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  • MIL-OSI USA: Senator Murray Raises Alarm Over Looming Republican Cuts to Medicaid, with Health Care Workers in Central and Eastern WA

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    In Washington state, over 1.8 million people rely on Medicaid; WA-04 and WA-05—represented by Republicans—have the highest proportion of people on Medicaid in WA

    ICYMI: Murray, Warnock, Rep. Schrier Introduce Bill to Improve Children’s Health Care Access By Strengthening Medicaid

    ***VIDEO FROM PRESS CALL HERE***

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, held a virtual press conference with health care workers in Central and Eastern Washington to sound the alarm on the massive, steep cuts to Medicaid that House and Senate Republicans are right now working to pass via the budget reconciliation process, which requires only a simple majority to pass.

    Nearly 80 million Americans nationwide rely on Medicaid and the Children’s Health Insurance Program (CHIP) for their health coverage and access to care, including over 1.8 million people in Washington state who are enrolled in Apple Health, Washington state’s Medicaid program. In Washington state, 47 percent of children, one in six adults, three in five nursing home residents, and three in eight people with disabilities are covered by Apple Health. House Republicans’ budget proposal directs cuts of at least $880 billion to Medicaid and other health care programs, which would have devastating consequences for Washington state’s health care system—especially in Washington’s 4th and 5th Congressional Districts, which have the highest proportions of populations who rely on Medicaid in the state.

    Republicans have offered various proposals to drastically cut Medicaid, all of which would mean cutting services and kicking people off their health care coverage. For example, 782,000 Washingtonians, or 42 percent of adults on Medicaid in Washington state, would be at risk of losing coverage if Republicans institute so-called work requirements, which been proven not to increase employment—but rather strip health coverage from people with low incomes, most of whom are already working full or part-time, or not working due to circumstances like school or caregiving responsibilities. Reducing the federal match rate for states like Washington that expanded Medicaid under the Affordable Care Act, another idea that has been discussed, would force Washington state to spend $2,754,000,000 more to maintain its Medicaid expansion, and threaten coverage for 647,416 people in Washington. Removing or lowering the 50 percent floor on federal Medicaid match rates would shift costs to states dramatically, and would mean Washington state would have to pay an additional $1,197,000,000, or 18 percent every year.

    “Right now, in Washington D.C., House Republicans just voted for $880 billion dollars in cuts directed at Medicaid—for reference—that is more than all of federal Medicaid spending in 2023! Cutting that deep comes with its own cost—one paid for by Washington state families,” Senator Murray said on today’s press call. “Hospitals will close their doors as this funding drops. Moms and babies will lose health care coverage. They’ll wonder how to get postpartum care or pay for a checkup if their sick child desperately needs it. Seniors will be cut off from home care services and forced out of long-term care facilities. Families in our rural communities will have to travel further than ever for health care. Children and teens who need lifesaving mental health care will suffer. People with disabilities and caregivers will be cut off from support they need. Emergency response times will skyrocket… Republicans need to stop listening to Donald Trump and Elon Musk who want tax breaks for their billionaire buddies, and start listening to their constituents who just want to stay on their health care.”

    “As an ICU nurse in the Yakima area, I am deeply concerned about the impact this is going to have on our community and the patients we serve. It will be devastating to our most vulnerable populations who, without Medicaid, will lose access to care. Our already burdened emergency rooms will be overrun.  Millions of lives literally depend on this critical lifeline,” said Julia Barcott, a nurse in Yakima who participated in the press call.

    “Dismantling Medicaid would mean that patients no longer have access to regular preventive healthcare to manage chronic disease, to access crucial prescriptions, or to receive mental, behavioral, and oral health services.  Medicaid coverage ensures that our family members and neighbors receive the essential services they need to live healthy and fulfilling lives,” said Aaron Wilson, CEO of CHAS Health in Spokane. “If Medicaid is cut, there’s not a scenario where health systems don’t end up eliminating critical, lifesaving services and programs as a result of the financial repercussions it would cause. Medicaid cuts would be devastating to the more than 230,000 people living in both urban and rural communities of Eastern Washington who would no longer have access to health care services they need.”

    “I live in the Yakima community. I’m a home care provider, and I transport people to live saving treatments. I’m really upset about looming Medicaid cuts; my clients are worried that one day I won’t show up to work. The system is confusing enough, and they don’t understand what will happen. They don’t deserve this. I may be able to get a job somewhere else, but what about clients who depend on Medicaid funding to receive care, what’s going to happen to them? Where are they going to get the money for life saving care and treatments? Republican lawmakers don’t see who they’re impacting and what they’re doing,” said Nelly P. from Sunnyside, Washington, who participated in the press call today.

    “Republicans are laying the groundwork to slash trillions from Medicaid to give more tax breaks to billionaires, wealthy CEOs, and the biggest companies. The destruction from these cuts to Medicaid will not discriminate based on where you live or who you voted for. Every community has someone who counts on Medicaid, but rural communities in particular will suffer some of the greatest consequences. Millions stand to lose coverage and costs will go up.  Medicaid is a lifeline for rural hospitals and any cuts will further jeopardize the health and well-being of people across these communities. From rural communities to big cities, red states to blue states, Medicaid cuts will devastate millions of American families,” said Yvette Fontenot, Senior Advisor for Policy and Legislative Affairs at Protect Our Care.

    Nationwide, nearly half of children in America are enrolled in Medicaid and the Children’s Health Insurance Program (CHIP), and Medicaid pays for nearly half of births in the U.S. Medicaid also pays for services for 2 in 3 nursing home residents and pays for home-based services for close to 2 million seniors—allowing them to age safely at home—as well as close to 3 million people with disabilities and other health conditions. Cutting Medicaid will lead to accelerated hospital closures, particularly in rural areas. Medicaid also covers 1 in 4 people with a mental health or substance use disorder, and serves as the largest payer for mental health and substance use services for communities nationwide amid an ongoing overdose and opioid epidemic made worse by an influx of fentanyl. Recent polling from Hart Research found that 71 percent of voters who backed Trump said cutting Medicaid would be unacceptable and voters overall were even more opposed to it, with 82 percent saying so.

    Senator Murray’s full remarks, as delivered on today’s press call, are below and video is HERE:

    “Well, good morning to everyone, and thank you so much for joining this call today. This is really important. Right now, in Washington state—1.8 million people are covered on their health care through Medicaid. But right now, in Washington D.C.—House Republicans just voted for $880 billion dollars in cuts directed at Medicaid.

    “For reference—that is more than all of federal Medicaid spending in 2023! Cutting that deep comes with its own cost—one paid for by Washington state families.

    “Hospitals will close their doors as this funding drops.

    “Moms and babies will lose health care coverage. They’ll wonder how to get post-partum care or pay for a checkup if their sick child desperately needs it.

    “Seniors will be cut off from home care services and forced out of long-term care facilities.

    “Families in our rural communities will have to travel further than ever for health care.

    “Children and teens who need lifesaving mental health care will suffer.

    “People with disabilities and caregivers will be cut off from support they need.

    “Emergency response times will skyrocket—from closures which cost precious time as the nearest ER gets further away, and crowding, as patients put off preventive care they can no longer afford until it causes problems that they can no longer ignore.

    “Republicans need to stop listening to Donald Trump and Elon Musk who want tax breaks for their billionaire buddies—and start listening to their constituents who just want to stay on their health care.

    “Because if they did—maybe they would realize Medicaid is a lifeline for people in red and blue communities alike. In fact, 70 percent of people who voted for Trump said cuts to Medicaid would be unacceptable.

    “Right here in Washington state, the two districts with the most people covered through Medicaid and CHIP are both represented by Republicans.

    “And yet—House Republicans are charging ahead with cutting Medicaid by $880 billion in order to give tax breaks to billionaires. How are they ever going to explain that to folks back home?

    “Here’s another question to consider: How many billionaires are there in the 4th Congressional District?

    “How many billionaires are in the 5th District? Well, that’s a genuine question—and I want you to know I looked, and I looked—and the best I can tell, it’s pretty much next to none.

    “But you want to know how many people in the 4th District are on Medicaid? 250,000 people in the 4th District.

    “You know how many people in the 5th District are on Medicaid? 200,000 people.

    “One-in-five people in Washington state are covered by Medicaid—including three-in-eight people with disabilities, three-in-five seniors, and nearly half of all children!

    “Are Republicans really going to shut Washington state families out of the doctor’s office so they can roll out the red carpet for billionaires?

    “Well, the good news is, we still have a long road ahead before the final passage of these devastating cuts. And at every step of that road—I am going to be doing everything I can to protect health care for our families.

    “I will be lifting up the voices of families in Washington state. Every voice and every story will matter. Every phone call, every letter could make the difference.

    “So I am going to be making sure that, at the very least, our Republican House colleagues hear from the constituents they are hurting.

    “And I’m really proud today to be joined by constituents of mine from the 4th and 5th districts and to hear from them. So with that, I’m going to turn it over to Aaron who can speak about this—so Aaron, thank you for being with us today.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Information sought following Naenae fire

    Source: New Zealand Police (National News)

    Attributable to Detective Sergeant Seamus Doyle

    Hutt Valley Police are seeking witnesses to a fire on Sladden Street, Naenae in the early hours of Tuesday 25 February.

    Shortly after 3am, an occupant of the address woke to see the front porch of the house was on fire.

    Thankfully, they were able to wake everybody else in the house and they all made it out of the house uninjured.

    A scene examination and initial enquiries have determined this fire was deliberately lit.

    We would like to hear from anyone in the Sladden Street area who saw any suspicious activity or vehicles between 3am and 3:30am on Tuesday morning.

    This includes any CCTV or dashcam footage from the area.

    If anyone has any information that could assist Police, please contact us on 105 by calling or online at https://www.police.govt.nz/use-105

    Please reference file number 250225/0666.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Australian Deputy PM: Building Australia’s future on the Central Coast

    Source: Minister of Infrastructure

    The Australian Government is building Australia’s future on the New South Wales Central Coast by delivering $15 million over two years to plan for better and safer road connections in Empire Bay.

    The Empire Bay Drive Intersection Strategy – Planning project will deliver a strategy to upgrade intersections servicing Empire Bay and surrounding communities.

    This will include consideration of the intersection of Empire Bay Drive and Wards Hill Road.

    The Empire Bay Drive and Wards Hill Road intersection is used by thousands of motorists each day and is an important transport connection to Empire Bay Public School, as well as access to the Bouddi National Park.

    These vital planning works will have a road safety focus and deliver a business case for future upgrades. 

    The Australian Government is investing $21 billion towards transport infrastructure projects in NSW.

    For more information on projects funded under the Australian Government’s Infrastructure Investment Program, visit https://investment.infrastructure.gov.au.

    Quotes attributable to Treasurer Jim Chalmers: 

    “This important investment in local roads will help people get home sooner and safer.

    “It’s all about making our roads safer and our communities more accessible.

    “The Central Coast makes a big contribution to our country and this project will boost both the local community and our national economy.”

    Quotes attributable to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “We want to ensure that both locals and tourists on the Central Coast can get where they need go efficiently and safely.   

    “These planning works will be the first critical step in guiding our future investments in Empire Bay Drive and the surrounding intersections.”

    Quotes attributable to Federal Member for Robertson Gordon Reid:

    “These crucial planning works will support decision making on future priority upgrades to improve the safety and connectivity of key roads and intersections in Empire Bay and surrounding communities.

    This funding from the Australian Government would not have been possible without the support of almost a thousand local residents who signed our petition to get this intersection fixed.

    Thank you to the local community as well as local businesses who ensured this petition was a success.”

    MIL OSI News –

  • MIL-OSI USA: Sens. Markey, Padilla, Warnock Lead Colleagues in Demanding Answers About EPA Clean School Bus Program Funds Freeze

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Letter Text (PDF)

    Washington (February 27, 2025) – Senators Edward J. Markey (D-Mass.), Alex Padilla (D-Calif.), and Raphael Warnock (D-Ga.) led a letter with fifteen colleagues to Environmental Protection Agency (EPA) Administrator Lee Zeldin today, requesting information about the status of the distribution of Clean School Bus program funding to recipients with signed agreements and urging the EPA to immediately release any withheld funding.

    In the letter, the lawmakers write, “To provide these health and cost savings benefits to our children and continue supporting the boom in electric bus manufacturing that is creating good-paying jobs across the country, the EPA must implement the Clean School Bus program as Congress directed. Following your confirmation hearing, you committed to the continued implementation of this program when you responded: ‘I commit to following the law. I cannot prejudge the outcome of any particular policy review.’ Recognizing that Congress authorizes and appropriates federal funding—and explicitly established the Clean School Bus program through a bipartisan vote— it is your duty to implement the program and ensure program awardees have confidence in working with the EPA and are receiving funding.”

    The letter is signed by Senators Jeff Merkley (D-Ore.), Jon Ossoff (D-Ga.), Ron Wyden (D-Ore.), Mazie Hirono (D-Hawaii), Jeanne Shaheen (D-N.H), Gary Peters (D-Mich.), Bernie Sanders (I-Vt.), Catherine Cortez Masto (D-Nev.), Patty Murray (D-Wash.), Michael Bennet (D-Colo.), Mark Warner (D-Va.), Cory Booker (D-N.J.), Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), and Sheldon Whitehouse (D-R.I.).

    The lawmakers request the following information by March 6, 2025:

    1. For both rebates and grants under the Clean School Bus program, what is the status of the disbursement of already obligated funds to recipients?
    1. On what legal basis did the EPA end its disbursement of already obligated funds for the program? Please identify the authority under which the EPA cut off funding.
    1. If the disbursement of any obligated Clean School Bus Program grants and rebates currently remains frozen for any awardees, when will it resume? If you cannot provide a date, please explain why, including the legal basis for not resuming disbursements and an explanation of the EPA’s grant and rebate-review process.
    1. Will you commit to following the law by obligating the remaining Clean School Bus program grants and rebates that have yet to be awarded, or that have been awarded but not yet disbursed, through FY2026?

    MIL OSI USA News –

  • MIL-OSI USA: Ahead of Confirmation Vote for Sec. of Education Linda McMahon, Senator Markey Introduces Legislation to Protect Federal Funding for Public Schools

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Bill Text (PDF)
    Washington (Feb 27, 2025) – Senator Edward J. Markey (D-Mass.), member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, today introduced legislation to protect federal funding for public schools during the length of the Trump administration. The No Cuts to Public Schools Act would safeguard funds that allow public schools to serve low-income students, English learners, students with disabilities, homeless students, and students attending rural schools.
    “Make no mistake – President Trump and Linda McMahon are mounting a full-scale attack on the public school system. The Trump administration and congressional Republicans want to slash public school funding and leave communities to deal with the fallout,” said Senator Markey. “Public schools are the cornerstones of our communities, the equalizers of opportunity and sources of hope for students, and the bedrock of our democracy. Federal funding to public schools must be protected from Trump’s pro-privatization, anti-student agenda.”
    “Public schools are the latest battleground in the Trump administration’s war between the billionaires and regular working people. We need federal policy that puts kids first and creates opportunities and pathways to a better life. It will take decades for our families, our educators, our economy, our democracy and our nation’s standing to recover from this reckless and thoughtless destruction of public education in America,” said American Federation of Teachers Massachusetts President Jessica Tang. “Educators know dismantling the Department of Education and slashing federal funding or replacing them with block grants would be catastrophic, especially for the Commonwealth’s most vulnerable children – like the over 183,000 students with disabilities receiving support through IDEA, the over 41,000 infants and toddlers who receive Early Intervention, and the hundreds of schools with disproportionate levels of low-income students that rely on $206 million in Title I funding. Without intervention, we stand to lose generations of students who will be left behind.”
    “One of America’s greatest achievements is providing universal public education to every inhabitant in the country. Educating our populace is the source of this nation’s collective economic, cultural, and civic strength. And it takes a broad commitment across local, state and federal governments to provide universal public education,” said Max Page, President of the Massachusetts Teachers Association. “Public schools depend on federal funds, especially in guaranteeing quality education for those who need the support the most – low-income students, students with disabilities, English-language learners, and many more. We heard the nominee for Secretary of Education say that there is no intention by the Trump administration to cut funding for public schools. Thus, we expect – and urge – Congress to show strong bipartisan support for the No Cuts to Public Schools Act so that we can protect our beloved and essential public schools.”
    “Federal funding is critical for daily educational opportunities for our children. Currently, 10% of Massachusetts public school funding comes from federal programs. Across the Commonwealth, school committees and school administrations are grappling with historic inflationary pressures and increased costs,” said Jason Fraser, Title of the Massachusetts Association of School Committees. “School districts are struggling just to maintain level-service budgets. Any decrease in federal funding for public education would be devastating to public school students whose futures depend on it.”
    The No Cuts to Public Schools Act requires Congress to appropriate federal formula funding for education at Fiscal Year 2024 levels or higher through Fiscal Year 2027. In Fiscal Year 2024 in Massachusetts, the Department of Education provided more than $720 million to support 1,800 K-12 schools and more than 926,000 students, including:
    $366 million in annual funding for 182,000 students with disabilities – reflecting 20 percent of Massachusetts’s student population;
    $289 million in annual funding for schools enrolling 425,000 students from low-income backgrounds – reflecting 46 percent of Massachusetts’s student population;
    $20.5 million in annual funding for about 97,000 English learners – reflecting 10 percent of Massachusetts’s student population; 
    $1.5 million in annual funding for students enrolled in rural schools; and
    $812,000 in annual funding to support children living on military bases or Native American reservations.
    Linda McMahon, President Trump’s nominee to serve as Secretary of Education, was voted out of the HELP Committee on Thursday, February 20th, along party lines, 12-11. At her hearing before the HELP Committee, Senator Markey questioned McMahon on whether or not she would commit to cutting public education if Donald Trump directed her to do so. McMahon refused to answer. Her nomination is expected to come to a vote of the full Senate in coming days.
    On February 6, 2024, Senator Markey led members of the Massachusetts congressional delegation, the Massachusetts Teachers Association, American Federation of Teachers Massachusetts, Massachusetts Association of School Committees, and Massachusetts Association of School Superintendents in a joint statement after President Trump vowed to dismantle the Department of Education. 

    MIL OSI USA News –

  • MIL-OSI USA: Museum of the Albemarle to Host Final Moonshine and Motorsports Concert March 29

    Source: US State of North Carolina

    Headline: Museum of the Albemarle to Host Final Moonshine and Motorsports Concert March 29

    Museum of the Albemarle to Host Final Moonshine and Motorsports Concert March 29
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    The finale in a special series of concerts celebrating North Carolina’s unique story of moonshine and motorsports will take place March 29 at the Museum of the Albemarle in Elizabeth City, N.C.

    The concert will feature Tar Heel legend of Americana, Jim Lauderdale, the iconic bluegrass combo, the Kruger Brothers with special guest Jonah Horton, along with the Nest of Singing Birds.

    Inspired by the Moonshine and Motorsports Trail developed by the North Carolina Department of Natural and Cultural Resources (DNCR), this North Carolina Museum of History-sponsored series has blended music with storytelling as it moved from Raleigh to Charlotte to Elizabeth City, highlighting the historic places on that very trail.

    Tickets can be purchased through this link (https://www.eventbrite.com/e/moonshine-and-motorsports-music-museum-of-the-albemarle-tickets-964317308027?aff=oddtdtcreator).

    For accessibility accommodations, please contact the Museum of the Albemarle at (252) 353-1453.

    About Jim Lauderdale
    At any given time, you’re likely to find Jim Lauderdale making music, whether he’s laying down a new track in the studio or working through a spontaneous melody at his home in Nashville. And if he’s not actively crafting new music, he’s certainly thinking about it. “It’s a constant challenge to try to keep making better and better records, write better and better songs. I still always feel like I’m a developing artist,” he says. This may be a surprising sentiment from a man who’s won two Grammys, released 37 full-length albums, and taken home the Americana Music Association’s coveted Wagonmaster Lifetime Achievement Award among other awards. But his latest album, My Favorite Place, is convincing evidence that the North Carolina native is only continuing to hone his craft.

    About the Kruger Brothers
    Born and raised in Europe, brothers Jens and Uwe Kruger started singing and playing instruments at a very young age. Growing up in a family where music was an important part of life, they were exposed to a wide diversity of musical influences. The brothers were performing regularly by the time they were eleven and twelve years old, and they began their professional career in 1979. Several years later the brothers teamed up with bass player Joel Landsberg, forming a trio that has been playing professionally together since 1995. Together, they established the incomparable sound that the Kruger Brothers are known for today. The trio moved to the United States in 2002 and is based in Wilkesboro, N.C.

    About the Nest of Singing Birds
    Sheila Kay Adams is a 7th generation ballad singer, storyteller, and banjo player. She is a recipient of the National Heritage Fellowship from the National Endowment of the Arts and the North Carolina Heritage Award. Her daughter, Melanie Rice, along with Donna Ray Norton are 8th generation ballad singers. They will be performing with old-time traditional fiddle player, William Ritter.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Feb 25, 2025

    MIL OSI USA News –

  • MIL-OSI USA: SECU Foundation Awards $2 Million Grant to Support Expansion of the North Carolina Aquarium at Fort Fisher

    Source: US State of North Carolina

    Headline: SECU Foundation Awards $2 Million Grant to Support Expansion of the North Carolina Aquarium at Fort Fisher

    SECU Foundation Awards $2 Million Grant to Support Expansion of the North Carolina Aquarium at Fort Fisher
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    KURE BEACH

    SECU Foundation has awarded a $2 million capital grant to the North Carolina Aquarium Society, contributing to the expansion of the North Carolina Aquarium at Fort Fisher (NCAFF). The development project will increase the interactive space at the state’s most visited aquarium and include a new education center to serve North Carolina students.

    Operated under the North Carolina Department of Natural and Cultural Resources, the North Carolina Aquariums include three aquariums and Jennette’s Pier. They welcome more than 1.4 million visitors annually. About 500,000 of those guests visit NCAFF, including tens of thousands of students, who visit on field trips. Through engaging and immersive educational activities, the Aquariums foster a deeper understanding and connection to aquatic environments with the hope that visitors are inspired to protect them.

    “We are so pleased to be a part of the expansion of the North Carolina Aquarium at Fort Fisher,” said SECU Foundation Board Vice Chair Mona Moon. “With the SECU Foundation grant and the support of many others in the community, improvements made to this landmark Aquarium will propel it to a world-class facility for our state. With a new education center and other exciting additions to be announced later this year, even more visitors from all corners of our state and beyond can engage with our coastal ecosystems and aquatic environments.”

    “On behalf of the North Carolina Aquarium Society, we are immensely grateful for this generous grant from the SECU Foundation,” said Society Board Chair Drew Covert. “Among other exciting renovation plans, this grant will fund the creation of a new educational center – one that extends beyond the Aquarium walls to provide truly immersive experiences for students in North Carolina who need it most.” 

    “We are honored to have the ongoing support of the North Carolina Aquarium Society and their important collaborative work with partners like the SECU Foundation to bolster the North Carolina Aquariums,” said North Carolina Aquarium Division Director Hap Fatzinger. “The North Carolina Aquarium at Fort Fisher renovation and expansion is the most consequential project since the creation of the marine resource centers nearly 50 years ago. We are excited for what’s ahead and the lasting impact this will have on our state.”

    About SECU and SECU Foundation

    A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 87 years. SECU is the second largest credit union in the United States with $53 billion in assets. It serves more than 2.8 million members through 275 branch offices, 1,100 ATMs, Member Services Support via phone, www.ncsecu.org, and the SECU Mobile App. The SECU Foundation, a 501(c)(3) charitable organization funded by the contributions of SECU members, promotes local community development in North Carolina primarily through high-impact projects in the areas of housing, education, healthcare, and human services. Since 2004, SECU Foundation has made a collective financial commitment of over $300 million for initiatives to benefit North Carolinians statewide.

    About North Carolina Aquarium Society

    The North Carolina Aquarium Society is a nonprofit (501c3) organization dedicated to supporting the North Carolina Aquariums through private fundraising, membership, and revenue generation. Established in 1986, the Society partners with the Aquariums to enhance exhibits, animal care, education programs, and conservation initiatives beyond what state funding provides.

    Feb 26, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Bentonville Battlefield Anniversary Event Set for March 15-16

    Source: US State of North Carolina

    Headline: Bentonville Battlefield Anniversary Event Set for March 15-16

    Bentonville Battlefield Anniversary Event Set for March 15-16
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    Experience history come alive at the Bentonville Battlefield State Historic Site 160th anniversary program March 15-16. Thousands of living historians from across the country will descend on Bentonville Battlefield for one of the nation’s largest battle reenactments.     

    Advanced tickets to view the daily battle reenactments are now on sale. In addition to the daily ticketed battles, spend the day exploring a host of free activities: inspect the soldier’s camps, smell period cooking, listen to lectures, tour the Harper house, learn about 19th-century medicine, shop the dozens of “sutlers” — vendors selling Civil War related items — or just relax while listening to period music. Bring the family and enjoy a day with us at Bentonville Battlefield. Concessions will be provided by numerous food truck vendors.  

    In 2015, about 60,000 visitors attended the two-day event commemorating the 150th anniversary of the battle. Visitors are strongly encouraged to purchase tickets well in advance of the event. Advanced tickets are $15. A discounted weekend pass is also available for $25 during advanced sales only. Tickets purchased day-of on site are $20 per day. Children aged 10 and under receive free admission.   

    For more information and to purchase tickets visit www.bentonvillereenactment.com. Tickets can also be purchased at Bentonville Battlefield or by calling (910) 594-0789.  

    We encourage the public to arrive early to avoid traffic delays. Also, bring blankets or chairs to watch the battles. Spaces are on a first-come, first-serve basis. The reenactment field will be divided into three general admission sections: front rows for sitting on the ground, middle rows for sitting in chairs, and back rows for standing. The battles begin at 2 p.m. on Saturday and 1:30 p.m. on Sunday, with the reenactment field opening two hours beforehand each day.  

    The 2025 event is sponsored by the Friends of Bentonville Battlefield, Inc., the Johnston County Visitors Bureau and the North Carolina Department of Natural and Cultural Resources. All proceeds from the event support Bentonville Battlefield State Historic Site.   

    The Battle of Bentonville, fought March 19-21, 1865, involved 80,000 troops in one of the last major actions of the war. A patched together Confederate army under the command of Joseph Johnston failed to halt Union Gen. William T. Sherman’s advance through eastern North Carolina, eventually leading to the largest Confederate surrender of the war at Bennett Place near Durham weeks later.   

    Bentonville Battlefield is located at 5466 Harper House Road, Four Oaks, N.C. 27524, three miles north of Newton Grove on S.R. 1008, about one hour from Raleigh and about 45 minutes from Fayetteville. For more information, visit www.nchistoricsites.org/bentonvi/bentonvi.htm or call (910) 594-0789.     

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Feb 27, 2025

    MIL OSI USA News –

  • MIL-OSI USA: 2025 Women’s History Month Programs Planned

    Source: US State of North Carolina

    Headline: 2025 Women’s History Month Programs Planned

    2025 Women’s History Month Programs Planned
    jejohnson6

    Throughout March, in celebration of Women’s History Month, agencies within the N.C. Department of Natural and Cultural Resources will showcase the remarkable contributions of North Carolina women through special programs and exhibits.

    Wednesdays and Saturdays throughout March, 10-11 a.m., Women of Somerset Place Tour — Learn about some of the remarkable women who lived and worked at Somerset Place. The 60-minute special tour will focus on the contributions that enslaved and free women made to the development, maintenance, and infrastructure of Somerset Place. The tour will be offered to commemorate Women’s History Month. Guided tour fees of $2 for adults $1 for children are applicable. Group reservations are required for groups of 15 or more.

    March 1, 8, 15, 22, 29, 10 a.m. and 1 p.m., Charlotte Hawkins Brown Museum: Dr. Brown and Women’s Suffrage Tours — Take a tour of Canary Cottage and learn about Dr. Charlotte Hawkins Brown and the fight towards equal and women’s right to vote. These tours are offered on Saturdays in March. Registration for this event can be found at the link here (https://www.eventbrite.com/e/dr-brown-and-the-womens-suffrage-movement-tickets-1249327294569?aff=ebdsshcopyurl&utm-campaign=social&utm-content=attendeeshare&utm-medium=discovery&utm-term=listing&utm-source=cp). Registration is not a purchase of tickets. Tickets must be purchased in person on the day of the tour at the visitor center. Ticket prices are $2/adult (13-64 years), $1/adult (65+), and $1/child (12 and under).

    March 7, 6-8:30 p.m., CSS Neuse Museum: Female Spy Dinner Theater — Experience the captivating story of Rose O’Neal Greenhow, brought to life by Emily Lapisardi. This remarkable tale of a Confederate female spy promises to enthrall and engage. Dinner and dessert will precede the presentation. This program is appropriate for ages 12 and up. Tickets are $35 per person. The deadline to register is Feb. 28, at 7 p.m. Limited to 100 guests. Ticket link: https://lp.constantcontactpages.com/ev/reg/53t36wd/lp/89be23c6-4d63-423b-9c47-266338e53a59. For more information, please email cssneusegba@gmail.com or call 252-526-9600, ext. 222. This event is hosted by the Friends of the CSS Neuse Museum.

    March 8, 8 p.m., North Carolina Museum of Art Film & Lecture: “Song for Imogene” is a film from female-founded and run North Carolina production company, Honey Head Films. The showing will include an artist talk with the director/writer and lead actress. Tickets $10, $5 for Members.

    March 13, noon-1 p.m., State Archives: History for Lunch, “Where Did All the Midwives Go?: Statistical Authority in the Regulation of Midwifery in North Carolina, 1900-1940.” — Register in advance for online participation at https://www.zoomgov.com/webinar/register/WN_ag8T1464Q9igwmEL2k69vg#/registration For more information, contact Adrienne Berney, adrienne.berney@dncr.nc.gov; 919-814-6863.

    March 19, Noon-1 p.m., Museum of the Albemarle History for Lunch: Harriet Jacobs, A Woman of Conscience — Amanda Irvin, program coordinator at Historic Edenton State Historic Site, will tell the tragic and inspiring tale of Harriet Jacobs, a woman forced to work in the household of an abusive enslaver. After years of threats to herself and her children, Jacobs self-emaciated and hid in the roof space of her grandmother’s house for nearly seven years before her chance to escape via the Maritime Underground Railroad. Discover the story of a woman determined to fight for herself, her children, and later, for others. For additional information, contact Lori Meads at lori.meads@dncr.nc.gov.

    March 21, 10 a.m.-4:30 p.m., North Carolina Maritime Museum in Beaufort: N.C. Whales and Whaling Symposium — The history, biology, conservation, and pedagogy of whales and whaling specific to North Carolina will be covered during the North Carolina Maritime Museum’s annual Whales and Whaling Symposium. This year’s symposium, which features an all-female lineup of speakers, will be held at Fort Macon State Park. The program is free. However, pre-registration required due to limited seating; you must register for each program that you plan on attending individually. Register online at ncmaritimemuseumbeaufort.com or by calling 252-504-7758.

    March 29, 10 a.m.-3 p.m., North Carolina Maritime Museum at Southport: Deep Dive Into History: “Stitching the 18th Century” — Join museum educators as they focus on the role and creation of clothing in the 18th century: how it defined your status, gender, and even occupation. Visitors will have the opportunity to interact with a mantua maker (a female-only occupation) as she drafts a gown in a day. There will be a variety of clothing on display for visitors to touch and try on during the drop-in program. It is part of the museum’s Deep Dive series, a program designed to give visitors a deeper understanding of our shared past through costumed interpretation. Each Deep Dive will delve into a specific theme in Lower Cape Fear and maritime history.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Feb 27, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Secures Favorable Court Decision on Affordable Housing Project in Goleta

    Source: US State of California

    Thursday, February 27, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    Court sides with Attorney General’s position on project 

    OAKLAND — California Attorney General Rob Bonta today released a statement in response to the Santa Barbara County Superior Court’s decision requiring the City of Goleta to accept and process a preliminary application for a proposed affordable housing project by the Shelby Family Partnership. The project at issue would create 56 single-family homes, 13 of which would be affordable to lower-income households. A preliminary application is one submitted under the Housing Crisis Act of 2019 (Senate Bill 330). Senate Bill 330 allows anyone trying to build housing to “freeze” the standards applicable to their project by submitting an application that contains certain specified information.

    “The ruling by the Santa Barbara County Superior Court is unambiguous: Goleta must allow the application to move forward,” said Attorney General Bonta. “I urge the city to do so without any further delay, as required by our state housing laws. My office will continue to monitor the situation closely. Desperately needed affordable housing is at stake here.” 

    On December 20, 2024, Attorney General Bonta filed an amicus brief in support of the project. In the brief, Attorney General Bonta underscored, among other things, that:

    • At a time when Goleta lacked a legally compliant housing plan in 2023, the Shelby Family Partnership filed an application under Senate Bill 330 amending its previous application to include 13 affordable homes for lower-income households. Goleta refused to accept the Shelby Family Partnership’s Senate Bill 330 application on the grounds that Senate Bill 330 only applies to “new” projects. Attorney General Bonta argued that Senate Bill 330 is not limited only to “new” development projects and does not foreclose applicants from amending their project to avail themselves of its protections.
    • On December 5, 2023, Goleta unlawfully stated that it was “returning” the preliminary application without further explanation. Attorney General Bonta argued that local governments cannot disapprove qualifying housing development projects, except in narrowly defined circumstances and after making specific written findings.  

    A copy of the court’s order, which sides with the positions outlined above by Attorney General Bonta, can be found here.

    # # #

    MIL OSI USA News –

  • MIL-OSI: SECU Foundation Initiates Phase Three Disaster Relief Package of $3.45 Million for Western North Carolina

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., Feb. 27, 2025 (GLOBE NEWSWIRE) — The SECU Foundation Board of Directors approved a third phase of Hurricane Helene disaster relief funding totaling $3.45 million for seven non-profit organizations assisting residents and communities in Western North Carolina (WNC). The funding will help address long-term housing needs, resources for at-risk groups, and organizational capacity to meet increased demand for services. Grantees include:

    • Baptists on Mission (Wake County) – $2 million to repair and rebuild up to 100 damaged homes across the western region, including drywall replacement, roof repair, HVAC replacement, and new flooring.
    • Asheville Buncombe Community Christian Ministry (Buncombe County) – $500,000 to increase facility capacity and expand staff resources to onboard and manage a corps of volunteers for delivering regional emergency and disaster relief services.
    • Note in the Pocket (Wake County) – $250,000 to support human resource expansion and deployment for training and volunteer coordination at WNC agencies and to secure temporary warehouse space to accelerate the timeline for processing donated clothing.
    • Mountain Projects (Haywood and Jackson Counties) – $200,000 to assist with organizational capacity to provide case management for the increased number of displaced individuals and families seeking emergency services.
    • Hospitality House of Northwest North Carolina (Watauga County) – $200,000 to assist with increased organizational capacity to provide financial crisis assistance, case management for responding to hurricane-related housing needs, and increased food services for displaced individuals and families in their seven-county service area.
    • Rutherford Housing Partnership (Rutherford County) – $200,000 to increase capacity to fund urgent home repairs, especially for those without insurance or who will not receive government assistance.
    • Crossnore Communities for Children (Avery County) – $100,000 to support trauma resiliency efforts for neighboring communities impacted by Hurricane Helene and restoration of the storm-damaged Crossnore campus to address trauma-related impact for the children and foster families it serves.

    SECU Foundation initially provided a relief package of $3.75 million, then in December added a second phase of giving at $1.75 million. This third phase brings the total to nearly $9 million for relief and recovery efforts.

    “We are so grateful to be able to provide additional funding to assist our Western North Carolina communities,” said SECU Foundation Board Chair Chris Ayers. “The grants made to these seven organizations will help address many crucial areas, including food, housing, and restoration of important services. We look forward to seeing the positive impacts of this funding on our neighbors who have been devastated by Hurricane Helene.”

    About SECU and SECU Foundation
    A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 87 years. SECU is the second largest credit union in the United States with $53 billion in assets. It serves more than 2.8 million members through 275 branch offices, 1,100 ATMs, Member Services Support via phone, www.ncsecu.org, and the SECU Mobile App. The SECU Foundation, a 501(c)(3) charitable organization funded by the contributions of SECU members, promotes local community development in North Carolina primarily through high-impact projects in the areas of housing, education, healthcare, and human services. Since 2004, SECU Foundation has made a collective financial commitment of over $300 million for initiatives to benefit North Carolinians statewide.

    Contact: Jama Campbell, Executive Director, secufoundation@ncsecu.org

    The MIL Network –

  • MIL-OSI: Sunrun Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Cash Generation of $34 million in Q4 after safe harbor equipment purchases, third consecutive quarter of positive Cash Generation

    Paid down $132 million of recourse debt in Q4 with excess cash

    Cash Generation guidance of $200 million to $500 million in 2025

    Cash Generation guidance of $40 to $50 million in Q1

    Net Earning Assets increased to $6.8 billion, including $947 million of Total Cash

    Storage Capacity Installed of 392 Megawatt hours in Q4, exceeding high-end of guidance range and representing 78% year-over-year growth, as storage attachment rates reach 62%

    Solar Energy Capacity Installed of 242 Megawatts in Q4, within the guidance range, reaching 7.5 Gigawatts of Networked Solar Energy Capacity

    SAN FRANCISCO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    “We are growing, generating meaningful cash, increasing our book value of deployed systems, and paying down debt. We are poised to further improve our operating and financial results, and deliver a very strong 2025 with meaningful Cash Generation. Our actions to optimize our product mix, prioritize the highest value geographies and routes to market and an intense focus on cost as we grow have resulted in the highest Net Subscriber Values Sunrun has ever reported,” said Mary Powell, Sunrun’s Chief Executive Officer. “We are improving in every dimension we control – focusing on fast, effective execution, delivering strong financial and operating results, gaining share in a disciplined way, while building a long-term foundation of valuable grid resources.”

    “In the fourth quarter, we again set new margin records and delivered the third consecutive quarter of Cash Generation. We continue to execute well in the capital markets, raising more than $4 billion in asset-level debt and tax equity financing during 2024, and more than $800 million in non-recourse debt financing year-to-date. We have extended our runway of tax equity commitments and term sheets, including $1.3 billion added year-to-date,” said Danny Abajian, Sunrun’s Chief Financial Officer. “We have a strong balance sheet with no near-term corporate debt maturities and have paid down recourse parent debt by $186 million since March, including a $132 million paydown using excess cash in Q4. As we increase our Cash Generation, we will continue to further pay down parent recourse debt and are committed to a capital allocation strategy beyond this initial de-leveraging period that drives significant shareholder value.”

    Fourth Quarter Updates

    • Storage Attachment Rates Reach 62%: Customer Additions with storage grew more than 50% during the quarter compared to the prior-year period. Storage attachment rates on installations reached 62% in Q4, up from 45% in the prior-year period, with 392 Megawatt hours installed during the quarter. Sunrun has installed more than 156,000 solar and storage systems, representing over 2.5 Gigawatt hours of stored energy capacity.
    • Continued Strong Capital Markets Execution: In January 2025, Sunrun priced a $629 million securitization of residential solar and battery systems. The securitization is Sunrun’s thirteenth securitization since 2015 and first issuance in 2025. The oversubscribed transaction was structured with three separate classes of A rated notes, only two of which were publicly offered. The weighted average spread of the notes was 197 basis points, which was an improvement of approximately 38 basis points from our prior securitization in September. Similar to prior transactions, Sunrun raised additional capital in a subordinated non-recourse financing, which increased the cumulative advance rate to above 80% as measured against the initial Contracted Subscriber Value of the portfolio.
    • Paying Down Recourse Debt: We continue to pay down parent recourse debt. During the fourth quarter, we repurchased $125.5 million in principal of our 2026 Convertible Notes. As of December 31, 2024 we had only $7.7 million outstanding of these notes, which we may repurchase in 2025. Since March 31, 2024 we have paid down recourse debt by $186 million, by repurchasing our 2026 Convertible Notes and reducing borrowings under our recourse Working Capital Facility. We have also increased our Total Cash balance by $164 million and grown Net Earning Assets by $1.5 billion. We expect to further pay down our recourse debt in 2025 by $100 million or more. Aside from the $7.7 million outstanding of our 2026 Convertible Notes, we have no recourse debt maturities until March 2027. Over time we will explore further capital allocation options to maximize shareholder value, based on market conditions and our long-term outlook.
    • Improving Grid Stability with Virtual Power Plants: During 2024, Sunrun’s virtual power plants (VPPs) successfully supported power grids across the country with a combined instantaneous peak of nearly 80 megawatts—a capacity greater than many traditional fossil-fuel power plants. These innovative programs leveraged Sunrun’s fleet of residential solar and battery systems—the largest in America—empowering customers to generate, store, and share their own solar energy. In 2024, more than 20,000 Sunrun customers participated in 16 virtual power plant programs across nine states and territories. From California and Texas to Puerto Rico and New England, the customers’ batteries supplied on-demand, stored solar energy to augment power resources during hundreds of critical energy events.

    Key Operating Metrics

    In the fourth quarter of 2024, Customer Additions were 32,932 including 30,709 Subscriber Additions. As of December 31, 2024, Sunrun had 1,048,842 Customers, including 889,186 Subscribers. Customers grew 12% in the fourth quarter of 2024 compared to the fourth quarter of 2023.

    Annual Recurring Revenue from Subscribers was approximately $1.6 billion as of December 31, 2024. The Average Contract Life Remaining of Subscribers was 17.6 years as of December 31, 2024.

    Subscriber Value was $55,811 in the fourth quarter of 2024, a 11% increase compared to the fourth quarter of 2023. Creation Cost was $36,634 in the fourth quarter of 2024, a 1% decrease compared to the fourth quarter of 2023.

    Net Subscriber Value was $19,177 in the fourth quarter of 2024. Total Value Generated was $589 million in the fourth quarter of 2024. On a pro-forma basis assuming a 7.3% discount rate, consistent with capital costs observed in the quarter, Subscriber Value was $50,998 and Net Subscriber Value was $14,364 in the fourth quarter of 2024.

    Gross Earning Assets as of December 31, 2024, were $17.8 billion. Net Earning Assets were $6.8 billion, which included $947 million in Total Cash, as of December 31, 2024.

    Cash Generation was $34.2 million in the fourth quarter of 2024, the third consecutive quarter of positive Cash Generation.

    Storage Capacity Installed was 392.0 Megawatt hours in the fourth quarter of 2024, a 78% increase compared to the fourth quarter of 2023.

    Solar Energy Capacity Installed was 242.4 Megawatts in the fourth quarter of 2024, a 7% increase compared to the fourth quarter of 2023. Included in this figure is 232.0 Megawatts of Solar Energy Capacity Installed for Subscribers in the fourth quarter of 2024, an 11% increase compared to the fourth quarter of 2023.

    Networked Solar Energy Capacity was 7,531 Megawatts as of December 31, 2024. Included in this figure is 6,436 Megawatts of Networked Solar Energy Capacity for Subscribers as of December 31, 2024.

    Networked Storage Capacity was 2.5 Gigawatt hours as of December 31, 2024.

    The solar energy systems we deployed in Q4 are expected to offset the emission of 4.8 million metric tons of CO2 over the next thirty years. Over the last twelve months ended December 31, 2024, Sunrun’s systems are estimated to have offset 4.0 million metric tons of CO2.

    Outlook

    Cash Generation is expected to be in a range of $40 million to $50 million in the first quarter of 2025.

    For the full-year 2025, Cash Generation is expected to be in a range of $200 million to $500 million.

    Storage Capacity Installed is expected to be in a range of 265 to 275 Megawatt hours in the first quarter of 2025, representing approximately 30% growth year over year at the midpoint.

    Solar Energy Capacity Installed is expected to be in a range of 170 to 180 Megawatts in the first quarter of 2025, representing approximately flat year over year growth at the midpoint.

    For the full-year 2025, the Company expects robust growth in Storage Capacity Installed year over year, and Solar Energy Capacity Installed is expected to be approximately flat year over year.

    Fourth Quarter 2024 GAAP Results

    Total revenue was $518.5 million in the fourth quarter of 2024, up $1.9 million, or 0%, from the fourth quarter of 2023. Customer agreements and incentives revenue was $388.6 million, an increase of $67.0 million, or 21%, compared to the fourth quarter of 2023. Solar energy systems and product sales revenue was $129.9 million, a decrease of $65.1 million, or 33%, compared to the fourth quarter of 2023. The increasing mix of Subscribers results in less upfront revenue recognition, as revenue is recognized over the life of the Customer Agreement, which is typically 20 or 25 years.

    Total cost of revenue was $421.0 million, a decrease of 13% year-over-year. Total operating expenses were $652.6 million, a decrease of 9% year-over-year, on a pro-forma basis to exclude a non-cash goodwill impairment, which was incurred in the fourth quarter of 2024.

    Net loss attributable to common stockholders was $2,813.7 million, or $12.51 per basic and diluted share for the fourth quarter of 2024. Pro forma to exclude non-cash impairment charges, results in non-GAAP net income of $360.9 million or $1.41 per diluted share for the fourth quarter of 2024.

    Full Year 2024 GAAP Results

    Total revenue was $2,037.7 million in the full year 2024, down $222.1 million, or 10%, from the full year 2023. Customer agreements and incentives revenue was $1,505.2 million, an increase of $318.5 million, or 27%, compared to the full year 2023. Solar energy systems and product sales revenue was $532.5 million, a decrease of $540.6 million, or 50%, compared to the full year 2023.

    Total cost of revenue was $1,709.2 million, a decrease of 18% year-over-year. Total operating expenses were $2,610.8 million, a decrease of 15% year-over year, on a pro-forma basis to exclude non-cash goodwill impairment, which was incurred in both the full year 2023 and full year 2024.

    During the year, Sunrun recorded a non-cash goodwill impairment charge of approximately $3.1 billion. Due to the decline in our stock price, we wrote down our goodwill balance of $3.1 billion in its entirety during the fourth quarter of 2024. The goodwill primarily arose following the stock-for-stock acquisition of Vivint Solar in October 2020, with the majority arising from and determined based on the market capitalizations at the time of the acquisition. The Company recorded a non-cash goodwill impairment charge of $3.1 billion, or $14.05 per basic share, in our Consolidated Statement of Operations for the full year 2024, which was reflected in the Company’s fourth quarter results.

    Net loss attributable to common stockholders was $2,846.2 million, or $12.81 per basic and diluted share for the full year 2024. Pro-forma to exclude non-cash impairment charges, results in non-GAAP net income of $333.7 million or $1.33 per diluted share for the full-year 2024.

    Financing Activities

    As of February 27, 2025, closed transactions and executed term sheets provide us with expected tax equity to fund over 500 Megawatts of Solar Energy Capacity Installed for Subscribers beyond what was deployed through December 31, 2024. Sunrun also has $680 million in unused commitments available in its non-recourse senior revolving warehouse loan after the January securitization, to fund approximately 230 megawatts of projects for Subscribers.

    Conference Call Information

    Sunrun is hosting a conference call for analysts and investors to discuss its fourth quarter and full year 2024 results and business outlook at 1:30 p.m. Pacific Time today, February 27, 2025. A live audio webcast of the conference call along with supplemental financial information will be accessible via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com. The conference call can also be accessed live over the phone by dialing (877) 407-5989 (toll free) or (201) 689-8434 (toll). An audio replay will be available following the call on the Sunrun Investor Relations website for approximately one month.

    About Sunrun

    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com

    Non-GAAP Information

    This press release includes references to certain non-GAAP financial measures, such as non-GAAP net (loss) income and non-GAAP net (loss) income per share. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies.

    Non-GAAP net (loss) income is defined as GAAP net (loss) income adjusted by the non-cash goodwill impairment charge, non-cash adjustment to equity investments, and the debt discount amortization. Management believes the exclusion of this non-cash and non-recurring item provides useful supplemental information to investors and facilitates the analysis of its operating results and comparison of operating results across reporting periods.

    Forward Looking Statements

    This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Company’s financial and operating guidance and expectations; the Company’s business plan, trajectory, expectations, market leadership, competitive advantages, operational and financial results and metrics (and the assumptions related to the calculation of such metrics); the Company’s momentum in its business strategies including expectations regarding market share, total addressable market, growth in certain geographies, customer value proposition, market penetration, growth of certain divisions, financing activities, financing capacity, product mix, and ability to manage cash flow and liquidity; the growth of the solar industry; the Company’s financing activities and expectations to refinance, amend, and/or extend any financing facilities; trends or potential trends within the solar industry, our business, customer base, and market; the Company’s ability to derive value from the anticipated benefits of partnerships, new technologies, and pilot programs, including contract renewal and repowering programs; anticipated demand, market acceptance, and market adoption of the Company’s offerings, including new products, services, and technologies; the Company’s strategy to be a margin-focused, multi-product, customer-oriented company; the ability to increase margins based on a shift in product focus; expectations regarding the growth of home electrification, electric vehicles, virtual power plants, and distributed energy resources; the Company’s ability to manage suppliers, inventory, and workforce; supply chains and regulatory impacts affecting supply chains; the Company’s leadership team and talent development; the legislative and regulatory environment of the solar industry and the potential impacts of proposed, amended, and newly adopted legislation and regulation on the solar industry and our business; the ongoing expectations regarding the Company’s storage and energy services businesses and anticipated emissions reductions due to utilization of the Company’s solar energy systems; and factors outside of the Company’s control such as macroeconomic trends, bank failures, public health emergencies, natural disasters, acts of war, terrorism, geopolitical conflict, or armed conflict / invasion, and the impacts of climate change. These statements are not guarantees of future performance; they reflect the Company’s current views with respect to future events and are based on assumptions and estimates and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. The risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the Company’s continued ability to manage costs and compete effectively; the availability of additional financing on acceptable terms; worldwide economic conditions, including slow or negative growth rates and inflation; volatile or rising interest rates; changes in policies and regulations, including net metering, interconnection limits, and fixed fees, or caps and licensing restrictions and the impact of these changes on the solar industry and our business; the Company’s ability to attract and retain the Company’s business partners; supply chain risks and associated costs; realizing the anticipated benefits of past or future investments, partnerships, strategic transactions, or acquisitions, and integrating those acquisitions; the Company’s leadership team and ability to attract and retain key employees; changes in the retail prices of traditional utility generated electricity; the availability of rebates, tax credits and other incentives; the availability of solar panels, batteries, and other components and raw materials; the Company’s business plan and the Company’s ability to effectively manage the Company’s growth and labor constraints; the Company’s ability to meet the covenants in the Company’s investment funds and debt facilities; factors impacting the home electrification and solar industry generally, and such other risks and uncertainties identified in the reports that we file with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements used herein are based on information available to us as of the date hereof, and we assume no obligation to update publicly these forward-looking statements for any reason, except as required by law.

    Citations to industry and market statistics used herein may be found in our Investor Presentation, available via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com.

    Consolidated Balance Sheets
    (In Thousands)
        As of December 31,
          2024     2023
    Assets        
    Current assets:        
    Cash   $ 574,956   $ 678,821
    Restricted cash     372,312     308,869
    Accounts receivable, net     170,706     172,001
    Inventories     402,083     459,746
    Prepaid expenses and other current assets     202,579     262,822
    Total current assets     1,722,636     1,882,259
    Restricted cash     148     148
    Solar energy systems, net     15,032,115     13,028,871
    Property and equipment, net     121,239     149,139
    Goodwill     —     3,122,168
    Other assets     3,021,746     2,267,652
    Total assets   $ 19,897,884   $ 20,450,237
    Liabilities and total equity        
    Current liabilities:        
    Accounts payable   $ 354,214   $ 230,723
    Distributions payable to noncontrolling interests and redeemable noncontrolling interests     41,464     35,180
    Accrued expenses and other liabilities     543,752     499,225
    Deferred revenue, current portion     129,442     128,600
    Deferred grants, current portion     7,900     8,199
    Finance lease obligations, current portion     26,045     22,053
    Non-recourse debt, current portion     231,665     547,870
    Pass-through financing obligation, current portion     —     16,309
    Total current liabilities     1,334,482     1,488,159
    Deferred revenue, net of current portion     1,208,905     1,067,461
    Deferred grants, net of current portion     196,535     195,724
    Finance lease obligations, net of current portion     66,139     68,753
    Line of credit     384,226     539,502
    Non-recourse debt, net of current portion     11,806,181     9,191,689
    Convertible senior notes     479,420     392,867
    Pass-through financing obligation, net of current portion     —     278,333
    Other liabilities     119,846     190,866
    Deferred tax liabilities     137,940     122,870
    Total liabilities     15,733,674     13,536,224
    Redeemable noncontrolling interests     624,159     676,177
    Total stockholders’ equity     2,554,207     5,230,228
    Noncontrolling interests     985,844     1,007,608
    Total equity     3,540,051     6,237,836
    Total liabilities, redeemable noncontrolling interests and total equity   $ 19,897,884   $ 20,450,237
    Consolidated Statements of Operations
    (In Thousands, Except Per Share Amounts)
        Three Months Ended
    December 31,    		   Year Ended
    December 31,
          2024       2023       2024       2023  
    Revenue:                
    Customer agreements and incentives   $ 388,574     $ 321,555     $ 1,505,227     $ 1,186,706  
    Solar energy systems and product sales     129,918       195,035       532,492       1,073,107  
    Total revenue     518,492       516,590       2,037,719       2,259,813  
    Operating expenses:                
    Cost of customer agreements and incentives     292,632       287,780       1,169,213       1,077,114  
    Cost of solar energy systems and product sales     128,361       194,808       539,952       1,019,638  
    Sales and marketing     150,751       166,760       617,162       740,821  
    Research and development     8,794       7,663       39,304       21,816  
    General and administrative     72,045       57,110       245,127       221,067  
    Goodwill Impairment     3,122,168       —       3,122,168       1,158,000  
    Total operating expenses     3,774,751       714,121       5,732,926       4,238,456  
    Loss from operations     (3,256,259 )     (197,531 )     (3,695,207 )     (1,978,643 )
    Interest expense, net     (233,385 )     (181,826 )     (848,366 )     (652,989 )
    Other income (expense), net     89,829       (157,644 )     161,539       (63,900 )
    Loss before income taxes     (3,399,815 )     (537,001 )     (4,382,034 )     (2,695,532 )
    Income tax benefit     136       (1,595 )     (26,817 )     (12,691 )
    Net loss     (3,399,951 )     (535,406 )     (4,355,217 )     (2,682,841 )
    Net loss attributable to noncontrolling interests and redeemable noncontrolling interests     (586,294 )     (185,282 )     (1,509,050 )     (1,078,344 )
    Net loss attributable to common stockholders   $ (2,813,657 )   $ (350,124 )   $ (2,846,167 )   $ (1,604,497 )
    Net loss per share attributable to common stockholders                
    Basic   $ (12.51 )   $ (1.60 )   $ (12.81 )   $ (7.41 )
    Diluted   $ (12.51 )   $ (1.60 )   $ (12.81 )   $ (7.41 )
    Weighted average shares used to compute net loss per share attributable to common stockholders                
    Basic     224,896       218,461       222,215       216,642  
    Diluted     224,896       218,461       222,215       216,642  
    Consolidated Statements of Cash Flows
    (In Thousands)
        Three Months Ended December 31,   Year Ended December 31,
          2024       2023       2024       2023  
    Operating activities:                
    Net loss   $ (3,399,951 )   $ (535,406 )   $ (4,355,217 )   $ (2,682,841 )
    Adjustments to reconcile net loss to net cash used in operating activities:                
    Depreciation and amortization, net of amortization of deferred grants     162,343       143,024       620,876       531,669  
    Goodwill impairment     3,122,168       —       3,122,168       1,158,000  
    Deferred income taxes     136       (1,623 )     (26,817 )     (12,716 )
    Stock-based compensation expense     28,869       27,555       112,825       111,781  
    Interest on pass-through financing obligations     —       4,862       8,837       19,504  
    Reduction in pass-through financing obligations     —       (9,820 )     (20,787 )     (40,352 )
    Unrealized (gain) loss on derivatives     (122,319 )     108,226       (120,008 )     28,105  
    Other noncash items     105,220       118,956       210,479       261,390  
    Changes in operating assets and liabilities:                
    Accounts receivable     5,741       5,762       (14,974 )     15,748  
    Inventories     (59,735 )     202,055       57,663       324,158  
    Prepaid expenses and other current assets     (301,380 )     (142,438 )     (771,997 )     (476,628 )
    Accounts payable     141,070       (52,514 )     177,449       (108,785 )
    Accrued expenses and other liabilities     4,182       (31,986 )     80,588       (56,473 )
    Deferred revenue     55,297       47,340       152,762       106,700  
    Net cash used in operating activities     (258,359 )     (116,007 )     (766,153 )     (820,740 )
    Investing activities:                
    Payments for the costs of solar energy systems     (791,785 )     (651,462 )     (2,699,452 )     (2,587,183 )
    Purchase of equity investment     —       (5,000 )     —       (5,000 )
    Purchases of property and equipment, net     (627 )     (4,662 )     (1,572 )     (20,960 )
    Net cash provided by (used in) investing activities     (792,412 )     (661,124 )     (2,701,024 )     (2,613,143 )
    Financing activities:                
    Proceeds from state tax credits, net of recapture     —       —       5,203       4,033  
    Proceeds from trade receivable financing     124,261       41,225       124,261       41,225  
    Repayment of trade receivable financing     —       (41,225 )     —       (41,225 )
    Proceeds from line of credit     48,700       473,277       354,256       1,124,675  
    Repayment of line of credit     (56,998 )     (451,023 )     (509,532 )     (1,090,331 )
    Proceeds from issuance of convertible senior notes, net of capped call transaction     —       —       444,822       —  
    Repurchase of convertible senior notes     (117,235 )     (1,545 )     (346,581 )     (1,545 )
    Proceeds from issuance of non-recourse debt     644,950       556,100       4,009,906       3,745,580  
    Repayment of non-recourse debt     (102,748 )     (175,728 )     (1,794,962 )     (1,575,527 )
    Payment of debt fees     (128 )     (412 )     (93,875 )     (47,342 )
    Proceeds from pass-through financing and other obligations, net     —       2,100       4,795       8,812  
    Repayment of pass-through financing obligation     —       —       (240,288 )     —  
    Payment of finance lease obligations     (6,605 )     (6,484 )     (27,240 )     (23,279 )
    Contributions received from noncontrolling interests and redeemable noncontrolling interests     521,480       459,858       1,811,966       1,572,399  
    Distributions paid to noncontrolling interests and redeemable noncontrolling interests     (70,269 )     (51,578 )     (308,657 )     (225,114 )
    Acquisition of noncontrolling interest     (4,761 )     —       (26,195 )     (46,274 )
    Proceeds from transfer of investment tax credits     148,586       6,980       705,697       6,980  
    Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits     (148,586 )     (6,980 )     (705,697 )     (6,980 )
    Net proceeds related to stock-based award activities     6,923       8,459       18,876       22,611  
    Net cash provided by financing activities     987,570       813,024       3,426,755       3,468,698  
    Net change in cash and restricted cash     (63,201 )     35,893       (40,422 )     34,815  
    Cash and restricted cash, beginning of period     1,010,617       951,945       987,838       953,023  
    Cash and restricted cash, end of period   $ 947,416     $ 987,838     $ 947,416     $ 987,838  
    Reconciliation between GAAP and Non-GAAP diluted (loss) income per share:
        Three Months Ended
    December 31, 2024    		   Year Ended
    December 31, 2024
        Net (Loss)
    Income    		   Diluted EPS   Net (Loss)
    Income    		   Diluted EPS
    GAAP diluted loss per share   $ (2,813,657 )   $ (12.51 )   $ (2,846,167 )   $ (12.81 )
    Debt Discount Amortization     1,131       0.01       6,438       0.03  
    Non-cash impairment charges (2)     3,173,450       14.11       3,173,450       14.28  
    Non-GAAP diluted income per share (1)   $ 360,924     $ 1.41     $ 333,721     $ 1.33  
                     
    GAAP weighted average shares for diluted EPS     224,896           222,215      
    Non-GAAP weighted average shares for diluted EPS     256,614           250,622      


    (1)       Non-GAAP diluted income per share excludes the effects of the pro forma adjustment detailed above. Non- GAAP diluted income per share is adjusted to exclude this item, as it is not used by management to evaluate the performance of the business.
    (2)   Excluding this item of non-recurring, infrequent or unusual nature and its impact on the comparability of our results for the period to prior periods and future expected trends.

    Key Operating and Financial Metrics

    The following operating metrics are used by management to evaluate the performance of the business. Management believes these metrics, when taken together with other information contained in our filings with the SEC and within this press release, provide investors with helpful information to determine the economic performance of the business activities in a period that would otherwise not be observable from historic GAAP measures. Management believes that it is helpful to investors to evaluate the present value of cash flows expected from subscribers over the full expected relationship with such subscribers (“Subscriber Value”, more fully defined in the definitions appendix below) in comparison to the costs associated with adding these customers, regardless of whether or not the costs are expensed or capitalized in the period (“Creation Cost”, more fully defined in the definitions appendix below). The Company also believes that Subscriber Value, Creation Costs, and Total Value Generated are useful metrics for investors because they present an unlevered view of all of the costs associated with new customers in a period compared to the expected future cash flows from these customers over a 30-year period, based on contracted pricing terms with its customers, which is not observable in any current or historic GAAP-derived metric. Management believes it is useful for investors to also evaluate the future expected cash flows from all customers that have been deployed through the respective measurement date, less estimated costs to maintain such systems and estimated distributions to tax equity partners in consolidated joint venture partnership flip structures, and distributions to project equity investors (“Gross Earning Assets”, more fully defined in the definitions appendix below). The Company also believes Gross Earning Assets is useful for management and investors because it represents the remaining future expected cash flows from existing customers, which is not a current or historic GAAP-derived measure.

    Various assumptions are made when calculating these metrics. Both Subscriber Value and Gross Earning Assets utilize a 6% rate to discount future cash flows to the present period. Furthermore, these metrics assume that customers renew after the initial contract period at a rate equal to 90% of the rate in effect at the end of the initial contract term. For Customer Agreements with 25-year initial contract terms, a 5-year renewal period is assumed. For a 20-year initial contract term, a 10-year renewal period is assumed. In all instances, we assume a 30-year customer relationship, although the customer may renew for additional years, or purchase the system. Estimated cost of servicing assets has been deducted and is estimated based on the service agreements underlying each fund.

    In-period volume metrics: Three Months Ended
    December 31, 2024    		  
    Customer Additions   32,932  
    Subscriber Additions (included within Customer Additions)   30,709  
    Solar Energy Capacity Installed (in Megawatts)   242.4  
    Solar Energy Capacity Installed for Subscribers (in Megawatts)   232.0  
    Storage Capacity Installed (in Megawatt hours)   392.0  
         
    In-period value creation metrics: Three Months Ended
    December 31, 2024    		  
    Subscriber Value Contracted Period $52,035  
    Subscriber Value Renewal Period $3,776  
    Subscriber Value $55,811  
    Creation Cost $36,634  
    Net Subscriber Value $19,177  
    Total Value Generated (in millions) $588.9  
         
    In-period environmental impact metrics: Three Months Ended
    December 31, 2024    		  
    Positive Environmental Impact from Customers (over trailing twelve months, in millions of metric tons of CO2 avoidance)   4.0  
    Positive Expected Lifetime Environmental Impact from Customer Additions (in millions of metric tons of CO2 avoidance)   4.8  
         
    Period-end metrics: December 31, 2024  
    Customers   1,048,842  
    Subscribers (subset of Customers)   889,186  
    Households Served in Low-Income Multifamily Properties   21,129  
    Networked Solar Energy Capacity (in Megawatts)   7,531  
    Networked Solar Energy Capacity for Subscribers (in Megawatts)   6,436  
    Networked Storage Capacity (in Megawatt hours)   2,525  
    Annual Recurring Revenue (in millions) $1,644  
    Average Contract Life Remaining (in years)   17.6  
    Gross Earning Assets Contracted Period (in millions) $13,791  
    Gross Earning Assets Renewal Period (in millions) $4,043  
    Gross Earning Assets (in millions) $17,834  
    Net Earning Assets (in millions) $6,766  
           

    Figures presented above may not sum due to rounding. For adjustments related to Subscriber Value and Creation Cost, please see the supplemental Creation Cost and Net Subscriber Value calculation memo for each applicable period, which is available on investors.sunrun.com.

    Definitions

    Deployments represent solar or storage systems, whether sold directly to customers or subject to executed Customer Agreements (i) for which we have confirmation that the systems are installed, subject to final inspection, or (ii) in the case of certain system installations by our partners, for which we have accrued at least 80% of the expected project cost (inclusive of acquisitions of installed systems).

    Customer Agreements refer to, collectively, solar or storage power purchase agreements and leases.

    Subscriber Additions represent the number of Deployments in the period that are subject to executed Customer Agreements.

    Customer Additions represent the number of Deployments in the period.

    Solar Energy Capacity Installed represents the aggregate megawatt production capacity of our solar energy systems that were recognized as Deployments in the period.

    Solar Energy Capacity Installed for Subscribers represents the aggregate megawatt production capacity of our solar energy systems that were recognized as Deployments in the period that are subject to executed Customer Agreements.

    Storage Capacity Installed represents the aggregate megawatt hour capacity of storage systems that were recognized as Deployments in the period.

    Creation Cost represents the sum of certain operating expenses and capital expenditures incurred divided by applicable Customer Additions and Subscriber Additions in the period. Creation Cost is comprised of (i) installation costs, which includes the increase in gross solar energy system assets and the cost of customer agreement revenue, excluding depreciation expense of fixed solar assets, and operating and maintenance expenses associated with existing Subscribers, plus (ii) sales and marketing costs, including increases to the gross capitalized costs to obtain contracts, net of the amortization expense of the costs to obtain contracts, plus (iii) general and administrative costs, and less (iv) the gross profit derived from selling systems to customers under sale agreements and Sunrun’s product distribution and lead generation businesses. Creation Cost excludes stock based compensation, amortization of intangibles, and research and development expenses, along with other items the company deems to be non-recurring or extraordinary in nature. The gross margin derived from solar energy systems and product sales is included as an offset to Creation Cost since these sales are ancillary to the overall business model and lowers our overall cost of business. The sales, marketing, general and administrative costs in Creation Costs is inclusive of sales, marketing, general and administrative activities related to the entire business, including solar energy system and product sales. As such, by including the gross margin on solar energy system and product sales as a contra cost, the value of all activities of the Company’s segment are represented in the Net Subscriber Value.

    Subscriber Value represents the per subscriber value of upfront and future cash flows (discounted at 6%) from Subscriber Additions in the period, including expected payments from customers as set forth in Customer Agreements, net proceeds from tax equity finance partners, payments from utility incentive and state rebate programs, contracted net grid service program cash flows, projected future cash flows from solar energy renewable energy credit sales, less estimated operating and maintenance costs to service the systems and replace equipment, consistent with estimates by independent engineers, over the initial term of the Customer Agreements and estimated renewal period. For Customer Agreements with 25 year initial contract terms, a 5 year renewal period is assumed. For a 20 year initial contract term, a 10 year renewal period is assumed. In all instances, we assume a 30-year customer relationship, although the customer may renew for additional years, or purchase the system.

    Net Subscriber Value represents Subscriber Value less Creation Cost.

    Total Value Generated represents Net Subscriber Value multiplied by Subscriber Additions.

    Customers represent the cumulative number of Deployments, from the company’s inception through the measurement date.

    Subscribers represent the cumulative number of Customer Agreements for systems that have been recognized as Deployments through the measurement date.

    Networked Solar Energy Capacity represents the aggregate megawatt production capacity of our solar energy systems that have been recognized as Deployments, from the company’s inception through the measurement date.

    Networked Solar Energy Capacity for Subscribers represents the aggregate megawatt production capacity of our solar energy systems that have been recognized as Deployments, from the company’s inception through the measurement date, that have been subject to executed Customer Agreements.

    Networked Storage Capacity represents the aggregate megawatt hour capacity of our storage systems that have been recognized as Deployments, from the company’s inception through the measurement date.

    Gross Earning Assets is calculated as Gross Earning Assets Contracted Period plus Gross Earning Assets Renewal Period.

    Gross Earning Assets Contracted Period represents the present value of the remaining net cash flows (discounted at 6%) during the initial term of our Customer Agreements as of the measurement date. It is calculated as the present value of cash flows (discounted at 6%) that we would receive from Subscribers in future periods as set forth in Customer Agreements, after deducting expected operating and maintenance costs, equipment replacements costs, distributions to tax equity partners in consolidated joint venture partnership flip structures, and distributions to project equity investors. We include cash flows we expect to receive in future periods from tax equity partners, government incentive and rebate programs, contracted sales of solar renewable energy credits, and awarded net cash flows from grid service programs with utilities or grid operators.

    Gross Earning Assets Renewal Period is the forecasted net present value we would receive upon or following the expiration of the initial Customer Agreement term but before the 30th anniversary of the system’s activation (either in the form of cash payments during any applicable renewal period or a system purchase at the end of the initial term), for Subscribers as of the measurement date. We calculate the Gross Earning Assets Renewal Period amount at the expiration of the initial contract term assuming either a system purchase or a renewal, forecasting only a 30-year customer relationship (although the customer may renew for additional years, or purchase the system), at a contract rate equal to 90% of the customer’s contractual rate in effect at the end of the initial contract term. After the initial contract term, our Customer Agreements typically automatically renew on an annual basis and the rate is initially set at up to a 10% discount to then-prevailing utility power prices.

    Net Earning Assets represents Gross Earning Assets, plus total cash, less adjusted debt and less pass-through financing obligations, as of the same measurement date. Debt is adjusted to exclude a pro-rata share of non-recourse debt associated with funds with project equity structures along with debt associated with the company’s ITC safe harboring facility. Because estimated cash distributions to our project equity partners are deducted from Gross Earning Assets, a proportional share of the corresponding project level non-recourse debt is deducted from Net Earning Assets, as such debt would be serviced from cash flows already excluded from Gross Earning Assets.

    Cash Generation is calculated using the change in our unrestricted cash balance from our consolidated balance sheet, less net proceeds (or plus net repayments) from all recourse debt (inclusive of convertible debt), and less any primary equity issuances or net proceeds derived from employee stock award activity (or plus any stock buybacks or dividends paid to common stockholders) as presented on the Company’s consolidated statement of cash flows. The Company expects to continue to raise tax equity and asset-level non-recourse debt to fund growth, and as such, these sources of cash are included in the definition of Cash Generation. Cash Generation also excludes long-term asset or business divestitures and equity investments in external non-consolidated businesses (or less dividends or distributions received in connection with such equity investments). Restricted cash in a reserve account with a balance equal to the amount outstanding of 2026 convertible notes is considered unrestricted cash for the purposes of calculating Cash Generation.

    Annual Recurring Revenue represents revenue arising from Customer Agreements over the following twelve months for Subscribers that have met initial revenue recognition criteria as of the measurement date.

    Average Contract Life Remaining represents the average number of years remaining in the initial term of Customer Agreements for Subscribers that have met revenue recognition criteria as of the measurement date.

    Households Served in Low-Income Multifamily Properties represent the number of individual rental units served in low-income multi-family properties from shared solar energy systems deployed by Sunrun. Households are counted when the solar energy system has interconnected with the grid, which may differ from Deployment recognition criteria.

    Positive Environmental Impact from Customers represents the estimated reduction in carbon emissions as a result of energy produced from our Networked Solar Energy Capacity over the trailing twelve months. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

    Positive Expected Lifetime Environmental Impact from Customer Additions represents the estimated reduction in carbon emissions over thirty years as a result of energy produced from solar energy systems that were recognized as Deployments in the period. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis, leveraging our estimated production figures for such systems, which degrade over time, and is extrapolated for 30 years. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

    Total Cash represents the total of the restricted cash balance and unrestricted cash balance from our consolidated balance sheet.

    Investor & Analyst Contact:

    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    Media Contact:

    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

    The MIL Network –

  • MIL-OSI: Ponce Bank Re-Designs its Westchester Avenue Bank Branch in the Bronx

    Source: GlobeNewswire (MIL-OSI)

    BRONX, N.Y., Feb. 27, 2025 (GLOBE NEWSWIRE) — Local dignitaries, Ponce Bank officers and administrators, and members of the public will celebrate Ponce Bank’s transformed branch experience at the Grand Re-Opening, set for 12:30 pm, Thursday, February 27, 2025 at Ponce’s Bank Branch, 2244 Westchester Avenue in the Bronx.

    “We incorporated what we’ve learned to be essential in providing service to our customers as well as to our communities. Integrating new technologies and modern design elements yields a branch that is attractive, welcoming, and replete with service options,” says Steve Hamilton, SVP – Designer-in-Residence, who led the project.

    “This branch anchors the new Westchester Banking Development District (BDD) proving daily how critical Community Banks like Ponce are to the neighbors they serve.” explains Carlos P. Naudon, President and Chief Executive Officer of Ponce Bank and Ponce Financial Group, Inc. “This branch re-design is the culmination of decisive internal planning and reflection, as well as concerted outreach to the community at large. The result is nothing short of exemplary, and we are proud to showcase the results of our efforts.” 

    The transformation relaunches a process begun in 2019, and interrupted by the Covid Pandemic, aimed at reinforcing the role of each banking branch as a ‘community hub’ that attracts new depositors and business customers, but anchors Ponce Bank branches as community-centric destinations. The revitalization efforts include Open Tellers that invite a more consultative experience, managers located at a central hub of the branch, private space for sensitive conversations, and meeting spaces as well as open areas with teleconferencing and AV equipment to encourage community-wide gatherings. 

    Steven A. Tsavaris, Chairman of the Board and Executive Chairman of Ponce Bank, notes “We’ve devoted a considerable amount of time, effort and energy to this re-design effort. It’s not simply a new design, but a fresh perspective in the way we interact with our customers and members of the community at large. We feel the success of this endeavor will augur well for our future and we continue to upgrade our branch offices to provide a better experience for customers and feel more open to the overall community. We’re very excited about this effort and look forward to welcoming visitors and friends.” 

    “We are happy to see our investment helping Ponce’s Westchester Avenue Branch reach even more members of the community,” New York State Comptroller Thomas P. DiNapoli said. “Supporting community banking is critically important in creating more access to capital and supporting personal wealth and home ownership. We thank Ponce Bank for their partnership.”

    “Our banks play a crucial role in the economic success of our borough and the well-being of our residents. They are not just places to manage finances—they serve as community hubs, where relationships are built, resources are shared, and local businesses can thrive. I am proud to see institutions like Ponce Bank embody this vision, transforming their branches into vibrant, community-centric destinations that attract new customers and strengthen the ties between the financial sector and the neighborhoods they serve. I want to thank Ponce Bank for being a true partner and good neighbor, especially as they continue to support our borough through their resilience and commitment to helping local residents and businesses grow.” Bronx Borough President Vanessa L. Gibson. 

    New York State Superintendent of Financial Services Adrienne A. Harris said, “Since joining DFS, my mission has been to ensure that all New Yorkers have access to fair and affordable banking services. The BDD program is an essential tool for DFS to work with banks to enhance the customer experience in the communities they serve.

    “Ponce Bank has been a trusted institution in our neighborhoods, making sure working families and small businesses have access to the financial services they need. This redesigned Westchester Avenue branch is a reflection of their commitment to keeping banking local and rooted in the Bronx. As our communities continue to grow and evolve, it’s great to see institutions like Ponce Bank investing in the people and neighborhoods they serve. I look forward to celebrating this milestone and the opportunities it will bring for Bronxites.” Senator Nathalia Fernandez

    “I am honored to rejoin Ponce Bank on this special occasion for our local depositors in the Southeast Bronx”, said Assembly Member Karines Reyes, R.N., Chair of the NYS Assembly & Senate’s Puerto Rican / Hispanic Task Force. “The reopening and upgrading of Ponce Bank’s Westchester Branch facilities, computer, and customer service systems will help our communities get better access to building wealth and resources. The bank’s leadership, commitment to modernization, and dedication to our community will allow our 21st Century depositors to get 21st Century services, which is a ‘win’ for everyone! I thank Ponce Bank for their hard work on this initiative and look forward to continuing collaboration for the residents of our area.”

    “Ponce Bank has long been a pillar of the Bronx, providing essential financial services and unwavering community support. The newly redesigned Westchester Avenue branch modernizes banking with cutting-edge technology while preserving a welcoming, community-focused approach. Investments like this empower local families and small businesses to thrive, and I congratulate Ponce Bank on this exciting milestone.” New York City Council, Majority Leader Amanda Farías

    “Ponce Bank is an extremely valuable partner and resource for The Bronx, and their reopening of its Westchester Avenue bank branch is a testament to their strong commitment to a borough that has been considered to be a banking desert,” Rob Walsh, President of The Bronx Economic Development Corporation, said. “This will be a tremendous move for the small businesses of The Bronx, as well as the individuals who live and work here in the borough. I look forward to a continued partnership with Ponce Bank.”

     “The Bronx Chamber of Commerce celebrates the grand reopening of Ponce Bank’s Westchester Avenue branch.  Ponce Bank is a true community partner, actively supporting our small businesses, entrepreneurs, and residents. This reimagined branch reflects their commitment to financial empowerment, accessibility, and community building. We look forward to the continued impact of their investment in the Bronx.” Lisa Sorin, President of The Bronx Chamber of Commerce

    “The grand reopening of Ponce Bank’s main branch is an example of this bank’s investment in the community,” Rafael Roger, President of the Business Initiative Corporation of New York, said. “This modernization is Ponce’s investment in the Bronx and the greater New York City Region. The services and capital that Ponce provides creates jobs and housing in our community. Our neighborhoods, small businesses, and non-profits will be the beneficiaries of this facility, and we look forward to our continued partnership with Ponce.”

    “We’re excited to welcome Ponce Bank’s reopening as a Banking Development District in Castle Hill. This new space strengthens access to financial services, empowering local businesses and residents. By fostering economic growth and opportunity, it plays a key role in the continued revitalization of our community.” Sasha Ortiz, Executive Director, Castle Hill BID

    About Ponce Bank … founded in the Bronx in 1960 when most banks fled an area others perceived to be in decline. Our founders saw opportunity in an entrepreneurial community of immigrants and people of color that embodied the diverse cultures that make New York City one of the most innovative and welcoming cities in the world. We focus on supporting small business, providing financial mastery education to our underserved, but highly deserving, communities, and real estate ownership, investment, and development with a particular emphasis on affordable housing. The Bank now has 13 branches and 3 loan production offices throughout the NYC Metro Area, Union City New Jersey and now Coral Gables, Florida and has grown to nearly $3 Billion in assets. Ponce Bank is also now publicly traded (NASDAQ: PDLB). www.poncebank.com

    Media Contact: Fred Yaeger (914) 525-9198

    The MIL Network –

  • MIL-OSI: Stronghold Stockholders Overwhelmingly Approve Merger with Bitfarms

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold”, the “Company”, or “we”) today announced that its stockholders have overwhelmingly voted “FOR” the pending merger (the “Merger”) between Stronghold and Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms”).

    “I’m incredibly proud of what we’ve accomplished at Stronghold,” said Gregory Beard, Chief Executive Officer and Chairman of Stronghold. “We are thrilled by the strong endorsement from our stockholders, who recognize the significant value and potential of this merger and look forward to the next chapter for our stockholders as a part of Bitfarms.”

    On February 27, 2025, Stronghold held a special meeting of the Company’s stockholders (the “Special Meeting”). At the Special Meeting, the Company’s stockholders voted on and approved a proposal (the “Merger Agreement Proposal”) to approve and adopt the Agreement and Plan of Merger, dated as of August 21, 2024, as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of September 12, 2024, by and among Bitfarms, Backbone Mining Solutions LLC, a Delaware limited liability company and an indirect, wholly owned subsidiary of Bitfarms (“BMS”), HPC & AI Megacorp, Inc., a Delaware corporation and a direct, wholly owned subsidiary of BMS, and the Company, and the related agreements and transactions. Approximately 99.6% of the votes cast at the Special Meeting – which is approximately 54.5% of the issued and outstanding shares of Stronghold Class A common stock and Class V common stock, voting together as a single class, entitled to vote at the Special Meeting – voted to approve the Merger Agreement Proposal.

    With the approval of the Merger Agreement Proposal, the Company expects the closing of the Merger to occur in March of 2025, subject to the satisfaction or waiver of the remaining conditions to close. A final report on the results of the Special Meeting will be made on a Form 8-K to be filed with the Securities and Exchange Commission (“SEC”).

    About Stronghold Digital Mining, Inc.

    Stronghold is a vertically integrated Bitcoin mining company with an emphasis on environmentally beneficial operations. Stronghold houses its miners at its wholly owned and operated Scrubgrass and Panther Creek plants, both of which are low-cost, environmentally beneficial coal refuse power generation facilities in Pennsylvania.

    Forward-Looking Statements

    This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address future business and financial events, conditions, expectations, plans or ambitions, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words, but not all forward-looking statements include such words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Bitfarms and Stronghold, that could cause actual results to differ materially from those expressed in such forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: the risk that the Merger may not be completed on the anticipated terms in a timely manner or at all, which may adversely affect Stronghold’s business and the price of its Class A common stock, par value $0.0001 per share; the failure to satisfy any of the conditions to the Merger, including obtaining required stockholder and regulatory approvals; pending or potential litigation relating to the Merger that has been or could be instituted against Stronghold, Bitfarms or their respective directors or officers, including the effects of any outcomes related thereto; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger agreement, including in circumstances requiring Stronghold to pay a termination fee; the effect of the announcement or pendency of the Merger on Stronghold’s business relationships, operating results and business generally; the risk that the Merger disrupts Stronghold’s current plans and operations; Stronghold’s ability to retain and hire key personnel and maintain relationships with key business partners and customers, and others with whom it does business, in light of the Merger; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Merger; risks related to diverting management’s attention from Stronghold’s ongoing business operations; certain restrictions during the pendency of the Merger that may impact Stronghold’s ability to pursue certain business opportunities or strategic transactions; the possibility that the Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; those risks described in Section 4.19 of Bitfarms’ Annual Information Form for the year ended December 31, 2023, filed with the SEC as Exhibit 99.1 to Bitfarms’ Annual Report on Form 40-F, as amended in Amendment No. 1 to the Form 40-F, filed with the SEC on December 9, 2024 (the “Amended 40-F”) Section 19 of Bitfarms’ restated Management’s Discussion and Analysis for the year ended December 31, 2023, filed with the SEC as Exhibit 99.3 to the Amended 40-F, Section 19 of Bitfarms’ restated Management’s Discussion and Analysis for the three and nine months ended September 30, 2024, filed with the SEC on December 9, 2024, as Exhibit 99.2 to Bitfarms’ Current Report on Form 6-K/A; those risks described in Item 1A of Stronghold’s Annual Report on Form 10-K, filed with the SEC on March 8, 2024, Item 1A of Stronghold’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, filed with the SEC on May 8, 2024, Item 1A of Stronghold’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, filed with the SEC on August 14, 2024, Item 1A of Stronghold’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024, filed with the SEC on November 13, 2024, as amended pursuant to Form 10-Q/A, filed with the SEC on December 13, 2024, and subsequent reports on Forms 10-Q and 8-K; and those risks that are described in the registration statement on Form F-4 (File No. 333-282657) filed by Bitfarms with the SEC (the “registration statement”), which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms (the “proxy statement/prospectus”).

    These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the proxy statement/prospectus included in the registration statement on Form F-4 filed with the SEC in connection with the proposed transaction. While the list of factors presented here and the list of factors to be presented in the registration statement on Form F-4 are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Neither Bitfarms nor Stronghold assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Neither future distribution of this communication nor the continued availability of this communication in archive form on Bitfarms’ or Stronghold’s website should be deemed to constitute an update or re-affirmation of these statements as of any future date.

    Investor Contact:

    Matt Glover

    Gateway Group, Inc.

    SDIG@gateway-grp.com

    1-949-574-3860

    Media Contact:

    contact@strongholddigitalmining.com

    The MIL Network –

  • MIL-OSI: American Coastal Insurance Corporation Reports Financial Results for Its Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    Company to Host Quarterly Conference Call at 5:00 P.M. ET on February 27, 2025
    The information in this press release should be read in conjunction with an earnings presentation that is available on the Company’s website at investors.amcoastal.com/Presentations.

    ST. PETERSBURG, Fla., Feb. 27, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq: ACIC) (“ACIC” or the “Company”), a property and casualty insurance holding company, today reported its financial results for the fourth quarter and year ended December 31, 2024.

           
    ($ in thousands, except for per share data) Three Months Ended   Year Ended
    December 31,   December 31,
        2024       2023     Change     2024       2023     Change
    Gross premiums written $ 140,739     $ 128,260     9.7 %   $ 647,805     $ 635,709     1.9 %
    Gross premiums earned   162,710       159,094     2.3       638,608       604,683     5.6  
    Net premiums earned   73,492       49,141     49.6       273,990       262,060     4.6  
    Total revenue   79,267       51,251     54.7       296,657       264,400     12.2  
    Income from continuing operations, net of tax   5,868       17,380     (66.2 )     76,319       85,204     (10.4 )
    Income (loss) from discontinued operations, net of tax   (922 )     (3,096 )   70.2       (601 )     224,707     NM
    Consolidated net income $ 4,946     $ 14,284     (65.4 )%   $ 75,718     $ 309,911     NM
                           
    Net income available to ACIC stockholders per diluted share                      
    Continuing Operations $ 0.12     $ 0.38     (68.4 )%   $ 1.55     $ 1.92     (19.3 )%
    Discontinued Operations $ (0.02 )   $ (0.07 )   71.4       (0.01 )     5.06     NM
    Total $ 0.10     $ 0.31     (67.7 )%   $ 1.54     $ 6.98     NM
                           
    Reconciliation of net income to core income:                      
    Plus: Non-cash amortization of intangible assets and goodwill impairment $ 608     $ 811     (25.0 )%   $ 2,639     $ 3,247     (18.7 )%
    Less: Income (loss) from discontinued operations, net of tax   (922 )     (3,096 )   70.2       (601 )     224,707     NM
    Less: Net realized losses on investment portfolio   —       (2 )   NM     (124 )     (6,789 )   98.2  
    Less: Unrealized gains on equity securities   454       22     NM     1,996       814     NM
    Less: Net tax impact (1)   32       166     (80.7 )%     161       1,937     (91.7 )
    Core income(2)   5,990       18,005     (66.7 )     76,925       92,489     (16.8 )
    Core income per diluted share (2) $ 0.12     $ 0.39     (69.2 )%   $ 1.56     $ 2.08     (25.0 )%
                           
    Book value per share             $ 4.89     $ 3.61     35.5 %
    NM = Not Meaningful
    (1) In order to reconcile net income to the core income measures, the Company included the tax impact of all adjustments using the 21% federal corporate tax rate.
    (2) Core income and core income per diluted share, both of which are measures that are not based on generally accepted accounting principles (“GAAP”), are reconciled above to net income and net income per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section, below.
       

    Comments from Chief Executive Officer, B. Bradford Martz:

    “American Coastal, our insurance subsidiary, remains a leader in the Florida commercial residential market. The Company remained profitable in the 2024 fourth quarter with a combined ratio of 91.9%, despite the devastating impact and full catastrophe retention from Hurricane Milton, leading to a 67.5% combined ratio for the full year. This underscores the strength of our reinsurance strategy in safeguarding our balance sheet while mitigating the financial impact of catastrophic events.

    Furthermore, American Coastal’s written premium increased 9.7% from the prior year fourth quarter and renewal retention remained steady. In December, we announced the launch of our apartment program, and, to date, we have received hundreds of high-quality submissions from our six broker partners, affirming the strong demand for American Coastal’s products.”

    Return on Equity and Core Return on Equity

    The calculations of the Company’s return on equity and core return on equity are shown below.

           
    ($ in thousands) Three Months Ended   Year Ended
    December 31,   December 31,
        2024       2023       2024       2023  
    Income from continuing operations, net of tax $ 5,868     $ 17,380     $ 76,319     $ 85,204  
    Return on equity based on GAAP income from continuing operations, net of tax (1)   10.4 %     98.6 %     33.7 %     120.8 %
                   
    Income (loss) from discontinued operations, net of tax $ (922 )   $ (3,096 )   $ (601 )   $ 224,707  
    Return on equity based on GAAP income (loss) from discontinued operations, net of tax (1)   (1.6 )%     (17.6 )%     (0.3 )%   NM
                   
    Consolidated net income $ 4,946     $ 14,284     $ 75,718     $ 309,911  
    Return on equity based on GAAP net income (1)   8.7 %     81.0 %     33.5 %   NM
                   
    Core income $ 5,990     $ 18,005     $ 76,925     $ 92,489  
    Core return on equity (1)(2)   10.6 %     102.1 %     34.0 %     131.1 %
    (1) Return on equity for the three months and years ended December 31, 2024 and 2023 is calculated on an annualized basis by dividing the net income or core income for the period by the average stockholders’ equity for the trailing twelve months.
    (2) Core return on equity, a measure that is not based on GAAP, is calculated based on core income, which is reconciled on the first page of this press release to net income, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section below.
       

    Combined Ratio and Underlying Ratio

    The calculations of the Company’s combined ratio and underlying combined ratio on a consolidated basis and attributable to Interboro Insurance Company (“IIC”), now captured within discontinued operations, are shown below.

           
    ($ in thousands) Three Months Ended   Year Ended
    December 31,   December 31,
      2024     2023     Change   2024     2023     Change
    Consolidated                      
    Loss ratio, net(1) 40.5 %   13.7 %   26.8 pts   25.3 %   17.8 %   7.5 pts
    Expense ratio, net(2) 51.4 %   46.2 %   5.2 pts   42.2 %   43.1 %   (0.9) pts
    Combined ratio (CR)(3) 91.9 %   59.9 %   32.0 pts   67.5 %   60.9 %   6.6 pts
    Effect of current year catastrophe losses on CR 27.8 %   (0.8 )%   28.6 pts   9.3 %   4.9 %   4.4 pts
    Effect of prior year favorable development on CR (1.8 )%   (3.0 )%   1.2 pts   (1.4 )%   (4.9 )%   3.5 pts
    Underlying combined ratio(4) 65.9 %   63.7 %   2.2 pts   59.6 %   60.9 %   (1.3) pts
                           
    IIC                      
    Loss ratio, net(1) 73.4 %   78.5 %   (5.1) pts   71.2 %   81.6 %   (10.4) pts
    Expense ratio, net(2) 47.1 %   39.0 %   8.1 pts   43.4 %   50.8 %   (7.4) pts
    Combined ratio (CR)(3) 120.5 %   117.5 %   3.0 pts   114.6 %   132.4 %   (17.8) pts
    Effect of current year catastrophe losses on CR 0.8 %   10.6 %   (9.8) pts   4.1 %   12.6 %   (8.5) pts
    Effect of prior year favorable development on CR (0.7 )%   13.2 %   (13.9) pts   (3.6 )%   2.0 %   (5.6) pts
    Underlying combined ratio(4) 120.4 %   93.7 %   26.7 pts   114.1 %   117.8 %   (3.7) pts
    (1) Loss ratio, net is calculated as losses and loss adjustment expenses (“LAE”), net of losses ceded to reinsurers, relative to net premiums earned.
    (2) Expense ratio, net is calculated as the sum of all operating expenses, less interest expense relative to net premiums earned.
    (3) Combined ratio is the sum of the loss ratio, net and expense ratio, net.
    (4) Underlying combined ratio, a measure that is not based on GAAP, is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section below.
       

    Combined Ratio Analysis

    The calculations of the Company’s loss ratios and underlying loss ratios are shown below.

           
    ($ in thousands) Three Months Ended   Year Ended
    December 31,   December 31,
      2024       2023     Change     2024       2023     Change
    Loss and LAE $ 29,794     $ 6,710     $ 23,084   $ 69,319     $ 46,678     $ 22,641
    % of Gross earned premiums   18.3 %     4.2 %   14.1 pts     10.9 %     7.7 %   3.2 pts
    % of Net earned premiums   40.5 %     13.7 %   26.8 pts     25.3 %     17.8 %   7.5 pts
    Less:                      
    Current year catastrophe losses $ 20,405     $ (406 )   $ 20,811   $ 25,561     $ 12,783     $ 12,778
    Prior year reserve favorable development   (1,325 )     (1,482 )     157     (3,704 )     (12,694 )     8,990
    Underlying loss and LAE (1) $ 10,714     $ 8,598     $ 2,116   $ 47,462     $ 46,589     $ 873
    % of Gross earned premiums   6.6 %     5.4 %   1.2 pts     7.4 %     7.7 %   (0.3) pts
    % of Net earned premiums   14.5 %     17.5 %   (3.0) pts     17.3 %     17.8 %   (0.5) pts
    (1) Underlying loss and LAE is a non-GAAP financial measure and is reconciled above to loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section, below.
       

    The calculations of the Company’s expense ratios are shown below.

           
    ($ in thousands) Three Months Ended   Year Ended
    December 31,   December 31,
      2024       2023     Change     2024       2023     Change
    Policy acquisition costs $ 26,514     $ 13,138     $ 13,376   $ 70,990     $ 75,436     $ (4,446 )
    General and administrative   11,277       9,561       1,716     44,756       37,559       7,197  
    Total Operating Expenses $ 37,791     $ 22,699     $ 15,092   $ 115,746     $ 112,995     $ 2,751  
    % of Gross earned premiums   23.2 %     14.3 %   8.9 pts     18.1 %     18.7 %   (0.6) pts
    % of Net earned premiums   51.4 %     46.2 %   5.2 pts     42.2 %     43.1 %   (0.9) pts
                                           

    Quarterly Financial Results

    Net income for the fourth quarter of 2024 was $4.9 million, or $0.10 per diluted share, compared to $14.3 million, or $0.31 per diluted share, for the fourth quarter of 2023. Of this income, $5.9 million is attributable to continuing operations for the three months ended December 31, 2024, a decrease of $11.5 million from net income of $17.4 million for the same period in 2023. Quarter-over-quarter revenues increased, driven by a decrease in ceded premiums earned, and an increase in gross premiums earned and net investment income. This was offset by increased expenses quarter-over-quarter, driven by an increase in loss and LAE and policy acquisition costs, as described below. The Company’s loss from discontinued operations, also contributed to this change in net income, with the loss decreasing $2.2 million quarter-over-quarter, as the deconsolidation of the Company’s former subsidiary, United Property and Casualty Insurance Company (“UPC”), is not impacting the Company in 2024.

    The Company’s total gross written premium increased $12.5 million, or 9.7%, to $140.7 million for the fourth quarter of 2024, from $128.3 million for the fourth quarter of 2023. The breakdown of the quarter-over-quarter changes in both direct written and assumed premiums by state and gross written premium by line of business are shown in the table below.

               
    ($ in thousands) Three Months Ended December 31,        
        2024     2023   Change $   Change %
    Direct Written and Assumed Premium by State              
    Florida $ 135,661   $ 128,260   $ 7,401   5.8 %
    New York   —     —     —   —  
    Total direct written premium by state   135,661     128,260     7,401   5.8  
    Assumed premium   5,078     —     5,078   100.0  
    Total gross written premium by state $ 140,739   $ 128,260   $ 12,479   9.7 %
                   
    Gross Written Premium by Line of Business              
    Commercial property $ 140,739   $ 128,260   $ 12,479   9.7 %
    Personal property   —     —     —   —  
    Total gross written premium by line of business $ 140,739   $ 128,260   $ 12,479   9.7 %
                           

    Loss and LAE increased by $23.1 million, or 344.8%, to $29.8 million for the fourth quarter of 2024, from $6.7 million for the fourth quarter of 2023. Loss and LAE expense as a percentage of net earned premiums increased 26.8 points to 40.5% for the fourth quarter of 2024, compared to 13.7% for the fourth quarter of 2023. Excluding catastrophe losses and reserve development, the Company’s gross underlying loss and LAE ratio for the fourth quarter of 2024 would have been 6.6%, a 1.2 point increase from the fourth quarter of 2023.

    Policy acquisition costs increased by $13.4 million, or 102.3%, to $26.5 million for the fourth quarter of 2024, from $13.1 million for the fourth quarter of 2023, primarily due to a decrease in reinsurance commission income attributable to the change in our quota share reinsurance cession rate from 40% to 20% effective June 1, 2024. In addition, our management fees attributable to our commercial property premiums increased as the result of additional premiums written quarter-over-quarter.

    General and administrative expenses increased by $1.7 million, or 17.7%, to $11.3 million for the fourth quarter of 2024, from $9.6 million for the fourth quarter of 2023, driven by increased overhead costs, such as amortization of capitalized software, equipment costs and salaries, and external spend for audit, actuarial and legal services.

    IIC Quarterly Results Highlights

    Net loss attributable to IIC totaled $633 thousand for the fourth quarter of 2024 compared to a net loss of $274 thousand for the fourth quarter of 2023. Drivers of the quarter-over-quarter increase included: an increase in general and administrative expenses of $406 thousand as the result of increased costs such as software licensing costs and salary expenses, offset by increased revenues of $355 thousand, which were driven by an increase in gross earned premiums of $1.4 million, offset by increased ceded premiums earned of $1.0 million.

    Annual Financial Results

    Net income attributable to the Company for the year ended December 31, 2024 was $75.7 million, or $1.54 per diluted share, compared to net income of $309.9 million, or $6.98 per diluted share, for the year ended December 31, 2023. Drivers of net income during 2024 included increased gross premiums earned partially offset by increased ceded premiums earned. Net investment income also increased, driving additional total revenues year-over-year. This increase in revenue was offset by increased expenses year-over-year, driven by increases in losses and LAE incurred and general and administrative expenses, partially offset by decreased policy acquisition costs. During 2024, the Company experienced a net loss attributable to discontinued operations of $601 thousand, compared to $224.7 million of net income attributable to discontinued operations during 2023, as the deconsolidation of the Company’s former subsidiary, UPC, is not impacting the Company in 2024.

    The Company’s total gross written premium increased by $12.1 million, or 1.9%, to $647.8 million for the year ended December 31, 2024, from $635.7 million for the year ended December 31, 2023. The breakdown of the quarter-over-quarter changes in both direct written and assumed premiums by state and gross written premium by line of business are shown in the table below.

               
    ($ in thousands) Year Ended December 31,        
        2024     2023     Change $   Change %
    Direct Written and Assumed Premium by State (1)              
    Florida $ 642,727   $ 635,602     $ 7,125   1.1 %
    New York   —     —       —   —  
    Texas   —     (9 )     9   (100.0 )
    Total direct written premium by state   642,727     635,593       7,134   1.1  
    Assumed premium (2)   5,078     116       4,962   4,277.6  
    Total gross written premium by state $ 647,805   $ 635,709     $ 12,096   1.9 %
                   
    Gross Written Premium by Line of Business              
    Commercial property $ 647,805   $ 635,709     $ 12,096   1.9 %
    Personal property   —     —       —   —  
    Total gross written premium by line of business $ 647,805   $ 635,709     $ 12,096   1.9 %
    (1) The Company ceased writing in Texas as of May 31, 2022.
    (2) Assumed premium written for 2023 and 2024 primarily included commercial property business assumed from unaffiliated insurers.
       

    Loss and LAE increased by $22.6 million, or 48.4%, to $69.3 million for the year ended December 31, 2024, from $46.7 million for the year ended December 31, 2023. Loss and LAE expense as a percentage of net earned premiums increased 7.5 points to 25.3% for the year ended December 31, 2024, compared to 17.8% for the year ended December 31, 2023. Excluding catastrophe losses and reserve development, the Company’s gross underlying loss and LAE ratio for the year ended December 31, 2024, would have been 7.4%, a decrease of 0.3 points from 7.7% for the year ended December 31, 2023.

    Policy acquisition costs decreased by $4.4 million, or 5.9%, to $71.0 million for the year ended December 31, 2024, from $75.4 million for the year ended December 31, 2023, primarily due to an increase in ceding commission income as the result of the Company including quota share reinsurance coverage in their core catastrophe reinsurance programs beginning June 1, 2023. This resulted in ceding commission income for the full year ended December 31, 2024, compared to only seven months of the year ended December 31, 2023. This was partially offset by increased external management fees and premium taxes related to the Company’s increased commercial lines gross written premium.

    General and administrative expenses increased by $7.2 million, or 19.1%, to $44.8 million for the year ended December 31, 2024, from $37.6 million for the year ended December 31, 2023, driven by increased overhead costs, such as amortization of capitalized software and salaries, as well as external spend for audit, actuarial and legal services.

    IIC Annual Results Highlights

    Net loss attributable to IIC totaled $1.3 million for the year ended December 31, 2024, compared to a net loss of $3.0 million for the year ended December 31, 2023. Drivers of the year-over-year decreased loss included: an increase in net premiums earned of $6.5 million, driven by an increase in gross premiums earned of $5.1 million, while ceded premiums earned decreased $1.4 million. This was partially offset by increased expenses of $3.9 million, driven by an increase in loss and LAE incurred of $2.6 million, which was driven by current year non-catastrophe losses, and an increase in general and administrative expenses of $853 thousand as the result of increased costs, such as software licensing costs and salary expenses. IIC’s policy acquisition costs also increased $426 thousand, driven by the increase in premiums described above.

    Reinsurance Costs as a Percentage of Gross Earned Premium

    Reinsurance costs as a percentage of gross earned premium in the fourth quarter of 2024 and 2023 were as follows:

           
      2024   2023
    Non-at-Risk (0.3) %   (0.2) %
    Quota Share (16.2) %   (31.4) %
    All Other (38.3) %   (37.4) %
    Total Ceding Ratio (54.8) %   (69.0) %
           

    Ceded premiums earned related to the Company’s catastrophe excess of loss contracts remained relatively flat quarter-over-quarter. The Company’s utilization of quota share reinsurance coverage resulted in less excess of loss coverage needed for the 2023-2024 catastrophe year; however, the cost savings associated with this reduction in necessary coverage were offset by rate increases on catastrophe excess of loss coverage for the same period. This utilization of quota share reinsurance coverage increased the Company’s ceding ratio overall during 2023. Effective June 1, 2024, the Company decreased its quota share reinsurance coverage from 40% to 20%, lowering the Company’s quota share ceding ratio and overall ceding ratio.

    Reinsurance costs as a percentage of gross earned premium in the fourth quarter of 2024 and 2023 for IIC, captured within discontinued operations, were as follows:

       
      IIC
      2024   2023
    Non-at-Risk (2.4) %   (2.7) %
    Quota Share — %   — %
    All Other (28.4) %   (20.9) %
    Total Ceding Ratio (30.8) %   (23.6) %
           

    Investment Portfolio Highlights

    The Company’s cash, restricted cash and investment holdings increased from $311.9 million at December 31, 2023, to $540.8 million at December 31, 2024. This increase is driven by positive cash flows from operations. The Company’s cash and investment holdings consist of investments in U.S. government and agency securities, corporate debt and investment grade money market instruments. Fixed maturities represented approximately 82.3% of total investments at December 31, 2024, compared to 89.4% of total investments at December 31, 2023. The Company’s fixed maturity investments had a modified duration of 2.2 years at December 31, 2024, compared to 3.4 years at December 31, 2023.

    Book Value Analysis

    Book value per common share increased 35.5% from $3.61 at December 31, 2023, to $4.89 at December 31, 2024. Underlying book value per common share increased 31.2% from $3.97 at December 31, 2023, to $5.21 at December 31, 2024. An increase in the Company’s retained earnings as a result of net income for the year ended December 31, 2024, drove the increase in the Company’s book value per share. As shown in the table below, removing the effect of Accumulated Other Comprehensive Income (“AOCI”), caused by capital market conditions, increases the Company’s book value per common share at December 31, 2024.

           
    ($ in thousands, except for share and per share data) December 31, 2024    December 31, 2023
     
    Book Value per Share      
    Numerator:      
    Common stockholders’ equity $ 235,660     $ 168,765  
    Denominator:      
    Total Shares Outstanding   48,204,962       46,777,006  
    Book Value Per Common Share $ 4.89     $ 3.61  
           
    Book Value per Share, Excluding the Impact of AOCI      
    Numerator:      
    Common stockholders’ equity $ 235,660     $ 168,765  
    Less: Accumulated other comprehensive loss   (15,666 )     (17,137 )
    Stockholders’ Equity, excluding AOCI $ 251,326     $ 185,902  
    Denominator:      
    Total Shares Outstanding   48,204,962       46,777,006  
    Underlying Book Value Per Common Share(1) $ 5.21     $ 3.97  
    (1) Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section below.
       

    Conference Call Details

    About American Coastal Insurance Corporation

    American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, “Exceptional” from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

    Contact Information:
    Alexander Baty
    Vice President, Finance & Investor Relations, American Coastal Insurance Corp.
    investorrelations@amcoastal.com
    (727) 425-8076

    Karin Daly
    Investor Relations, Vice President, The Equity Group
    kdaly@equityny.com
    (212) 836-9623

    Definitions of Non-GAAP Measures

    The Company believes that investors’ understanding of ACIC’s performance is enhanced by the Company’s disclosure of the following non-GAAP measures. The Company’s methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

    Net income (loss) excluding the effects of amortization of intangible assets, income (loss) from discontinued operations, realized gains (losses) and unrealized gains (losses) on equity securities, net of tax (core income (loss)) is a non-GAAP measure that is computed by adding amortization, net of tax, to net income (loss) and subtracting income (loss) from discontinued operations, net of tax, realized gains (losses) on the Company’s investment portfolio, net of tax, and unrealized gains (losses) on the Company’s equity securities, net of tax, from net income (loss). Amortization expense is related to the amortization of intangible assets acquired, including goodwill, through mergers and, therefore, the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of the Company’s operations. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company’s performance. The most directly comparable GAAP measure is net income (loss). The core income (loss) measure should not be considered a substitute for net income (loss) and does not reflect the overall profitability of the Company’s business.

    Core return on equity is a non-GAAP ratio calculated using non-GAAP measures. It is calculated by dividing the core income (loss) for the period by the average stockholders’ equity for the trailing twelve months (or one quarter of such average, in the case of quarterly periods). Core income (loss) is an after-tax non-GAAP measure that is calculated by excluding from net income (loss) the effect of income (loss) from discontinued operations, net of tax, non-cash amortization of intangible assets, including goodwill, unrealized gains or losses on the Company’s equity security investments and net realized gains or losses on the Company’s investment portfolio. In the opinion of the Company’s management, core income (loss), core income (loss) per share and core return on equity are meaningful indicators to investors of the Company’s underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses core income (loss), core income (loss) per share and core return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The most directly comparable GAAP measure is return on equity. The core return on equity measure should not be considered a substitute for return on equity and does not reflect the overall profitability of the Company’s business.

    Combined ratio excluding the effects of current year catastrophe losses and prior year reserve development (underlying combined ratio) is a non-GAAP measure, that is computed by subtracting the effect of current year catastrophe losses and prior year development from the combined ratio. The Company believes that this ratio is useful to investors, and it is used by management to highlight the trends in the Company’s business that may be obscured by current year catastrophe losses and prior year development. Current year catastrophe losses cause the Company’s loss trends to vary significantly between periods as a result of their frequency of occurrence and severity and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company’s performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company’s business.

    Net loss and LAE excluding the effects of current year catastrophe losses and prior year reserve development (underlying loss and LAE) is a non-GAAP measure that is computed by subtracting the effect of current year catastrophe losses and prior year reserve development from net loss and LAE. The Company uses underlying loss and LAE figures to analyze the Company’s loss trends that may be impacted by current year catastrophe losses and prior year development on the Company’s reserves. As discussed previously, these two items can have a significant impact on the Company’s loss trends in a given period. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company’s performance. The most directly comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net loss and LAE and does not reflect the overall profitability of the Company’s business.

    Book value per common share, excluding the impact of accumulated other comprehensive loss (underlying book value per common share), is a non-GAAP measure that is computed by dividing common stockholders’ equity after excluding accumulated other comprehensive income (loss), by total common shares outstanding plus dilutive potential common shares outstanding. The Company uses the trend in book value per common share, excluding the impact of accumulated other comprehensive income (loss), in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes this non-GAAP measure is useful to investors because it eliminates the effect of interest rates that can fluctuate significantly from period to period and are generally driven by economic and financial factors that are not influenced by management. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of accumulated other comprehensive income (loss), should not be considered a substitute for book value per common share and does not reflect the recorded net worth of the Company’s business.

    Discontinued Operations

    On May 9, 2024, the Company entered into the Sale Agreement with Forza Insurance Holdings, LLC (“Forza”) in which ACIC will sell and Forza will acquire 100% of the issued and outstanding stock of the Company’s subsidiary, IIC. Forza’s application to acquire IIC was approved by the New York Department of Financial Services on February 13, 2025. The Company and Forza have agreed to close on April 1, 2025.

    In addition, on February 27, 2023, the Florida Department of Financial Services was appointed as receiver of the Company’s former subsidiary, UPC. As such, prior year financial results and Consolidated Balance Sheet components have been reclassified to reflect continuing and discontinued operations appropriately.

    Forward-Looking Statements

    Statements made in this press release, or on the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements”. The Company believes these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions, or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those expressed in, or implied by, the forward-looking statements. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” “endeavor,” “project,” “believe,” “plan,” “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology. Factors that could cause actual results to differ materially may be found in the Company’s filings with the U.S. Securities and Exchange Commission, in the “Risk Factors” section in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements.

           
    Consolidated Statements of Comprehensive Income
    In thousands, except share and per share amounts
           
      Three Months Ended   Year Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    REVENUE:              
    Gross premiums written $ 140,739     $ 128,260     $ 647,805     $ 635,709  
    Change in gross unearned premiums   21,971       30,834       (9,197 )     (31,026 )
    Gross premiums earned   162,710       159,094       638,608       604,683  
    Ceded premiums earned   (89,218 )     (109,953 )     (364,618 )     (342,623 )
    Net premiums earned   73,492       49,141       273,990       262,060  
    Net investment income   5,321       2,075       20,795       8,300  
    Net realized investment losses   —       (2 )     (124 )     (6,789 )
    Net unrealized gains on equity securities   454       22       1,996       814  
    Other revenue   —       15       —       15  
    Total revenues $ 79,267     $ 51,251     $ 296,657     $ 264,400  
    EXPENSES:              
    Losses and loss adjustment expenses   29,794       6,710       69,319       46,678  
    Policy acquisition costs   26,514       13,138       70,990       75,436  
    General and administrative expenses   11,277       9,561       44,756       37,559  
    Interest expense   2,784       2,719       11,996       10,875  
    Total expenses   70,369       32,128       197,061       170,548  
    Income before other income   8,898       19,123       99,596       93,852  
    Other income (loss)   (11 )     1,071       2,063       2,228  
    Income before income taxes   8,887       20,194       101,659       96,080  
    Provision for income taxes   3,019       2,814       25,340       10,876  
    Income from continuing operations, net of tax $ 5,868     $ 17,380     $ 76,319     $ 85,204  
    Income (loss) from discontinued operations, net of tax   (922 )     (3,096 )     (601 )     224,707  
    Net income $ 4,946     $ 14,284     $ 75,718     $ 309,911  
    OTHER COMPREHENSIVE INCOME:              
    Change in net unrealized gains (losses) on investments   (4,049 )     6,696       3,355       5,998  
    Reclassification adjustment for net realized investment losses   —       2       124       6,808  
    Income tax benefit related to items of other comprehensive income   —       —       —       —  
    Total comprehensive income $ 897     $ 20,982     $ 79,197     $ 322,717  
                   
    Weighted average shares outstanding              
    Basic   48,095,488       44,713,148       47,831,412       43,596,432  
    Diluted   49,589,458       45,712,715       49,362,985       44,388,804  
                   
    Earnings available to ACIC common stockholders per share              
    Basic              
    Continuing operations $ 0.12     $ 0.39     $ 1.60     $ 1.96  
    Discontinued operations   (0.02 )     (0.07 )     (0.01 )     5.15  
    Total $ 0.10     $ 0.32     $ 1.59     $ 7.11  
    Diluted              
    Continuing operations $ 0.12     $ 0.38     $ 1.55     $ 1.92  
    Discontinued operations   (0.02 )     (0.07 )     (0.01 )     5.06  
    Total $ 0.10     $ 0.31     $ 1.54     $ 6.98  
                   
    Dividends declared per share $ 0.50     $ —     $ 0.50     $ —  
                                   
                                   
           
    Consolidated Balance Sheets
    In thousands, except share amounts
           
      December 31, 2024   December 31, 2023
    ASSETS      
    Investments, at fair value:      
    Fixed maturities, available-for-sale $ 281,001     $ 138,387  
    Equity securities   36,794       —  
    Other investments   23,623       16,487  
    Total investments $ 341,418     $ 154,874  
    Cash and cash equivalents   137,036       138,930  
    Restricted cash   62,357       18,070  
    Accrued investment income   2,964       1,767  
    Property and equipment, net   5,736       3,658  
    Premiums receivable, net   46,564       45,924  
    Reinsurance recoverable on paid and unpaid losses   263,419       340,820  
    Ceded unearned premiums   160,893       155,301  
    Goodwill   59,476       59,476  
    Deferred policy acquisition costs   40,282       21,149  
    Intangible assets, net   5,908       8,548  
    Other assets   16,816       36,718  
    Assets held for sale   73,243       77,143  
    Total Assets $ 1,216,112     $ 1,062,378  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Liabilities:      
    Unpaid losses and loss adjustment expenses $ 322,087     $ 347,738  
    Unearned premiums   285,354       276,157  
    Reinsurance payable on premiums   83,130       —  
    Payments outstanding   699       706  
    Accounts payable and accrued expenses   86,140       74,783  
    Operating lease liability   3,323       739  
    Other liabilities   757       672  
    Notes payable, net   149,020       148,688  
    Liabilities held for sale   49,942       44,130  
    Total Liabilities $ 980,452     $ 893,613  
    Commitments and contingencies      
    Stockholders’ Equity:      
    Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued or outstanding   —       —  
    Common stock, $0.0001 par value; 100,000,000 shares authorized; 48,417,045 and 46,989,089 issued, respectively; 48,204,962 and 46,777,006 outstanding, respectively   5       5  
    Additional paid-in capital   436,524       423,717  
    Treasury shares, at cost; 212,083 shares   (431 )     (431 )
    Accumulated other comprehensive loss   (15,666 )     (17,137 )
    Retained earnings (deficit)   (184,772 )     (237,389 )
    Total Stockholders’ Equity $ 235,660     $ 168,765  
    Total Liabilities and Stockholders’ Equity $ 1,216,112     $ 1,062,378  

    The MIL Network –

  • MIL-OSI Global: Trump mineral deal with Ukraine offers hope but little in the way of security

    Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

    If you want to get an idea of how Donald Trump’s mind works (and this can change from day to day, as we know), it’s worth taking a look at his TruthSocial website. As I write, beneath a video pinned to the top of his feed featuring an AI-generated vision of “Trump Gaza” (complete with casinos, shopping malls and a giant golden statue of the man himself), can be found a clue to the frenetic presidential activity of the past month.

    In a post threatening legal action against any writer or publisher whose “Fake books” offends, Trump refers to himself as “a President who is being given credit for having the Best Opening Month of any President in history”. Apparently George Washington is second on that list – and, given that Potus #1 took 33 days to sign the first bill passed under the new US constitution, you could say Potus #47 has left him trailing in his wake.

    Of course #47 appears to face fewer constitutional constraints than his illustrious predecessor.

    Sadly, though, Trump will be unable to include in this list the deal he has reportedly just struck with Volodymyr Zelensky which swaps a share in Ukraine’s mineral wealth for an as yet unspecified security guarantee.

    Precise details of this deal aren’t confirmed. But we’re told that the original US$500 billion (£394 billion) demand has been dropped in return for a share in an investment fund into which Ukraine will contribute 50% of the revenue from its mineral resources. “What better could you have for Ukraine than to be in an economic partnership with the United States?” commented US national security adviser, Mike Waltz.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    But for the sake of social media, a deal’s a deal and can be trumpeted as such. Zelensky is heading to Washington to sign the agreement and we shall find out in due course whether or not this will assure Ukraine’s future security. There is still the actual peace deal with Russia to work out, after all.

    Another landmark foreign policy deal brokered by the Trump White House was with the Taliban in 2020 and concerned the future of Afghanistan. And, as Philip A. Berry writes, Zelensky can take little comfort in that.

    Berry, a research fellow at King’s College London, who has extensive experience of working with anti-narcotics agencies in Afghanistan, points to similarities in the way Trump managed negotiations with the Taliban and his deal-making with Ukraine and discussions so far with Russia. The Afghan government was largely cut out of the negotiations, as Trump has threatened to do to Ukraine with regards a peace deal. And like the current situation, Trump’s regular public utterances seriously undermined the talks. Berry concludes:

    Trump’s Taliban deal excluded the US’s ally, conceded too much to an adversary, and was partly motivated by the perception of wasting American dollars in a far-off land. Unfortunately, these hallmarks are all too evident in the president’s stance on Ukraine. Zelensky can only hope that things work out better this time around.



    Read more:
    How Trump the ‘master deal-maker’ failed when it came to negotiating with the Taliban in Afghanistan

    Trust will be absolutely vital if the US and Ukraine are to conclude this agreement and, more critically, if they are to reach terms with Russia that will guarantee the “just peace deal” that Zelensky craves, writes David J. Wilcox of the University of Birmingham. Wilcox points to the relationship of trust built by Mikhail Gorbachev and Ronald Reagan in the 1980s which paved a way for a series of nuclear weapons reduction treaties between the Soviet Union and the US.

    It has just been announced that preparations are being made for “expert-level” talks between the US and Russia, but, as Wilcox points out, “any negotiations to end the war will rest ultimately on those two states and their leaders”. And at present, nothing has been publicly said about whether Putin and Zelensky have even agreed to meet.



    Read more:
    Ukraine war: why negotiations depend on trust

    Meanwhile, what do we know about Ukraine’s mineral wealth and what sort of return Trump can expect for the US? Dafydd Townley, an expert in international security at the University of Portsmouth, stresses that Trump’s recent decision to impose punitive tariffs against Beijing has closed off China as a source of key minerals on which the US has been reliant up until now.

    It’s a clue, writes Townley, as to why the US president seemed very keen on bringing his deal-making facilities to bear on Greenland, which also has large deposits of desirable minerals.

    Interestingly, as Townley points out, Russia has taken control of about 20% of Ukraine’s mineral deposits under the territory it now controls (which America would be open to exploiting according to an offer made by Vladimir Putin’s aides at the recent talks in Saudi Arabia).

    It’s also worth noting that Ukraine’s extraction sector has suffered over the past decade from chronic under-investment, thanks to the ongoing hostilities between Russia and Ukraine. As a result it could be some years before the US gets what it needs from the deal it has reportedly struck with Kyiv.



    Read more:
    Why Trump really wants Ukraine’s minerals — China has put theirs off limits

    Three long years

    Amid all the shuttle diplomacy and wheeler-dealing taking place around them, at the start of the week the embattled Ukrainian population marked the third anniversary of Russia’s full-scale invasion. They were joined by more than a dozen foreign leaders who gathered in Kyiv to express their continuing support.

    As the conflict moves into its fourth year, Stefan Wolff, an international security expert at the University of Birmingham, takes a look at the broader geopolitical implications of the conflict in the era of Trump.

    He sees worrying parallels with the Munich conference of 1938 which sealed Czechoslovakia’s fate. Not, as you might expect, in terms of Trump’s apparent appeasement of Putin – but because, like Munich, talks on the fate of a sovereign nation are being held without that nation being present. Wolff writes:

    There is every indication that Putin is unlikely to stop in or with Ukraine. And it is worth remembering that the second world war started 11 months after Neville Chamberlain thought he had secured “peace in our time”.

    This, of course, is the prospect that has both terrified and stiffened the resolve of Ukraine’s western allies. But Wolff also points to limitations in this analogy, in that he doesn’t believe that Trump is acting out of fear that he is in a weaker position than Putin, as did Neville Chamberlain and the French prime minister Édouard Daladier.

    It’s rather that Trump sees himself as part of a triumvirate of world leaders, along with Putin and China’s president, Xi Jinping, who have the opportunity to carve out spheres of influence and establish a new world order based on the exercise of raw power.



    Read more:
    Ukraine war: Trump is not trying to appease Putin – he has a vision of a new US-China-Russia order

    Richard Youngs, meanwhile, sees the dawning of what he calls a “no world order”. Youngs, an international relations expert at the University of Warwick, sees an era of flux, where the stability of the past 80 years is disintegrating without anything stable or concrete to replace it.

    Several European leaders, including Keir Starmer who is today visiting Trump in Washington, are due to meet this Sunday ahead of a bigger defence summit in Brussels next week, to continue discussions about how to respond to the changing Ukraine situation. Reports suggest a European defence bank or fund that would include the UK may be on the cards.

    Youngs certainly believes that European powers will need to consider practical measures in order to bind themselves into more cohesive relationship and ensure their continuing autonomy. One of those will be in boosting their defence capabilities – something that is now gathering pace in the face of US pressure.

    But more radical thinking will be needed, writes Youngs, who has coined the term “geoliberalism” as a way of visualising the sort of thinking about the values and certainties that can bind Europe together in the face of global turbulence.



    Read more:
    No world order: Europe needs more radical thinking for the Trump era

    Alex Titov, meanwhile, believes that for all the talk of “deals” to end the violence, both sides have their reasons for wanting to continue, given that their stated positions remain diametrically opposed and irreconcilable.

    Russia’s battlefield progress, while steady, is slow and there’s no real prospect of it forcing a capitulation from Kyiv in the next 12 months. But – particularly with the radically different US position under Donald Trump, neither is there any chance of Russia being forced off the territory it has captured. Ominously, Titov concludes, this could mean that “the bloodiest battles of the war are yet to come”.



    Read more:
    Ukraine war three years on: the bloodiest battles may be still to come

    A new way of governing

    After a whirlwind first month, Trump held his first cabinet meeting this week, with a special appearance from his right-hand man Elon Musk, who reportedly got to speak more than anyone else. Musk, of course, has been responsible for much of the maelstrom of activity that has caused so much disquiet and is providing a lot of work for lawyers who are pushing back against many of the new adminstration’s measures on the grounds they are unconstitutional.

    Musk, Trump and his vice-president J.D. Vance have, in turn, pushed back against judges who have issued injunctions to either halt or delay some of their measures. Musk, in a fit of pique this week when three judges halted three of the administration’s policies, complained bitterly “What is the point of having democratic elections if unelected activist ‘judges’ can override the clear will of the people? Well, that’s no democracy at all!”

    Stephen Lovell, professor of modern history at King’s College London, has been looking at the way that Trump and his team are attempting to bend the US constitution to their will, comparing their approach to that of Vladimir Putin. Putin, as we know, never saw a constitutional loophole he didn’t want to wriggle through or otherwise obliterate.



    Read more:
    Trump, Putin and the authoritarian take on constitutionalism

    World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.

    – ref. Trump mineral deal with Ukraine offers hope but little in the way of security – https://theconversation.com/trump-mineral-deal-with-ukraine-offers-hope-but-little-in-the-way-of-security-250962

    MIL OSI – Global Reports –

  • MIL-OSI USA: VIDEO: Capito Votes to Overturn Biden–Era Natural Gas Tax

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    To watch Chairman Capito’s floor remarks, click here.
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, voted to overturn the Biden Environmental Protection Agency’s (EPA) Waste Emissions Charge (WEC) regulation as part of the Methane Emissions Reduction Program (MERP) under the Democrats’ Inflation Reduction Act. This rule enabled the collection of the Democrats’ natural gas tax, which would hurt American energy generation, damage our economy, and be detrimental to energy jobs across our country. The Senate approved the Congressional Review Act (CRA) joint resolution of disapproval, which was introduced by U.S. Senator John Hoeven (R-N.D.) and co-sponsored by Chairman Capito, by a vote of 52-47.
    Prior to the final vote on the CRA, Chairman Capito delivered remarks on the Senate floor outlining the consequences of the natural gas tax and the importance of natural gas to American energy dominance, and urged her colleagues to support the measure.
    Below are the floor remarks of Chairman Shelley Moore Capito (R-W.Va.) as delivered.
    “I rise today in support of my friend from North Dakota, Senator Hoeven’s, Congressional Review Act resolution to block the implementation of the Biden administration’s Waste Emissions Charge, otherwise known as the natural gas tax.
    “Since the day this regulation was finalized last November, I pledged that I would work with President Trump and my colleagues in the Congress to repeal this misguided, anti-energy tax. Today in the Senate, that is exactly what we’re working to do.
    “We must recognize that we are in a critical moment for American energy. The North American Energy Reliability Corporation has found that over the next 10 years, due to a rise in energy consumption and the early retirement of our existing fossil fuel generation, our country could face major electric generation and reliability concerns.
    “We must take action now to ensure that our future demand is met, that the lights remain on, our homes remain warm, and our economy keeps moving for Americans all across this country. We can do this by continuing to invest in natural gas.
    “Over 60% of American homes, every day, heat their homes, their water, or their food with natural gas. Natural gas is responsible for over 40% of electricity generation, and fuels more than half of our industrial sector’s process heat. While the natural gas tax fails to recognize this reality, let’s look at what is true.
    “Fracking and shale gas have both revolutionized and transformed American energy, leading to lower prices, job growth, and increased American energy security. According to the Energy Information Administration, the rapid expansion of natural gas-fired power plants, in this country, has decreased the power sector’s carbon dioxide emissions by 35% over the last 25 years.
    “Natural gas has the potential to further reduce American greenhouse gas emissions if we continue to increase production.
    “Natural gas is affordable, reliable, and a clean source of energy, vital to our country and our economy. We should be expanding natural gas production, not restricting it. Instead, the natural gas tax will constrain American natural gas production, leading to increased energy prices and providing a boost to the production of natural gas in Russia.
    “Simply put, repealing the natural gas tax is a win for our economy, a win for our natural security, and a win for our environment.
    “As part of establishing this tax, the Democrats’ so-called ‘Inflation Reduction Act’ ordered the EPA to revise its subpart W requirements in order to facilitate the reporting and calculation of the tax.
    “The EPA subpart W revisions blatantly disregard and overstep even the partisan mandates of the IRA, and would excessively increase the tax burden on American energy under this natural gas tax. The revised emission factors with its subpart W reporting requirements make broad assumptions about oil and gas operations and technology that will lead to inaccurate reporting for many owners and operators.
    “The rule would not only radically expand the scope of emissions required to be reported by each facility under the greenhouse gas reporting program, but it also excessively expands the number of facilities that are covered by subpart W, and consequently, responsible to pay the natural gas tax.
    “Due to this uninformed and artificial overestimate of U.S. methane emissions, some smaller operators, who were once below the waste emissions threshold, are now at risk of seeing their reported methane emissions inflated, and owe large sums under the natural gas tax. If not repealed, this rule will arbitrarily increase the cost and burden of reporting under subpart W, motivated by the Democrats’ interest in growing the revenues generated by their natural gas tax.
    “This will make it even more difficult and expensive to produce, transport, and consume American natural gas, and in turn, will hurt both American families who rely on the energy, and the environment of the communities that we live.
    “It’s important that we note that our efforts today works in tandem with this Chamber’s recently passed budget resolution. As Chairman of the Environment and Public Works Committee, I have long intended to stop the natural gas tax, and we will continue to pursue this through the reconciliation process.
    “Today’s vote on the CRA provides all senators the opportunity to put our vote on record after witnessing the Biden EPA’s bait and switch on the implementation of this misguided policy.
    “I encourage my colleagues to support the CRA that is central to our mission of American energy dominance, and rejects this tax that will bolster our adversaries, increase energy costs on American families, and put our energy future at risk.”

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Moran to Chair the Senate Commerce Subcommittee on Aviation, Space, and Innovation

    US Senate News:

    Source: United States Senator for Kansas – Jerry Moran

    WASHINGTON – The U.S. Senate Committee on Commerce, Science, and Transportation recently announced U.S. Senator Jerry Moran (R-Kan.) will serve as the Chair of the Subcommittee on Aviation, Space, and Innovation.

    “The subcommittee will work on legislation to advance policies that put safety first while bolstering innovation and efficiency,” said Sen. Moran. “Recent tragedies demonstrate that our nation’s aviation system is facing a critical inflection point, and as Chairman, I will work to make certain air travel remains the safest method of transportation. I also look forward to supporting our nation’s rapidly evolving commercial space sector by advancing policies which promote the industry’s growth and capabilities. Kansas is home to the Air Capital of the World, and my work on this subcommittee will be informed by the global aviation and aerospace companies that call our state home and the small businesses that fill critical links in our supply chains.”

    The Senate Commerce Subcommittee on Aviation, Space, and Innovation has jurisdiction over the Federal Aviation Administration (FAA), National Aeronautics and Space Administration (NASA), and the civil aviation and space policy functions of the Department of Transportation, Department of Commerce and National Space Council within the Executive Office of the President.

    Chairman Moran’s Priorities for the 119th Congress:

    • Aviation Safety: Investigating recent aviation accidents and subsequent safety reports to make certain our nation’s aviation safety regulators are equipped and able to effectively manage our air travel equipment and systems.
    • Oversight: Ensuring the proper implementation the FAA Reauthorization Act of 2024, which Sen. Moran helped draft and unanimously pass in both chambers of Congress, to address the current and future demands of the aviation industry.
    • Space Exploration: Supporting critical NASA programs, including the Artemis campaign, and prioritizing STEM education to equip the next generation to further our nation’s space goals.
    • Commercial Space Growth: Enabling growth in the commercial space sector, which is already supporting critical national security missions and bolstering the U.S. in our space race against China and other adversaries.  

    MIL OSI USA News –

  • MIL-OSI USA: UConn’s Visiting Externships for Students Underrepresented in Medicine (VESUM) and its Students are Thriving

    Source: US State of Connecticut

    Dr. Edison Martinez Monegro, 28, hails from San Juan, Puerto Rico where he attended the University of Puerto Rico San Juan Bautista School of Medicine. He is thriving in Connecticut at UConn School of Medicine as he completes his third year of general surgery residency training.

    He credits his residency success thanks to the growing Visiting Externships for Students Underrepresented in Medicine (VESUM) program at UConn School of Medicine and its strong mentorship.

    UConn School of Medicine general surgery resident Dr. Edison Martinez Monegro (Courtesy of Edison).

    He was just the second medical student in the new and growing VESUM program to match in a UConn residency. So far over forty students have visited UConn for externships over the past 8 years and eight have successfully matched to UConn for residency.

    Surgical resident Dr. Edison Martinez Monegro at UConn John Dempsey Hospital (Tina Encarnacion/UConn Health Photo).

    The VESUM program was founded and is directed by UConn’s Dr. Linda Barry, a recent recipient of the nation’s highest honor for mentorship from the President of the United States. VESUM is increasing diversity in academic medicine by offering externships to fourth-year medical students from groups underrepresented in medicine. It gives medical students a four-week insider’s view to various medical specialty fields and UConn Health before they choose their residency match.

    “Edison hails from Puerto Rico and has worked diligently to come to UConn and succeed as a surgical resident,” says Barry, professor of Surgery and Public Health Sciences at UConn School of Medicine, associate dean of Office of Multicultural and Community Affairs and associate director of the UConn Health Disparities Institute. “He is the second VESUM student to match and the first student to match for surgery at UConn Health.  Edison truly reflects the community we serve. I know the patients he cares for appreciate his genuine dedication and commitment.”

    Martinez Monegro first learned about the VESUM program as a third-year medical student while at the University of Puerto Rico through an email his dean shared about the UConn summer scholarship rotation opportunity.

    Martinez Monegro in his native Puerto Rico (Photo Courtesy of Edison).

    “I applied to VESUM, and I received a letter from Dr. Barry telling me she wanted to meet with me, and I was accepted. I was super excited!” said Martinez Monegro who had his UConn VESUM externship as a rising fourth year medical student within the Division of Vascular and Endovascular Surgery at UConn Health working closely with its faculty such as Chief Dr. Kwame Amankwah and Dr. Mina Boutros. “It was a very good experience. I learned a lot I didn’t know. The UConn rotation allowed for me to have greater exposure to the field of surgery and learn more about UConn too. I also met the residency program director and even the dean of the medical school. Most importantly, I got to see other current UConn residents in action.”

    He adds, “The VESUM program really prepared me for my residency. And, UConn, it just felt right for me. UConn was at the top of my list for my residency. I was excited when I got the call that I matched to UConn for general surgery.”

    “I made the right choice of coming to UConn,” he says heartwarmingly.  “Surgery residency is hard. You want the people around you to help you and make you feel at home. UConn does that. Dr. Barry has been amazing.”

    Puerto Rico, its culture, and its people are very important to Martinez Monegro.

    “Every year there are less and less physicians in Puerto Rico,” stresses Martinez Monegro, who attended as an undergraduate the University of Puerto Rico and its medical school too. “My first goal was to become a doctor to help with that shortage.”

    He was inspired to go into the surgery field also by the shows he saw on TV.

    At his White Coat Ceremony Dr. Martinez Monegro with his parents (Photo Courtesy of Edison).

    “I was always captivated by the surgeries in TV shows. As a senior in high school I shadowed a surgeon for a full day in the OR. Spending the day, tucked into the corner of the OR, I was amazed by it all. I thought I could work here. The OR felt like home. Surgery I realized is what I have to do.”

    Also, he says the Hartford area really does have it all. The Puerto Rican people of Hartford are at the heart of Martinez Monegro’s love of Connecticut too.

    “What I like about my residency at UConn is that we rotate though a mix of academic and community hospitals,” he says about the five area hospitals of UConn John Dempsey Hospital, Hartford Hospital, Connecticut Children’s, St. Francis Hospital, and Hospital of Central Connecticut.  “Hartford’s population is 40 percent Puerto Rican. I want to be able to practice medicine in a place where I can serve my people and speak my language of Spanish while at work.”

    Martinez Monegro believes a VESUM externship rotation experience is a great way to visit and learn more about a medical or surgical field and also UConn Health just like he did.

    “I learned the OR is where I like to be. It’s a long day, but I love learning, the responsibility of caring for our patients, and working with the UConn medical team. I am motivated every day to keep helping patients,” he says.

    UConn resident Dr. Edison Martinez Monegro with his parents in Puerto Rico (Photo Courtesy of Edison).

    He also applauds UConn School of Medicine for its longstanding work of diversifying the future health care workforce.

    “UConn has done an excellent job of diversifying medicine. We have residents of all different backgrounds in our residency programs,” Martinez Monegro. “For example, I speak Spanish, so my colleagues ask me for help translating for their patients sometimes. When I need help, funny enough I first ask my fellow residents to translate for me in their languages ranging from Russian to Arabic.”

    Dr. Edison Martinez Monegro (Tina Encarnacion/UConn Health Photo).

    His message to those applying to residency or in the thick of residency: “Enjoy what you do! Try to find new learning opportunities in everything you do!”

    MIL OSI USA News –

  • MIL-OSI Security: Fairbanks Man Sentenced to Over 14 Years for Possessing Kilograms of Illegal Drugs with Intent to Distribute

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    FAIRBANKS, Alaska – A Fairbanks man was sentenced today to over 14 years in prison for possessing with intent to sell over 12 kilograms of controlled substances.

    According to court documents, beginning in August 2023, law enforcement received information that Kevin Shank, 46, was selling controlled substances from his residence in Fairbanks. In February 2024, law enforcement observed an individual purchase 1.1 grams of heroin and 21 blue fentanyl pills from Shank.

    On March 19, 2024, law enforcement executed a search warrant on Shank’s residence, and discovered and seized over 6.1 kilograms of methamphetamine, over 2.4 kilograms of fentanyl tablets, nearly one kilogram of fentanyl powder, nearly one kilogram of cocaine, over 1.7 kilograms of marijuana, and smaller amounts of heroin, suboxone and Xanax. They also seized seven firearms, two homemade suppressors and various ammunition, as well as over $303,000 in cash and a truck purchased with drug trafficking proceeds.

    Court documents explain that most of the controlled substances were found in a secret compartment in a small side room of the residence, while several firearms were staged at entrances to the residence and the side room.

    On Nov. 26, 2024, Shank pleaded guilty to one count of possession with intent to distribute. The Court also ordered Shank to serve five years on supervised release and pay a $25,000 fine as part of his sentence.

    “Mr. Shank possessed roughly 22 pounds of controlled substances, including seven pounds of illicit fentanyl, intended for distribution to profit at the expense of Alaskans safety,” said First Assistant U.S. Attorney Kathryn R. Vogel for the District of Alaska. “This case marks the largest drug seizure in Fairbanks history, and we thank our law enforcement partners for their efforts. This sentence underscores our strong commitment to dismantling drug trafficking supplies and to holding those accountable who endanger our communities by trafficking illegal, dangerous drugs.”

    “Drug traffickers like Mr. Shank, who profit from the pain they cause selling poison to our neighbors, pose an especially grave threat,” said David F. Reames, Special Agent in Charge, DEA Seattle Field Division. “The fentanyl alone seized in this case amounted to more than 85,000 potentially lethal doses. Make no mistake: If you deal drugs in Alaska, DEA and our partners will hold you accountable.”

    The Drug Enforcement Administration Seattle Field Division and Fairbanks Resident Office, with assistance from the FBI Anchorage Field Office, Alaska State Troopers, Fairbanks Police Department, North Pole Police Department, North Slope Borough Police Department and Fairbanks Airport Police Department as part of the Fairbanks Area Narcotics Team (FANT), investigated the case.

    Assistant U.S. Attorney Carly Vosacek prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI: Atomic Data and Minnesota United FC Extend Partnership for Five Years

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Feb. 27, 2025 (GLOBE NEWSWIRE) — Atomic Data and Minnesota United FC (MNUFC) announced today that they have renewed their long-standing partnership through 2029. The agreement marks the latest step in a partnership that has served cutting-edge stadium technology, next-gen Wi-Fi, and modern work solutions to hundreds of thousands of fans and staff alike.

    Atomic Data and MNUFC have built a true partnership of trust that began many years before Allianz Field opened its doors in 2019. From the pre-MLS days at National Sports Center, to the temporary home at Huntington Bank Stadium, and finally to Allianz Field in Saint Paul and the Golden Valley team headquarters, Atomic Data and MNUFC have grown and won together since 2012.

    “Minnesota United is thrilled to announce the extension of our partnership with one of our most valued and long-standing supporters, Atomic Data. Atomic Data has been the driving force behind the development of our technology infrastructure, designing and implementing the IT platforms that support our offices and Allianz Field,” said MNUFC Chief Administrative Officer and Chief Financial Officer Gretchen Korf. “Their expertise and support has been instrumental throughout our club’s journey. We are deeply grateful for their continued partnership and look forward to the continued success we can achieve together.”

    MNUFC and Allianz Field will continue to benefit from Atomic Data’s sports and entertainment suite of services known as Game Day Technologies®. The venue and office solutions include match day IT support, 24×7 monitoring, cybersecurity services, and network infrastructure management.

    Yagya Mahadevan, Game Day Technology Director at Atomic Data, relayed his excitement about the extended deal: “Minnesota United FC is one of Atomic Data’s oldest partners, and much of what we do for venues today was initially conceived and implemented for them. The trust that MNUFC continues to place in Atomic Data is humbling and we’re all excited to see what we’ll achieve together over the next five years and beyond.”

    About Atomic Data & Game Day Technologies
    Atomic Data, trusted IT provider for hundreds of enterprises, sports teams, and large venues, is on a mission to deliver always-on, custom-tailored technology solutions and objective IT leadership.

    Game Day Technologies® powered by Atomic Data enables owners and teams to right size and modernize their venues, districts, training facilities, and back offices with objective, holistic technology oversight and activation.

    About Minnesota United:

    Professional soccer has been a part of Minnesota for over four decades, and since 2013, Minnesota United FC has been at the forefront of growing the game at all levels. MNUFC currently competes in three different levels established by Major League Soccer: Minnesota United FC (MLS), MNUFC2 (MLS NEXT Pro) and the MNUFC Academy (MLS NEXT). Allianz Field – constructed in 2019 in the Midway neighborhood of Saint Paul, Minnesota – is the home to Minnesota United games, and the club trains at the National Sports Center in Blaine, Minnesota. In 2025, MNUFC’s first team returns to the pitch for its ninth season in MLS.

    The MIL Network –

  • MIL-OSI Video: EU-India Summit: European Commission President von der Leyen and the College in New Delhi

    Source: European Commission (video statements)

    “In this era of intense geostrategic competition, Europe stands for openness, partnership, and outreach. We seek to deepen ties with one of our most trusted friends and allies—India. Europe and India are like-minded partners, bound by the shared conviction that democracy best serves the people. That’s why one of the first visits of the new Commission is to India. We are committed to strengthening our strategic partnership to advance trade, economic security, and resilient supply chains, along with a common tech agenda and reinforced security and defence cooperation.” Commission President von der Leyen

    On the 27th and 28th of February, President Ursula von der Leyen will visit New Delhi accompanied by the College of Commissioners to meet Prime Minister Narendra Modi and the Indian Government.

    The unprecedented visit, one of the first by the College of Commissioners in the new mandate, highlights the strong momentum in EU-India relations. It follows President von der Leyen’s announcement of a new strategic agenda with India to be presented this year at the EU-India Summit. The visit emphasises the importance of strengthening ties in key areas vital to the prosperity and security of both Europe and India.

    Read the press release here https://ec.europa.eu/commission/presscorner/home/en
    Audiovisual material on the EC AV Portal https://audiovisual.ec.europa.eu/en

    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Visit our website: http://ec.europa.eu

    https://www.youtube.com/watch?v=IH9n2BLMc7k

    MIL OSI Video –

  • MIL-OSI USA: Senator Collins, Bipartisan Group Introduce Bill to Expand Health Care Services in Rural and Underserved Areas

    US Senate News:

    Source: United States Senator for Maine Susan Collins
    Washington, D.C. – U.S. Senators Susan Collins, Amy Klobuchar (D-MN), Jacky Rosen (D-NV), and Thom Tillis (R-NC) reintroduced their bipartisan legislation to increase the number of doctors working in rural and medically underserved areas. The Conrad State 30 and Physician Access Reauthorization Act would reauthorize the Conrad 30 programs, which allow international doctors who have completed their residency training in the U.S. to remain in the country under the condition that they practice in areas experiencing physician shortages.
    “The Conrad 30 program allows international physicians who were educated in the United States to remain in our country and practice where there is an unmet need for health care professionals,” said Senator Collins. “This bipartisan reauthorization would expand access to care in rural and underserved communities, thereby improving health outcomes for more Mainers.”
    Generally, doctors from other countries working in America on J-1 visas are required to return to their home country after their residency has ended for two years before they can apply for another visa or green card. The Conrad 30 program allows doctors to stay in the United States without having to return home if they agree to practice in an underserved area for three years. The “30” refers to the number of doctors per state that can participate in the program.
    This legislation extends the Conrad 30 program for three years, improves the process for obtaining a visa, and allows for the program to be expanded beyond 30 slots if certain thresholds are met, while protecting small states’ slots. The bill also allows the spouses of doctors to work and provides worker protections to prevent the doctors from being mistreated. The legislation also allows physicians who serve in a Veterans Affairs (VA) facility or health professional shortage area for 5 years to get expedited consideration for a green card.
    The legislation has been endorsed by more than 50 organizations, including the American Medical Association, the American Hospital Association, the Association of American Medical Colleges, the American Academy of Neurology, the Association for Advancing Physician and Provider Recruitment, and Physicians for American Healthcare Access.
    “With the physician workforce crisis showing no signs of abating, the Conrad 30 program remains an important tool to help ensure patients, particularly in rural and underserved communities, continue to have access to physicians. The Conrad 30 program has expanded the physician workforce across all communities, yet it would benefit greatly from the long-term reauthorization and targeted policy improvements outlined in this legislation. Once again, Sens. Klobuchar and Collins have stepped up for patients and physicians, and we applaud them for introducing the Conrad State 30 and Physician Access Reauthorization Act,” said Bruce A. Scott, M.D., President, American Medical Association.
    “The Conrad 30 program continues to be a vital lifeline for rural and underserved communities facing physician shortages. However, without reforms, recruiting and retaining international medical graduates (IMGs) will become increasingly difficult. This reauthorization strengthens incentives for IMGs and streamlines the waiver process for employers, making it easier to recruit physicians in areas with persistent shortages. These updates will strengthen the U.S. position in the global competition for top medical talent and uphold access to care in underserved areas. Physicians for American Healthcare Access applauds Senators Klobuchar, Collins, Rosen, and Tillis for their leadership on this bipartisan legislation,” said Physicians for American Healthcare Access President Ram Alur, M.D.
    The full text of the bill can be read here.

    MIL OSI USA News –

  • MIL-OSI USA: Wyden, Merkley, Colleagues Press Feds on Threat of Rising Housing Costs from Plan to Reprivatize Fannie Mae and Freddie Mac

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    February 27, 2025

    Oregon senators: Privatization a giveaway for hedge funds, wealthy investors; could hurt homebuyers

    Washington D.C.—U.S. Senators Ron Wyden and Jeff Merkley said today they have joined Senate colleagues to press the Department of Housing and Urban Development on whether its plan to reprivatize Fannie Mae and Freddie Mac will make mortgages more expensive. 

    “During your confirmation process, you repeatedly spoke of the desire to reduce housing costs, a goal we share. However, right out of the gate, you are actively advocating for policy changes that would likely raise housing costs for hard working Americans,” the senators wrote HUD Secretary Scott Turner, who said right after his confirmation that he would act as “quarterback” in the Trump Administration’s plan to reprivatize the multi-trillion dollar companies.

    “Changes to the ownership of Fannie Mae and Freddie Mac would be a monumental undertaking that would affect our entire housing system and touch the lives of homeowners and renters across the country,” they wrote. “If mismanaged, ending the conservatorships and Treasury’s role with Fannie Mae and Freddie Mac could make mortgages more expensive, cut off access to mortgage credit, destroy many of the important reforms made over the past 16 years, and compromise our entire housing market and the broader U.S. economy.” 

    The senators also raised concerns that privatization could result in a taxpayer-funded giveaway worth billions for wealthy investors and hedge funds, quoting one investor’s optimism that “Trump and his team will get the job done.” The senators asked Turner to commit to ensuring that any changes to Fannie Mae and Freddie Mac will not result in higher rents or mortgage costs for Americans while rewarding hedge funds and the wealthy.

    “Our housing finance system is a complex, multi-trillion dollar market that touches the lives of every American family. It is critical that any effort to reprivatize Fannie Mac and Freddie Mac does not result in windfalls for wealthy investors while raising housing costs for American families. We look forward to your prompt and thorough reply on this urgent matter,” wrote the senators.

    The letter was led by U.S. Senator Elizabeth Warren, D-Mass., and Minority Leader Chuck Schumer, D-N.Y. In addition to Wyden and Merkley, the letter was also signed by Senators Richard Blumenthal, D-Conn., Lisa Blunt Rochester, D-Del., Cory Booker, D-N.J., Dick Durbin D-Ill., Andy Kim, D-N.J., Chris Murphy, D-Conn., and Jack Reed, D-R.I. 

    The full text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI USA: Warner and Boozman Introduce Legislation to Expand Veteran Suicide Prevention Efforts

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner (D-VA) and John Boozman (R-AR) introduced legislation to renew and expand the Staff Sergeant Parker Gordon Fox Suicide Prevention Grant Program, a Department of Veterans Affairs (VA)-administered program that provides essential funding for mental health outreach in veteran communities. The Fox Grant Program was created through a Warner- and Boozman-led bill, passed as part of the broader Commander John Scott Hannon Veterans Mental Health Care Improvement Act, and it has distributed millions in grants to community and veteran service organizations (VSOs), as well as mental health providers across the country. Without further intervention, the program is scheduled to sunset later this year.

    “Veterans put an enormous amount on the line to serve our nation, and we owe them the best benefits available when they come home – including robust mental health resources,” said Sen. Warner. “For the past several years, the Staff Sergeant Fox Grant Program has played an invaluable role getting organizations already doing life-saving mental health outreach more support, including many incredible organizations in Virginia. We cannot back down on our commitment to preventing suicide in veteran communities – it’s time for us to extend and expand this essential grant program.”

    “Veterans who struggle with mental health have responded well to support provided by those they know and trust,” said Sen. Boozman. “When our former servicemembers have access to assistance within their own communities, from organizations with demonstrated ability to build strong relationships and foster hope, they are less likely to take their own lives. Reauthorizing funding for this life-saving initiative is part of the commitment we made to fulfilling what was promised to our veterans struggling to carry the invisible weight of their mental and physical sacrifice.”

    Suicide is the 12th-leading cause of death for veterans, and the 2nd-leading cause for veterans under 45. Over 131,000 veterans have died by suicide since 2001, withveterans being 72% more likely than the civilian population to die by suicide. Since its original passage, the Fox Grant Program has worked to end this crisis by distributing hundreds of millions in funding to organizations that provide critical, frontline mental health services to veterans. In 2024 alone, Virginia organizations received $4.5 million from these grants. The program honors Veteran Parker Gordon Fox, a veteran and former sniper instructor at the U.S. Army Infantry School at Ft. Benning, GA. SSG Fox died by suicide on July 21, 2020 at the age of 25.

    Specifically, this reauthorization of the Fox Grant Program would:

    • Reauthorize the Fox Grant Program until Sept. 30, 2028.
    • Increase the total authorized funding for the grant program from $174 million to $285 million.
    • Expand the maximum potential award from $750,000 to $1.25 million.
    • Direct the VA to collect additional measures and metrics on performance to better serve veterans.
    • Require annual briefings for VA medical personnel to improve awareness of the program, and coordination with providers.

    The legislation has strong support from Veterans of Foreign Wars and Blue Star Families.

    “The Veterans of Foreign Wars (VFW) strongly supports the bipartisan legislation introduced by Senators Warner and Boozman to reauthorize and expand the Staff Sergeant Parker Gordon Fox Suicide Prevention Grant Program,” said Joy Craig, Associate Director of Service Member Affairs with the VFW’s National Legislative Service. “Veteran suicide remains a national crisis, and increasing the maximum grant amount while improving oversight and coordination will help ensure life-saving resources reach those in need. The VFW has long advocated for community-based solutions, and this legislation strengthens critical partnerships between the VA and local organizations working to prevent suicide. We urge Congress to swiftly pass this bill and reaffirm its commitment to those who have sacrificed for our nation.” 

    “The SSG Fox Suicide Prevention Grant Program is a lifeline for Veterans and military families facing the invisible wounds of service,” said Kathy Roth-Douquet, CEO, Blue Star Families. “Blue Star Families has seen firsthand the impact of these critical resources—support that saves lives and strengthens communities. This program ensures that Veterans and their loved ones get the help they need before a crisis turns tragic. We are proud to support its reauthorization and urge Congress to continue investing in solutions that honor the service and sacrifice of those who’ve given so much for our country.”   

    Full text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Warner, Thune, Malliotakis & Peters Introduce Legislation to Address Student Debt Crisis

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner (D-VA) and John Thune (R-SD), alongside U.S. Reps. Nicole Malliotakis (R-NY-11) and Scott Peters (D-CA-50), introduced the Employer Participation in Repayment Act – bipartisan legislation to help Americans tackle their student loan debt by making permanent a provision that allows employers to contribute up to $5,250 tax-free to their employees’ student loans.

    In 2020, Sens. Warner and Thune along with Rep. Peters negotiated the inclusion of a provision in the CARES Act that allowed these contributions temporarily. Later that year, as part of the government spending package, they secured an extension allowing this benefit until January 1, 2026. By making this tax benefit permanent, today’s legislation would provide employees with much-needed relief and employers with a unique and permanent tool to attract and retain talented employees.

    “As the first in my family to graduate from college, I wouldn’t have been able to afford my tuition without the help of student loans,” said Sen. Warner. “Unfortunately as the cost of higher education continues to skyrocket, so has the rate of Americans who turn to student loans to pay for college. Today too many Americans are saddled with tough-to-manage student loan debt, with no end in sight. That’s why I’ve teamed up with Sen. Thune to create an innovative, bipartisan approach to help ease the burden of student loans. By making employer student loan repayments tax-exempt, employers will have a tool to recruit and retain a talented workforce while also helping working Americans manage their financial future.”

    “Incentivizing employers to help repay their employees’ student loans was a common-sense step Congress took to address the high levels of student debt that borrowers face,” said Sen. Thune. “This bill would permanently equip employers with this unique tool to help attract and retain talented employees while protecting American taxpayers from costly burdens. This is a win-win for graduates and their employers, and I hope it will once again garner strong, bipartisan support.”

    “Over the past 20 years, the cost to attend college has risen 45 percent, forcing students to choose between pursuing higher education and taking on tens of thousands of dollars in burdensome student loan debt,” said Rep. Malliotakis. “Our bipartisan legislation enables employers to contribute up to $5,250 per year, tax-free, toward their employees’ student loans—helping those entering the workforce pay down debt faster and build a stronger financial future. This tax incentive will continue to strengthen our workforce, increase our nation’s competitiveness, and provide much-needed economic relief to millions of Americans.”

    “I relied on student loans to get through college when the cost of higher education was much lower than it is today. Now, the collective debt among Americans is $1.7 trillion, which limits our economic growth and the economic prospects of young adults,” said Rep. Peters. “Over the last five years, this program has been a huge success — employers have helped pay off thousands of employees’ loans and it gave employers a tool to compete for the best talent. This public-private collaboration has proven itself as a cost-effective solution to the student debt crisis and it is imperative that we make it permanent.” 

    Americans owe a combined $1.77 trillion dollars in student loan debt, according to the most recent quarterly report from the Federal Reserve. This debt is a significant financial burden that not only influences the way the American workforce saves and spends, but also has a stifling effect on the economy. This legislation would update an existing federal program so that it works better for employees living with the reality of burdensome student loan debt.

    The legislation has support from numerous educational organizations and business groups.

    “The National Association of Independent Colleges and Universities (NAICU) is pleased to support bipartisan legislation that would make permanent the expansion of IRC Sec. 127. This expansion to allow student loan repayment assistance should absolutely be a permanent benefit and not expire next year as currently scheduled.  This assistance helps working students, employers, and ultimately the U.S. economy. Section 127 benefits play a critical role in maintaining U.S. competitiveness and preventing the accumulation of student debt by enabling employers to fund the training, development and education of their employees, without imposing tax burdens on those employees for the education they receive.  Employees use these benefits to pursue their educational and career goals and use amounts provided by their employer to either help pay for the cost of tuition or repay student loans,” said Karin Johns, Director of Tax Policy, National Association of Independent Colleges and Universities.

    “The bipartisan and bicameral Employer Participation in Repayment Act will reduce borrowers’ student loan burdens and encourage successful repayment. In turn, it gives employers a permanent tool with which to attract a stable workforce. EFC is proud to endorse this legislation, and we look forward to collaborating with you to advance public policies that appropriately balance the interests of student loan borrowers, employers, and taxpayers,” said Gail daMota, President, Education Finance Council.

    “The U.S. Chamber supports the Employer Participation in Repayment Act because it allows employers voluntarily to provide a valued employee benefit that helps their employees’ financial well-being,” said Chantel Sheaks, Vice President, Retirement Policy, U.S. Chamber of Commerce

    “Candidly has facilitated more than $100M in tax-free Student Loan Employer Contributions to help employees pay down their debt faster, as a workplace benefit, resulting in a whopping 67% reduction in turnover across participating workers. Permanency is crucial to sustaining and scaling this highly efficacious new category of benefit into a new normal,” said Laurel Taylor, CEO, Candidly.

    “Fidelity Investments commends the bipartisan re-introduction of the Employer Participation in Repayment Act. Permanently extending this important incentive is critical to the American workforce’s financial wellness. As a market leader for student debt workplace benefits since 2016, Fidelity has enabled hundreds of employers across a wide range of industries to seamlessly contribute to and ease the student debt burden for their employees. To date, these employers have helped more than 100k employees save more than $500mn and an average of 3-4 years in payments. The growth and popularity of these benefits have accelerated since the introduction of this provision as part of the 2020 CARES Act, and we look forward to working with Congress to enact this legislation permanently into law,” said Jesse Moore, Senior Vice President, Head of Student Debt at Fidelity Investments.

    “We commend Senators Thune and Warner, along with Representatives Malliotakis and Peters, for their leadership in introducing the Employer Participation in Repayment Act. Making the student loan repayment expansion permanent is a critical step toward easing the financial burden on millions of Americans while empowering businesses to attract and retain top talent. This bipartisan, bicameral effort underscores a shared commitment to workforce development, economic growth, and financial well-being for employees nationwide. We urge Congress to pass this legislation and ensure long-term support for student loan repayment benefits,” said Chatrane Birbal, Vice President of Policy and Government Relations at the HR Policy Association. 

    “SHRM strongly supports the reintroduction of the Employer Participation in Repayment Act, a bipartisan bill that would permanently allow employers to assist employees in repaying their student loans. At SHRM, we have long championed policies that empower employers to provide education assistance programs that align with the evolving needs of the workforce. This legislation is key to strengthening the education-to-employment pipeline—ensuring that individuals can pursue and complete their education without being burdened by overwhelming debt, while also helping employers build a skilled and competitive workforce. This legislation provides a commonsense solution that would benefit workers, workplaces, and the economy,” said Emily M. Dickens, Chief of Staff and Head of Government Affairs at the Society for Human Resource Management.

    “We commend the introduction of bipartisan legislation to permanently extend the student loan repayment benefit under Section 127. Supporting efforts by employers to offer education or debt relief to their employees is both economically and fiscally responsible. This bill is a crucial step towards modernizing Section 127 of the tax code, addressing the evolving needs of employees, and ensuring our workforce remains competitive. InStride is dedicated to reducing the burden of student debt and expanding economic opportunities through innovative employer-sponsored education programs. This legislative effort aligns with our mission and helps create a more financially resilient workforce,” said Craig Maloney, CEO, InStride.

    “The National Association of REALTORS ® (NAR) has long supported efforts to ease the burden of student loan debt. The Employer Participation in Repayment Act is a useful tool in easing the weight of student debt. NAR applauds the leadership from Representatives Peters and Malliotakis and Senators Warner and Thune in making this change permanent. This legislation creates a win-win for both employers in search of attracting and maintaining talented workers and employees who will receive relief on their debt, enabling them to save money for important life decisions like purchasing a home,” said National Association of Realtors® President Kevin Sears.

    “Extending the tax exclusion for employer-provided student loan repayment assistance is crucial for today’s U.S. workforce and is 100% aligned with employer perspectives on these benefits,” said Scott Thompson, CEO of Tuition.io. “As the cost of higher education continues to skyrocket, this benefit enables companies to foster a more educated and skilled workforce, while helping their employees cover basic living expenses, a challenge for so many people today. Since Tuition.io started administering contributions in 2016, employers on our platform have helped pay down student loan debt for hundreds of thousands of employees in key sectors like healthcare, manufacturing, and technology. We at Tuition.io strongly support making these benefits under Section 127 permanent, as their removal would be a significant setback for both corporations and their employees.”

    “The introduction of this bill is a huge step in the right direction and, when passed, will be a major win for companies, employees, and society at large. Tax-free employer contributions to student loans is a great way to help employees pay back student loans while providing a unique incentive for employees to align with company priorities. As the cost of education has and will likely continue to rise, this benefit will help alleviate the financial stress employees have incurred in order to gain employment. Permanently including employer student loan contributions under tax-free educational assistance will help pave the way for more employers to play a massive role in solving the student debt crisis,” said Mick MackLaverty, CEO of Highway Benefits.

    “We are proud to support this initiative and grateful to Congressmember Peters for his dedication to San Diego’s small businesses,” said Jessica Anderson, Interim President and CEO of the San Diego Regional Chamber of Commerce. “The Employer Participation in Repayment Act of 2025 will expand the benefits employers can offer by assisting with student debt repayment, in turn helping small businesses attract and retain talent in a competitive workforce. 

    Full text of the legislation can be found here. A summary of the legislation can be found here.

     

    MIL OSI USA News –

  • MIL-OSI Canada: B.C. will strengthen biofuel industry with Canadian-content requirements

    Source: Government of Canada regional news

    The Province is taking action to strengthen British Columbia’s energy resilience and support local biofuel producers, ensuring cleaner transportation fuels and greater energy security for people in B.C.

    “British Columbians deserve a reliable, sustainable and Canadian fuel supply,” said Adrian Dix, Minister of Energy and Climate Solutions. “By increasing the Canadian biofuel content in our transportation fuels, we will support local producers, protect jobs and reduce our dependence on foreign energy. This action reflects our commitment to cleaner energy, economic growth and a resilient future for British Columbians.”

    B.C. and Canadian biofuel producers have long felt the impact of the competitive advantage American producers have over Canadian producers because of U.S. subsidies, which have increased under the U.S. Inflation Reduction Act.

    To support B.C. and Canadian biofuel producers, protect local jobs throughout the supply chain and strengthen British Columbia’s energy security, the Province is making key amendments to regulations under the Low Carbon Fuels Act that prioritize the inclusion of Canadian biofuels in B.C.’s transportation fuels. This action will stabilize the biofuel market and support B.C. companies such as Tidewater Renewables in Prince George, Parkland in Burnaby and Consolidated Biofuels in Delta.

    “We welcome the Government of B.C.’s changes to the Low Carbon Fuels Act and the commitment to strengthen the Canadian biofuel sector,” said Jeremy Baines, president and CEO, Tidewater Renewables. “This is a good first step in levelling the playing field with imported biofuels that take advantage of overlapping foreign and Canadian policies, and moving toward an economically viable Canadian renewable fuel industry. Tidewater is committed to being a leader in the energy transition, continuing to develop made-in-B.C. energy solutions, creating good-paying jobs in British Columbia and continuing to supply low-carbon fuels, helping British Columbia and Canada meet emission-reduction targets.”

    Effective Jan. 1, 2026, the minimum 5% renewable-fuel requirement for gasoline must be met with eligible renewable fuels produced in Canada. The renewable-fuel requirement for diesel is 4% and will immediately be increased to 8%. Beginning April 1, 2025, the renewable content of diesel fuel must be produced in Canada.

    The Province has been working closely with B.C. biofuel producers and suppliers to develop an approach that supports the entire industry and limits price impacts. This aligns with the Province’s commitment to sustainability and competitiveness, balancing environmental goals with economic development, signalling B.C.’s leadership in advancing a cleaner and more resilient energy future.

    Quotes:

    Dan Treleaven, chief executive officer, Consolidated Biofuels Ltd. –

    “This news is welcome support for local homegrown biofuel producers. Securing and growing local production reduces reliance on imports, while maintaining one of the most progressive carbon-reduction programs in Canada.”

    Mark Zacharias, executive director, Clean Energy Canada –

    “We are pleased to see today’s amendments to the Low Carbon Fuels Regulation. These changes will provide certainty to B.C. and Canadian biofuel producers, while connecting the Canadian biofuel supply chain and supporting the province’s clean-energy economy. In the face of potential U.S. tariffs, these changes will create jobs here in B.C., while doing our part for the climate.”

    Learn More:

    British Columbia’s Low Carbon Fuel Standard:
    https://www2.gov.bc.ca/gov/content/industry/electricity-alternative-energy/transportation-energies/renewable-low-carbon-fuels

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Appointments – Greymouth accounting firm welcomes new associate

    Source: ASHTON WHEELANS

    A leading South Island accounting firm has strengthened its presence on the West Coast with the recruitment of Greymouth local Kimberley Costelloe as associate.

    A chartered accountant with more than 19 years’ industry experience, Kimberley recently joined Ashton Wheelans, which has offices in Greymouth, Christchurch, Rangiora and Wānaka.

    She has worked alongside clients across a wide range of industries, including property investment, winemaking, mining, farming, hair and beauty, tourism, hospitality, trades, primary industry and manufacturing.

    “The best part of being an accountant and business advisor is getting to know my clients, their business and forming great relationships with them,” she explains. “I enjoy hearing their wins, challenges and aspirations. This also means I can keep my ear to the ground for emerging developments: legislative, technology and any opportunities that may arise and have an impact on their business.”

    Kimberley says she is delighted to work within a diverse team across the South Island, while still living in her hometown.

    “Ashton Wheelans has a wide network of experience, with a well-established and knowledgeable team,” she says. “Having the ability to tap into this level of expertise and resources anytime is excellent as I like to work collaboratively with colleagues to assess the best approach.

    “Knowing that I have that type of support is extremely valuable, as it means we get the best outcomes for our clients,” she adds.

    Ashton Wheelans partner Fergal O’Gara says Kimberley brings a wealth of experience to the team, and our clients.

    “Kimberley’s down-to-earth nature enables her to connect with people of any age or background,” he says. “It is great to have her in our Greymouth-based team.”

    Kimberley is a multi-generational West Coaster and is involved in several local community groups, including Big Brothers Big Sisters Westland, Paroa Playcentre and Paroa Park Redevelopment Inc. Her professional career has seen her work in various accounting practices in Nelson and Christchurch, before returning home to the West Coast.

    Ashton Wheelans has a longstanding history and has been operating for more than 60 years to provide accounting, tax, audit and business advisory services throughout the South Island. In April 2024, Ashton Wheelans merged with the team at Greymouth’s Marshall & Heaphy to become the firm’s West Coast-based office.
     
    About Ashton Wheelans
    Ashton Wheelans is one of the South Island’s leading chartered accountancy firms with a 60-year history of helping business owners and individuals achieve their goals and financial success. With offices in Rangiora, Christchurch, Greymouth and Wānaka, Ashton Wheelans provides innovative and forward-thinking financial advice to drive growth and success, from accounting, tax and auditing expertise to specialist advice on acquisitions, startups, mentoring, restructuring or insolvency, succession and strategic planning.
    www.ashtonwheelans.co.nz

    MIL OSI New Zealand News –

  • MIL-OSI Security: Mount Vernon Native Sentenced To 11 Years In Prison For Orchestrating $7.6 Million COVID-19 Fraud Scheme

    Source: Office of United States Attorneys

    Jacob Carter Personally Received Over $1.7 Million in Kickbacks for Obtaining U.S. Small Business Administration Economic Injury Disaster Loans for Over 1,000 Applicants

    Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced that JACOB CARTER, who led a scheme to defraud the U.S. Small Business Administration (“SBA”) of more than $7.6 million, was sentenced by U.S. District Judge Nelson S. Román to 11 years in prison.  CARTER and co-defendants Quadri Salahuddin and Anwar Salahuddin were convicted at trial on February 9, 2024, for conspiracy to commit wire fraud, wire fraud, and aggravated identity theft.

    Acting U.S. Attorney Matthew Podolsky said: “Jacob Carter took advantage of a taxpayer-funded program intended to help small businesses in desperate need during the COVID-19 pandemic.  Some small businesses that were eligible for and deserving of this money did not get it because funds ran out.  Carter used his ill-gotten gains for far more selfish pursuits, including expensive jewelry and a Lamborghini.  Thanks to the work of our law enforcement partners at the FBI and the career prosecutors of this Office, Carter has now received just punishment.”

    According to the Indictment, publics filings, public court proceedings and filings, and the evidence presented at trial and in connection with sentencing:

    The SBA is a federal agency of the Executive Branch that administers assistance to American small businesses. This assistance includes making direct loans to applicants through the Economic Injury Disaster Loan (“EIDL”) Program.  In response to the COVID-19 pandemic, Congress expanded SBA’s EIDL Program to provide small businesses with low-interest loans of up to $2 million prior to in or about May 2020 and up to $150,000 beginning in or about May 2020, in order to provide vital economic support to help overcome the loss of revenue small businesses are experiencing due to COVID-19.  Applicants seeking a loan under the EIDL program were also now permitted to request and receive an advance of approximately $1,000 per employee, for an amount up to $10,000, which the SBA has generally provided while the loan application was pending.

    From March through July 2020, CARTER and co-defendants Quadri Salahuddin, Anwar Salahuddin, and Crystal Ransom, used the identities of more than 1,000 other individuals (the “Applicants”) to submit more than 1,000 online applications to the SBA, seeking over $10 million of funds through the SBA’s EIDL Program (the “EIDL Applications”). In connection with the EIDL Applications, CARTER, Quadri Salahuddin, Anwar Salahuddin, and Ransom falsely represented to the SBA that the Applicants were the owners of businesses with 10 or more employees.  However, that was a lie – the individuals did not own businesses or employ people.  Based on the fraudulent EIDL Applications, the SBA made advance payments of more than $7.6 million to the Applicants, who then kicked back a portion of the advance payments to CARTER, Quadri Salahuddin, Anwar Salahuddin, and Ransom.  After the defendants collected millions of dollars in kickback payments, CARTER took photographs of his stacks of cash, purchased expensive jewelry, and leased a Lamborghini.

    *               *                *

    In addition to the prison term, CARTER, 39, of Capitol Heights, Maryland, was sentenced to three years of supervised release.  CARTER was also ordered to pay restitution in the amount of $7,737,000 to the SBA and forfeiture in the amount of $1,720,950.

    Ransom pled guilty to conspiracy to commit wire fraud and was sentenced on April 24, 2024, to two years in prison to be followed by three years of supervised release with the first six months under home confinement. The Court also ordered that Ransom pay restitution in the amount of $7,577,000 to the SBA and forfeiture in the amount of $99,000. Quadri Salahuddin and Anwar Salahuddin are scheduled to be sentenced on March 26, 2025.

    Mr. Podolsky praised the outstanding work of the Federal Bureau of Investigation and the Air Force Office of Special Investigations.

    The case is being handled by the Office’s White Plains Division.  Assistant U.S. Attorneys Jeffrey C. Coffman, Courtney L. Heavey, and Jared D. Hoffman are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI Security: Maryland Man Indicted for Armed Rape Committed in January 2012 in NE Washington D.C.

    Source: Office of United States Attorneys

                WASHINGTON – Cristian Josue Arteaga, 35, formerly of Hyattsville, Maryland, was indicted yesterday by a grand jury in the Superior Court of the District of Columbia on multiple counts of first-degree sexual abuse while armed with aggravating circumstances, stemming from a January 22, 2012 armed rape of a victim in Northeast Washington D.C., U.S. Attorney Edward R. Martin, Jr. and Chief Pamela Smith, of the Metropolitan Police Department (MPD) announced. 

                Arteaga will be arraigned before the Honorable Jason Park. If convicted of the charges, Arteaga faces a maximum of life in prison without possibility of release and lifetime sex offender registration. 

               According to the government’s evidence as summarized in the arrest warrant, on January 22, 2012, at approximately 2:30 a.m., the victim was walking home from the Ft. Totten Metro station after finishing her shift at work. As the victim approached her home, Arteaga—a stranger—approached her and asked what time it was. The victim responded by pulling out her phone and relaying the time. Arteaga then brandished a small black handgun, demanded money and made a crude sexual demand while pointing the gun in her face. Arteaga shoved the victim into her neighbor’s carport, pushed her down, and raped her multiple times at gunpoint. Following the assault, Arteaga threatened the victim not to report the assault to police, saying he would kill her if she reported, and then fled the scene.  

               Due to the threats, the victim was afraid to call police to her home and waited until the following morning to report the rape to police. The victim subsequently obtained a rape kit and crime scene technicians processed the crime scene for evidence. Evidence collected in connection with the offense was tested for DNA promptly in 2012. The DNA profile of an unknown male was obtained from the testing and entered into the Combined DNA Index System (CODIS), a DNA database maintained by the FBI. There were no hits in the database and the case went cold.

                On December 19, 2023, the Texas Department of Public Safety issued an NDIS CODIS offender letter, reflecting a match between the unknown male DNA profile that had been entered in CODIS from the 2012 armed rape and Texas offender Cristian Josue Arteaga. Detectives traveled to Texas and lawfully collected a known DNA sample from Arteaga and submitted it for testing and comparison to the evidence from the armed rape that was previously tested in 2012. The DNA testing provided very strong support for inclusion of Arteaga’s and the victim’s DNA profiles being present in the evidence.

                Arteaga has been in custody since his arrest and was brought to the District of Columbia in January 2025 to face these charges.

               This case is being investigated by the Metropolitan Police Department (MPD). 

               This case is being prosecuted by the U.S. Attorney’s Office for the District of Columbia.

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

    MIL Security OSI –