Category: Intelligence Agencies

MIL-OSI Security: Former Police Officer Pleads Guilty to Child Sexual Exploitation

Source: Office of United States Attorneys

KANSAS CITY, Mo. – A former Grain Valley, Mo., police officer pleaded guilty in federal court today to charges related to the sexual exploitation of a child.

August Price Gildehaus, 28, of Blue Springs, Mo., pleaded guilty before U.S. District Judge Greg Kays to one count of enticing a minor to engage in illegal sexual activity and one count of producing child pornography.

Gildehaus, a Grain Valley police officer at the time of the offenses, was originally charged by the Jackson County Prosecutor’s Office.

By pleading guilty today, Gildehaus admitted that he engaged in illegal sexual activity with a 15-year-old female victim. Gildehaus and the victim met on an online social media platform. Gildehaus met with the victim on five separate occasions between Aug. 5, 2022, and Jan. 5, 2023, to engage in illicit sexual activity at different locations, including a middle school parking lot.

Gildehaus admitted that the child victim took photographs of herself when she was home, and he took photographs of himself that he sent to her. Gildehaus also admitted that he recorded videos of their sexual encounters.

Under federal statutes, Gildehaus is subject to a mandatory minimum sentence of 25 years in federal prison without parole, up to a sentence of life in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

This case is being prosecuted by Assistant U.S. Attorney Maureen Brackett. It was investigated by the Grain Valley, Mo., Police Department and the Missouri State Highway Patrol.

Project Safe Childhood

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc . For more information about Internet safety education, please visit www.usdoj.gov/psc and click on the tab “resources.”

MIL Security OSI –

February 26, 2025
MIL-OSI Security: Former NOPD Sergeant Sentenced to 5 Years Probation After Pleading Guilty to Six Counts of Wire Fraud tor Double Billing and Billing for Time Not Worked

Source: Office of United States Attorneys

NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced today that United States District Judge Jay C. Zainey sentenced former New Orleans Police Department Sergeant TODD F. MORRELL, age 57, a resident of New Orleans, to 5 years of probation, 8 months of home confinement, 150 hours of community service, a $5,000 fine, and payment of a mandatory $600 special assessment fee after he previously pleaded guilty to six (6) counts of wire fraud, in violation of Title 18, United States Code, Section 1343, for perpetrating a multi-year scheme to defraud NOPD and the New Orleans Fair Grounds, an entity that paid him to provide off-duty police details. A restitution hearing is set for April 29, 2025.

According to court documents, MORRELLwas a NOPD Sergeant with NOPD’s Special Operations Division, serving both on a Tactical Platoon and the Bomb Disposal Unit. He supplemented his NOPD income with security-oriented secondary employment (i.e., “police details”) while off-duty, including a detail with the New Orleans Fair Grounds Neighborhood Patrol (“Fair Grounds Patrol”). The Fair Grounds Patrol was created by city ordinance to enhance police service around the New Orleans Fair Grounds Racecourse. The Fair Grounds Patrol consisted of two patrol cars operating 24 hours per day, 7 days a week, with one off-duty NOPD officer per car. MORRELL signed annual certifications attesting to his understanding of NOPD policies, including the secondary employment policy, and acknowledging that he would “actively monitor my hours” and would “not engage in activities or personal business which would cause them to neglect or be inattentive to duty.”

Notwithstanding these annual certifications, on numerous occasions between early 2017 and November 30, 2021, MORRELL submitted and certified timecards to NOPD and time sheets to the Fair Grounds Patrol,falsely claiming to have been on duty (for NOPD) and on detail (for the Fair Grounds Patrol) when, in actuality, MORRELL was not present for duty. Instead, MORRELL engaged in personal, recreational activities unrelated to his work duties. Often, MORRELL was engaged in recreational race car driving in Avondale, Louisiana, and Austin, Texas, while claiming to be on duty and on detail. Additionally, MORRELL “double billed” NOPD and the Fair Grounds Patrol by submitting time sheets to both entities reflecting that he was working for both entities simultaneously. The six counts to which MORRELL pled guilty, are representative examples of his scheme. These counts related to individual payments MORRELL received for submitting false and fraudulent time sheets for on duty and secondary employment shifts while a part of the Fair Grounds Patrol. The various dates he falsely claimed to work that constituted the six counts were: July 1, 2019, December 21, 2020, January 23, 2021, March 13, 2021, March 14, 2021, April 25, 2021, April 30, 2021, and October 23, 2021.

“When anyone willfully commits fraud, our office will investigate, and if warranted, prosecute,” stated Acting United States Attorney Michael M. Simpson. “Mr. Morrell’s sentencing is an acknowledgment of the betrayal, and breach of public trust, as well as the resultant harm stemming therefrom, that his serial fraudulent acts have caused the New Orleans Police Department, and the citizens of New Orleans. This successful investigation and prosecution, exemplify the strong partnership between our office, the FBI, the New Orleans Office of Inspector General and the New Orleans Public Integrity Bureau.”

“The FBI will continue to investigate fraud and corruption at all levels of government and individuals like Mr. Morrell who exploit the public’s trust for personal gain,” said FBI New Orleans Acting Special Agent in Charge Stephen Cyrus. “We thank the New Orleans Inspector General’s Office and the New Orleans Public Integrity Bureau for their assistance in bringing this misconduct to light.”

Acting U.S. Attorney Simpson praised the work of the Federal Bureau of Investigation in investigating this matter and expressed appreciation for the support provided by the City of New Orleans Office of Inspector General and the New Orleans Public Integrity Bureau. Assistant United States Attorneys Jordan Ginsberg, Chief of the Public Integrity Unit, and Brittany L. Reed also of the Public Integrity Unit, are in charge of the prosecution.

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February 26, 2025
MIL-OSI Security: New Haven Man Sentenced to 10 Years in Federal Prison for 2 Gunpoint Robberies in 2023

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that GARY GIBSON, JR., 25, of New Haven, was sentenced today by U.S. District Judge Robert N. Chatigny in Hartford to 120 months of imprisonment, followed by four years of supervised release, for a firearm offense stemming from his armed robberies of two convenience stores in May 2023.

According to court documents and statements made in court, shortly after midnight on May 7, 2023, Gibson, brandishing a Glock semiautomatic handgun, robbed the Star Food & Convenience Store, located at 193 Boston Post Road in West Haven. Gibson took approximately $1,860 cash from the register and took cash and an iPhone from an employee of the store.

In the afternoon of May 8, 2023, Gibson entered the 7th Haven Convenience Store, located at 129 Sylvan Avenue in New Haven, and forced an employee to the ground at gunpoint. After taking approximately $5,700 cash from the register and rent money, Gibson fired a shot into the ceiling during a struggle with the employee. Gibson then fled.

New Haven Police, with the assistance of West Haven Police, arrested Gibson in Milford shortly after the New Haven robbery and seized from him the handgun used during the robberies. The gun had an attached laser sight and a loaded 15-round magazine.

Gibson’s criminal history includes six felony convictions for weapon possession, robbery, and larceny offenses. It is a violation of federal law for a person previously convicted of a felony offense to possess a firearm or ammunition that has moved in interstate or foreign commerce.

Gibson has been detained since May 8, 2023. On July 15, 2024, he pleaded guilty to carrying, using, and discharging a firearm during and in relation to a crime of violence.

Judge Chatigny ordered Gibson to pay $7,560 in restitution.

This matter was investigated by the FBI’s Connecticut Violent Crimes Task Force, the New Haven Police Department, and the West Haven Police Department.

The case was prosecuted by Assistant U.S. Attorney Robert S. Ruff through Project Safe Neighborhoods (PSN), the centerpiece of the Department of Justice’s violent crime reduction efforts. PSN is an evidence-based program proven to be effective at reducing violent crime. Through PSN, a broad spectrum of stakeholders work together to identify the most pressing violent crime problems in the community and develop comprehensive solutions to address them. As part of this strategy, PSN focuses enforcement efforts on the most violent offenders and partners with locally based prevention and reentry programs for lasting reductions in crime. For more information about Project Safe Neighborhoods, please visit www.justice.gov/psn.

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February 26, 2025
MIL-OSI Security: Former Maryland State Trooper Pleads Guilty to Drug and Bribery Charges

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

Defendant Riggs conspired to sell law-enforcement informant information to a drug trafficking organization

Baltimore, Maryland – Justin Riggs, 35, of Smithsburg, Maryland, pleaded guilty, yesterday, to federal charges of Conspiracy to Distribute and Conspiracy to Possess with the Intent to Distribute Controlled Dangerous Substances, Use of a Communication Facility in Causing or Facilitating the Conspiracy to Distribute Controlled Dangerous Substances, and Travel Act-State of Maryland Bribery.

Phil Selden, Acting United States Attorney for the District of Maryland, announced the plea with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI) Baltimore Field Division.

“As a law enforcement officer, Justin Riggs violated his sworn duty to uphold the public trust and put a life in harm’s way,” stated Acting United States Attorney Selden. “The District of Maryland U.S. Attorney’s Office will relentlessly pursue corrupt law-enforcement officers who try to dishonor their badge as we also work to support the many honorable officers whose reputations they unfairly tarnish.”

“Not only did Riggs deliberately and willingly violate the oath he took as a sworn law enforcement officer, but he also put other lives at risk with his greed and deceit,” said SAC DelBagno. “The FBI is committed to working with our partners to thoroughly investigate such cases to protect the American people and preserve public trust in law enforcement.”

According to his guilty plea, in December 2022, Riggs — who was serving as a Maryland State Trooper — was part of a Maryland State Police team investigating drug-and-gun trafficking in Western Maryland. The team used at least one confidential human source during the investigation. Riggs created a fictitious Facebook account to contact a drug-distributor target. While corresponding with the drug distributor, Riggs informed the drug distributor that he worked “for a fed agency.” Riggs also told the drug distributor that he had “tons more info pertaining to your biggest informant.” The former Maryland state trooper initiated several electronic conversations with the drug distributor between 2022 and 2023, attempting to sell the informant’s identity.

The parties have agreed that if the Court accepts the plea agreement, Riggs will receive a sentence between 48 and 108 months in federal prison. U.S. District Judge Stephanie A. Gallagher will schedule sentencing for a later date.

Acting United States Attorney Selden commended the FBI, Homeland Security Investigations, Maryland State Police, and Bureau of Alcohol, Tobacco, Firearms and Explosives for their work in the investigation. Mr. Selden also thanked Assistant United States Attorneys Christine Goo and Sean Delaney who are prosecuting the case.

For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, visit https://www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

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February 26, 2025
MIL-OSI USA: Woman Pleads Guilty to Scheme to Defraud Elvis Presley’s Family

Source: US State Government of Utah

A Missouri woman pleaded guilty today in the Western District of Tennessee for her role in a scheme to defraud Elvis Presley’s family of millions of dollars and to steal the family’s ownership interest in Graceland, Elvis Presley’s former home in Memphis, Tennessee.

According to court documents, Lisa Jeanine Findley, 53, of Kimberling City, orchestrated a scheme to conduct a fraudulent sale of Graceland — using a fake company, forged documents, and false court filings — by falsely claiming that Elvis Presley’s daughter had pledged Graceland as collateral for a loan that she failed to repay before her death. Findley threatened to foreclose on Graceland and auction it to the highest bidder if Elvis Presley’s family did not pay or settle the claim against the estate.

Findley pleaded guilty to one count of mail fraud. She is scheduled to be sentenced on June 18 and faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting U.S. Attorney Reagan Taylor Fondren for the Western District of Tennessee, Inspector in Charge Eric Shen of the U.S. Postal Inspection Service (USPIS) Criminal Investigations Group, and Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office made the announcement.

The USPIS and FBI Nashville Field Office are investigating the case.

Trial Attorney Aaron Henricks of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Carroll L. André III for the Western District of Tennessee are prosecuting the case. Fraud Section Assistant Chief Cory E. Jacobs and Trial Attorney Christopher Fenton provided substantial assistance with the investigation and prosecution.

MIL OSI USA News –

February 26, 2025
MIL-OSI Security: Woman Pleads Guilty to Scheme to Defraud Elvis Presley’s Family

Source: United States Attorneys General

A Missouri woman pleaded guilty today in the Western District of Tennessee for her role in a scheme to defraud Elvis Presley’s family of millions of dollars and to steal the family’s ownership interest in Graceland, Elvis Presley’s former home in Memphis, Tennessee.

According to court documents, Lisa Jeanine Findley, 53, of Kimberling City, orchestrated a scheme to conduct a fraudulent sale of Graceland — using a fake company, forged documents, and false court filings — by falsely claiming that Elvis Presley’s daughter had pledged Graceland as collateral for a loan that she failed to repay before her death. Findley threatened to foreclose on Graceland and auction it to the highest bidder if Elvis Presley’s family did not pay or settle the claim against the estate.

Findley pleaded guilty to one count of mail fraud. She is scheduled to be sentenced on June 18 and faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting U.S. Attorney Reagan Taylor Fondren for the Western District of Tennessee, Inspector in Charge Eric Shen of the U.S. Postal Inspection Service (USPIS) Criminal Investigations Group, and Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office made the announcement.

The USPIS and FBI Nashville Field Office are investigating the case.

Trial Attorney Aaron Henricks of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Carroll L. André III for the Western District of Tennessee are prosecuting the case. Fraud Section Assistant Chief Cory E. Jacobs and Trial Attorney Christopher Fenton provided substantial assistance with the investigation and prosecution.

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February 26, 2025
MIL-OSI USA: Grassley, Johnson Call for Investigation into Potentially Criminal Leaks, Violations of FBI Information Sharing Policies

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Permanent Subcommittee on Investigations Chairman Ron Johnson (R-Wis.) are requesting Attorney General Pam Bondi and FBI Director Kash Patel investigate potential criminal leaks to the media of sensitive and classified information ahead of the 2024 presidential election. The senators are also requesting Bondi and Patel investigate former Assistant Special Agent in Charge Timothy Thibault and his associates’ potential breach of FBI information sharing policies, in light of legally protected whistleblower disclosures revealing Thibault shared sensitive, non-public investigative information from his FBI email account with a private citizen with whom he was romantically involved.
“The FBI repeatedly lectures Congress, without any legitimate basis, that it can’t share information with Congress because the matter is an ongoing investigation. The FBI has asserted to Congress that [For Official Use Only] information and FBI email accounts and personnel names should remain non-public. Yet, here, Thibault sent all of that type of information to a private citizen while the FBI stiff-arms Congress and the American people,” the senators wrote.
“Thibault’s conduct exemplifies the FBI’s ‘do as I say, not as I do’ hypocrisy and why its repeated complaints to Congress when it makes government information public should fall on deaf ears,” the senators concluded.
Grassley and Johnson pointed to news reporting released shortly before the November 2024 election containing potentially “classified U.S. intelligence” as a further example of DOJ and FBI officials sharing non-public investigative information while ignoring congressional requests for the same. Accordingly, the senators are requesting DOJ and FBI open a criminal media leak investigation to hold accountable those responsible for sharing potentially classified and other sensitive information to the press.
The senators also made public an award given to Special Agent Walter Giardina, an FBI employee who worked on aspects of the Mueller and Jack Smith investigations, which he received for investigating Trump.

Read the full letter and attached legally protected whistleblower disclosures HERE.
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February 26, 2025
MIL-OSI Security: Dennis Allen Gaal Sentenced to 25 Years for Engaging in Interstate Travel for the Purpose of Engaging in Illicit Sexual Conduct

Source: Federal Bureau of Investigation (FBI) State Crime News

CHATTANOOGA, Tenn. – On February 21, 2025, Dennis Allen Gaal, 50, currently of Chattanooga, Tennessee, was sentenced to 25 years by the Honorable Travis R. McDonough, United States District Judge, in the United States District Court for the Eastern District of Tennessee at Chattanooga. Following his incarceration, Gaal will be on supervised release for life, and he will be required to register with state sex offender registries and comply with special sex offender conditions during his supervised release.

As part of the plea agreement filed with the court, Gaal agreed to plead guilty to an indictment charging him with one count of interstate travel for the purpose of engaging in illicit sexual conduct, in violation of 18 U.S.C. § 2423(b). Gaal, a registered sex offender from Mississippi, traveled to Chattanooga in December 2023, intending to sexually molest a 10-month-old child. In fact, Gaal had been communicating with a Special Agent of the Federal Bureau of Investigation (FBI) who was posing as a person with access to the child. Gaal noted in the online discussions with the undercover agent that the sexual abuse would be “a dream come true.” He arrived in Chattanooga with gifts for the notional child, including Christmas outfits, a stuffed animal, and a rattle. When Gaal arrived, he was arrested and has remained in custody since his arrest.

“The defendant, while already a convicted sex offender, traveled to Tennessee to sexually molest a 10-month-old child,” said Francis M. Hamilton III, U. S. Attorney for the Eastern District of Tennessee. “The facts are outrageous and disturbing. We are dedicated to prosecuting offenders like this to the full extent of the law.”

“Exploitation of children offenses are heinous and leave an immeasurable impact on victims,” said Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office. “To protect our children, the FBI will continue to work alongside our law enforcement partners to identify, investigate, and bring sexual predators to justice.”

The criminal indictment was the result of an investigation by the FBI and the investigation was led by FBI Special Agent Samuel Moore.

Assistant United States Attorney James T. Brooks and Special Assistant United States Attorney Charlie Minor with the Hamilton County District Attorney’s Office, represented the United States.

This case was brought as part of Project Safe Childhood (PSC), a nationwide initiative launched in May 2006, by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section, PSC marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about PSC, please visit www.justice.gov/psc.

For more information about internet safety education, please visit www.justice.gov/psc/resources.html and click on the tab “resources.”

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February 26, 2025
MIL-OSI Security: Twelve Men Sentenced for Conspiring to Distribute Fentanyl, Methamphetamine, and Marijuana in Tennessee and Other States

Source: Federal Bureau of Investigation (FBI) State Crime News

NASHVILLE – Twelve members of a drug trafficking conspiracy were sentenced last week for their roles in conspiring to distribute and possess with intent to distribute controlled substances in middle Tennessee and elsewhere, announced Acting United States Attorney Robert E. McGuire for the Middle District of Tennessee.

According to court documents, around 2022, agents with Homeland Security Investigations, the Federal Bureau of Investigation and Drug Enforcement Administration began investigating large shipments of counterfeit fentanyl-laced pills that were inscribed “M30,” methamphetamine, and marijuana that someone was shipping to Tennessee and approximately 16 other states from California. Agents reviewed shipping materials, monitored social media accounts, and conducted surveillance before identifying Matthew Cox as the individual who was shipping these packages to members of the drug trafficking conspiracy. In their messages on social media applications and phones, the defendants discussed drug prices, drug shipments, and quality of the drugs. One defendant, Quortez Duncan, told Cox that he wanted stronger pills to get customers hooked on the pills to increase profits. Cox complied and attempted to send Duncan these pills, but Agents seized them. Agents also learned that another defendant, Khyre McClain, attempted to establish and launder money through a limited liability corporation.

In addition to this evidence of shipments to other states, agents seized packages of drugs that were being shipped to Tennessee. Specifically, on July 25, 2022, HSI agents seized a package from a UPS Store in Sebastopol, California, which was destined for Nashville, Tennessee. This package contained thousands of counterfeit fentanyl-laced pills weighing over two kilograms. The package also contained more than eight pounds of methamphetamine. On August 9, 2022, HSI agents intercepted two additional packages from the Santa Rosa, California, area which were destined for residences in Nashville. One package contained 472 grams of counterfeit fentanyl-laced pills, and the other package contained approximately four pounds of methamphetamine.

After collecting an overwhelming amount of evidence, law enforcement officers executed search warrants at multiple residences in California and Tennessee. They recovered handguns, assault rifles, bulk cash, expensive cars, marijuana, and large amounts of counterfeit fentanyl-laced pills.

“Stopping the trafficking of deadly fentanyl is a major priority of the Department of Justice,” said Acting U.S. Attorney Robert E. McGuire, “these successful prosecutions demonstrate our continued commitment to hit fentanyl traffickers with the full force of the law.”

“These defendants took part in a cross-country conspiracy that brought significant amounts of fentanyl, methamphetamine, and marijuana to Tennessee,” said Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office. “The FBI and our law enforcement partners remain committed to holding those accountable who attempt to poison our communities.”

Each defendant was convicted of conspiring to distribute controlled substances. Three defendants were also convicted of unlawfully possessing firearms after previously being convicted of felony offenses. The defendants were sentenced as follows:

Quortez Duncan, age 37, was sentenced to 15 years in federal prison

Mathew Cox, age 28, was sentenced to 11 years and 8 months in federal prison

Jonny Rodriguez-Gonzalez, age 26, was sentenced to 11 years and 2 months in federal prison

Ricardo Molinero-Alcarez, age 29, was sentenced to 10 years in federal prison

Khyre McClain, age 23, was sentenced to 10 years in federal prison

Davontay Holt, age 30, was sentenced to 10 years in federal prison

Marcus Johnson, age 27, was sentenced to 5 years in federal prison

Tristain Orr, age 25, was sentenced to 5 years in federal prison

Ethan Kimes, age 22, was sentenced to 2 years in federal prison

Marquitues Sawyers, age 24, was sentenced to 1 year and 8 months in federal prison

Jahari Armstrong, age 22, was sentenced to 3 years of probation

Jaydan Armstrong, age 22, was sentenced to 3 years of probation

This case was investigated by the Drug Enforcement Administration; Homeland Security Investigations; the U.S. Postal Inspection Service; the Federal Bureau of Investigation, Nashville Field Office; the Tennessee Bureau of Investigation; and the Columbia Police Department. Assistant U.S. Attorneys Ahmed Safeeullah and Rachel Stephens prosecuted this case.

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February 26, 2025
MIL-OSI Security: Sean Williams Sentenced to 95 Years for Production of Child Pornography and Escape From Custody

Source: Federal Bureau of Investigation (FBI) State Crime News

GREENEVILLE, Tenn. – On February 24, 2025, Sean Christopher Williams, 53, of Johnson City, Tennessee, was sentenced to 95 years imprisonment by the Honorable J. Ronnie Greer, United States District Judge, in the United States District Court for the Eastern District of Tennessee at Greeneville.

In July of 2024, Williams was convicted at trial of escape in violation of 18 U.S.C. § 751(a) and in November of 2024, Williams was convicted at trial of three counts of production of child pornography, in violation of 18 U.S.C. § 2251(a) and (e).

The evidence presented at the escape trial showed that Williams escaped from a transport van enroute to the Greeneville Federal Courthouse on October 18, 2023. His escape resulted in a multistate manhunt that led to the capture of Williams in Pinellas County, Florida, on November 21, 2023.

The evidence presented at the child pornography trial showed that Williams used three minor children to engage in sexually explicit conduct and took photos of the sexually explicit conduct. The conduct occurred at Williams’s apartment in Johnson City. The evidence showed that Williams sexually assaulted each of the victims’ mothers while they were unconscious, around the same time that he took pornographic photos of their children. The criminal conduct extended over a 12-year period. Williams took photos of the first victim in 2008 and the two other victims on separate occasions in 2020. Williams was arrested in 2023 near the campus of Western Carolina University and campus police officers seized flash drives from his car that were later found to contain the photos.

“Sean Williams is a dangerous sexual predator who preyed on our community’s most vulnerable victims,” said United States Attorney Francis M. Hamilton III. “Today’s sentence reflects the severity of the crimes committed and not only ensures that this dangerous individual has been held accountable for the harm he caused, but also prevents him from hurting others again. We thank the dedicated law enforcement officers whose efforts made the convictions and sentence possible.”

“Our children are among the most vulnerable members of our community,” said Special Agent in Charge Joseph E. Carrico of the Federal Bureau of Investigation (FBI) Nashville Field Office. “The FBI will continue to do everything in its power to stop sexual exploitation of children that causes irreparable harm and trauma to the victims and bring to justice those responsible.”

“This case shows the impact of collaboration and determination by the Tennessee Bureau of Investigation and our local, state, and federal partners to hold accountable an individual who preyed upon innocent children,” said TBI Director David Rausch. “We hope the outcome of this investigation sends a clear message that we will continue to commit all the necessary resources to find and apprehend those who victimize our most vulnerable residents.”

Law enforcement agencies either participating in a joint investigation, or cooperating in a parallel investigation, which led to the apprehension, indictment and subsequent conviction of Williams included the FBI, the United States Marshal Service, Homeland Security Investigations, the First Judicial District Attorney’s Office, the Tennessee Bureau of Investigation, and the Western North Carolina Police Department.

Assistant U.S. Attorneys Meghan L. Gomez, Emily M. Swecker, and J. Gregory Bowman represented the United States at the trials.

This case was brought as part of Project Safe Childhood (PSC), a nationwide initiative launched in May 2006, by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section, PSC marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about PSC, please visit www.justice.gov/psc.

For more information about internet safety education, please visit www.justice.gov/psc/resources.html and click on the tab “resources.”

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February 26, 2025
MIL-OSI Security: U.S. Attorney’s Office Announces Sentencing of Church Rock Man for Shooting at Law Enforcement Officers

Source: Federal Bureau of Investigation FBI Crime News (b)

ALBUQUERQUE – A Church Rock man was sentenced to 147 months in prison for charges related to an attack on law enforcement officers on the Navajo Nation.

There is no parole in the federal system.

According to court documents, after midnight on July 22, 2023, officers from the Navajo Police Department and New Mexico State Police responded to reports of a man shooting a gun and making threats near a residence on the Navajo Nation. While investigating, they came under fire from an unknown direction and from an unknown assailant and were forced to take cover. Officers reported hearing the bullets whiz past them and landing in the dirt nearby.

After a prolonged search, Elijah Touchine, 24, an enrolled member of the Navajo Nation, was arrested later that day at a gun store in Gallup, where he was attempting to purchase additional firearms, including an AR-15and ammunition. During questioning, Touchine admitted to shooting at the officers and expressed a desire to “kill every [expletive] police”.

A search of the vehicle Touchine was in revealed a .40 caliber handgun and ammunition in a black bag. Investigators also recovered multiple .40 caliber shell casings at the scene of the shooting.

Upon his release from prison, Touchine will be subject to three years of supervised release.

Acting U.S. Attorney Holland S. Kastrin and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

The Gallup Resident Agency of the Federal Bureau Investigation investigated this case with assistance from the Navajo Police Department and Department of Criminal Investigation, New Mexico State Police, Gallup Police Department, and McKinley County Sheriff’s Office. Assistant United States Attorney Nicholas Marshall is prosecuting the case.

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February 26, 2025
MIL-OSI USA: Beating the Odds: Patient Survives Life-Threatening Pulmonary Embolism with Help from UConn Health

Source: US State of Connecticut

On November 6, 2023, Susan D’Addario of Farmington suffered a sudden and life-threatening pulmonary embolism at home. Her husband Peter immediately sprang into action, performing CPR until first responders arrived. Thanks to his quick thinking and the expert care at UConn John Dempsey Hospital, Susan survived against all odds.

Once at the hospital, Emergency Department physician, Dr. Matthew Ledford administered a dose of tPA, a medication, commonly used to treat pulmonary embolism as a “clot-busting” drug that breaks down blood clots in the lungs, restoring blood flow.

Susan was transferred to the Intensive Care Unit (ICU), where her condition remained under close observation. Her care was assumed by ICU physicians Dr. Debapriya Datta, Dr. Raymond Foley, and the ICU team. When her progress remained limited, the team consulted Dr. Juyong Lee, an interventional cardiologist.

Lee successfully removed the clots blocking her arteries, giving Susan a second chance at life. With only 5% of pulmonary embolism cases surviving such a crisis, Susan knows just how fortunate she is. She is grateful to Drs. Lee, Datta, Foley, Ledford and the ICU team that included residents, Drs. Erind Muco, Kiroloss Eskander, Bianca Thakker, Daphne Gonzalez Aponte, Dr. Angela Quental, Fellow, Kellie McPherson, RN, Stacy Philips, APP and Randy Lebron, Nurse’s Aide.

Susan’s story is a testament to the importance of heart health, rapid emergency response, and the dedicated medical professionals who make survival possible. It also highlights the vital role that UConn Health’s cardiovascular experts play in saving lives every day.

Recently, Susan met Dr. Lee for the first time, and together they spoke with WFSB’s Great Day CT about her experience, pulmonary embolisms, and the critical importance of knowing CPR.

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February 26, 2025

MIL-OSI: SLR Investment Corp. Announces Quarter and Year Ended December 31, 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Net Investment Income of $0.44 Per Share for Q4 2024;

Declared Quarterly Distribution of $0.41 Per Share;

Stable NAV/Strong Credit Quality

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — SLR Investment Corp. (NASDAQ: SLRC) (the “Company”, “SLRC”, “we”, “us”, or “our”) today reported net investment income (“NII”) of $23.8 million, or $0.44 per share, for the fourth quarter of 2024. On February 25, 2025, the Board declared a quarterly distribution of $0.41 per share payable on March 28, 2025, to holders of record as of March 14, 2025.

As of December 31, 2024, net asset value (“NAV”) was $18.20 per share, unchanged from the prior quarter ended September 30, 2024.

“This month, SLRC celebrated its 15^th anniversary since its initial public offering and more than 18 years of operating history as a private credit manager for SLR Capital Partners, our investment adviser,” said Michael Gross, Co-CEO of SLR Investment Corp. “Since inception in 2010, SLRC has made approximately $7.5 billion of investments including five platform specialty finance acquisitions and four related tuck-in acquisitions. Our asset mix across specialty and sponsor finance investment strategies and conservative underwriting approach has created a differentiated and attractive risk-adjusted return profile compared to sponsor finance only portfolios.”

“SLRC generated strong NII per share for both the fourth quarter and full year. In addition, NAV increased to $18.20 from $18.09 per share a year ago, reflecting solid credit performance from a diversified portfolio and disciplined underwriting in an environment of elevated rates and tighter cash flow coverage,” said Bruce Spohler, Co-CEO of SLR Investment Corp. “The ongoing retreat of regional banks from asset-based lending has resulted in a significant pipeline of specialty finance investment opportunities. Our flexibility to pivot to the most attractive investment strategies allows us to protect capital and perform across market cycles.”

FINANCIAL HIGHLIGHTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024:

At December 31, 2024:

Investment portfolio fair value: $2.0 billion | Comprehensive Investment Portfolio fair value:⁽¹⁾ $3.1 billion
Net assets: $992.9 million or $18.20 per share
Leverage: 1.03x net debt-to-equity

Operating Results for the Quarter Ended December 31, 2024:

Net investment income: $23.8 million or $0.44 per share
Net realized and unrealized losses: $1.2 million or $0.02 per share
Net increase in net assets from operations: $22.6 million or $0.41 per share

Operating Results for the Year Ended December 31, 2024:

Net investment income: $96.3 million or $1.77 per share
Net realized and unrealized loss: $0.6 million or $0.01 per share
Net increase in net assets from operations: $95.8 million or $1.76 per share

Comprehensive Investment Portfolio Activity⁽²⁾ for the Quarter and Year Ended December 31, 2024:

Investments made during the quarter: $338.4 million
Investments prepaid and sold during the quarter: $442.7 million
Investments made during the year: $1,352.6 million
Investments prepaid and sold during the year: $1,377.8 million

_{⁽¹⁾ The Comprehensive Investment Portfolio for the quarter ended December 31, 2024 is comprised of SLRC’s investment portfolio and SLR Credit Solutions’ (“SLR-CS”) portfolio, SLR Equipment Finance’s (“SLR-EF”) portfolio, Kingsbridge Holdings, LLC’s (“KBH”) portfolio, SLR Business Credit’s (“SLR-BC”) portfolio, SLR Healthcare ABL’s (“SLR-HC ABL”) portfolio owned by the Company (collectively, the Company’s “Commercial Finance Portfolio Companies”), and the senior secured loans held by the SLR Senior Lending Program LLC (“SSLP”) attributable to the Company, and excludes the Company’s fair value of the equity interests in SSLP and the Commercial Finance Portfolio Companies and also excludes SLRC’s loans to KBH, SLR-EF, and SLR HC ABL.}
_{⁽²⁾ Comprehensive Investment Portfolio activity for the quarter ended December 31, 2024, includes investment activity of the Commercial Finance Portfolio Companies and SSLP attributable to the Company.}

Comprehensive Investment Portfolio

Portfolio Activity

During the three months ended December 31, 2024, SLRC had Comprehensive Investment Portfolio originations of $338.4 million and repayments of $442.7 million across the Company’s four investment strategies:

For the Quarter Ended December 31, 2024 ($mm)
Asset Class	Sponsor Finance⁽¹⁾	Asset-based Lending⁽²⁾	Equipment Finance⁽³⁾	Life Science Finance	Total Comprehensive Investment Portfolio Activity
Originations	$20.7	$128.6	$182.5	$6.6	$338.4
Repayments / Amortization	$102.3	$205.3	$101.7	$33.4	$442.7
Net Portfolio Activity	($81.6)	($76.7)	$80.8	($26.8)	($ 104.3)

During the year ended December 31, 2024, SLRC had Comprehensive Investment Portfolio originations of $1,352.6 million and repayments of $1,377.8 million across the Company’s four investment strategies:

For the Year Ended December 31, 2024 ($mm)
Asset Class	Sponsor Finance⁽¹⁾	Asset-based Lending⁽²⁾	Equipment Finance⁽³⁾	Life Science Finance	Total Comprehensive Investment Portfolio Activity
Originations	$113.0	$555.7	$649.4	$34.5	$1,352.6
Repayments / Amortization	$190.2	$515.8	$508.5	$163.3	$1,377.8
Net Portfolio Activity	($77.2)	$39.9	$140.9	($128.8)	($ 25.2)

_{⁽¹⁾ Sponsor Finance refers to cash flow loans to sponsor-owned companies including cash flow loans held in SSLP attributable to the Company.}
_{⁽²⁾ Includes SLR-CS, SLR-BC and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet.}
_{⁽³⁾ Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio.}

Comprehensive Investment Portfolio Composition

The Comprehensive Investment Portfolio is diversified across approximately 890 unique issuers, operating in over 110 industries, and resulting in an average exposure of $3.5 million or 0.1% per issuer. As of December 31, 2024, 98.2% of the Company’s Comprehensive Investment Portfolio was invested in senior secured loans of which 96.4% was held in first lien senior secured loans. Second lien ABL exposure was 1.5% and second lien cash flow exposure was 0.3% of the Comprehensive Investment Portfolio as of December 31, 2024.

SLRC’s Comprehensive Investment Portfolio composition by asset class as of December 31, 2024 was as follows:

Comprehensive Investment Portfolio Composition *(at fair value)*	Amount		Weighted Average
	($mm)	%	Asset Yield⁽⁵⁾
Senior Secured Investments
Cash Flow Loans (Sponsor Finance)⁽¹⁾	$633.8	20.6%	10.6%
Asset-Based Loans⁽²⁾	$1,037.3	33.6%	14.6%
Equipment Financings⁽³⁾	$1,147.9	37.2%	10.7%
Life Science Loans	$208.8	6.8%	12.1%
Total Senior Secured Investments	$3,027.8	98.2%	12.1%
Equity and Equity-like Securities	$54.8	1.8%
Total Comprehensive Investment Portfolio	$3,082.6	100.0%
Floating Rate Investments⁽⁴⁾	$1,866.7	61.0%
First Lien Senior Secured Loans	$2,972.1	96.4%
Second Lien Senior Secured Asset-Based Loans	$47.8	1.5%
Second Lien Senior Secured Cash Flow Loans	$7.8	0.3%

_{⁽¹⁾ Includes cash flow loans held in the SSLP attributable to the Company and excludes the Company’s equity investment in SSLP.}
_{⁽²⁾ Includes SLR-CS, SLR-BC, and SLR-HC ABL’s portfolios, as well as asset-based loans on the Company’s balance sheet, and excludes the Company’s equity investments in each of SLR-CS, SLR-BC, and SLR-HC ABL.}
_{⁽³⁾ Includes SLR-EF’s portfolio and equipment financings on the Company’s balance sheet and Kingsbridge Holdings’ (KBH) portfolio. Excludes the Company’s equity and debt investments in each of SLR-EF and KBH.}
_{⁽⁴⁾ Floating rate investments are calculated as a percent of the Company’s income-producing Comprehensive Investment Portfolio. The majority of fixed rate loans are associated with SLR-EF and leases held by KBH. Additionally, SLR-EF and KBH seek to match-fund their fixed rate assets with fixed rate liabilities.}
_{⁽⁵⁾ The weighted average asset yield for income producing cash flow, asset-based and life science loans on balance sheet is based on a yield to maturity calculation. The weighted average asset yield calculation for Life Science loans includes the amortization of expected exit/success fees. The weighted average yield for on-balance sheet equipment financings is calculated based on the expected average life of the investments. The weighted average asset yield for SLR-CS asset-based loans is an Internal Rate of Return (IRR) calculated using actual cash flows received and the expected terminal value. The weighted average asset yield for SLR-BC and SLR-HC ABL represents total interest and fee income for the three-month period ended on December 31, 2024 against the average portfolio over the same fiscal period, annualized. The weighted average asset yield for SLR-EF represents total interest and fee income for the three-month period ended on December 31, 2024 compared to the portfolio as of December 31, 2024, annualized. The weighted average yield for the KBH equipment leasing portfolio represents the blended yield from the company’s 1^st lien loan on par value and the annualized dividend yield on the cost basis of the company’s equity investment as of December 31, 2024.}

SLR Investment Corp. Portfolio

Asset Quality

As of December 31, 2024, 99.6% of SLRC’s portfolio was performing on a fair value basis and 99.4% on a cost basis, with only one investment on non-accrual.

The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four, with one representing the least amount of risk.

As of December 31, 2024, the composition of our investment portfolio, on a risk ratings basis, was as follows:

Internal Investment Rating	Investments at Fair Value ($mm)	% of Total Portfolio
1	$701.0	34.9%
2	$1,286.9	64.2%
3	$9.9	0.5%
4	$7.8	0.4%

Investment Income Contribution by Asset Class

*Investment Income Contribution by Asset Class⁽¹⁾* *($mm)*
For the Quarter Ended:	Sponsor Finance	Asset-based Lending	Equipment Finance	Life Science Finance	Total
12/31/2024	$18.7	$18.1	$8.8	$10.0	$55.6
% Contribution	33.7%	32.5%	15.8%	18.0%	100.0%

*Investment Income Contribution by Asset Class⁽¹⁾* *($mm)*
For the Year Ended:	Sponsor Finance	Asset-based Lending	Equipment Finance	Life Science Finance	Total
12/31/2024	$82.6	$62.5	$36.6	$50.7	$232.4
% Contribution	35.5%	26.9%	15.8%	21.8%	100.0%

_{⁽¹⁾ Investment Income Contribution by Asset Class includes: interest income/fees from Sponsor Finance (cash flow) loans on balance sheet and distributions from SSLP; income/fees from asset-based loans on balance sheet and distributions from SLR-CS, SLR-BC, SLR-HC ABL; income/fees from equipment financings and distributions from SLR-EF and distributions from KBH; and income/fees from life science loans on balance sheet.}

SLR Senior Lending Program LLC (SSLP)

As of December 31, 2024, the Company and its 50% partner, Sunstone Senior Credit L.P., had contributed combined equity capital of $95.8 million of a total equity commitment for $100 million to the SSLP. At year end, SSLP had total commitments of $189.8 million at par and total funded portfolio investments of $178.7 million at fair value, consisting of floating rate senior secured loans to 32 different borrowers and an average investment of $5.6 million per borrower. This compares to funded portfolio investments of $204.1 million at fair value across 37 different borrowers at September 30, 2024. During the quarter ended December 31, 2024, SSLP invested $2.0 million in 4 portfolio companies and had $27.7 million of investments repaid.

In Q4 2024, the Company earned income of $1.9 million from its investment in the SSLP, representing an annualized yield of 15.6% on the cost basis of the Company’s investment, similar to Q3 2024.

SLR Investment Corp.’s Results of Operations Year Over Year

Investment Income

For the fiscal years ended December 31, 2024, and 2023, gross investment income totaled $232.4 million and $229.3 million, respectively. The increase in gross investment income for the year over year period was primarily due to an increase in dividend income from SSLP and our specialty finance company equity investments.

Expenses

SLRC’s net expenses totaled $136.1 million and $137.2 million, respectively, for the fiscal years ended December 31, 2024, and 2023. The decrease in expenses from 2024 to 2023 was primarily due to lower interest expense on a decrease in average borrowings as well as a reduction in general and administrative expenses, partially offset by higher fees stemming from higher net investment income.

SLRC’s investment adviser agreed to waive incentive fees resulting from income earned due to the accretion of the purchase price discount allocated to investments acquired in the Company’s merger with SLR Senior Investment Corp., which closed on April 1, 2022. For the fiscal years ended December 31, 2024 and 2023, $153 thousand and $500 thousand, respectively, of such performance-based incentive fees were waived.

Net Investment Income

SLRC’s net investment income totaled $96.3 million and $92.1 million, or $1.77 and $1.69, per average share, respectively, for the fiscal years ended December 31, 2024, and 2023.

Net Realized and Unrealized Loss

Net realized and unrealized loss for the fiscal years ended December 31, 2024 and 2023 totaled $0.6 million and $15.7 million, respectively.

Net Increase in Net Assets Resulting from Operations

For the fiscal years ended December 31, 2024, and 2023, the Company had a net increase in net assets resulting from operations of $95.8 million and $76.4 million, respectively. For the same periods, earnings per average share were $1.76 and $1.40, respectively.

Capital and Liquidity

Credit Facilities

As of December 31, 2024, the Company had $507 million drawn on $970 million of total commitments available on its revolving credit facilities and $140 million of term loans outstanding. In Q3 2024, the Company extended its SLRC revolver credit facility to a maturity of August 2029, increased the size, and lowered pricing. In Q4 2024, three new lenders were added to the SLRC revolving credit facility.

Unsecured Debt

On December 16, 2024, the Company closed a private offering of $49.0 million of the 2027 Series G Unsecured Notes with a fixed interest rate of 6.24% and a maturity date of December 16, 2027. As of December 31, 2024, the Company had $394 million of unsecured notes outstanding.

On February 18, 2025, the Company closed an additional private offering of $50.0 million of unsecured notes due 2028 with a fixed rate of interest of 6.14% and a maturity date of February 18, 2028.

Leverage

As of December 31, 2024, the Company’s net debt-to-equity ratio was 1.03x and compared to 1.19x as of December 31, 2023 and the Company’s target range of 0.9x to 1.25x.

Available Capital

As of December 31, 2024, including anticipated available borrowing capacity at the SSLP and our specialty finance portfolio companies, subject to borrowing base limits, SLRC, SSLP and our specialty finance portfolio companies had over $900 million of available capital in the aggregate.

Unfunded Commitments

As of December 31, 2024, excluding commitments to SLR-CS, SLR-BC, SLR-HC ABL, SLR Equipment Finance, and SSLP, over which the Company has discretion to fund, the Company had unfunded commitments of approximately $167.2 million.

Subsequent Events

On February 25, 2025, the Board declared a quarterly distribution of $0.41 per share payable on March 28, 2025, to holders of record as of March 14, 2025.

Conference Call and Webcast Information

The Company will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Wednesday, February 26, 2025. All interested parties may participate in the conference call by dialing (800) 579-2543 approximately 5-10 minutes prior to the call, international callers should dial (785) 424-1789. Participants should reference SLR Investment Corp. and Conference ID: SLRC4Q24. A telephone replay will be available until March 12, 2025 and can be accessed by dialing (800) 839-4568. International callers should dial (402) 220-2681.

This conference call will also be broadcast live over the Internet and can be accessed by all interested parties from the Event Calendar within the “Investors” tab of SLR Investment Corp.’s website, https://slrinvestmentcorp.com/Investors/Event-Calendar. Please register online prior to the start of the call. For those who are not able to listen to the broadcast live, a replay of the webcast will be available soon after the call.

Supplemental Information of SLR Investment Corp.’s Results of Operations Quarter Over Quarter

Operating results:	Quarter Ended December 31, 2024 (unaudited)		Quarter Ended September 30, 2024 (unaudited)
Interest income		$36,290		$45,373
Dividend income		16,502		12,578
Other income		2,791		1,820
Total investment income		55,583		59,771
Management fee		7,739		7,893
Net Performance-based Incentive fee		5,920		6,036
Interest and other credit facility expenses		16,184		18,913
Administrative services expense		1,376		1,392
Other general and administrative expenses		572		1,189
Net expenses		31,791		35,423
Net investment income		$23,792		$24,348
Net realized and unrealized gains (losses)		(1,183)		(2,299)
Net increase in net assets resulting from operations		22,609		22,049
Net investment income per common share		$0.44		$0.45
Net realized and unrealized gains (losses) per common share		($0.02)		($0.04)
Earnings per common share – basic and diluted		$0.41		$0.40

SLR INVESTMENT CORP. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share and per share amounts)

	December 31, 2024			December 31, 2023
Assets
Investments at fair value:
Companies less than 5% owned (cost: $1,019,357 and $1,260,205, respectively)	$	1,027,457		$	1,271,442
Companies 5% to 25% owned (cost: $103,655 and $60,064, respectively)		89,945			44,250
Companies more than 25% owned (cost: $916,554 and $870,128, respectively)		888,232			839,074
Cash		16,761			11,864
Cash equivalents (cost: $397,510 and $332,290, respectively)		397,510			332,290
Dividends receivable		15,375			11,768
Interest receivable		11,993			11,034
Receivable for investments sold		1,573			1,538
Prepaid expenses and other assets		571			608
Total assets	$	2,449,417		$	2,523,868
Liabilities
Debt ($1,041,093 and $1,183,250 face amounts, respectively, reported net of unamortized debt issuance costs of $9,399 and $5,473, respectively.)	$	1,031,694		$	1,177,777
Payable for investments and cash equivalents purchased		397,510			332,290
Management fee payable		7,739			8,027
Performance-based incentive fee payable		5,920			5,864
Interest payable		7,836			7,535
Administrative services payable		3,332			1,969
Other liabilities and accrued expenses		2,460			3,767
Total liabilities	$	1,456,491		$	1,537,229
Commitments and contingencies
Net Assets
Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 54,554,634 and 54,554,634 shares issued and outstanding, respectively	$	546		$	546
Paid-in capital in excess of par		1,117,606			1,117,930
Accumulated distributable net loss		(125,226	)		(131,837	)
Total net assets	$	992,926		$	986,639
Net Asset Value Per Share	$	18.20		$	18.09

SLR INVESTMENT CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)

	2024			2023
INVESTMENT INCOME:
Interest:
Companies less than 5% owned	$	154,077		$	163,589
Companies 5% to 25% owned		3,881			2,058
Companies more than 25% owned		13,055			11,627
Dividends:
Companies 5% to less than 25% owned		845			—
Companies more than 25% owned		52,944			45,986
Other income:
Companies less than 5% owned		7,117			5,802
Companies 5% to 25% owned		—			26
Companies more than 25% owned		512			224
Total investment income		232,431			229,312
EXPENSES:
Management fees		31,389			31,661
Performance-based incentive fees		24,039			22,898
Interest and other credit facility expenses		71,464			72,507
Administrative services expense		5,520			5,899
Other general and administrative expenses		3,862			4,756
Total expenses		136,274			137,721
Performance-based incentive fees waived		(153	)		(500	)
Net expenses		136,121			137,221
Net investment income	$	96,310		$	92,091
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND CASH EQUIVALENTS:
Net realized loss on investments and cash equivalents:
Companies less than 5% owned	$	(2,252	)	$	(27,602	)
Companies more than 25% owned		—			(381	)
Net realized loss on investments and cash equivalents		(2,252	)		(27,983	)
Net change in unrealized gain (loss) on investments:
Companies less than 5% owned		(3,137	)		20,425
Companies 5% to 25% owned		2,105			(1,384	)
Companies more than 25% owned		2,731			(6,761	)
Net change in unrealized gain on investments		1,699			12,280
Net realized and unrealized loss on investments and cash equivalents		(553	)		(15,703	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	95,757		$	76,388
EARNINGS PER SHARE	$	1.76		$	1.40

About SLR Investment Corp.

SLR Investment Corp. is a closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. A specialty finance company with expertise in several niche markets, the Company primarily invests in leveraged, U.S. upper middle market companies in the form of cash flow, asset-based, and life sciences senior secured loans.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: the Company’s access to deal flow and attractive investment opportunities; the market environment and its impact on the business prospects of SLRC and the prospects of SLRC’s portfolio companies; prospects for additional portfolio growth of SLRC; and the quality of, and the impact on the performance of SLRC from the investments that SLRC has made and expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: (i) changes in the economy, financial markets and political environment, including the impacts of inflation and changing interest rates; (ii) risks associated with possible disruption in the operations of SLRC or the economy generally due to terrorism, war or other geopolitical conflicts, natural disasters, or pandemics; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in SLRC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in SLRC’s publicly disseminated documents and filings. SLRC has based the forward-looking statements included in this press release on information available to it on the date of this press release, and SLRC assumes no obligation to update any such forward-looking statements. Although SLRC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that SLRC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Contact
SLR Investment Corp.
Investor Relations
slrinvestorrelations@slrcp.com | (646) 308-8770

The MIL Network –

February 26, 2025

MIL-OSI: MidCap Financial Investment Corporation Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

Results for the Quarter and Fiscal Year Ended December 31, 2024 and Other Recent Highlights:

Net investment income per share for the quarter was $0.40
Net asset value per share as of the end of the quarter was $14.98, compared to $15.10 as of September 30, 2024, a decrease of 0.8%
New investment commitments made during the quarter totaled $255 million⁽¹⁾
Gross fundings, excluding revolver fundings⁽²⁾, totaled $248 million for the quarter
Net repayments, including revolvers⁽²⁾, totaled $6 million for the quarter
Net leverage⁽³⁾ was 1.16x as of December 31, 2024
On February 21, 2025, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on March 27, 2025 to stockholders of record as of March 11, 2025⁽⁴⁾
On February 24, 2025, the Company closed its second Collateralized Loan Obligation (“CLO”) transaction, MFIC Bethesda CLO 2 LLC (the “Bethesda CLO 2 Issuer”), a $529.6 million CLO secured by middle market loans, adding $399.0 million of secured debt capital with a weighted average price of SOFR + 161 basis points⁽⁵⁾

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter and fiscal year ended December 31, 2024. The Company’s net investment income was $0.40 per share for the quarter ended December 31, 2024, compared to $0.44 per share for the quarter ended September 30, 2024. The Company’s net asset value (“NAV”) was $14.98 per share as of December 31, 2024, compared to $15.10 as of September 30, 2024.

On February 21, 2025, the Board declared a dividend of $0.38 per share payable on March 27, 2025 to stockholders of record as of March 11, 2025.

Mr. Tanner Powell, the Company’s Chief Executive Officer, stated, “In the December quarter, we generated solid net investment income despite a modest amount of fee income and the impact of lower base rates. The vast majority of our portfolio is performing well and we are observing stability in certain credit metrics.” Mr. Powell continued, “MFIC is fortunate to have access to the significant volume of loans originated by MidCap Financial, a leading middle market lender managed by an affiliate of Apollo, which we believe provides MFIC with a significant deal sourcing advantage. While our market remains competitive, we observed a modest increase in spreads on new commitments compared to the previous quarter, at what we believe to be attractive leverage entry points. We took advantage of strength in the liquid credit markets to continue selling certain assets acquired from our recently completed mergers with Apollo Senior Floating Rate Fund, Inc. and Apollo Tactical Income Fund, Inc. and prudently deployed proceeds from these sales, along with the investment capacity generated from the mergers, into first lien floating rate middle market loans originated by MidCap Financial. We have a clear and straightforward plan to gradually increase leverage over the coming quarters and we believe MFIC’s future results are well-positioned to benefit as we re-lever back to our target level.”

Mr. Gregory W. Hunt, the Company’s Chief Financial Officer, said, “We are pleased to announce MFIC closed its second on balance sheet CLO transaction earlier this week. This CLO transaction adds attractive term-based financing at what we believe to be among the tightest levels achieved for a middle market CLO, reflecting the high quality of the underlying loans. MFIC significantly benefited from MidCap Financial and Apollo Global’s expertise in CLO management and structuring.”

___________________

(1)	Commitments made for the direct origination portfolio.
(2)	During the quarter ended December 31, 2024, direct origination revolver fundings totaled $55 million, direct origination revolver repayments totaled $56 million.
(3)	The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.
(4)	There can be no assurances that the Board will continue to declare a base dividend of $0.38 per share.
(5)	The Company retained all Class D Notes and all Subordinated Notes in the CLO transaction.

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Total assets	$	3.19	$	3.22	$	2.55	$	2.45	$	2.50
Investment portfolio (fair value)	$	3.01	$	3.03	$	2.44	$	2.35	$	2.33
Debt outstanding	$	1.75	$	1.77	$	1.51	$	1.41	$	1.46
Net assets	$	1.40	$	1.42	$	1.00	$	1.01	$	1.01
Net asset value per share	$	14.98	$	15.10	$	15.38	$	15.42	$	15.41

Debt-to-equity ratio		1.25 x		1.25 x		1.51 x		1.40 x		1.45 x
Net leverage ratio (1)		1.16 x		1.16 x		1.45 x		1.35 x		1.34 x

____________________
(1) The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.


PORTFOLIO AND INVESTMENT ACTIVITY

	Three Months Ended December 31,						Year Ended December 31,
(in millions)*	2024			2023			2024			2023
Investments made in portfolio companies	$	303.5		$	134.1		$	1,613.6		$	417.1
Investments sold		(82.9	)		—			(271.5	)		—
Net activity before repaid investments		220.6			134.1			1,342.1			417.1
Investments repaid		(226.9	)		(180.7	)		(657.5	)		(504.3	)
Net investment activity	$	(6.4	)	$	(46.5	)	$	684.6		$	(87.2	)

Portfolio companies, at beginning of period		250			149			152			135
Number of investments in new portfolio companies		11			10			167			32
Number of exited companies		(28	)		(7	)		(86	)		(15	)
Portfolio companies at end of period		233			152			233			152

Number of investments in existing portfolio companies		83			48			130			84

____________________
^* Totals may not foot due to rounding.


OPERATING RESULTS

	Three Months Ended December 31,					Year Ended December 31,
(in millions)*	2024			2023		2024			2023
Net investment income	$	37.1		$	29.8	$	133.3		$	116.0
Net realized and change in unrealized gains (losses)		(13.0	)		3.5		(34.5	)		2.8
Net increase in net assets resulting from operations	$	24.1		$	33.3	$	98.8		$	118.8

*(per share) (1)**
Net investment income on per average share basis	$	0.40		$	0.46	$	1.71		$	1.78
Net realized and change in unrealized gain (loss) per share		(0.14	)		0.05		(0.44	)		0.04
Earnings per share — basic	$	0.26		$	0.51	$	1.27		$	1.82

____________________
* Totals may not foot due to rounding.

(1) Based on the weighted average number of shares outstanding for the period presented.

SHARE REPURCHASE PROGRAM*

During the three months ended December 31, 2024, the Company did not repurchase any shares.

Since the inception of the share repurchase program and through February 24, 2025, the Company repurchased 15,593,120 shares at a weighted average price per share of $15.91, inclusive of commissions, for a total cost of $248.1 million, leaving a maximum of $26.9 million available for future purchases under the current Board authorization of $275 million.

* Share figures have been adjusted for the 1-for-3 reverse stock split which was completed after market close on November 30, 2018.

LIQUIDITY

As of December 31, 2024, the Company’s outstanding debt obligations, excluding deferred financing cost and debt discount of $5.5 million, totaled $1.757 billion which was comprised of $350 million of Senior Unsecured Notes (the “2025 Notes”) which will mature on March 3, 2025, $125 million of Unsecured Notes (the “2026 Notes”) which will mature on July 16, 2026, $80 million of Unsecured Notes (the “2028 Notes”) which will mature on December 15, 2028, $232 million outstanding Class A-1 Notes in MFIC Bethesda CLO 1 LLC and $970.1 million outstanding under the multi-currency revolving credit facility (the “Facility”). As of December 31, 2024, $7.8 million in standby letters of credit were issued through the Facility. The available remaining commitment under the Facility was $682.0 million as of December 31, 2024, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio.

On February 24, 2025, the Company completed a $529.6 million CLO transaction, a form of secured financing incurred by Bethesda CLO 2 Issuer, an indirect wholly owned, consolidated subsidiary of the Company. The notes offered by Bethesda CLO 2 Issuer in connection with the CLO transaction consist of $304.5 million of AAA(sf) Class A-1 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.48%, $21.0 million of AAA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.70%, $31.5 million of AA(sf) Class B Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.85%, $42 million of A(sf) Class C Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.30%, $31.5 million of BBB-(sf) Class D Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 3.75% and $99.1 million of Subordinated notes due 2125, which do not bear interest. The notes offered in the CLO transaction are structured as follows:

Class	Par Amount ($ in millions)		% of Capital Structure		Coupon	Expected Rating (S&P/Fitch)	Price
Class A-1 Notes	$	304.50	57.5	%	3M SOFR + 1.48%	AAA/AAA	100.00	%
Class A-2 Notes		21.00	4.0	%	3M SOFR + 1.70%	AAA/NR	100.00	%
Class B Notes		31.50	5.9	%	3M SOFR + 1.85%	AA/NR	100.00	%
Class C Notes		42.00	7.9	%	3M SOFR + 2.30%	A/NR	100.00	%
Class D Notes		31.50	5.9	%	3M SOFR + 3.75%	BBB-/NR	100.00	%
Subordinated Notes		99.10	18.7	%	N/A	NR	100.00	%
Total	$	529.60

The CLO transaction is backed by a diversified portfolio of middle-market commercial loans, which Bethesda CLO 2 Issuer purchased from the Company pursuant to a loan sale agreement entered into on February 24, 2025, using the proceeds of the CLO transaction. The Company retained all Class D Notes and all Subordinated Notes and the proceeds from the CLO transaction were used to repay borrowings under the Company’s Facility. The Company serves as collateral manager to Bethesda CLO 2 Issuer, Citigroup Global Markets Inc. acted as initial purchaser and Apollo Global Securities, LLC acted as placement agent.2C

CONFERENCE CALL / WEBCAST AT 8:30 AM EST ON FEBRUARY 26, 2025

The Company will also host a conference call on Wednesday, February 26, 2025, at 8:30 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (800) 225-9448 approximately 5-10 minutes prior to the call; international callers should dial (203) 518-9708. Participants should reference either MidCap Financial Investment Corporation Earnings or Conference ID: MFIC0226 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events tab in the Shareholders section of our website at www.midcapfinancialic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through March 19, 2025, by dialing (800) 839-5123; international callers should dial (402) 220-2689. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholders section of our website at www.midcapfinancialic.com.

SUPPLEMENTAL INFORMATION

The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the Shareholders section of the Company’s website under Presentations at www.midcapfinancialic.com.

Our portfolio composition and weighted average yields as of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023 were as follows:

	December 31, 2024			September 30, 2024	June 30, 2024		March 31, 2024		December 31, 2023
Portfolio composition, at fair value:
First lien secured debt		92%		91%		90%		90%		89%
Second lien secured debt		1%		1%		1%		1%		1%
Total secured debt		93%		92%		91%		91%		90%
Unsecured debt		0%		0%		—%		—%		—%
Structured products and other		1%		2%		1%		1%		2%
Preferred equity		1%		1%		1%		1%		1%
Common equity/interests and warrants		5%		5%		7%		7%		7%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)		10.8%		11.1%		11.9%		12.0%		12.1%
Second lien secured debt (2)		14.4%		14.0%		14.1%		14.1%		13.7%
Total secured debt (2)		10.8%		11.1%		11.9%		12.0%		12.1%
Unsecured debt portfolio (2)		9.5%		9.5%		—%		—%		—%
Total debt portfolio (2)		10.8%		11.1%		11.9%		12.0%		12.1%
Total portfolio (3)		9.5%		9.6%		9.9%		10.0%		10.1%
Interest rate type, at fair value (4):
Fixed rate amount	$	0.0 billion	$	0.0 billion	$	0.0 billion	$	0.0 billion	$	0.0 billion
Floating rate amount	$	2.7 billion	$	2.7 billion	$	2.1 billion	$	2.0 billion	$	2.0 billion
Fixed rate, as percentage of total		1%		1%		0%		0%		0%
Floating rate, as percentage of total		99%		99%		100%		100%		100%
Interest rate type, at amortized cost (4):
Fixed rate amount	$	0.0 billion	$	0.0 billion	$	0.0 billion	$	0.0 billion	$	0.0 billion
Floating rate amount	$	2.7 billion	$	2.7 billion	$	2.1 billion	$	2.0 billion	$	2.0 billion
Fixed rate, as percentage of total		1%		1%		0%		0%		0%
Floating rate, as percentage of total		99%		99%		100%		100%		100%

(1)	An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
(2)	Exclusive of investments on non-accrual status.
(3)	Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.
(4)	The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation and investments on non-accrual status.


MIDCAP FINANCIAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share and per share data)

	December 31, 2024			December 31, 2023

Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,700,957 and $2,012,273, respectively)	$	2,605,329		$	1,936,327
Non-controlled/affiliated investments (cost — $142,686 and $130,648, respectively)		84,334			77,528
Controlled investments (cost — $333,754 and $395,221, respectively)		324,753			320,344
Cash and cash equivalents		74,357			93,575
Foreign currencies (cost — $1,487 and $28,563, respectively)		1,429			28,553
Receivable for investments sold		57,195			2,796
Interest receivable		19,289			21,441
Dividends receivable		709			1,327
Deferred financing costs		23,555			19,435
Prepaid expenses and other assets		—			5
Total Assets	$	3,190,950		$	2,501,331

Liabilities
Debt	$	1,751,621		$	1,462,267
Payable for investments purchased		4,190			—
Management fees payable		6,247			4,397
Performance-based incentive fees payable		5,336			6,332
Interest payable		12,813			14,494
Accrued administrative services expense		60			1,657
Other liabilities and accrued expenses		6,037			6,874
Total Liabilities	$	1,786,304		$	1,496,021
Commitments and contingencies (Note 9)
Net Assets	$	1,404,646		$	1,005,310

Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 93,780,278 and 65,253,275 shares issued and outstanding, respectively)	$	94		$	65
Capital in excess of par value		2,658,090			2,103,718
Accumulated under-distributed (over-distributed) earnings		(1,253,538	)		(1,098,473	)
Net Assets	$	1,404,646		$	1,005,310

Net Asset Value Per Share	$	14.98		$	15.41


MIDCAP FINANCIAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)

	Year Ended December 31,						Nine Months Ended December 31,
	2024			2023			2022
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	265,157		$	249,102		$	143,564
Dividend income		40			409			61
PIK interest income		12,011			2,012			1,156
Other income		4,147			3,727			2,234
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)		2,685			1,126			363
Dividend income		726			1,010			718
PIK interest income		140			125			58
Controlled investments:
Interest income (excluding PIK interest income)		16,781			17,892			25,530
PIK interest income		—			869			1,448
Other income		95			250			477
Total Investment Income	$	301,782		$	276,522		$	175,609
Expenses
Management fees	$	19,450		$	17,369		$	26,621
Performance-based incentive fees		21,548			24,565			5,691
Interest and other debt expenses		115,961			104,198			59,363
Administrative services expense		4,120			5,840			4,188
Other general and administrative expenses		8,176			10,131			6,551
Total expenses		169,255			162,103			102,414
Performance-based incentive fee offset		—			(274	)		(178	)
Expense reimbursements		(769	)		(1,306	)		(770	)
Net Expenses	$	168,486		$	160,523		$	101,466
Net Investment Income	$	133,296		$	115,999		$	74,143
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(4,273	)	$	131		$	1,977
Non-controlled/affiliated investments		(11,668	)		—			(2,224	)
Controlled investments		(60,487	)		—			(69,265	)
Foreign currency transactions		(592	)		69			273
Net realized gains (losses)		(77,020	)		200			(69,239	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		(19,626	)		(1,326	)		(35,113	)
Non-controlled/affiliated investments		(5,232	)		3,799			(5,008	)
Controlled investments		65,876			2,636			53,726
Foreign currency translations		1,525			(2,548	)		4,431
Net change in unrealized gains (losses)		42,543			2,561			18,036
Net Realized and Change in Unrealized Gains (Losses)	$	(34,477	)	$	2,761		$	(51,203	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	98,819		$	118,760		$	22,940
Earnings (Loss) Per Share — Basic		1.27			1.82			0.36

Important Information

Investors are advised to carefully consider the investment objective, risks, charges and expenses of the Company before investing. The prospectus dated April 12, 2023, which has been filed with the Securities and Exchange Commission (“SEC”), contains this and other information about the Company and should be read carefully before investing. An effective shelf registration statement relating to certain securities of the Company is on file with the SEC. Any offering may be made only by means of a prospectus and any accompanying prospectus supplement. Before you invest, you should read the base prospectus in that registration statement, the prospectus and any documents incorporated by reference therein, which the issuer has filed with the SEC, for more complete information about the Company and an offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

The information in the prospectus and in this announcement is not complete and may be changed. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of dates noted herein. Nothing herein shall be relied upon as a representation as to the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.

About MidCap Financial Investment Corporation

MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the 1940 Act. For tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by the Investment Adviser, an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“Apollo”), a high-growth global alternative asset manager. The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, the Company may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. For more information, please visit www.midcapfinancialic.com.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of MFIC and distribution projections; business prospects of MFIC, and the prospects of its portfolio companies, if applicable; and the impact of the investments that MFIC expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); changes in general economic conditions, including the impact of supply chain disruptions, or changes in financial markets, and the risk of recession; changes in the interest rate environment and levels of general interest rates and the impact of inflation; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with changes in business conditions and the general economy. MFIC has based the forward-looking statements included in this press release on information available to it on the date hereof, and assumes no obligation to update any such forward-looking statements. Although MFIC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that MFIC in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Contact

Elizabeth Besen
Investor Relations Manager
MidCap Financial Investment Corporation
212.822.0625
ebesen@apollo.com

The MIL Network –

February 26, 2025

MIL-OSI: Astera Labs to Participate in the Morgan Stanley Technology, Media & Telecom Conference

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Feb. 25, 2025 (GLOBE NEWSWIRE) — Astera Labs (Nasdaq: ALAB), a global leader in semiconductor-based connectivity solutions for AI and cloud infrastructure, today announced that it will participate in the Morgan Stanley Technology, Media & Telecom Conference on March 4, 2025. Astera Labs’ presentation is scheduled for 4:05 pm PT. A webcast of the session will be made available on Astera Labs’ investor relations website at https://ir.asteralabs.com

About Astera Labs
Astera Labs is a global leader in purpose-built connectivity solutions that unlock the full potential of AI and cloud infrastructure. Our Intelligent Connectivity Platform integrates PCIe®, CXL®, and Ethernet semiconductor-based solutions and the COSMOS software suite of system management and optimization tools to deliver a software-defined architecture that is both scalable and customizable. Inspired by trusted relationships with hyperscalers and the data center ecosystem, we are an innovation leader delivering products that are flexible and interoperable. Discover how we are transforming modern data-driven applications at www.asteralabs.com.

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

The MIL Network –

February 26, 2025
MIL-OSI Security: USAO Announces Sentencings in Connection with Violent Crime Reduction Initiative

Source: Office of United States Attorneys

YOUNGSTOWN, Ohio – Acting United States Attorney Carol M. Skutnik for the Northern District of Ohio has announced sentencings for several defendants who were charged in connection with a 2023 violent crime reduction initiative. The initiative was led by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) with assistance from other federal, state, and local law enforcement partners to focus on the reduction of gun-crime violence.

Malachi Berry, 22, Darvell Jackson, 21, Steven Armstrong, 20, Nimar Linder, 22, Terrez Wilson, 20, Maurice Hardman, 20, all of Cleveland, and Brandon Kimbrough, 24, of Euclid, were each sentenced to imprisonment by U.S. District Judge Benita Y. Pearson after pleading guilty for their roles in a firearms-trafficking conspiracy. Each defendant’s prison sentence will be followed by three years of supervised release.

Malachi Berry was sentenced to 89 months in prison for conspiracy to possess machineguns and conspiracy to engage in the business of dealing firearms without a federal firearms license. According to court documents, he was responsible for arranging the sales of 13 firearms, including ones that were reported stolen and had the serial numbers obliterated. Some of the items intended to be trafficked included machineguns. Berry brokered the firearms sales by recruiting others to sell them after he negotiated the prices.

Darvell Jackson was sentenced to 168 months in prison for conspiracy to possess a machinegun, conspiracy to engage in the business of dealing firearms without a federal firearms license, and possession of a firearm with an obliterated serial number. According to court documents, he sold seven firearms, including at least one stolen firearm and one firearm with an obliterated serial number, some with high-capacity magazines, and four machinegun conversion devices.

Nimar Linder was sentenced to 70 months in prison for conspiracy to engage in the business of dealing firearms without a federal firearms license and for being a felon in possession of a firearm. According to court documents, Linder, a convicted felon, possessed and sold five firearms, including multi-caliber pistols with high-capacity magazines and a pistol with an obliterated serial number.

Terrez Wilson was sentenced to 26 months in prison for possession of a machinegun. According to court documents, he sold a Glock, Model 22, .40 caliber pistol with a machinegun conversion device knowing that the firearm was intended to be trafficked.

Maurice Hardman was sentenced to 33 months in prison for possession of a machinegun and conspiracy to engage in the business of dealing firearms without a federal firearms license. According to court documents, he sold a Glock, Model 32Gen4, .357 caliber Sig-pistol with an affixed machinegun conversion device. In a separate transaction, Hardman sold a Glock, Model 19Gen5, 9mm pistol.

Brandon Kimbrough was sentenced to 29 months in prison for being a felon in possession of a firearm. According to court documents, Kimbrough, a convicted felon, possessed and sold a Taurus, Model G3, and a 9mm pistol with a high-capacity magazine.

Steven Armstrong was sentenced to 26 months in prison for possession of a machinegun. According to court documents, he admitted he could acquire “buttons,” a term used for machinegun conversion devices, and “ghost Glocks,” a term used for privately made, unserialized firearms. Armstrong also sold a machinegun conversion device.

The investigation preceding the indictment was led by the ATF, with assistance from the Cleveland Division of Police, the United States Marshals Service, the Drug Enforcement Administration, the FBI Cleveland Division, the Department of Homeland Security Investigations, the Ohio Bureau of Criminal Investigation, the Ohio Adult Parole Authority, the Ohio Investigative Unit, Customs and Border Protection, Air and Marine Division, the Ohio State Highway Patrol, and the Cuyahoga County Sheriff’s Office. This operation was also part of an Organized Crime Drug Enforcement Task Forces (OCDETF) initiative.

These cases were prosecuted by Assistant United States Attorneys Kelly Galvin and David Toepfer.

MIL Security OSI –

February 26, 2025
MIL-OSI Security: Fort Duchesne Man Sentenced to Prison Following Gun Crime

Source: Office of United States Attorneys

SALT LAKE CITY, Utah – Kasey Todd Reed, 32, of the Uintah and Ouray Reservation, Utah, was sentenced to 96 months’ imprisonment, and ordered by the court to three years’ supervised release after he committed a violent crime that involved shooting a firearm at his domestic partner’s home.

The sentence, imposed by Senior U.S. District Court Judge David Sam comes after Reed pleaded guilty on December 6, 2024, to being a felon in possession of a firearm and ammunition, and assault with a dangerous weapon with intent to do bodily harm while within Indian Country.

According to court documents, and statements made at Reed’s change of plea and sentencing hearings, on May 30, 2022, Reed was involved in a domestic dispute with his partner, and after being pepper sprayed, Reed threatened to return to the victim’s home to harm her. Upon his return, Reed pointed a loaded .38 five-shot revolver at the victim’s residence and fired five rounds towards the home that housed multiple occupants as he drove past in his vehicle.

Acting United States Attorney Felice John Viti of the District of Utah made the announcement.

The case was investigated by the FBI Salt Lake City Field Office’s Vernal Resident Agency.

Assistant U.S. Attorney Sam Pead of the U.S. Attorney’s Office for the District of Utah prosecuted the case.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce gun violence and other violent crime, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

MIL Security OSI –

February 26, 2025
MIL-OSI Security: Federal Inmate Sentenced to Additional Nine Years in Prison for Assaulting Another Inmate

Source: Office of United States Attorneys

ROCKFORD — A federal inmate has been sentenced to an additional nine years in prison for assaulting another inmate.

While incarcerated in 2022 at the Federal Correctional Institution in Thomson, Ill., JULIAN BREAL repeatedly kicked and punched the other inmate for several minutes, causing serious injuries. The victim was transported to an outside hospital for treatment, which included surgery.

A jury last year convicted Breal, 47, of assault causing serious bodily injury. On Monday, U.S. District Judge Iain D. Johnston sentenced Breal to nine years in prison, to be served consecutively to the sentence he is currently serving in the Federal Bureau of Prisons.

The sentence was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI. The government was represented by Assistant U.S. Attorneys Jessica Maveus and Vincenza L. Tomlinson.

MIL Security OSI –

February 26, 2025
MIL-OSI Security: Alabama Man Sentenced to 5 Years in Prison for Violating Iran Sanctions

Source: Office of United States Attorneys

BIRMINGHAM, Ala. – Ray Hunt, also known as Abdolrahman Hantoosh, Rahman Hantoosh, and Rahman Natooshas, 71, of Owens Cross Roads, Alabama, has been sentenced for violating the International Emergency Economic Powers Act. In July 2024, Hunt pleaded guilty to conspiring to export U.S.-origin goods to the Islamic Republic of Iran in violation of the U.S. trade sanctions.

According to court documents, in May 2014, Hunt registered Vega Tools, LLC with the Alabama Secretary of State, listing the nature of the business as “the purchase/resale of equipment for the energy sector.” He operated Vega Tools, including purchasing, receiving, and shipping U.S.-origin goods, from locations in Madison County, Alabama. Beginning at least as early as 2015 and continuing to the time of his arrest in November 2022, Hunt conspired with two Iranian companies located in Tehran, Iran, to illegally export U.S.-manufactured industrial equipment for use in Iran’s oil, gas, and petrochemical industries.

Hunt engaged in a series of deceptive practices to avoid detection by U.S. authorities, including using third-party transshipment companies in Turkey and the United Arab Emirates (UAE), routing payments through UAE banks, and lying to shipping companies about the value of his exports to prevent the filing of Electronic Export Information to U.S. authorities. Hunt lied to suppliers and shippers by claiming the items he purchased on behalf of the Iranian co-conspirators were destined for end-users in Turkey and UAE, while knowing the exports were ultimately destined for Iran. Hunt lied also to U.S. Customs and Border Protection officers regarding the nature and existence of his business when questioned upon his return from a March 2020 trip to Iran.

Sue Bai, head of the Justice Department’s National Security Division, U.S. Attorney Prim F. Escalona for the Northern District of Alabama, Acting Assistant Secretary for Export Enforcement John Sonderman of the Department of Commerce Bureau of Industry and Security, and Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division announced the sentence.

BIS investigated the case with valuable assistance provided by the FBI.

Assistant U.S. Attorneys Jonathan Cross and Henry Cornelius for the Northern District of Alabama and Trial Attorneys Emma Ellenrieder and Adam Barry of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

MIL Security OSI –

February 26, 2025
MIL-OSI Security: U.S. Attorney’s Office Exceeds 900 Immigration Cases Filed in Western District of Texas

Source: Office of United States Attorneys

SAN ANTONIO – Acting United States Attorney Margaret Leachman announced today that federal prosecutors in the Western District of Texas have filed more than 900 immigration and immigration-related criminal cases since Jan. 20. These cases were referred or supported by federal law enforcement partners, including Homeland Security Investigations (HSI), Immigration and Customs Enforcement’s Enforcement and Removal Operations (ICE ERO), U.S. Border Patrol, the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the U.S. Marshals Service (USMS), and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), with the support and assistance of state and local law enforcement partners.

Along with enhanced interdiction efforts at the border, federal law enforcement has been also prioritizing immigration enforcement operations and prosecutions of aliens unlawfully in the interior of the country and also those otherwise engaged in criminal activity in the U.S., including those who commit drug and firearms crimes, who have serious criminal records, who have active warrants for their arrest, or who have outstanding final orders of removal from the U.S., issued by an immigration judge. Federal authorities have also been prioritizing investigations and prosecutions against drug, firearm, and human smugglers and those who endanger and threaten the safety of our communities and the law enforcement officers who protect us all.

Cases of interest include the arrest of Juan Ramon Hernandez-Limon in San Antonio, who had been previously convicted on April 28, 2021 for illegal re-entry into the United States and alien in possession of a firearm, and a second time on Feb. 8, 2024 for illegal re-entry. Hernandez-Limon repeatedly attempted to evade arrest during an ICE ERO operation on Jan. 26, 2025, and was eventually taken into custody. He faces up to 20 years in federal prison, if convicted.

Guatemalan nationals Anderson Morales-Calderon and Ever Morales-Calderon were arrested on Jan. 24 in Waco on criminal charges related to their alleged aiding and abetting the possession of a firearm as undocumented noncitizens. Troy Police Department and Lorena Police Department officers were responding to a road rage complaint called into 911. The 911 caller alleged that an individual pointed a rifle at a semi-truck on IH-35. During the traffic stop, officers observed two air rifles and one .22 caliber rifle in plain view in the back seat and on the back floorboard of the vehicle. Further investigation revealed that both Anderson and Ever Morales-Calderon were unlawfully present in the United States. If convicted, they each face up to 10 years in federal prison.

Honduran national Melvin Armando Funes-Canales was transferred to federal custody after he was located in the Williamson County jail, where he had been detained for alleged possession of a controlled substance. An investigation revealed Funes-Canales had been previously removed from the U.S. to Honduras on or about Oct. 9, 2020, and had also been deported on five other occasions. Additionally, Funes-Canales was previously convicted of burglary, grand theft and illegal re-entry. He now faces up to 10 years in federal prison for illegal re-entry, if convicted.

Four individuals illegally present in the U.S. were arrested in El Paso and face up to 10 years in federal prison each for criminal charges related to their alleged involvement in a human smuggling conspiracy. Yair Alejandro Aguilar-Flores, Angel Eduardo Carrillo-Carrillo, Jorge Alfredo Lopez-Acevedo, and Jesus David Reyes-Villagran allegedly conspired to harbor 12 illegal aliens in two El Paso hotels.

A Mexican national was indicted by a federal grand jury in Austin for one count of possession of a firearm by illegal alien. Marcelo Olvera-Moreno was stopped while driving in Hutto, Jan. 24. A Williamson Country Sheriff’s Office deputy conducted the traffic stop after allegedly observing the passenger in Olvera-Moreno’s vehicle fire a handgun from the front passenger window. Olvera-Moreno admitted to law enforcement that he knew that he was illegally and unlawfully in the U.S. and that he had purchased the pistol at a flea market approximately three months prior. If convicted, he faces up to 15 years in federal prison.

“Because the Western District of Texas shares 660 miles of common border with Mexico and is home to three of Texas’ largest cities and an estimated 7.6 million people, prosecuting immigration and border-related crimes has long been and remains a priority within this district,” said Leachman. “With the valuable investigative and enforcement efforts of our federal, state, and local law enforcement partners, this U.S. Attorney’s Office is committed to prosecuting immigration-related crimes in the interest of the nation and our citizens.”

Indictments and criminal complaints are merely allegations and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

###

MIL Security OSI –

February 26, 2025
MIL-OSI Security: FBI Columbia Investigation Leads to Conviction in Widespread Real Estate Fraud Scheme

Source: Federal Bureau of Investigation FBI Crime News (b)

The FBI’s role in fighting fraud

While white-collar crimes like real estate fraud are not violent, they are not victimless. They can destroy a company, erode public trust, and, in this case, wipe out a person’s life savings.

What made this real estate fraud case significant is the number of victims and the lengths Lepka went to defraud buyers and investors, said Quillen.

The first complaint in the case came in December 2021 from a victim who signed a lease-to-own agreement with Lepka. Initially, the arrangement seemed legitimate: The buyer made a large down payment and subsequent monthly payments, while Lepka promised to apply those funds toward the mortgage. But when the original homeowner received foreclosure notices, it became clear the mortgage had never been paid.

“It was heartbreaking,” said Quillen. “The victims thought they were doing everything right—paying their monthly dues, following the contract—and they ended up losing everything.”

Quillen worked tirelessly to track down and interview victims. She built the case by reaching out to people who did not realize they had been defrauded yet.

“The hardest part of this case was identifying all the victims,” said Quillen. “It started out with just one victim and grew to 40.”

Lepka’s fraud spanned from 2018 to 2023. His scheme was not limited to lease-to-own agreements. In some cases, he re-leased the same property to multiple victims, collecting multiple down payments on the same homes. He also sought high-interest loans from community members, including those in his church and expressed to his victims that they should trust him because he was a practicing Christian.

Staying safe against frauds and scams

“With not just real estate fraud, but any fraud, you have to be aware,” said Quillen. “Visit fbi.gov and educate yourself on some of the most common frauds and scams and how to protect yourself. If something seems suspicious, do your due diligence and don’t take someone at their word.”

At sentencing, multiple victims spoke before the court to share the profound emotional and financial tolls the fraud had taken on their lives. Their testimonies helped secure Lepka’s 78-month sentence, which also included a restitution order of more than $2 million.

“For me, it’s about helping victims recover, recouping their losses, and finding justice,” said Quillen. “When you see people lose everything they worked for, it is a reminder of why I am so passionate about this work.

“The FBI is here to help everyone, regardless of race, religion, or economic status. If you think you’ve been defrauded, report it.”

MIL Security OSI –

February 26, 2025
MIL-OSI Security: New FBI Director Takes Oath of Office

Source: Federal Bureau of Investigation FBI Crime News (b)

On February 21, Kash Patel was sworn in as the ninth Director of the FBI in a ceremony in Washington, D.C. Attorney General Pamela Bondi administered the oath of office.

“I promise you the following,” Director Patel said at the swearing-in ceremony. “There will be accountability within the FBI and outside of the FBI, and we will do it through rigorous constitutional oversight, starting this weekend.”

In a social media statement the day before, Patel said his goals as Director would be to “let good cops be cops” and to restore the public’s trust in the Bureau. “Working alongside the dedicated men and women of the Bureau and our partners, we will rebuild an FBI the American people can be proud of,” he wrote.

President Donald Trump nominated Patel for the position to replace former Director Christopher Wray.

“Kash is extremely passionate about restoring the reputation of the FBI, and I look forward to working closely with him to end violent crime, protect our national security, and make America safe again,” wrote Attorney General Bondi in a social media statement following Patel’s confirmation.

MIL Security OSI –

February 26, 2025
MIL-OSI USA: Alabama Man Sentenced to Five Years in Prison for Violating U.S. Sanctions on Iran

Source: US State of Vermont

Ray Hunt, also known as Abdolrahman Hantoosh, Rahman Hantoosh, and Rahman Natooshas, 71, of Owens Cross Roads, Alabama, has been sentenced to five years in prison for violating the International Emergency Economic Powers Act. In July 2024, Hunt pleaded guilty to conspiring to export U.S.-origin goods to the Islamic Republic of Iran in violation of the U.S. trade sanctions.

According to court documents, in May 2014, Hunt registered Vega Tools LLC with the Alabama Secretary of State, listing the nature of the business as “the purchase/resale of equipment for the energy sector.” He operated Vega Tools, including purchasing, receiving, and shipping U.S.-origin goods, from locations in Madison County, Alabama. Beginning at least as early as 2015 and continuing to the time of his arrest in November 2022, Hunt conspired with two Iranian companies located in Tehran, Iran, to illegally export U.S.-manufactured industrial equipment for use in Iran’s oil, gas, and petrochemical industries.

Hunt engaged in a series of deceptive practices to avoid detection by U.S. authorities, including using third-party transshipment companies in Turkey and the United Arab Emirates (UAE) and routing payments through UAE banks, as well as lying to shipping companies about the value of his exports to prevent the filing of Electronic Export Information to U.S. authorities. Hunt lied to suppliers and shippers by claiming the items he purchased on behalf of the Iranian co-conspirators were destined for end-users in Turkey and UAE, while knowing the exports were ultimately destined for Iran. Hunt also lied to U.S. Customs and Border Protection officers regarding the nature and existence of his business when questioned upon his return from a March 2020 trip to Iran.

Sue Bai, head of the Justice Department’s National Security Division; U.S. Attorney Prim F. Escalona for the Northern District of Alabama; Acting Assistant Secretary for Export Enforcement John Sonderman of the Department of Commerce’s Bureau of Industry and Security (BIS); and Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division announced the sentence.

BIS investigated the case with valuable assistance provided by the FBI.

Assistant U.S. Attorneys Jonathan Cross and Henry Cornelius for the Northern District of Alabama and Trial Attorneys Emma Ellenrieder and Adam Barry of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

MIL OSI USA News –

February 26, 2025
MIL-OSI Security: Alabama Man Sentenced to Five Years in Prison for Violating U.S. Sanctions on Iran

Source: United States Attorneys General 1

Ray Hunt, also known as Abdolrahman Hantoosh, Rahman Hantoosh, and Rahman Natooshas, 71, of Owens Cross Roads, Alabama, has been sentenced to five years in prison for violating the International Emergency Economic Powers Act. In July 2024, Hunt pleaded guilty to conspiring to export U.S.-origin goods to the Islamic Republic of Iran in violation of the U.S. trade sanctions.

According to court documents, in May 2014, Hunt registered Vega Tools LLC with the Alabama Secretary of State, listing the nature of the business as “the purchase/resale of equipment for the energy sector.” He operated Vega Tools, including purchasing, receiving, and shipping U.S.-origin goods, from locations in Madison County, Alabama. Beginning at least as early as 2015 and continuing to the time of his arrest in November 2022, Hunt conspired with two Iranian companies located in Tehran, Iran, to illegally export U.S.-manufactured industrial equipment for use in Iran’s oil, gas, and petrochemical industries.

Hunt engaged in a series of deceptive practices to avoid detection by U.S. authorities, including using third-party transshipment companies in Turkey and the United Arab Emirates (UAE) and routing payments through UAE banks, as well as lying to shipping companies about the value of his exports to prevent the filing of Electronic Export Information to U.S. authorities. Hunt lied to suppliers and shippers by claiming the items he purchased on behalf of the Iranian co-conspirators were destined for end-users in Turkey and UAE, while knowing the exports were ultimately destined for Iran. Hunt also lied to U.S. Customs and Border Protection officers regarding the nature and existence of his business when questioned upon his return from a March 2020 trip to Iran.

Sue Bai, head of the Justice Department’s National Security Division; U.S. Attorney Prim F. Escalona for the Northern District of Alabama; Acting Assistant Secretary for Export Enforcement John Sonderman of the Department of Commerce’s Bureau of Industry and Security (BIS); and Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division announced the sentence.

BIS investigated the case with valuable assistance provided by the FBI.

Assistant U.S. Attorneys Jonathan Cross and Henry Cornelius for the Northern District of Alabama and Trial Attorneys Emma Ellenrieder and Adam Barry of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

MIL Security OSI –

February 26, 2025
MIL-OSI Global: Mexico’s drug corruption has more to do with US demand than crooked politicians

Source: The Conversation – UK – By Nathaniel Morris, Honorary Lecturer in the Department of History, UCL

The US president, Donald Trump, asserted in early February that Mexican drug-trafficking organisations have an “intolerable alliance” with the government of Mexico. His remarks have cast a pall over bilateral relations already strained by recent talk of tariffs and military interventions.

Although the two nations have sometimes clashed in the past, Mexico is today a close US ally. It is America’s top trading partner, with two-way commerce totalling US$807 billion (£640 billion) in 2023. And joint US-Mexican anti-narcotics collaborations stretch back nearly a century.

Trump’s accusation was, therefore, as unexpected as it was explosive. It has brought figures from across the Mexican political spectrum together in condemnation of what Mexico’s president, Claudia Sheinbaum, called “baseless slander”.

The Mexican government is, on paper, a resolute enemy of the drug trade. However, the undeniable existence of drug-related corruption in Mexico means the reality is a little more complex.

Since the birth of the Mexico-US drug trade in the early 20th century, certain government officials have turned a blind eye to the activities of drug traffickers in exchange for bribes. This “indirect” government involvement in the drug trade has always been by far the most prevalent form of drug-related corruption in Mexico.

From the 1930s onwards, political bosses, police chiefs and military commanders in Mexico’s so-called “golden triangle” states of Sinaloa, Durango and Chihuahua taxed illicit opium production in the areas under their authority.

They also sabotaged anti-drugs campaigns waged by other branches of government, in order to avoid conflict with their constituents and take a cut of their profits. Similar intrigues took place in the key trafficking hubs on the US-Mexico border, like Tijuana, Ciudad Juarez and Nuevo Laredo.

Read more:
How the ‘Mexican miracle’ kickstarted the modern US–Mexico drugs trade

Over the second half of the 20th century, Mexican and US drug enforcement efforts created an ever-more profitable black market. Low-level corruption accompanied the expansion of drug production and trafficking south into other areas of Mexico like Nayarit, Michoacán and Guerrero.

Nowadays, the indirect involvement of local representatives of the Mexican government in the drug trade has become a fact of life in such places. But zones of drug production or trafficking still constitute only a fraction of Mexico’s total territory. This means corrupt local officials comprise a tiny minority of the overall government workforce.

There are, however, also cases in which higher-level representatives of the Mexican state – or even entire government institutions – have participated directly in the production, transport or sale of illegal drugs.

Such cases are relatively rare. But, they are inherently higher profile than the more routine, “looking the other way” kind of corruption. They are, therefore, more likely to make headlines in the US and from there inform popular and even national political discourse.

The earliest such case is probably that of revolutionary military commander Esteban Cantú. Between 1915 and 1920, Cantú constructed a powerful political regime and funded important local development projects in the northern state of Baja California. He did so by taxing the import, sale and production of smoking opium first legally and then, when President Venustiano Carranza banned the practice, illegally.

High-level official involvement in the drug trade became more frequent as the trade itself became ever more illicit and profitable. In 1940, Sinaloa governor Rodolfo Loaiza cut a series of deals with the up-and-coming drug trafficking organisations of his native state. An attempt to double-cross them cost Loaiza his life in 1944.

Around the same time, political campaign manager Carlos Serrano looked to regional drug smugglers to help fund Miguel Alemán’s successful run for the presidency. Serrano was rewarded with command of the newly created, US-backed Federal Directorate of Security (DFS) secret police force. He soon used this position to move directly into opium trafficking himself.

After US president Richard Nixon declared a “war on drugs” on both sides of the border in 1971, increasing crackdowns provided more opportunities for the same Mexican officials charged with enforcing prohibition to cut deals with traffickers. Resulting squeezes on supply also caused prices to soar and made such deals increasingly lucrative for government officials.

By the mid-1980s, the DFS had become so deeply immersed in the drug trade that several of its agents were implicated in the Guadalajara Cartel’s murder of US Drug Enforcement Administration agent Enrique “Kiki” Camarena. The agency was disbanded soon after.

But US demand for drugs continued unabated through the 1990s and into the 21st century. The profits offered by involvement in the drug trade proved hard to resist for a select number of high-ranking government officials, including members of the federal cabinet and state governors.

Even Genaro García Luna, the architect of Mexico’s modern “war on drugs” ended up on the take. He is now serving 38 years in a US prison for colluding with Joaquín “El Chapo” Guzmán’s Sinaloa Cartel.

Joaquín ‘El Chapo’ Guzmán being led away by Mexican law enforcement personnel after his arrest in 2014.
Octavio Hoyos / Shutterstock

An ‘intolerable alliance’?

The indirect involvement of Mexican government officials remains far more common than direct or institutional involvement in the drug trade.

Such corruption is largely opportunistic, rather than systematic, which is why it remains concentrated in areas where drug production and trafficking are particularly prevalent. It is also not limited to the Mexican side of the border. Plenty of crooked American cops and politicians have cut deals with traffickers over the years, too.

Trump’s recent attacks on the Mexican government are not an accurate diagnosis of a uniquely Mexican problem. They are more of a headline-grabbing shot across the bows in the context of the renegotiation of many different aspects of the US-Mexico relationship.

In the end, the issue of drug-related corruption in Mexico has less to do with its own government and more to do with American society’s own insatiable demand for drugs. Crackdowns on the cartels inevitably cause the price of drugs to rise, increasing the temptation of Mexican officials to try and grab a piece of the pie.

As a businessman like Trump should be able to see, it’s not government corruption that drives the US-Mexican drug trade, but the iron laws of supply and demand.

Nathaniel Morris has previously received funding from the Leverhulme Trust, the Arts and Humanities Research Council and University College London for research that has fed into this article. He is also a member of Noria Research.

– ref. Mexico’s drug corruption has more to do with US demand than crooked politicians – https://theconversation.com/mexicos-drug-corruption-has-more-to-do-with-us-demand-than-crooked-politicians-249991

MIL OSI – Global Reports –

February 26, 2025
MIL-OSI Security: Recidivist Sex Offender Is Sentenced To 14+ Years For Possession Of Child Sexual Abuse Material

Source: Office of United States Attorneys

The Defendant Was on Federal Supervised Release for A 2016 Federal Conviction for Similar Offenses Involving Material Depicting the Sexual Exploitation of Children

CHARLOTTE, N.C. – A Lenoir, N.C. man was sentenced today to a total of 169 months in prison and a lifetime term of supervised release for possession and access with intent to view child sexual abuse material (CSAM) while on federal supervised release, announced Lawrence J. Cameron, Acting U.S. Attorney for the Western District of North Carolina. Joshua Lynn Cook, 40, was also ordered to register as a sex offender after he is released from prison. The Court further ordered Cook to pay $17,000 in special assessments pursuant to the Amy, Vicky, and Andy Child Pornography Victim Assistance Act of 2018.

Robert M. DeWitt, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, joins Acting U.S. Attorney Cameron in making today’s announcement.

“Despite prior convictions and strict court supervision, Cook broke the law once again and revictimized children by accessing and possessing horrific material depicting their sexual abuse,” said Acting U.S. Attorney Cameron. “Cook’s sentence reflects the consequences awaiting those who continue to ignore the law and harm vulnerable children.”

“This federal prison sentence reinforces the message; the FBI and our partners will not tolerate the victimization of children. We will continue to meticulously investigate these crimes, which cause irreparable harm and trauma to innocent victims,” said Special Agent in Charge DeWitt.

According to court documents, Cook was on federal supervised release for a 2016 federal conviction for transportation, receipt, and possession of CSAM. Under the terms of Cook’s federal supervision, he was not permitted to own an electronic device capable of accessing the internet, including a cell phone. Cook was also subject to periodic home inspections by the U.S. Probation Office (USPO) to ensure compliance with his probationary terms. Court records show that, on February 8, 2024, during a home inspection, USPO found Cook in possession of an unauthorized phone in his bedroom. Cook admitted to using the phone to access CSAM around the time that he first gained access to the phone, which was within one month of his release from prison. The phone and an SD card were seized and forensically examined by the FBI. The examination revealed that these devices contained images and videos depicting CSAM, including toddlers.

On October 9, 2024, Cook pleaded guilty to possession and access with intent to view child pornography involving prepubescent minors. Today, the Court sentenced Cook to 151 months of incarceration for possession and access with intent to view CSAM, and 18 months, to run consecutive, for committing this offense while on federal supervised release, for a total of 169 months of incarceration. Cook will remain in federal custody until he is transferred to the custody of the Federal Bureau of Prisons.

The FBI with the assistance of the USPO investigated the case.

Assistant U.S. Attorney Daniel Cervantes with the U.S. Attorney’s Office in Charlotte prosecuted the case.

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

MIL Security OSI –

February 26, 2025
MIL-OSI USA: Lab Operator Convicted of $4M Medicare Fraud Scheme

Source: US State Government of Utah

A federal jury in Detroit convicted a California man today for his role in defrauding Medicare of over $4 million in fraudulent claims for medically unnecessary urine drug testing for patients receiving pain management treatment.

According to court documents and evidence presented at trial, Sherif Khalil, 50, of Redondo Beach, conspired with others to submit claims to Medicare for the highest-reimbursing urine drug testing panels, which doctors did not want or order.

Sherif Khalil operated Spectra Clinical Labs, a toxicology lab located in Gardena, California. As the owner of Spectra, Khalil implemented a scheme to pay marketers a percentage of Medicare reimbursements and incentivize them to obtain doctors’ orders for expensive drug testing panels. Khalil concealed Spectra’s payments to marketers by routing the payments through nominally independent marketing companies that Khalil secretly controlled. To maximize Spectra’s profits and their own commission payments, Spectra’s marketers then trained staff members at doctors’ offices to send Spectra orders for medically unnecessary urine drug tests that doctors did not actually want or authorize. Khalil also knew that orders Spectra received from physician practices were not supported by documentation of medical necessity.

The medically unnecessary laboratory tests ordered in exchange for illegal kickbacks to marketers caused Medicare to pay more than $4 million to the Spectra Clinical Labs.

Khalil was found guilty of one count of conspiracy to commit health care fraud and wire fraud and one count of conspiracy to defraud the United States and to pay, offer, receive, and solicit health care kickbacks. Khalil is scheduled to be sentenced on Aug. 7 and faces a maximum penalty of 20 years in prison on the conspiracy to commit health care fraud and wire fraud count and five years in prison on the count for conspiracy to defraud the United States and to pay, offer, receive, and solicit health care kickbacks. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Special Agent in Charge Cheyvoryea Gibson of the FBI Detroit Field Office, and Special Agent in Charge Mario Pinto of the Department of Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

The FBI Detroit Field Office and HHS-OIG investigated the case.

Trial Attorneys S. Babu Kaza, Jeffrey A. Crapko, and Kelly Warner and Assistant Chief Shankar Ramamurthy of the Criminal Division’s Fraud Section prosecuted the case.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

MIL OSI USA News –

February 26, 2025
MIL-OSI Security: Lab Operator Convicted of $4M Medicare Fraud Scheme

Source: United States Attorneys General 1

A federal jury in Detroit convicted a California man today for his role in defrauding Medicare of over $4 million in fraudulent claims for medically unnecessary urine drug testing for patients receiving pain management treatment.

According to court documents and evidence presented at trial, Sherif Khalil, 50, of Redondo Beach, conspired with others to submit claims to Medicare for the highest-reimbursing urine drug testing panels, which doctors did not want or order.

Sherif Khalil operated Spectra Clinical Labs, a toxicology lab located in Gardena, California. As the owner of Spectra, Khalil implemented a scheme to pay marketers a percentage of Medicare reimbursements and incentivize them to obtain doctors’ orders for expensive drug testing panels. Khalil concealed Spectra’s payments to marketers by routing the payments through nominally independent marketing companies that Khalil secretly controlled. To maximize Spectra’s profits and their own commission payments, Spectra’s marketers then trained staff members at doctors’ offices to send Spectra orders for medically unnecessary urine drug tests that doctors did not actually want or authorize. Khalil also knew that orders Spectra received from physician practices were not supported by documentation of medical necessity.

The medically unnecessary laboratory tests ordered in exchange for illegal kickbacks to marketers caused Medicare to pay more than $4 million to the Spectra Clinical Labs.

Khalil was found guilty of one count of conspiracy to commit health care fraud and wire fraud and one count of conspiracy to defraud the United States and to pay, offer, receive, and solicit health care kickbacks. Khalil is scheduled to be sentenced on Aug. 7 and faces a maximum penalty of 20 years in prison on the conspiracy to commit health care fraud and wire fraud count and five years in prison on the count for conspiracy to defraud the United States and to pay, offer, receive, and solicit health care kickbacks. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Special Agent in Charge Cheyvoryea Gibson of the FBI Detroit Field Office, and Special Agent in Charge Mario Pinto of the Department of Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

The FBI Detroit Field Office and HHS-OIG investigated the case.

Trial Attorneys S. Babu Kaza, Jeffrey A. Crapko, and Kelly Warner and Assistant Chief Shankar Ramamurthy of the Criminal Division’s Fraud Section prosecuted the case.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

MIL Security OSI –

February 26, 2025
MIL-OSI: Clicks brings its award-winning iPhone keyboard case to Google, Motorola and Samsung smartphones
Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Clicks Technology today announced the first three Clicks Keyboards for Android smartphones. Building on the popularity of Clicks for iPhone introduced last year, Clicks extends a premium typing experience, more screen real estate and keyboard shortcuts to owners of Google Pixel, Motorola Razr and Samsung Galaxy smartphones. Available for pre-order today, Clicks for Android smartphones will start shipping beginning in April.

Watch the launch video.

“Android phones are loved for the choice over hardware, software and experience they offer,” said Michael Fisher, Clicks co-founder and YouTube tech reviewer (MrMobile) with 1.2 million subscribers. “Clicks gives the Android community more choice over how to type, navigate and take action with a smart accessory that’s as fun as it is functional.”

Clicks for Motorola Razr redefines the fun and functionality of flip phones

Clicks unlocks a new way to use the Motorola Razr. Text, email, chat and game without needing to flip open the phone by combining the size and smarts of the external display with a real keyboard. Compatible with Motorola Razr and Razr+ (2024). Available in two colors: Electric (blue) and Onyx (black).

Clicks for Pixel: More Control. More Screen. More Personalization.

Clicks enhances the Pixel with tactile buttons, a full-screen experience, and powerful shortcuts that enable productivity and personalization. Plus, Clicks gives Pixel support for wireless charging with a strong magnetic array built into the enclosure. Compatible with Pixel 9 Pro and Pixel 9. Available in two colors: Surge (high-vis yellow-green) and Onyx (black).

Clicks for Samsung Galaxy: Unlock the Full Potential of Galaxy

Clicks supercharges the Samsung Galaxy with a premium typing experience engineered for speed and accuracy. Maximize every bit of the S25’s 6.2” display by moving the virtual keyboard off screen. Put Samsung AI at your fingertips with keyboard shortcuts. Compatible with Samsung Galaxy S25. Available in two colors: Pinot (red) and Onyx (black).

Expanding the audience for Clicks

With over 100,000 keyboards sold in more than 100 countries, Clicks is changing the way people use their smartphones.

“Over the last year we’ve heard stories from customers about how Clicks is helping them do more from their phone without waiting to get back to their desk,” said Jeff Gadway, Clicks co-founder and CMO. “With customers ranging from the CEOs of Fortune 100 companies, best-selling authors and world leaders to students, entrepreneurs and mobile professionals, we’re proud to be helping people take action.”

Adding a Clicks Keyboard to a Pixel, Razr or Galaxy smartphone combines the benefits of buttons with the power of Android in a seamless experience.
- Premium Typing Experience. Type with speed and confidence with ergonomically designed keys that provide satisfying tactile feedback.
- 50% More Screen. By moving the keyboard off the display Clicks frees up screen space for apps and content.
- Keyboard Shortcuts. Launch your favourite apps and navigate Android.
- Gemini Key. Launch AI features at the push of a button.
- Keyboard Backlight. Backlit keys make typing in low light a breeze.
- Clicks App. Customize and personalize your typing experience.
- Charge Your Phone as Normal. Clicks connects through USB-C so there’s no battery to charge or bluetooth connection to pair.
- Easy on and off. Add a compact, lightweight keyboard when needed, or leave it on all the time.
- Protection & personality. Clicks protects your phone and grabs attention wherever you go.
Launch Pricing and Availability
- Google Pixel 9 and Pixel 9 Pro: Pre-orders begin February 25 at an introductory price of USD $99, available until March 21. After this date, the price increases to USD $139. Orders will begin shipping at the end of April.
- Motorola Razr+ and Razr (2024): Reservations open February 25 for USD $49 to secure a special launch price of USD $99 until March 21. After March 21, pre-orders remain available for USD $49, but the final price increases to USD $139. Shipping starts in late May.
- Samsung Galaxy S25: Reservations open starting February 25 for USD $49 to lock in a limited-time USD $99 launch price until March 21. After this period, pre-orders remain open for USD $49, with the final price increasing to USD $139. Shipping begins in June.
Order Clicks for Android exclusively at Clicks.tech. Follow Clicks for updates on Instagram (@ClicksKeys) and on YouTube (@ClicksKeys).

About Clicks Technology:
Clicks designs and manufactures innovative smart accessories that enhance the modern mobile experience. Founded by a team of industry veterans with decades of experience at some of the world’s leading tech brands, Clicks products blend form and function to give customers clever new ways to engage with technology. For more information on Clicks, visit clicks.tech.

MEDIA CONTACT
Praytell – clicks@praytellagency.com

DISTRIBUTOR PARTNER CONTACT
Johnathan Young – partners@clicks.tech

SOCIALS
Instagram – @ClicksKeys
YouTube – @ClicksKeys

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1212c169-bdd2-46bb-92c8-58680d6e5889
https://www.globenewswire.com/NewsRoom/AttachmentNg/25e30f1c-6488-437c-ab95-7b3934c4de34
https://www.globenewswire.com/NewsRoom/AttachmentNg/b6c0afc6-895c-4419-a2d5-2f77536d8d1e
https://www.globenewswire.com/NewsRoom/AttachmentNg/b5234ee4-fcb5-4303-89f4-b6428b584fd2
https://www.globenewswire.com/NewsRoom/AttachmentNg/827a5d2e-6530-4238-9506-199b324b6323

A video accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/de1db1fd-6a66-4160-82c0-913f1a7f59a3

The MIL Network –
February 26, 2025

MIL-OSI: Coface SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on February 21, 2025

Source: GlobeNewswire (MIL-OSI)

COFACE SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on February 21, 2025

Paris, 25 February – 17.45

Pursuant to Regulation (EU) No 596/2014 of 16 April 2014 on market abuse¹

The main features of the 2024-2025 Share Buyback Program have been published on the Company’s website (http://www.coface.com/Investors/Disclosure-requirements, under “Own share transactions”) and are also described in the 2023 Universal Registration Document.

Trading session of (Date): 21/02/2025
Number of shares: 10,000
Weighted average price: 16.0826 €
Gross amount: 160,826.70 €
MIC: XPAR
Purpose of buyback: LTIP

CONTACTS

ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

FINANCIAL CALENDAR 2025
(subject to change)

Q1-2025 results: 5 May 2025 (after market close)
Annual General Shareholders’ Meeting: 14 May 2025
H1-2025 results: 31 July 2025 (after market close)
9M-2025 results: 3 November 2025 (after market close)

FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
You can check the authenticity on the website www.wiztrust.com.

COFACE: FOR TRADE
As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

www.coface.com

COFACE SA is listed in Compartment A of Euronext Paris
ISIN: FR0010667147 / Ticker: COFA

1 Also in pursuant to Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (and updates); Article L.225-209 and seq. of the French Commercial Code; Article L.221-3, Article L.241-1 and seq. of the General Regulation of the French Market Authority (AMF); AMF Recommendation DOC-2017-04 Guide for issuers on their own shares transactions and for stabilization measures.

Attachment

2025 02 25 – Declaration – Own shares transaction

The MIL Network –

February 26, 2025

Category: Intelligence Agencies

An ‘intolerable alliance’?