates; increases in loan non-payments, delinquencies and charge-offs; Oportun’s ability to increase market share and enter into new markets; Oportun’s ability to realize the benefits from acquisitions and integrate acquired technologies; the risk of security breaches or incidents affecting the Company’s information technology systems or those of the Company’s third-party vendors or service providers; Oportun’s ability to successfully offer loans in additional states; Oportun’s ability to compete successfully with other companies that are currently in, or may in the future enter, its industry; and changes in Oportun’s ability to obtain additional financing on acceptable terms or at all.

    Contacts

    Investor Contact
    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Media Contact
    Michael Azzano
    Cosmo PR for Oportun
    (415) 596-1978
    michael@cosmo-pr.com

    Oportun and the Oportun logo are registered trademarks of Oportun, Inc.

     
    Oportun Financial Corporation
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except share and per share data, unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Revenue        
    Interest income   $ 220.2     $ 230.6  
    Non-interest income     15.7       19.9  
    Total revenue     235.9       250.5  
    Less:        
    Interest expense     57.4       54.5  
    Net decrease in fair value     (72.7 )     (116.9 )
    Net revenue     105.8       79.2  
             
    Operating expenses:        
    Technology and facilities     36.4       47.1  
    Sales and marketing     19.9       16.0  
    Personnel     21.0       24.5  
    Outsourcing and professional fees     8.0       10.2  
    General, administrative and other     7.4       11.8  
    Total operating expenses     92.7       109.6  
             
    Income (loss) before taxes     13.2       (30.5 )
    Income tax expense (benefit)     3.4       (4.0 )
    Net income (loss)   $ 9.8     $ (26.4 )
             
    Diluted Earnings (Loss) per Common Share   $ 0.21     $ (0.68 )
    Diluted Weighted Average Common Shares     47,037,799       38,900,876  
                     

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in millions, unaudited)
     
        March 31,   December 31,
          2025       2024  
    Assets        
    Cash and cash equivalents   $ 78.5     $ 60.0  
    Restricted cash     152.4       154.7  
    Loans receivable at fair value     2,770.5       2,778.5  
    Capitalized software and other intangibles     81.9       86.6  
    Right of use assets – operating     9.3       9.8  
    Other assets     133.6       137.6  
    Total assets   $ 3,226.3     $ 3,227.1  
             
    Liabilities and stockholders’ equity        
    Liabilities        
    Secured financing   $ 445.5     $ 535.5  
    Asset-backed notes at fair value     863.9       1,080.7  
    Asset-backed borrowings at amortized cost     1,281.3       984.3  
    Acquisition and corporate financing     199.7       203.8  
    Lease liabilities     16.1       18.2  
    Other liabilities     53.8       50.9  
    Total liabilities     2,860.2       2,873.3  
    Stockholders’ equity        
    Common stock            
    Common stock, additional paid-in capital     615.2       612.6  
    Accumulated deficit     (242.8 )     (252.5 )
    Treasury stock     (6.3 )     (6.3 )
    Total stockholders’ equity     366.1       353.8  
    Total liabilities and stockholders’ equity   $ 3,226.3     $ 3,227.1  
                     

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in millions, unaudited)
     
      Three Months Ended
    March 31,
        2025       2024  
    Cash flows from operating activities      
    Net income (loss) $ 9.8     $ (26.4 )
    Adjustments for non-cash items   83.2       128.2  
    Proceeds from sale of loans in excess of originations of loans sold and held for sale   3.0       1.1  
    Changes in balances of operating assets and liabilities   4.9       (17.0 )
    Net cash provided by operating activities   101.0       85.9  
           
    Cash flows from investing activities      
    Net loan principal repayments (loan originations)   (49.7 )     38.3  
    Proceeds from loan sales originated as held for investment         1.4  
    Capitalization of system development costs   (5.6 )     (3.1 )
    Other, net   (0.2 )     (0.1 )
    Net cash provided by (used in) investing activities   (55.5 )     36.5  
           
    Cash flows from financing activities      
    Borrowings   745.4       260.3  
    Repayments   (774.0 )     (391.8 )
    Net stock-based activities   (0.5 )     (0.2 )
    Net cash used in financing activities   (29.1 )     (131.8 )
           
    Net increase (decrease) in cash and cash equivalents and restricted cash   16.3       (9.5 )
    Cash and cash equivalents and restricted cash beginning of period   214.6       206.0  
    Cash and cash equivalents and restricted cash end of period $ 231.0     $ 196.6  
                   

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    CONSOLIDATED KEY PERFORMANCE METRICS
    (unaudited)
     
        Three Months Ended
    March 31,
    Key Financial and Operating Metrics   2025   2024
    Aggregate Originations (Millions)   $ 469.4     $ 338.2  
    Portfolio Yield (%)     33.0 %     32.5 %
    30+ Day Delinquency Rate (%)     4.7 %     5.2 %
    Annualized Net Charge-Off Rate (%)     12.2 %     12.0 %
             
    Other Metrics        
    Managed Principal Balance at End of Period (Millions)   $ 2,955.0     $ 3,027.5  
    Owned Principal Balance at End of Period (Millions)   $ 2,659.4     $ 2,752.4  
    Average Daily Principal Balance (Millions)   $ 2,705.2     $ 2,851.7  
                     

    Note: Numbers may not foot or cross-foot due to rounding.

    Oportun Financial Corporation
    ABOUT NON-GAAP FINANCIAL MEASURES
    (unaudited)

    This press release dated May 8, 2025 contains non-GAAP financial measures. The following tables reconcile the non-GAAP financial measures in this press release to the most directly comparable financial measures prepared in accordance with GAAP.

    The Company believes that the provision of these non-GAAP financial measures can provide useful measures for period-to-period comparisons of Oportun’s core business and useful information to investors and others in understanding and evaluating its operating results. However, non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

    Adjusted EBITDA

    The Company defines Adjusted EBITDA as net income, adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun’s business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.

    • The Company believes it is useful to exclude the impact of income tax expense, as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations.
    • The Company believes it is useful to exclude depreciation and amortization and stock-based compensation expense because they are non-cash charges.
    • The Company believes it is useful to exclude the impact of interest expense associated with the Company’s corporate financing facilities, including the senior secured term loan and the residual financing facility, as it views this expense as related to its capital structure rather than its funding.
    • The Company excludes the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.
    • The Company also excludes fair value mark-to-market adjustments on its loans receivable portfolio and asset-backed notes carried at fair value because these adjustments do not impact cash.

    Adjusted Net Income

    The Company defines Adjusted Net Income as net income adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and the Company’s board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and certain non-recurring charges.

    • The Company believes it is useful to exclude the impact of income tax expense (benefit), as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations. The Company also includes the impact of normalized income tax expense by applying a normalized statutory tax rate.
    • The Company believes it is useful to exclude the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect its ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.
    • The Company believes it is useful to exclude stock-based compensation expense because it is a non-cash charge.
    • The Company also excludes the fair value mark-to-market adjustment on its asset-backed notes carried at fair value to align with the 2023 accounting policy decision to account for new debt financings at amortized cost.

    Adjusted Operating Expense and Adjusted Operating Expense Ratio

    The Company defines Adjusted Operating Expense as total operating expenses adjusted to exclude stock-based compensation expense and certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges. Other non-recurring charges include litigation reserve, impairment charges, and debt amendment costs related to our Corporate Financing facility. The Company defines Adjusted Operating Expense Ratio as Adjusted Operating Expense divided by Average Daily Principal Balance. The Company believes Adjusted Operating Expense is an important measure because it allows management, investors and Oportun’s board of directors to evaluate and compare its operating costs from period to period, excluding the impact of non-cash, stock-based compensation expense and certain non-recurring charges. The Company believes Adjusted Operating Expense Ratio is an important measure because it allows management, investors and Oportun’s board of directors to evaluate how efficiently the Company is managing costs relative to revenue and Average Daily Principal Balance.

    Adjusted Return on Equity
    The Company defines Adjusted Return on Equity (“ROE”) as annualized Adjusted Net Income divided by average stockholders’ equity. Average stockholders’ equity is an average of the beginning and ending stockholders’ equity balance for each period. The Company believes Adjusted ROE is an important measure because it allows management, investors and its board of directors to evaluate the profitability of the business in relation to its stockholders’ equity and how efficiently it generates income from stockholders’ equity.

    Adjusted EPS
    The Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding.

     
    Oportun Financial Corporation
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (in millions, unaudited)
     
        Three Months Ended
    March 31,
    Adjusted EBITDA     2025       2024  
    Net income (Loss)   $ 9.8     $ (26.4 )
    Adjustments:        
    Income tax expense (benefit)     3.4       (4.0 )
    Interest on corporate financing     9.7       13.9  
    Depreciation and amortization     11.1       13.2  
    Stock-based compensation expense     2.8       4.0  
    Workforce optimization expenses     (0.1 )     0.8  
    Other non-recurring charges     1.8       3.5  
    Fair value mark-to-market adjustment     (4.9 )     (3.0 )
    Adjusted EBITDA   $ 33.5     $ 1.9  
        Three Months Ended
    March 31,
    Adjusted Net Income   2025   2024
    Net income (Loss)   $ 9.8     $ (26.4 )
    Adjustments:        
    Income tax expense (benefit)     3.4       (4.0 )
    Stock-based compensation expense     2.8       4.0  
    Workforce optimization expenses     (0.1 )     0.8  
    Other non-recurring charges     1.8       3.5  
    Mark-to-market adjustment on ABS notes     7.9       27.1  
    Adjusted income before taxes     25.5       5.0  
    Normalized income tax expense     6.9       1.3  
    Adjusted Net Income (Loss)   $ 18.6     $ 3.6  
             
    Stockholders’ equity   $ 366.1     $ 382.0  
    GAAP ROE     11.0 %   (27.0 )%
    Adjusted ROE (%) (1)     21.0 %     3.7 %
                     

    Note: Numbers may not foot or cross-foot due to rounding.
    (1) Calculated as Adjusted Net Income (Loss) divided by average stockholders’ equity.

     
    Oportun Financial Corporation
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (in millions, unaudited)
     
        Three Months Ended
    March 31,
    Adjusted Operating Expense Ratio   2025   2024
    OpEx Ratio     13.9 %     15.5 %
             
    Total Operating Expense   $ 92.7     $ 109.6  
    Adjustments:        
    Stock-based compensation expense     (2.8 )     (4.0 )
    Workforce optimization expenses     0.1       (0.8 )
    Other non-recurring charges     (1.0 )     (3.1 )
    Total Adjusted Operating Expense   $ 88.9     $ 101.7  
             
    Average Daily Principal Balance   $ 2,705.2     $ 2,851.7  
             
    Adjusted OpEx Ratio     13.3 %     14.3 %
             

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (in millions, except share and per share data, unaudited)
     
        Three Months Ended
    March 31,
    GAAP Earnings (loss) per Share     2025       2024  
    Net income (loss)   $ 9.8     $ (26.4 )
    Net income (loss) attributable to common stockholders   $ 9.8     $ (26.4 )
             
    Basic weighted-average common shares outstanding     45,496,705       38,900,876  
    Weighted average effect of dilutive securities:        
    Stock options            
    Restricted stock units     1,541,094        
    Diluted weighted-average common shares outstanding     47,037,799       38,900,876  
             
    Earnings (loss) per share:        
    Basic   $ 0.21     $ (0.68 )
    Diluted   $ 0.21     $ (0.68 )
        Three Months Ended
    March 31,
    Adjusted Earnings (loss) Per Share     2025       2024  
    Diluted earnings (loss) per share   $ 0.21     $ (0.68 )
             
    Adjusted Net Income   $ 18.6     $ 3.6  
             
    Basic weighted-average common shares outstanding     45,496,705       38,900,876  
    Weighted average effect of dilutive securities:        
    Stock options            
    Restricted stock units     1,541,094       435,763  
    Diluted adjusted weighted-average common shares outstanding     47,037,799       39,336,639  
             
    Adjusted Earnings (loss) Per Share   $ 0.40     $ 0.09  

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    RECONCILIATION OF FORWARD LOOKING NON-GAAP FINANCIAL MEASURES
    (in millions, unaudited)
     
        2Q 2025   FY 2025
        Low   High   Low   High
    Adjusted EBITDA                
    Net income   $ 3.3   * $ 7.2   * $ 23.2     $ 33.4  
    Adjustments:                
    Income tax expense (benefit)     0.9       1.9       6.3       9.0  
    Interest on corporate financing     9.0       9.0       36.5       36.5  
    Depreciation and amortization     10.7       10.7       41.1       41.1  
    Stock-based compensation expense     3.7       3.7       13.7       13.7  
    Other non-recurring charges     1.4       1.4       6.0       6.0  
    Fair value mark-to-market adjustment   *   *     8.3       5.3  
    Adjusted EBITDA   $ 29.0     $ 34.0     $ 135.0     $ 145.0  
                     

    *Due to the uncertainty in macroeconomic conditions and quarterly volatility in the fair value mark to market adjustment, we are unable to precisely forecast the fair value mark-to-market adjustments on our loan portfolio and asset-backed notes on a quarterly basis. As a result, while we fully expect there to be a fair value mark-to-market adjustment which could have an impact on GAAP net income (loss), the net income (loss) number shown above assumes no change in the fair value mark-to-market adjustment.

        FY 2025
    Adjusted Net Income and Adjusted EPS   Low   High
    Net income   $ 23.2     $ 33.4  
    Adjustments:        
    Income tax expense (benefit)     6.3       9.0  
    Stock-based compensation expense     13.7       13.7  
    Other non-recurring charges     6.0       6.0  
    Mark-to-market adjustment on ABS notes     23.5       23.5  
    Adjusted income before taxes   $ 72.6     $ 85.6  
    Normalized income tax expense     19.6       23.1  
    Adjusted Net Income   $ 53.0     $ 62.5  
             
    Diluted weighted-average common shares outstanding     48.0       48.0  
             
    Diluted earnings per share   $ 0.48     $ 0.70  
    Adjusted Earnings Per Share   $ 1.10     $ 1.30  
                     

    Note: Numbers may not foot or cross-foot due to rounding.

    The MIL Network

  • MIL-OSI: Synaptics Reports Third Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Quarterly revenues increased 12% year-over-year, driven by a 43% growth in Core IoT product sales

    Q3’25 Financial Results

    • Revenue of $266.6 million
    • GAAP gross margin of 43.4%
    • Non-GAAP gross margin of 53.5%
    • GAAP loss per share of $0.56
    • Non-GAAP diluted earnings per share of $0.90
    • Repurchased approximately 546,000 shares for $37.9 million

    SAN JOSE, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Synaptics Incorporated (Nasdaq: SYNA) today reported financial results for its third quarter of fiscal 2025 ended March 29, 2025.

    Net revenue for the third quarter of fiscal 2025 was $266.6 million. GAAP net loss for the third quarter of fiscal 2025 was $21.8 million, or a loss of $0.56 per basic share. Non-GAAP net income for the third quarter of fiscal 2025 was $35.3 million, or $0.90 per diluted share.

    “We delivered another solid quarter, with revenues increasing by over 12 percent year-over-year, marking our fourth consecutive quarter of year-over-year growth. This momentum was driven by our Core IoT products, which grew 43% year-over-year in the third quarter and accounted for 25% of total sales. Our strategic initiatives in the IoT market continue to gain traction.  During the quarter, we launched several new products including Wi-Fi 7 solutions, broad markets devices, and next-generation Touch controllers that strengthen our portfolio and position the company for long-term growth,” said Ken Rizvi, Synaptics’ Interim CEO and Chief Financial Officer.

    Business Outlook
    Ken Rizvi added, “We remain focused on executing to our technology roadmap and growth initiatives, while staying agile and disciplined as we navigate the current macroeconomic and trade environment. Our balance sheet is strong and we generated over $74 million in cash flow from operations in the third quarter demonstrating the underlying strength in our business. Looking ahead, our fourth quarter guidance reflects improving demand trends, with expectations of both sequential and year-over-year revenue growth. We remain focused on delivering long-term value for our stockholders, customers, and employees.”

    The fourth quarter fiscal 2025 outlook information provided below is based on the company’s current estimates and is not a guarantee of future performance. These statements are forward-looking and actual results may differ materially. Refer to the “Cautionary Statement Regarding Forward-Looking Statements” section below for information on the factors that could cause the Company’s actual results to differ materially from these forward-looking statements.

    For the fourth quarter of fiscal 2025, the company expects:

           
      GAAP Non-GAAP Adjustment Non-GAAP
           
    Revenue $280M ± $15M N/A N/A
           
    Gross Margin* 42.5 percent ± 2.0 percent $30M ± $1M 53.5 percent ± 1.0 percent
           
    Operating Expense** $150M ± $4M $47M ± $2M $103M ± $2M
           
    Earnings (loss) per share*** ($0.68) ± $0.30 $1.68 ± $0.10 $1.00 ± $0.20
           

    * Projected Non-GAAP gross margin excludes $28.0 to $30.0 million acquisition and integration-related costs and $1.0 million share-based compensation.

    ** Projected Non-GAAP operating expense excludes $39.0 to $40.0 million in share-based compensation costs, and $6.0 to $9.0 million acquisition and integration related costs.

    *** Projected Non-GAAP earnings (loss) per share excludes $1.03 to $1.05 in share-based compensation costs, $0.94 to $0.98 acquisition and integration related costs, and ($0.30) to ($0.34) other non-cash and Non-GAAP tax adjustments.

    Earnings Call and Supplementary Materials
    The Synaptics third quarter fiscal 2025 teleconference and webcast is scheduled to begin at 2:00 p.m. PT (5:00 p.m. ET), on Thursday, May 8, 2025, during which the company may discuss forward-looking information.

    Speaker:

    • Ken Rizvi, Interim CEO and Chief Financial Officer

    To participate on the live call, analysts and investors should pre-register at Synaptics Q3 FY2025 Earnings Call Registration.
    https://register-conf.media-server.com/register/BI116ee59c921049ac96b9faa761d08c9c.

    Supplementary slides, a copy of the prepared remarks, and a live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the company’s website at https://investor.synaptics.com/.

    About Synaptics Incorporated:
    Synaptics (Nasdaq: SYNA) is driving innovation in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is a force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, X and Facebook, or visit synaptics.com.

    Use of Non-GAAP Financial Information
    In evaluating its business, Synaptics considers and uses Non-GAAP Net Income, which we define as net income excluding share-based compensation, acquisition-related costs, and certain other non-cash or recurring and non-recurring items the company does not believe are indicative of its core operating performance, as a supplemental measure of operating performance. Non-GAAP Net Income is not a measurement of the company’s financial performance under GAAP and should not be considered as an alternative to GAAP Net Income. The company presents Non-GAAP Net Income because it considers it an important supplemental measure of its performance since it facilitates operating performance comparisons from period to period by eliminating potential differences in net income caused by the existence and timing of share-based compensation charges, acquisition and integration-related costs, restructuring costs, and certain other non-cash or recurring and non-recurring items. Non-GAAP Net Income has limitations as an analytical tool and should not be considered in isolation or as a substitute for the company’s GAAP Net Income. The principal limitations of this measure are that it does not reflect the company’s actual expenses and may thus have the effect of inflating its net income and net income per share as compared to its operating results reported under GAAP. In addition, the company presents components of Non-GAAP Net Income, such as Non-GAAP Gross Margin, Non-GAAP operating expenses and Non-GAAP operating margin, for similar reasons.

    As presented in the “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” tables that follow, Non-GAAP Net Income and each of the other Non-GAAP financial measures excludes one or more of the following items:

    Acquisition and integration-related costs
    Acquisition and integration-related costs primarily consist of:

    • amortization of purchased intangibles, which include acquired intangibles such as developed technology, customer relationships, trademarks, backlog, licensed technology, patents, and in-process technology when post-acquisition development is determined to be substantively complete;
    • inventory fair value adjustments affecting the carrying value of inventory acquired in an acquisition;
    • transitory post-acquisition incentive programs negotiated in connection with an acquired business or designed to encourage post-acquisition retention of key employees; and
    • legal and consulting costs directly associated with acquisitions, potential acquisitions and refinancing costs, including non-recurring acquisition related costs and services.

    These acquisition and integration-related costs are not factored into the company’s evaluation of its ongoing business operating performance or potential acquisitions, as they are not considered as part of the company’s principal operations. Further, the amount of these costs can vary significantly from period to period based on the terms of an earn-out arrangement, revisions to assumptions that went into developing the estimate of the contingent consideration associated with an earn-out arrangement, the size and timing of an acquisition, the lives assigned to the acquired intangible assets, and the maturity of the business acquired. Excluding acquisition related costs from Non-GAAP measures provides investors with a basis to compare Synaptics against the performance of other companies without the variability and potential earnings volatility associated with purchase accounting and acquisition-related items.

    Share-based compensation
    Share-based compensation expense relates to employee equity award programs and the vesting of the underlying awards, which includes stock options, deferred stock units, market stock units, performance stock units, phantom stock units and the employee stock purchase plan. Share-based compensation settled with stock, which includes stock options, deferred stock units, market stock units, performance stock units and the employee stock purchase plan, is a non-cash expense, while share-based compensation settled with cash, which includes phantom stock units, is a cash expense. Settlement of all employee equity award programs, whether settled with cash or stock, varies in amount from period to period and is dependent on market forces that are often beyond the company’s control. As a result, the company excludes share-based compensation from its internal operating forecasts and models. The company believes that Non-GAAP measures reflecting adjustments for share-based compensation provide investors with a basis to compare the company’s principal operating performance against the performance of peer companies without the variability created by share-based compensation resulting from the variety of equity-linked compensatory awards used by other companies and the varying methodologies and assumptions used.

    Intangible asset impairment charge
    Intangible asset impairment charge represents the excess carrying value of an indefinite-lived asset over its fair value. The intangible asset impairment charge is a non-cash charge. The company excludes intangible asset impairment charge from its internal operating forecasts and models when evaluating its ongoing business performance. The company believes that Non-GAAP measures, reflecting adjustments for intangible asset impairment charge, provide investors with a basis to compare the company’s principal operating performance against the performance of other companies without the variability created by the intangible asset impairment charge.

    Restructuring costs
    Restructuring costs are costs incurred to address cost structure inefficiencies of acquired or existing business operations and consist primarily of employee termination, asset disposal and office closure costs, including the reversal of such costs. As a result, the company excludes restructuring costs from its internal operating forecasts and models when evaluating its ongoing business performance. The company believes that Non-GAAP measures reflecting adjustments for restructuring costs provide investors with a basis to compare the company’s principal operating performance against the performance of other companies without the variability created by restructuring costs designed to address cost structure inefficiencies of acquired or existing business operations.

    Site remediation accrual
    Site remediation accrual represents an update to the estimated future costs associated with the ongoing planning and remediation of a site contamination project from an acquisition. As we evaluate progress on our ongoing remediation effort and as we work with governmental organizations to update our remediation plan to meet the evolving guidelines, we estimate costs associated with plan revisions to determine if our liability has changed. Excluding the site remediation accrual from Non-GAAP measures provides investors with a basis to compare Synaptics against the performance of other companies without the variability associated with the site remediation accrual.

    Legal settlement accruals and other
    Legal settlement accruals and other represent our estimated cost of settling legal claims and any obligations to indemnify a counterparty against third party claims that are unusual or infrequent. As a result, the company will exclude these settlement charges from its internal operating forecasts and models when evaluating its ongoing business performance. The company believes that non-GAAP measures reflecting an adjustment for settlement charges provide investors with a basis to compare the company’s principal operating performance against the performance of other companies without the variability created by unusual or infrequent settlement accruals designed to address non-recurring or non-routine costs.

    Loss on early extinguishment of debt
    Loss on extinguishment of debt represents a non-cash item based on the difference in the carrying value of the debt and the fair value of the debt when extinguished. Loss on early extinguishment of debt is excluded from Non-GAAP results as it is non-cash. Excluding loss on early extinguishment of debt from Non-GAAP measures provides investors with a basis to compare Synaptics against the performance of other companies without the variability associated with loss on early extinguishment of debt.

    Other non-cash items
    Other non-cash items include non-cash amortization of debt discount and issuance costs. These items are excluded from Non-GAAP results as they are non-cash. Excluding other non-cash items from Non-GAAP measures provides investors with a basis to compare Synaptics against the performance of other companies without the variability associated with other non-cash items.

    Non-GAAP tax adjustments
    The company forecasts its long-term Non-GAAP tax rate in order to provide investors with improved long-term modeling accuracy and consistency across financial reporting periods by eliminating the effects of certain items in our Non-GAAP net income and Non-GAAP net income per share, including the type and amount of share-based compensation, the taxation of post-acquisition intercompany intellectual property cross-licensing or transfer transactions, and the impact of other acquisition items that may or may not be tax deductible. The company intends to evaluate its long-term Non-GAAP tax rate annually for significant events, including material tax law changes in the major tax jurisdictions in which the company operates, corporate organizational changes related to acquisitions or tax planning opportunities, and substantive changes in our geographic earnings mix.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to the company’s current expectations and projections relating to its financial condition, results of operations, including the company’s financial guidance for fourth quarter fiscal 2025, plans, objectives, future performance and business, including the expected benefits from the transaction with Broadcom. Such forward-looking statements may include words such as “expect,” “anticipate,” “intend,” “believe,” “estimate,” “plan,” “target,” “strategy,” “continue,” “may,” “commit,” “will,” “should,” variations of such words, or other words and terms of similar meaning. All forward-looking statements are based upon the company’s current expectations or various assumptions. The company’s expectations and assumptions are expressed in good faith, and the company believes there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including risks related to  macroeconomic uncertainties in the U.S. and globally, including trade tensions, tariffs, supply chain disruptions, and inflation, which may adversely affect our products and those of our customers and suppliers; risks related to the company’s dependence on its solutions for the Core IoT and Enterprise and Automotive product applications market for a substantial portion of its revenue; the volatility of the company’s net revenue from its solutions for Core IoT and Enterprise and Automotive product applications; the company’s dependence on one or more large customers; the company’s exposure to industry downturns and cyclicality in its target markets; the company’s ability to successfully offer product solutions for new markets; the company’s expectations regarding technology and strategic investments and the anticipated timing or benefits thereof; the company’s ability to execute on its cost reduction initiatives and to achieve expected synergies and expense reductions; the company’s ability to maintain and build relationships with its customers; the company’s dependence on third parties to maintain satisfactory manufacturing yields and deliverable schedule; the company’s indemnification obligations for any third party claims;  risks related to global and geopolitical tensions, regional instabilities and hostilities (including the conflict in the Middle East), economic volatility, and regulatory changes, including tariff increases, any of which may lead to reduced customer demand, supply chain disruptions, and increased costs, which could require operational adjustments such as reductions in force, adversely affecting our business and results of operations; risks related to the company’s ability to recruit and retain key personnel, particularly during a CEO transition period; the company’s ability to realize anticipated benefits from the transaction with Broadcom, the company’s ability to grow sales and expand into the serviceable wireless market as expected; risks related to our ability to deliver expected financial or strategic benefits from investing in growth while simultaneously returning capital to shareholders through share repurchases; and other risks as identified in the “Risk Factors,” “Management’ Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of the company’s most recent Annual Report on Form 10-K and the company’s most recent Quarterly Report on Form 10-Q; and other risks as identified from time to time in the company’s Securities and Exchange Commission reports. For any forward-looking statements contained in this press release, the company claims ​the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and the company assumes no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.

    Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.

    For more information, please contact:
    Munjal Shah
    Head of Investor Relations
    +1-408-518-7639
    munjal.shah@synaptics.com

     
    SYNAPTICS INCORPORATED
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
     
      March 2025   June 2024
    ASSETS      
    Current Assets:      
    Cash and cash equivalents $ 360.4     $ 876.9  
    Short-term investments   61.0        
    Accounts receivable, net   132.0       142.4  
    Inventories, net   132.9       114.0  
    Prepaid expenses and other current assets   26.3       29.0  
    Total current assets   712.6       1,162.3  
    Property and equipment, net   71.0       75.5  
    Goodwill   872.3       816.4  
    Acquired intangibles, net   296.3       288.4  
    Deferred tax assets   389.0       345.6  
    Other non-current assets   213.1       136.8  
    Total assets $ 2,554.3     $ 2,825.0  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current Liabilities:      
    Accounts payable $ 90.0     $ 87.5  
    Accrued compensation   46.7       27.4  
    Other accrued liabilities   110.8       156.3  
    Current portion of long-term debt         6.0  
    Total current liabilities   247.5       277.2  
    Long-term debt   834.2       966.9  
    Other long-term liabilities   85.6       114.1  
    Total liabilities   1,167.3       1,358.2  
    Stockholders’ Equity:      
    Common stock and additional paid-in capital   1,183.2       1,107.1  
    Treasury stock   (990.8 )     (878.0 )
    Retained earnings   1,194.6       1,237.7  
    Total stockholders’ equity   1,387.0       1,466.8  
    Total liabilities and stockholders’ equity $ 2,554.3     $ 2,825.0  
                   
    SYNAPTICS INCORPORATED
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In millions, except per share data)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      March   March
        2025       2024       2025       2024  
    Net revenue $ 266.6     $ 237.3     $ 791.5     $ 712.0  
    Cost of revenue   150.8       127.0       432.6       385.6  
    Gross margin   115.8       110.3       358.9       326.4  
    Operating expenses:              
    Research and development   88.6       83.4       253.2       251.9  
    Selling, general, and administrative   34.7       40.5       134.2       122.5  
    Acquired intangibles amortization (1)   4.5       4.0       12.1       13.4  
    Intangible asset impairment charges (2)   13.8             13.8        
    Restructuring costs (3)   0.5       (0.2 )     15.5       9.1  
    Total operating expenses   142.1       127.7       428.8       396.9  
    Operating loss   (26.3 )     (17.4 )     (69.9 )     (70.5 )
    Interest and other expense, net   (1.1 )     (5.9 )     (11.3 )     (17.4 )
    Loss on early extinguishment of debt               (6.5 )      
    Loss before benefit from income taxes   (27.4 )     (23.3 )     (87.7 )     (87.9 )
    Benefit from income taxes   (5.6 )     (5.2 )     (44.6 )     (5.2 )
    Net loss $ (21.8 )   $ (18.1 )   $ (43.1 )   $ (82.7 )
    Net loss per share:              
    Basic $ (0.56 )   $ (0.46 )   $ (1.09 )   $ (2.12 )
    Diluted $ (0.56 )   $ (0.46 )   $ (1.09 )   $ (2.12 )
    Shares used in computing net loss per share:              
    Basic   39.0       39.3       39.5       39.1  
    Diluted   39.0       39.3       39.5       39.1  
     
    (1) These acquisition related costs consist primarily of amortization associated with certain acquired intangible assets.

    (2) Intangible asset impairment charges represent the excess carrying value of certain indefinite-lived asset over its fair value.

    (3) Restructuring costs primarily include severance related costs associated with operational restructurings.

     
    SYNAPTICS INCORPORATED
    Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
    (In millions, except per share data)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      March   March
        2025       2024       2025       2024  
    GAAP gross margin $ 115.8     $ 110.3     $ 358.9     $ 326.4  
    Acquisition and integration related costs   26.6       14.3       68.2       46.5  
    Share-based compensation   0.3       1.0       (2.1 )     3.2  
    Non-GAAP gross margin $ 142.7     $ 125.6     $ 425.0     $ 376.1  
    GAAP gross margin – percentage of revenue   43.4 %     46.5 %     45.3 %     45.8 %
    Acquisition and integration related costs – percentage of revenue   10.0 %     6.0 %     8.6 %     6.5 %
    Share-based compensation – percentage of revenue   0.1 %     0.4 %     (0.2 %)     0.5 %
    Non-GAAP gross margin – percentage of revenue   53.5 %     52.9 %     53.7 %     52.8 %
    GAAP research and development expense $ 88.6     $ 83.4     $ 253.2     $ 251.9  
    Share-based compensation   (18.5 )     (15.0 )     (48.6 )     (45.7 )
    Non-GAAP research and development expense $ 70.1     $ 68.4     $ 204.6     $ 206.2  
    GAAP selling, general, and administrative expense $ 34.7     $ 40.5     $ 134.2       122.5  
    Share-based compensation   (1.1 )     (13.9 )     (35.2 )     (43.4 )
    Acquisition and integration related costs   (1.7 )           (6.4 )      
    Site remediation accrual                     (1.6 )
    Legal settlement accruals and other   (0.8 )           (3.0 )      
    Non-GAAP selling, general, and administrative expense $ 31.1     $ 26.6     $ 89.6     $ 77.5  
    GAAP operating loss $ (26.3 )   $ (17.4 )   $ (69.9 )   $ (70.5 )
    Acquisition and integration related costs   32.8       18.3       86.7       59.9  
    Share-based compensation   19.9       29.9       81.7       92.3  
    Legal settlement accruals and other   0.8             3.0        
    Restructuring costs   0.5       (0.2 )     15.5       9.1  
    Intangible asset impairment   13.8             13.8        
    Site remediation accrual                     1.6  
    Non-GAAP operating income $ 41.5     $ 30.6     $ 130.8     $ 92.4  
    GAAP net loss $ (21.8 )   $ (18.1 )   $ (43.1 )   $ (82.7 )
    Acquisition and integration related costs   32.8       18.3       86.7       59.9  
    Share-based compensation   19.9       29.9       81.7       92.3  
    Restructuring costs   0.5       (0.2 )     15.5       9.1  
    Intangible asset impairment   13.8             13.8        
    Site remediation accrual                     1.6  
    Legal settlement accruals and other   0.8             3.0        
    Loss on early extinguishment of debt               6.5        
    Other non-cash items   0.7       0.6       1.9       1.9  
    Non-GAAP tax adjustments   (11.4 )     (9.5 )     (61.6 )     (18.3 )
    Non-GAAP net income $ 35.3     $ 21.0     $ 104.4     $ 63.8  
    GAAP net loss per share $ (0.56 )   $ (0.46 )   $ (1.09 )   $ (2.12 )
    Acquisition and integration related costs   0.84       0.47       2.19       1.53  
    Share-based compensation   0.51       0.76       2.07       2.36  
    Restructuring costs   0.01       (0.01 )     0.39       0.23  
    Intangible asset impairment   0.35             0.35        
    Site remediation accrual                     0.04  
    Legal settlement accruals and other   0.02             0.08        
    Loss on early extinguishment of debt               0.16        
    Other non-cash items   0.02       0.02       0.05       0.05  
    Non-GAAP tax adjustments   (0.29 )     (0.24 )     (1.56 )     (0.47 )
    Share adjustment         (0.01 )     (0.02 )      
    Non-GAAP net income per share – diluted $ 0.90     $ 0.53     $ 2.62     $ 1.62  
                                   
    SYNAPTICS INCORPORATED
    CONDENSED CONSOLIDATED CASH FLOWS
    (In millions)
    (Unaudited)
     
      Nine Months Ended
      March 2025
        2025       2024  
    Net loss $ (43.1 )   $ (82.7 )
    Non-cash operating items   161.0       176.8  
    Changes in working capital   (33.1 )     (23.2 )
    Net cash provided by operating activities   84.8       70.9  
           
    Acquisition of business, net of cash and cash equivalents acquired   (198.8 )      
    Purchase of intangible assets   (10.0 )     (13.5 )
    Purchases of short-term investments   (61.0 )     (16.6 )
    Advance payment on intangible assets         (116.5 )
    Net proceeds from maturities and sales of short-term investments and other         26.0  
    Purchases of property and equipment   (19.2 )     (26.1 )
    Net cash used in investing activities   (289.0 )     (146.7 )
           
    Proceeds from issuance of convertible senior notes, net of issuance costs   439.5        
    Payment of debt issuance costs on convertible senior notes and revolving credit facility   (4.4 )      
    Payments for capped call transactions related to the convertible senior notes   (49.9 )      
    Repurchases of common stock, excluding excise taxes   (112.3 )      
    Equity compensation, net   (3.3 )     (17.8 )
    Repayment of debt   (583.5 )     (6.0 )
    Other   0.9       3.4  
    Net cash used in financing activities   (313.0 )     (20.4 )
    Effect of exchange rate changes on cash and cash equivalents   0.7       (0.4 )
    Net decrease in cash and cash equivalents   (516.5 )     (96.6 )
    Cash and cash equivalents, beginning of period   876.9       924.7  
    Cash and cash equivalents, end of period $ 360.4     $ 828.1  
                   

    The MIL Network

  • MIL-OSI: CEA Industries Inc. Provides Update on Fat Panda Acquisition 

    Source: GlobeNewswire (MIL-OSI)

    Transaction reflects CEA Industries’ strategic evolution and pivotal entry into attractive high-growth vape market

    Accelerates Fat Panda’s growth initiatives as central Canada’s largest retailer and manufacturer of e-cigarettes, vape devices and e-liquids

    Reiterates expectation for acquisition to close in the first half of 2025

    Louisville, Colorado, May 08, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), today announced a progress update on its acquisition of Fat Panda Ltd. (“Fat Panda”), a leading central Canadian retailer and manufacturer of nicotine vape products. This transaction and access to the Company’s resources will accelerate Fat Panda’s strategic initiatives and enhance its leadership position in the rapidly evolving Canadian vape market. Notably, this acquisition marks CEA Industries’ entry into the attractive high-growth vape industry, which is benefiting from secular tailwinds.

    CEA Industries will help expand Fat Panda’s vertically integrated operations through organic and inorganic growth initiatives while optimizing its retail footprint which includes 33 locations across Manitoba, Ontario, and Saskatchewan. Additionally, Fat Panda operates its own e-commerce platform and offers a comprehensive product lineup, including in-house premium e-liquids and a portfolio of trademarks and intellectual property.

    Fat Panda Preliminary 2024 Financial Highlights (Unaudited)

    • Revenue of CAD $38.5 million (USD $28.5 million) increased 14% from CAD $33.8 million (USD $25.4 million) in fiscal 2023
    • Gross Margins of 39% in fiscal 2024 compared to 46% in fiscal 2023
    • Operating Expenses improved 11% to CAD $13.4 million (USD $9.9 million) in fiscal 2024 from CAD $15.1 million (USD $11.3 million) in fiscal 2023
    • Net Income of CAD $1.2 million (USD $0.9 million), an increase of 126% from CAD $0.5 million (USD $0.4 million) in fiscal 2023 after accounting for one time ownership distributions
    • Adjusted EBITDA (before ownership distributions) of CAD $8.0 million (USD $5.9 million), reflecting a 16% year-over-year improvement from CAD $6.8 million (USD $5.1 million) in fiscal 2023

    “With the acquisition nearing completion, we are thrilled for this transformative step in our strategic evolution as a public company,” said Tony McDonald, Chairman and CEO of CEA Industries. “As a market-leading vape retailer and manufacturer, Fat Panda offers an extensive network of retail locations and dominant market share in central Canada. Their vertically integrated operations, robust e-commerce presence, and experienced management create a compelling opportunity. Further, this transaction positions us strategically to capitalize on the fastest-growing segment of the nicotine market, enhancing our competitive advantages. With Fat Panda’s proven track record of resilience, scalability, and double-digit growth, we are confident that combining their solid foundation with CEA’s resources will drive accretive growth and deliver meaningful long-term value to our shareholders.”

    The Company continues to expect to complete the acquisition in the first half of 2025, subject to certain customary closing conditions described below.

    Acquisition Disclaimers

    Completion of the acquisition is subject to a number of conditions, which include the preparation and delivery of the Fat Panda companies audited and unaudited interim consolidated financial statements, satisfaction of the financial condition of Fat Panda, completion of due diligence by the Company, receipt of all necessary government approvals and licenses, and continuation and reformation of the various retail location leases. The Company is permitted to waive one or more of the closing conditions. Completion is also subject to the Company obtaining satisfactory financing for a portion of the cash purchase price. The acquisition agreement also provides for the selling persons to make representations and warranties and undertake certain covenants about many aspects of the business of Fat Panda that shall be true and correct and performed at or prior to closing. The representations, warranties and covenants are those that are typical in relation to the acquisition of an operating business. The Company has also made certain representations, warranties and covenants, the principal one of which is to obtain financing for a part of the purchase price, which if not obtained will permit the Company to terminate the purchase agreement.

    About CEA Industries Inc.

    CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.

    Forward Looking Statements

    This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

    Non-GAAP Financial Measures

    To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

    Investor Contact:

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    info@ceaindustries.com
    (720) 330-2829

    The MIL Network

  • MIL-OSI: Fidus Investment Corporation Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Board of Directors Declared Total Dividends of $0.54 per Share for Second Quarter 2025

    Base Dividend of $0.43 and Supplemental Dividend of $0.11 Per Share

    EVANSTON, Ill., May 08, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”), a provider of customized debt and equity financing solutions, primarily to lower middle-market companies based in the United States, today announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Total investment income of $36.5 million
    • Net investment income of $18.2 million, or $0.53 per share
    • Adjusted net investment income of $18.5 million, or $0.54 per share(1)
    • Invested $115.6 million in debt and equity securities, including seven new portfolio companies
    • Received proceeds from repayments and realizations of $57.3 million
    • Paid total dividends of $0.54 per share: regular quarterly dividend of $0.43 and a supplemental dividend of $0.11 per share on March 27, 2025
    • Net asset value (“NAV”) of $677.9 million, or $19.39 per share, as of March 31, 2025
    • Estimated spillover income (or taxable income in excess of distributions) as of March 31, 2025 of $47.4 million, or $1.36 per share

    Management Commentary

    “We continued to build our portfolio of debt and equity investments in a methodical and disciplined manner during the first quarter by investing in high quality businesses with defensive characteristics and resilient business models that generate high levels of cash flow to service debt and support growth. We also monetized two equity investments for a net realized gain of $11.5 million, or $0.33 per share, which contributed to the increase in NAV,” said Edward Ross, Chairman and CEO of Fidus Investment Corporation. “Our portfolio remains well diversified and healthy overall, and constructed to generate attractive risk-adjusted returns over time for the benefit of our shareholders.”

    (1)   Supplemental information regarding adjusted net investment income:

    On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment adviser provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of net investment income to adjusted net investment income are set forth in Schedule 1.

    First Quarter 2025 Financial Results

    The following table provides a summary of our operating results for the three months ended March 31, 2025, as compared to the same period in 2024 (dollars in thousands, except per share data):

                             
        Three Months Ended
    March 31,
                 
        2025     2024     $ Change     % Change  
    Interest income   $ 30,319     $ 28,138     $ 2,181       7.8 %
    Payment-in-kind interest income     2,248       2,049       199       9.7 %
    Dividend income     1,231       397       834       210.1 %
    Fee income     2,127       2,359       (232 )     (9.8 %)
    Interest on idle funds     571       1,708       (1,137 )     (66.6 %)
    Total investment income   $ 36,496     $ 34,651     $ 1,845       5.3 %
                             
    Net investment income   $ 18,222     $ 17,627     $ 595       3.4 %
    Net investment income per share   $ 0.53     $ 0.57     $ (0.04 )     (7.0 %)
                             
    Adjusted net investment income (1)   $ 18,509     $ 18,126     $ 383       2.1 %
    Adjusted net investment income per share (1)   $ 0.54     $ 0.59     $ (0.05 )     (8.5 %)
                             
    Net increase (decrease) in net assets resulting from operations   $ 19,658     $ 20,123     $ (465 )     (2.3 %)
    Net increase (decrease) in net assets resulting from operations per share   $ 0.58     $ 0.65     $ (0.07 )     (10.8 %)
                                     

    The $1.8 million increase in total investment income for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily attributable to (i) a $2.4 million increase in total interest income (which includes payment-in-kind interest income) resulting from an increase in average debt investment balances outstanding, partially offset by a decrease in weighted average yield on debt investment balances outstanding, (ii) a $0.8 million increase in dividend income due to an increase in distributions received from equity investments, partially offset by (iii) a $0.2 million decrease in fee income resulting from a decrease in amendment and management services fees and (iv) a $1.2 million decrease in interest on idle funds resulting from a decrease in average cash balances.

    For the three months ended March 31, 2025, total expenses, including the base management fee waiver and income tax provision, were $18.3 million, an increase of $1.3 million, or 7.3% from the $17.0 million of total expenses, including the base management fee waiver and income tax provision, for the three months ended March 31, 2024. The increase was primarily attributable to (i) a $0.8 million increase in interest and financing expenses due to an increase in average borrowings outstanding and weighted average interest rates of our debt outstanding, (ii) a $0.6 million net increase in base management fee, including the base management fee waiver, due to higher average total assets, (iii) a $0.1 million increase in the income incentive fee, partially offset by (iv) a $0.2 million decrease in the accrued capital gains incentive fee.

    Net investment income increased by $0.6 million, or 3.4%, to $18.2 million during the three months ended March 31, 2025 as compared to the same period in 2024, as a result of the $1.8 million increase in total investment income and the $1.3 million increase in total expenses, including base management fee waiver and income tax provision. Adjusted net investment income,(1) which excludes the capital gains incentive fee accrual, was $0.54 per share compared to $0.59 per share in the prior year.

    For the three months ended March 31, 2025, the total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, was $11.5 million, as compared to total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, of $1.8 million for the same period in 2024.

    Portfolio and Investment Activities

    As of March 31, 2025, the fair value of our investment portfolio totaled $1.2 billion and consisted of 92 active portfolio companies and four portfolio companies that have sold their underlying operations. Our total portfolio investments at fair value were approximately 100.5% of the related cost basis as of March 31, 2025. As of March 31, 2025, the debt investments of 52 portfolio companies bore interest at a variable rate, which represented $740.3 million, or 72.8%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed rate investments. As of March 31, 2025, our average active portfolio company investment at amortized cost was $12.5 million, which excludes investments in four portfolio companies that have sold their underlying operations. The weighted average yield on debt investments was 13.2% as of March 31, 2025. The weighted average yield was computed using the effective interest rates for debt investments at cost as of March 31, 2025, including the accretion of original issue discounts and loan origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing.

    First quarter 2025 investment activity included the following new portfolio company investments:

    • AMOpportunities, Inc., a healthcare training platform providing tech-enabled clinical rotation development and management services for schools, providers, and health systems. Fidus invested $10.0 million in first lien debt and $0.7 million in preferred equity.
    • Customer Expressions Corp. (dba Case IQ), a provider of SaaS-based Governance, Risk and Compliance (GRC) solutions to mid-size and large enterprises. Fidus invested $15.0 million in first lien debt and $0.8 million in common equity.
    • Fraser Steel LLC, a designer and manufacturer of steel tubular parts and assemblies for OEM customers used in a wide range of applications. Fidus invested $14.0 million in first lien debt, $0.1 million in preferred equity, $0.5 million in common equity, and made additional commitments up to $2.0 million in a revolving loan.
    • Info Tech Operating, LLC (dba infotech), a software solutions provider for the infrastructure construction industry. Fidus invested $13.5 million in first lien debt.
    • Mayesh Wholesale Florist, LLC, a leading U.S. wholesaler of premium, fresh cut flowers. Fidus invested $10.5 million in first lien debt, $0.5 million in preferred equity, and made additional commitments up to $2.0 million in first lien debt.
    • Onsight Industries, LLC, a leading provider of customized signs & displays, mailbox solutions, and site furnishings for the home builder and land developer industries. Fidus invested $9.1 million in first lien debt and $0.4 million in common equity.
    • PayEntry Financial Services, Inc. (dba Payentry), a leading provider of payroll processing and other complementary HR services (e.g., insurance, 401K, benefits, HCM solutions) to SMBs. Fidus invested $5.6 million in second lien debt, $0.8 million in preferred equity, and made additional commitments up to $6.0 million in second lien debt.

    Liquidity and Capital Resources

    As of March 31, 2025, we had $67.5 million in cash and cash equivalents and $140.0 million of unused capacity under our senior secured revolving credit facility (the “Credit Facility”). For the three months ended March 31, 2025, we received net proceeds of $20.7 million from the equity at-the-market program (the “ATM Program”) and received net proceeds from the issuance of the March 2030 Notes (as defined below) of $96.9 million. As of March 31, 2025, we had SBA debentures outstanding of $182.0 million, $125.0 million outstanding of our 4.75% notes due January 2026 (the “January 2026 Notes”), $125.0 million outstanding of our 3.50% notes due November 2026 (the “November 2026 Notes”), and $100.0 million outstanding of our 6.75% March 2030 Notes (the “March 2030 Notes” and together with the January 2026 Notes and the November 2026 Notes, the “Notes”). As of March 31, 2025, the weighted average interest rate on total debt outstanding was 4.8%.

    Second Quarter 2025 Dividends Totaling $0.54 Per Share Declared

    On May 5, 2025, our board of directors declared a base dividend of $0.43 per share and a supplemental dividend of $0.11 per share for the second quarter. The dividends will be payable on June 25, 2025, to stockholders of record as of June 13, 2025.

    When declaring dividends, our board of directors reviews estimates of taxable income available for distribution, which differs from consolidated income under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2025 taxable income, as well as the tax attributes for 2025 dividends, will be made after the close of the 2025 tax year. The final tax attributes for 2025 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

    Fidus has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when we declare a cash dividend, stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of our common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.

    Subsequent Events

    On April 15, 2025, we invested $5.0 million in first lien debt, $0.4 million in preferred equity, $0.4 million in common equity, and committed up to $4.0 million in a revolving loan to Laboratory Testing, LLC, a provider of material testing and calibration services, primarily to the Aerospace & Defense end market.

    On April 23, 2025, we exited our debt investments in Elements Brands, LLC. We received payment in full of $3.7 million on our first lien debt, which includes fees.

    On May 5, 2025, we issued an additional $10.0 million in SBA debentures, which will bear interest at a fixed interim interest rate of 5.163% until the pooling date in September 2025.

    First Quarter 2025 Financial Results Conference Call

    Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, May 9, 2025. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.

    A live webcast of the conference call will be available at http://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived replay of the conference call will also be available in the investor relations section of the Company’s website.

    ABOUT FIDUS INVESTMENT CORPORATION

    Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

    Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and was licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).

    FORWARD-LOOKING STATEMENTS

    This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, such as changes in the financial and lending markets, the impact of the general economy (including an economic downturn or recession), the impact of interest rate volatility and the impact of elevated levels of inflation on the Company’s portfolio companies and the industries in which it invests, and the uncertainty relating to the general economy (including the uncertainty with respect to new tariffs and trade policies); accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.

     
    FIDUS INVESTMENT CORPORATION
    Consolidated Statements of Assets and Liabilities
    (in thousands, except shares and per share data)
                     
        March 31,     December 31,  
        2025     2024  
    ASSETS                
    Investments, at fair value:                
    Control investments (cost: $6,832 and $6,832, respectively)   $     $  
    Affiliate investments (cost: $52,611 and $56,679, respectively)     91,066       102,024  
    Non-control/non-affiliate investments (cost: $1,089,409 and $1,011,646, respectively)     1,063,342       988,482  
    Total investments, at fair value (cost: $1,148,852 and $1,075,157, respectively)     1,154,408       1,090,506  
    Cash and cash equivalents     67,478       57,159  
    Interest receivable     18,404       15,119  
    Proceeds receivable from stock offering     701        
    Prepaid expenses and other assets     991       1,328  
    Total assets   $ 1,241,982     $ 1,164,112  
    LIABILITIES                
    SBA debentures, net of deferred financing costs   $ 175,870     $ 168,899  
    Notes, net of deferred financing costs     345,557       248,362  
    Borrowings under Credit Facility, net of deferred financing costs     (948 )     43,954  
    Secured borrowings     13,601       13,674  
    Accrued interest and fees payable     3,573       5,784  
    Base management fee payable, net of base management fee waiver – due to affiliate     4,863       4,805  
    Income incentive fee payable – due to affiliate     4,594       4,477  
    Capital gains incentive fee payable – due to affiliate     14,990       14,703  
    Administration fee payable and other, net – due to affiliate     295       919  
    Taxes payable     325       1,850  
    Accounts payable and other liabilities     1,332       1,019  
    Total liabilities   $ 564,052     $ 508,446  
    Commitments and contingencies                
    NET ASSETS                
    Common stock, $0.001 par value (100,000,000 shares authorized, 34,970,709 and 33,914,652 shares                
    issued and outstanding at March 31, 2025 and December 31, 2024, respectively)   $ 35     $ 34  
    Additional paid-in capital     588,519       567,159  
    Total distributable earnings     89,376       88,473  
    Total net assets     677,930       655,666  
    Total liabilities and net assets   $ 1,241,982     $ 1,164,112  
    Net asset value per common share   $ 19.39     $ 19.33  
     
    FIDUS INVESTMENT CORPORATION
    Consolidated Statements of Operations (unaudited)
    (in thousands, except shares and per share data)
     
        Three Months Ended  
        March 31,  
        2025     2024  
    Investment Income:            
    Interest income            
    Control investments   $     $  
    Affiliate investments     1,094       869  
    Non-control/non-affiliate investments     29,225       27,269  
    Total interest income     30,319       28,138  
    Payment-in-kind interest income            
    Control investments            
    Affiliate investments            
    Non-control/non-affiliate investments     2,248       2,049  
    Total payment-in-kind interest income     2,248       2,049  
    Dividend income            
    Control investments            
    Affiliate investments     886       348  
    Non-control/non-affiliate investments     345       49  
    Total dividend income     1,231       397  
    Fee income            
    Control investments            
    Affiliate investments     8       5  
    Non-control/non-affiliate investments     2,119       2,354  
    Total fee income     2,127       2,359  
    Interest on idle funds     571       1,708  
    Total investment income     36,496       34,651  
    Expenses:            
    Interest and financing expenses     6,773       6,012  
    Base management fee     4,922       4,432  
    Incentive fee – income     4,594       4,467  
    Incentive fee (reversal) – capital gains     287       499  
    Administrative service expenses     602       537  
    Professional fees     948       937  
    Other general and administrative expenses     206       229  
    Total expenses before base management fee waiver     18,332       17,113  
    Base management fee waiver     (59 )     (69 )
    Total expenses, net of base management fee waiver     18,273       17,044  
    Net investment income before income taxes     18,223       17,607  
    Income tax provision (benefit)     1       (20 )
    Net investment income     18,222       17,627  
    Net realized and unrealized gains (losses) on investments:            
    Net realized gains (losses):            
    Control investments            
    Affiliate investments     10,066        
    Non-control/non-affiliate investments     3,264       1,743  
    Total net realized gain (loss) on investments     13,330       1,743  
    Income tax (provision) benefit from realized gains on investments     (1,850 )     56  
    Net change in unrealized appreciation (depreciation):            
    Control investments            
    Affiliate investments     (6,890 )     (3,236 )
    Non-control/non-affiliate investments     (2,903 )     4,454  
    Total net change in unrealized appreciation (depreciation) on investments     (9,793 )     1,218  
    Net gain (loss) on investments     1,687       3,017  
    Realized losses on extinguishment of debt     (251 )     (521 )
    Net increase (decrease) in net assets resulting from operations   $ 19,658     $ 20,123  
    Per common share data:            
    Net investment income per share-basic and diluted   $ 0.53     $ 0.57  
    Net increase in net assets resulting from operations per share — basic and diluted   $ 0.58     $ 0.65  
    Dividends declared per share   $ 0.54     $ 0.65  
    Weighted average number of shares outstanding — basic and diluted     34,077,720       30,776,758  
    Schedule 1

    Supplemental Information Regarding Adjusted Net Investment Income

     

    On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment advisor provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses for such year, less the aggregate amount of any capital gains incentive fees paid in all prior years. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of net investment income to adjusted net investment income for the three months ended March 31, 2025 and 2024.

        ($ in thousands)  
        Three Months Ended  
        March 31,  
        (unaudited)  
        2025     2024  
    Net investment income   $ 18,222     $ 17,627  
    Capital gains incentive fee expense (reversal)     287       499  
    Adjusted net investment income (1)   $ 18,509     $ 18,126  
        (Per share)  
        Three Months Ended  
        March 31,  
        (unaudited)  
        2025     2024  
    Net investment income   $ 0.53     $ 0.57  
    Capital gains incentive fee expense (reversal)     0.01       0.02  
    Adjusted net investment income (1)   $ 0.54     $ 0.59  
    (1) Adjusted net investment income per share amounts are calculated as adjusted net investment income divided by weighted average shares outstanding for the period. Due to rounding, the sum of net investment income per share and capital gains incentive fee expense (reversal) amounts may not equal the adjusted net investment income per share amount presented here.
    Company Contact: Investor Relations Contact:
    Shelby E. Sherard Jody Burfening
    Chief Financial Officer Alliance Advisors IR
    (847) 859-3940 (212) 838-3777
    ssherard@fidusinv.com jburfening@allianceadvisors.com

    The MIL Network

  • MIL-OSI: SUNation Energy Schedules 2025 First Quarter Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    RONKONKOMA, N.Y., May 08, 2025 (GLOBE NEWSWIRE) — SUNation Energy, Inc. (Nasdaq: SUNE) (“SUNation” or “the Company”), a leading provider of sustainable solar energy and backup power solutions for households, businesses, and municipalities, today announced that it will issue its financial results for the first quarter ended March 31, 2025 on Thursday, May 15, 2025 after the close of the stock market. The Company will host a corresponding conference call on Friday, May 16, 2025 at 9:00 a.m. ET, to discuss the results.

    Investors interested in participating in the live call can dial:

    • (800) 715-9871 (Domestic)
    • (646) 307-1963 (International)

    Passcode: 1430444

    Participants may also access the call through a live webcast at https://ir.sunation.com/news-events or via this link: https://edge.media-server.com/mmc/p/6k6euqgi. The archived online replay will be available for a limited time after the call in the events section of the SUNation corporate website.

    Questions may be submitted in advance to ir@sunation.com with the subject line “Corporate Update Questions.” The deadline for submitting questions is May 14 at 5:00 PM ET.

    About SUNation Energy, Inc.

    SUNation Energy, Inc. is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services. SUNation Energy, Inc.’s largest markets include New York, Florida, and Hawaii, and the company operates in three (3) states.

    Forward Looking Statements

    Our prospects here at SUNation Energy Inc. are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

    The MIL Network

  • MIL-OSI: BUCCANEERS PARTNER WITH RUMBLE CLOUD

    Source: GlobeNewswire (MIL-OSI)

    LONGBOAT KEY, FL, May 08, 2025 (GLOBE NEWSWIRE) — Today, the Tampa Bay Buccaneers announced a partnership with Rumble (NASDAQ: RUM), the video sharing platform and cloud services provider. The Buccaneers will use the Florida-headquartered company to provide the infrastructure for the storage of all the team’s video content in support of business and marketing strategy.  

    “The continuing advance of technology has increased the quality and amount of content our organization produces, which results in a growing need for storage,” said Charles Harris, Buccaneers Vice President of Information Technology. “Rumble Cloud provides the highest-quality services, enables our content to be readily available anywhere, while also making expansion efficient and timely. Having this platform and interface allows for flexible content management, which will be a tremendous asset to us as we see even greater development.”  

    In addition to cloud services, the agreement includes Rumble advertisements that will be featured on the team website, broadcasts, and in the Buccaneers’ home facility, Raymond James Stadium. 

    “We are thrilled to partner with the Tampa Bay Buccaneers, a proud franchise, with a great history, in a great sport,” said Chris Pavlovski, Chairman and Chief Executive Officer of Rumble. “Working so closely with such a high-profile and respected organization just further cements Rumble Cloud as a first option, cost-effective, high-performing cloud service provider.” 

    About Rumble 
    Rumble is a high-growth video platform and cloud services provider, founded in 2013 by entrepreneur Chris Pavlovski, which is creating an independent infrastructure intended to make it impervious to cancellation or censorship by Big Tech. Rumble’s mission is to restore the internet to its roots by making it free and open once again. For more information, visit corp.rumble.com

    About the Tampa Bay Buccaneers 
    The Tampa Bay Buccaneers enter their 50th Season as members of the National Football League and compete in the National Football Conference’s South Division. The franchise will celebrate iconic moments of the past and present throughout 2025. They were purchased by the late Malcolm Glazer in 1995 and are currently owned by the Glazer Family. Established in 1976, the Buccaneers have totaled 10 division championships, two conference championships and two Super Bowl Championships, including Super Bowl LV that was played on their home field at Raymond James Stadium. The Buccaneers are also very active in the community, with the Tampa Bay Buccaneers Foundation and the Glazer Vision Foundation. For more information, visit www.buccaneers.com

    Media Contacts:  
    Rumble: press@rumble.com
    Buccaneers: Danielle Burns, Dburns@Buccaneers.nfl.com

    The MIL Network

  • MIL-OSI: Onex Confirms Election of Directors

    Source: GlobeNewswire (MIL-OSI)

    All amounts in U.S. dollars unless otherwise stated 

    TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Onex Corporation (“Onex”) (TSX: ONEX) confirms all nominees set forth in the management information circular for its May 8, 2025, Annual Meeting of Shareholders have been elected as directors of the Company. Detailed results of the vote for each director are set out below.

    Nominee Elected by % Votes For % Votes Withheld
    Gerald W. Schwartz Multiple Voting Shares 100 0
    Lisa Carnoy Multiple Voting Shares 100 0
    Mitchell Goldhar Multiple Voting Shares 100 0
    Ewout Heersink Multiple Voting Shares 100 0
    J. Robert S. Prichard Multiple Voting Shares 100 0
    Heather M. Reisman Multiple Voting Shares 100 0
    Beth Wilkinson Multiple Voting Shares 100 0
    Robert Le Blanc Subordinate Voting Shares 98.3 1.7
    Sarabjit S. Marwah Subordinate Voting Shares 97.5 2.5
    Robert Shanfield Subordinate Voting Shares 99.1 0.9
    Sara Wechter Subordinate Voting Shares 98.3 1.7

    “I am pleased to welcome our newest director, Robert Shanfield, to Onex’ board,” said Gerry Schwartz, Chairman and Founder of Onex. “Bob is a highly skilled investor and business leader with over 30 years of experience in the private equity industry. I am confident his expertise will contribute to our continued success. We have had the privilege of welcoming several new directors recently. We have a strong board with a complementary skill set and are committed to continuing to enhance our overall corporate governance framework.”

    “On behalf of the board, I also want to express our gratitude to John McCoy for his service as a director. We are all deeply thankful for John’s valuable insights, professional stewardship and guidance over the years. His strategic contributions have had a positive impact on Onex’ success and we wish him the very best,” added Mr. Schwartz.

    Shareholders of Onex were also presented with and voted on: (i) an advisory resolution endorsing the Company’s approach to executive compensation, generally referred to as “say-on-pay”; (ii) the appointment of PricewaterhouseCoopers LLP as auditor of the Corporation; and (ii) authorization of the directors to fix the remuneration of the auditor. Results of the votes are set out below.

    Resolution % Votes For % Votes Withhold
    or Against
    Approach to executive compensation – “say-on-pay” 96.3 3.7
    Appointment of PricewaterhouseCoopers LLP as auditor 94.7 5.3
    Authorization of director to fix remuneration of the auditor 99.0 1.0


    About Onex

    Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $51.1 billion in assets under management, of which $8.3 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

    Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.com.

    Forward-Looking Statements
    This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve signi8ficant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

    For further information:

    Jill Homenuk        
    Managing Director – Shareholder Relations and Communications
    +1 416.362.7711
    Zev Korman
    Vice President, Shareholder Relations and Communications
    +1 416.362.7711

    The MIL Network

  • MIL-OSI: Turtle Beach Corporation Announces Growth in Revenue, Adjusted EBITDA and Gross Margins in First Quarter 2025 Results and $75 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    –Net Revenue of $63.9 million, up 14% compared to prior year–
    –Gross Margin improved to 36.6%, an increase of approximately 470 basis points compared to prior year–
    –Net Loss of $(0.7) million compared to Net Income of $0.2 million in prior year–
    –Adjusted EBITDA of $4.1 million, up from $1.4 million in prior year–
    –Generated $40.5 million in cash flow from operations, the highest level since 2019–
    –Authorized a new $75 million stock repurchase program–

    SAN DIEGO, May 08, 2025 (GLOBE NEWSWIRE) — Turtle Beach Corporation (Nasdaq: TBCH), a leading gaming accessories brand, today reported strong financial results, including growth in revenue, Adjusted EBITDA, and gross margins in the first quarter ended March 31, 2025.

    First Quarter Highlights

    • Net revenue was $63.9 million, an increase of 14% compared to the prior year period.
    • Gross margin improved approximately 470 basis points to 36.6% compared to 31.8% in the prior year.
    • Net loss was $(0.7) million or ($0.03) per diluted share compared to net income of $0.2 million or $0.01 per diluted share in the prior year period.
    • Adjusted EBITDA was $4.1 million, compared to $1.4 million in the prior year period.
    • Generated $40.5 million in cash flow from operations, the highest level since 2019.
    • Authorized a new $75 million stock repurchase program.

    “With incremental revenue and margin from our March 2024 acquisition of PDP, we delivered strong Q1 growth over the prior year, despite a year-to-date decline in gaming accessories markets due to current macroeconomic headwinds. Our Adjusted EBITDA growth reflects the benefits from our expanded portfolio of next-generation gaming accessories and highlights the accretive advantages of our M&A strategy and strong execution,” said Cris Keirn, CEO, Turtle Beach Corporation.

    “As we have entered into a dynamic and complex macroeconomic environment, we have rapidly adapted our operations to better position the Company for the future. We have been prepared for the potential shift in tariffs and have quickly responded.  We proactively increased inventory levels at the start of the year, and following the announcement in early April of new tariffs, we took immediate and decisive action. We are pleased to report that because of our early planning and preparedness, we are transitioning significant production out of China. As such, following the first quarter, less than 10% of our supply for the U.S. will come from China. For the remainder of 2025, our U.S. supply will primarily come from Vietnam, and we will continue evaluating and implementing further diversification of our end-to-end supply chain. Additionally, we have mitigation plans in place should additional changes occur to the current tariff environment for Vietnam. The portion of our supply chain that we continue maintaining in China will primarily be dedicated to producing goods for non-U.S. shipments.

    “Our commitment to long-term value creation extends beyond product innovation. Over the past year, we implemented the largest share repurchase program in the Company’s history, as we continue to opportunistically return capital to shareholders. The recent decision by our board of directors to authorize the repurchase of up to $75 million of our stock over the next two years signals our continued confidence in our prospects and our continued willingness to repurchase the Company’s shares.

    “Given recent events in the broader macroeconomic environment, we’ve made thoughtful revisions in our financial outlook. We remain confident in our near-term initiatives, the expertise of our team, and our ability to drive value for shareholders. Our focus on profitability, operational efficiency, and growth continues to drive our efforts as we adapt to these evolving conditions. We appreciate the ongoing support of our shareholders and stakeholders as we work toward more growth in 2026 and execute our strategy for sustainable, long-term success.”

    Share Repurchase Update
    For the first quarter ended March 31, 2025, the Company repurchased $1.8 million of common stock. Since the Company began repurchasing shares under the prior stock repurchase authorization program in the second quarter of 2024, the Company has repurchased 1.9 million shares for an aggregate purchase price of $29.5 million. In line with its continued commitment to return capital to shareholders, the Company is opportunistically assessing various potential share repurchase strategies. The Company has authorized a new stock repurchase program of up to $75 million over the next two years. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements, restrictions in the Company’s debt agreements and other factors. The Company intends to fund the share repurchases using cash from operations or short-term borrowings and may suspend or discontinue repurchases at any time. The share repurchase program is scheduled to expire on May 6, 2027.

    Balance Sheet and Cash Flow Summary
    As of March 31, 2025, the Company had net debt of $43.6 million, comprised of $55.2 million of borrowings less $11.7 million of cash. During the first quarter ended March 31, 2025, the Company generated $40.5 million in cash flow from operations, the highest level since 2019.

    Financial Outlook
    Due to the ongoing macroeconomic uncertainty and the recent industry announcements regarding new game releases, the Company is revising its financial outlook for the full year 2025. The Company currently expects gaming accessories markets to improve throughout 2025 but remain down for the full year compared to 2024, resulting in Company net revenues in the range of $340 million and $360 million. As the Company continues to execute on its profitability initiatives, it currently expects Adjusted EBITDA to be between $47 million and $53 million.

    Earnings Conference Call and Webcast Details
    Turtle Beach will host a conference call and audio webcast today, May 8, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), during which management will discuss first quarter results and provide commentary on business performance and its current outlook for 2025. A question-and-answer session will follow the prepared remarks.

    The conference call may be accessed by telephone by dialing 877-407-0792 or 201-689-8263.

    A live audio webcast of the earnings conference call may be accessed on Turtle Beach’s website at corp.turtlebeach.com, along with a copy of this press release and an updated investor presentation. A telephone replay of the call will be available through May 22, 2025, and can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13752645. A replay of the webcast will also be available on the investor relations website for a limited time.

    About Turtle Beach Corporation
    Turtle Beach Corporation (the “Company”) (corp.turtlebeach.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products LLC (www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: TBCH.

    Non-GAAP Financial Measures
    In addition to its reported results, the Company has included in this earnings release certain financial metrics, including Adjusted EBITDA, that the Securities and Exchange Commission define as “non-GAAP financial measures.” Management believes that such non-GAAP financial measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results. Non-GAAP financial measures are not an alternative to the Company’s GAAP financial results and may not be calculated in the same manner as similar measures presented by other companies. “Adjusted EBITDA” is defined by the Company as net income (loss) before interest, taxes, depreciation and amortization, stock-based compensation (non-cash), and certain non-recurring special items that we believe are not representative of core operations, as further described in Table 4. These non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The non-GAAP financial measures included herein exclude items that management does not believe reflect the Company’s core operating performance because such items are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. See a reconciliation of GAAP results to Adjusted EBITDA included as Table 4 below for the three months ended March 31, 2025, and March 31, 2024.

    By providing full year 2025 Adjusted EBITDA guidance, the Company provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2025 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to the Company without unreasonable effort due to the variability, complexity, and lack of visibility with respect to certain reconciling items between Adjusted EBITDA and net income (loss), including other income (expense), provision for income taxes and stock-based compensation. These items cannot be reasonably and accurately predicted without the investment of undue time, cost and other resources and, accordingly, a reconciliation of the Company’s Adjusted EBITDA outlook to its net income (loss) outlook for such periods is not provided. These reconciling items could be material to the Company’s actual results for such periods.

    Cautionary Note on Forward-Looking Statements
    This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

    While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to trade policies, including the imposition of tariffs on imported goods and other trade restrictions, the release and availability of successful game titles, macroeconomic conditions affecting the demand for our products, logistic and supply chain challenges and costs, dependence on the success and availability of third-parties to manufacture and manage the logistics of transporting and distributing our products, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

    CONTACTS

    Investors:
    tbch@icrinc.com
    (646) 277-1285

    Public Relations & Media:
    MacLean Marshall
    Sr. Director, Global Communications
    Turtle Beach Corporation
    (858) 914-5093
    maclean.marshall@turtlebeach.com

     
    Turtle Beach Corporation
    Condensed Consolidated Statements of Operations
    (in thousands, except per-share data)
    (unaudited)
    Table 1.
        Three Months Ended  
        March 31,     March 31,  
        2025     2024  
    Net revenue   $ 63,901     $ 55,848  
    Cost of revenue     40,534       38,062  
    Gross profit     23,367       17,786  
    Operating expenses:            
    Selling and marketing     12,453       9,013  
    Research and development     3,993       3,902  
    General and administrative     8,216       5,674  
    Insurance recovery     (3,439 )      
    Acquisition-related cost     608       4,910  
    Total operating expenses     21,831       23,499  
    Operating income (loss)     1,536       (5,713 )
    Interest expense     2,006       150  
    Other non-operating expense, net     303       370  
    Loss before income tax     (773 )     (6,233 )
    Income tax expense (benefit)     (109 )     (6,388 )
    Net income (loss)   $ (664 )   $ 155  
                 
    Net loss per share            
    Basic   $ (0.03 )   $ 0.01  
    Diluted   $ (0.03 )   $ 0.01  
    Weighted average number of shares:            
    Basic     20,506       18,321  
    Diluted     20,506       19,389  
     
     
    Turtle Beach Corporation
    Condensed Consolidated Balance Sheets
    (in thousands, except par value and share amounts)
    Table 2.
        March 31,     December 31,  
        2025     2024  
        (unaudited)        
    ASSETS      
    Current Assets:            
    Cash and cash equivalents   $ 11,684     $ 12,995  
    Accounts receivable, net     42,354       93,118  
    Inventories     73,664       71,251  
    Prepaid expenses and other current assets     14,533       11,007  
    Total Current Assets     142,235       188,371  
    Property and equipment, net     4,884       5,844  
    Goodwill     50,428       52,942  
    Intangible assets, net     40,382       42,398  
    Other assets     9,095       9,306  
    Total Assets   $ 247,024     $ 298,861  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current Liabilities:            
    Revolving credit facility   $ 6,592     $ 49,412  
    Accounts payable     39,539       34,839  
    Other current liabilities     26,294       39,421  
    Total Current Liabilities     72,425       123,672  
    Debt, non-current     45,544       45,620  
    Income tax payable     1,367       1,362  
    Other liabilities     6,814       7,603  
    Total Liabilities     126,150       178,257  
    Commitments and Contingencies            
    Stockholders’ Equity            
    Common stock     20       20  
    Additional paid-in capital     240,150       239,983  
    Accumulated deficit     (118,758 )     (118,094 )
    Accumulated other comprehensive loss     (538 )     (1,305 )
    Total Stockholders’ Equity     120,874       120,604  
    Total Liabilities and Stockholders’ Equity   $ 247,024     $ 298,861  
     
     
    Turtle Beach Corporation
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
    Table 3.
        Three Months Ended  
        March 31, 2025     March 31, 2024  
           
    CASH FLOWS FROM OPERATING ACTIVITIES            
    Net (loss) income   $ (664 )   $ 155  
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:            
    Depreciation and amortization     1,110       916  
    Amortization of intangible assets     2,016       560  
    Amortization of debt financing costs     276       70  
    Stock-based compensation     1,912       1,105  
    Deferred income taxes     (445 )     (6,716 )
    Change in sales returns reserve     1,873       (2,410 )
    Provision for obsolete inventory     486       794  
    Changes in operating assets and liabilities, net of acquisitions:            
    Accounts receivable     48,891       35,918  
    Inventories     (2,899 )     (3,063 )
    Accounts payable     4,716       8,065  
    Prepaid expenses and other assets     (3,473 )     (357 )
    Income taxes payable     (1,401 )     2  
    Other liabilities     (11,946 )     (7,782 )
    Net cash provided by operating activities     40,452       27,257  
    CASH FLOWS FROM INVESTING ACTIVITIES            
    Purchases of property and equipment     (166 )     (731 )
    Acquisition of a business, net of cash acquired     2,515       (75,494 )
    Net cash provided by (used for) investing activities     2,349       (76,225 )
    CASH FLOWS FROM FINANCING ACTIVITIES            
    Borrowings on revolving credit facilities     65,276       80,288  
    Repayment of revolving credit facilities     (108,096 )     (80,288 )
    Proceeds of term loan           50,000  
    Repayment of term loan     (312 )     (104 )
    Proceeds from exercise of stock options and warrants     5       1,257  
    Repurchase of common stock     (1,750 )      
    Debt issuance costs           (3,170 )
    Net cash provided by (used for) financing activities     (44,877 )     47,983  
    Effect of exchange rate changes on cash and cash equivalents     765       75  
    Net decrease in cash and cash equivalents     (1,311 )     (910 )
    Cash and cash equivalents – beginning of period     12,995       18,726  
    Cash and cash equivalents – end of period   $ 11,684     $ 17,816  
     
     
    Turtle Beach Corporation
    GAAP to Adjusted EBITDA Reconciliation
    (in thousands)
    Table 4.
        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Net (loss) income   $ (664 )   $ 155  
    Interest expense     2,006       150  
    Depreciation and amortization     3,126       1,476  
    Stock-based compensation     1,912       1,105  
    Income tax benefit (1)     (109 )     (6,388 )
    Restructuring expense (2)     5       41  
    Acquisition-related expense (3)     608       4,910  
    Insurance recovery (4)     (3,439 )      
    Loss on inventory in transit and other costs (5)     605        
    Adjusted EBITDA   $ 4,050     $ 1,449  
    (1) An income tax benefit of $7.0 million was recorded in the three months ended March 31, 2024 as a result of the reversal of a portion of the Company’s deferred tax asset valuation allowance.
    (2) Restructuring charges are expenses that are paid in connection with reorganization of our operations. These costs primarily include severance and related benefits.
    (3) Acquisition-related cost includes one-time costs we incurred in connection with acquisitions including warehouse lease impairment, professional fees such as legal and accounting along with other certain integration related costs.
    (4) Insurance proceeds from claims related to a loss of inventory while in transit that occurred in the fourth quarter of 2024.
    (5) Certain professional fees related to recovery initiatives in connection with a loss of Turtle Beach inventory while in transit that occurred in the fourth quarter of 2024.

    The MIL Network

  • MIL-Evening Report: Stepmums, alien mums, robot mums, vengeful mums: 7 films to watch this Mother’s Day

    Source: The Conversation (Au and NZ) – By Jessica Gildersleeve, Professor of English Literature, University of Southern Queensland

    With Mother’s Day around the corner, you may be wondering what gift you’ll give mum – or any of the mums in your life. This year, why not skip the fancy dinner and offer one of the most precious gifts there is: quality time, in front of the TV.

    When I asked seven experts what movies they’d recommend for Mother’s Day, I wasn’t expecting I, Tonya or Alien: Romulus – but their responses have made me realise just how multifaceted the experience of motherhood is, and how weirdly and wonderfully it can be reflected onscreen.

    So here’s what to watch if you want to laugh, cry, or scream, in an ode to mothers everywhere.

    I, Tonya (2017)

    The first film from Margot Robbie’s production company LuckyChap Entertainment – which earned Robbie an Oscar nomination for best actress – is an ideal viewing choice for anyone wanting to support Aussie female talent.

    Former American figure skater Tonya Harding became a household name in 1994, after her then-husband Jeff Gillooly orchestrated an assault on her primary rival, Nancy Kerrigan, in a bid to block Kerrigan from representing the United States at that year’s Winter Olympics.

    I, Tonya presents the event, and those of Harding’s career leading up to it, from a more sympathetic perspective than usual. Although it is careful to open with the caveat that the story is derived from “irony-free, wildly contradictory, totally true interviews with Tonya Harding and Jeff Gillooly”, the film presents Harding’s life as one of abuse and cruelty at every turn.

    The judges can’t stand her “unfeminine” power. Her husband only shows love through violence. And her heartless mother, LaVona (Alison Janney) is desperate to cash-in on the financial gains from her career success, while simultaneously resenting it.

    Janney’s performance as LaVona won her the Academy Award for best supporting actress, a title thoroughly deserved as an ice-cold LaVona chainsmokes through barbed criticisms and physical threats. While I, Tonya may not be the most obvious choice for a film to watch on Mother’s Day, it certainly will make you appreciate yours.

    – Jessica Gildersleeve

    Stepmom (1998)

    Stepmom, starring Julia Roberts and Susan Sarandon, is a family weepy for anyone who needs a cathartic cry. Directed by Chris Columbus, the comedy–drama follows the story of terminally ill woman Jackie Harrison (Sarandon) as she comes to grips with the fact her ex-husband’s new girlfriend Isabel (Roberts) will soon be her children’s stepmother.

    The film, like others under Columbus’ direction, is a critique of domestic dysfunction (think Home Alone, Mrs Doubtfire, or Nine Months), and an exploration of the lengths characters will go in order to restore the ruptured (nuclear) family, whether literally or symbolically.

    Despite its melodramatic machinery and predictable ending, Stepmom offers a nuanced portrayal of the struggles of children during separation or divorce. We see 12-year-old Anna and her little brother, Ben, an aspiring magician, caught in an emotional tug-of-war between their loyalty to their dying mother and their natural affection for their new stepmum.

    In an honest moment, an anxious Ben asks his dad, “can you ever fall out of love with your kids?”

    “No, that’s impossible,” Dad responds.

    In an equally realistic thread, the sullen Anna begrudgingly turns to Isabel for advice on boys, clothes and makeup – their relationship soon resembling one of sisters rather than adversaries (controversially, Roberts’ character even takes it upon herself to explain the concept of “snowblowing” to the tween).

    In 1998, Stepmom was ahead of its time – not in its representation of motherhood, but in its acknowledgement the nuclear family was, even back then, a thing of the past.

    – Kate Cantrell

    Double Jeopardy (1999)

    Like most thrillers made in the 1990s, Double Jeopardy begins in the Pacific Northwest region of the United States: the epicentre for murder and mist.

    Libby Parsons (Ashley Judd) is living the idyllic waterfront life with her husband Nick (Bruce Greenwood) and son Matty. After being convinced by Nick to go yachting, Libby wakes up on the boat (during what could best be described as a mist storm) to discover Nick is missing, and there is an endless path of blood from her hands to the yacht’s edge.

    Libby is tried and convicted for Nick’s murder. While grieving her son in jail, she finds out her husband is actually alive and has framed her. Libby’s cellmate tells her about the “double jeopardy” rule: you can’t be tried for the same crime twice.

    The montage of Libby preparing for revenge in jail signals an uptick in campy action. Upon her release, we’re introduced to parole officer Travis (Tommy Lee Jones). A game of cat and mouse ensues that is equal parts thrilling and ridiculous.

    Ultimately, Libby must choose between vengeance and getting her son back. Will she follow the rules and wait, or will she put her relentless jail workouts to good use? Double Jeopardy is profoundly stupid and fun, with all the unexpected charm of a midday movie that pulls you in, despite not making much sense.

    It’s just the kind of movie my mum and I have found ourselves glued to on a Saturday afternoon – cheerleaders for revenge.

    – Kathleen Williams

    Monster-in-Law (2005)

    What lengths would you go to protect your son from marrying someone unsuitable? One of the first references to the roles of the mother-in-law can be traced back to Latin literature, and the comedic play Hecyra, by Roman playwright Terence, which was first successfully performed in 160 BC. The play’s comedic twist is that the mother-in-law is accused of hating her son’s wife.

    The 2005 box office hit Monster-in-Law (2005) follows this trajectory and takes it to the extreme. Viola Fields (Jane Fonda) becomes manipulative and acts downright dirty to prevent her son, Kevin (Michael Vartan), from getting married to his fiancée Charlie (Jennifer Lopez) – who she thinks is not good enough for him.

    This romantic comedy has the conventions of love, romance, a wedding, and overall impending chaos. It is about a mother trying to do what she thinks is best for her son, as well as the fragile links between romantic love, familial love and matriarchy.

    In parts, the film transgresses into slapstick territory, as Kevin remains oblivious of Viola’s volatile antics towards Charlie. The tension between the two strong female leads hilariously spirals out of control in the lead-up to the wedding.

    Monster-in-Law is a feel-good film that draws on the close bond between mother and child, making it good viewing for Mother’s Day.

    – Panizza Allmark

    The Wild Robot (2024)

    There’s a cultural belief that once your baby is in your arms, you’ll immediately know how to look after them, or that you can draw on your own experience of being mothered, or find the right path in one of eleventy billion parenting books.

    But even if you did have a good experience of being mothered (and many don’t), or you find some great books, parenthood remains a journey of uncertainty and trial and error.

    When I took my young children to see The Wild Robot, I laughed and cried way more than them. Not just because the animation was so beautiful, or because the story was so moving, but because of the non-didactic moments that resonated so strongly with how we parents feel.

    We often don’t know what we’re doing; we’re trying our best, and wishing it will be the right thing – playing out an internal war between wanting to protect our children and wanting them to forge their own path.

    In The Wild Robot, Roz the robot (voiced by Lupita Nyong’o) is focused on helping her adopted gosling Brightbill (Kit Connor) learn how to fly – something she has no experience of. More importantly, Brightbill must fly on a migration flight with other birds, where she can’t join him.

    The film mirrors the beautiful and horrifying knowledge parents carry: if we do our job, our children will become their own individuals who are able and willing to leave us. All we can hope is we’ve formed a bond that will make them want to return.

    – Rebecca Beirne

    My Big Fat Greek Wedding (2002)

    Was your mother born overseas? It’s likely. Nearly half of all Australians have a parent born overseas. Or perhaps you married into a family where your “new mum” was born overseas?

    Your mother-in-law counts on Mother’s Day. Don’t forget it. And if you married into a wonderfully loud Greek/Italian family as I did, then your mother-in-law is likely a hard worker who deserves to be entertained. So why not offer her, and all the mums in your life, a sweet, disarming rom-com about a clash of cultures and a life milestone all mums can get behind: a wedding. A Big Fat Greek Wedding, to be precise.

    Written by and starring Nia Vardalos, this film tells the tale of Toula Portokalos, who, at the “advanced” age of 30, remains persistently unmarried in the early aughts Chicago. In Greek terms, this is already a tragedy. The title does a lot of heavy lifting in terms of what comes next.

    The real charm of the film is the clash of cultures that anyone with any ethnic background will recognise.

    My Big Fat Greek Wedding was a small film with huge global success. Will your mum care it was made with a budget of just US$5 million but grossed more than US$360 million worldwide, making it one of the most profitable films of all time, with a more than 6,150% return? Probably not.

    But she’ll love John Corbett, that tall guy who was also in Sex in City (and he’s really good in this one). Just make sure you skip the sequels.

    – Ruari Elkington

    Alien: Romulus (2024)

    Not everyone wants to watch saccharine romantic comedies on Mothers’ Day. If you can relate, dystopian horror film Alien: Romulus (2024) offers much darker pleasures.

    Feminist scholars have long found the Alien franchise to be rife with symbolism and repressed fears about motherhood, birth and reproductive organs. Alien: Romulus goes further than the original 1979 film in making the theme of sexual violation explicit. As you might expect from Fede Álvarez, the director of Evil Dead (2013), there is plenty of body horror as human characters are assaulted and orally impregnated by Alien species.

    The film also includes neo-Marxist messages about “the company” and its violation of workers’ bodies. Working mums may enjoy the dark humour of a futuristic corporation that literally sucks the life out of workers before politely thanking them for their service.

    Leading action woman Rain Carradine (Cailee Spaeny) is more vulnerable and relatable than the iconic character Ripley of previous films. When Rain discovers her work contract has tipped over into slavery, she joins up with her ex-boyfriend Tyler (Archie Renaux) and his pregnant sister Kay (Isabela Merced) to hijack a space station.

    They must then manage a coolly indifferent IT operating system called “MU/TH/UR” to control the ship. The fact Kay is pregnant does not bode well; her baby eventually bursts out as a hideous alien-human mutant which tries to eat her.

    Alien Romulus is basically every unspeakable anxiety about pregnancy and motherhood realised through spectacular special effects. It’s also the franchise’s best film since the original.

    – Susan Hopkins

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Stepmums, alien mums, robot mums, vengeful mums: 7 films to watch this Mother’s Day – https://theconversation.com/stepmums-alien-mums-robot-mums-vengeful-mums-7-films-to-watch-this-mothers-day-255004

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years

    Source: The Conversation (Au and NZ) – By Marian Makkar, Senior Lecturer in Marketing, RMIT University

    Konstantin Shishkin/Shutterstock

    Workplace burnout – a state of emotional, physical, and mental exhaustion – and the COVID pandemic have sparked a rethink of the traditional 9-to-5 job.

    It’s been estimated 30% of the Australian workforce is experiencing some degree of burnout, raising serious concerns about the possible impacts on mental health.

    Is it possible – and if so, wise – to take addressing burnout into your own hands? Some responses to the problem, such as “micro-retirement”, have enjoyed recent popularity on social media.

    But a small number of people take an even more radical approach – dumping the 9-to-5 path entirely for careers that prioritise meaning, enjoyment and personal growth. We sought to find out how this move played out for one group in particular – snowsports instructors.

    Our research – published in the International Journal of Research in Marketing – covers a 10.5-year study of snowsports instructors who left their 9-to-5 jobs for a meaningful career on the slopes of Canada, Japan, the United States and New Zealand.

    We looked at instructors’ journeys into the lifestyle, how they managed their new careers, and what led some to eventually return to the 9-to-5.

    Chasing winter

    We interviewed 13 snowsports instructors aged 25 to 40 (seven men, six women), collected image and video artefacts, followed social media accounts and surveyed snow school reports. Our lead researcher also participated in the lifestyle herself.

    All our participants had at least a bachelor degree and previous steady careers in fields such as education or information technology.

    During our decade-long field work, we found instructors earned just enough money to maintain this lifestyle, often travelling with their possessions in one or two bags.

    Whistler Mountain, Canada: instructors get to live and work in places of great natural beauty.
    Kevin503/Shutterstock

    Beyond the adrenaline and beauty of a life in the snow, we found people were first motivated to enter this career to escape the corporate world and ties of modern life. One participant, Lars, said:

    If you just get a job, you get maybe 20 days off a year for the next 40 years, and once you stop, once you’ve got a job and a house and a mortgage and a kid […] you’re trapped.

    A sense of accomplishment

    At the centre of our research was the idea of building a career around the ancient Greek concept of “eudaimonia”. This term is sometimes translated to “happiness” in English, but its broader connotations mean it’s closer to “flourishing” and involves a sense of purpose and living a life of virtue.

    That’s in contrast to the related concept of “hedonism” – which centres on the pursuit of pleasure for its own sake. Eudaimonia is meant to make us reflect on life’s purpose, potential and meaning.

    As our participants mastered the sport and career, they moved from mere enjoyment or hedonism of being in the snow to finding meaning and purpose in their jobs.

    They felt a sense of accomplishment and appreciation of snowsports as a sport and job requiring dedication, care and commitment.

    Challenges along the way

    However, with every career there are demands that shape how people manage work and purposeful pursuits. Instructors must bear financial costs such as buying their own equipment, paying for certifications and accommodation.

    Eventually the lifestyle was not sustainable for some due to precarious working conditions and minimal wages. Relying on the weather to produce snow, unfair compensation and fixed-term contracts wore many down.

    An unhappy participant confessed:

    You think about money all day everyday […] working out the costs, staffing and lesson prices! Yet they (ski resort managers) tell me as an instructor that I shouldn’t think about my monetary work. Well, if it wasn’t about the money, you wouldn’t charge as much for lessons.

    In the period we studied, six returned to a regular 9-to-5 job.

    An alternative to meaningless jobs?

    The late American anthropologist David Graeber coined the phrase “bullshit jobs” to describe jobs that comprise meaningless tasks that add no real value aside from providing a salary.

    The 9-to-5 can be a grind.
    Shutterstock

    Our study offers a window into the lives of those who sought an alternative, trying to build something they love into the daily work they do to earn a living.

    For many, despite challenges the ability to ride slopes daily remained more appealing than a desk job. One told us:

    At university my first management lecturer said, ‘you could go on to be a CEO, earn $300,000 a year and have a month off every year to go skiing’, and I said, ‘or I could go skiing every day and still afford to eat and pay my rent’. It’s all I really need.

    But things didn’t work out for all of them. The experience of those who left suggests choosing meaningful work can be difficult and can force people out if the surrounding organisational system is not supportive.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years – https://theconversation.com/ever-wanted-to-ditch-the-9-to-5-and-teach-snowsports-we-followed-people-who-did-it-for-10-years-255012

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Old drains and railways are full of life. Here’s how to make the most of these overlooked green spaces

    Source: The Conversation (Au and NZ) – By Hugh Stanford, Researcher Associate, Centre for Urban Research, RMIT University

    Much of the old circular railway line in Paris, La Petite Ceinture, or Little Belt, has been turned into a public park. ldgfr photos, Shutterstock

    Across Australian cities, leftover and overlooked green spaces are everywhere. Just think of all the land along stormwater drains, railway lines and vacant lots. While often dismissed as useless or unsightly, there’s a growing understanding of the value these spaces bring to cities.

    These informal green spaces can support biodiversity and offer rare freedom to explore, play or connect with nature in a less controlled way than formal spaces such as parks. They also help to cool our cities.

    My new research looks at how cities globally are rethinking overlooked green spaces. I identified three ways to unlock the value of these areas: leaving spaces intentionally unmanaged, supporting temporary or informal uses, or formalising them as parks or other public places. Each approach offers different benefits and challenges for cities trying to create greener, more liveable neighbourhoods.

    Local councils are under increasing pressure to create more formal green space, with residents, at times, calling on councils to buy land for new parks. But let’s start with what’s already there.

    1: Hands off: the case for doing less

    In some cases, doing nothing can be surprisingly powerful.

    When governments step back, communities and nature can step in, with potentially joyful, creative and ecologically rich results. In the Belgian capital of Brussels, for example, disused railway land, left unmanaged, has become a haven for biodiversity, offering valuable insights into how ecosystems can regenerate without human interference.

    Closer to home, there are many examples of railway land being used informally as green space. One site, in the Melbourne suburb of Northcote, has become a makeshift trail used by walkers, dog owners and children on bikes. Though not officially a park, it functions like one, with its informal character fostering a sense of ownership and spontaneity among users. In the past few months, local residents have started planting native vegetation and putting up makeshift art installations, and even a swing.

    But this hands-off approach has limitations. It works best where a strong sense of community, or ecological value, already exists. And while nature can bounce back in surprising ways, it often needs a helping hand.

    Locals have embraced a small patch of land in a railway reserve near Dennis Station in Northcote, Melbourne.
    Hugh Stanford

    2. Helping out: supporting informal or temporary uses

    Where informal installations already exist – such as art installations or unauthorised plantings known as guerrilla gardens – councils can support and even help grow these initiatives.

    Some councils may see local-led efforts as a liability, but these efforts represent an opportunity to bring life to underused land at minimal cost. By recognising and supporting such activities, including financially, councils can empower residents to shape their own neighbourhoods in meaningful ways. This can include expanding existing installations or establishing new installations on other underused sites.

    There is also benefit in local councils creating their own temporary installations such as pop-up parks. This has been shown to be an effective way to activate underused space and trial initiatives before more permanent plans are developed.

    Examples include the creation of a temporary park in Ballarat Street, Yarraville in 2012. Community support for the temporary park led to the construction of a permanent park in 2014.

    Local councils can offer support to communities seeking to revitalise disused green space.
    Hugh Stanford

    3. Stepping in: when formalising makes sense

    There are times where formal intervention is warranted – for example, where land is contaminated or supports invasive weeds. In such cases, transforming a site into a fully developed park can deliver significant benefits. Land alongside a river, road or railway line, can be readily transformed into a long “linear park” with walking trails and bike paths.

    In Paris, the conversion of a former industrial railway line into a linear park is a great example, attracting both locals and tourists.

    Melbourne, too, has its own success in revitalising disused infrastructure. The Greening the Pipeline project in Melbourne’s west involves converting a disused sewer main into a vibrant linear park. These projects demonstrate the benefits that can be achieved from developing high-quality, permanent public green spaces from underused land.

    But formalising public use of urban green space comes at a cost, financially and otherwise: a highly designed park can crowd out the quirky, unplanned character that makes many informal spaces feel special. That’s why it’s crucial to see formalising green space as one option among many, and to reserve it for sites where potential benefits justify the investment.

    The Greening the Pipeline project in Melbourne’s west highlights what can be achieved.
    Hugh Stanford

    A call to action

    If you work in urban planning or local government, resist the urge to control and replace. Look at what’s already available. Sometimes the best thing you can do is observe, step back and support. Not all public spaces need a master plan.

    If you’re a resident, get out there. Start small: plant something native, or set up a swing (where safe to do so). By engaging with the green spaces already around you, you might help create your own slice of urban paradise – no land purchase required.

    Start small and set up a swing, where safe to do so.
    Hugh Stanford

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

    ref. Old drains and railways are full of life. Here’s how to make the most of these overlooked green spaces – https://theconversation.com/old-drains-and-railways-are-full-of-life-heres-how-to-make-the-most-of-these-overlooked-green-spaces-255736

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Why it’s important to read aloud to your kids – even after they can read themselves

    Source: The Conversation (Au and NZ) – By Robyn Cox, Professor of Literacy Education, University of Tasmania

    Mart Production/Pexels , CC BY

    Is reading to your kids a bedtime ritual in your home? For many of us, it will be a visceral memory of our own childhoods. Or of the time raising now grown-up children.

    Perhaps it involves a nightly progression through the Percy Jackson series or the next Captain Underpants book. Or maybe there’s a request to have Room on the Broom again (and again).

    But for some households, reading aloud is not a regular activity. A recent UK report by publisher Harper Collins found many parents are not reading to their kids. Fewer than half (41%) of 0–4-year-olds are read to frequently. More than 20% of parents surveyed agreed reading is “more a subject to learn than a fun thing to do”.

    The report also found some parents stop reading to their children once they can read by themselves. As the Guardian reported, some parents assume “it will make [their child] lazy and less likely to read independently”.

    Here’s why it’s important to read to your children – even after they have learned to read.

    What’s involved in reading skills?

    Research on reading skills suggests there are two main types of skills involved in learning to read.

    1. Constrained skills are skills that once we learn, we keep. For example, once we learn the alphabet we don’t have to keep learning it. It’s like riding a bike.

    2. Unconstrained skills are skills we continue to learn throughout life. For example, vocabulary, reading fluency (how quickly and smoothly you read) and reading comprehension. Even as adults we continue to learn new word and language forms.

    We know reading to infants and younger children can build early language skills, such as the sounds of words and the alphabet. Reading to older children is a simple way to build unconstrained skills.

    Reading aloud builds vocabulary skills, which we continue to build all our lives.
    RDNE Stock Project/ Pexels, CC BY

    How reading aloud helps

    The books we read aloud at bedtime to young readers tend to be those they can’t read themselves.

    So it introduces more complex ideas, words and sentence patterns. This is why reading aloud to your children is a parental superpower – you can continue to build where the school learning stops.

    Reading together can also encourage closeness between children and parents, as well as shared knowledge and laughs.

    When you are reading to your child, they have your full attention, which also makes the time special.

    What should you be reading?

    Reading aloud doesn’t necessarily have to involve multiple chapters of a book. Research suggests what matters is that it’s something you are both interested in and enjoying.

    You could read to your child on a device, or you could even tell a traditional tale without a book.

    You could read poetry, news articles or magazine articles about a favourite football team or player – these can all build unconstrained literacy skills.

    Even re-reading a beloved picture book from younger years can build fluency and focus on direct speech in text (especially when the reader does “funny” voices).

    You can read non-fiction as well as fiction books, magazines and news articles.
    Kindel Media/Pexels, CC BY

    How often should you read to your child?

    Family life is busy and parents often have many commitments. So there are no rules, other than to make it fun. Don’t be put off by “how much you have to do” – a few minutes of engaged reading time together is better than none at all.

    You could read to your child when you yourself are reading something and want to share it. If it’s too hard to read to your child every night, do it every weekend night or make another time during the week. Or ask a grandparent or older sibling to help.

    And there is no set age to stop – if you like, keep reading to your kids until they leave home!

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

    ref. Why it’s important to read aloud to your kids – even after they can read themselves – https://theconversation.com/why-its-important-to-read-aloud-to-your-kids-even-after-they-can-read-themselves-256089

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: A community-led health program in remote Arnhem land is showing promising results for First Nations locals

    Source: The Conversation (Au and NZ) – By Hasthi Dissanayake, Research Fellow in Indigenous Health, The University of Melbourne

    The Doherty Institute

    Indigenous Australians are more than twice as likely as non-Indigenous Australians to suffer from disease, particularly chronic diseases such as diabetes, heart disease and kidney disease.

    The health disparities are worse in remote and very remote areas. The burden of diabetes in the remote Aboriginal population of the Northern Territory, where it affects more than one in four adults aged over 20, is among the highest in the world.

    The Yolŋu (or Yolngu) people of Northeast Arnhem land, a large, remote area in the NT, maintain one of the oldest continuously living cultures in the world. They also represent one of the largest Indigenous groups in Australia.

    Yet, people in these communities face the highest number of avoidable deaths in Australia, mostly from chronic disease. A diet of too much sugar, refined and processed food products, smoking and an unhealthy lifestyle contribute to this region’s health crisis.

    Beginning in 2014, senior Yolŋu women in Galiwin’ku, one of the largest communities in Northeast Arnhem land, have been developing a unique diet and lifestyle change program called Hope for Health. The program has been running intermittently since then, and includes on-Country health retreats, individualised health coaching, and group classes and activities.

    We recently evaluated this program. We found it offers significant benefits which could reduce chronic disease risk among the Yolŋu people.

    Hope for Health participants and staff at a cooking workshop.
    Hope for Health

    A holistic approach

    Most Yolŋu live on Aboriginal land in remote communities of various sizes and hold a deep unbroken connection to their ancestral country.

    Health and wellbeing is considered a holistic concept that connects physical, social, emotional, cultural, spiritual and ecological wellbeing at both an individual and community level.

    The Hope for Health program is based on the values of Margikunhamirr (making known and sharing understanding) and Goŋ-ŋthanhamirr (supporting and walking alongside each other) to empower Yolŋu to gain control of their health.

    Over four months, the program focuses on giving people the knowledge to make their own lifestyle changes and choices to improve health and prevent chronic disease.

    It includes:

    • An on-Country health retreat: this is an immersive 12-day bush retreat focused on reconnecting with the Yolŋu tradition of living, eating, and healing from the land, and learning about the body and health.

    • In-community support and mentoring: over 14 weeks following the retreat, this part of the program is focused on overcoming barriers to introducing lifestyle changes. It includes group activities for identifying healthy food options at the shops, storing and cooking fresh produce, and yarning about healthy lifestyles.

    • Individual and home-based health coaching: this takes place during the retreat and afterwards in participants’ homes or places of their choosing. Health coaches explain blood test results to participants, offer education in their language and help with goal setting, such as reducing sugar consumption, smoking, or increasing exercise.

    The Hope for Health program seeks to give people the knowledge they need to make their own lifestyle changes.

    What we found

    Together with colleagues at the Doherty Institute and other collaborators, we evaluated a Hope for Health program in the second half of 2022.

    We assessed outcomes such as body weight and blood sugar levels among 55 adults before and after they took part in the program. All participants were overweight or obese at the beginning.

    We recently published our findings in the Medical Journal of Australia.

    By the end of the program, 52% of participants reduced their HbA1c – a measure of blood sugar – by at least 0.3%. Some 33% of participants lost at least 3% of their body weight.

    Changes such as these are called “clinically significant” because they’re big enough for doctors to see real health benefits such as reduced risk of chronic disease, including diabetes and heart disease.

    Other outcomes we looked at improved too. Overall, participants had smaller waist circumferences at the end, lower body-mass index, better “good” cholesterol levels, were drinking less sugary drinks, and doing more daily exercise.

    Why did it work?

    Behavioural change is not necessarily easy to achieve in these communities, which have a very different language and culture from mainstream Australia.

    Our study is the first in remote Aboriginal communities to comprehensively evaluate a lifestyle change program with such promising results.

    The study design cannot prove the intervention directly caused the changes. That is, there may have been other factors which contributed to the outcomes.

    A randomised controlled trial would have provided stronger proof the program led to the health improvements we observed, but these trials can be unsuitable in remote Indigenous communities. In this study, the community was concerned delaying the program for some people would harm their health. Also, many wanted their extended family to take part, making it difficult to select a representative control group which would be needed for this type of study.

    Nonetheless, our results suggest support for culturally sensitive health initiatives such as Hope for Health is crucial for reducing the burden of chronic disease in remote Indigenous communities.

    We believe Hope for Health worked because it was led by Yolŋu people and is built on Yolŋu knowledge, language and culture. Education provided to remote Aboriginal people such as the Yolŋu needs to be liya-lapmarnhamirr – that is, presented in a way that brings revelation and understanding.

    Hasthi Dissanayake receives or has received funding from the Medical Research Future Fund, University of Melbourne, University of Sydney, and Australian government postgraduate and research grants.

    Beverley-Ann Biggs receives research funding from the National Health and Medical Research Council and Medical Research Future Fund competitive grant schemes.

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

    ref. A community-led health program in remote Arnhem land is showing promising results for First Nations locals – https://theconversation.com/a-community-led-health-program-in-remote-arnhem-land-is-showing-promising-results-for-first-nations-locals-255519

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Global: How Donald Trump’s assault on universities echoes earlier American conservative ideas

    Source: The Conversation – Canada – By Michael Williams, Professor of International Politics, L’Université d’Ottawa/University of Ottawa

    Fifty years ago, the American philosopher and conservative thinker James Burnham wrote his most infamous book, The Suicide of the West: An Essay on the Meaning and Destiny of Liberalism.

    Burnham argued that liberalism — which he associated with unbridled individualism and excessive belief in human progress — was eroding the foundations of the West’s social orders and, equally importantly, its geopolitical power.

    In an ironic twist, it’s not liberals ushering in the decline of America in contemporary times. Burnham’s acolytes in Donald Trump’s administration are busy doing that work.

    Influence on the American right

    It is easy to recognize Burnham’s ideas in the arguments and actions of the Trump administration.

    In both The Suicide of the West and his previous 1941 bestseller, The Managerial Revolution, Burnham argued that liberalism’s individualism weakened social bonds and national allegiance. At the same time, it promoted the rise of a new class of experts that eroded democracy and individual rights under the guise of acting for the common good.

    This “new class” of highly educated, managerial elites had come to dominate virtually all aspects of life, from business and bureaucracy to commerce, culture and education.

    Ruling through their claims to expertise, Burnham argued that these elites spread relativistic liberal values that undermined social cohesion and national confidence, sapping the West’s ability to define and defend its fundamental values.

    If these trends continued, he warned, the West would not long survive. Burnham exercised an important influence on the American right from the 1950s through the 1970s, and near the end of his life received the Presidential Medal of Freedom from Ronald Reagan. Yet by the 1990s, his ideas had fallen out of fashion and few remembered his warnings.

    Rediscovered by radical conservatives

    Recently, however, Burnham’s provocative ideas have resurfaced as one of the most important intellectual lineages underpinning American radical conservatism and its attacks on “elite institutions.”

    In his writings, and those of his followers such as Samuel Francis, a range of political and intellectual figures have found the ideological ammunition needed to launch their crusade against liberalism in order to save the West — or in the case of the U.S., to “Make America Great Again.”




    Read more:
    Why the radical right has turned to the teachings of an Italian Marxist thinker


    JD Vance’s attack on Europe’s democratic credentials, Elon Musk’s DOGE determination to “deconstruct” the administrative state and the Trump administration’s assaults on elite universities all reflect Burnhamite ideas.

    Risk bringing about America’s decline

    There is considerable irony in this situation. Most obviously, Burnham was wrong about the self-inflicted death of the West. Contrary to his predictions, liberalism did not lead to the erosion of western global power.

    Far from collapsing, the United States and its allies fought the Cold War to a victorious conclusion and by the turn of the 20th century emerged with a power and dominance that Burnham could scarcely have imagined. Liberalism was the reigning ideology. American and western commerce, culture, science and technology dominated the world.

    Yet the greatest irony is that Burnham’s followers risk bringing about the very situation he sought to avoid – the decline of America and its dominant status.

    Nowhere is this clearer than in the attack on elite universities, where no one should not be misled by charges of antisemitism.

    Important as addressing antisemitism is, this framing distracts from the ways that the right’s attack on universities are part of its wider assault the foundations of “new class” power.

    Tech leadership, geopolitical dominance

    In this broader campaign, leading illiberal zealots in the Trump administration are pursuing policies that will damage the foundations of American power far more than liberalism ever did.

    Most obviously, the attacks on universities threaten U.S. technological leadership, since research universities remain an indispensable site of basic research, innovation and next-generation training — something especially vital at a time when the country’s leadership in these areas is challenged in ways unseen for nearly half a century.




    Read more:
    Three scientists speak about what it’s like to have research funding cut by the Trump administration


    At the same time, assaults on academic freedom threaten the considerable cultural power and prestige that, as Burnham was well aware, are vital areas of geopolitical struggle.

    Finally, these policies undermine the American ability to attract the best and the brightest from around the world — a capacity that has long underpinned its dominance in science and innovation, and ultimately its global influence.

    Diminished intellectual capital

    One might be tempted to say: fine, if America no longer values its intellectual capital, other countries can reap the benefit by attracting the expertise it shuns. To some degree, this may be true.

    But no western country or group of countries – such as the EU – possesses the institutional research capacity, network density and depth of funding found until now in the U.S.

    At best, a more fragmented, diffuse and less impactful situation is likely to occur, with America weakened and the benefits gained by others unlikely to make up the balance. The West as a whole is likely to emerge weaker rather than stronger.

    Geopolitical decline

    Recognizing these negative outcomes does not require treating elite universities as paragons of virtue or viewing higher education as beyond reproach. Nor are today’s Burnhamites completely delusional. Increased inequality, economic dislocation and the death of local industries have followed in the footsteps of liberal globalization.




    Read more:
    How Commonwealth universities profited from Indigenous dispossession through land grants


    Cultural divides are significant, even if they are often polarized for political purposes. But addressing such issues demands serious engagement, not simplistic accusations of elite decadence and divisive political rhetoric. Crucially, it requires seeing elite (and other) universities as sources of global power as well as sites of education.

    The conservative columnist Irving Kristol once said that politics is a struggle over “who owns the future.”

    Materially and ideologically, Burnham’s contemporary followers are making sure that America will no longer be on the winning side of this struggle. Their efforts to “make America great again” misunderstand important parts of what made it great in the first place. The most likely outcome will be the decline, not the recovery, of America.

    The Conversation

    Michael Williams receives funding from the Social Sciences and Humanities Research Council of Canada.

    Rita Abrahamsen receives funding from Social Sciences and Humanities Research Council of Canada (SSHRC)

    ref. How Donald Trump’s assault on universities echoes earlier American conservative ideas – https://theconversation.com/how-donald-trumps-assault-on-universities-echoes-earlier-american-conservative-ideas-255470

    MIL OSI – Global Reports

  • MIL-OSI USA: Congressman Guthrie, Senator McConnell Introduce Bill to Expand Mammoth Cave National Park Boundaries

    Source: United States House of Representatives – Congressman Brett Guthrie (2nd District Kentucky)

    Today, Congressman Brett Guthrie (KY-02) and Senator Mitch McConnell (KY) introduced the bicameral Mammoth Cave National Park Boundary Adjustment Act. This bill would give the park the ability to acquire an additional 551.14 acres of land from the Nature Conservancy. This newly acquired land would enhance protections in the Green River watershed, further conserving the area’s wildlife and cultural heritage while generating additional tourism to Kentucky’s Second District.

    “Every year, Mammoth Cave National Park draws hundreds of thousands of visitors and contributes nearly $90 million to our local economy,” said Congressman Guthrie. “This natural wonder has inspired people for thousands of years, playing a foundational role in the culture of our region. I am proud to introduce the Mammoth Cave National Park Boundary Adjustment Act to expand protections for the cave system’s important biodiversity and rich history, ensuring that it can be studied, maintained, and enjoyed by future generations of Americans.”

    “Kentucky is lucky to be home to an abundance of natural treasures, among them, Mammoth Cave National Park. This extensive cave network has been inspiring Kentuckians and drawing visitors from all corners of the globe for generations. Beyond its role in driving tourism to our Commonwealth, the park also plays a crucial role in the region’s economic growth, supporting good jobs for the people of Kentucky,” said Senator McConnell. “I’m proud to partner with Congressman Guthrie on this important initiative once again which will expand the critical habitats that the National Park Service protects and preserves in the park.”

    You can find the full text of the Mammoth Cave Boundary Adjustment Act here.

    A map of the proposed boundary changes can be found here.
     
    Background:

    • This legislation authorizes the National Park Service to acquire 551.14 acres of land currently owned by the Nature Conservancy (TNC).
    • This expansion would allow the National Park to manage land in Edmonson and Barren Counties, further conserving the area’s wildlife and cultural heritage. 
    • The property includes cave passages, including Coach and James Caves, which hold prehistoric and historic artifacts.
    • In 2023, the park received more than 650,000 visitors, generating $89.6 million for communities surrounding the park. This expansion of the park is expected to drive further economic growth in the local community.
    • This legislation is supported by local elected officials in the surrounding counties.
    • Established as a National Park in 1941, Mammoth Cave National Park is home to the world’s longest known cave system, stretching a mapped 426 miles with many miles still undiscovered.
    • In 1981, the park was named a World Heritage Site, and in 1990, a Biosphere Reserve.
    • In April 2025, Congressman Guthrie welcomed Secretary of the Interior Doug Burgum to Mammoth Cave National Park for a tour of the park and a discussion with NPS staff about its importance. You can learn more about their visit here.

    MIL OSI USA News

  • MIL-OSI USA: Jayapal, Newhouse Introduce Bipartisan Bill to Recognize the Museum of Pop Culture (MoPOP) as the National Museum of Pop Culture

    Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)

    SEATTLE – U.S. Representatives Pramila Jayapal (WA-07) and Dan Newhouse (WA-04) are leading legislation to recognize the Museum of Pop Culture (MoPOP) as the National Museum of Pop Culture.

    “I am so proud to lead this bipartisan bill to federally recognize MoPOP as the National Museum of Pop Culture,” said Jayapal. “MoPOP has been a cornerstone in celebrating the diverse culture and history of the arts regionally and globally. MoPOP and its incredible team undoubtedly deserve this recognition and title, allowing them to continue educating both local visitors and tourists about the rich history of pop culture in the United States.”

    “The Museum of Pop Culture draws hundreds of thousands of visitors every year from enthusiasts across the country and around the globe. Now in its 25th year of operation, it’s time to give MoPOP the national recognition it deserves. I want to thank MoPOP’s leadership, staff, and volunteers for the time and effort dedicated to making the museum a success year after year,” said Newhouse.

    The Museum of Pop Culture is the leading institution in the United States dedicated to the curation and exploration of pop culture and its significant societal impact. MoPOP is home to over 85,000 artifacts, making it one of the largest pop culture collections in the world. Hosting innovative exhibits focused on American art, music, film and fashion, MoPOP welcomes over 750,000 visitors annually. For more than 20 years, MoPOP has celebrated the universal language of pop culture, amplified diverse voices, and inspired generations. 

    “We’re honored to take the next step toward national designation and grateful to Congresswoman Jayapal for her support. This legislation affirms the vital role pop culture plays in shaping our collective memory and reflects MOPOP’s ongoing commitment to preserving the stories, artifacts, and creativity that define generations,” said Michele Y. Smith, CEO of the Museum of Pop Culture.

    The bill is also sponsored by Representatives Michael Baumgartner (WA-05), Suzan DelBene (WA-01), Rick Larsen (WA-02), Emily Randall (WA-06), Kim Schrier (WA-08), Adam Smith (WA-09), and Marilyn Strickland (WA-10).

    Issues: Arts & Education

    MIL OSI USA News

  • MIL-OSI USA: What They Are Saying: Changes to New York’s Discovery Laws

    Source: US State of New York

    ollowing the FY26 State Budget agreement, District Attorneys, domestic violence survivor advocates, religious leaders and business groups are voicing their support for essential changes to New York’s discovery laws. Included in this year’s Budget, these discovery reforms build upon Governor Hochul’s record investments in proven crime prevention initiatives, while holding perpetrators accountable and safeguarding the right to a fair and speedy trial in New York State.

    Rensselaer County District Attorney and DAASNY President-Elect and Mary Pat Donnelly said, “I am grateful to Governor Hochul for recognizing the important role which Discovery has in the efforts of prosecutors to secure justice for victims in New York State. These changes protect against technical dismissals, and the dangerous consequences of those dismissals. This is a critical investment in public safety; these changes will be effective in promoting a safer New York.”

    Albany County District Attorney Lee C. Kindlon said, “I believe in pragmatic solutions to criminal justice issues, so I am grateful for Governor Hochul’s vision and leadership on Discovery reform. These common sense adjustments to the Discovery laws that the Governor fought for will help us restore justice for victims and provide us more tools to promote public safety.”

    Wayne County District Attorney Christine K. Callanan said, “The original discovery legislation, while well-intentioned, had unintended consequences that allowed for gamesmanship and resulted in the dismissal of otherwise prosecutable cases. The recent reforms preserve the full disclosure of important discovery materials to defendants, ensuring transparency and fairness, while eliminating procedural loopholes that came at the cost of successful prosecutions and justice for victims. This balanced approach strengthens due process without compromising public safety or victims’ rights.”

    Columbia County District Attorney Chris Liberati-Conant said, “The tweaks to the discovery law are a big win for public safety and the people of Columbia County. They uphold the core principles of justice, fairness, and transparency while bringing balance and common sense to the law. Defendants are still entitled to essentially everything in prosecutors’ files — everything they need for their defense. But these changes should end the practice of lying in wait by requiring defense counsel to confer in good faith about any discovery issues and setting a reasonable time limit on discovery motions. No longer should cases be dismissed for technical, minor violations that do not affect the defendant’s ability to prepare a defense. These changes protect crime victims while upholding defendants’ rights and ensuring swift, just, and responsible prosecution of cases. I thank the Governor for her steadfast leadership in support of these needed amendments.”

    Tompkins County District Attorney Matthew Van Houten said, “It has always been critically important to provide complete disclosure of the evidence against someone accused of a crime. The changes to New York’s discovery laws continue to protect the rights of the accused while significantly reducing the chance that a case will be dismissed based upon a technicality. These changes represent a commonsense and pragmatic solution that protects the rights and safety of all New Yorkers and I am extremely pleased that this was a priority for Governor Hochul in this year’s budget.”

    Ulster County District Attorney Manny Nneji said, “Discovery rules are all about achieving justice for all through a fair and transparent process. The adjustments made by Governor Hochul and our State Legislature will go a long way in eliminating the worries for victims of crime resulting from the aggressive and overzealous abuse of loopholes existing in the original discovery reforms. As a prosecutor who has dealt with these abuses firsthand in homicide cases, I am grateful to the Governor and Legislature for taking action that positively impacts victims of crime in my community.”

    Westchester County District Attorney Susan Cacace said, “I am proud to stand alongside Gov. Hochul and my District Attorney colleagues in support of a Fiscal Year 2026 budget that prioritizes public safety. This is a hard-won victory, but one that was undoubtedly worth fighting for. I commend Gov. Hochul’s leadership and the efforts of everyone inside and outside government who brought these reforms over the finish line. This agreement is a win for all New Yorkers who believe crime victims deserve a meaningful chance at securing justice. Though discovery is not often in the public spotlight, it lies at the heart of the criminal justice process. For years, we operated under a status quo that yielded arbitrary disappointments and absurd results. Now, these reforms will help restore the public’s faith in our criminal justice system.”

    Dutchess County District Attorney Anthony Parisi said, “As prosecutors, we are dedicated to pursuing justice fairly, ethically, and within the bounds of the law. While the 2019 discovery reforms were well-intentioned, they created significant operational challenges to our Office, and to district attorneys’ offices state-wide. We applaud Governor Hochul and our lawmakers for proposing amendments that preserve the spirit of reform while adding safeguards to prevent unjust dismissals of cases based upon minor technical errors in disclosures. These changes promote fairness by allowing proportionate remedies for procedural errors, protecting both defendants’ rights and public safety. We are happy to hear that Governor Hochul is committed to providing additional funding to district attorneys’ offices for discovery. To implement these reforms effectively, district attorneys’ offices urgently need additional resources. Investment in staffing and technology is essential to uphold these standards and ensure a just, efficient legal system.”

    Village of Brightwaters Mayor and President of the Suffolk County Village Officials Association John Valdini said, “On behalf of the Villages across Suffolk County, I would like to thank Governor Hochul for standing up for the victims of crimes with the Discovery Law changes included in this year’s state budget. These necessary changes will help restore balance to our justice system, keep our communities safe and support victims throughout the legal process.”

    Westhampton Beach Mayor Ralph Urban said, “Mayor Ralph Urban of Westhampton Beach strongly supports any legislation that will reduce the ‘Revolving Door’ that is currently putting a great deal of stress on our Justice and Police Departments along with putting the public at risk for encountering repeat offenders without relief.”

    North Haven Village Mayor Chris Fiore said, “The recent position of the Governor’s office and the revision of the over restrictive discovery laws will proactively address recidivism and make our neighborhoods safer. There’s more to do but these are great first steps.

    New York City Council Member Keith Powers said, “Safety is a top priority for all New Yorkers. While we’ve continued to see crime fall, it’s as important as ever that we give prosecutors the tools they need to bring criminals to justice. Tweaks to the state’s discovery law will hold perpetrators accountable while keeping the intention of the original 2019 reforms intact, ensuring speedy trials. I commend Governor Hochul for her work, and applaud the prosecutors who have worked so hard to achieve this agreement.”

    New York City Council Member Gale A. Brewer said, “These thoughtful changes to New York’s discovery laws reflect our continued commitment to justice, fairness, and public safety. By listening to the concerns of prosecutors, advocates, and communities across the state, we’ve struck the right balance—ensuring timely access to information, protecting victims, and reinforcing our fundamental promise of due process under the law.”

    Southold Town Supervisor Albert J. Krupski, Jr. said, “I am in support of New York State’s effort to change the discovery law to provide better public safety for our communities.”

    Monroe County Sheriff Todd K. Baxter said, “On behalf of the Monroe County Sheriff’s Office and the communities we serve, I want to express our appreciation to Governor Hochul for her support of public safety and meaningful discovery reform. This important revision to our discovery laws helps ensure that law enforcement has the tools we need to protect our neighborhoods, while upholding the integrity of our justice system. These changes are necessary across the bail reform spectrum. We are grateful for the willingness to discuss, the willingness to improve.”

    Partnership for New York City President & CEO Kathryn Wylde said, “Governor Hochul’s leadership has resulted in adjustments to the discovery law that were necessary to keep New Yorkers safe. Together with leaders Andrea Stewart Cousins and Carl Heastie, she has delivered reform that was a top priority for the city’s employers.”

    Greater NY Chamber of Commerce President & CEO Mark Jaffe said, “Kathy Hochul is listening! Our members throughout NY have been frustrated by the 2019 Discovery Reforms that needed to be fixed to protect public safety. The well-meaning reforms had resulted in tens of thousands of dismissals for felony and repetitive misdemeanor cases that too often left law abiding citizens without justice. The Governor’s leadership and conviction has delivered a system that will now protect the accused without sacrificing justice for victims of crime. Again, we must thank Governor Hochul for standing up for our members and providing a safer environment for all those who live, work, and visit NY.”

    Manhattan Chamber of Commerce President and CEO Jessica Walker said, “This was a very heavy lift, but the Governor got it done! This is one of those wonky issues that isn’t particularly well-known or understood but which has substantial and far-reaching impacts. It goes to the very heart of public safety and justice in New York. The Governor made a strong case, stood firm, and delivered on her promise to fix the issue. New Yorkers should all be tremendously grateful for her steady leadership.”

    Staten Island Chamber of Commerce President & CEO Linda Baran said, “The adjustments to New York State’s discovery law and the investments in our justice system included in the State budget are promising steps towards improving public safety and protecting New Yorkers and business owners. The Chamber is grateful for these improvements and congratulates Governor Hochul and District Attorney McMahon for their efforts in making New York a better and safer place for businesses to thrive.”

    Bronx Chamber of Commerce President Lisa Sorin said, “Retail theft continues to threaten the stability of small businesses and commercial corridors across New York City—particularly in the Bronx, where so many local entrepreneurs operate on razor-thin margins. The discovery law changes included in this year’s budget are a critical step toward restoring accountability, protecting small businesses, and making our communities safer for all residents. We commend Governor Hochul and the Legislature for advancing these thoughtful reforms and for recognizing that economic vitality and public safety must go hand in hand.”

    Long Island Against Domestic Violence Executive Director Wendy Linsalata said, “LI Against Domestic Violence fully supports efforts to enhance systems that are in place to protect survivor safety and hold those that are responsible for inflicting fear and harm on their partner accountable. Changes to the discovery laws were needed to prevent the dismissal of cases and support prosecution based on the merits of the case while not infringing on the rights of offenders. These changes will provide a positive impact for survivors whom, often feel unheard and discouraged from reaching out for assistance in the future when cases are dismissed.”

    Crime Victims Center Executive Director Laura A. Ahearn said, “I applaud Governor Hochul for championing these much needed changes to New York’s discovery laws. These reforms will help ensure victims on Long Island and across the state can finally seek justice based on the facts, not be denied it because of technicalities.”

    SEPA Mujer Inc. Executive Director Martha Maffei said, “The strengthened discovery protections in New York State law are a vital step toward justice, ensuring that those who bravely speak up are not further endangered. For many of the immigrant women we serve, this confidentiality is not just a legal right—it’s a lifeline. These changes affirm that survivor safety and due process can coexist, and we will continue to advocate for both.”

    Sanctuary for Families CEO Hon. Judy Harris Kluger said, “Governor Hochul and the Legislature have taken a vital step to ensure our justice system works for domestic violence survivors as well as defendants. For years, cases were dismissed over minor procedural errors, leaving survivors without protection and offenders without accountability. By addressing the unintended consequences of our discovery laws, these reforms will help restore survivors’ ability to seek safety and justice through the courts.”

    Willow Domestic Violence Center of Greater Rochester President & CEO Meaghan de Chateauvieux said, “Governor Hochul’s proposed discovery reform is a critical step toward strengthening protections for survivors of domestic violence. By ensuring sensitive information is safeguarded and survivors are not retraumatized through the legal process, this proposal prioritizes both justice and safety. We are grateful for the Governor’s leadership and commitment to building a system that better supports those who courageously come forward.”

    Brighter Tomorrows, Inc. Executive Director Dolores Kordon said, “Domestic violence victims face many obstacles in their quest for justice. Measures that create a pathway towards safety for themselves and their children is critical. Streamlining the discovery process helps to ensure fairness for victims.”

    Beit Simchat Torah Senior Rabbi Emerita Rabbi Sharon Kleinbaum said, “As Senior Rabbi Emerita of Congregation Beit Simchat Torah (CBST), co-founder of the New York Jewish Agenda, and a lifelong advocate for equality, I deeply appreciate Governor Hochul’s leadership in advancing these critical changes to New York’s discovery laws. The discovery amendments that the Governor and the Legislature enacted this budget honor the spirit of the 2019 reforms—protecting the rights of the accused—while addressing unintended consequences that have harmed victims. These thoughtful amendments preserve the rights of the accused and do right by victims, ensuring our justice system works for everyone it touches.”

    Garment District Alliance President Barbara Blair said, “The Garment District Alliance thanks governor Hochul and the state legislature for recognizing and addressing the serious need to modify NY’s discovery laws. GDA has been a first-hand witness to a justice system compromised by opportunism with regard to discovery. Strengthening these laws are an improvement step in restoring credibility and fairness to the judicial process.”

    Times Square Alliance President Tom Harris said, “We commend Governor Hochul for standing strong and delivering reforms to discovery rules for all New Yorkers so victims will no longer be denied justice for technicalities. New York still has the most transparent criminal justice system and protects the rights of the accused while making sure that New York is safe for all.”

    Chinatown Partnership Executive Director Wellington Chen said, “To see and hear directly from the domestic violence advocates and victims talk about their experience and the impacts this change in New York Discovery Laws mean to them make it clear why this is so necessary and why the inscription on the pediment says it all: “the true administration of justice is the firmest form of good government.”

    Village Alliance Business Improvement District Executive Director Scott Hobbs said, “We applaud Governor Hochul and the Legislature for advancing thoughtful reforms that bring fairness and accountability back to our justice system. In our community, small businesses were left vulnerable by the well-intentioned changes to the law in 2019, but the unintended consequences led to cases being dismissed on technical grounds—leaving victims without recourse and emboldening repeat offenders. These essential changes will help ensure that crimes against Greenwich Village’s small businesses are taken seriously, that victims can seek justice, and that due process remains protected for all parties.”

    Staten Island Economic Development Corporation President & CEO Mike Cusick said, “I applaud Governor Hochul for her efforts to build on record crime prevention investments while safeguarding fair trials and accountability as part of the FY26 State Budget. For our small business owners, this means a justice system that works faster, protects community safety, and supports a more stable environment to live and do business on Staten Island.”

    Noir et Blanc Owner Deborah Koenigsberger said, “A done deal! As she promised, Governor Kathy Hochul got it done. So grateful to our Governor who stood her ground on behalf of small businesses like mine! BRAVA Governor! Thank you for fighting with us!”

    Family Services CEO Leah Feldman said, “At Family Services, we stand with victims of crime every step of the way. We thank the Governor for treating discovery reform as a human issue. Ensuring trauma-informed and survivor centered systems protects victims’ rights and promotes justice, strengthening the ability of victims to safely participate in the legal processes meant to protect them without being retraumatized.”

    Citizens Crime Commission of NYC President Richard Aborn said, “At its core, the criminal justice system must be based on a careful balance. The right of an individual who has been accused of a crime to a fair and open trial is of paramount importance. The government has no greater power than to deprive some one of their liberty. Before it can exercise that power, the government must be held to a standard that ensures a just outcome. The balance is struck when the rights of the accused are carefully juxtaposed with the right of the government to fully present its evidence within constitutional and statutory bounds. With the governor’s steady leadership, the legislature has moved New York State law closer to striking that balance. The changes in the discovery law will continue to offer those accused of crimes very high levels of protection from unjust outcomes while removing obstacles that unfairly impinged on prosecutors’ ability to prove their cases. This is a classic win-win.”

    Antioch Baptist Brooklyn Pastor and President of AACEO Rev. Dr. Robert M. Waterman said, “Governor Hochul’s leadership in reforming New York’s Discovery Laws strikes a balance between protecting defendants’ rights and advancing justice for victims—strengthening public safety while ensuring fairness and accountability in our legal system.”

    God’s Battalion of Prayer Pastor Rev. Al Cockfield said, “Public safety is the cornerstone of the faith community and of Black and brown communities, and we are grateful for Governor Hochul’s support in keeping us safe. These changes to discovery delicately uphold transparency while targeting repeat offenders who terrorize our city. No New Yorker should be afraid to go to church or take their child to school. Today’s announcement marks a new day in our criminal justice system.”

    River of Life Church Pastor Donald Mapes said, “Thank you to Governor Hochul for spearheading the much needed reforms to the Discovery Laws. Lawyers must have the time and evidence they need to better ensure victims here in the Hudson Valley and across the State have the justice they deserve.”

    Women’s Equal Justice Director Jane Manning said, “These reforms will make a real difference for survivors and will reduce the number of cases dismissed for trivial technical violations. We still have more work to do, but this bill moves us forward in a powerful way. I cannot say enough how grateful we are to the Governor for standing strong to secure these very significant reforms. Without her commitment to fighting for victims and survivors, this important bill would not have been possible.”

    Coalition Against Trafficking in Women Executive Director Taina Bien-Aimé said, “We applaud Governor Hochul for her unflinching commitment to stand with survivors who have endured unspeakable violence at the hands of people who should have instead loved and protected them. The Governor’s vision of justice for victims and survivors of gender-based violence has carried the day in New York with these necessary changes to the discovery law, and is an example for the country as we continue the journey toward equality, especially for women.”

    Met Council on Jewish Poverty CEO David G. Greenfield said, “As the largest provider of domestic violence services in New York’s Jewish community, Met Council has seen firsthand the heartbreak when survivors summon the courage to seek justice—only to have their cases dismissed over minor procedural errors. Governor Kathy Hochul’s reforms to the state’s discovery laws directly address this injustice by ensuring that serious cases are no longer derailed by technicalities. These changes restore faith in the legal system and offer survivors a real path to safety and accountability. We applaud Governor Hochul for her unwavering commitment to protecting victims and strengthening justice for all New Yorkers.”

    Urban Resource Institute CEO Nathaniel M. Fields said, “URI is grateful to Governor Hochul and the State Legislature for their work to protect survivors of domestic and gender-based violence. The deal struck on discovery strikes the right balance and will ensure that survivors can access justice and safety through the courts. As the largest provider of transitional housing for domestic violence survivors in the country, we look forward to our continued partnership to prevent harm, increase safety and reduce recidivism by investing in violence prevention and accountability work with people who have caused harm.”

    Staten Island Community Board 2 Chair Fred Giunta said, “Staten Island Community Board 2 recognizes the importance of updating New York’s Discovery Laws to ensure that survivors have the necessary tools to seek justice, while also upholding the right to a fair and timely trial. These changes are vital for fostering accountability, protecting due process, and strengthening trust in our legal system. We also appreciate Governor Hochul’s commitment to this issue by allocating $135 million in next year’s budget to support its implementation.”

    Westerleigh Improvement Society President Mark Anderson said, “We are pleased to hear that Governor Kathy Hochul has signed into law, commonsense changes to the discovery requirements in pending criminal cases. These changes are reasonable not only for the prosecution, but also for the defense. These new requirements create a more productive process by relieving the undue burden of providing unnecessary evidence or omitted or incorrect evidence from causing the case to be prematurely dropped. Provisions are also welcomed, that provide a timely process for challenges of the evidence, which will create an expedited defense for those charged. We are also grateful to our elected state officials and especially the efforts towards this successful legislation by District Attorney Michael McMahon.”

    Richmondtown and Clarke Avenue Civic Association President Carol Donovan said, “The 2026 Discovery Laws reforms are welcomed efforts to improve the criminal justice system, and public safety overall. We want to thank Governor Hochul for including these public safety changes in the State budget.”

    Port Richmond Strong North Shore Alliance Vice Chair Mario Buonviaggio said, “The critical investments in public safety and changes in the discovery laws for the 2026 State budget will ensure perpetrators are held accountable and victims of crime are not denied justice on technicalities. We thank Governor Kathy Hochul and Staten Island District Attorney Mike McMahon for these critical changes to the discovery laws that will make our local communities safer.”

    Forest Regional Residents Civic Association President Neil Anastassio said, “Our civic association supports the discovery changes in the 2026 State budget secured by Governor Hochul, in partnership with our Staten Island District Attorney, which reforms timelines and procedures in criminal trials. These reforms will assure that all evidence is allowed to be considered during trials, thus protecting the rights of those accused as well as the victims of these crimes.”

    MIL OSI USA News

  • MIL-OSI Security: Update 290 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) has once again lost the connection to its only remaining back-up power line, underlining the continued fragility of the electrical grid during the military conflict, Director General Rafael Mariano Grossi of the International Atomic Energy Agency (IAEA) said today.

    The latest disconnection of the 330 kilovolt (kV) power line – which occurred just before noon local time on Wednesday – left the plant entirely dependent on its last functional 750 kV power line for the electricity it needs to cool its reactors and for other essential nuclear safety and security functions. According to Ukraine’s Ministry of Energy, the disconnection occurred as a result of military activities.

    “A secure supply of off-site power from the grid for all nuclear sites is one of the seven indispensable pillars of nuclear safety and security that we outlined early in the war. It is obvious that this supply is far from being secure. The vulnerability of the grid remains a deep source of concern for nuclear safety at the Zaporizhzhya Nuclear Power Plant as well as elsewhere in Ukraine,” Director General Grossi said.

    Before the conflict, the ZNPP had access to a total of ten external power lines, both 750 and 330 kV. The site has lost all off-site power eight times during the conflict.

    The IAEA team based at the ZNPP continued to hear explosions at distances far away from the site on several days over the past week.

    The team has continued to monitor and assess nuclear safety and security at the plant, in recent days conducting a site walkdown, confirming the water levels in the sprinkler ponds, and observing the testing of an emergency diesel generator. The team also visited the nuclear safety related electrical breakers and instrumentation, and control cabinets of units 3 and 4.

    Director General Grossi said he was in daily contact with both sides to organize the next rotation of IAEA experts at the ZNPP. The current team, ISAMZ27, has been at the plant for more than two months now. The previous rotation, conducted in early March, was also delayed because of difficult conditions on the ground.

    “The IAEA’s continuous presence at the Zaporizhzhya Nuclear Power Plant, since September 2022, has been of vital importance for our efforts to help prevent a nuclear accident during the war. However, getting our staff to and from the site – located on the frontline – has become more complicated in recent months. In the coming days, I will continue to engage intensively with both sides to find a solution, which is urgently needed. My overarching priorities are the safety of my staff and the Zaporizhzhya Nuclear Power Plant,” Director General Grossi said.

    At the Chornobyl site, investigations to determine the extent of damage sustained by the New Safe Confinement (NSC) arch are ongoing following the drone attack in mid-February.

    It took several weeks to completely extinguish the fires caused by the strike. The emergency work resulted in approximately 330 openings in the outer cladding of the NSC arch, each with an average size of 30-50 cm.

    According to information provided to the IAEA team at the site, a preliminary assessment of the physical integrity of the large arch-shaped building identified extensive damage, for example to the stainless-steel panels of the outer cladding, insulation materials as well as to a large part of the membrane – located between the layers of insulation materials – that keep out water, moisture and air.

    In addition, the IAEA team was informed that the NSC’s main crane system (MCS), which includes the crane north maintenance garage area, was damaged by the drone strike and is currently not operational. The MCS is one of the building’s main systems. The crane maintenance garage area houses several electrical cabinets for various systems, most of which were affected by the drone incident and by the water used to put out the resulting fires.

    The NSC’s other systems – providing relevant safety functions such as radiation monitoring, seismic monitoring, decontamination and radioactive waste management, power supply, and fire protection – remain functional, the IAEA team was informed.

    While the heating, ventilation, and air conditioning systems remain functional, they are not in service after the drone incident, the Chornobyl site added.

    “We are gradually getting a more complete picture of the severe damage caused by the drone strike. It will take both considerable time and money to repair all of it,” Director General Grossi said.

    On a more re-assuring note, there still has been no increase in radiation levels measured at the Chornobyl site, indicating there was no release of radioactive materials as a result of the strike.

    At Ukraine’s three operating nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – five out of their total of nine units are currently operating and generating electricity. The four other reactors are in various stages of shutdown for planned maintenance and refueling, of which two are expected to restart soon.

    The IAEA teams based at the three operating NPPs and the Chornobyl site have continued to report about air raid alarms on most days over the past week. The team at the Khmelnytskyy NPP had to shelter on the site in the morning of 30 April.

    As part of the IAEA’s assistance programme to support nuclear safety and security in Ukraine, the Khmelnytskyy NPP and Energoatom’s Centralized Spent Fuel Storage Facility received radio-communication systems, procured with funding from the European Union. In addition, USIE Izotop – a Ukrainian state enterprise involved in the management of radioactive material intended for medical, industrial and other purposes – received software for dose assessments and related calculations, funded by New Zealand. This brings the total number of deliveries to 135 since the start of the conflict.

    MIL Security OSI

  • MIL-OSI: Franklin Electric Announces Appointment of Jennifer L. Sherman as Chairperson; Mark Carano Elected to be a Director of the Company

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., May 08, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Franklin Electric Co., Inc. (NASDAQ: FELE) has elected Jennifer L. Sherman, President and Chief Executive Officer of Federal Signal Corporation, as Chairperson effective as of May 2, 2025 for a term expiring at the 2026 Annual Meeting of Shareholders. Ms. Sherman has been a Director of the Company since 2015. Joe Ruzynski, the Company’s Chief Executive Officer, commented: “I want to congratulate Jennifer on her election as Chairperson of Franklin Electric. She knows the Company well, having served on our Board of Directors for 10 years, and I am looking forward to working closely with her to further develop and refine Franklin’s strategy.”

    In addition, the Company is pleased to announce that Mark A. Carano, Vice President, Chief Financial Officer and Treasurer of SPX Technologies, Inc. has been appointed as a director of the Company effective May 7, 2025 for a term expiring at the 2027 Annual Meeting of Shareholders. Mr. Carano has served in that role since 2023. Prior thereto, Mr. Carano served as Senior Vice President, Chief Financial Officer and Treasurer of Insteel Industries, Inc., and Chief Financial Officer of Big River Steel LLC, following 14 years in investment banking.

    Mr. Carano earned a Bachelor of Arts degree from Vanderbilt University and an MBA from Northwestern University’s Kellogg Business School.

    Ms. Sherman, Franklin’s Chairperson of the Board, commented: “I have confidence that Mark’s extensive financial and manufacturing sector experience will provide a unique perspective to our deliberations. His investment banking and corporate deal-making experience will be invaluable as Franklin Electric continues to look for opportunities to grow through accretive acquisitions. I join my fellow directors in welcoming Mark to the Board and we look forward to benefitting from his leadership and expertise.”

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers worldwide in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be recognized in Newsweek’s lists of America’s Most Responsible Companies 2024, Most Trustworthy Companies 2024, and Greenest Companies 2025; Best Places to Work in Indiana 2024; and America’s Climate Leaders 2024 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    Contact:
    Russ Fleeger
    Franklin Electric Co., Inc.
    260.824.2900

    The MIL Network

  • MIL-OSI: Best Online Casinos: JACKBIT Ranked As Top Online Casino Of 2025

    Source: GlobeNewswire (MIL-OSI)

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    Legal Disclaimer

    This content is for informational and entertainment purposes only and does not constitute legal, financial, or gambling advice. Information is presented “as is,” without warranties. Readers must verify compliance with local gambling laws. The publisher is not liable for losses or consequences.

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    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7307b375-0e00-45a3-aafd-693b0e28892e

    The MIL Network

  • MIL-OSI Global: The attack on public broadcasting is part of a growing threat to press freedom and democracy

    Source: The Conversation – Canada – By Lorry-Ann Austin, Assistant Professor, Social Work and Human Services, Thompson Rivers University

    In a disturbing parallel between two countries, President Donald Trump’s recent attack on the two largest public broadcasters in the United States mirrors threats to Canada’s own public broadcaster that were recently dodged by the electoral defeat of Conservative Pierre Poilievre.

    These attacks are part of a larger authoritarian move to slander and disempower a free and independent press.

    In the grab to reclaim power from the people, authoritarians and the oligarchs who support them recoil from criticism and dissent, demanding that all people support government positions regardless of the rationality of their claims.

    While they may come for the media first, other institutions are also targeted, including those that nurture critical thinking and uphold the rule of law.




    Read more:
    Yale scholars’ move to Canada can prompt us to reflect on the rule of law


    Essential to democracy

    The news media are a key pillar of democracy and a vigilant monitor of human rights. Often identified as the Fourth Estate, the press is tasked with keeping political power in check while informing people about events beyond their own experiences. This function makes it a prime target for authoritarian assault.

    Both Poilievre and Trump have long attacked the integrity of journalists as they worked to undermine public trust in the media. They both denigrate reporters and limit media accessibility.

    With accusations of fake news and attempts to discredit journalists as leftist and partisan propaganda pedlars, Poilievre and Trump’s call to defund public broadcasters seems aimed at silencing criticism and obscuring oversight of their actions.

    Public broadcasters like PBS, NPR and CBC/Radio-Canada provide vital links to news and life-saving information in times of crisis. They inform regions that no longer have access to local corporate news and they educate the public and strengthen its culture.

    Public broadcasters receive public funding through government legislation, but make no mistake, these are not state propaganda machines as some politicians allege.

    CBC/Radio-Canada, PBS and NPR are all governed by broadcasting acts within their respective nations. CBC/Radio-Canada’s editorial independence is protected by the federal Broadcasting Act. In the U.S., the federal Public Broadcasting Act assures PBS and NPR have “maximum freedom …from interference with, or control of, program content or other activities.”

    These media outlets are publicly funded but their editorial independence is enshrined in law.

    Tracking media coverage

    My exploration of the framing practices of public broadcasters, mainstream corporate media and alternative news agencies in Canada and the U.S. lends support to the expressed independence of publicly funded broadcasters.

    This research tracked press coverage of debates about sexual orientation and gender expression in schools over a 10-year period — from Trump’s initial declaration to seek the Oval Office in 2015 to his return to power in November 2024.

    From an initial sample of close to 38,000 news stories, 60 were randomly selected and subjected to multimodal critical discourse analysis.

    A third of these stories were produced by publicly funded news agencies. Findings suggest that while they consistently use polarizing conflict language to present debates to the public — just as corporate and alternative media outlets do — the majority of the publicly funded news accounts I examined adhered to the principles of fact-based reporting.

    These principles include accuracy and objectivity in reporting as well as the inclusion of a balance of perspectives on a given event, and the maintenance of a non-partisan approach to coverage.

    Only one story produced by a public broadcaster in the U.S. represented propaganda in its attempt to persuade the audience to agree with the biased argument presented within. It was an educational video debunking claims that critical race theory was being taught in schools.

    None of the content produced by public broadcasters represented examples of movement journalism, which rejects objectivity in favour of activism to promote human rights and social change.

    No draining on public coffers

    While these findings cannot be extended to all content produced by public broadcasters, they do suggest these news agencies adhere to requirements of non-partisan coverage.

    Without evidence, Poilievre and Trump claim the public broadcasters in their nations are biased against conservative politics. They also claim that they’re a drain on tax revenues, and that cutting their funding will represent significant tax savings.

    This also fails to hold up to a fact check. CBC/Radio-Canada received less than 0.28 per cent of the money allocated in the 2024 federal budget. In the U.S., federal tax dollars allocated to NPR and PBS represent 0.0001 per cent of the federal budget.

    Given the lack of evidence supporting accusations of partisan bias and the minuscule savings that would come from defunding, something else must be driving the assault on public broadcasting.

    It’s likely no coincidence that Trump’s most recent attack on the media coincided with World Press Freedom Day. It’s a day that asserts the importance of a free and independent press in democracy, and the need to protect the ability of journalists to report the truth without fear or interference.

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

    ref. The attack on public broadcasting is part of a growing threat to press freedom and democracy – https://theconversation.com/the-attack-on-public-broadcasting-is-part-of-a-growing-threat-to-press-freedom-and-democracy-255855

    MIL OSI – Global Reports