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  • MIL-OSI Economics: US tariffs could seriously disrupt $6.1 billion EU exports of packaging and food processing machinery, says GlobalData

    Source: GlobalData

    US tariffs could seriously disrupt $6.1 billion EU exports of packaging and food processing machinery, says GlobalData

    Posted in Consumer

    On 2 April 2025, the US administration announced tariffs on all imports, which included a notable 20% tariff on exports from the European Union (EU) to the US. This decision followed the imposition of 25% tariffs on all aluminum and steel imports into the US on 12 March 2025. These policies will significantly alter growth opportunities within food processing and packaging machinery companies supplying the US market. This is because of changes in the packaging formats used to package goods in the US and changes in where automation opportunities reside, says GlobalData, a leading data and analytics company.

    GlobalData’s recent report “Industry Insights: The impact of tariffs on consumer packaged goods” reveals which CPG-relevant sectors are most affected by tariffs within specific trade relationships and how companies within these sectors will be affected. It also provides insights into consumer reactions to changes in the market caused by the imposition of tariffs.

    Rory Gopsill, Senior Consumer Analyst at GlobalData, comments: “US tariffs have the potential to alter the demand for certain types of machinery within the US beverages market. Given the significant dependence of the US on aluminum imports to meet domestic needs, a 25% tariff on steel and aluminum imports is expected to increase the cost of beverage cans.

    “Consequently, soft drink manufacturers may consider transitioning to plastic bottles as a response to the heightened costs associated with metal packaging, a possibility acknowledged by Coca-Cola’s chief executive during a call with investors in February following the tariff announcement. This could result in an increased demand for the blow moulding machines used to produce plastic bottles.”

    In 2024, 126.2 billion soft drinks sold in the US were packaged in plastic bottles, and 60.5 billion were packaged in metal cans, according to GlobalData’s Primary Packaging and Outers database. These numbers are 60.0% and 28.8% of the US soft drinks market, respectively. The US tariffs could restrict the growth of rigid metal cans and promote the growth of rigid plastic bottles. This in turn could have knock-on effects for the machinery in the production of these packaging types.

    EU processing machinery manufacturers will be hurt by US tariffs

    Many of the largest manufacturers of packaging and food processing machinery are European. Krones, GEA, and Syntegon are all German companies, while Sacmi, Coesia, IMA, and PFM Group are all Italian companies. This strong ecosystem enabled the EU to export $3.4 billion worth of washing and bottling machines, $1.6 billion worth of industrial food preparation machinery, and $1.1 billion worth of industrial printers to the US in 2023, according to The Observatory of Economic Complexity. Germany alone accounted for 24% of the US’ industrial food preparation machinery imports in 2023, according to the same source. A 20% tariff on these EU exports to the US represents a serious problem for EU machinery manufacturers.

    Gopsill continues: “Other elements of the US’ current policy agenda could also create disruptions in the US packaging and food processing machinery market. The Trump administration is also pursuing a budget reconciliation bill aimed at securing between $90 billion and $175 billion in additional funding for immigration and border enforcement agencies before the end of the year. This funding would enhance the government’s capacity to conduct business raids and detain and deport undocumented immigrants.

    “Such actions could lead to labor shortages in various industries that heavily depend on packaging and food processing machinery. For instance, according to the American Immigration Council, approximately 23% of the workforce in the US meatpacking industry consists of undocumented immigrants, while this figure was around 62% in the seafood processing sector in 2017 (according to the New American Economy).  Furthermore, according to the American Immigration Council, about 5.5% of employees in transportation and warehousing are also undocumented immigrants.

    Gopsill concludes: “If a crackdown on immigrant labor creates workforce vacancies that companies are unable to fill, food processing and packaging machinery companies may be required to accelerate their innovation programs to supply the market with more automated packaging solutions.”

    MIL OSI Economics –

  • MIL-OSI USA: Pfluger Leads Push to Mitigate Cybersecurity Risks Associated with Unsecured Networks

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    WASHINGTON, DC — This week, Congressman August Pfluger (TX-11) led a letter with several colleagues commending Federal Communications Commission (FCC) Chairman Brendan Carr on his decision to establish the new Council for National Security within the FCC, and urging him to use the council to mitigate cybersecurity risks associated with unsecured routers.

    In part, the members wrote, “The recent proliferation of cybersecurity incidents underscores the need for the entire federal government to work together to address and deter cyber threats. We write to you today because we believe there is more the FCC can do to reduce the likelihood of such incidents. As the backbone of the Internet, routers play a critical role in securing communications for consumers and businesses. When these devices are insecure, they can serve as gateways for cyberattacks. For example, weak, default, or easily predicted passwords make routers vulnerable to exploitation. Malicious actors can exploit these vulnerabilities in routers to disrupt service, steal sensitive data, or even launch attacks against critical infrastructure…”

    “We are increasingly concerned about the prevalence of these devices and that unsecured routers may allow the CCP to surveil American data or disrupt our networks. Although the Department of Commerce is reviewing whether or not to ban routers made by Chinese-owned companies in the future, many of these devices remain on our networks, which nefarious actors could still leverage.”

    The letter outlines several examples of how the Chinese Communist Party (CCP) has repeatedly tried to leverage private companies and create backdoors in our critical infrastructure technology. The letter also highlights that under Chairman Carr’s leadership, the Council for National Security can take action against the CCP by leveraging equipment authorization to require routers to allow only uniquely identifiable devices known to the household and securely authenticated by the network owner.

    See the full letter HERE or read the full text below.

    Dear Chairman Carr,

    Firstly, we write to commend your decision to establish the new Council for National Security within the Federal Communications Commission (FCC), a crucial step in safeguarding America’s telecommunications infrastructure. Congress stands ready to work with you on this initiative to reduce America’s dependence on foreign adversaries, mitigate cyberattack vulnerabilities, and ensure U.S. supremacy in critical technologies.

    As you know, the House Energy and Commerce Committee has worked diligently to combat the People’s Republic of China’s (PRC) efforts to leverage private companies to create backdoors in our telecommunications infrastructure. For example, the House of Representatives just recently passed H.R. 866, the ROUTERS Act, to safeguard Americans’ communications networks from foreign-adversary controlled technology, including routers, modems, or devices that combine both. Additionally, in the 118th Congress, the House passed H.R. 7521, the Protecting Americans from the Foreign Adversary Controlled Applications Act, which prevents foreign adversary-controlled applications from targeting, surveilling, and manipulating Americans through online applications like TikTok. Congress also worked to ensure that the Secure and Trusted Communications Networks Reimbursement Program, or the “Rip and Replace” program, received proper funding to remove untrusted equipment such as Huawei and ZTE from our networks.

    Last year, the House Committee on Homeland Security and the Select Committee on the Chinese Communist Party released their Joint Investigation report into Shanghai Zhenhua Heavy Industries Company (ZPMC), a PRC-owned and operated company. The investigation yielded that ZPMC, or a third-party company contracted with ZPMC, installed cellular modems onto STS cranes currently operational at U.S. ports. These installations fall outside the scope of any contract between the affected U.S. ports and ZPMC. The modems created an obscure method to collect information and bypass firewalls in a manner that could potentially disrupt port operations.

    Even more recently, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) reported that the Chinese-made Contec CMS8000 patient monitors contained a hard-coded IP address linked to an unidentified third party, allowing for reverse backdoor functionality. This vulnerability allows for remote access of the medical device and may allow for potential manipulation, risking patient safety and compromising sensitive health data.

    These are just a few examples of how the CCP will use every tool at its disposal to undermine U.S. economic and national security interests to further its agenda. The recent proliferation of cybersecurity incidents underscores the need for the entire federal government to work together to address and deter cyber threats. We write to you today because we believe there is more the FCC can do to reduce the likelihood of such incidents.

    As the backbone of the Internet, routers play a critical role in securing communications for consumers and businesses. When these devices are insecure, they can serve as gateways for cyberattacks. For example, weak, default, or easily predicted passwords make routers vulnerable to exploitation. Malicious actors can exploit these vulnerabilities in routers to disrupt service, steal sensitive data, or even launch attacks against critical infrastructure.

    It has been reported that TP-Link, a Chinese company, owns roughly 65% of the routers used in U.S. homes and small businesses. Additionally, the Department of Defense and other federal government agencies have used TP-Link Routers before. Multiple TP-Link routers have been added to the National Institute of Science (NIST) National Vulnerability Database for containing a directory traversal vulnerability, allowing unauthenticated remote attackers to access sensitive files by sending specially crafted requests.

    We are increasingly concerned about the prevalence of these devices and that unsecured routers may allow the CCP to surveil American data or disrupt our networks. Although the Department of Commerce is reviewing whether or not to ban routers made by Chinese-owned companies in the future, many of these devices remain on our networks, which nefarious actors could still leverage.

    With the new Council for National Security, the FCC can take various actions to mitigate cybersecurity risks associated with unsecured routers. The FCC could leverage equipment authorization through the Telecommunications Certification Body to require routers to allow only uniquely identifiable devices known to the household and securely authenticated by the network owner onto a customer’s network. These steps represent broadly accepted minimum security practices under NIST guidance and are necessary first steps toward protecting our nation’s consumers and networks from cyber risks. Other immediate-term options, such as prohibiting any new sales of TP-Link routers, or requiring ISPs to block new TP-Link routers from being added to home networks, would stop the influx of these devices on networks. Additionally, as we think beyond TP-Link routers, ISP authentication will strengthen U.S. networks’ ability to defend themselves against future untrusted Internet of Things (IoT) devices joining their networks.

    We are confident that, under your leadership, we can advance national cybersecurity initiatives

    and create robust strategies to strengthen U.S. networks against cybersecurity threats. Together,

    we can foster a secure digital environment that instills trust and confidence among users

    nationwide.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Greens anticipate another record-breaking year in local elections as polls close 

    Source: Green Party of England and Wales

    / by Green Party

    As polls close in the council and mayoral elections taking place across England, the Green Party has said it is confident of “record-breaking” results. The Party is hoping to carry on its winning streak of recent years by increasing its number of councillors for an eighth year in a row. This builds on its best ever General Election result in 2024 that saw nearly 2 million people vote Green increasing its representation in parliament.  

    Green Party Co-leader, Carla Denyer MP, said: 

    “The Green Party is used to breaking records and it looks like this year will be no exception. We’ve increased our number of councillors seven years in a row, and we are sure this will be an eighth. We are taking seats from both the Conservatives and Labour up and down the country as voters, understandably, move away from the tired old parties that have let us all down. We know voters want change, and Greens have that bold and positive vision that stands in contrast to Reform whose politics breed fear and division.” 

    Co-leader Arian Ramsay added: 

    “There is a clear message coming out of these elections. The stale, discredited parties are failing; two-party politics is dead. We now have a five-party system in UK politics, and going forward it’s everything to play for.  

    “Up and down the country we will be winning seats, and in contrast to Reform, building on a long track record of being active in local communities. We’re known for offering practical solutions on the housing crisis, cost of living, climate breakdown and protecting public services. When people elect Greens, they get representatives who work hard all year round. That’s why we are building our membership and electing more and more Greens at all levels of government year after year.” 
     

    MIL OSI United Kingdom –

  • MIL-OSI USA: Governor Kehoe Requests Federal Disaster Declaration in Response to March 30-April 8 Severe Storms, Tornadoes, and Flooding

    Source: US State of Missouri

    MAY 1, 2025

    Jefferson City — Today, Governor Mike Kehoe requested that President Donald Trump approve a major disaster declaration to provide federal assistance in a total of 26 Missouri counties in response to the severe storms, tornadoes, and flooding that caused widespread destruction across the state from March 30 to April 8. Six deaths were confirmed due to severe storms during the period.   

    “Missouri has repeatedly been hit hard by severe storms, tornadoes, and flooding this year and the result has been widespread damage and destruction of homes, private property, and public infrastructure,” Governor Kehoe said. “While Missourians and faith-based and volunteer organizations have been supporting their neighbors and local and state government are working hard at recovery, the cost of these efforts – often because of repeated damage in the same counties – is beyond the capacity of local communities and the state to bear in full.”

    Eighteen of the 26 counties included in this request for a federal disaster declaration were also included in a federal disaster request made by Governor Kehoe on April 2, 2025.

    Based on the documented damage, Governor Kehoe is requesting FEMA Individual Assistance for the following 20 counties: Bollinger, Butler, Cape Girardeau, Carter, Cooper, Dunklin, Howell, Iron, Mississippi, New Madrid, Oregon, Ozark, Reynolds, Ripley, Scott, Shannon, Stoddard, Vernon, Washington, and Wayne.

    Individual Assistance would allow eligible residents to seek federal assistance for temporary housing, housing repairs, replacement of damaged belongings, vehicles, and other qualifying expenses.  

    Based on the documented damage and emergency response costs, Governor Kehoe is also requesting FEMA Public Assistance for the following 25 counties: Bollinger, Butler, Cape Girardeau, Carter, Cooper, Douglas, Dunklin, Howell, Iron, Madison, Maries, Mississippi, New Madrid, Oregon, Ozark, Pemiscot, Reynolds, Ripley, Scott, Shannon, Stoddard, Texas, Vernon, Wayne, and Webster.

    If approved, Public Assistance would allow local governments and qualifying nonprofit agencies to seek federal assistance for reimbursement of emergency response and recovery costs, including repair and replacement of damaged roads, bridges, and other public infrastructure.

    Joint damage assessments conducted by FEMA, SEMA, the U.S. Small Business Administration, and local officials estimate more than $25.5 million in emergency response costs and damage to public infrastructure.

    Missourians with unmet needs are encouraged to contact United Way by dialing 2-1-1 or the American Red Cross at 1-800-733-2767. For additional resources and information about disaster recovery in Missouri, including general clean-up information, housing assistance, and mental health services, please visit recovery.mo.gov.

    ###

    MIL OSI USA News –

  • MIL-OSI: Diversified Royalty Corp. Announces Additions to the Mr. Lube + Tires Royalty Pool, May 2025 Cash Dividend and Q1 2025 Earnings Release Date

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) and Mr. Lube Canada Limited Partnership (“Mr. Lube + Tires”) announced today that effective May 1, 2025 the Mr. Lube + Tires royalty pool (the “Mr. Lube + Tires Royalty Pool”) has been adjusted to include the royalties from six new flagship Mr. Lube + Tires locations and remove one flagship Mr. Lube + Tires location that has permanently closed. With the adjustment for these five net new locations, the Mr. Lube + Tires Royalty Pool now includes 149 flagship locations.

    Sean Morrison, President and Chief Executive Officer of DIV, stated, “Mr. Lube + Tires continues to generate strong same-store-sales-growth across its franchise system and is well positioned to continue this impressive growth moving forward”.

    Pamela Lee, President and Chief Executive Officer of Mr. Lube + Tires, stated, “Mr. Lube + Tires is proud of the performance of our franchisees in 2024. We continue to be focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of our franchisees, and continuing to provide best-in-class service to our customers”.

    Additions to the Mr. Lube + Tires Royalty Pool

    Subject to certain performance criteria being met, and the LP Amendment as described further below, the Mr. Lube + Tires Royalty Pool is adjusted annually on May 1 (the “Adjustment Date”) to include new Mr. Lube + Tires locations that have been open since July 1 of the previous reporting period and to remove Mr. Lube + Tires locations that have been permanently closed during the previous year.

    The initial consideration paid to Mr. Lube + Tires for the estimated net additional royalty revenue was $4.0 million, representing 80% of the total estimated consideration of $5.0 million. The initial consideration of $4.0 million was elected by DIV to be paid in the form of 1,460,419 Common Shares of DIV on the basis of the 20-day volume weighted average closing price of the Common Shares for the period ended April 24, 2025 of $2.7363 per Common Share.

    The remaining consideration payable for the additional royalty revenue of the six new Mr. Lube + Tires locations added to the Royalty Pool on May 1, 2025 will be paid to Mr. Lube + Tires on May 1, 2026, the next Adjustment Date, and will be adjusted to reflect the actual system sales of these six new locations for the year ending December 31, 2025, net of the lost system sales of the one permanently closed Mr. Lube + Tires location removed from the Mr. Lube + Tires Royalty pool on May 1, 2025.

    On May 1, 2023, the Mr. Lube + Tires Royalty Pool was adjusted to include royalties from five new flagship Mr. Lube + Tires locations. The initial consideration previously paid by DIV was $4.7 million, which represented 80% of the total estimated consideration for those five locations, which estimate was based on the forecast system sales of these five locations for year ending December 31, 2023. As a result of a previously-announced amendment (the “LP Amendment”) to the amended and restated limited partnership agreement (the “LP Agreement”) of DIV’s direct subsidiary ML Royalties Limited Partnership (“ML LP”), the remaining consideration payable for the additional royalty revenue of the five Mr. Lube + Tires locations (the “2023 True-Up Locations”) added to the Mr. Lube + Tires Royalty Pool on May 1, 2023 was to be paid to Mr. Lube + Tires on May 1, 2025 (as opposed to May 1, 2024), and adjusted to reflect the actual system sales of these five new locations for the year ending December 31, 2024 (as opposed to the actual system sales for the year ending December 31, 2023).

    The actual system sales for the 2023 True-Up Locations added to the Royalty Pool on May 1, 2023 has now been determined for the year ended December 31, 2024 to be $10.1 million. The total consideration payable to Mr. Lube + Tires for the net additional royalty revenue of these 2023 True-Up Locations based on their actual system sales for the year ended December 31, 2024 is $7.1 million. After taking into account the $4.7 million previously paid by DIV to Mr. Lube + Tires on May 1, 2023 for the 2023 True-Up Locations, DIV paid Mr. Lube + Tires the remaining $2.4 million of cash consideration for the net additional royalty revenue of these 2023 True-Up Locations on May 1, 2025.

    For further details with respect to the manner in which annual adjustments of the Mr. Lube + Tires Royalty Pool occur and the agreements underlying the procedures therefor, see DIV’s Annual Information Form dated March 24, 2025 as well as the LP Amendment, copies of each of which are available on SEDAR+ at www.sedarplus.com.

    May 2025 Cash Dividend

    DIV is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of May 1, 2025 to May 31, 2025, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on May 30, 2025 to shareholders of record as of the close of business on May 15, 2025.

    Q1 2025 Earnings Release Date

    DIV will release earnings results for the three months ended March 31, 2025 following the closing of regular trading on the Toronto Stock Exchange on May 14, 2025.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information and financial outlook, although not all forward-looking information and financial outlook contain these identifying words. Specifically, forward-looking information and financial outlook in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the payment for the remaining consideration payable to Mr. Lube + Tires for the additional royalty revenue from the six Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025; DIV’s belief that Mr. Lube + Tires will continue to generate strong same-store-sales-growth across its franchise system and is well positioned to continue its impressive growth moving forward; Mr. Lube + Tires being focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of its franchisees, and continuing to provide best-in-class service to its customers; the amount and timing of the May 2025 dividend to be paid to DIV’s shareholders; the timing of DIV releasing earnings results for the three months ended March 31, 2025; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied in such forward-looking information and financial outlook. DIV believes that the expectations reflected in the forward-looking information and financial outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: Mr. Lube + Tires will continue to make royalty payments in the amounts and at the times required, or at all; the amount of, or timing of the payment for, the additional consideration payable to Mr. Lube + Tires for the six additional Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025 will occur in the amount or at the time estimated; that transactions completed with Mr. Lube + Tires for the additions to the Mr. Lube + Tires Royalty Pool will be accretive to DIV shareholders; that Mr. Lube + Tires will realize any of the intended benefits of its growth strategy; that Mr. Lube + Tires will continue to grow its brand; that Mr. Lube + Tires will continue opening new stores, or that such stores will be successful if opened; that Mr. Lube + Tires will succeed in strengthening store level economics of its franchisees; that Mr. Lube + Tires will continue to provide best-in-class service to its customers; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s most recently filed management’s discussion and analysis, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information and financial outlook contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; the performance of the Mr. Lube + Tires flagship locations in the Mr. Lube + Tires Royalty Pool will be consistent with DIV’s expectations; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    To the extent any forward-looking information in this news release constitutes a “financial outlook” within the meaning of applicable securities laws, such information is being provided to provide investors with an estimate of the financial impact to DIV of transactions with Mr. Lube + Tires described in this news release.

    All of the forward-looking information and financial outlook in this news release is qualified in its entirety by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information and financial outlook included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (604) 235-3146

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (604) 235-3146

    The MIL Network –

  • MIL-OSI USA: Lankford, Hudson Unveil Bill to End Biden-Era ‘Social Cost’ Climate Models, Supercharge Trump’s American Energy Agenda

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    WASHINGTON, DC — Senator James Lankford (R-OK) today introduced the Transparency and Honesty in Energy Regulations Act alongside Congressman Richard Hudson (R-NC), legislation that will eliminate the use of “social cost” metrics in federal rulemaking and reinforce President Donald Trump’s Unleashing American Energy executive order.
    “Under President Trump, American energy dominance is back, and states like Oklahoma are fueling the charge,” said Lankford. “This bill pushes back on the Biden Administration’s war on American energy producers by ensuring federal rulemaking is grounded in facts—not flawed models or political agendas. It’s a necessary step to restore transparency, rein in government overreach, and keep American energy competitive.”
    “The Biden-Harris Administration used every tool at their disposal to advance their radical green agenda,” said Hudson. “My bill ensures that going forward, no Administration can use inaccurate, unreliable standards to pass dangerous regulations.”
    Background
    The social cost of greenhouse gas metrics are theoretical measurements that try to put a price or economic impact on emissions. Measurement theories have been used by the federal government to determine the economic impact of potential federal regulations, even though they are unscientific and can result in more burdensome regulations.
    Lankford’s bill would prohibit the Environmental Protection Agency, the Department of Energy, the Interior Department, the Council on Environmental Quality, the Federal Energy Regulatory Commission, the Department of the Treasury, the Department of Agriculture, the Department of Commerce, and the Department of Health and Human Services from using the social cost of carbon, the social cost of methane, and social cost of nitrous oxide as rationales for their regulations.
    The Washington Reporter published an exclusive on the legislation, which you can read HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Blumenthal, 259 Colleagues Reintroduce Historic Equality Act To Ban Discrimination Against LGBTQ+ Americans

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    May 01, 2025

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) joined 259 Members of Congress in reintroducing the bicameral Equality Act to push back against escalated attacks from the Trump Administration, MAGA Republicans, and state legislatures on the rights and freedoms of LGBTQ+ Americans nationwide.
    In states across the country, over 850 anti-LGBTQ+ bills have been filed so far this year—the most in U.S. history. The Equality Act is historic, comprehensive legislation to enshrine civil rights protections for our LGBTQ+ friends and neighbors in federal law.
    The Equality Act amends landmark federal anti-discrimination laws to explicitly add sexual orientation and gender identity to longstanding bans on discrimination in employment, housing, public accommodations, jury service, access to credit, federal funding, and more. It would also add protections against sex discrimination in parts of anti-discrimination laws where these protections had not been included previously, such as public accommodations and federal funding.
    “Donald Trump thinks attacking gay and transgender people makes him look tough, but Americans don’t like bullies,” said Murphy. “The Equality Act is simple. Every person deserves dignity, safety, and equality under our laws, no matter who they are, who they love or where they live.”
    “The LGBTQ+ community is under attack by the Trump Administration’s cruel and callous actions every day,” said Blumenthal. “The Equality Act ensures that everyone, regardless of who they are or who they love, is protected from discrimination everywhere, whether it’s in the workplace, going to school, or buying a house. LGBTQ+ Americans deserve to be free and safe from unjust and unfair treatment, and I am proud to stand with them in this fight.”
    Full text of the legislation can be found HERE. A summary of the legislation is available HERE.

    MIL OSI USA News –

  • MIL-OSI Canada: Use caution, be fire safe this weekend

    People are asked to use caution over the next several days as a combination of warm, dry conditions and strong winds in much of southern B.C. are adding to elevated wildfire danger.

    The BC Wildfire Service urges people to postpone any open burning until the windy conditions pass and to use extra caution when camping in the backcountry.

    “We are expecting active weather in the coming days that could set the stage for dangerous wildfire conditions across the province,” said Ravi Parmar, Minister of Forests. “This is the time of year when we’re at the most risk for human-caused wildfires in B.C., most of which are entirely preventable. As the days get longer and nicer, with more people camping or working outside, we all have a role to play in reducing wildfire risk by remaining vigilant, cautious and informed.”

    People planning to have campfires should do so safely, following any local prohibitions. Tips include:

    • avoid having a campfire when it’s windy;
    • choose a proper fire pit or make a ring of rocks at least three metres from trees, shrubs, structures and debris; and
    • do not leave a campfire unattended for any amount of time.

    Open-burning prohibitions are expected to be in place in the coming weeks and will be updated as conditions change.

    Throughout the province, people are encouraged to stay up to date on current wildfire activity and check for road closures, evacuation alerts and orders, and weather conditions, and follow instructions from local governments or First Nations. People are also asked to do their part by reporting any wildfires even if they may have already been reported to either *5555 on a cellphone or 1 800 663-5555, toll-free.

    The BC Wildfire Service mobile app allows people to check the current wildfire situation, road conditions, evacuation information and weather forecasts. Users can also report new wildfires and submit photos, which helps inform BC Wildfire Service operational decision-making.

    Learn More:

    For BC Wildfire Service information and updates, visit: https://wildfiresituation.nrs.gov.bc.ca/dashboard

    For more information about how to FireSmart your home, visit: https://firesmartbc.ca

    MIL OSI Canada News –

  • MIL-OSI Canada: Reinforcing legislation, refocusing health care

    [. Since then, significant changes have been made to both legislation and regulations to establish the refocused health care system. The proposed Health Statutes Amendment Act, 2025, would address all outstanding policy items and ensure a successfully refocused health care system.

    Under Bill 55, amendments are proposed to the Provincial Health Agencies Act, Hospitals Act, Protection of Persons in Care Act, Health Information Act and the Public Health Act.

    “A year and a half in, and we are in the final stages of refocusing Alberta’s health care system. The proposed changes will help us continue to improve the health care system for all Albertans.”

    Adriana LaGrange, Minister of Health

    Refocusing public health

    Throughout the public engagement sessions held across the province, Albertans and health care workers have stressed the need for a consistent and strategic approach to public health, which the current organizational structure doesn’t facilitate.

    As part of the health care system refocusing, Alberta’s government will transfer several public health functions that currently reside within Alberta Health Services to Primary Care Alberta later this year. Primary Care Alberta will oversee front-line public health services, such as communicable disease control, immunizations, newborn screening and health promotion.

    Additionally, key functions like policy development, public health inspections and surveillance will be moved to Alberta Health, and the province’s medical officers of health will move into the Office of the Chief Medical Officer of Health. Amendments to the Public Health Act will enable these transitions while ensuring these important functions are not interrupted and Albertans can rely on a consistent delivery of services.

    “Promoting and protecting the health of individuals, families and communities is foundational to Primary Care Alberta’s commitment to bringing the right care to patients where they are. I look forward to welcoming our front-line public health providers to the Primary Care Alberta team and working with these dedicated professionals to build a strong, unified health care system that improves health outcomes for all those who call Alberta home.”

    Kim Simmonds, president and CEO, Primary Care Alberta

    There will be no disruption to public health delivery in the province during the transition. Albertans will continue to access public health services as they always have. There will be no front-line job losses, and the collective bargaining process will be respected as this work moves forward.

    Other proposed amendments

    If passed, amendments will strengthen health foundations by streamlining governance functions like bylaw approval and board member appointment processes, bring clarity to public health’s role in the refocused system and ensure legislation accurately reflects how hospitals will be managed and operated.

    The new health shared services entity, which supports all four health services sectors, will provide oversight for health foundations in the refocused system. This is a natural fit for health foundations, as they work across all sectors. Legislation will also establish a clearer connection between health foundations and the communities they serve.

    The Government of Alberta takes all allegations of abuse in publicly funded care facilities seriously. A proposed amendment to the Protection of Persons in Care Act will provide additional capacity to complete investigations into allegations of abuse and is part of Alberta Health’s commitment to provide timely service and protect vulnerable adult Albertans in care.

    The Health Information Act is also being amended to provide the Ministry of Seniors, Community and Social Services with further powers to enable it to fulfil its mandate as the sector ministry for continuing care. This ensures the Ministry of Seniors, Community and Social Services can collect, use and disclose health information necessary to support the minister’s role as the sector minister responsible for continuing care in Alberta, including Assisted Living Alberta, the provincial health agency that became a legal entity on April 1 and will be operational later this year.

    Also proposed in this legislation is that sections of the Hospitals Act be repealed. Certain aspects of the Hospitals Act will be integrated into the Provincial Health Agencies Act and will ensure governance of the health system is under one statute. The Hospitals Act is outdated legislation that does not reflect current acute-care system governance or the introduction of new governance structures and ministerial roles. There will be no effects on the standards of care provided within hospitals by repealing portions of this act.

    Quick facts

    • Amendments to legislation would enable key policy shifts to support refocusing efforts, including:
      • Updating the oversight and governance for health foundations.
      • Ensuring hospital governance aligns with the health system refocusing direction.
      • Reorganizing the governance and planning for public health services.
      • Repealing references to regional health authorities, health regions and Alberta Health Services (AHS) in legislation (to be proclaimed in fall 2025, after AHS’ functions and responsibilities as the regional health authority have transitioned to other entities).
    • In spring 2024, the Health Statutes Amendment Act, 2024, passed, along with regulatory amendments to enable the stand up of the provincial health agencies.
    • In fall 2024, the Health Statutes Amendment Act, 2024 (No.2), amended the Provincial Health Agencies Act and its regulations, establishing AHS’ legal status as it transitions from a regional health authority to an acute-care service provider.
    • The Health Information Act was amended in fall 2024 to designate the Ministry of Seniors, Community and Social Services (SCSS) as a custodian under the act, meaning SCSS can access specific health information for the purpose of fulfilling its mandate.

    Related information

    • Streamlining the health care system for Albertans
    • Bill 55: Health Statutes Amendment Act, 2025

    Related news

    • Refocusing emergency services (March 10, 2025)
    • Refocusing continuing care for the future (Jan. 30, 2025)
    • Refocused health care: Continuing the conversation (Jan. 9, 2025)
    • Refocusing acute care leadership for the future (Jan. 8, 2025)
    • Ensuring a successfully refocused health system (Nov. 18, 2024)

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    MIL OSI Canada News –

  • MIL-OSI Security: California Man Sentenced to 10 Years in Prison for Sexually Exploiting a Minor

    Source: United States Department of Justice

    A California man was sentenced in the Eastern District of Virginia today to 10 years in prison and 30 years supervised release for enticing a 12-year-old child from Prince William County to engage in unlawful sexual activity. He was also ordered to pay $10,000 in restitution.

    Cash Taylor Dalton, 30, of Morro Bay, California, pleaded guilty on Jan. 16 to enticement of a minor. According to court documents, FBI agents began investigating Dalton after the child victim’s parents discovered communications on their daughter’s cellphone between their daughter and Dalton. The investigation revealed that Dalton and the victim had been communicating for approximately three months, and that he had sent her sexually explicit images of himself and extremely graphic sexual messages via text and email, including messages directing her to engage in sexual activity and directing her to record herself engaging in sexual activity and send those recordings to him. Dalton and the victim also discussed meeting in person in order to have sex. In November 2024, FBI agents executed a search warrant at Dalton’s home and recovered evidence of Dalton’s communications with the victim, as well as with three other children who were under the age of 16.

    Trial Attorney Nadia Prinz of the Justice Department’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Alessandra Serano for the Eastern District of Virginia are prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI Security: Brooklyn-Based Gang Associate Convicted of Racketeering, Drug Trafficking, and Committing a July 2020 Shooting

    Source: Office of United States Attorneys

    Defendant Trafficked Narcotics in Maine and Fired Eleven Shots Near a Brooklyn Playground, Injuring Two Victims

    Earlier today in federal court in Brooklyn, a federal jury convicted Demetrius Johnson on all counts of an indictment charging him with racketeering, narcotics trafficking, and firing a gun in connection with those crimes.  The defendant was an associate of a Brooklyn-based gang known as the “Bully Gang,” a violent street gang that operated in and around Bedford Stuyvesant. Today’s verdict followed a two-week trial before United States District Judge Brian M. Cogan.  When sentenced, the defendant faces a mandatory minimum of twenty years in prison and a maximum sentence of life.

    John J. Durham, United States Attorney for the Eastern District of New York; Bryan Miller, Special Agent-in-Charge, Bureau of Alcohol, Tobacco, Firearms and Explosives, New York Field Division (ATF); and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD), announced the verdict.

    “Today’s verdict holds the defendant accountable for teaming up with a dangerous criminal enterprise that—in the defendant’s own words—was known for money and violence,” stated United States Attorney Durham.  “Along with other members and associates of the Brooklyn-based Bully Gang, the defendant trafficked massive quantities of deadly drugs up and down the East Coast between New York and Maine, where they were sold for substantial profit.  And when conflict arose during the drug operation, the defendant resorted to near-deadly violence, firing almost a dozen shots towards a playground and injuring two victims.  As a result of this investigation, more than 50 members and associates of the Bully Gang have been convicted for their crimes, showing that my Office and our law enforcement partners will not rest until violent criminal enterprises are fully dismantled.”

    “These convictions put an end to the reign of terror committed by this gang, shattering the myth that criminals can commit atrocious acts without consequence,” stated ATF Special Agent-in-Charge Miller.  “This is the result of a multi-year investigation involving multiple law enforcement agencies spanning multiple jurisdictions.  I commend our law enforcement partners—NYPD, NYC Department of Investigations, and our law enforcement partners in New Jersey, Massachusetts, Maine, and prosecutors with the U.S. Attorney’s Office—for their relentless efforts in making our communities safer.  In particular, I am proud of the men and women of ATF NY and the ATF/NYPD Joint Firearms Task Force, who fight every day to prevent violence in any form, and are committed to dismantling and disarming violent gangs that plague our streets.  ATF once again reaffirms its unwavering commitment to protecting the public from violent offenders.”

    “These convictions represent the culmination of an extensive investigation combined with a vigorous prosecution,” stated NYPD Commissioner Tisch.  “The stakes could not have been higher because these gang members were responsible for an assortment of despicable crimes, including murder, robbery, narcotics trafficking, money laundering, and bribery. A powerful message has been sent: Our city will not tolerate such criminal activity, and the NYPD and our law enforcement partners will keep working tirelessly to identify and investigate these enterprises and bring the individuals involved to justice.” 

    Johnson was convicted of participating in the Bully Gang’s years-long narcotics trafficking scheme, in which large quantities of drugs, including cocaine base and heroin, were transported from New York and New Jersey to Maine.  There, members and associates of the gang sold the drugs out of a rotating series of stash houses.  As proven at trial, the conspiracy was responsible for trafficking thousands of kilograms of narcotics and generating hundreds of thousands of dollars in cash.  Johnson personally sold drugs in connection with this Bully Gang racket and recruited other participants to join the scheme.  

    One of those participants was a former fellow gang member (“John Doe”), who Johnson enlisted to travel from Brooklyn to Maine to sell drugs.  In 2020, after John Doe returned from Maine, a dispute arose between the two over payment owed to John Doe in connection with the drug scheme.  On July 18, 2020, Johnson attempted to murder John Doe, who was seated on a bench at a Brooklyn playground with his one-year-old child. Johnson hit and injured both John Doe and a bystander.

    Since 2020, 53 defendants have been publicly charged with a variety of crimes in connection with this investigation.  To date, 52 of those defendants have pled guilty or been convicted at trial.  One remains a fugitive.            

    The government’s case is being handled by the Office’s Organized Crime and Gangs Section.  Assistant United States Attorneys Joy Lurinsky, Victor Zapana, and Michael J. Castiglione are in charge of the prosecution with the assistance of Special Agent Rebecca Sidhu and NYPD Detective Brian Hilt from the Office’s Criminal Investigations Unit and Paralegal Specialists Elizabeth Reed and Amara Mayo.

    The Defendant:

    DEMETRIUS JOHNSON (also known as “Q”)
    Age:  29
    Brooklyn, New York

    E.D.N.Y. Docket No.: 20-CR-239 (BMC)

    MIL Security OSI –

  • MIL-OSI Economics: Moody’s Corporation to Present at the Barclays Americas Select Franchise Conference on May 7, 2025

    Source: Moody’s

    Headline: Moody’s Corporation to Present at the Barclays Americas Select Franchise Conference on May 7, 2025

    Moody’s Corporation to Present at the Barclays Americas Select Franchise Conference on May 7, 2025

    NEW YORK–(BUSINESS WIRE)– Moody’s Corporation (NYSE: MCO) announced today that Noémie Heuland, Chief Financial Officer, will speak at the Barclays Americas Select Franchise Conference on Wednesday, May 7, 2025. The presentation will begin at approximately 6:30 a.m. Eastern Time and will be webcast live. The webcast will be accessible at Moody’s Investor Relations website, ir.moodys.com.

    This event is conducted in compliance with Regulation FD. Senior management may use this content during subsequent meetings with analysts and investors.

    ABOUT Moody’s

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.

    Source: Moody’s Corporation Investor Relations

    MIL OSI Economics –

  • MIL-OSI Australia: Woman dies after crash at Para Hills

    Source: New South Wales – News

    Police are preparing a report for the coroner following a crash on private property at Para Hills last night.

    Just before 8pm on Thursday 1 May, police and emergency services were called to Lynore Avenue after reports a woman had been crushed between her vehicle and house.

    The 67-year-old woman was treated by Paramedics at the scene but sadly died.

    Major Crash Investigators attended the scene to determine the cause of the crash.

    There are no suspicious circumstances surrounding her death and it will not be included on the lives lost toll.

    MIL OSI News –

  • MIL-OSI USA: Governor Polis Signs Bills Into Law Expanding Access to Behavioral Health Care and Higher Education for Military Connected Coloradans

    Source: US State of Colorado

    Governor also signs new laws focused on cell phones in the classroom and increased transparency for library resources 

    DENVER – Today, Governor Polis joined by Lt. Governor Primavera, signed legislation to expand healthcare access and services for veterans and military-connected families, and provide tuition waivers for eligible members of the Colorado National Guard.

    • SB25-247 – Tuition Waiver & Colorado National Guard Members, sponsored by Senators Jeff Bridges and Barbara Kirkmeyer, and Representatives Shannon Bird and Rick Taggart
    • HB25-1132 – Military Family Behavioral Health Grant Program, sponsored by Representatives Sean Camacho and Rebekah Stewart, and Senators Nick Hinrichsen and Jeff Bridges 

    “In Colorado, we are committed to expanding support and opportunities for our valuable military community, by saving military-connected families more money on healthcare and reducing the cost of college for the next step in their careers. Thank you to the sponsors for creating legislation that uplifts and protects Colorado’s important military community,” said Governor Polis. 

    “Colorado has always proudly stood behind those who serve — and today, we’re reaffirming that commitment,” said Lt. Governor Dianne Primavera. “With these bills, we’re taking real steps to continue supporting our military members, their families, and Veterans. We honor your service not just in words, but through meaningful action. Colorado is proud to stand with you and is committed to being the best home for our military-connected communities.” 

    Governor Polis also signed bills into law promoting transparent and healthy educational practices in Colorado to help Colorado students grow academically and succeed. 

    • SB25-063 – Library Resource Decision Standards for Public Schools, sponsored by Senators Lisa Cutter and Dafna Michaelson Jenet, and Representatives Lorena Garcia and Jenny Willford.
    • HB25-1135 – Communication Devices in Schools, sponsored by Representatives Meghan Lukens and Mary Bradfield, and Senators Janice Marchman and Lisa Frizell. 

    “Finding ways to create engaging and productive learning environments for Colorado students that foster stronger learning and bolster student engagement is critically important. This legislation strikes a balance between helping students learn better in the classroom and have access to technology when needed,” said Governor Polis. 

    Governor Polis signed the following bill into law administratively: 

    • HB25-1185 – Child Conceived from Sex Assault Court Proceedings, sponsored by Representatives Meg Froelich and Jenny Willford, and Senator Mike Weissman. This bill is bipartisan. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Transcript: Protecting Subway Riders and Transit Workers

    Source: US State of New York

    arlier today, Governor Kathy Hochul joined MTA officials and law enforcement to highlight a FY 2026 New York State Budget deal that delivers on the Governor’s public safety commitments to continue making our subways safer for all riders and transit workers. These major investments increase the presence of law enforcement, make crucial safety upgrades in protective barriers and LED lighting and continue cracking down on fare evasion. New York City’s Subways continue to experience the lowest levels of crime overall outside the pandemic since the 1990s — and as a result of the Governor’s continued efforts to prioritize public safety and make our subways safer, crime is down 11 percent since last year and down 16 percent compared to pre-pandemic levels.

    B-ROLL of the Governor taking the subway, meeting construction workers and subway riders is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    AUDIO: The Governor’s remarks are available in audio form here.

    PHOTOS: The Governor’s Flickr page will post photos of the event here.

    A rush transcript of the Governor’s remarks is available below:

    It’s great to see all of you and you’re really making a profound difference here. Always happy to be back riding our subway system. Nothing like it in the world. I want to thank Janno Lieber for leading an organization that has been down and out and now it’s back. And I’m so proud to say that we’ve achieved so much together over my last three and a half years to empower the MTA to head on a path that they know is sustainable and delivers the highest quality of service to the people he cares the most about. And those are our commuters. Let’s give round applause to Janno Lieber here today.

    Michael Kemper, our chief of security. Thank you, Michael, for finding every possible way we can to protect our commuters, our riders, our visitors. Superintendent Steven James, thank you for responding whenever I need you. You’ve been asked to do the extraordinary, whether it’s helping with gun interdiction on the streets to calming down prison strikes and right here in our subway. So I thank you and all the members of our State Police team for the extraordinary work you do every day. Brigadier General Isabel Smith, the director of joint staff and commander of the National Guard. I want to thank the National Guard for their presence here, making people feel calmer and safer.

    And I’ve heard that from moms who literally come up to me and say, “I feel a lot better having my child go to the subway when I see more people in uniform. And you help make that happen.” So let’s hear it for our National Guard and our MTA police, our state police and to everyone who cares so deeply about the success of this subway system.

    It may be overstated, but this is the beating heart of this city. This is what sets us apart from all others. Getting people anywhere they want to go within minutes. It’s extraordinary. And beneath every day – underneath these towering skyscrapers in our busy streets – millions of people for every walk of life come together. They head off to work. They head off to school. They visit families and friends. They go to doctor’s appointments.

    And the experience, all the wonder that the city has to offer. But I’ll tell you this – when I first took office three and a half years ago, this system faced a triple threat. First of all, subway crime was raging, absolutely raging. I would say as an aftermath – an outgrowth – of the pandemic, of which we know we were the epicenter for the nation. Ridership was down, it was absolutely lagging. And the MTA faced a looming fiscal crisis that threatened to bring this system to a screeching halt. Those were real challenges, but we were undaunted.

    We knew we needed to lean hard into them and find solutions that would work. So we secured significant recurring funding to save the MTA from literally going off the fiscal cliff. We got it done a few years ago, and we took bold, decisive action to protect riders.

    And you see it, as I mentioned, with the presence of law enforcement on the platforms and in the trains. You see it in the National Guard presence and you see it in the new platform, barriers and cameras docked in every single subway car. And I want to say we had a goal to get it done in a few years, and I want to thank the MTA for rising to the challenge I put out and said, “No, we’re going to shave off a lot of time. I want a camera in every single train so people feel secure and our law enforcement can reach and find and prosecute the law breakers.”

    So we made some real progress there as well. Now, subway crime, now, is down 16 percent compared to 2019. Why do I go back to 2019? I subtract it out. The higher years of the pandemic, because otherwise this would be a lot bigger drop. But I want to deal in realities.

    What was the world like before the pandemic when people were not so anxious about going on the subway? We are now down 16 percent compared to 2019. And just from last year, we’d already started seeing dramatic downward trends. We’re still 11 percent lower than last year at this time. So ridership continues to rise. Ticking up seven percent year over year.

    But I’ll say this, I more than anyone know, there’s still more work to do. Just last week, a man was stabbed to death on the five train, right in the middle of rush hour – a galling attack that shocked so many riders. That’s proof. That’s proof we still have more work to do. I acknowledge that. And in January, I came here and up, I outlined a plan to ramp up our efforts.

    I vow to fund the state funding for the first time in history, not just MTA police, not just state police, but funding the MTA – picking up the costs of the MTA – so there’s two NYPD police officers on every overnight train. When you see the police officers, NYPD, on those overnight trains starting at nine o’clock at night till 6:00 a.m. that is the New York State taxpayers working hard to make sure that this lifeline of our economic heartbeat is still viable and thriving. So we did that.

    We also vowed to make more security upgrades and I vowed to end the insanity of violent criminals getting off with crimes because of technicalities, whether it happens on the subway or happens on our streets. And I vowed to keep people who have severe mental health problems who are in our subways, on our streets. I said, we vowed to get them off these city streets and subway stations and in our trains – and get them into a hospital bed where they can get some help.

    I thought it was cruel to abandon them. Yes, they have civil rights. Of course they do. But some people don’t have the mental capacity to make decisions for their own health and wellbeing. How do we abandon them? That’s not what a civilized society does. And we said no more.

    And I’m proud to say with our new budget, securely in place – almost done – we delivered on these promises. And when it comes to public safety, I refuse to back down. Absolutely refuse to back down. So let me break down what we accomplished.

    First, an additional $45 million for Joint Task Force Empire Shield. That’s our National Guard. We want to make sure they’re funded and can remain here. This is the elite unit that protects New York City, including our subways. The National Guard members you see are an important part of that. $77 million in this year’s budget to make sure we can continue funding those NYPD on the overnight trains. These officers really are the unsung heroes. Those late night rides have to be stressful. Sometimes you walk into a car and you don’t know the unknown. It’s a frightening dynamic, and I want to thank them. Because they’re protecting the nurses and doctors who are on the midnight shift. The cooks and bartenders who clock out late, and all the people who have to rise before the sun are construction workers, our bakers, our baristas.These are the people who keep our city running and we must keep them safe.

    We also, as I mentioned, are taking the steps to take care of those languishing with mental health problems. And I’ll say this, we’re going to make a difference in their lives. We’re going to make sure they get the help they need, but we couldn’t do it up until now. Here’s why. Because we didn’t have the system in place to care for them. Because of decades of disinvestment in our system, our health care system, our mental health system – that we didn’t have enough beds, we didn’t have enough practitioners, we didn’t have enough people with long-term strategies and supportive housing.

    And I’m so proud after the first billion dollars investment I made back when I was brand new Governor. We are now positioned to be able to give these people the help they need. That’s why we can welcome them in and take good care of them. We’re also strengthening Kendra’s Law to ensure those with serious mental illness receive consistent treatment in the community so they don’t fall between the cracks.

    Also, investing $30 million in our homeless outreach teams, these safe option support teams. My God, they’re doing God’s work every single day you see them. I’ve come to thank them. And they’re so compassionate, and they don’t give up on anybody. They believe that everybody has value and they want to help them retrieve their full potential despite how hard life has been for them. These are compassionate public servants who’ve helped over 1,000 New Yorkers escape lives on the street and find, get this permanent housing. 1,000 people who are long term chronically homeless right here — now have a home to call and make sure it’s a safe place for them to rest their heads at night. Because you know what? It’s not just about public safety for all of us. It’s about human dignity and giving people what they deserve.

    As I mentioned, we reformed our criminal justice laws because – while a lot of people aren’t quite sure what discovery laws are, and that’s okay – what happens under changes that were made back in 2019? I will say this, and I’ve said this from the beginning, there were many changes that were necessary. The system was absolutely skewed against the defendants, and that was unfair. But we also know that the pendulum has swung way too far, and now the defense lawyers are able to lie and wait literally the night before a case is supposed to be presented and raise objections that a judge must say, based on the law, you must have this case dismissed now because the clock has run out. Or if there’s minor technicalities and the cases are legendary, you hear the reasons that cases are thrown out, whether it’s a crime in the subway or domestic violence incidents. You want to make sure that people do not escape because of a senseless loophole that we have now fixed. That’s how you start making people safer. That’s how you hold people accountable.

    And if you wear a mask to hide your identity while you’re committing a crime, you’ll face an additional charge. That’s important because we’ve seen in the subway people masking themselves, trying to evade the cameras that we put in place. But if you’re hiding under a mask, how are our police supposed to identify you and make sure you don’t hurt somebody else the next day? This is another force for ensuring that we have public safety.

    But also here’s the music to Janno’s ears – we are fully funding the $68 billion Capital Plan, and I want to thank the leaders in the Legislature for working hard with me. It’s been an interesting, always, always interesting process, but we’re also making sure through that we’re also upgrading $1 billion more in crucial physical security upgrades. So what we’re going to do, we’ll have platform barriers at 100 additional stations. LED lighting. I want them brighter. I want people to see. We’ll also continue swapping out the aging turnstiles. Guess what? Ones that are hard to evade, ones you can’t hurdle over or crawl under. So we’re going to be getting those out there. So those shameless fare invaders and everybody’s doing this who create unnecessary stress and chaos for the other riders who are actually doing what they’re supposed to do.So we’re going to stop them as well.

    We’re also going to make sure the MTA – we fully fund their repairs. And something that’s near and dear to my heart since I proposed it a few years ago, is to do the Interborough Express once and for all the money is there because as much as we love Manhattan, people who are trying to go from Brooklyn to Queen should not have to make us stop here first, let’s inject some common sense into our residents lives and let them have the quality of life they deserve, and less time traveling from one borough to another.

    Making ADA stations ADA accessible and enhancing, enhancing service to and from the Hudson Valley. So we’re going to continue with these goals and I’m always looking forward to partnering with the MTA as we go forth for the years ahead to make good on all these financial commitments.

    But mark my words. I’ll do everything in my power to ensure that the people of this city and this state are safe. And I’ll put the investments where they need to go. I’ll make the changes in the law where necessary because we won’t stop until every single person has what they deserve – the right to be safe in their homes and their communities, and in our subways.

    Thank you very much. Let me hand this now over to Janno Lieber, the Chairman and CEO of the MTA.

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Colleagues Demand DOJ Reverse Cancellation of Hundreds of Public Safety Grants

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    WASHINGTON, D.C. – U.S. Senator Cory Booker (D-NJ) led nearly 30 Democratic senators in sending a letter to the Department of Justice (DOJ) urging Attorney General Pam Bondi and Deputy Assistant Attorney General Maureen Henneberg to reverse the abrupt cancellation of hundreds of public safety grants that serve crime victims and improve public safety in communities across the country. The letter DOJ to provide information about its decision to cancel the grants. 
    “On April 22, the Department of Justice’s (DOJ) Office of Justice Programs (OJP) notified  hundreds of grant recipients across the country, without warning, that their funding had been  terminated, effective immediately. Many of these grants are authorized by Congress and support  programs that have enhanced public safety in communities rural and urban, affluent and poor,  Democratic and Republican. While this Administration continues to market itself as the  administration of law and order and public safety, DOJ has decided to defund programs that  prosecutors, police and sheriff’s departments, judges, mental health service providers,  academics, and more depend on to advance the Department’s longstanding ‘core mission of  keeping Americans safe and vigorously enforcing the law,’” the Senators wrote. 
    “Based on public reporting, outreach from grantees, and a DOJ Justice Management Division  (JMD) spreadsheet (Encl. 1), it appears that the Department defunded at least 365 public safety  grants on April 22, 2025. A review of this information reveals that these grants provide support  for victims of crime and resources for communities to ensure public safety,” the Senators continued.
    For example, with these grant terminations, the Department has defunded programs that support victims of crime, combat rape in prison, assist people with mental health disorders, reduce and prevent violence, and support successful reentry. These examples offer only a sample of the critical funding that DOJ abruptly terminated.
    “The magnitude of these defunding measures, Congress’ role in authorizing and appropriating  grant funds, and the negative impacts that the sudden termination of funding will have on public  safety in communities across the country, requires the immediate review of the processes and  decisions that led to the cancellation of these critical grants,” the Senators wrote.
    The Senators requested answers to nine questions about the cancellations, including whether the Department has reallocated the money to other programs and how officials determined which grants should be cancelled. 
    A DOJ JMD spreadsheet (Encl. 1) lists 365 grants that were terminated on April  22.
    Does this spreadsheet represent the entire universe of grants that were  terminated?  
    Are there grants that were terminated that are not reflected on the list? If so, provide the information in every column for these grants. 
    Which grants that were terminated on April 22 have since been restored? For each grant restored, please provide the reason for its restoration.  
    How were the grants that were terminated chosen? What were the factors  considered in making the determination to terminate? Where the affected grantees were state or local jurisdictions, did the political party of state or local officials in  those jurisdictions influence the determination to terminate? 
    Were there entire categories of grants that were terminated? If so, provide the  categories.  
    What is the legal basis for terminating grant funds that are statutorily required? 
    Has DOJ reallocated the funds it rescinded on April 22? Provide any specific  programs or purposes to which these funds will be reallocated. 
    Will DOJ terminate any more grants, from any of its funding components, that  have been obligated or are in cycle? If so, provide the grant-making component  and the grants that will be terminated or are under consideration to be terminated.  
    Was former Tesla employee turned-DOGE staffer Tarak Makecha solely  responsible for selecting which grants to terminate? Provide the names of all  individuals within DOJ who reviewed or approved the cancellation of the grants.  
    Did any White House officials review the grants to be terminated or otherwise  have any involvement in the decision to terminate the grants? Provide their names.
    “Additionally, we advise that the Department restore immediately the grants terminated on April 22. The cursory termination of these programs imperils the public safety of the victims and communities that rely on these critical resources,” the Senators concluded.
    The letter is cosigned by U.S. Senators Chuck Schumer (D-NY), Dick Durbin (D-IL), Mazie Hirono (D-HI), Chris Coons (D-DE), Amy Klobuchar (D-MN), Richard Blumenthal (D-CT), Alex Padilla (D-CA), Adam Schiff (D-CA), Sheldon Whitehouse (D-RI), Peter Welch (D-VT), Andy Kim (D-NJ), Elizabeth Warren (D-MA), Ruben Gallego (D-AZ), Raphael Warnock (D-GA), Tim Kaine (D-VA), Ben Ray Lujan (D-NM), Ron Wyden (D-OR), Kirsten Gillibrand (D-NY), Jeanne Shaheen (D-NH), Chris Van Hollen (D-MD), Patty Murray (D-WA), Brian Schatz (D-HI), Maria Cantwell (D-WA), Ed Markey (D-MA), Jack Reed (D-RI), Bernie Sanders (I-VT), Gary Peters (D-MI), and Chris Murphy (D-CT). 
    To read the full text of the letter, click here.

    MIL OSI USA News –

  • MIL-OSI USA: 05.01.2025 Sen. Cruz, Rep. Harshbarger Introduce USA Act

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Universal Savings Account Act, a bill that allows American families to save without the restrictions and penalties associated with traditional tax advantaged accounts.
    Sen. Cruz said, “A simple and accessible incentive savings plan will provide families with a way to establish financial security and prosperity. This bill provides a straightforward solution to those challenges. I strongly urge my colleagues to pass this bill for the future generations of Americans.”
    Companion legislation was introduced in the House by Rep. Diana Harshbarger (R-Tenn.-1).
    Rep. Harshbarger said, “It’s an honor to partner with Senator Cruz on this commonsense legislation to empower Americans to take control of their financial futures. The Universal Savings Account Act cuts through red tape and gives every American a flexible, tax-free way to save, invest, and spend — without government interference or penalties. Washington shouldn’t be in the business of micromanaging how people use their own money. This bill is a win for working families, a win for personal freedom, and a win for financial independence.”
    Read the full text of the bill here.
    BACKGROUND
    Universal saving accounts (USAs) are tax-advantaged savings vehicles with unrestricted use of funds, allowing participants to save, invest, and withdraw funds for any reason.
    This bill would allow the following:
    Distributions from Universal Savings Accounts are not subject to income tax, nor included in gross income.
    An initial contribution limit of $10,000, which increases by $500 every year, before capping at $25,000.
    No contribution limits based on income.
    Experts have found Universal Savings Accounts would boost savings for low-income households, allowing them to better withstand economic shocks, such as pandemics and recessions, and plan for major expenses, such as an expanded family, education, and housing needs.

    MIL OSI USA News –

  • MIL-OSI: Quaint Oak Bancorp, Inc. Announces First Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    Southampton, PA , May 01, 2025 (GLOBE NEWSWIRE) — Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today net loss for the quarter ended March 31, 2025 of $83,000, or $(0.03) per basic and diluted share, compared to net income of $873,000, or $0.36 per basic and diluted share, for the same period in 2024.

    Robert T. Strong, Chief Executive Officer stated, “First quarter results historically are not the best of our calendar year. Our first quarter results of this year certainly proved true with slightly less than a breakeven performance. The trends in the country’s real gross domestic product shrinkage of -0.3% in the first quarter 2025 from growth of 2.4% in the fourth quarter of 2024 is a testament to the reality we have experienced.”

    Mr. Strong added, “Uncertainty of the country’s direction in world trade and other domestic issues have had the effect of slowing commitments in the business sector. The housing market has failed to thrive so far this year, rendering our mortgage banking subsidiary to a relatively neutral production mode. Small Business loans both in the SBA category and our portfolio category are slow to close with business owners waiting to gauge the momentum of 2025.”

    Mr. Strong continued, “On a more positive note, the Bank’s pipeline for commercial loans, SBA loans and mortgage loans is relatively strong which would indicate that as the uncertainty in political direction is clarified, our prospects for loan closings should improve.”

    Mr. Strong commented, “We have been reporting weakness in the small business sector of our loan portfolio which still exists. Although both the non-performing loans as a percentage of total loans receivable, net and our non-performing assets as a percentage of total assets experienced a marginal increase over the previous quarter ended December 31, 2024, both have improved over the quarter ended March 31, 2024. Our Texas Ratio is 9.22% at the quarter ended March 31, 2025, down from 11.96% at the quarter ended March 31, 2024. Additionally, I am pleased to report that the Bank’s Total Risk-Based Capital Ratio improved to 13.92% at March 31, 2025 from 13.61% at March 31, 2024.”

    Mr. Strong concluded, “As always, our current and continued business strategy focuses on long-term profitability and maintaining healthy capital ratios both of which reflect our strong commitment to shareholder value.”

    Comparison of Quarter-over-Quarter Operating Results

    Net loss amounted to $83,000 for the three months ended March 31, 2025, a decrease of $956,000, or 109.5%, compared to net income of $873,000 for the three months ended March 31, 2024. The decrease in net income on a comparative quarterly basis was primarily the result of a decrease in interest and dividend income of $2.2 million, an increase in non-interest expense of $419,000, and a decrease in net income from discontinued operations of $406,000, partially offset by a decrease in interest expense of $930,000, a decrease in the provision for credit losses of $695,000, a decrease in the net provision for income taxes from continuing operations of $262,000, and an increase in non-interest income of $178,000.

    The $2.2 million, or 18.1%, decrease in interest and dividend income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $69.8 million from $658.4 million for the three months ended March 31, 2024 to $588.7 million for the three months ended March 31, 2025 and had the effect of decreasing interest income $1.2 million, a 35 basis point decrease in the average yield on loans receivable, net from 6.82% for the three months ended March 31, 2024 to 6.47% for the three months ended March 31, 2025, and had the effect of decreasing interest income $519,000, and a $31.1 million decrease in the average balance of due from banks – interest earning, which decreased from $68.2 million for the three months ended March 31, 2024 to $37.1 million for the three months ended March 31, 2025, and had the effect of decreasing interest income $356,000.

    The $930,000, or 13.9%, decrease in interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was driven by a $1.3 million, or 21.0%, decrease in interest expense on deposits, which was primarily attributable to reduced correspondent banking activity. Also contributing to the decrease in interest expense for the three months ended March 31, 2025 was a $237,000, or 97.9%, decrease in the interest expense on Federal Home Loan Bank long-term borrowings due to a $23.3 million, or 92.8%, decrease in the average balance of Federal Home Loan Bank long-term borrowings which decreased from $25.1 million for the three months ended March 31, 2024 to $1.8 million for the three months ended March 31, 2025 and a $32,000, or 6.6%, decrease in interest expense on subordinated debt. These decreases in interest expense were partially offset by a $479,000, or 100.0%, increase in the interest expense on Federal Home Loan Bank short-term borrowings due to a $43.2 million, or 100.0%, increase in the average balance of Federal Home Loan Bank short-term borrowings which increased from none for the three months ended March 31, 2024 to $43.2 million for the three months ended March 31, 2025, and a $116,000, or 100.0% increase in interest expense on senior debt. The average interest rate spread increased from 2.06% for the three months ended March 31, 2024 to 2.13% for the three months ended March 31, 2025 while the net interest margin decreased from 2.96% for the three months ended March 31, 2024 to 2.63% for the three months ended March 31, 2025.

    The $695,000, or 61.2%, decrease in the provision for credit losses for the three months ended March 31, 2025 over the three months ended March 31, 2024 was primarily due to a decrease in loans receivable, net, partially offset by an increase in charge-offs during the three months ended March 31, 2025.

    The $178,000, or 11.3%, increase in non-interest income for the three months ended March 31, 2025 over the comparable period in 2024 was primarily attributable to a $279,000, or 996.4%, increase in gain on sale of SBA loans, a $121,000, or 12.9%, increase in net gain on sale of loans, and a $33,000, or 21.7%, increase in insurance commissions. These increases were partially offset by a $195,000, or 85.9%, decrease in other fees and service charges, a $60,000, or 29.1%, decrease in mortgage banking, equipment lending and title abstract fees, and a $4,000, or 100.0%, decrease in real estate sales commissions, net.

    The $419,000, or 8.2%, increase in non-interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was primarily due to a $181,000, or 72.4%, increase in occupancy and equipment expense, a $139,000, or 52.9%, increase in data processing expense, an $82,000, or 58.2%, increase in professional fees, a $55,000, or 11.3%, increase in other expense, a $14,000, or 27.5%, increase in directors’ fees and expenses, and a $13,000, or 15.1%, increase in advertising expense. These increases were partially offset by a $52,000, or 30.1%, decrease in FDIC deposit insurance assessment, and a $13,000, or 0.4%, decrease in salaries and employee benefits expense.

    The provision for income tax from continuing operations decreased $262,000, or 99.2%, from $264,000 for the three months ended March 31, 2024 to $2,000 for the three months ended March 31, 2025 due primarily to a decrease in pre-tax income.

    Comparison of Financial Condition

    The Company’s total assets at March 31, 2025 were $650.4 million, a decrease of $34.8 million, or 5.1%, from $685.2 million at December 31, 2024. This decrease in total assets was primarily due to a $14.1 million, or 22.4%, decrease in cash and cash equivalents, a $13.3 million, or 20.7%, decrease in loans held for sale, and an $8.3 million, or 1.6%, decrease in loans receivable, net of allowance for credit losses. The largest decreases within the loan portfolio occurred in commercial real estate loans which decreased $9.6 million, or 3.2%, commercial business loans which decreased $8.9 million, or 7.8%, and one-to-four family non-owner occupied loans which decreased $946,000, or 2.8%. Partially offsetting these decreases were construction loans which increased $4.2 million, or 22.7%, one-to-four family owner occupied loans which increased $4.1 million, or 15.9%, and home equity loans which increased $2.8 million, or 49.3%. Also contributing to the decrease in assets was a $208,000, or 12.5%, decrease in investment securities available for sale, and a $40,000, or 2.5%, decrease in premises and equipment, net. Partially offsetting the decrease in total assets was a $686,000, or 31.0%, increase in investment in Federal Home Loan Bank stock, at cost, a $301,000, or 3.9%, increase in prepaid expenses and other assets, a $227,000, or 5.7%, increase in accrued interest receivable, and a $30,000, or 0.7%, increase in bank-owned life insurance.

    Loans held for sale decreased $13.3 million, or 20.7%, from $64.3 million at December 31, 2024 to $50.9 million at March 31, 2025 as the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $19.6 million of one-to-four family residential loans during the three months ended March 31, 2025 and sold $24.8 million of loans in the secondary market. The Bank’s commercial real estate subsidiary, Oakmont Commercial, LLC, originated $9.4 million of commercial real estate loans during the three months ended March 31, 2025 and sold $17.8 million of loans in the secondary market during this same period. Additionally, the Bank originated $4.9 million of SBA loans and sold $3.7 of loans in the secondary market in the same period.

    Total deposits decreased $45.7 million, or 8.3%, to $507.6 million at March 31, 2025 from $553.3 million at December 31, 2024. This decrease in deposits was primarily attributable to a decrease of $47.8 million, or 100.0%, in interest bearing checking accounts as the Company exited one of its correspondent banking relationships. Also contributing to the decrease in deposits was a decrease of $18.0 million, or 11.1%, in money market accounts, and a $62,000, or 12.6%, decrease in savings accounts. These decreases in deposits were partially offset by an increase of $19.0 million, or 6.7%, in certificates of deposit, and an increase of $1.1 million, or 1.9%, in non-interest bearing checking accounts.

    Total Federal Home Loan Bank (FHLB) borrowings increased $17.1 million, or 35.8%, to $65.0 million at March 31, 2025 from $47.9 million at December 31, 2024. During the period ended March 31, 2025, the Company borrowed $60.0 million of FHLB short-term borrowings, paid down $40.0 million of FHLB short-term borrowings, and paid down $2.9 million of FHLB long-term borrowings.

    Senior debt, net of unamortized debt issuance costs, increased $9.5 million, or 100.0% from none at December 31, 2024 as the Company entered into a Senior Unsecured Note Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued an aggregate of $9.75 million in aggregate principal amount of Fixed Rate Unsecured Senior Notes due March 1, 2028 (the “Notes”) in a private placement. The Company issued to an accredited individual investor an additional $250,000 in principal amount of the Notes as of March 4, 2025 for a total of $10.0 million in aggregate principal amount. The Notes bear interest at a fixed annual rate of 11.00%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning September 1, 2025. The maturity date of the Notes is March 1, 2028.

    Subordinated debt, net of unamortized debt issuance costs, decreased $14.0 million, or 63.6%, to $8.0 million at March 31, 2025 from $22.0 million at December 31, 2024 as the Company used the net proceeds from the sale of the Senior Debt Notes to repay a portion of the outstanding $14.0 million aggregate principal amount of its 8.5% Fixed Rate Subordinated Notes upon their maturity on March 15, 2025.

    Total stockholders’ equity from continuing operations decreased $353,000, or 0.7%, to $52.3 million at March 31, 2025 from $52.6 million at December 31, 2024. Contributing to the decrease were dividends paid of $341,000, and net loss for the period ended March 31, 2025 of $83,000. The decrease in stockholders’ equity was partially offset by amortization of stock awards and options under our stock compensation plans of $61,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $9,000, and other comprehensive income, net of $1,000.

    Non-performing loans at March 31, 2025 totaled $5.9 million, or 1.13%, of total loans receivable, net of allowance for credit losses, consisting of $5.4 million of loans on non-accrual status and $513,000 of loans 90-days or more delinquent. Non-accrual loans consist of one one-to-four family residential owner occupied loan, eight commercial real estate loans, and twelve commercial business loans. Included in the twelve commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan, one commercial real estate loan and two commercial business loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the period ended March 31, 2025, seven commercial business loans totaling $419,000 that were previously on non-accrual were charged-off through the allowance for credit losses. Non-performing loans at December 31, 2024 totaled $5.7 million, or 1.07%, of total loans receivable, net of allowance for credit losses, consisting of $3.9 million of loans on non-accrual status and $1.8 million of loans 90-days or more delinquent. Non-accrual loans consist of one commercial real estate loan, and ten commercial business loans. Included in the ten commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan and two commercial real estate loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the year ended December 31, 2024, 19 commercial business loans totaling $1.6 million, and one construction loan of $187,000, that were previously on non-accrual were charged-off through the allowance for credit losses.

    Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC, and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loan, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

    QUAINT OAK BANCORP, INC.
    Consolidated Balance Sheets
    (In Thousands)
          At March 31,       At December 31,  
          2025       2024  
          (Unaudited)       (Unaudited)  
    Assets                
    Cash and cash equivalents   $ 48,859     $ 62,989  
    Investment in interest-earning time deposits     912       912  
    Investment securities available for sale at fair value     1,458       1,666  
    Loans held for sale     50,946       64,281  
    Loans receivable, net of allowance for credit losses (2025: $6,388; 2024: $6,476)     526,374       534,693  
    Accrued interest receivable     4,188       3,961  
    Investment in Federal Home Loan Bank stock, at cost     2,900       2,214  
    Bank-owned life insurance     4,477       4,447  
    Premises and equipment, net     1,586       1,626  
    Goodwill     515       515  
    Other intangible, net of accumulated amortization     65       77  
    Prepaid expenses and other assets     8,088       7,787  
    Total Assets   $ 650,368     $ 685,168  
                     
    Liabilities and Stockholders’ Equity                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 60,928     $ 59,783  
    Interest-bearing     446,654       493,469  
    Total deposits     507,582       553,252  
    Federal Home Loan Bank short-term borrowings     65,000       45,000  
    Federal Home Loan Bank long-term borrowings     –       2,855  
    Subordinated debt     8,000       22,000  
    Senior debt     9,487       –  
    Accrued interest payable     773       937  
    Advances from borrowers for taxes and insurance     2,044       3,122  
    Accrued expenses and other liabilities     5,218       5,385  
    Total Liabilities     598,104       632,551  
                     
    Total Stockholders’ Equity     52,264       52,617  
    Total Liabilities and Stockholders’ Equity   $ 650,368     $ 685,168  
    QUAINT OAK BANCORP, INC.
    Consolidated Statements of Operations
    (In Thousands, except share data)
        For the Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Interest and Dividend Income                
    Interest on loans, including fees   $ 9,523     $ 11,232  
    Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock     403       890  
    Total Interest and Dividend Income     9,926       12,122  
                     
    Interest Expense                
    Interest on deposits     4,729       5,986  
    Interest on Federal Home Loan Bank short-term borrowings     479       –  
    Interest on Federal Home Loan Bank long-term borrowings     5       242  
    Interest on Federal Reserve Bank short-term borrowings     1       –  
    Interest on subordinated debt     452       484  
    Interest on senior debt     116       –  
    Total Interest Expense     5,782       6,712  
    Net Interest Income     4,144       5,410  
    Provision for Credit Losses – Loans     326       1,084  
    Provision for Credit Losses – Unfunded Commitments     115       52  
    Net Interest Income after Provision for Credit Losses     3,703       4,274  
                     
    Non-Interest Income                
    Mortgage banking, equipment lending and title abstract fees     146       206  
    Real estate sales commissions, net     –       4  
    Insurance commissions     185       152  
    Other fees and services charges     32       227  
    Net loan servicing income     4       2  
    Income from bank-owned life insurance     30       28  
    Net gain on sale of loans     1,056       935  
    Gain on the sale of SBA loans     307       28  
    Total Non-Interest Income     1,760       1,582  
                     
    Non-Interest Expense                
    Salaries and employee benefits     3,650       3,663  
    Directors’ fees and expenses     65       51  
    Occupancy and equipment     431       250  
    Data processing     402       263  
    Professional fees     223       141  
    FDIC deposit insurance assessment     121       173  
    Advertising     99       86  
    Amortization of other intangible     12       12  
    Other     541       486  
    Total Non-Interest Expense     5,544       5,125  
    (Loss) income from continuing operations before income taxes     (81 )     731  
    Income Taxes     2       264  
    Net (loss) income from continuing operations     (83 )     467  
    Income from discontinued operations     –       564  
    Income tax from discontinued operations     –       158  
    Net income from discontinued operations     –       406  
    Net (Loss) Income   $ (83 )   $ 873  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Per Common Share Data:                
    Earnings per share from continuing operations – basic   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – basic   $ –     $ 0.16  
    Earnings per share, net – basic   $ (0.03 )   $ 0.36  
    Average shares outstanding – basic     2,626,967       2,450,814  
    Earnings per share from continuing operations – diluted   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – diluted   $ –     $ 0.16  
    Earnings per share, net – diluted   $ (0.03 )   $ 0.36  
    Average shares outstanding – diluted     2,626,967       2,450,814  
    Book value per share, end of period   $ 19.89     $ 20.84  
    Shares outstanding, end of period     2,627,397       2,407,048  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Selected Operating Ratios:                
    Average yield on interest-earning assets     6.30 %     6.63 %
    Average rate on interest-bearing liabilities     4.17 %     4.57 %
    Average interest rate spread     2.13 %     2.06 %
    Net interest margin     2.63 %     2.96 %
    Average interest-earning assets to average interest-bearing liabilities     113.59 %     124.57 %
    Efficiency ratio     70.40 %     73.29 %
                     
    Asset Quality Ratios (1):                
    Non-performing loans as a percent of total loans receivable, net     1.13 %     1.28 %
    Non-performing assets as a percent of total assets     0.91 %     1.00 %
    Allowance for credit losses as a percent of non-performing loans     107.45 %     97.24 %
    Allowance for credit losses as a percent of total loans receivable, net     1.20 %     1.23 %
    Texas Ratio (2)     9.22 %     11.96 %

      
    (1)  Asset quality ratios are end of period ratios.
    (2)  Total non-performing assets divided by tangible common equity plus the allowance for credit losses.

    The MIL Network –

  • MIL-OSI: HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Shreveport, Louisiana, May 01, 2025 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended March 31, 2025, of $748,000 compared to net income of $732,000 reported for the three months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.24 for the three months ended March 31, 2025 and for the three months ended March 31, 2024. The Company reported net income of $2.7 million for the nine months ended March 31, 2025, compared to $3.0 million for the nine months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.88 for the nine months ended March 31, 2025 compared to $0.97 and $0.95, respectively, for the nine months ended March 31, 2024.

     The Company reported the following highlights during the nine months ended March 31, 2025:

      ●  Book value per share increased to $17.55 at March 31, 2025 from $16.80 at June 30, 2024.
      ●  There were no advances from the FHLB at March 31, 2025 or June 30, 2024.
      ●  Other borrowings totaled $4.0 million at March 31, 2025 compared to $7.0 million at June 30, 2024.

    The increase in net income for the three months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from an increase of $270,000, or 6.1%, in net interest income, an increase of $32,000, or 6.3%, in non-interest income, and a decrease of $5,000, or 45.5%, in the provision for credit losses, partially offset by an increase of $260,000, or 6.5%, in non-interest expense and an increase of $31,000, or 17.6%, in the provision for income taxes. The increase in net interest income for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $735,000, or 21.1%, in total interest expense, partially offset by a decrease of $465,000, or 5.9%, in total interest income. The Company’s average interest rate spread was 2.66% for the three months ended March 31, 2025, compared to 2.16% for the three months ended March 31, 2024. The Company’s net interest margin was 3.33% for the three months ended March 31, 2025, compared to 2.89% for the three months ended March 31, 2024.

    The decrease in net income for the nine months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from a decrease of $891,000, or 6.1%, in net interest income and an increase of $102,000, or 35.2%, in the provision for income taxes, partially offset by a decrease of $331,000, or 2.7%, in non-interest expense, an increase of $248,000, or 23.0%, in non-interest income, and an increase of $167,000 in the recovery of credit losses. The decrease in net interest income for the nine months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $1.2 million, or 5.1%, in total interest income, partially offset by a decrease of $329,000, or 3.5%, in total interest expense. The Company’s average interest rate spread was 2.44% for the nine months ended March 31, 2025, compared to 2.46% for the nine months ended March 31, 2024. The Company’s net interest margin was 3.14% for the nine months ended March 31, 2025, and the nine months ended March 31, 2024.

    The following tables set forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.

        For the Three Months Ended March 31,  
        2025     2024  
        Average
    Balance    		     Average
    Yield/Rate    		     Average
    Balance    		     Average
    Yield/Rate    		  
        (Dollars in thousands)  
    Interest-earning assets:                                
    Loans receivable   $ 459,828       5.94 %   $ 504,918       5.80 %
    Investment securities     95,706       2.44       104,646       2.21 %
    Interest-earning deposits     14,513       3.05       3,607       3.79 %
    Total interest-earning assets   $ 570,047       5.28 %   $ 613,171       5.18 %
                                     
    Interest-bearing liabilities:                                
    Savings accounts   $ 94,375       1.75 %   $ 69,178       0.62 %
    NOW accounts     69,562       1.15       68,170       0.58 %
    Money market accounts     75,882       2.01       89,313       2.60 %
    Certificates of deposit     182,721       3.76       222,534       4.36 %
    Total interest-bearing deposits     422,540       2.57       449,195       2.86 %
    Other bank borrowings     4,000       7.71       9,448       8.73 %
    FHLB advances     –       –       5,956       5.87 %
    Total interest-bearing liabilities   $ 426,540       2.62 %   $ 464,599       3.02 %
        For the Nine months ended March 31,  
        2025     2024  
        Average
    Balance    		     Average
    Yield/Rate    		     Average
    Balance    		     Average
    Yield/Rate    		  
        (Dollars in thousands)  
    Interest-earning assets:                                
    Loans receivable   $ 460,972       5.90 %   $ 503,664       5.80 %
    Investment securities     96,395       2.24       109,255       2.38 %
    Interest-earning deposits     23,326       4.45       5,060       3.55  
    Total interest-earning assets   $ 580,693       5.24 %   $ 617,979       5.18 %
                                     
    Interest-bearing liabilities:                                
    Savings accounts   $ 89,171       1.69 %   $ 73,676       0.46 %
    NOW accounts     71,022       1.17       67,145       0.47 %
    Money market accounts     76,828       2.20       98,021       2.44 %
    Certificates of deposit     191,936       4.04       209,985       4.05 %
    Total interest-bearing deposits     428,957       2.75       448,827       2.58 %
    Other bank borrowings     4,832       7.55       9,100       8.57 %
    FHLB advances     –       –       4,151       5.77 %
    Total interest-bearing liabilities   $ 433,789       2.80 %   $ 462,078       2.72 %

    The $32,000 increase in non-interest income for the three months ended March 31, 2025, compared to the prior year quarterly period, was primarily due to an increase of $27,000 in other non-interest income, an increase of $19,000 in service charges on deposit accounts, an increase of $11,000 in gain on sale of loans, and an increase of $1,000 in income on bank owned life insurance, partially offset by a decrease of $26,000 in gain on sale of securities. The $248,000 increase in non-interest income for the nine months ended March 31, 2025 compared to the prior year nine-month period was primarily due to a decrease of $149,000 in loss on sale of real estate, an increase of $115,000 in other non-interest income, an increase of $14,000 in service charges on deposit accounts, and an increase of $5,000 in income from bank owned life insurance, partially offset by an increase of $32,000 in loss on sale of securities, and a decrease of $3,000 in gain on sale of loans.

    The $260,000 increase in non-interest expense for the three months ended March 31, 2025, compared to the same period in 2024, is primarily attributable to increases of $414,000 in data processing expense, $77,000 in occupancy and equipment expense, $67,000 in audit and examination fees, $49,000 in professional fees, $40,000 in other non-interest expense, $15,000 in loan and collection expense, and $12,000 in deposit insurance premium expense. The increases were partially offset by decreases of $317,000 in compensation and benefits expense, $55,000 in advertising expense, $33,000 in franchise and bank shares tax expense, and $9,000 in amortization of core deposit intangible expense. The $331,000 decrease in non-interest expense for the nine months ended March 31, 2025, compared to the same nine-month period in 2024, is primarily attributable to decreases of $470,000 in compensation and benefits expense, $184,000 in franchise and bank shares tax expense, $179,000 in advertising expense, $65,000 in other non-interest expense, $47,000 in professional fees, $42,000 in amortization of core deposit intangible expense, $22,000 in deposit insurance premium expense, and $19,000 in loan and collection expense. The decreases were partially offset by increases of $594,000 in data processing expense, $86,000 in occupancy and equipment expense, and $17,000 in audit and examination fees. The increase in data processing expense resulted from a billing discrepancy with our core processor, which had failed to issue invoices for certain services dating back to December 2022. Upon discovery of the issue, we negotiated a discounted settlement to resolve the outstanding invoices.

    Total assets decreased $17.9 million, or 2.8%, from $637.5 million at June 30, 2024 to $619.6 million at March 31, 2025. The decrease in assets was comprised of decreases in net loans receivable of $12.6 million, or 2.7%, from $470.9 million at June 30, 2024 to $458.3 million at March 31, 2025, cash and cash equivalents of $4.5 million, or 12.9%, from $34.9 million at June 30, 2024 to $30.4 million at March 31, 2025, premises and equipment of $736,000, or 4.0%, from $18.3 million at June 30, 2024 to $17.6 million at March 31, 2025, loans-held-for-sale of $734,000, or 42.4%, from $1.7 million at June 30, 2024 to $999,000 at March 31, 2025, core deposit intangible of $216,000, or 18.0%, from $1.2 million at June 30, 2024 to $983,000 at March 31, 2025, investment securities of $102,000, or 0.1%, from $96.0 million at June 30, 2024 to $95.9 million at March 31, 2025, and partially offset by increases in real estate owned of $482,000, or 115.3% from $418,000 at June 30, 2024 to $900,000 at March 31, 2025, deferred tax asset of $186,000, or 15.7%, from $1.2 million at June 30, 2024 to $1.4 million at March 31, 2025, other assets of $178,000, or 13.2%, from $1.3 million at June 30, 2024 to $1.5 million at March 31, 2025, bank owned life insurance of $87,000, or 1.3%, from $6.8 million at June 30, 2024 to $6.9 million at March 31, 2025, and accrued interest receivable of $27,000, or 1.5%, from $1.78 million at June 30, 2024 to $1.8 million at March 31, 2025.

    Total liabilities decreased $19.8 million, or 3.4%, from $584.7 million at June 30, 2024 to $564.9 million at March 31, 2025. The decrease in liabilities was comprised of decreases in total deposits of $17.2 million, or 3.0%, from $574.0 million at June 30, 2024 to $556.8 million at March 31, 2025, other borrowings of $3.0 million, or 42.9%, from $7.0 million at June 30, 2024 to $4.0 million at March 31, 2025, advances from borrowers for taxes and insurance of $137,000, or 26.3%, from $521,000 at June 30, 2024 to $384,000 at March 31, 2025, and partially offset by an increase in other accrued expenses and liabilities of $577,000, or 18.1%, from $3.2 million at June 30, 2024 to $3.8 million at March 31, 2025. The decrease in deposits resulted from decreases in certificates of deposit of $32.5 million, or 15.1%, from $214.9 million at June 30, 2024 to $182.4 million at March 31, 2025, money market deposits of $5.7 million, or 6.6%, from $85.5 million at June 30, 2024 to $79.9 million at March 31, 2025, and non-interest deposits of $535,000, or 0.4%, from $130.3 million at June 30, 2024 to $129.8 million at March 31, 2025, partially offset by increases in savings deposits of $19.3 million, or 25.2%, from $76.6 million at June 30, 2024 to $96.0 million at March 31, 2025, and NOW accounts of $2.1 million, or 3.1%, from $66.6 million at June 30, 2024 to $68.7 million at March 31, 2025. The Company had no balances in brokered deposits at March 31, 2025 or June 30, 2024.

    At March 31, 2025, the Company had $3.0 million of non-performing assets (defined as non-accruing loans, accruing loans 90 days or more past due, and other real estate owned) compared to $1.9 million of non-performing assets at June 30, 2024, consisting of six one-to-four family residential loans, six home equity loans, two commercial non-real estate loans, two commercial real-estate loans, and one consumer loan at March 31, 2025, compared to five one-to-four family residential loans, four home equity loans, three commercial non-real estate loans, and three single-family residences in other real estate owned at June 30, 2024. At March 31, 2025 the Company had nine one-to-four family residential loans, six home equity loans, five commercial non-real-estate loans, two commercial real-estate loans, and two consumer loans classified as substandard, compared to six one-to-four family residential loans, five commercial non-real-estate loans, four home equity loans and one consumer loan classified as substandard at June 30, 2024. There were no loans classified as doubtful at March 31, 2025 or June 30, 2024.

    Shareholders’ equity increased $1.9 million, or 3.6%, from $52.8 million at June 30, 2024 to $54.7 million at March 31, 2025. The increase in shareholders’ equity was comprised of net income for the nine-month period of $2.7 million, a decrease in the Company’s accumulated other comprehensive loss of $559,000, the vesting of restricted stock awards, stock options, and the release of employee stock ownership plan shares totaling $370,000, and proceeds from the issuance of common stock from the exercise of stock options of $19,000, partially offset by dividends paid totaling $1.2 million, and stock repurchases of $517,000.

    Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe”, “expect”, “anticipate”, “estimate”, and “intend”, or future or conditional verbs such as “will”, “would”, “should”, “could”, or “may”. We undertake no obligation to update any forward-looking statements.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loans, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED BALANCE SHEETS
    (In thousands except share and per share data)    		  
                     
        March 31, 2025     June 30, 2024  
        (Unaudited)          
    ASSETS                
                     
    Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $22,197 and $25,505 at March 31, 2025 and June 30, 2024, Respectively)   $ 30,439     $ 34,948  
    Securities Available-for-Sale (amortized cost March 31, 2025: $34,751; June 30, 2024: $30,348, Respectively)     32,149       27,037  
    Securities Held-to-Maturity (fair value March 31, 2025: $52,428; June 30, 2024: $54,450, Respectively)     63,066       67,302  
    Other Securities     636       1,614  
    Loans Held-for-Sale     999       1,733  
    Loans Receivable, Net of Allowance for Credit Losses (March 31, 2025:  $4,632; June 30, 2024: $4,574, Respectively)     458,301       470,852  
    Accrued Interest Receivable     1,802       1,775  
    Premises and Equipment, Net     17,567       18,303  
    Bank Owned Life Insurance     6,897       6,810  
    Goodwill     2,990       2,990  
    Core Deposit Intangible     983       1,199  
    Deferred Tax Asset     1,367       1,181  
    Real Estate Owned     900       418  
    Other Assets     1,528       1,350  
                     
    Total Assets   $ 619,624     $ 637,512  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
                     
    LIABILITIES                
                     
    Deposits:                
    Non-interest bearing   $ 129,799     $ 130,334  
    Interest-bearing     426,964       443,673  
    Total Deposits     556,763       574,007  
    Advances from Borrowers for Taxes and Insurance     384       521  
    Other Borrowings     4,000       7,000  
    Other Accrued Expenses and Liabilities     3,758       3,181  
                     
    Total Liabilities     564,905       584,709  
                     
    SHAREHOLDERS’ EQUITY                
                     
    Preferred Stock – $0.01 Par Value; 10,000,000 Shares Authorized: None Issued and Outstanding      –        –  
    Common Stock – $0.01 Par Value; 40,000,000 Shares Authorized: 3,118,764 and 3,142,168 Shares Issued and Outstanding at March 31, 2025 and June 30, 2024, Respectively     32       32  
    Additional Paid-in Capital     42,055       41,739  
    Unearned ESOP Stock     (336 )     (408 )
    Retained Earnings     15,024       14,055  
    Accumulated Other Comprehensive Loss     (2,056 )     (2,615 )
                     
    Total Shareholders’ Equity     54,719       52,803  
                     
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 619,624     $ 637,512  
    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
        Three Months Ended     Nine months ended  
        March 31,     March 31,  
        2025     2024     2025     2024  
    Interest income                                
    Loans, including fees   $ 6,740     $ 7,281     $ 20,426     $ 21,952  
    Investment securities     83       124       213       573  
    Mortgage-backed securities     493       451       1,406       1,384  
    Other interest-earning assets     109       34       779       135  
    Total interest income     7,425       7,890       22,824       24,044  
    Interest expense                                
    Deposits     2,675       3,194       8,851       8,688  
    Federal Home Loan Bank borrowings     –       87       –       180  
    Other bank borrowings     76       205       274       586  
    Total interest expense     2,751       3,486       9,125       9,454  
    Net interest income     4,674       4,404       13,699       14,590  
                                     
    Provision for (recovery of) credit losses     6       11       (172 )     (5 )
    Net interest income after provision for credit losses     4,668       4,393       13,871       14,595  
                                     
    Non-interest income                                
    Gain on sale of loans     80       69       181       184  
    Loss on sale of real estate     –       –       (266 )     (415 )
    Gain(Loss) on sale of securities     –       26       (6 )     26  
    Income on Bank-Owned Life Insurance     29       28       87       82  
    Service charges on deposit accounts     382       363       1,165       1,151  
    Other income     47       20       165       50  
    Total non-interest income     538       506       1,326       1,078  
                                     
                                     
    Non-interest expense                                
    Compensation and benefits     2,136       2,453       6,667       7,137  
    Occupancy and equipment     610       533       1,711       1,625  
    Data processing     553       139       1,107       513  
    Audit and examination fees     150       83       473       456  
    Franchise and bank shares tax     135       168       304       488  
    Advertising     22       77       123       302  
    Professional fees     145       96       396       443  
    Loan and collection     46       31       104       123  
    Amortization Core Deposit Intangible     70       79       216       258  
    Deposit insurance premium     102       90       267       289  
    Other expenses     282       242       729       794  
    Total non-interest expense     4,251       3,991       12,097       12,428  
    Income before income taxes     955       908       3,100       3,245  
    Provision for income tax expense     207       176       392       290  
                                     
    NET INCOME   $ 748     $ 732     $ 2,708     $ 2,955  
                                     
    EARNINGS PER SHARE                                
    Basic   $ 0.24     $ 0.24     $ 0.88     $ 0.97  
    Diluted   $ 0.24     $ 0.24     $ 0.88     $ 0.95  
        Three Months Ended     Nine months ended  
        March 31,     March 31,  
        2025     2024     2025     2024  
                                     
    Selected Operating Ratios(1):                                
    Average interest rate spread     2.66 %     2.16 %     2.44 %     2.46 %
    Net interest margin     3.33 %     2.89 %     3.14 %     3.14 %
    Return on average assets     0.50 %     0.45 %     0.58 %     0.60 %
    Return on average equity     5.59 %     5.62 %     6.85 %     7.64 %
                                     
    Asset Quality Ratios(2):                                
    Non-performing assets as a percent of total assets     0.49 %     0.37 %     0.49 %     0.37 %
    Allowance for credit losses as a percent of non-performing loans     215.44 %     203.11 %     215.44 %     203.11 %
    Allowance for credit losses as a percent of total loans receivable     1.00 %     0.97 %     1.00 %     0.97 %
                                     
    Per Share Data:                                
    Shares outstanding at period end     3,118,764       3,145,236       3,118,764       3,145,236  
    Weighted average shares outstanding:                                
    Basic     3,061,928       3,047,335       3,062,511       3,039,907  
    Diluted     3,087,624       3,091,011       3,081,233       3,095,817  
    Book value per share at period end   $ 17.55     $ 16.71     $ 17.55     $ 16.71  
     ______________                                
    (1) Ratios for the three and nine month periods are annualized.                                
    (2) Asset quality ratios are end of period ratios.                                

    The MIL Network –

  • MIL-OSI USA: Mfume Joins Bicameral Letter on Cuts to Medicaid in District of Columbia

    Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

    WASHINGTON, DC – Amid reports that House Republicans plan to reduce the Federal Medical Assistance Percentage (FMAP) in the District of Columbia, Congressman Steny H. Hoyer (MD-05), Congresswoman Eleanor Holmes Norton (D-DC), and Senator Chris Van Hollen (D-MD) led 15 Members in sending a letter to leaders on the House Committee on Energy & Commerce decrying the proposed cuts to Medicaid in the District. The letter is signed by all Democrats in the National Capital Region, including Senators Mark Warner (D-VA), Tim Kaine (D-VA), and Angela Alsobrooks (D-MD), and Representatives Robert “Bobby” Scott (VA-03), Gerry Connolly (VA-11), Donald Beyer, Jr. (VA-08), Jamie Raskin (MD-08), Kweisi Mfume (MD-07), Glenn Ivey (MD-04), Jennifer L. McClellan (VA-04), Eugene Vindman (VA-07), Suhas Subramanyam (VA-10), Johnny Olszewski (MD-02), Sarah Elfreth (MD-03), and April McClain Delaney (MD-06).

    In 2024, 264,332 people enrolled in Medicaid in the District, including 3 in every 7 children, 4 in every 5 nursing home residents, and 1 in every 2 working-age adults with disabilities. Many of these Americans risk losing coverage if D.C.’s FMAP is reduced. A lower FMAP would also force hospitals, clinics, and local health centers to close their doors, undermining care for everyone in the region. 

    “It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care,” the Members wrote in their letter. “Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers.”

    “Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day,” the Members continued.

    “As a top children’s hospital and the region’s only Pediatric Level 1 Trauma Center, we are deeply concerned that the proposed cuts to D.C. Medicaid will have unintended consequences and will put critical health care for children at risk,” said Michelle Riley-Brown, President and CEO of Children’s National Hospital. “These proposals would force us to immediately scale back the specialized care that hundreds of thousands of families from all 50 states and D.C. rely on each year, including the 55 percent of our patients who are covered by Medicaid.” 

    “Cutting DC’s Medicaid funding would decimate health care, emergency preparedness, and public safety in the city, impacting not only DC residents but those who work and visit the city,” said Jacqueline Bowens, President and CEO of DC Hospital Association. “Cuts would force reductions in services at hospitals and have a ripple effect on the city budget and essential public safety services, including police, fire, education, and substance abuse, mental health, and homeless services.”

    The full text of the letter is included below:

    Dear Chairman Guthrie, Ranking Member Pallone, Chairman Carter, and Ranking Member DeGette:

    We write in strong opposition to the proposals contemplated in the FY25 Budget Resolution to cut Medicaid. It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care. Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers. These indispensable providers serve low-income, military-connected, and disabled children and adults, and play a unique role in our nation’s capital.

    We write with particular concern regarding proposals to reduce the Federal Medical Assistance Percentage (FMAP) for the District of Columbia. Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day. Notably, this includes Members of Congress and their staff, members of the administration, visiting dignitaries, and their families, as well as families across the country who rely on D.C.’s specialized care. We all depend on and expect our nation’s capital to have a quality, responsive health care system. Efforts to weaken that system through cuts to Medicaid undermine the stability and resilience our region requires and would have reverberating effects across the country.

    In 1997, a Republican Congress passed the National Capital Revitalization and Self-Government Improvement Act of 1997 (Revitalization Act), which established the current 70 percent D.C. FMAP and transferred certain functions and costs from the D.C. government to the federal government. Congress passed the Revitalization Act in part because it recognized that it imposes unique revenue limitations on D.C., which operates as a state, county, and city. Congress imposes three main revenue limitations on D.C.: D.C. cannot tax income earned in D.C. by nonresidents, depriving D.C. of more than $3 billion in revenue per year; D.C. cannot permit buildings to exceed certain height limitations; and D.C. cannot tax its sizable federal property.

    As it currently stands, other jurisdictions are entitled to a higher FMAP than D.C. The Consolidated Appropriations Act, 2023 set the FMAP for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands permanently at 83% and set the FMAP for Puerto Rico at 76% through FY 2027. Five states (Mississippi, West Virginia, Alabama, New Mexico, and Kentucky) have FMAPs that are higher than D.C.

    Reducing D.C.’s FMAP would weaken care for all in the Washington, D.C. metropolitan region, regardless of insurance status. Medicaid supports nearly a quarter of D.C.’s population, including 3 in 7 children and 4 in 5 nursing home residents. For example, proposals to reduce D.C.’s FMAP from 70 percent to 50 percent would create a $1.1 billion annual hole in local funds and ultimately result in a total loss of $2.1 billion per year in program funds to local hospitals, universities, and providers. This equates to a 40 percent cut in funding directly impacting health care providers. Hospitals in the region project at least $232 million in uncompensated care due to D.C.’s FMAP reductions, with at least one medical system expecting to close altogether. Impacts would reverberate across fire and emergency services, police recruitment and retention, and behavioral health resources and threaten the ability of hospitals and other safety net providers to stay open. Community-based providers in Virginia and Maryland risk being overwhelmed, as demand rises from D.C. residents seeking timely care.

    Further, without corresponding funding or infrastructure support, it would be challenging for the rest of the region to shoulder the responsibility for regional emergency response. D.C.’s four Level I trauma centers, including those at Children’s National Hospital and MedStar Washington Hospital Center, provide vital care for patients in major incidents or emergency situations, including those involving Members of Congress, federal employees, and visitors. Reducing D.C.’s FMAP would have a particularly disproportionate impact on the provision of trauma and specialty capacities, principally for burn and pediatric patients.

    Reductions to D.C.’s FMAP would adversely limit regional access to life-saving and specialized pediatric care. We note with particular alarm the potential impacts on Children’s National, which provides specialized care to patients from all 50 states, including West Virginia, Pennsylvania, Florida, and North Carolina. 73% of hospital stays and emergency department visits at Children’s National are covered by Medicaid. Reductions in Medicaid funding would likely result in the hospital making significant cuts to primary care, behavioral health, and outpatient subspecialty services, with families having to travel further to obtain such care or going without it. Further, local federally qualified health centers (FQHCs) anticipate that a change to D.C.’s FMAP would result in a loss of coverage for more than 33,000 adult health center patients and a loss of $58 million in payments, leaving them unable to serve over 24,000 of their current patients.

    Reductions to D.C.’s FMAP would be catastrophic for our local providers and pose grave challenges to ensuring patients in the mid-Atlantic region and beyond receive necessary care. As you consider potential policy options through Budget Reconciliation, we urge you to strongly oppose all cuts to Medicaid and to protect the current FMAP for the District of Columbia.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: LEADER JEFFRIES STATEMENT ON MIKE WALTZ

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Know Your Immigration Rights

    If you or a loved one encounter immigration enforcement officials, it is essential that you know your rights and have prepared your household for all possible outcomes.

    Ask for a warrant: The Fourth Amendment of the Constitution protects you from unreasonable search and seizure. You do not have to open your door until you see a valid warrant to enter your home or search your belongings.

    Your right to remain silent: The Fifth Amendment protects your right to remain silent and not incriminate yourself. You are not required to share any personal information such as your place of birth, immigration status or criminal history.

    Always consult an attorney: You have a right to speak with an attorney. You do not have to sign anything or hand officials any documents without speaking to an attorney. Try to identify and consult one in advance.

    The New York City Office of Civil Justice and the Mayor’s Office of Immigrant Affairs (MOIA) support a variety of free immigration legal services through local nonprofit legal organizations. To access these resources, dial 311 and say “Action NYC,” call the MOIA Immigration Legal Support Hotline at 800-354-0365 Monday through Friday from 9:00 a.m. to 6:00 p.m. or visit MOIA’s website.

    Learn more here: KNOW YOUR IMMIGRATION RIGHTS  – Congressman Hakeem Jeffries

    MIL OSI USA News –

  • MIL-OSI USA: Governor Kehoe Orders Flags to Fly at Half-Staff in Honor of Kansas City Fire Department Firefighter/Paramedic Graham Hoffman

    Source: US State of Missouri

    MAY 1, 2025

    Jefferson City — Today, in honor of Kansas City Fire Department Firefighter/Paramedic Graham Hoffman, Governor Mike Kehoe ordered U.S. and Missouri flags be flown at half-staff at government buildings in Cass, Clay, Jackson, and Platte counties, the Fire Fighters Memorial of Missouri in Kingdom City, and firehouses statewide on Friday, May 2, 2025, from sunrise to sunset.

    “Graham Hoffman was a young man who was full of compassion, a desire to help others, and a dedication to saving lives,” Governor Kehoe said. “This past weekend, as he worked an overtime shift, Firefighter/Paramedic Hoffman’s life was tragically cut short by senseless violence as he treated a patient. We pray for Graham’s loved ones and the entire Kansas City Fire Department family as we mourn the loss of this young first responder.”

    Early on the morning of April 27, Firefighter/Paramedic Hoffman, 29, was stabbed and mortally wounded by a patient as she was being transported to a local hospital.

    The flags will be held at half-staff on the day Firefighter/Paramedic Hoffman is laid to rest. To view the Governor’s proclamation, click here.

    ###

    MIL OSI USA News –

  • MIL-OSI: OptimizeRx Releases 2025 Environmental, Social, and Governance (ESG) Report

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., May 01, 2025 (GLOBE NEWSWIRE) — OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of healthcare technology solutions helping life sciences companies reach and engage healthcare professionals (HCPs) and patients, has published its Environmental, Social and Governance (ESG) report for 2025.

    As a company focused on optimizing meaningful engagement opportunities at critical junctures of the healthcare journey, we remain dedicated to aligning our mission with our responsibilities as a corporate citizen.

    “Our stakeholders continue to expect us to transparently disclose our commitment to environmental, social, and governance responsibilities,” stated Marion Odence-Ford, Chief Legal Officer & Chief Human Resources Officer. “During calendar year 2024, we enhanced our disclosures on a wide range of ESG topics. We improved our Institutional Shareholder Services (ISS) ESG rating, moving from the seventh decile to the first decile and earning prime status. We are proud of our achievements and look forward to realizing more progress in the years to come.”

    ESG Report Highlights:

    Governance:

    • The pursuit of responsible governance is a top-down endeavor, and the Company’s Board of Directors and the Nominating & Governance Committee have worked closely with the Executive Team to ensure our business strategies and practices align with our corporate governance policies.
    • Our annual double-materiality survey has identified a clear three-year trend in the topics our stakeholders care about most. These topics are clustered in three main areas:
      • Data Protection: Customer Privacy and Data & Cybersecurity;
      • Ethics and Governance: Business Ethics, Responsible Marketing & Advertising, Corporate Governance, and Anti-Competitive Behavior; and
      • Human Capital: Human Capital & Resources, Labor Practices & Management, and Talent Acquisition & Retention.

    Planet:

    • This year’s ESG Report continues to build on past successes, adding additional detail in the form of a methodology appendix, more comprehensive data on Scope 1 emissions, and reporting on additional individual greenhouse gases.

    People:

    • OptimizeRx continues to believe that impartiality in employment practices is an essential part of our business and is necessary to contribute to a culture of respect. We provide merit-based opportunities to all individuals without regard to age, race, color, national origin, ancestry, citizenship, religion, gender, sexual orientation or gender identity.
    • We prioritize recruiting, retaining, and incentivizing a highly qualified workforce as the success of OptimizeRx is dependent on the skills, experience, and efforts of our employees. We also believe that contributions stemming from each employee’s cultural, economic and social background, experience, and thought are essential in making our Company stronger. Collaboration drawn from a range of perspectives enhances decision-making, sparks innovation, and drives better business outcomes. An inclusive culture boosts employee engagement, attracts top talent, and reduces turnover which furthers long-term success.
    • This year, the Company introduced the SPARK employee recognition program to recognize and celebrate Sustained Excellence, Positive Impact, Accountability, Resilience and Kindness.
    • Another recent initiative includes a Competency Model to clearly define competency levels and expectations for skills, knowledge and experience, and to provide department-specific career progression visuals, to guide each employee’s growth and success.

    Prosperity:

    • We remain vigilant in our quest to turn healthcare challenges into opportunities. Not only do these opportunities present us with new ways to grow and learn, but also to do better for our customers, employees, and the patients we impact, because increasing stakeholder value also drives shareholder value.
    • The Company has seen strong adoption of its Dynamic Audience Activation Platform (DAAP), an AI-enabled platform that delivers predictive and privacy-safe marketing solutions that connects life sciences, HCPs and patients across the most robust network of personal and clinical platforms.
    • The 2024 integration of the consumer-focused solutions of Healthy Offers, Inc. (dba Medicx Health), strengthens our ability to deliver on our mission across expanded stakeholder groups with our increased data and analytics capabilities.

    To read OptimizeRx’s full ESG report, please visit the Company’s governance page on its website or click here.

    About OptimizeRx
    OptimizeRx is a leading healthcare technology company that’s redefining how life science brands connect with patients and healthcare providers. Our platform combines innovative AI-driven tools like the Dynamic Audience Activation Platform (DAAP) and Micro-Neighborhood Targeting (MNT) to deliver timely, relevant, and hyper-local engagement. By bridging the gap between HCP and DTC strategies, we empower brands to create synchronized marketing solutions that drive faster treatment decisions and improved patient outcomes.

    Our commitment to privacy-safe, patient-centric technology ensures that every interaction is designed to make a meaningful impact, delivering life-changing therapies to the right patients at the right time. Headquartered in Waltham, Massachusetts, OptimizeRx partners with some of the world’s leading pharmaceutical and life sciences companies to transform the healthcare landscape and create a healthier future for all.

    Important Cautions Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s growth, business plans, future performance. These forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy, and other future conditions. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition, and other risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

    OptimizeRx Contact 
    Andy D’Silva, SVP Corporate Finance   
    adsilva@optimizerx.com   
      
    Investor Relations Contact
    Steven Halper
    LifeSci Advisors, LLC
    shalper@lifesciadvisors.com

    The MIL Network –

  • MIL-OSI: Bimini Capital Management Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VERO BEACH, Fla., May 01, 2025 (GLOBE NEWSWIRE) — Bimini Capital Management, Inc. (OTCQB: BMNM), (“Bimini Capital,” “Bimini,” or the “Company”), today announced results of operations for the three-month period ended March 31, 2025.

    First Quarter 2025 Highlights

    • Net income of $0.6 million, or $0.06 per common share
    • Book value per share of $0.74
    • Company to discuss results on Friday, May 2, 2025, at 10:00 AM ET

    Management Commentary 

    Commenting on the first quarter results, Robert E. Cauley, Chairman and Chief Executive Officer, said, “While economic data and events generally are never uniformly stable or consistent, the first quarter of 2025 was relatively uneventful.  Interest rates were generally range bound, and volatility was low for most of the quarter.  These are ideal conditions for a levered investment strategy in Agency RMBS.  Accordingly, the Company and the Agency RMBS market generated attractive returns for the period.  Orchid Island Capital’s stock also traded well during the quarter – at least until the last week of the quarter. Orchid was able to take advantage of these conditions and the performance of its common stock price and raise additional capital, enhancing the Company’s advisory service revenues going forward. 

    “Although we did not add to the RMBS portfolio at our Royal Palm Capital subsidiary this quarter we did several times during 2024, and with funding costs down as a result of Fed rates cuts late in 2024, our net interest income, inclusive of dividends from our holdings of Orchid, increased substantially.

    “While the first quarter market conditions were very supportive of our two operating segments, conditions so far in the second quarter have been challenging.  At the moment, there remains considerable uncertainty about how the tariffs introduced by the new administration will ultimately impact the economy and markets. To the extent the economy slows, leading to potential additional rate cuts by the Fed, and/or longer-term interest rates rise as a result of the inflationary impacts of the tariffs, both the Company’s investment portfolio as well as Orchid’s could benefit from enhanced net interest margins resulting from the steeper interest rate curve.”

    Details of First Quarter 2025 Results of Operations

    Orchid reported net income for the first quarter 2025 of $17.1 million and generated a 2.60% return on its book value for the quarter – not annualized. Orchid also raised $205.4 million during the quarter and its shareholders equity increased from $668.5 million at December 31, 2024 to $855.9 million at March 31, 2025. As a result, Bimini’s advisory service revenues of approximately $3.6 million represented a 22% increase over the first quarter of 2024 and a 6% increase over the fourth quarter of 2024. 

    Royal Palm did not add to the RMBS portfolio during the first quarter of 2025 but did so several times during 2024, and interest revenue increased 25% over the first quarter of 2024 and 4% over the fourth quarter of 2024.  With funding costs down as a result of Fed rates cuts late in 2024, net interest income, inclusive of dividends from holdings of Orchid common shares, increased approximately 64% over the first quarter of 2024 and by approximately 35% over the fourth quarter of 2024.  Note these figures represent just the net interest income from the investment portfolio, and do not include interest charges on our trust preferred or other long-term debt.

    Interest charges on the preferred trust and other long-term debt of $0.54 million were down 8% from the fourth quarter of 2024 and 12% from the first quarter of 2024. Expenses of $2.92 million increased 4% from the fourth quarter of 2024 and decreased 3% from the first quarter of 2024.  Bimini recorded an income tax provision of $0.2 million for the first quarter of 2025.

    Management of Orchid Island Capital, Inc.

    Orchid is managed and advised by Bimini. As Manager, Bimini is responsible for administering Orchid’s business activities and day-to-day operations. Pursuant to the terms of a management agreement, our subsidiary, Bimini Advisors, provides Orchid with its management team, including its officers, along with appropriate support personnel. Bimini also maintains a common stock investment in Orchid which is accounted for under the fair value option, with changes in fair value recorded in the statement of operations for the current period. For the three months ended March 31, 2025, Bimini’s statement of operations included a fair value adjustment of $(0.1) million and dividends of $0.2 million from its investment in Orchid common stock. Also, during the three months ended March 31, 2025, Bimini recorded $3.6 million in advisory services revenue for managing Orchid’s portfolio, consisting of $2.7 million of management fees, $0.6 million in overhead reimbursement, and $0.2 million in repurchase, clearing and administrative fees.

    Book Value Per Share

    The Company’s book value per share on March 31, 2025 was $0.74. The Company computes book value per share by dividing total stockholders’ equity by the total number of shares outstanding of the Company’s Class A Common Stock. At March 31, 2025, the Company’s stockholders’ equity was $7.4 million, with 10,005,457 Class A Common shares outstanding.

    Capital Allocation and Return on Invested Capital

    The Company allocates capital between two MBS sub-portfolios, the pass-through MBS portfolio and the structured MBS portfolio, consisting of interest-only and inverse interest-only securities. The table below details the changes to the respective sub-portfolios during the quarter.

    Portfolio Activity for the Quarter  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    Market Value – December 31, 2024 $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  
    Securities purchased   –       –       –       –       –  
    Return of investment   n/a       (77,876 )     (346 )     (78,222 )     (78,222 )
    Pay-downs   (2,793,832 )     n/a       n/a       n/a       (2,793,832 )
    Discount accreted due to pay-downs   19,415       n/a       n/a       n/a       19,415  
    Mark to market gains   1,423,056       45,169       1,368       46,537       1,469,593  
    Market Value – March 31, 2025 $ 118,704,355     $ 2,252,898     $ 7,871     $ 2,260,769     $ 120,965,124  

    The tables below present the allocation of capital between the respective portfolios at March 31, 2025 and December 31, 2024, and the return on invested capital for each sub-portfolio for the three-month period ended March 31, 2025. Capital allocation is defined as the sum of the market value of securities held, less associated repurchase agreement borrowings, plus cash and cash equivalents and restricted cash associated with repurchase agreements. Capital allocated to non-portfolio assets is not included in the calculation.

    Capital Allocation  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    March 31, 2025                                      
    Market value $ 118,704,355     $ 2,252,898     $ 7,871     $ 2,260,769     $ 120,965,124  
    Cash equivalents and restricted cash   5,500,438       –       –       –       5,500,438  
    Repurchase agreement obligations   (115,510,999 )     –       –       –       (115,510,999 )
    Total $ 8,693,794     $ 2,252,898     $ 7,871     $ 2,260,769     $ 10,954,563  
    % of Total   79.4 %     20.5 %     0.1 %     20.6 %     100.0 %
    December 31, 2024                                      
    Market value $ 120,055,716     $ 2,285,605     $ 6,849     $ 2,292,454     $ 122,348,170  
    Cash equivalents and restricted cash   7,422,746       –       –       –       7,422,746  
    Repurchase agreement obligations   (117,180,999 )     –       –       –       (117,180,999 )
    Total $ 10,297,463     $ 2,285,605     $ 6,849     $ 2,292,454     $ 12,589,917  
    % of Total   81.8 %     18.2 %     0.1 %     18.2 %     100.0 %

    The returns on invested capital in the PT MBS and structured MBS portfolios were approximately 4.6% and 3.7%, respectively, for the three months ended March 31, 2025. The combined portfolio generated a return on invested capital of approximately 4.4%.

    Returns for the Quarter Ended March 31, 2025  
              Structured Security Portfolio          
                  Inverse                  
      Pass     Interest-     Interest-                  
      Through     Only     Only                  
      Portfolio     Securities     Securities     Sub-total     Total  
    Interest income (net of repo cost) $ 397,204     $ 38,427     $ 43     $ 38,470     $ 435,674  
    Realized and unrealized gains   1,442,471       45,169       1,368       46,537       1,489,008  
    Hedge losses   (1,368,795 )     n/a       n/a       n/a       (1,368,795 )
    Total Return $ 470,880     $ 83,596     $ 1,411     $ 85,007     $ 555,887  
    Beginning capital allocation $ 10,297,463     $ 2,285,605     $ 6,849     $ 2,292,454     $ 12,589,917  
    Return on invested capital for the quarter(1)   4.6 %     3.7 %     20.6 %     3.7 %     4.4 %
    (1 ) Calculated by dividing the Total Return by the Beginning Capital Allocation, expressed as a percentage.


    Prepayments

    For the first quarter of 2025, the Company received approximately $2.9 million in scheduled and unscheduled principal repayments and prepayments, which equated to a 3-month constant prepayment rate (“CPR”) of approximately 7.3%. Prepayment rates on the two MBS sub-portfolios were as follows (in CPR):

      PT Structured  
      MBS Sub- MBS Sub- Total
    Three Months Ended Portfolio Portfolio Portfolio
    March 31, 2025 7.5 6.2 7.3
    December 31, 2024 10.9 12.5 11.1
    September 30, 2024 6.3 6.7 6.3
    June 30, 2024 10.9 5.5 10.0
    March 31, 2024 18.0 9.2 16.5


    Portfolio

    The following tables summarize the MBS portfolio as of March 31, 2025 and December 31, 2024:

    ($ in thousands)   
                    Weighted  
            Percentage       Average  
            of   Weighted   Maturity  
      Fair   Entire   Average   in Longest
    Asset Category Value   Portfolio   Coupon   Months Maturity
    March 31, 2025                  
    Fixed Rate MBS $ 118,704   98.1 % 5.60 % 338 1-Jan-55
    Structured MBS   2,261   1.9 % 2.86 % 279 15-May-51
    Total MBS Portfolio $ 120,965   100.0 % 5.27 % 337 1-Jan-55
    December 31, 2024                  
    Fixed Rate MBS $ 120,056   98.1 % 5.60 % 341 1-Jan-55
    Structured MBS   2,292   1.9 % 2.85 % 281 15-May-51
    Total MBS Portfolio $ 122,348   100.0 % 5.26 % 340 1-Jan-55
    ($ in thousands)  
      March 31, 2025   December 31, 2024  
          Percentage of       Percentage of  
    Agency Fair Value Entire
    Portfolio    		   Fair Value Entire
    Portfolio    		  
    Fannie Mae $ 31,705 26.2 % $ 32,692 26.7 %
    Freddie Mac   89,260 73.8 %   89,656 73.3 %
    Total Portfolio $ 120,965 100.0 % $ 122,348 100.0 %
      March 31, 2025 December 31, 2024
    Weighted Average Pass Through Purchase Price $ 102.72 $ 102.72
    Weighted Average Structured Purchase Price $ 4.48 $ 4.48
    Weighted Average Pass Through Current Price $ 100.85 $ 99.63
    Weighted Average Structured Current Price $ 14.02 $ 13.71
    Effective Duration (1)   3.257   3.622
    (1 ) Effective duration is the approximate percentage change in price for a 100 basis point change in rates. An effective duration of 3.257 indicates that an interest rate increase of 1.0% would be expected to cause a 3.257% decrease in the value of the MBS in the Company’s investment portfolio at March 31, 2025. An effective duration of 3.622 indicates that an interest rate increase of 1.0% would be expected to cause a 3.622% decrease in the value of the MBS in the Company’s investment portfolio at December 31, 2024. These figures include the structured securities in the portfolio but not the effect of the Company’s hedges. Effective duration quotes for individual investments are obtained from The Yield Book, Inc.


    Financing and Liquidity

    As of March 31, 2025, the Company had outstanding repurchase obligations of approximately $115.5 million with a net weighted average borrowing rate of 4.47%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $121.4 million. At March 31, 2025, the Company’s liquidity was approximately $4.5 million, consisting of unpledged MBS and cash and cash equivalents.

    We may pledge more of our structured MBS as part of a repurchase agreement funding but retain cash in lieu of acquiring additional assets. In this way, we can, at a modest cost, retain higher levels of cash on hand and decrease the likelihood that we will have to sell assets in a distressed market in order to raise cash. Below is a list of outstanding borrowings under repurchase obligations at March 31, 2025.

    ($ in thousands)  
    Repurchase Agreement Obligations
              Weighted   Weighted
      Total     Average   Average
      Outstanding % of   Borrowing   Maturity
    Counterparty Balances Total   Rate   (in Days)
    South Street Securities, LLC $ 25,952 22.5 % 4.46 % 21
    Marex Capital Markets Inc.   24,040 20.8 % 4.45 % 39
    DV Securities, LLC Repo   19,282 16.7 % 4.45 % 21
    Mirae Asset Securities (USA) Inc.   18,870 16.3 % 4.51 % 51
    Clear Street LLC   16,365 14.2 % 4.46 % 49
    Mitsubishi UFJ Securities, Inc.   11,002 9.5 % 4.49 % 49
      $ 115,511 100.0 % 4.47 % 36


    Summarized Consolidated Financial Statements

    The following is a summarized presentation of the unaudited consolidated balance sheets as of March 31, 2025, and December 31, 2024, and the unaudited consolidated statements of operations for the three months ended March 31, 2025 and 2024. Amounts presented are subject to change.

    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited – Amounts Subject to Change)
     
      March 31, 2025   December 31, 2024
    ASSETS          
    Mortgage-backed securities $ 120,965,124   $ 122,348,170
    Cash equivalents and restricted cash   5,500,438     7,422,746
    Orchid Island Capital, Inc. common stock, at fair value   4,279,414     4,427,372
    Accrued interest receivable   587,536     601,640
    Deferred tax assets, net   15,750,116     15,930,953
    Other assets   4,356,674     4,122,776
    Total Assets $ 151,439,302   $ 154,853,657
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Repurchase agreements $ 115,510,999   $ 117,180,999
    Long-term debt   27,362,762     27,368,158
    Other liabilities   1,191,564     3,483,093
    Total Liabilities   144,065,325     148,032,250
    Stockholders’ equity   7,373,977     6,821,407
    Total Liabilities and Stockholders’ Equity $ 151,439,302   $ 154,853,657
    Class A Common Shares outstanding   10,005,457     10,005,457
    Book value per share $ 0.74   $ 0.68
    BIMINI CAPITAL MANAGEMENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited – Amounts Subject to Change)
     
      Three Months Ended March 31,  
      2025     2024  
    Advisory services $ 3,582,289     $ 2,929,261  
    Interest and dividend income   1,947,040       1,598,965  
    Interest expense   (1,844,020 )     (1,815,678 )
    Net revenues   3,685,309       2,712,548  
    Other (expense) income   (27,745 )     926,731  
    Expenses   2,924,157       3,029,395  
    Net income before income tax provision   733,407       609,884  
    Income tax provision   180,837       396,776  
    Net income $ 552,570     $ 213,108  
                   
    Basic and Diluted Net (Loss) Income Per Share of:              
    CLASS A COMMON STOCK $ 0.06     $ 0.02  
    CLASS B COMMON STOCK $ 0.06     $ 0.02  
      Three Months Ended March 31,  
    Key Balance Sheet Metrics 2025     2024  
    Average MBS(1) $ 121,656,646     $ 90,697,087  
    Average repurchase agreements(1)   116,345,999       85,752,999  
    Average stockholders’ equity(1)   7,097,692       8,234,295  
                   
    Key Performance Metrics              
    Average yield on MBS(2)   5.73 %     6.15 %
    Average cost of funds(2)   4.49 %     5.63 %
    Average economic cost of funds(3)   4.13 %     5.54 %
    Average interest rate spread(4)   1.24 %     0.52 %
    Average economic interest rate spread(5)   1.60 %     0.61 %
    (1 ) Average MBS, repurchase agreements and stockholders’ equity balances are calculated using two data points, the beginning and ending balances.
    (2 ) Portfolio yields and costs of funds are calculated based on the average balances of the underlying investment portfolio/repurchase agreement balances and are annualized for the quarterly periods presented.
    (3 ) Represents interest cost of our borrowings and the effect of derivative agreements attributed to the period related to hedging activities, divided by average repurchase agreements.
    (4 ) Average interest rate spread is calculated by subtracting average cost of funds from average yield on MBS.
    (5 ) Average economic interest rate spread is calculated by subtracting average economic cost of funds from average yield on MBS.


    About Bimini Capital Management, Inc.

    Bimini Capital Management, Inc. invests primarily in, but is not limited to investing in, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. In addition, Bimini generates a significant portion of its revenue serving as the manager of the MBS portfolio of, and providing certain repurchase agreement trading, clearing and administrative services to, Orchid Island Capital, Inc.

    Forward Looking Statements

    Statements herein relating to matters that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.’s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements, except as may be required by applicable law.

    Earnings Conference Call Details

    An earnings conference call and live audio webcast will be hosted Friday, May 2, 2025, at 10:00 AM ET. Participants can register and receive dial-in information at https://register-conf.media-server.com/register/BIa731c864bb5447568e7b00d74642ab23. A live audio webcast of the conference call can be accessed at https://edge.media-server.com/mmc/p/cq5fazei or via the investor relations section of the Company’s website at https://ir.biminicapital.com. An audio archive of the webcast will be available on the website for 30 days after the call.

    CONTACT:
    Bimini Capital Management, Inc.
    Robert E. Cauley, 772-231-1400
    Chairman and Chief Executive Officer
    https://ir.biminicapital.com

    The MIL Network –

  • MIL-OSI Video: Department of State Press Briefing – May 1, 2025

    Source: United States of America – Department of State (video statements)

    Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on May 1, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
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    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
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    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=pZFH0WX7pOI

    MIL OSI Video –

  • MIL-OSI USA: LaMalfa Resolution Overturning Longfin Smelt ESA Listing Passes House

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    WASHINGTON, D.C. – Today, Congressional Western Caucus Members celebrated passage of H.J. Res. 78. This Congressional Review Act (CRA) resolution, introduced by Congressional Western Caucus Chairman Doug LaMalfa (CA-01), repeals the Biden Administration’s listing of the longfin smelt as endangered under the Federal Endangered Species Act. Once enacted into law, this resolution will halt the proposed designation of critical habitat for this fish species, as well as ensure California’s water remains available for those who need it most, families and farmers.
     

    “The Biden Administration and activist judges have used this listing as a political tool to block progress on California water policy,” said Chairman LaMalfa. “This listing is based on cherry picked scientific anecdotes and even Stanford’s Center for Water California Resources Policy and Management questioned the science of the listing. It adds yet another layer of conflicting regulations that dump tens of millions of acre feet of water out to the Pacific Ocean, with farmers receiving only 40% to 50% of their promised federal and state water. Congress isn’t going to stand by while bureaucrats and environmental lawsuits continue to wreck the water system that feeds our farms, our families, and our economy. I’m glad to see the House take a stand and push back with real solutions that help us grow food, provide water, and keep our economy strong.”

     
    “In the wake of litigation from radical environmentalists, the Biden administration ignored scientific data and inaccurately listed the longfin smelt as endangered,” said House Natural Resources Committee Chairman Bruce Westerman (AR-04). “This decision only created another layer of red tape, cutting off Californians from water resources that are essential to agriculture and daily life. Thanks to Congressman LaMalfa and the entire California Republican delegation’s work, today the House voted to overturn this flawed rule and restore common sense to California while ensuring farmers and communities can access their vital resources.” 

    “California is already facing a water crisis made worse each year by wildfires, drought, and mismanagement. This endangered species listing adds yet another roadblock to delivering water to the communities that need it most,” said Vice Chair Jay Obernolte (CA-23). “I was proud to see this resolution pass the House to stop an unnecessary mandate that would send vital water out to sea instead of to California’s future.”
     
    “California House Republicans are once again taking steps to secure a reliable and affordable water supply for our constituents and farmers,” said Representative Ken Calvert (CA-41). “H.J. Res. 78 will reverse a Biden administration action that was pursued by radical environmentalists to abuse federal regulations in an attempt to limit water supplies for California families and our farms. By restoring commonsense water solutions we can ensure California has the water supplies it needs.”
     
    “Working with Congressman Doug LaMalfa, we are advancing legislation that prioritizes commonsense water solutions for our state,” said Representative Vince Fong (CA-20). “Instead of wasting vital resources to protect a fish that never belonged on the endangered species list, this resolution will restore essential water allocations to support our region. This is a win for our communities to ensure we have reliable and stable water supplies for our homes, businesses, and farms.”
     
    “The Biden Administration’s unnecessary decision to list the longfin smelt as an endangered species is yet another example of an environmental policy not grounded in science that puts fish over people,” said Representative David Valadao (CA-22). “Our families and farmers are already struggling with burdensome regulations that restrict water deliveries and threaten the future of agriculture in the Central Valley, and this rule would have ensured even more of our water is sent out to sea. By passing this resolution, the House is taking an important step forward in rolling back draconian water restrictions that directly affect our farmers, families, and rural communities, and I’m happy to see common sense won.”
     

    This designation, driven by litigation from an environmental group, by the U.S. Fish and Wildlife Service during the Biden Administration threatens California’s water supply by imposing new restrictions on the Central Valley Project (CVP) and State Water Project (SWP). This listing resulted in subsequent burdensome requirements imposed on the CVP that will divert even more water to the Pacific Ocean instead of supplying farms and families across the state.

     
    Read the resolution here.

    MIL OSI USA News –

  • MIL-OSI USA: Jayapal Leads 142 Members in Demanding Answers Regarding the Revocation of Student Visas

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

    WASHINGTON, DC — U.S. Representative Pramila Jayapal (WA-07), Ranking Member of the Immigration Integrity, Security, and Enforcement Subcommittee, is leading 142 Members of Congress in demanding answers regarding the termination of students’ legal status. Despite the Trump Administration’s claim last week that it would reverse course, only Immigration and Customs Enforcement (ICE) has made any policy change.  While students are no longer immediately deportable, they will be unable to return to the United States once they go home after the semester ends, as the State Department is not restoring students’ visa status. 

    “This is not about national security. It is about using immigration enforcement as a weapon to stifle political dissent, restrict due process, and enforce an exclusionary and nativist vision of America that runs counter to everything our institutions of higher learning stand for,” wrote the Members. “Across the country, students are being picked up – in some cases by masked immigration agents in unmarked cars – and being held in detention facilities with no warning and limited information as to why they are being deported.”

    According to recent reporting, more than 1,800 students and recent graduates across 280 colleges and universities have had their visas revoked. Since Trump took office, the Department of Homeland Security (DHS) has also confirmed that at least 4,736 have had their legal status terminated in the Student and Exchange Visitor Information System (SEVIS). However, DHS does not have the authority to terminate this legal status except under very specific circumstances, none of which have been met in the vast majority of these cases.

    “Our campuses have been spaces where students and scholars from around the world come together to challenge assumptions, push the boundaries of knowledge, and foster the innovation that has made our country a global leader,” continued the Members. “But today, the Trump administration’s heavy-handed and politically motivated immigration enforcement is turning university campuses into places of fear, rather than learning, and these actions deter students from coming to study at U.S. institutions.”

    Reporting has also shown that the State Department has been using Artificial Intelligence (AI) tools to identify students to target through their social media accounts. This aspect is especially troubling as social media accounts may not feature students’ names, and AI facial recognition is often prone to mistakes, at significantly higher rates when identifying people of color.

    The full text of the letter can be read here. 

    The letter was signed by Pramila Jayapal (WA-07), Jamie Raskin (MD-08), Gabe Amo (RI-01), Yassamin Ansari (AZ-03), Jake Auchincloss (MA-04), Becca Balint (VT-At Large), Nanette Barragán (CA-44), Joyce Beatty (OH-03), Wesley Bell (MO-01), Ami Bera (CA-06), Donald S. Beyer, Jr. (VA-08), Suzanne Bonamici (OR-01), Shontel Brown (OH-11), Julia Brownley (CA-26), Nikki Budzinski (IL-13), Salud Carbajal (CA-24), André Carson (IN-07), Troy Carter (LA-02), Greg Casar (TX-35), Sean Casten (IL-06), Kathy Castor (FL-14), Joaquin Castro (TX-20), Judy Chu (CA-28), Gilbert Cisneros (CA-31), Yvette Clarke (NY-09), Emanuel Cleaver (MO-05), Steve Cohen (TN-09), Gerald Connolly (VA-11), J. Luis Correa (CA-46), Angie Craig (MN-02), Jason Crow (CO-06), Danny K. Davis (IL-07), Madeleine Dean (PA-04), Diana DeGette (CO-01), Rosa DeLauro (CT-03), Suzan DelBene (WA-01), Chris Deluzio (PA-17), Mark DeSaulnier (CA-10), Maxine Dexter (OR-03), Lloyd Doggett (TX-37), Veronica Escobar (TX-16), Adriano Espaillat (NY-13), Dwight Evans (PA-03), Cleo Fields (LA-06), Lizzie Fletcher (TX-07), Bill Foster (IL-11), Valerie Foushee (NC-04), Laura Friedman (CA-30), Maxwell Frost (FL-10), John Garamendi (CA-08), Jesús “Chuy” García (IL-04), Robert Garcia (CA-42), Sylvia Garcia (TX-29), Jimmy Gomez (CA-34), Maggie Goodlander (NH-02), Al Green (TX-09), Jahana Hayes (CT-05), Jim Himes (CT-04), Steven Horsford (NV-04), Val Hoyle (OR-04), Jared Huffman (CA-02), Glenn Ivey (MD-04), Jonathan Jackson (IL-01), Sara Jacobs (CA-51), Henry C. “Hank” Johnson, Jr. (GA-04), Julie Johnson (TX-32), Sydney Kamlager-Dove (CA-37), William Keating (MA-09), Robin Kelly (IL-02), Timothy Kennedy (NY-26), Ro Khanna (CA-17), Raja Krishnamoorthi (IL-08), Rick Larsen (WA-02), John Larson (CT-01), Summer Lee (PA-12), Teresa Leger Fernandez (NM-03), Mike Levin (CA-49), Sam Liccardo (CA-16), Ted Lieu (CA-36), Zoe Lofgren (CA-18), Stephen Lynch (MA-08), Seth Magaziner (RI-02), John Mannion (NY-22), Doris Matsui (CA-07), Jennifer McClellan (VA-04), Betty McCollum (MN-04), James P. McGovern (MA-02), LaMonica McIver (NJ-10), Gregory Meeks (NY-05), Robert Menendez (NJ-08), Dave Min (CA-47), Gwen Moore (WI-04), Joe Morelle (NY-25), Kelly Morrison (MN-03), Seth Moulton (MA-06), Kevin Mullin (CA-15), Jerrold Nadler (NY-12), Eleanor Holmes Norton (DC), Alexandria Ocasio-Cortez (NY-14), Johnny Olszewski (MD-02), Ilhan Omar (MN-05), Jimmy Panetta (CA-19), Nancy Pelosi (CA-11), Scott Peters (CA-50), Brittany Pettersen (CO-07), Chellie Pingree (ME-01), Mark Pocan (WI-02), Ayanna Pressley (MA-07), Mike Quigley (IL-05), Delia Ramirez (IL-03), Emily Randall (WA-06), Luz Rivas (CA-29), Deborah Ross (NC-02), Andrea Salinas (OR-06), Linda Sánchez (CA-38), Mary Gay Scanlon (PA-05), Jan Schakowsky (IL-09), Robert C. “Bobby” Scott (VA-03), Terri Sewell (AL-07), Lateefah Simon (CA-12), Adam Smith (WA-09), Melanie Stansbury (NM-01), Marilyn Strickland (WA-10), Suhas Subramanyam (VA-10), Eric Swalwell (CA-14), Mark Takano (CA-39), Shri Thanedar (MI-13), Mike Thompson (CA-04), Bennie G. Thompson (MS-02), Dina Titus (NV-01), Rashida Tlaib (MI-12), Jill Tokuda (HI-02), Paul Tonko (NY-20), Lori Trahan (MA-03), Lauren Underwood (IL-14), Juan Vargas (CA-52), Gabe Vasquez (NM-02), Marc Veasey (TX-33), Nydia M. Velázquez (NY-07), Maxine Waters (CA-43), Bonnie Watson Coleman (NJ-12), and Nikema Williams (GA-05).

    It was also endorsed by AFL-CIO; American Friends of Combatants for Peace; American Friends Service Committee; Amnesty International USA; Asian Americans Advancing Justice | AAJC; Asian Americans Advancing Justice | Chicago; Asian Americans Advancing Justice Southern California; Brooklyn for Peace; Center for Constitutional Rights; Center for International Policy Advocacy; Coalition for Humane Immigrant Rights (CHIRLA); CODEPINK; Council on American-Islamic Relations (CAIR); DAWN; Friends Committee on National Legislation; Habonim Dror North America; Hindus for Human Rights; HIstorians for Peace and Democracy; IfNotNow Movement ; Illinois Coalition for Immigrant and Refugee Rights; IMEU Policy Project; Immigrant Legal Resource Center (ILRC); Indivisible; International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW); J Street; Jewish Voice for Peace Action; MADRE; Minnesota Peace Project; MPower Change Action Fund; National Immigrant Justice Center; New Jewish Narrative; Nonviolence International; OneAmerica; Partners for Progressive Israel; Peace Action; Presbyterian Church (USA), Office of Public Witness; Presidents’ Alliance on Higher Education and Immigration; Reconsider; Service Employees International Union (SEIU); Southeast Asia Resource Action Center (SEARAC); Stop AAPI Hate; United Church of Christ.

    Issues: Arts & Education, Immigration

    MIL OSI USA News –

  • MIL-OSI USA: Trahan, Connolly Demand Answers on DOGE’s Alleged Privacy Act Violations and Data Risks at NLRB

    Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

    WASHINGTON, DC – Today, Congresswoman Lori Trahan (MA-03), who previously announced an effort to update the Privacy Act of 1974 to better protect Americans’ sensitive data, and House Oversight and Government Reform Ranking Member Gerald E. Connolly (VA-11) demanded information from the National Labor Relations Board regarding potential violations of federal privacy laws by Elon Musk’s Department of Government Efficiency (DOGE) staffers at the National Labor Relations Board (NLRB).
    “We write with an urgent request for information related to the disclosure by a National Labor Relations Board whistleblower that agency officials possibly affiliated with the Department of Government Efficiency may have illegally exfiltrated multiple gigabytes of sensitive data, including the personal information of Americans who reported unfair labor practices,” the lawmakers wrote. “We are deeply concerned that these actions may constitute violations of the Privacy Act of 1974, which can carry criminal penalties, and the Federal Information Security Modernization Act, which requires agency heads to notify Congress of major data breaches.”
    The request follows a whistleblower at NLRB sounding the alarm about DOGE representatives removing approximately ten gigabytes of sensitive data, including the personal information of Americans who have previously reported unfair labor practices, and then attempting to cover up their actions. The data removed from the agency could also include companies’ proprietary information.
    In addition to concerns about Musk’s conflicts of interest with his company SpaceX currently fighting NLRB complaints, the unverified and unreported exfiltration of Americans’ personal data could constitute violations of both the Privacy Act of 1974, which regulates how the federal government stores and uses Americans’ sensitive data, and the Federal Information Security Modernization Act (FISMA), which requires that federal agencies notify Congress when Americans’ data is breached.
    “Based on our understanding of the whistleblowers’ disclosure, we are concerned that NLRB officials, especially those affiliated with DOGE, may have violated both the Privacy Act and FISMA. With respect to the Privacy Act, it is overwhelmingly likely that one or more NLRB employees–and not foreign actors or criminals–perpetrated the massive data exfiltration on March 4th, violating the Act’s disclosure requirements. Moreover, it appears that these officials did so without obtaining written consent nor receiving agency approval for an ‘exception’ to the consent requirement, meaning they could be subject to criminal penalties,” the lawmakers concluded. “And with respect to FISMA, it appears that the whistleblower discovered a ‘major incident’ under any definition of the term proposed by OMB. NLRB subsequently failed to notify Congress, in apparent violation of its statutory requirements: as of writing, neither the House Oversight and Government Reform Committee nor House Education & the Workforce Committee have received notification with the required information about the incident.”
    The lawmakers are requesting answers to the following questions by May 16, 2025:

    All reports, communications, and written documentation produced during NLRB’s investigation into Mr. Berulis’s concerns that Tim Bearese, the NLRB’s acting press secretary, confirmed took place in a statement to National Public Radio (NPR).
    A signed attestation that NLRB determined the events which Mr. Berulis discovered qualify as a “major incident” under the definitions proposed by OMB or, alternatively, an explanation of why the NLRB did not make such a determination.
    Why has the NLRB failed to notify relevant Congressional committees as required by FISMA, including the House Oversight and Government Reform and House Education & the Workforce Committees?
    For each official who holds, or has previously held since January 20th, 2025, access to NLRB information technology systems:

    a.    What is the nature of that employee’s relationship with NLRB?
                                          i.        If the employee is full-time, to what other agencies are they detailed?
                                         ii.        If the employee is detailed to NLRB, from what agency are they detailed?
                                        iii.        If the employee is a contractor, what firm do they work for?
    b.    For each NLRB system that the employee previously had access to, currently has access to, or will have access to:
                                          i.        What level of access to the system does the employee currently possess?
                                         ii.        Who provided such access to the system?
                                        iii.        What was the justification for providing such access to the system, especially if no other agency official had previously been granted the same level of access?
                                       iv.        When was access to the system provided?
                                         v.        What training, including security and privacy, were provided to the employee regarding their access to the system? Did this training take place before or after access was provided?
                                       vi.        To the extent that access to the system was provided under a Privacy Act exception, what exception was invoked?
                                      vii.        What security controls were implemented, if any, as a result of your granting the employee their access to the system?
                                     viii.        Did the NLRB official who granted access to the system consider the cyber, operational, or privacy risks before doing so?
                                       ix.        Has the employee modified, copied, shared, or removed any records from the system?
                                         x.        Has the employee modified the system in any way?
                                       xi.        Has the employee granted, revoked, or otherwise modified access to the system for any other users?
    c.     Can you commit to preserving all system logs related to access, development, exfiltration consistent with the Federal Records Act?
    d.    Can you commit to otherwise documenting all critical decisions related to information technology systems at NLRB?
    A copy of the letter sent today can be accessed HERE.
    This request for information follows an effort Trahan led last month requesting an independent investigation into DOGE’s alleged mishandling of Americans’ sensitive data housed in the Treasury Department’s payment system. In March, Trahan announced that she will be introducing legislation to rewrite the Privacy Act for the first time since its passage in 1974.
    ###

    MIL OSI USA News –

  • MIL-Evening Report: Logging devastated Victoria’s native forests – and new research shows 20% has failed to grow back

    Source: The Conversation (Au and NZ) – By Maldwyn John Evans, Senior Research Fellow, Fenner School of Environment and Society, Australian National University

    Old growth mountain ash forest in the Maroondah water supply catchment, Victoria. Chris Taylor

    Following the end of native logging in Victoria on January 1 2024, the state’s majestic forests might be expected to regenerate and recover naturally. But our new research shows that’s not always the case.

    We quantified the extent of regeneration following logging in the eucalypt forests of southeastern Australia between 1980 and 2019. This included nearly 42,000 hectares of logged mountain ash forest in Victoria’s Central Highlands.

    We analysed satellite data, logging records, on-ground surveys and drone photography, and discovered that nearly 20% of logged areas failed to regenerate. This represents more than 8,000 hectares of forest lost. All that remains in these areas are grassy clearings, dense shrublands or bare soils.

    We also found the rate of regeneration failure has increased over the past decade. While failure was rare in the 1980s, it became much more common over time – affecting more than 80% of logged sites by 2019.

    These regeneration failures weren’t random. They were found mostly in close proximity to each other, on areas with steep slopes, relatively low elevation, and where the area of clear-felled forest was long and narrow.

    Our research shows more needs to be done to restore Victoria’s forest after logging.

    Failed regeneration in the Upper Thomson water supply catchment.
    Chris Taylor/Lachie McBurnie

    Restoring majestic forests and their vital services

    Victoria is home to some of the most spectacular forests on the planet. They include extensive stands of mountain ash, the tallest flowering plant on Earth, which can grow to almost 100 metres in height. Alpine ash, another giant, can grow up to 60m tall.

    These forests have great cultural significance to Indigenous people and support many recreational and tourism activities.

    Healthy forest ecosystems also deliver clean water and carbon storage services. In fact, mountain ash forests contain more carbon per hectare than most other forests around the world.

    But Victoria’s forests have long been logged for timber and pulp. The main method of logging – clearfelling – scars the landscape, leaving large areas devoid of trees if natural tree regeneration fails.

    Mountain ash is especially vulnerable

    Our research revealed 19.2% of areas logged between 1980 and 2019 in our study area (8,030ha out of 41,819ha cut) failed to regenerate naturally.

    We also found strong evidence of a significant increase in the extent of failed regeneration over 40 years, increasing from less than two hectares per cutblock in 1980 (about 7.5%) to more than nine hectares per cutblock in 2019 (about 85%), on average.

    We found regeneration failure was more likely in mountain ash forests compared with other forest types.

    This adds to the case for listing the mountain ash forests of the Central Highlands of Victoria as a threatened ecological community.

    The presence of non-eucalypt categories of vegetation indicates large areas of regeneration failure in forest near Mt Matlock, in the Central Highlands of Victoria.
    Chris Taylor

    A responsibility to restore

    Under Victoria’s Code of Forest Practice for Timber Production, logged native forests must be properly regenerated within two to three years of harvest.

    That’s because it is nearly impossible for the native forest to regenerate after three years without human intervention. The young trees face too much competition from grass and shrubs.

    These degraded areas no longer hold the value they once did and they cannot provide the same level of ecosystem services such as carbon storage, water purification, or habitat for wildlife.

    With no current government restoration plan, these landscapes will remain degraded indefinitely. The Victorian government retains legal responsibility to restore these degraded forests, but currently lacks any large-scale restoration strategy, making action urgently required.

    Photographs of vegetation categories on logged sites: Eucalyptus regeneration near Toolangi (A), grass-dominated area near Mt Matlock (B), shrubby vegetation at Ballantynes Saddle (C), Daviesia vegetation near Mt Matlock (D), Acacia near Mt Baw Baw (E), and bare earth near Mt Matlock (F).
    Chris Taylor

    A way forward: using green bonds to fund regeneration

    Our research shows the regeneration of forests after logging is not guaranteed. Nature often needs a helping hand. But we need to find ways to fund these projects.

    Globally, governments have used “green bonds” to lower the cost of borrowing tied explicitly to measurable environmental results.

    Victoria already has green bonds “to finance new and existing projects that offer climate change and environmental benefits”. But funds are typically used to finance investments in transport, renewable energy, water and low carbon buildings.

    As part of a coalition of researchers, environmental organisations, and finance sector partners we proposed a A$224 million green bond for forest regeneration. This proposal was put to the Victorian government via the Treasury Corporation of Victoria.

    Green bond funding would help leverage co-investment from the Commonwealth government and philanthropic partners to improve monitoring and biodiversity outcomes in native forests.

    As part of the proposed green bond, areas of logged forest where natural regeneration has failed would be restored.

    Other investments under the green bond could include creating tourism ventures (and associated jobs), controlling feral animals such as deer, and biodiversity recovery – creating habitat for endangered species such as the southern greater glider and Leadbeater’s possum, for example.

    The $224 million required for the ten years of the green bond — or around $22.4 million per year — is less than the substantial losses Victoria incurred on its investment in VicForests over the past decade.

    Our research suggests leaving nature to its own devices would mean losing a fifth of the forests logged over the past 40 years. Bringing the trees back has multiple benefits and would be well worth the investment.

    Maldwyn John Evans receives funding from the Australian Government.

    David Lindenmayer receives funding from The Australian Government, the Australian Research Council and the Victorian Government. He is a Councillor with the Biodiversity Council and a Member of Birdlife Australia.

    Chris Taylor 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. Logging devastated Victoria’s native forests – and new research shows 20% has failed to grow back – https://theconversation.com/logging-devastated-victorias-native-forests-and-new-research-shows-20-has-failed-to-grow-back-254465

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: SCHUMER REVEALS: ‘DOGE’ & TRUMP JUST SLASHED $26+ MILLION FOR AMERICORPS PUBLIC SERVICE COMMUNITY PROJECTS ACROSS NEW YORK, AXING 3,600 AMERICORPS NATIONAL SERVICE MEMBERS, WITH MORE DEVASTATING CUTS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Thousands Of AmeriCorps Members Were Just Fired By ‘DOGE’ And NY Community Grants Ripped Away, Cancelling Funds To Help Build Houses, Provide Rural Health Care, Respond To Disasters, Tutor Students, And More
    Every Year Over 22,000 AmeriCorps National Service Participants Work On 1,700+ Projects In Every Corner Of NY, But Now Grants Are Being Cancelled Across The State With Even More Cuts Expected – Senator Breaks Down Impact Region By Region Thus Far And Demands Funding Be Restored
    Schumer: Calling Service-Led Community Projects ‘Government Waste’ Makes No Sense, AmeriCorps Is One Of The Best Bang For Your Buck Programs That Helps NY Communities In Need
    After Trump and ‘DOGE’ placed a majority of AmeriCorps employees on leave and terminated nearly $400 million in AmeriCorps grants nationally earlier this month, U.S. Senator Chuck Schumer today revealed this has impacted over 3,600 NY community service members slashing over $26 million in federal funding for local community projects in every corner of New York State, and with more potential cuts on the horizon the senator broke down the impacts region by region to show just how deep these cuts go. 
    Schumer said this is the first step towards dismantling AmeriCorps entirely would devastate New York, which has over 1,700 AmeriCorps projects, and is demanding that NY House Republicans stand up to protect this vital public service and join him in his push to immediately reverse these cuts. All of these AmeriCorps programs have long-standing bipartisan support having been previously authorized by Congress and funded by the annual appropriations bill passed by Congress and signed into law, making ‘DOGE’s’ cuts unlawful.
    “AmeriCorps is one of the world’s greatest service programs, and one of the best bang for your buck federal investments in addressing community needs and in the future of our country. But across New York hundreds of AmeriCorps community service participants were just egregiously fired and had their funding ripped away halting their critical work helping the communities they serve. This is funding that provides rural healthcare in the Southern Tier, helps children learn to read in Buffalo, expands job training opportunities in Albany, and so much more to fill in the gaps by linking national service participants with opportunities to gain experience serving their country. This critical work will now cease as these members are dismissed and funding is ripped away from our communities by Trump and ‘DOGE,’” said Senator Schumer. “I am all for cutting out inefficiency, but you use a scalpel, not a chainsaw. You don’t dismiss thousands of members who have dedicated their time to public service and giving back to underserved communities – it makes no sense. These are community projects that wouldn’t happen without AmeriCorps and we need these cuts reversed NOW and for NY Republicans to stand up in opposition to eliminating funding for AmeriCorps.”
    In recent days, Trump and ‘DOGE’ cut roughly 75% of full-time AmeriCorps employees and dismissed thousands of national service participants working on projects in every corner of the country, including over 3,600 community service participants across New York and cancelling over $26 million in grant funding, meaning in many instances these projects will not continue. You can find a full list of cut projects across Upstate NY according to AmeriCorps linked HERE. Some projects cut or facing threats by the Trump administration include:
    In Buffalo, AmeriCorps members were tutoring more than 2,500 students across 4 schools in the school district through City Year, helping students improve attendance and academic performance. In addition, more AmeriCorps members were building homes through Habitat for Humanity.
    In the Southern Tier, AmeriCorps members based in Binghamton were providing health care services to rural communities across the Southern Tier through the Rural Health Network of South Central New York.
    In Rochester, AmeriCorps members were improving academic engagement and college and career readiness throughout the Rochester City School District through Monroe Community College and providing public health apprenticeships through Flower City Public Health Corps.
    In the Capital Region, AmeriCorps members were providing free support for high schoolers applying for federal student aid through SUNY and training to be dispute resolution practitioners.
    In Central NY and the North Country, AmeriCorps members were working with local children providing mentoring, nutrition, and fitness education through Oswego AmeriCorps and working supporting outdoor-based education initiatives in the Adirondacks community through the Wild Center.
    In the Hudson Valley, AmeriCorps members were working with local children through We Prosper Family Organization.
    A breakdown of dismissed volunteers and cut federal funding by region for Upstate NY can be found below:

    Region

    Federal Funding

    Capital Region

    $6,439,224

    Rochester-Finger Lakes

    $2,556,668

    Western NY

    $2,285,041

    Southern Tier

    $647,910

    Central NY & North Country

    $636,020

    Hudson Valley

    $132,300

    TOTAL FOR UPSTATE NY-BASED PROJECTS

    $12,697,163

    Across New York State, there are over 22,000 national service members working on over 1,700 projects. AmeriCorps and its partners generated more than $20 million in outside resources from businesses, foundations, public agencies, and other sources in New York last year. Schumer said AmeriCorps members and communities that are impacted by these latest cuts are just the tip of the iceberg, with more cuts being announced every day that could soon hit other projects such as the Rockland Head Start program which provides child care, Interfaith Works in Syracuse which supports Central New York seniors, and Lifespan which provides services to seniors across Upstate NY such as training for part time jobs as senior companions in Central New York and health and wellness programs for seniors in the Rochester Finger-Lakes region.
    ‘There is no rhyme or reason to the project and grant terminations, other than DOGE was forcing AmeriCorps to get to a bottom-line dollar amount. The reason for eliminating over half the staff is very clear: This administration does not value the contributions of public servants who have been quietly administering an extremely efficient agency that engages Americans all across the country in service, which in addition to providing critical services, strengthens civic engagement and ties between people of all backgrounds,” said Kelly Daly, President, AFSCME Local 2027.
    “AmeriCorps gets things done by filling unmet local needs, while bolstering a sense of community,  advancing personal responsibility, and boosting the upward mobility of its participants.  We have used AmeriCorps members to build the capacity of anti-hunger organizations throughout the state. In many ways, AmeriCorps is a conservative program. You don’t get a penny unless you work, most program funding decisions are made by states rather than the federal government, and the vast majority of participants serve with nonprofit groups (not government agencies). AmeriCorps is one the most cost-effective ways to solve social problems because it harnesses the immense energy of citizen service. Thus, if conservatives were ideologically consistent, they would increase rather than gut AmeriCorps funding. We thank Leader Schumer for keeping the government running and keep many AmeriCorps projects alive as long as possible, and for taking on the fight to protect AmeriCorps,” said Joel Berg, CEO of Hunger Free America, a national nonpartisan nonprofit organization headquartered in New York.
    Executive Director of PEACE, Inc., Carolyn D. Brown said, “PEACE, Inc.’s AmeriCorps Seniors Foster Grandparent Program allows our community’s seniors to share their time and their expertise through mentoring. Statistics show how the program improves the lives of our Foster Grandparent volunteers and both the academic performance and the social emotional skills of youth in elementary schools, Head Starts, and children’s centers. If our program was eliminated, 68 Foster Grandparent volunteers would lose their positions, and 225 vulnerable youth would lose critical interventions. These numbers would prove devastating for a city like Syracuse where nearly 1 out of 2 children live in poverty.”
    “InterFaith Works’ Senior Companion Program connects older volunteers with older adults and caregivers, for in home companionship and friendly visits. For as little as $3000 per year, vulnerable older adults stay socially connected, get help with daily activities, and age well at home – and out of costly nursing homes. Working caregivers get free in home respite for up to 40 hours per week, so they can maintain their jobs and attend to their personal needs. Senior Companion volunteers are all low-income older adults who receive a small stipend, stay active, and keep themselves healthy, too. Funding cuts would eliminate these critical and cost-effective supports for over 300 vulnerable older adults and their caregivers throughout the Central New York community,” said Lori Klivak, Director of the Center for Healthy Aging at InterFaith Works of CNY.
    “In the past five years, City Year AmeriCorps members have served in Buffalo schools to help thousands of students engage more deeply with their learning, stay on track to graduate, and reach their full potential, and these corps members receive professional development and gain skills that prepare them to enter the workforce as our region’s most in-demand employees,” said City Year Buffalo Executive Director Jacqueline Ashby. “We’re grateful to Senator Schumer for his steadfast support in championing the national service program AmeriCorps that makes this important work possible, and that benefits our community, local economy, education system and workforce development here in Western New York.”
    Across the country, AmeriCorps deploys more than 200,000 Americans annually to carry out results-driven projects at over 35,000 locations. National service participants serve in hundreds of nonprofit organizations, public agencies, and community and faith-based organizations, in rural and urban communities throughout the country. They mentor youth, build affordable housing, help communities respond to disasters, and build the capacity of nonprofit groups to extend and improve their impact by leveraging community service participants. In exchange for their services, AmeriCorps members earn an education award to pay for college or to pay off qualified student loans. A non-partisan study showed that there are an estimated $17 in benefits returned for every taxpayer dollar spent. In addition, Schumer said AmeriCorps is a long-standing, bipartisan program and failing to use AmeriCorps funding for its intended purpose as appropriated by Congress would be a violation of the law.
    Schumer led dozens of his colleagues’ in a recent letter to the President on these devastating cuts, which can be found HERE.

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