Category: KB

MIL-OSI Security: Mexican National Sentenced To 18 Months In Federal Prison For Illegal Reentry

Source: Office of United States Attorneys

Tampa, Florida – U.S. District Judge Richard A. Lazzara has sentenced Miguel Gomez-Rosales (40, Mexico) to 18 months in federal prison for illegal reentry into the United States after deportation. Gomez-Rosales entered a guilty plea on November 13, 2024.

According to court documents, Gomez-Rosales was convicted of lewd or lascivious battery on July 16, 2012, and deported from the United States to Mexico. Following his deportation, Gomez-Rosales illegally reentered the United States.

This case was investigated by U.S. Customs and Border Protection. It was prosecuted by Assistant United States Attorney Ross Roberts.

MIL Security OSI –

February 11, 2025
MIL-OSI USA: ICYMI: Sen. Joni Ernst in WSJ: USAID Is a Rogue Agency

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – In case you missed it, U.S. Senator Joni Ernst (R-Iowa) detailed in the Wall Street Journal how the U.S. Agency for International Development (USAID) acts against our nation’s best interests and stonewalled her oversight of where tax dollars are going and why.
As Senate DOGE Caucus chair and founder, Senator Ernst will continue to work with President Trump’s Department of Government Efficiency (DOGE) to examine how taxpayers’ money is spent and put an end to any waste, fraud, and abuse.
WSJ: Sen. Joni Ernst: USAID Is a Rogue Agency
It dodges congressional questions about money that went to sex traffickers and the Wuhan virus lab.
By: Senator Joni Ernst
In moments of crisis, America can be counted on for leadership. Our nation’s compassionate giving has saved millions of lives around the world that were at risk from starvation or disease. All Americans should be able to take great pride in our generosity. And the government agencies coordinating aid efforts should be eager to share details about how they’re using taxpayers’ money to make the world a better place.
Yet the U.S. Agency for International Development, entrusted with disbursing tens of billions of aid dollars to other nations annually, is a rogue bureaucracy. I’ve uncovered that the agency often acts at odds with our nation’s best interests and uses intimidation and shell games to hide where money is going, how it’s being spent and why.
USAID repeatedly rebuffed my requests for a list of recipients of U.S. tax dollars sent to Ukraine, claiming that the information was classified. Despite the pushback, I persisted. Eventually, USAID permitted my staff to review documents under surveillance in a highly secure room at USAID headquarters, with note-taking prohibited.
What warranted such secrecy? We learned that the aid that was supposed to alleviate economic distress in the war-torn nation was spent on such frivolous activities as sending Ukrainian models and designers on junkets to New York City, London Fashion Week, Paris Fashion Week and South by Southwest in Austin, Texas.
I faced the same stonewalling from USAID when I asked about tax dollars being diverted from project missions for largely unrelated costs, known as the negotiated indirect cost rate. The agency claimed that it wasn’t possible to track. My team debunked that by providing USAID staff with a link to a public database. The agency fired back, warning that divulging this information would violate federal laws, including the Economic Espionage Act.
When I launched a formal investigation in cooperation with the House Foreign Affairs Committee, USAID relented. Turns out, the agency is allowing grantees to skim significant amounts of money, up to and even beyond half of the total, for themselves.
We need guarantees that U.S. assistance is helping people in need, but a recent review by the agency’s own inspector general found USAID still “does not have proper documentation to support indirect costs charged” by grant recipients.
I shouldn’t have to ask these questions. All federal spending is required to be publicly available on the website USAspending.gov, a searchable database created nearly two decades ago by a bipartisan law.
USAID’s sketchy spending schemes were the impetus for this law aimed at making federal funding more transparent. Congressional investigators in 2005 caught the agency supporting an organization involved with the trafficking of teenage girls in Asia. USAID staff called the claims “destructive” and vehemently denied them. The evidence proved otherwise. A pass-through group, set up with the help of former agency employees, was found funneling U.S. tax dollars into abetting the sex trade operation.
The agency has learned to exploit loopholes in the law, as my investigation into the origins of the pandemic exposed. The watchdog organization White Coat Waste Project was the first to release evidence that both USAID and Anthony Fauci’s National Institute of Allergy and Infectious Diseases were financing bat studies involving coronaviruses at the Wuhan Institute of Virology. Yet no grants to the Chinese lab appeared in USAspending.gov. Audits later uncovered that more than a million dollars from the U.S. government were paying for the dangerous research. The bulk of the money was provided by USAID, not Dr. Fauci.
USAID evaded the obligation to report this transaction to USAspending.gov by using multiple pass-through organizations, including the nefarious EcoHealth Alliance, which is now barred from receiving U.S. government grants.
What was our international development agency developing at China’s Wuhan Institute of Virology? If the Central Intelligence Agency and Federal Bureau of Investigation are correct that the Covid virus likely originated from a lab leak, USAID may have had a hand in a once-in-a-century pandemic that claimed the lives of millions.
There’s no shortage of other questionable USAID projects. More than $9 million intended for civilian food and medical supplies in Syria ended up in the hands of violent terrorists. Another $2 million was spent promoting tourism to Lebanon, a nation the State Department warns against traveling to due to the risks of terrorism, kidnapping and unexploded land mines.
USAID spent millions of dollars paying people to dig irrigation ditches in Afghanistan and encouraging farmers to grow food crops instead of poppies for opium. The result: Poppy cultivation nearly doubled.
Many other groups supported by USAID are doing great work, such as caring for orphans and people living with HIV. Imagine how much more good work could be supported with the dollars that instead ended up enriching terrorists, sex traffickers, mad scientists and drug cartels.
After keeping its spending records hidden from Congress and taxpayers, USAID employees are now protesting the review of the agency’s records by President Trump’s Department of Government Efficiency. It’s no surprise that Washington insiders are more upset at DOGE for trying to stop wasteful spending than at USAID for misusing tax dollars.
The question we should be asking isn’t why USAID’s grants are being scrutinized, but why it took so long.
Ms. Ernst, an Iowa Republican, is founder and chairwoman of the Senate DOGE Caucus.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Ernst Bill to Expand Child Care Access Advances

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – The Senate Committee on Small Business and Entrepreneurship passed a bipartisan bill to increase the availability of child care for small business owners and working families.
The Small Business Child Care Investment Act led by Chair Joni Ernst (R-Iowa) and Senator Jacky Rosen (D-Nev.) would allow non-profit child care providers, including religious organizations, to participate in the Small Business Administration (SBA) loan programs.
“One of the biggest pressures on working families is access to high-quality, affordable child care,” said Ernst. “By advancing this bill, we are one step closer to clearing the red tape and expanding options, especially in rural communities. Not only will it drive down costs for Iowans, but it will strengthen the workforce and make it easier for small businesses to hire and retain capable staff.”
“The lack of affordable, quality child care options is hurting hardworking Nevada families and forcing them to make tough financial choices,” said Rosen. “That’s why I’ve been working across the aisle to pass my bipartisan bill to help lower costs by increasing access to affordable child care in our state. This legislation will help nonprofits, community organizations, churches, synagogues, and others to set up or expand child care centers, and I’m glad to see it advance out of committee today.”
The Small Business Child Care Investment Act would:

Ensure that qualified non-profit providers have equal access to key SBA loan options that allow providers to invest in and expand their operations;
Create local jobs and give working families more options for affordable and quality child care; and
Protect religiously-affiliated non-profit providers’ access to the larger and more flexible loan programs like 7(a) and 504 that can be used for real estate, construction, remodeling, and other expenses critical to maintaining and expanding high-quality child care operations.

Background:
Ernst has been a strong advocate for increasing access to affordable, high-quality child care in Iowa.
On her annual River to River Tour, Ernst routinely visits child care centers to understand the needs of Iowans and bring their voices to Washington.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Cornyn Joins Pfluger-led Resolution to Block Biden’s Waste Emission Charge

US Senate News:

Source: United States Senator for Texas John Cornyn

WASHINGTON – U.S. Senator John Cornyn (R-TX) last week cosponsored a bicameral Congressional Review Act resolution of disapproval led in the U.S. House of Representatives by Congressman August Pfluger (TX-11) to block the implementation of the Biden administration’s waste emissions charge on oil and natural gas systems, which was passed as part of the Inflation Reduction Act in 2022:

“The Biden administration’s progressive energy policies resulted in record-high energy prices for American consumers and harmed the booming energy industry in Texas and beyond,” said Sen. Cornyn.“I am proud to join this CRA alongside Republican colleagues in both chambers to prevent the previous administration’s misguided waste emissions charge on oil and natural gas systems from going into effect.”

“As part of his war on energy, former President Biden took radical steps to end fossil fuels during his administration which hurt the hardworking energy producers in my district who have worked diligently to increase production while fueling our allies abroad,” said Rep. Pfluger.“ Biden’s burdensome natural gas tax has handicapped technological innovation, reduced supplies of affordable energy, and increased both costs and emissions. With President Trump back in office, it is time to restore American energy dominance – which is why I am proud to lead this CRA to rescind this ill-conceived natural gas tax.”

This resolution is led in the Senate by Senator John Hoeven (R-ND) and cosponsored by Senators Shelley Moore Capito (R-WV), Mike Lee (R-UT), James Lankford (R-OK), Katie Britt (R-AL), Steve Daines (R-MT), Roger Marshall (R-KS), Kevin Cramer (R-ND), Cynthia Lummis (R-WY), James Risch (R-ID), Rick Scott (R-FL), Ted Cruz (R-TX), Rand Paul (R-KY), Mike Crapo (R-ID), Jim Justice (R-WV), Tommy Tuberville (R-AL), John Kennedy (R-LA), Cindy Hyde-Smith (R-MS), Mike Rounds (R-SD), Tim Sheehy (R-MT), Thom Tillis (R-NC), Markwayne Mullin (R-OK), Roger Wicker (R-MS), John Ricketts (R-NE), and John Barrasso (R-WY).

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Cornyn Praises Trump Executive Order Blocking Unconstitutional ATF Rule

US Senate News:

Source: United States Senator for Texas John Cornyn
PALM BEACH, FL – U.S. Senator John Cornyn (R-TX) released the following statement on President Trump’s signing of an Executive Order safeguarding the Second Amendment that included language supporting Sen. Cornyn’s joint resolution of disapproval under the Congressional Review Act to strike down the Bureau of Alcohol, Tobacco, Firearms and Explosives’ (ATF) rule on the definition of “Engaged in the Business” as a Dealer in Firearms, which ignores the law and congressional intent and flagrantly violates the Constitution to try to require anyone who sells a firearm to register as a federal firearm licensee:
“President Trump is working at a historic pace to enact his agenda, and this executive action to bolster the Second Amendment is the latest example. I appreciate his continued support for fighting back against the partisan interpretation of language relating to federal firearm licensees that we saw during the Biden administration, which nearly all of my Senate Republican colleagues joined me in denouncing last year.
“I look forward to continuing to work alongside President Trump to ensure Americans’ Second Amendment rights are respected and to pass my concealed carry reciprocity bill as soon as possible.”

MIL OSI USA News –

February 11, 2025

MIL-OSI USA: Media Advisory: Hearing on Motion for Reduction of Sentence Pursuant to the Juvenile Restoration Act for Adnan Syed

Source: US State of Maryland

FOR IMMEDIATE RELEASE
February 10, 2025

Government Relations and Public Affairs
187 Harry S. Truman Parkway
Annapolis, Maryland 21401

Media Advisory:
Hearing on Motion for Reduction of Sentence Pursuant to the Juvenile Restoration Act for Adnan Syed

ANNAPOLIS, Md. – In a unique court educational program, students will learn about the benefits and consequences of familiar decisions. The program includes a mock traffic stop where students will see in real-time the legal implications of bad decisions. This interactive program allows the students to meet and interact with key players in the legal process, including police officers, K-9 officers, commissioners, assistant public defenders, assistant state’s attorneys, bailiffs, clerks, and judges. In addition, students will hear from people who have been involved with the legal system due to drunk driving, speeding, texting while driving, and other offenses, as they view actual court cases and have an opportunity to engage judges and court personnel in a question-and-answer session regarding the Judiciary.

The program also includes a mental health component targeted to address the impact of this crisis on youth. This portion of the program, conducted along with mental health professionals, is treatment focused and designed to raise awareness of mental health issues. This segment of the program educates students to recognize the signs that someone is in crisis, both for themselves and each other. It will also highlight resources available to the students and provide ways to immediately connect with those resources.

WHAT:

Hearing on the defendant’s Motion for Reduction of Sentence Pursuant to the Juvenile Restoration Act for State of Maryland v. Adnan Syed, case number 199103042.

Judge Jennifer B. Schiffer will serve as the presiding judge.

All media covering the proceedings must review and adhere to the
Media Protocol Order and the Security Order for the hearing.

WHEN:

Wednesday, February 26, 2026, at 9:30 a.m.

WHERE:

Circuit Court for Baltimore City, Mitchell Courthouse
100 North Calvert Street, Courtroom 203M
Baltimore, Maryland 21202

Members of the media can attend remotely via audio only by sending an email request to [email protected].

At the discretion of the court, limited reserved seating will be available in the gallery of Courtroom 203M. Courtroom 215M is designated as the overflow courtroom for the media and the public, as needed, and it will have a live closed-circuit, audio-video feed.

Members of the media may request a seat within the courtroom by contacting the court’s media liaisons. The media liaisons will allocate seats based on requests received and will communicate to the Sheriff’s Office the names of media members allotted seats reserved for media. Only those members of the media who have been granted and receive a media credential identification card from the Sheriff’s Office will be permitted in the courtroom during the proceedings. The remaining seats will be made available to the public on a first-come/first-served basis.

Authorized members of the media will be permitted to use electronic equipment only in the designated area, Courtroom 215M, which will provide a workspace for media representatives. However, devices cannot be used for audio or video recording or still photography in any location inside of the courthouse. No media conferences or interviews with attorneys, parties, or witnesses shall be conducted within the courthouse or within 50 feet of any entrance of the courthouse.

Per Maryland Code, Criminal Procedure, § 1-201, the recording or broadcasting of criminal proceedings is prohibited. The use of electronic devices, including cell phones, cameras, and audio-visual equipment is prohibited or limited per the Maryland Judiciary’s policy on Cell Phones, Other Electronic Devices, and Cameras in Court Facilities.

Pursuant to Md. Rule 16-208, no person may use an electronic device to take screen captures, screenshots, photographs, videos, audio recordings or make other electronic recordings within the courthouse, and no person may transmit, publish, or otherwise disseminate any such electronic audio or video recording, except as provided in the court’s Media Protocol Order.

The clerk of the court for the Circuit Court for Baltimore City is the official custodian of the case record. Any orders issued pertaining to the case can be found at the court’s Highlighted Cases web page.

Public Wi-Fi is available at the courthouse. Media representatives may bring their own Wi-Fi connection devices.

There is no designated media parking for the motion hearing. Media representatives must follow local parking ordinances and restrictions. Media representatives must not block pedestrian walkways or sidewalks and cannot restrict any public areas for media use.

Please contact the Maryland Judiciary, Government Relations and Public Affairs, by email at [email protected] or 410-260-1488, if you plan to cover the hearing or have questions.

###

MIL OSI USA News –

February 11, 2025

MIL-OSI Security: Readout of Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr.’s Phone Call with Inspector General of the Royal Moroccan Armed Forces and Commander of the Southern Zone Lt. Gen. Mohammed Berrid

Source: US Defense Joint Chiefs of Staff

Office of the Chairman of the Joint Chiefs of Staff Public Affairs

February 10, 2025

WASHINGTON, D.C. — Joint Staff Spokesperson Navy Capt. Jereal Dorsey provided the following readout:

Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr., spoke with Inspector General of the Royal Moroccan Armed Forces and Commander of the Southern Zone Lt. Gen. Mohammed Berrid today by phone.

Gen. Brown and Lt. Gen. Berrid discussed Morocco’s role as a regional leader and the importance of Exercise AFRICAN LION. Additionally, Gen. Brown thanked Lt. Gen. Berrid for Morocco’s leadership in supporting other African nations and multiple United Nations peacekeeping operations. Both military leaders reaffirmed their commitment to advancing security cooperation activities that will improve security in the Sahel and Maghreb regions.

Morocco is a key partner and plays an important role in ensuring stability on the African continent.

For more Joint Staff news, visit: www.jcs.mil.
Connect with the Joint Staff on social media:
Facebook, Twitter, Instagram, YouTube,
LinkedIn and Flickr.

MIL Security OSI –

February 11, 2025
MIL-OSI: ConnectM Publishes 2024 Impact Scorecard
Source: GlobeNewswire (MIL-OSI)

~Ends 2024 With Triple Digit Growth Across All Electrification Metrics~

MARLBOROUGH, Mass., Feb. 10, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (NASDAQ:CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today published its impact scorecard for the fourth quarter of 2024. Following the end of each quarter, ConnectM publishes its quarterly scorecard to provide the Company’s key electrification indicators which we use as internal operating performance measures. ConnectM determines its quarterly impact score metrics by aggregating data and behavioral analytics sourced from our Energy Intelligence Network and integrated artificial intelligence technology.

Electrification Impact Scorecard for year-end 2024 (compared to year-end 2023)
- 95.5 GWh of Electrification, an increase of 331% over last year and equivalent to 35,000 homes powered per day¹
- 73,506 Metric Tons of Co2 Displaced, an increase of 391% over last year and equivalent to the amount of CO2 3.4 million trees can absorb in a year²
- 6.7 Million Gallons of Fossil Fuel Displaced, an increase of 343% over last year and equivalent to driving around the world roughly 7,000 times³
Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM, commented, “ConnectM’s 2024 impact scorecard reaffirms our unwavering commitment to accelerating the electrification economy. Our triple-digit growth across key metrics reflects the power of AI-driven insights and data intelligence in scaling cleaner, more efficient energy solutions. As we expand our technology’s reach, we remain focused on delivering measurable, sustainable impact for our customers, partners, and stakeholders.”

About ConnectM Technology Solutions, Inc.
ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.

Contact:
Investor Relations
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
CNTM@redchip.com

____________________
¹U.S. Energy Information Administration (EIA) – Assuming the average home uses about 30 kilowatt-hours per day.
²US Department of Agriculture
³Assumes 26 miles per gallon

The MIL Network –
February 11, 2025

MIL-OSI: PrairieSky Announces Fourth Quarter and Year-End Results for 2024, Including Record Annual Oil Royalty Production and Increased Annual Dividend

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 10, 2025 (GLOBE NEWSWIRE) — PrairieSky Royalty Ltd. (“PrairieSky” or the “Company”) (TSX: PSK) is pleased to announce its fourth quarter and year-end operating and financial results for the period ended December 31, 2024. PrairieSky is also pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share ($0.26 per common share quarterly).

Fourth Quarter Highlights:

Oil royalty production volumes averaged 13,317 barrels per day, a 4% increase over Q4 2023⁽¹⁾, driven by strong third-party activity in the Mannville Stack⁽²⁾ and Clearwater. Total royalty production averaged 24,982 BOE per day, a 2% decrease from Q4 2023 due to declines in natural gas and NGL production.
Royalty production revenue of $115.6 million combined with other revenue of $20.0 million to generate total revenues of $135.6 million for Q4 2024⁽¹⁾. Other revenue included bonus consideration of $15.8 million earned on entering into 60 new leasing arrangements focused on light and heavy oil targets across a number of different plays.
Funds from operations totaled $99.0 million or $0.41 per share, 11% below Q4 2023 primarily due to lower natural gas benchmark pricing.
Declared a fourth quarter dividend of $59.9 million ($0.25 per common share), representing a payout ratio of 61%.
Completed $31.5 million of both producing and non-producing royalty interest acquisitions primarily targeting light and heavy oil plays in Central Alberta and Saskatchewan. Acquisitions of producing assets (50 BOE per day) closed in late December 2024.

Annual Highlights:

Record annual oil royalty production volumes averaged 13,125 barrels per day, a 6% increase over YE 2023⁽¹⁾. Total royalty production averaged 25,186 BOE per day, a 1% increase over YE 2023 as higher oil royalty volumes were partially offset by lower natural gas and NGL royalty volumes due to shut-ins and declines related to weak benchmark natural gas pricing.
Royalty production revenue of $465.8 million combined with other revenue of $43.4 million to generate total revenues of $509.2 million for YE 2024⁽¹⁾. Other revenue included bonus consideration of $30.8 million earned on entering into 219 new leasing arrangements focused on light and heavy oil targets across a number of different plays.
Funds from operations totaled $380.5 million or $1.59 per share, 1% below YE 2023.
Corporate proved plus probable reserves totaled 63,653 MBOE relative to 65,762 MBOE at December 31, 2023. Proved plus probable oil reserves totaled 26,620 Mbbl, a 3.5% increase over the prior year primarily due to drilling extensions in the Clearwater, Duvernay and Mannville light and heavy oil plays.
Declared cumulative annual dividends of $239.0 million ($1.00 per common share), representing a payout ratio of 63%.
Completed $57.3 million of both producing and non-producing royalty interest acquisitions primarily targeting light and heavy oil plays in Central Alberta and Saskatchewan.
Net debt totaled $134.9 million as at December 31, 2024, a decrease of $87.2 million or 39% since December 31, 2023.

Dividend Increase:

PrairieSky is pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share, to be paid on a quarterly basis ($0.26 per common share quarterly). Subject to the approval of the Board of Directors, the first quarterly dividend of $0.26 per common share is expected to be effective for the March 31, 2025 record date.

President’s Message

Oil royalty production averaged 13,317 barrels per day in Q4 2024 and drove funds from operations which totaled $99.0 million ($0.41 per share). These results capped off a strong 2024 with annual funds from operations of $380.5 million ($1.59 per share) and record annual oil royalty production of 13,125 barrels per day, a 6% increase over YE 2023. The growth in oil royalty volumes is a direct result of our strategy of investing in royalties in low-cost oil plays. For 2024, oil royalty production from the Clearwater and Mannville Stack plays represented 21% of total oil royalty production, up from 17% in 2023. The momentum in these plays is expected to continue into 2025 and beyond. We have also seen strong initial results from new wells on our West Shale Duvernay acreage as well as incremental well licensing, which we expect to provide growth in high netback light oil volumes in 2025.

Third-party operators spud 205 wells on PrairieSky’s royalty acreage during Q4 2024, an increase from 197 wells spud in Q4 2023. The average royalty rate for wells spud in the quarter was 6.2% (Q4 2023 – 7.2%). There were 46 wells spud in the Clearwater, a 5% increase over Q4 2023, with an additional 13 wells spud in the Mannville Stack in the quarter. This brought 2024 annual spuds on PrairieSky’s royalty properties to 741 wells, as compared to 805 wells in 2023, with an average royalty rate of 5.9% (2023 – 7.2%). Multi-lateral drilling continues to increase on our lands accounting for 77 of the spuds in the quarter and bringing 2024 annual multi-lateral drilling to 36% of the activity on our royalty lands versus 31% in YE 2023. Increased multi-lateral drilling activity helped drive the 3.5% increase in proved plus probable oil reserves to 26,620 Mbbl. Corporate proved plus probable reserves decreased to 63,653 MBOE primarily due to lower natural gas pricing impacting both the level of activity in 2024 and future economics.

Strong oil royalty volumes generated royalty revenue of $100.0 million and represented 87% of total royalty production revenue of $115.6 million for Q4 2024. Natural gas royalty production of 55.1 MMcf per day and NGL royalty production of 2,482 barrels per day decreased 9% and 8% in the quarter, respectively, as compared to Q4 2023 due to lower third-party drilling activity driven by weak natural gas benchmark pricing with daily AECO index pricing averaging $1.48 per Mcf. Natural gas royalty revenue totaled $6.3 million and NGL royalty revenue totaled $9.3 million in the quarter. Total royalty production averaged 24,982 BOE per day in Q4 2024, 2% lower than Q4 2023. PrairieSky’s annual total royalty production averaged 25,186 BOE per day, 1% ahead of YE 2023, and generated annual royalty production revenue of $465.8 million, 2% behind YE 2023.

Leasing continued to be busy across a number of oil plays including the Duvernay, Mannville and Mannville Stack. Our team issued 60 new leases to 47 separate counterparties and earned $15.8 million in lease bonus consideration in the quarter, which included non-cash consideration of $8.2 million for certain leases that were exchanged for a non-producing gross overriding royalty interest targeting Mannville heavy oil with polymer enhanced oil recovery⁽³⁾ potential. For YE 2024, lease bonus consideration totaled $30.8 million from issuing 219 new leases to 101 separate counterparties, the second highest number of leases issued in a single year as third-party operators looked to build out their drilling inventories.

In addition to active leasing in the quarter, PrairieSky acquired $31.5 million of incremental producing and non-producing royalty interests focused on heavy and light oil plays in Central Alberta and Saskatchewan. Acquisitions of producing assets, approximately 50 BOE per day, closed in late December 2024. PrairieSky also entered into an arrangement with a third-party operator to provide a letter of credit which secured their bank facility in order to provide capital to the operator to advance its Montney oil drilling program where PrairieSky has a royalty interest. The letter of credit is secured by a debenture over certain of the third-party operator’s assets. For YE 2024, acquisitions of producing and non-producing royalty properties totaled $57.3 million and were focused on heavy and light oil plays in Central Alberta and Saskatchewan. On January 10, 2025, PrairieSky completed an acquisition of fee lands, lessor interests and gross overriding royalty interests primarily in Central Alberta and Southeast Saskatchewan for cash consideration of $50 million, before customary closing adjustments. The acquisition is expected to add approximately 350 BOE per day of production (65% liquids).

PrairieSky declared a dividend of $0.25 per share or $59.9 million in the quarter with a resulting payout ratio of 61%. Excess funds from operations, after the payment of the dividend and acquisitions, were used to reduce PrairieSky’s net debt which totaled $134.9 million at December 31, 2024, a decrease of $87.2 million from December 31, 2023. During the quarter, PrairieSky amended its credit facility, voluntarily reducing it to $350 million from $725 million. The credit facility provides for a permitted increase up to $600 million, subject to lender consent. Management believes PrairieSky’s high margin, low-cost business model is uniquely suited to provide sustainable returns to shareholders through all commodity price cycles and we are pleased to announce a 4% increase to our annual dividend policy to $1.04 per common share annually ($0.26 per share quarterly). Subject to the approval of the Board of Directors, the first quarterly dividend of $0.26 per common share is expected to be effective for the March 31, 2025 record date.

The level of activity on our land base and cash flow generation underscores the benefits of our strategy of investing in low-cost oil plays and the optionality of owning fee mineral title acreage. I am very pleased with our 2024 annual results and the trajectory of the business. I would like to thank our staff for their hard work throughout the year and our shareholders for their continued support.

Andrew Phillips, President & CEO

ACTIVITY ON PRAIRIESKY’S ROYALTY PROPERTIES

Third-party operators continued to be active across PrairieSky’s land base in Q4 2024. There were 205 wells spud (97% oil wells) in the quarter which included 114 wells on GORR acreage, 80 wells on Fee Lands, and 11 unit wells. There were a total of 198 oil wells spud during the quarter which included 55 Mannville light and heavy oil wells, 46 Clearwater wells, 28 Viking wells, 22 Mississippian wells, 17 Bakken wells and 30 additional oil wells spud in the Belly River, Cardium, Charlie Lake, Devonian, Duvernay, Montney, Nisku, and Triassic formations. There were 3 Montney natural gas wells spud in Q4 2024 as well as additional gas wells in the Mannville and Viking formations. PrairieSky’s average royalty rate for wells spud in Q4 2024 was 6.2% (Q4 2023 – 7.2%). 2024 annual spuds on PrairieSky’s royalty properties totaled 741 wells, as compared to 805 wells in 2023, with an average royalty rate of 5.9% (2023 – 7.2%).

For YE 2024, PrairieSky estimates that $1.9 billion (net – $93 million) in third-party capital was spent drilling and completing wells on PrairieSky’s royalty properties, a decrease from $2.0 billion (net capital – $112 million) in YE 2023. Activity on PrairieSky’s lands drove a 3.5% increase in proved plus probable oil reserves as discussed further below.

ANNUAL DIVIDEND INCREASED 4% TO $1.04 PER SHARE

PrairieSky is pleased to announce a 4% increase in its annual dividend policy to $1.04 per common share in 2025, to be paid on a quarterly basis. Subject to the approval of the Board of Directors, the first quarterly dividend of $0.26 per common share is expected to be effective for the March 31, 2025 record date. In determining changes to the dividend policy, the Board of Directors considers a number of factors including current and projected activity levels on PrairieSky’s royalty lands, the current commodity price environment, the working capital and bank debt balance and net earnings of the Company.

2024 RESERVES INFORMATION

PrairieSky’s proved plus probable oil reserves increased 3.5% to 26,620 MBOE at December 31, 2024, as drilling extensions and improved recoveries outpaced annual production. PrairieSky’s corporate proved plus probable reserves totaled 63,653 MBOE at December 31, 2024 (December 31, 2023 – 65,762 MBOE). Proved plus probable reserves decreased from 2023, with positive year over year changes to oil reserves outpaced by declines in natural gas and NGL reserves, primarily as a result of lower natural gas pricing impacting both activity on the royalty properties in 2024 and the future economics of certain natural gas plays using the pricing assumptions at December 31, 2024. The increase in oil proved plus probable reserves drove a 5% increase in the before-tax net present value of total proved plus probable reserves, discounted at 10%, to $1.93 billion (2023 – $1.84 billion). Changes to proved plus probable reserves comprised of additions related to third-party drilling and improved recovery (7,131 MBOE), technical additions (624 MBOE) and acquisitions (205 MBOE) less 2024 royalty production volumes of 9,218 MBOE and economic factors (851 MBOE). PrairieSky’s proved plus probable reserves include only developed assets (developed producing and developed non-producing properties) and do not include any future development capital on undeveloped lands.

PrairieSky’s YE 2024 reserves were evaluated by independent reserves evaluators GLJ Ltd. The evaluation of PrairieSky’s royalty properties was done in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. PrairieSky’s reserves information is included in the Company’s Annual Information Form for the year ended December 31, 2024, which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

2025 INVESTOR DAY

PrairieSky will be hosting an investor day on May 14, 2025, in Calgary, Alberta, where members of PrairieSky’s management team will present details on the Company’s oil and natural gas plays. The investor day will be webcast starting at 9:30 a.m. MDT (11:30 a.m. EDT). Interested parties may participate in the webcast which will be available through PrairieSky’s investor center at www.prairiesky.com. The webcast will be archived and accessible for replay after the event.

NOTES AND REFERENCES

(1) In this press release, the financial reporting periods are referred to as follows: “Q4 2024” or “the quarter” refers to the three months ended December 31, 2024; “YE 2024” or “the year” refers to the year ended December 31, 2024; “Q4 2023” and “YE 2023” refer to the three months and year ended December 31, 2023, respectively.

(2) For further details on the “Mannville Stack”, we refer you to PrairieSky’s most recent Corporate Presentation contained on PrairieSky’s website at www.prairiesky.com.

(3) “enhanced oil recovery” means the extraction of additional crude oil, natural gas, and related substances from reservoirs through a production process other than natural depletion; includes both secondary and tertiary recovery processes such as pressure maintenance, cycling, waterflooding, thermal methods, chemical flooding, and using miscible and immiscible displacement fluids.

Unless otherwise indicated or the context otherwise requires, terms used in this press release but not defined above are as defined in in the Company’s Annual Information Form for the year ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

FINANCIAL AND OPERATIONAL INFORMATION

The following table summarizes select operational and financial information of the Company for the periods noted. All dollar amounts are stated in Canadian dollars unless otherwise noted.

A full version of PrairieSky’s management’s discussion and analysis (“MD&A”) and annual audited consolidated financial statements and notes thereto for the fiscal period ended December 31, 2024 is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

	Three months ended						Year ended
	December 31		September 30		December 31		December 31		December 31
($ millions, except per share or as otherwise noted)	2024		2024		2023		2024		2023
FINANCIAL
Revenues	135.6		117.3		136.6		509.2		513.2

Funds from operations	99.0		92.4		111.1		380.5		382.5
Per share – basic and diluted⁽¹⁾	0.41		0.39		0.46		1.59		1.60

Net earnings	60.2		47.3		67.4		215.3		227.6
Per share – basic and diluted⁽¹⁾	0.25		0.20		0.28		0.90		0.95

Dividends declared⁽²⁾	59.9		59.7		57.3		239.0		229.2
Per share	0.25		0.25		0.24		1.00		0.96

Dividend payout ratio⁽³⁾	61	%	65	%	52	%	63	%	60	%

Acquisitions – including non-cash consideration⁽⁴⁾	31.5		4.7		22.2		57.3		58.4
Net debt⁽⁵⁾	134.9		149.6		222.1		134.9		222.1

Shares outstanding
Shares outstanding at period end	239.0		239.0		239.0		239.0		239.0
Weighted average – basic and diluted	239.0		239.0		239.0		239.0		239.0

OPERATIONAL
Royalty production volumes
Crude oil (bbls/d)	13,317		12,733		12,844		13,125		12,438
NGL (bbls/d)	2,482		2,189		2,697		2,378		2,502
Natural gas (MMcf/d)	55.1		57.0		60.4		58.1		59.5
Royalty Production (BOE/d)⁽⁶⁾	24,982		24,422		25,608		25,186		24,857

Realized pricing
Crude oil ($/bbl)	81.66		85.90		83.27		84.12		82.52
NGL ($/bbl)	40.68		41.10		46.07		43.28		47.60
Natural gas ($/Mcf)	1.23		0.50		2.19		1.13		2.60
Total ($/BOE)⁽⁶⁾	50.30		49.63		51.78		50.53		52.31

Operating netback per BOE⁽⁷⁾	45.86		46.65		48.68		45.82		46.32

Funds from operations per BOE	43.07		41.12		47.16		41.28		42.16

Oil price benchmarks
West Texas Intermediate (WTI) (US$/bbl)	70.27		75.10		78.32		75.72		77.62
Edmonton light sweet ($/bbl)	94.90		97.77		99.72		97.55		100.46
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)	(12.55	)	(13.55	)	(21.89	)	(14.76	)	(18.65	)

Natural gas price benchmarks
AECO Monthly Index ($/Mcf)	1.46		0.81		2.66		1.44		2.93
AECO Daily Index ($/Mcf)	1.48		0.69		2.30		1.46		2.64

Foreign exchange rate (US$/CAD$)	0.7147		0.7341		0.7343		0.7299		0.7410
(1) Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding. (2) A dividend of $0.25 per share was declared on December 3, 2024. The dividend was paid on January 15, 2025 to shareholders of record as at December 31, 2024. (3) Dividend payout ratio is defined under the “Non-GAAP Measures and Ratios” section of this press release. (4) Excluding right-of-use asset additions. (5) See Note 16 “Capital Management” in the annual audited consolidated financial statements for the years ended December 31, 2024 and 2023 and Note 14 “Capital Management” in the interim condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023. (6) See “Conversions of Natural Gas to BOE”. (7) Operating netback per BOE is defined under the “Non-GAAP Measures and Ratios” section of this press release.

CONFERENCE CALL DETAILS

A conference call to discuss the results will be held for the investment community on Tuesday, February 11, 2025, beginning at 6:30 a.m. MST (8:30 a.m. EST). To participate in the conference call, you are asked to register at one of the links provided below. Details regarding the call will be provided to you upon registration.

Live call participant registration
URL: https://register.vevent.com/register/BIec7e34fab05745059bfbdddfab97dbdb

Live webcast participant registration (listen in only)
URL: https://edge.media-server.com/mmc/p/xfyj3o3u

FORWARD-LOOKING STATEMENTS

This press release includes certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) which may include, but are not limited to PrairieSky’s future plans, current expectations and views of future operations and contains forward-looking statements that the Company believes allow readers to better understand the Company’s business and prospects. The use of any of the words “expect”, “expected to”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”, “strategy” and similar expressions (including negative variations) are intended to identify forward-looking information or statements. Forward-looking statements contained in this press release include, but are not limited to, estimates regarding our expectations with respect to PrairieSky’s business and growth strategy and trajectory, including the benefits of the Company’s strategy of investing in low-cost oil plays and the optionality of owning fee mineral title acreage, the expectation that the production growth momentum in the Clearwater and Mannville Stack heavy oil plays will continue, the expectation that incremental well licensing in the Duvernay play will provide growth in high netback light oil volumes in 2025 and the expectation that, subject to approval of the Board of Directors, PrairieSky will declare a quarterly dividend of $0.26 per common share for shareholders of record on March 31, 2025.

With respect to forward-looking statements contained in this press release, PrairieSky has made several assumptions including those described in detail in our MD&A and the Annual Information Form for the year ended December 31, 2024. Readers and investors are cautioned that the assumptions used in the preparation of such forward-looking information and statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. PrairieSky’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. PrairieSky can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits the Company will derive from them.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond PrairieSky’s control, including the impact of general economic conditions including inflation, industry conditions, volatility of commodity prices, lack of pipeline capacity, currency fluctuations, increasing interest rates, imprecision of reserve estimates, competitive factors impacting royalty rates, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability, the imposition of any tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States and the Company’s ability to access sufficient capital from internal and external sources. In addition, PrairieSky is subject to numerous risks and uncertainties in relation to acquisitions. These risks and uncertainties include risks relating to the potential for disputes to arise with counterparties, and limited ability to recover indemnification under certain agreements. The foregoing and other risks, uncertainties and assumptions are described in more detail in PrairieSky’s MD&A, and the Annual Information Form for the year ended December 31, 2024 under the headings “Risk Management” and “Risk Factors”, respectively, each of which is available on SEDAR+ at www.sedarplus.com and PrairieSky’s website at www.prairiesky.com.

Further, any forward-looking statement is made only as of the date of this press release, and PrairieSky undertakes no obligation to update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable securities laws. New factors emerge from time to time, and it is not possible for PrairieSky to predict all of these factors or to assess, in advance, the impact of each such factor on PrairieSky’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

CONVERSIONS OF NATURAL GAS TO BOE

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (BOE). PrairieSky uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 BOE ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the BOE ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

NON-GAAP MEASURES AND RATIOS

Certain measures and ratios in this document do not have any standardized meaning as prescribed by IFRS and, therefore, are considered non-GAAP measures and ratios. These measures and ratios may not be comparable to similar measures and ratios presented by other issuers. These measures and ratios are commonly used in the oil and natural gas industry and by PrairieSky to provide potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to conduct its business. Non-GAAP measures and ratios include operating netback per BOE and dividend payout ratio. Management’s use of these measures and ratios is discussed further below. Further information can be found in the Non-GAAP Measures and Ratios section of PrairieSky’s MD&A for the year ended December 31, 2024 and 2023.

“Operating netback per BOE” represents the cash margin for products sold on a BOE basis. Operating netback per BOE is calculated by dividing the operating netback (royalty production revenue less production and mineral taxes and cash administrative expenses) by the average daily production volumes for the period. Operating netback per BOE is used to assess the cash generating and operating performance per unit of product sold and the comparability of the underlying performance between years. Operating netback per BOE measures are commonly used in the oil and natural gas industry to assess performance comparability. Refer to the Operating Results table on page 7 of PrairieSky’s MD&A for the year ended December 31, 2024 and 2023 and page 7 of PrairieSky’s MD&A for the three and nine months ended September 30, 2024 and 2023.

	Three months ended						Year ended
	December 31		September 30		December 31		December 31		December 31
($ millions)	2024		2024		2023		2024		2023
Cash from operating activities	91.3		109.6		128.0		379.9		318.9
Other revenue	(20.0	)	(5.8	)	(14.6	)	(43.4	)	(38.6	)
Other revenue – non-cash	8.2		–		–		8.2		0.5
Amortization of debt issuance costs	(0.2	)	(0.1	)	(0.1	)	(0.5	)	(0.4	)
Finance expense	2.3		2.7		3.9		12.2		17.5
Current tax expense	16.2		15.6		14.4		65.5		58.8
Interest on lease obligation	(0.1	)	–		–		(0.1	)	–
Net change in non-cash working capital	7.7		(17.2	)	(16.9	)	0.6		63.6
Operating netback	105.4		104.8		114.7		422.4		420.3

“Operating Margin” represents operating netback as a percentage of royalty production revenue. Management uses this measure to demonstrate the comparability between the Company and production and exploration companies in the oil and natural gas industry as it shows net revenue generation from operations.

	Three months ended						Year ended
	December 31		September 30		December 31		December 31		December 31
($ millions)	2024		2024		2023		2024		2023
Royalty production revenue	115.6		111.5		122.0		465.8		474.6
Operating netback	105.4		104.8		114.7		422.4		420.3
Operating margin	91	%	94	%	94	%	91	%	89	%

“Dividend payout ratio” is calculated as dividends declared as a percentage of funds from operations. Payout ratio is used by dividend paying companies to assess dividend levels in relation to the funds generated and used in operating activities.

	Three months ended						Year ended
	December 31		September 30		December 31		December 31		December 31
($ millions, except otherwise noted)	2024		2024		2023		2024		2023
Funds from operations	99.0		92.4		111.1		380.5		382.5
Dividends declared	59.9		59.7		57.3		239.0		229.2
Dividend payout ratio	61	%	65	%	52	%	63	%	60	%

ABOUT PRAIRIESKY ROYALTY LTD.

PrairieSky is a royalty company, generating royalty production revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most consolidated independently-owned fee simple mineral title position in Canada. PrairieSky’s common shares trade on the Toronto Stock Exchange under the symbol PSK.

FOR FURTHER INFORMATION PLEASE CONTACT:

Andrew M. Phillips
President & Chief Executive Officer
PrairieSky Royalty Ltd.
(587) 293-4005

Michael T. Murphy
Vice-President, Geosciences & Capital Markets
PrairieSky Royalty Ltd.
(587) 293-4056

Investor Relations
(587) 293-4000
www.prairiesky.com

Pamela P. Kazeil
Senior Vice-President, Finance & Chief Financial
Officer
PrairieSky Royalty Ltd.
(587) 293-4089

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The MIL Network –

February 11, 2025

MIL-OSI: HashiCorp to announce fourth quarter fiscal year 2025 financial results on March 6, 2025

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Feb. 10, 2025 (GLOBE NEWSWIRE) — HashiCorp, Inc. (NASDAQ: HCP), The Infrastructure Cloud™ company, today announced it will release financial results for the fourth quarter of its 2025 fiscal year, which ended January 31, 2025, after the U.S. markets close Thursday, March 6, 2025.

In light of the pending transaction with IBM, HashiCorp will not be hosting an earnings conference call to review the results or providing a financial outlook.

About HashiCorp

HashiCorp is The Infrastructure Cloud™ company, helping organizations automate multi-cloud and hybrid environments with Infrastructure Lifecycle Management and Security Lifecycle Management. HashiCorp offers The Infrastructure Cloud on the HashiCorp Cloud Platform (HCP) for managed cloud services, as well as self-hosted enterprise offerings and community source-available products. The company is headquartered in San Francisco, California. For more information, visit hashicorp.com.

Investor Contact
ir@hashicorp.com

Media & Analyst Contact
Kate Lehman
Senior Director, Corporate Communications
media@hashicorp.com

The MIL Network –

February 11, 2025

MIL-OSI: Prospect Capital Announces Financial Results for Fiscal December 2024 Quarter

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter ended December 31, 2024.

FINANCIAL RESULTS

All amounts in $000’s except per share amounts (on weighted average basis for period numbers)	Quarter Ended	Quarter Ended	Quarter Ended
	December 31, 2024	September 30, 2024	December 31, 2023

Net Investment Income (“NII”)	$86,431	$89,877	$96,927
NII per Common Share	$0.20	$0.21	$0.24
Interest as % of Total Investment Income	91.0%	94.0%	92.3%

Net Income (Loss) Applicable to Common Shareholders	$(30,993)	$(165,069)	$(51,436)
Net Income (Loss) per Common Share	$(0.07)	$(0.38)	$(0.13)

Distributions to Common Shareholders	$65,554	$77,358	$74,056
Distributions per Common Share	$0.15	$0.18	$0.18
Cumulative Paid and Declared Distributions to Common Shareholders⁽¹⁾	$4,445,060	$4,384,924	$4,162,509
Cumulative Paid and Declared Distributions per Common Share⁽¹⁾	$21.39	$21.25	$20.76
Multiple of Net Asset Value (“NAV”) per Common Share⁽¹⁾	2.7x	2.6x	2.3x

Total Assets	$7,234,855	$7,592,705	$7,781,214
Total Liabilities	$2,164,305	$2,469,590	$2,596,824
Preferred Stock	$1,630,514	$1,612,302	$1,500,741
Net Asset Value (“NAV”) to Common Shareholders	$3,440,036	$3,510,813	$3,683,649
NAV per Common Share	$7.84	$8.10	$8.92

Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments	$1,879,738	$1,631,291	$1,187,740

Net of Cash Debt to Total Assets	28.1%	29.7%	31.2%
Net of Cash Debt to Equity Ratio⁽²⁾	39.8%	43.7%	46.2%
Net of Cash Asset Coverage of Debt Ratio⁽²⁾	351%	329%	316%

Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity	91.9%	86.0%	78.4%
Unsecured and Non-Recourse Debt as % of Total Debt	100.0%	100.0%	100.0%

⁽¹⁾	Declared dividends are through the April 2025 distribution. February through April 2025 distributions are estimated based on shares outstanding as of 2/7/2025.
⁽²⁾	Including our preferred stock as equity.

CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION

Prospect is declaring distributions to common shareholders as follows:

Monthly Cash Common Shareholder Distribution	Record Date	Payment Date	Amount ($ per share)
February 2025	2/26/2025	3/20/2025	$0.0450
March 2025	3/27/2025	4/17/2025	$0.0450
April 2025	4/28/2025	5/20/2025	$0.0450

Prospect expects to declare May 2025, June 2025, July 2025, and August 2025 distributions to common shareholders in May 2025.

Taking into account past distributions and our current share count for declared distributions, since inception through our April 2025 declared distribution, Prospect will have distributed $21.39 per share to original common shareholders, representing 2.7 times December 2024 common NAV per share, aggregating $4.4 billion in cumulative distributions to all common shareholders.

Since Prospect’s initial public offering in July 2004 through December 31, 2024, Prospect has invested over $21 billion across over 400 investments, exiting over 300 of these investments.

Drivers focused on optimizing our business include: (1) rotation of assets into and increased focus on our core business of first lien senior secured middle market loans, including sometimes with selected equity investments, (2) continued amortization of our subordinated structured notes portfolio, (3) prudent exits of equity linked assets (including real estate properties and corporate investments), (4) enhancement of portfolio company operating performance, and (5) greater utilization of our cost efficient revolving floating rate credit facility.

In our middle market lending strategy, we recently provided a first lien senior secured term loan, a first lien senior secured convertible term loan, and a preferred equity investment to Taos Footwear Holdings, LLC (“Taos Footwear”), aggregating $65 million, in collaboration with Taos Footwear’s founder and leadership team. Taos Footwear is a leading, innovative footwear brand providing customers with stylish and supportive footwear products. Taos Footwear is renowned for its supportive footbed that has reshaped the lifestyle footwear industry over the past 20 years.

Examples of similar recent investments in our middle market lending strategy with both first lien senior secured debt and equity linked investments include Druid City Infusion, LLC (an infusion therapy services company with multiple locations across the South and Mountain West regions of the United States), Discovery Point Retreat, LLC (a rapidly growing detox and rehabilitation provider in North Texas), The RK Logistics Group, Inc. (a logistics service provider of turnkey inventory management and transportation services focused on technology and other sectors), and iQor Holdings, Inc. (a provider of customer experience services and business process outsourcing services).

Our subordinated structured notes portfolio as of December 31, 2024 represented 5.8% of our investment portfolio, a reduction of 210 basis points from 7.9% as of December 31, 2023. Since the inception of this strategy in 2011 and through December 31, 2024, we have exited 15 subordinated structured note investments that have earned an unlevered investment level gross cash internal rate of return (“IRR”) of 12.1% and cash on cash multiple of 1.3 times. The remaining subordinated structured notes portfolio had a trailing twelve month average cash yield of 24.4% and an annualized GAAP yield of 3.9% (in each case as of December 31, 2024, based on fair value, and excluding investments being redeemed), with the difference between cash yield and GAAP yield representing amortization of our cost basis.

In our real estate property portfolio at National Property REIT Corp. (“NPRC”), since the inception of this strategy in 2012 and through December 31, 2024, we have exited 51 property investments (including two exits in the December 2024 quarter) that have earned an unlevered investment-level gross cash IRR of 24.3% and cash on cash multiple of 2.5 times. The remaining real estate property portfolio included 59 properties and paid us an income yield of 6.9% for the quarter ended December 31, 2024. Our aggregate investments in the related portfolio company had a $522 million unrealized gain as of December 31, 2024.

Our senior management team and employees own 28.7% of all common shares outstanding (an increase of 240 basis points since June 30, 2024) or approximately $1.0 billion of our common equity as measured at NAV.

PORTFOLIO UPDATE AND INVESTMENT ACTIVITY

All amounts in $000’s except per unit amounts	As of	As of	As of
All amounts in $000’s except per unit amounts	December 31, 2024	September 30, 2024	December 31, 2023

Total Investments (at fair value)	$7,132,928	$7,476,641	$7,631,846
Number of Portfolio Companies	114	117	126
Number of Industries	33	33	36

First Lien Debt	64.9%	64.9%	58.7%
Second Lien Debt	10.2%	11.1%	15.5%
Subordinated Structured Notes	5.8%	6.2%	7.9%
Unsecured Debt	0.1%	0.1%	0.1%
Equity Investments	19.0%	17.7%	17.8%
Mix of Investments with Underlying Collateral Security	80.9%	82.2%	82.1%

Annualized Current Yield – All Investments	9.1%	9.7%	10.1%
Annualized Current Yield – Performing Interest Bearing Investments	11.2%	11.8%	12.3%

Non-Accrual Loans as % of Total Assets ⁽¹⁾	0.4%	0.5%	0.2%

Middle-Market Loan Portfolio Company Weighted Average EBITDA⁽²⁾	$101,644	$104,682	$109,719
Middle-Market Loan Portfolio Company Weighted Average Net Leverage Ratio⁽²⁾	6.1x	5.7x	5.4x

⁽¹⁾	Calculated at fair value.
⁽²⁾	For additional disclosure see “Middle-Market Loan Portfolio Company Weighted Average EBITDA and Net Leverage” at the end of the release.

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

All amounts in $000’s	Quarter Ended	Quarter Ended	Quarter Ended
All amounts in $000’s	March 31, 2025 (to date)	December 31, 2024	September 30, 2024

Total Originations	$110,724	$134,956	$290,639

Middle-Market Lending	86.4%	67.7%	85.8%
Middle-Market Lending / Buyouts	—%	14.5%	6.1%
Real Estate	13.6%	17.8%	7.8%
Subordinated Structured Notes	—%	—%	—%

Total Repayments and Sales	$19,480	$383,363	$282,328

Originations, Net of Repayments and Sales	$91,244	$(248,407)	$8,311

For additional disclosure see “Primary Origination Strategies” at the end of this release.

CAPITAL AND LIQUIDITY

Our multi-year, long-term laddered and diversified historical funding profile has included a $2.1 billion revolving credit facility (aggregate commitments with 48 current lenders), program notes, institutional bonds, convertible bonds, listed preferred stock, and program preferred stock. We have retired multiple upcoming maturities and, after we retire our upcoming $156.2 million convertible bond maturity due March 2025 (utilizing existing liquidity on hand), will have just $3.9 million remaining of debt maturing during calendar year 2025.

On June 28, 2024, we completed an extension and upsizing of our Revolving Credit Facility (the “Revolving Credit Facility”), which extended the term of the Facility five years and the revolving period to four years from such date. The Facility includes a revolving period that extends through June 28, 2028, followed by an additional one-year amortization period. The interest rate for amounts drawn under the Facility remained unchanged from prior to the extension and upsizing and is one-month SOFR plus 2.05%.

Our total unfunded eligible commitments to portfolio companies totals approximately $62 million, of which $29 million are considered at our sole discretion, representing 0.9% and 0.4% of our total assets as of December 31, 2024, respectively.

	As of	As of
All amounts in $000’s	December 31, 2024	September 30, 2024
Net of Cash Debt to Total Assets Ratio	28.1%	29.7%
Net of Cash Debt to Equity Ratio⁽¹⁾	39.8%	43.7%
% of Interest-Bearing Assets at Floating Rates	79.8%	81.0%
Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity	91.9%	86.0%

Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments	$1,879,738	$1,631,291

Unencumbered Assets	$4,763,601	$4,852,971
% of Total Assets	65.8%	63.9%

⁽¹⁾	Including our preferred stock as equity.

The below table summarizes our December 2024 quarter term debt issuance and repurchase/repayment activity:

All amounts in $000’s	Principal	Coupon	Maturity
Debt Issuances
Prospect Capital InterNotes®	$41,759	6.625% – 7.75%	January 2027 – December 2034
Total Debt Issuances	$41,759

Debt Repurchases/Repayments
Prospect Capital InterNotes®	$1,187	2.25% – 6.63%	May 2026 – December 2051
2026 Notes	$11,443	3.706%	January 2026
Total Debt Repurchases/Repayments	$12,630

Net Debt Repurchases/Repayments	$29,129

We currently have four separate unsecured debt issuances aggregating approximately $1.1 billion outstanding, not including our program notes, with laddered maturities extending through October 2028. At December 31, 2024, $644 million of program notes were outstanding with laddered maturities through March 2052.

At December 31, 2024 our weighted average cost of unsecured debt financing was 4.49%, an increase of 0.07% from September 30, 2024, and an increase of 0.34% from December 31, 2023.

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

DIVIDEND REINVESTMENT PLAN

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

HOW TO PARTICIPATE IN OUR DIVIDEND REINVESTMENT PLAN

Shares held with a broker or financial institution

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

Shares registered directly with our transfer agent

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

EARNINGS CONFERENCE CALL

Prospect will host an earnings call on Tuesday, February 11, 2025 at 9:00 a.m. Eastern Time. Dial 888-338-7333. For a replay after February 11, 2025 visit www.prospectstreet.com or call 877-344-7529 with passcode 2146236.

PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share and per share data)

	December 31, 2024		June 30, 2024
	(Unaudited)		(Audited)
Assets
Investments at fair value:
Control investments (amortized cost of $3,323,998 and $3,280,415, respectively)	$	3,772,329	$	3,872,575
Affiliate investments (amortized cost of $11,735 and $11,594, respectively)	20,212		18,069
Non-control/non-affiliate investments (amortized cost of $3,689,972 and $4,155,165, respectively)	3,340,387		3,827,599
Total investments at fair value (amortized cost of $7,025,705 and $7,447,174, respectively)	7,132,928		7,718,243
Cash and cash equivalents (restricted cash of $1,508 and $3,974, respectively)	59,760		85,872
Receivables for:
Interest, net	18,428		26,936
Other	1,914		1,091
Deferred financing costs on Revolving Credit Facility	21,180		22,975
Prepaid expenses	641		1,162
Due from broker	—		734
Due from Affiliate	4		79
Total Assets	7,234,855		7,857,092
Liabilities
Revolving Credit Facility	301,522		794,796
Public Notes (less unamortized discount and debt issuance costs of $10,075 and $12,433, respectively)	966,197		987,567
Prospect Capital InterNotes® (less unamortized debt issuance costs of $9,299 and $7,999, respectively)	634,535		496,029
Convertible Notes (less unamortized debt issuance costs of $166 and $649, respectively)	156,002		155,519
Due to Prospect Capital Management	50,700		58,624
Interest payable	23,214		21,294
Dividends payable	20,076		25,804
Due to Prospect Administration	5,070		5,433
Accrued expenses	4,028		3,591
Due to broker	2,762		10,272
Other liabilities	199		242
Total Liabilities	2,164,305		2,559,171
Commitments and Contingencies
Preferred Stock, par value $0.001 per share (847,900,000 and 647,900,000 shares of preferred stock authorized, with 80,000,000 and 80,000,000 as Series A1, 80,000,000 and 80,000,000 as Series M1, 80,000,000 and 80,000,000 as Series M2, 20,000,000 and 20,000,000 as Series AA1, 20,000,000 and 20,000,000 as Series MM1, 1,000,000 and 1,000,000 as Series A2, 6,900,000 and 6,900,000 as Series A, 80,000,000 and 80,000,000 as Series A3, 80,000,000 and 80,000,000 as Series M3, 90,000,000 and 80,000,000 as Series A4, 90,000,000 and 80,000,000 as Series M4, 20,000,000 and 20,000,000 as Series AA2, 20,000,000 and 20,000,000 as Series MM2, 90,000,000 and 0 as Series A5, and 90,000,000 and 0 as Series M5, each as of December 31, 2024 and June 30, 2024; 27,968,443 and 28,932,457 Series A1 shares issued and outstanding, 1,309,907 and 1,788,851 Series M1 shares issued and outstanding, 0 and 0 Series M2 shares issued and outstanding, 0 and 0 Series AA1 shares issued and outstanding, 0 and 0 Series MM1 shares issued and outstanding, 163,000 and 164,000 Series A2 shares issued and outstanding, 5,251,157 and 5,251,157 Series A shares issued and outstanding, 24,476,826 and 24,810,648 Series A3 shares issued and outstanding, 2,732,317 and 3,351,101 Series M3 shares issued and outstanding, 2,192,884 and 1,401,747 Series M4 shares issued and outstanding, 7,012,458 and 3,766,166 Series A4 issued and outstanding, 0 and 0 Series AA2 shares issued and outstanding, 0 and 0 Series MM2 shares issued and outstanding, 0 and 0 Series A5 issued and outstanding, and 0 and 0 Series M5 issued and outstanding as of December 31, 2024 and June 30, 2024, respectively) at carrying value plus cumulative accrued and unpaid dividends	1,630,514		1,586,188
Net Assets Applicable to Common Shares	$	3,440,036	$	3,711,733
Components of Net Assets Applicable to Common Shares and Net Assets, respectively
Common stock, par value $0.001 per share (1,152,100,000 and 1,352,100,000 common shares authorized; 438,851,578 and 424,846,963 issued and outstanding, respectively)	439		425
Paid-in capital in excess of par	4,267,636		4,208,607
Total distributable (loss)	(828,039)		(497,299)
Net Assets Applicable to Common Shares	$	3,440,036	$	3,711,733
Net Asset Value Per Common Share	$	7.84	$	8.74

PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (Unaudited)

	Three Months Ended December 31,				Six Months Ended December 31,
	2024		2023		2024		2023
Investment Income
Interest income (excluding payment-in-kind (“PIK”) interest income):
Control investments	$	57,386	$	41,690	$	109,768	$	90,816
Non-control/non-affiliate investments	87,159		105,749		182,069		212,105
Structured credit securities	4,054		8,882		8,233		25,569
Total interest income (excluding PIK interest income)	148,599		156,321		300,070		328,490
PIK interest income:
Control investments	13,884		26,834		33,594		50,951
Non-control/non-affiliate investments	6,315		11,476		19,749		17,637
Total PIK Interest Income	20,199		38,310		53,343		68,588
Total interest income	168,798		194,631		353,413		397,078
Dividend income:
Control investments	4,387		—		4,387		227
Affiliate investments	—		—		141		1,307
Non-control/non-affiliate investments	2,574		1,340		4,843		2,865
Total dividend income	6,961		1,340		9,371		4,399
Other income:
Control investments	8,416		11,616		15,383		41,361
Non-control/non-affiliate investments	1,291		3,355		3,607		4,349
Total other income	9,707		14,971		18,990		45,710
Total Investment Income	185,466		210,942		381,774		447,187
Operating Expenses
Base management fee	37,069		39,087		75,675		78,376
Income incentive fee	13,632		18,325		29,312		43,942
Interest and credit facility expenses	37,979		40,044		77,739		80,637
Allocation of overhead from Prospect Administration	5,708		12,252		11,416		14,365
Audit, compliance and tax related fees	80		479		1,800		1,496
Directors’ fees	150		131		300		266
Other general and administrative expenses	4,417		3,697		9,224		5,566
Total Operating Expenses	99,035		114,015		205,466		224,648
Net Investment Income	86,431		96,927		176,308		222,539
Net Realized and Net Change in Unrealized Gains (Losses) from Investments
Net realized gains (losses)
Control investments	3		—		6,370		(147)
Non-control/non-affiliate investments	(46,656)		123		(153,393)		(207,219)
Net realized gains (losses)	(46,653)		123		(147,023)		(207,366)
Net change in unrealized gains (losses)
Control investments	30,419		(99,441)		(143,829)		(117,235)
Affiliate investments	(1,446)		1,751		2,002		2,588
Non-control/non-affiliate investments	(69,053)		(27,051)		(22,020)		188,535
Net change in unrealized gains (losses)	(40,080)		(124,741)		(163,847)		73,888
Net Realized and Net Change in Unrealized Gains (Losses) from Investments	(86,733)		(124,618)		(310,870)		(133,478)
Net realized gains (losses) on extinguishment of debt	236		(53)		484		(144)
Net Increase (Decrease) in Net Assets Resulting from Operations	(66)		(27,744)		(134,078)		88,917
Preferred Stock dividends	(26,228)		(24,070)		(53,385)		(47,221)
Net gain (loss) on redemptions of Preferred Stock	(906)		378		1,398		879
Gain (loss) on Accretion to Redemption Value of Preferred Stock	(3,793)		—		(9,997)		—
Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders	$	(30,993)	$	(51,436)	$	(196,062)	$	42,575

PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES ROLLFORWARD OF NET ASSET VALUE PER COMMON SHARE (in actual dollars)

	Three Months Ended December 31,						Six Months Ended December 31,
	2024			2023			2024			2023
Per Share Data
Net asset value per common share at beginning of period	$	8.10		$	9.25		$	8.74		$	9.24
Net investment income⁽¹⁾	0.20			0.24			0.41			0.54
Net realized and change in unrealized gains (losses)⁽¹⁾	(0.21)			(0.30)			(0.74)			(0.33)
Net increase (decrease) from operations	(0.01)			(0.06)			(0.33)			0.21
Distributions of net investment income to preferred stockholders	(0.06)		₍₄₎	(0.07)		₍₃₎	(0.12)		₍₄₎	(0.12)		₍₃₎
Distributions of capital gains to preferred stockholders	—		₍₄₎	—		₍₃₎	—		₍₄₎	—		₍₃₎
Total distributions to preferred stockholders	(0.06)			(0.07)			(0.12)			(0.12)
Net increase (decrease) from operations applicable to common stockholders	(0.07)			(0.13)			(0.45)			0.10		₍₇₎
Distributions of net investment income to common stockholders	(0.15)		₍₄₎	(0.18)		₍₃₎	(0.33)		₍₄₎	(0.34)		₍₃₎
Return of capital to common stockholders	—		₍₄₎	—		₍₃₎	—		₍₄₎	(0.02)		₍₃₎₍₆₎
Total distributions to common stockholders	(0.15)			(0.18)			(0.33)			(0.36)
Common stock transactions⁽²⁾	(0.04)			(0.02)			(0.13)			(0.06)
Net asset value per common share at end of period	$	7.84		$	8.92		$	7.84	₍₇₎	$	8.92	₍₇₎

⁽¹⁾	Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for dividends to stockholders which is based on actual rate per share). Realized gains (losses) is inclusive of net realized losses (gains) on investments, realized losses (gains) from extinguishment of debt and realized gains (losses) from the repurchases and redemptions of preferred stock.

⁽²⁾	Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our common stock dividend reinvestment plan, common shares issued to acquire investments, common shares repurchased below net asset value pursuant to our Repurchase Program, and common shares issued pursuant to the Holder Optional Conversion of our 5.50% Preferred Stock and 6.50% Preferred Stock.

⁽³⁾	Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2024.

⁽⁴⁾	Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2025.

⁽⁵⁾	Diluted net decrease from operations applicable to common stockholders was $0.07 for the three months ended December 31, 2024. Diluted net decrease from operations applicable to common stockholders was $0.13 for the three months ended December 31, 2023. Diluted net decrease from operations applicable to common stockholders was $0.45 for the six months ended December 31, 2024. Diluted net increase from operations applicable to common stockholders was $0.10 for the six months ended December 31, 2023.

⁽⁶⁾	The amounts reflected for the respective fiscal periods were updated based on tax information received subsequent to our Form 10-K filing for the year ended June 30, 2023 and our Form 10-Q filing for December 31, 2023. Certain reclassifications have been made in the presentation of prior period amounts.

⁽⁷⁾	Does not foot due to rounding.

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

Middle-Market Loan Portfolio Company Weighted Average Net Leverage (“Middle-Market Portfolio Net Leverage”) and Middle-Market Loan Portfolio Company Weighted Average EBITDA (“Middle-Market Portfolio EBITDA”) provide clarity into the underlying capital structure of PSEC’s middle-market loan portfolio investments and the likelihood that such portfolio will make interest payments and repay principal.

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

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

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

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

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

PRIMARY ORIGINATION STRATEGIES

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

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

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

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

About Prospect Capital Corporation

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

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

Caution Concerning Forward-Looking Statements

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

For additional information, contact:

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

The MIL Network –

February 11, 2025

MIL-OSI: Astera Labs Announces Financial Results for the Fourth Quarter of Fiscal Year 2024

Source: GlobeNewswire (MIL-OSI)

Record quarterly revenue of $141.1 million, up 25% QoQ and up 179% YoY
Fiscal 2024 record revenue of $396.3 million, up 242% versus the prior year
Ramping across diverse set of customers and platforms with four product families in fiscal 2025

SANTA CLARA, Calif., Feb. 10, 2025 (GLOBE NEWSWIRE) — Astera Labs, Inc. (Nasdaq: ALAB), a global leader in semiconductor-based connectivity solutions for cloud and AI infrastructure, today announced preliminary financial results for the fourth quarter and full fiscal year 2024, ended December 31, 2024.

“Astera Labs delivered strong Q4 results, with revenue growing 25% versus the previous quarter, and capped off a stellar 2024 with 242% revenue growth year-over-year,” said Jitendra Mohan, Astera Labs’ Chief Executive Officer. “The revenue growth in 2024 was largely driven by Aries PCIe Retimer products, with Taurus Smart Cable Modules for Ethernet coming in strongly in Q4. We expect 2025 to be a breakout year as we enter a new phase of growth driven by revenue from all four of our product families to support a diverse set of customers and platforms. This includes our flagship Scorpio Fabric products for head-node PCIe connectivity and backend AI accelerator scale-up clustering.”

Fourth Quarter of Fiscal 2024 Financial Highlights

GAAP Financial Results:

Revenue of $141.1 million, up 25% sequentially and up 179% year-over-year
GAAP gross margin of 74.0%
GAAP operating income of $0.1 million
GAAP operating margin of 0.1%
GAAP net income of $24.7 million
GAAP diluted net earnings per share of $0.14

Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

Non-GAAP gross margin of 74.1%
Non-GAAP operating income of $48.4 million
Non-GAAP operating margin of 34.3%
Non-GAAP net income of $66.5 million
Non-GAAP diluted earnings per share of $0.37

Full Year Fiscal 2024 Financial Highlights

GAAP Financial Results:

Revenue of $396.3 million, up 242% year-over-year
GAAP gross margin of 76.4%
GAAP operating loss of $116.1 million
GAAP operating margin of (29.3%)
GAAP net loss of $83.4 million
GAAP diluted net loss per share of $0.64

Non-GAAP and Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

Non-GAAP gross margin of 76.6%
Non-GAAP operating income of $119.6 million
Non-GAAP operating margin of 30.2%
Non-GAAP net income of $143.3 million
Pro forma non-GAAP diluted earnings per share of $0.84

Full Year Fiscal 2024 Business Highlights

Introduced new portfolio of Scorpio Smart Fabric Switches purpose-built for AI infrastructure at cloud-scale. The Scorpio Smart Fabric Switch family features two application-specific product lines with a multi-generational roadmap, including the P-Series for GPU-to-CPU/NIC/SSD PCIe Gen 6 connectivity and the X-Series for platform-specific, back-end AI accelerator clustering. Scorpio is currently shipping in pre-production quantities.
Joined the Ultra Accelerator Link Consortium as a promoting member on the Board of Directors. UALink technology will be used to enable efficient high-speed scale-up connectivity between AI accelerators within large and growing cluster sizes for AI workloads. Astera Labs is well positioned to quickly contribute to this new and compelling industry initiative to develop and advance UALink technology.
Demonstrated the industry’s first end-to-end PCIe optical connectivity link to provide extended reach for larger, disaggregated GPU clusters. PCIe over optics expands Astera Labs’ widely deployed and field-tested Aries family of Smart DSP retimers and Smart Cable Modules (SCMs) to deliver robust PCIe and CXL connectivity in chip-to-chip, box-to-box, and rack-to-rack topologies throughout the data center.
Expanded the widely deployed and field-tested Aries PCIe/CXL Smart DSP Retimer portfolio with the introduction and initial shipment of Aries 6 Retimers, the industry’s lowest power PCIe 6.x/CXL 3.x Retimer solution, to achieve higher bandwidth and extended reach across complex AI and compute topologies.
Shipped Aries PCIe/CXL Smart Cable Modules for Active Electrical Cable applications to enable multi-rack GPU clustering and low-latency memory fabric connectivity within AI infrastructure. The solution drives seven meters of reach over flexible copper cables to seamlessly and affordably interconnect clusters of GPUs across rack enclosures.
Showcased the first public demonstration of end-to-end interoperability between a PCIe 6.x Switch and a PCIe 6.x SSD at DesignCon 2025. The PCIe 6.x link-up was between an Astera Labs Scorpio P-Series Fabric Switch and Micron’s PCIe 6.x SSDs and showcased remarkable sequential read speeds exceeding 26GB/s.

First Quarter of Fiscal 2025 Financial Outlook

Based on current business trends and conditions, Astera Labs estimates the following:

GAAP Financial Outlook:

Revenue within a range of $151 million to $155 million
GAAP gross margin of approximately 74%
GAAP operating expenses within a range of approximately $113 million to $114 million
GAAP tax expense of approximately $3 million
GAAP diluted earnings per share within a range of approximately $0.03 to $0.04 on weighted-average diluted shares outstanding of approximately 180 million

Non-GAAP Financial Outlook (excluding the impact of approximately $47 million of stock-based compensation and including approximately $3 million of additional income taxes):

Non-GAAP gross margin of approximately 74%
Non-GAAP operating expenses within a range of approximately $66 million to $67 million
Non-GAAP tax rate of approximately 10%
Non-GAAP diluted earnings per share within a range of approximately $0.28 to $0.29 on non-GAAP weighted-average diluted shares outstanding of approximately 180 million

Earnings Webcast and Conference Call
Astera Labs will host a conference call to review its financial results for the fourth quarter and full year of fiscal 2024 and to discuss our financial outlook today at 1:30 p.m. Pacific Time. Interested parties may join the conference call by dialing 1-800-715-9871 and using conference ID 5908687. The call will also be webcast and can be accessed at the Astera Labs website at https://ir.asteralabs.com/. The webcast will be recorded and available for replay on the company’s website for the next six months.

Discussion of Non-GAAP Financial Measures
We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. A reconciliation of these non-GAAP measures to the closest GAAP measure can be found later in this release. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income (loss), non-GAAP diluted earnings (loss) per share, and non-GAAP weighted-average share count. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income (loss), non-GAAP pro forma diluted earnings (loss) per share, and non-GAAP pro forma weighted-average share count provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

No reconciliation is provided with respect to the forward-looking non-GAAP financial measures included in our non-GAAP financial outlook, as the GAAP measures are not accessible on a forward-looking basis. As a result, we cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results.

We adjust the following items from one or more of our non-GAAP financial measures:

Stock-based compensation expense
We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate non-cash stock-based compensation expense using a variety of valuation methodologies and subjective assumptions. Moreover, stock-based compensation expense is a non-cash charge that can vary significantly from period to period for reasons that are unrelated to our core operating performance, and therefore excluding this item provides investors and other users of our financial information with information that allows meaningful comparisons of our business performance across periods.

Employer payroll taxes related to stock-based compensation resulting from our IPO
We exclude employer payroll taxes related to the time-based vesting and net settlement of restricted stock units in connection with our initial public offering (the “IPO”), because this does not correlate to the operation of our business. We believe that excluding this item provides meaningful supplemental information regarding operational performance given the amount of employer payroll tax-related items on employee stock transactions was immaterial prior to our IPO.

Income tax effect
This represents the impact of the non-GAAP adjustments on an after-tax basis and one-off discrete tax adjustments that are unrelated to our core operating performance in connection with the presentation of non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share. This approach is designed to enhance investors’ ability to understand the impact of our non-GAAP tax expense on our current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments.

Non-GAAP pro forma weighted-average shares to compute non-GAAP pro forma net income (loss) per share
We present non-GAAP pro forma weighted-average shares, assuming our redeemable convertible preferred stock is converted from the beginning of each respective periods presented, to provide meaningful supplemental information regarding EPS trend on a consistent basis. All of our outstanding redeemable preferred stock converted into the equivalent number of shares of common stock in connection with our IPO.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on Astera Labs’ current expectations. The words “believe”, “estimate”, “expect”, “intend”, “may”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Astera Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Astera Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, including for the first quarter of fiscal 2025, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products and anticipated results of those products for our customers, our competitive positioning, including to meet the connectivity market opportunity in the future and initiative to advance UALink technology, technological capabilities and plans, our plans to add R&D talent and strategic IP blocks, and macroeconomic trends in cloud and AI infrastructure. A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation: the competitive and cyclical nature of the semiconductor industry; the concentration of our customer base; the changes in demand for AI; the macroeconomic environment; risks that demand and the supply chain may be adversely affected, including by the imposition of tariffs by the United States and any corresponding retaliatory tariffs, changes in political policies, military conflict (such as between Russia/Ukraine and Israel/Hamas), terrorism, sanctions or other geopolitical events globally (including conflict between Taiwan and China); quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with managing international activities (including trade barriers, particularly with respect to China); absence of long-term commitments from customers; risks that Astera Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; stock price volatility; information technology risks, including cyber-attacks against Astera Labs’ products and its networks; and other risks and uncertainties that are detailed under the caption “Risk Factors” and elsewhere in our Annual Report on 10-K that will be filed with the Securities and Exchange Commission (the “SEC”) and in Quarterly Reports on Form 10-Q filed with the SEC and the other SEC filings and reports Astera Labs may make from time to time. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Astera Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

About Astera Labs
Our PCIe, CXL and Ethernet semiconductor-based connectivity solutions are purpose-built to unleash the full potential of accelerated computing at cloud-scale. Inspired by trusted partnerships with hyperscalers and the data center ecosystem, we are an innovation leader of products that are customizable, interoperable, and reliable. Discover how we are transforming AI and modern data-driven applications at www.asteralabs.com.


ASTERA LABS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)

	December 31, 2024			December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	79,551		$	45,098
Marketable securities		834,750			104,215
Accounts receivable, net		38,811			8,335
Inventory		43,215			24,095
Prepaid expenses and other current assets		16,652			4,064
Total current assets		1,012,979			185,807
Property and equipment, net		35,651			4,712
Other assets		5,878			5,773
Total assets	$	1,054,508		$	196,292

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities
Accounts payable	$	26,918		$	6,337
Accrued expenses and other current liabilities		59,624			28,742
Total current liabilities		86,542			35,079
Other liabilities		3,167			3,787
Total liabilities		89,709			38,866
Commitments and contingencies
Redeemable convertible preferred stock		–			255,127
Stockholders’ equity (deficit)
Common stock		16			4
Additional paid-in capital		1,173,153			27,411
Accumulated other comprehensive income		426			259
Accumulated deficit		(208,796	)		(125,375	)
Total stockholders’ equity (deficit)		964,799			(97,701	)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$	1,054,508		$	196,292


ASTERA LABS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts)

	Three Months Ended									Years Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenue	$	141,096		$	113,086		$	50,514		$	396,290		$	115,794
Cost of revenue		36,648			25,209			11,489			93,591			35,967
Gross profit		104,448			87,877			39,025			302,699			79,827

Operating expenses
Research and development		56,524			50,659			19,654			200,830			73,407
Sales and marketing		22,818			23,248			4,995			123,652			19,992
General and administrative		24,962			22,866			5,356			94,283			15,925
Total operating expenses		104,304			96,773			30,005			418,765			109,324
Operating income (loss)		144			(8,896	)		9,020			(116,066	)		(29,497	)
Interest income		10,558			10,912			1,674			34,288			6,549
Income (loss) before income taxes		10,702			2,016			10,694			(81,778	)		(22,948	)
Income tax (benefit) provision		(14,011	)		9,609			(3,631	)		1,643			3,309
Net income (loss)	$	24,713		$	(7,593	)	$	14,325		$	(83,421	)	$	(26,257	)

Net income (loss) per share attributable to common stockholders:
Basic	$	0.15		$	(0.05	)	$	—		$	(0.64	)	$	(0.71	)
Diluted	$	0.14		$	(0.05	)	$	—		$	(0.64	)	$	(0.71	)
Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders:
Basic		159,895			156,831			38,627			131,262			37,131
Diluted		177,559			156,831			47,636			131,262			37,131


ASTERA LABS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)

	Years Ended December 31,
		2024			2023
Cash flows from operating activities
Net loss	$	(83,421	)	$	(26,257	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Stock-based compensation		234,588			10,679
Depreciation		3,154			1,781
Non-cash operating lease expense		2,428			1,232
Warrants contra revenue		1,395			805
Inventory write-downs		168			10,343
Accretion of discounts on marketable securities		(8,341	)		(1,624	)
Changes in operating assets and liabilities:
Accounts receivable, net		(30,480	)		2,386
Inventory		(19,287	)		(5,564	)
Prepaid expenses and other assets		(13,031	)		(720	)
Accounts payable		20,887			(4,264	)
Accrued expenses and other liabilities		31,018			(167	)
Operating lease liability		(2,402	)		(1,346	)
Net cash provided by (used in) operating activities		136,676			(12,716	)

Cash flows from investing activities
Purchases of property and equipment		(34,245	)		(2,761	)
Purchases of marketable securities		(930,575	)		(126,225	)
Sales and maturities of marketable securities		208,665			111,214
Other investing activities		(1,413	)		—
Net cash used in investing activities		(757,568	)		(17,772	)

Cash flows from financing activities
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions		672,198			—
Payment of deferred offering costs		(4,801	)		(1,407	)
Proceeds from exercises of stock options		5,458			1,115
Proceeds from employee stock purchase plan		4,160			—
Tax withholding related to net share settlements of restricted stock units		(20,111	)		—
Repurchase of common stock upon termination		(1,066	)		(210	)
Net cash provided by (used in) financing activities		655,838			(502	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		34,946			(30,990	)
Cash, cash equivalents, and restricted cash
Beginning of the period		45,098			76,088
End of the period	$	80,044		$	45,098


ASTERA LABS, INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (In thousands, except percentages and per share amounts)

	Three Months Ended									Years Ended
	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
GAAP gross profit	$	104,448		$	87,877		$	39,025		$	302,699		$	79,827
Stock-based compensation expense upon IPO ⁽¹⁾		—			—			—			516			—
Stock-based compensation expense		131			102			8			329			24
Non-GAAP gross profit	$	104,579		$	87,979		$	39,033		$	303,544		$	79,851

GAAP gross margin		74.0	%		77.7	%		77.3	%		76.4	%		68.9	%
Stock-based compensation expense upon IPO ⁽¹⁾		—			—			—			0.1			—
Stock-based compensation expense		0.1			0.1			—			0.1			0.1
Non-GAAP gross margin		74.1	%		77.8	%		77.3	%		76.6	%		69.0	%

GAAP operating income (loss)	$	144		$	(8,896	)	$	9,020		$	(116,066	)	$	(29,497	)
Stock-based compensation expense upon IPO ⁽¹⁾		—			—			—			88,873			—
Stock-based compensation expense		48,218			45,535			3,299			145,715			10,679
Employer payroll tax related to stock-based compensation from IPO ⁽²⁾		—			—			—			1,072			—
Non-GAAP operating income (loss)	$	48,362		$	36,639		$	12,319		$	119,594		$	(18,818	)

GAAP operating margin		0.1	%	(7.9)%				17.9	%	(29.3)%			(25.5)%
Stock-based compensation expense upon IPO ⁽¹⁾		—			—			—			22.4			—
Stock-based compensation expense		34.2			40.3			6.5			36.8			9.2
Employer payroll tax related to stock-based compensation from IPO ⁽²⁾		—			—			—			0.3			—
Non-GAAP operating margin		34.3	%		32.4	%		24.4	%		30.2	%	(16.3)%

GAAP net income (loss)	$	24,713		$	(7,593	)	$	14,325		$	(83,421	)	$	(26,257	)
Stock-based compensation expense upon IPO ⁽¹⁾		—			—			—			88,873			—
Stock-based compensation expense		48,218			45,535			3,299			145,715			10,679
Employer payroll tax related to stock-based compensation from IPO ⁽²⁾		—			—			—			1,072			—
Income tax effect ⁽³⁾		(6,439	)		2,340			—			(8,910	)		—
Non-GAAP net income (loss)	$	66,492		$	40,282		$	17,624		$	143,329		$	(15,578	)

Net income (loss) per share attributable to common stockholders:
GAAP – basic	$	0.15		$	(0.05	)	$	—		$	(0.64	)	$	(0.71	)
GAAP – diluted	$	0.14		$	(0.05	)	$	—		$	(0.64	)	$	(0.71	)
Non-GAAP pro forma – diluted	$	0.37		$	0.23		$	0.12		$	0.84		$	(0.12	)

Weighted average shares used to compute net income (loss) per share attributable to common stockholders:
GAAP – basic		159,895			156,831			38,627			131,262			37,131
GAAP – diluted		177,559			156,831			47,636			131,262			37,131
Non-GAAP pro forma – diluted ⁽⁴⁾		177,559			173,832			138,527			168,913			128,022

____________________

(1) Stock-based compensation expense recognized in connection with the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

(2) Employer payroll taxes related to the time-based vesting and settlement of RSUs, that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

(3) Income tax effect is calculated based on the tax laws in the jurisdictions in which we operate and is calculated to exclude the impact of stock-based compensation expense and one-off discrete tax adjustments that are unrelated to our core operating performance. For the three months ended December 31, 2024 and September 30, 2024, the non-GAAP tax benefit rate was 13% and tax expense rate of 15%, respectively. The adjustments for the three months ended December 31, 2023 were not material. For the years ended December 31, 2024, the non-GAAP tax expense rate was 7% compared to a tax benefit rate of 27% for the year ended December 31, 2023.

(4) We present the non-GAAP pro forma weighted average shares to provide meaningful supplemental information of comparable shares for each periods presented. The non-GAAP pro forma weighted average shares is calculated as follows:

	Three Months Ended			Years Ended
	December 31, 2024	September 30, 2024	December 31, 2023	December 31, 2024	December 31, 2023
Shares used to compute GAAP net income (loss) per share attributable to common stockholders – diluted	177,559	156,831	47,636	131,262	37,131
Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the beginning of the periods	—	—	90,891	19,165	90,891
Effect of dilutive equivalent shares	—	17,001	—	18,486	—
Shares used to compute non-GAAP pro forma net income (loss) per share- diluted	177,559	173,832	138,527	168,913	128,022


ASTERA LABS, INC.SUPPLEMENTAL FINANCIAL INFORMATIONSTOCK-BASED COMPENSATION EXPENSE (Unaudited) (In thousands)

	Three Months Ended						Years Ended
	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Cost of revenue	$	131	$	102	$	8	$	845	$	24
Research and development		18,808		14,641		2,303		76,427		7,360
Sales and marketing		14,671		16,200		681		95,887		2,067
General and administrative		14,608		14,592		307		61,429		1,228
Total stock-based compensation expense ⁽¹⁾	$	48,218	$	45,535	$	3,299	$	234,588	$	10,679

____________________

(1) Stock-based compensation expense recognized during the year ended December 31, 2024 included $88.9 million of cumulative stock-based compensation expense related to the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

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

The MIL Network –

February 11, 2025

MIL-OSI: PennantPark Floating Rate Capital Ltd. Announces Financial Results for the First Quarter Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) — PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced today its financial results for the first quarter ended December 31, 2024.

HIGHLIGHTS
Quarter ended December 31, 2024 (Unaudited)
($ in millions, except per share amounts)

Assets and Liabilities:
Investment portfolio ⁽¹⁾	$	2,193.9
Net assets	$	962.7
GAAP net asset value per share	$	11.34
Quarterly increase in GAAP net asset value per share		0.3	%
Adjusted net asset value per share ⁽²⁾	$	11.34
Quarterly increase in adjusted net asset value per share ⁽²⁾		0.3	%

Credit Facility	$	608.8
2036 Asset-Backed Debt	$	284.2
2036-R Asset Backed Debt	$	265.3
2026 Notes	$	184.0
Regulatory debt to equity	1.40x
Weighted average yield on debt investments at quarter-end		10.6	%

Operating Results:
Net investment income	$	30.0
Net investment income per share (GAAP)	$	0.37
Core net investment income per share ⁽³⁾	$	0.33
Distributions declared per share	$	0.31

Portfolio Activity:
Purchases of investments	$	606.9
Sales and repayments of investments	$	401.3

PSSL Portfolio data:
PSSL investment portfolio	$	1,046.2
Purchases of investments	$	224.9
Sales and repayments of investments	$	86.6

Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $286.6 million, at fair value.
This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of the unrealized amounts on the Credit Facility. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company’s financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended December 31, 2024, Core NII excluded: i) $3.8m of accelerated amortization income from the early repayment of a loan and ii) $0.8m of incentive fee expense.

CONFERENCE CALL AT 9:00 A.M. ET ON FEBRUARY 11, 2025

The Company will also host a conference call at 9:00 a.m. (Eastern Time) on Tuesday February 11, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (929) 477-0402. All callers should reference conference ID #1777320 or PennantPark Floating Rate Capital Ltd. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

PORTFOLIO AND INVESTMENT ACTIVITY

“We are pleased to have another quarter of solid performance from both an NAV and net investment income perspective. We are actively investing in this excellent vintage of new core middle market loans,” said Art Penn, Chairman and CEO. “Through the growing balance sheets of PFLT and our PSSL joint venture, we are driving meaningfully increased income.”

As of December 31, 2024, our portfolio totaled $2,193.9 million, and consisted of $1,963.8 million of first lien secured debt (including $237.7 million in PSSL), $3.4 million of subordinated debt and $226.7 million of preferred and common equity (including $48.9 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of December 31, 2024, we had two portfolio companies on non-accrual, representing 0.4% and 0.1% of our overall portfolio on a cost and fair value basis, respectively. As of December 31, 2024, the portfolio had net unrealized depreciation of $40.4 million. Our overall portfolio consisted of 159 companies with an average investment size of $13.8 million and had a weighted average yield on debt investments of 10.6%.

As of September 30, 2024, our portfolio totaled $1,983.5 million and consisted of $1,746.7 million of first lien secured debt (including $237.7 million in PSSL), $2.7 million of second lien secured debt and subordinated debt and $234.1 million of preferred and common equity (including $56.5 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2024, the portfolio had net unrealized depreciation of $11.4 million. Our overall portfolio consisted of 158 companies with an average investment size of $12.6 million, and a weighted average yield on debt investments of 11.5%.

For the three months ended December 31, 2024, we invested $606.9 million in 11 new and 58 existing portfolio companies at a weighted average yield on debt investments of 10.3%. Sales and repayments of investments for the same period totaled $401.3 million including $187.7 million of sales to PSSL. For the three months ended December 31, 2023, we invested $302.6 million in 13 new and 34 existing portfolio companies with a weighted average yield on debt investments of 11.9%. Sales and repayments of investments for the same period totaled $103.8 million, including $62.7 million of sales to PSSL.

PennantPark Senior Secured Loan Fund I LLC

The Company and its joint venture partner jointly agreed to invest an additional $100 million of capital in PSSL. In conjunction with increased leverage capacity at PSSL, the $100 million investment will expand the joint venture’s total investment capacity to $1.5 billion, representing a nearly $500 million increase.

As of December 31, 2024, PSSL’s portfolio totaled $1,046.2 million, consisted of 118 companies with an average investment size of $8.9 million and had a weighted average yield on debt investments of 10.8%. As of September 30, 2024, PSSL’s portfolio totaled $913.3 million, consisted of 109 companies with an average investment size of $8.4 million and had a weighted average yield on debt investments of 11.4%.

For the three months ended December 31, 2024, PSSL invested $224.9 million (including $187.7 million purchase from the Company) in 17 new and eight existing portfolio companies with a weighted average yield on debt investments of 10.3%. PSSL’s sales and repayments of investments for the same period totaled $86.6 million. For the three months ended December 31, 2023, PSSL invested $75.7 million (including $62.7 million purchased from the Company) in four new and nine existing portfolio companies with a weighted average yield on debt investments of 12.3%. PSSL’s sales and repayments of investments for the same period totaled $27.7 million.

RESULTS OF OPERATIONS

Set forth below are the results of operations for the three months ended December 31, 2024 and 2023.

Investment Income

For the three months ended December 31, 2024 investment income was $67.0 million, which was attributable to $61.0 million from first lien secured debt and $6.0 million from other investments. For the three months ended December 31, 2023, investment income was $38.0 million, which was attributable to $33.2 million from first lien secured debt and $4.8 million from other investments. The increase in investment income was primarily due to the increase in the size of the debt portfolio.

Expenses

For the three months ended December 31, 2024, expenses totaled $37.0 million and were comprised of: $22.4 million of debt related interest and expenses, $5.3 million of base management fees, $7.5 million of performance-based incentive fees, $1.7 million of general and administrative expenses and $0.2 million of taxes. For the three months ended December 31, 2023, expenses totaled $18.5 million and were comprised of: $8.9 million of debt related interest and expenses, $3.0 million of base management fees, $4.9 million of performance-based incentive fees, $1.6 million of general and administrative expenses and $0.2 million of taxes. The increase in expenses was primarily due to the increase in interest expense from increased borrowings and an increase in base management fees and incentive fee as a result of the increase in our investment portfolio.

Net Investment Income

For the three months ended December 31, 2024 and 2023, net investment income totaled $30.0 million or $0.37 per share, and $19.4 million or $0.33 per share, respectively. The increase in net investment income was primarily due to an increase in investment income partially offset by an increase in expenses.

Net Realized Gains or Losses

For the three months ended December 31, 2024 and 2023, net realized gains (losses) totaled $26.7 million and $(3.1) million, respectively. The change in net realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

Unrealized Appreciation or Depreciation on Investments and Debt

For the three months ended December 31, 2024 and 2023, we reported net change in unrealized appreciation (depreciation) on investments of $(29.0) million and $6.2 million, respectively. As of December 31, 2024 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $(40.4) million and $(11.4) million, respectively. The net change in unrealized appreciation (depreciation) on our investments was primarily due to the operating performance of the portfolio companies within our portfolio and changes in the capital market conditions of our investments and realization of investments.

For the three months ended December 31, 2024 and 2023, our Credit Facility had a net change in unrealized appreciation (depreciation) of $0.1 million and of less than ($0.1) million, respectively. As of December 31, 2024 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately $0.1 million and zero, respectively. The net change in net unrealized (appreciation) or depreciation was primarily due to changes in the capital markets.

Net Change in Net Assets Resulting from Operations

For the three months ended December 31, 2024 and 2023, net increase (decrease) in net assets resulting from operations totaled $28.3 million or $0.35 per share and $22.5 million, or $0.38 per share, respectively. The net increase or (decrease) from operations was primarily due to operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and cost yield of our debt portfolio and costs of financing.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments, and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

The multi-currency Credit Facility with affiliates of Truist Bank, or the Lenders, was upsized during the quarter to $736 million (increased from $636 million in December 2024).

For the three months ended December 31, 2024 and 2023, the annualized weighted average cost of debt, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 7.0% and 6.8%, respectively. As of December 31, 2024 and September 30, 2024, we had $127.1 million and $192.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

As of December 31, 2024 and September 30, 2024, we had cash equivalents of $102.3 million and $112.1 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.

For the three months ended December 31, 2024, our operating activities used cash of $232.7 million and our financing activities provided cash of $222.9 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from proceeds from the ATM program and borrowings under the Credit Facility.

For the three months ended December 31, 2023, our operating activities used cash of $181.9 million and our financing activities provided cash of $157.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to borrowings under the Credit Facility partially offset by the repayment of the 2023 Notes.

DISTRIBUTIONS

During the three months ended December 31, 2024 we declared distributions of $0.3075 per share for total distributions of $25.2 million. During the three months ended December 31, 2023, we declared distributions of $0.3075 per share for total distributions of $18.1 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

RECENT DEVELOPMENTS

In February 2025, the Company priced a new securitization financing that is expected to close by early March. The new financing is a $361 million term debt securitization transaction with a weighted average spread of 1.59%, a four-year reinvestment period and a 12-year final maturity. The weighted average spread of 1.59% is a decrease of 30 basis points from an existing securitization financing that we refinanced in July 2024.

Securitization financing continues to be a good match for our lower risk first lien assets. We believe securitizations are attractive financing structures as they have a 12 year stated maturity and generally have 4 to 5 year reinvestment periods. The securitization financings are governed by an indenture similar to other bond instruments which prescribes how the securitization deals with credit deterioration, which means there is no risk of unpredictable behavior from the counterparties. In addition, securitizations are non mark to market financings regardless of broader market volatility. The only time an asset gets marked to market would be if there are defaults or if we experience CCC downgrades that would cause an excess CCC concentration, whereby only the excess CCC collateral is marked to market. The securitizations provide an attractive cost of capital that is well matched to the portfolio and provide a downside mitigation tool given the stable and consistent long-term nature of the financing.

AVAILABLE INFORMATION

The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC, and stockholders may find such report on its website at www.pennantpark.com.

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except per share data)

	December 31, 2024			September 30, 2024
	(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost— $1,894,793 and $1,622,669, respectively)	$	1,907,349		$	1,632,269
Controlled, affiliated investments (amortized cost— $339,500 and $372,271, respectively)		286,561			351,235
Total investments (amortized cost— $2,234,293 and $1,994,940, respectively)		2,193,910			1,983,504
Cash and cash equivalents (cost— $102,273 and $112,046, respectively)		102,262			112,050
Interest receivable		13,024			12,167
Receivables from investments sold		29,090			—
Distributions receivable		577			635
Due from affiliate		312			291
Prepaid expenses and other assets		5,026			198
Total assets		2,344,201			2,108,845
Liabilities
Credit Facility payable, at fair value (cost— $608,855 and $443,855, respectively)		608,791			443,880
2026 Notes payable, net (par—$185,000)		184,026			183,832
2036 Asset-Backed Debt, net (par—$287,000)		284,222			284,086
2036-R Asset-Backed Debt, net (par-$266,000)		265,268			265,235
Payable for investments purchased		471			20,363
Interest payable on debt		13,318			14,645
Distributions payable		8,698			7,834
Base management fee payable		5,264			4,588
Incentive fee payable		7,492			3,189
Accounts payable and accrued expenses		2,920			2,187
Deferred tax liability		1,080			1,712
Total liabilities		1,381,550			1,231,551
Net assets
Common stock, 84,855,896 and 77,579,896 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized		85			78
Paid-in capital in excess of par value		1,058,949			976,744
Accumulated deficit		(96,383	)		(99,528	)
Total net assets	$	962,651		$	877,294
Total liabilities and net assets	$	2,344,201		$	2,108,845
Net asset value per share	$	11.34		$	11.31

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited)

	Three Months Ended December 31,
	2024			2023
Investment income:
From non-controlled, non-affiliated investments:
Interest	$	47,463		$	23,768
Dividend		577			508
Other income		1,480			1,763
From controlled, affiliated investments:
Interest		12,808			8,434
Dividend		4,375			3,500
Other income		306			—
Total investment income		67,009			37,973
Expenses:
Interest and expenses on debt		22,361			8,942
Performance-based incentive fee		7,492			4,863
Base management fee		5,264			2,951
General and administrative expenses		1,200			988
Administrative services expenses		500			626
Expenses before provision for taxes and financing costs		36,817			18,370
Provision for taxes on net investment income		225			154
Total expenses		37,042			18,524
Net investment income		29,967			19,449
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on:
Non-controlled, non-affiliated investments		1,181			(3,089	)
Non-controlled and controlled, affiliated investments		25,493			—
Provision for taxes on realized gain on investments		(73	)		—
Net realized gain (loss) on investments		26,601			(3,089	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		2,943			5,228
Controlled and non-controlled, affiliated investments		(31,904	)		943
Provision for taxes on unrealized appreciation (depreciation) on investments		632			—
Debt appreciation (depreciation)		90			(62	)
Net change in unrealized appreciation (depreciation) on investments and debt		(28,239	)		6,109
Net realized and unrealized gain (loss) from investments and debt		(1,638	)		3,020
Net increase (decrease) in net assets resulting from operations	$	28,329		$	22,469
Net increase (decrease) in net assets resulting from operations per common share	$	0.35		$	0.38
Net investment income per common share	$	0.37		$	0.33

ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing $9.4 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

FORWARD-LOOKING STATEMENTS AND OTHER

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

CONTACT:	Richard T. Allorto, Jr.
	PennantPark Floating Rate Capital Ltd.
	(212) 905-1000
	www.pennantpark.com

The MIL Network –

February 11, 2025

MIL-OSI: Cipher Mining Announces Date of Fourth Quarter and Full Year 2024 Business Update Conference Call

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced it will provide a business update and release its fourth quarter and full year 2024 financial results before U.S. markets open on Tuesday, February 25, 2025. Cipher will host a conference call and webcast that day at 8:00 a.m. Eastern Time.

The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

About Cipher
Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

Contacts:
Investor Contact:
Courtney Knight
Head of Investor Relations at Cipher Mining
Courtney.knight@ciphermining.com

Media Contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations
CipherMining@DLPR.com

The MIL Network –

February 11, 2025
MIL-OSI: iBio Reports Fiscal Second Quarter 2025 Financial Results
Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Feb. 10, 2025 (GLOBE NEWSWIRE) — iBio, Inc. (NYSEA:IBIO), today reported financial results for the second quarter ended Dec. 31, 2024, and provided a corporate update on its progress.

“In our second fiscal quarter we further strengthened our leadership with key Board appointments, reinforcing our commitment to innovation and execution as we work to develop next-generation therapeutics,” said CEO and Chief Scientific Officer Dr. Martin Brenner, Ph.D. “Following more recent developments, we also want to highlight the significant strides we have made in advancing our preclinical pipeline with the in-licensing of potentially best-in-class IBIO-600, the notable discovery of a novel Activin E antibody, and the launch of a bispecific antibody program targeting myostatin/activin A. We are excited by the momentum we have built through these results and remain focused on leveraging our AI-driven platform as we aim to transform the treatment landscape for patients with cardiometabolic diseases and obesity, offering hope for more effective, targeted therapies addressing the underlying causes of these conditions while improving overall metabolic health and quality of life.”

Fiscal Second Quarter 2025 & Recent Corporate Updates:
- Discovered a novel antibody targeting activin E in collaboration with AstralBio, leveraging iBio’s Machine-Learning Antibody Engine to overcome significant technical challenges, demonstrating the platform’s ability to engineer innovative therapeutics potentially for cardiometabolic disease and obesity.
- Expanded iBio’s cardiometabolic and obesity program with IBIO-600, the long-acting anti-myostatin antibody in-licensed from AstralBio in January. IBIO-600 was discovered by AstralBio through the use of iBio’s Machine-Learning Antibody Engine and was designed for subcutaneous administration with the potential for an extended half-life.
- Initiated a bispecific antibody program targeting myostatin/activin A to promote weight loss, muscle preservation, and prevent weight regain with plans for clinical investigation in obesity and cardiometabolic disorders in 2026. The program leverages iBio’s Machine-Learning Antibody Engine as well as the technology of IBIO-600.
- In January we further extended our cash runway with the closing of a private placement offering with members of our Board of Directors and Officers, underscoring their confidence and support in our strategy to advance as a clinical-stage biotech.
Fiscal Second Quarter 2025 Financial Results:
- Revenue of $0.2 million was reported for services provided to a collaborative partner during the quarter ended Dec. 31, 2024.
- R&D and G&A expenses for the second quarter of fiscal 2025 totaled approximately $4.6 million as compared to $4.5 million in the same period of fiscal year 2024, an increase of approximately 3%. This slight increase is a result of additional spending on consumables supplies and research related activities offset by lower G&A personnel related costs, consulting fees and outside services spending. Net loss from continuing operations for the second quarter ended Dec. 31, 2024, was approximately $4.4 million, or $0.48 per share, compared to a net loss of approximately $4.5 million, or $2.42 per share, in the same period of fiscal 2024.
- Cash, cash equivalents and restricted cash as of Dec. 31, 2024, was approximately $7.2 million, inclusive of $0.2 million of restricted cash.
About iBio, Inc.

iBio (NYSEA: IBIO) is a cutting-edge biotech company leveraging AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic diseases, obesity, cancer and other hard-to-treat diseases. By combining proprietary 3D modeling with innovative drug discovery platforms, iBio is creating a pipeline of breakthrough antibody treatments to address significant unmet medical needs. Our mission is to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine. For more information, visit www.ibioinc.com or follow us on LinkedIn.

Safe Harbor Statement

Any statements contained in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include statements regarding the potential for IBIO-600 to be best-in-class; leveraging iBio’s AI-driven platform to transform the treatment landscape for patients with cardiometabolic diseases and obesity, offering hope for more effective, targeted therapies addressing the underlying causes of these conditions while improving overall metabolic health and quality of life; IBIO-600’s potential for an extended half-life; iBio’s clinical investigation in obesity and cardiometabolic disorders in 2026; advancing as a clinical-stage biotech; the creation of a pipeline of breakthrough antibody treatments to address significant unmet medical needs; and transforming drug discovery, accelerating development timelines, and unlocking new possibilities in precision medicine… Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including iBio’s ability to -leverage its AI-driven platform to transform the treatment landscape for patients with cardiometabolic diseases and obesity with more effective, targeted therapies addressing the underlying causes of these conditions while improving overall metabolic health and quality of life; extend the half-life of IBIO-600; advance as a clinical-stage biotech and commence a clinical investigation in obesity and cardiometabolic disorders in 2026; create a pipeline of breakthrough antibody treatments to address significant unmet medical needs; and transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine the ability to advance iBio’s internal pipeline priorities in immuno-oncology and cardiometabolics, and drive partnerships in new therapeutic areas, the ability to finance when needed and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended Juen 30, 2024, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, iBio, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Corporate Contact:

iBio, Inc.
Investor Relations
ir@ibioinc.com

Media Contacts:

Ignacio Guerrero-Ros, Ph.D., or David Schull
Russo Partners, LLC
Ignacio.guerrero-ros@russopartnersllc.com
David.schull@russopartnersllc.com
(858) 717-2310 or (646) 942-5604

The MIL Network –
February 11, 2025

MIL-OSI: SPS Commerce Reports Fourth Quarter and Fiscal Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Company delivers 96th consecutive quarter of topline growth

Fourth quarter 2024 revenue grew 18% and recurring revenue grew 19% from the fourth quarter of 2023

MINNEAPOLIS, Feb. 10, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the fourth quarter and year ended December 31, 2024.

Financial Highlights

Fourth Quarter 2024 Financial Highlights

Revenue was $170.9 million in the fourth quarter of 2024, compared to $145.0 million in the fourth quarter of 2023, reflecting 18% growth.
Recurring revenue grew 19% from the fourth quarter of 2023.
Net income was $17.6 million or $0.46 per diluted share, compared to net income of $19.0 million or $0.51 per diluted share in the fourth quarter of 2023.
Non-GAAP income per diluted share was $0.89, compared to non-GAAP income per diluted share of $0.75 in the fourth quarter of 2023.
Adjusted EBITDA for the fourth quarter of 2024 increased 18% to $49.6 million compared to the fourth quarter of 2023.

Fiscal Year 2024 Financial Highlights

Revenue was $637.8 million for the year ended December 31, 2024, compared to $536.9 million for the year ended December 31, 2023, reflecting 19% growth.
Recurring revenue grew 20% from the year ended December 31, 2023.
Net income was $77.1 million or $2.04 per diluted share for the year ended December 31, 2024, compared to net income of $65.8 million or $1.76 per diluted share for the comparable period in 2023, reflecting 17% growth in year-over-year net income.
Non-GAAP income per diluted share was $3.48, compared to non-GAAP income per diluted share of $2.85 in the year ended December 31, 2023.
Adjusted EBITDA for the year ended December 31, 2024 increased 18% to $186.6 million compared to the year ended December 31, 2023.

“We are pleased with what we have accomplished in 2024, and I would like to congratulate SPS Commerce employees for their unwavering commitment to excellence and exceptional understanding of the retail supply chain,” said Chad Collins, CEO of SPS Commerce. “With the depth and breadth of solutions we offer today, we are uniquely positioned to support all trading relationships and continue growing our network to move the world of commerce forward.”

“We believe that SPS’ leading retail network and competitive product portfolio position us well to continue on our profitable growth trajectory,” said Kim Nelson, CFO of SPS Commerce.

Guidance*

First Quarter 2025 Guidance

Revenue is expected to be in the range of $178.5 million to $180.0 million, representing 19% to 20% year-over-year growth.
Net income per diluted share is expected to be in the range of $0.39 to $0.41, with fully diluted weighted average shares outstanding of 38.7 million shares.
Non-GAAP income per diluted share is expected to be in the range of $0.82 to $0.84.
Adjusted EBITDA is expected to be in the range of $49.5 million to $50.5 million.
Non-cash, share-based compensation expense is expected to be $15.0 million, depreciation expense is expected to be $5.4 million, and amortization expense is expected to be $9.2 million.

Fiscal Year 2025 Guidance

Revenue is expected to be in the range of $758.0 million to $763.0 million, representing 19% to 20% growth over 2024.
Net income per diluted share is expected to be in the range of $1.93 to $1.99, with fully diluted weighted average shares outstanding of 38.9 million shares.
Non-GAAP income per diluted share is expected to be in the range of $3.78 to $3.84.
Adjusted EBITDA is expected to be in the range of $227.5 million to $231.0 million, representing 22% to 24% growth over 2024.
Non-cash, share-based compensation expense is expected to be $63.0 million, depreciation expense is expected to be $23.5 million, and amortization expense is expected to be $39.8 million.

*Inclusive of the expected results of the Carbon6 acquisition

The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.

Quarterly Conference Call

To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q4 2024 conference call. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

About SPS Commerce

SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 45,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 96 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries.

SPS-F

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.

Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

Adjusted EBITDA Measures:

Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Other adjustments for the year ended December 31, 2024 included the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs. Other adjustments for the year ended December 31, 2023 included the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs. Net income is the comparable GAAP measure of financial performance.

Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

Non-GAAP Income Per Share Measure:

Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the year ended December 31, 2024 the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs, and for the year ended December 31, 2023 the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

Forward-Looking Statements

This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the first quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.



SPS COMMERCE, INC. CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands, except shares)

	December 31, 2024			December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	241,017		$	219,081
Short-term investments		—			56,359
Accounts receivable		56,214			50,160
Allowance for credit losses		(4,179	)		(3,320	)
Accounts receivable, net		52,035			46,840
Deferred costs		65,342			62,403
Other assets		23,513			16,758
Total current assets		381,907			401,441
Property and equipment, net		37,547			36,043
Operating lease right-of-use assets		8,192			7,862
Goodwill		399,180			249,176
Intangible assets, net		181,294			107,344
Other assets
Deferred costs, non-current		20,572			20,347
Deferred income tax assets		505			505
Other assets, non-current		2,033			1,126
Total assets	$	1,031,230		$	823,844
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	8,577		$	7,420
Accrued compensation		47,160			41,588
Accrued expenses		12,108			8,014
Deferred revenue		74,256			69,187
Operating lease liabilities		4,583			4,460
Total current liabilities		146,684			130,669
Other liabilities
Deferred revenue, non-current		6,189			6,930
Operating lease liabilities, non-current		7,885			9,569
Deferred income tax liabilities		15,541			8,972
Other liabilities, non-current		241			229
Total liabilities		176,540			156,369
Commitments and contingencies
Stockholders’ equity
Common stock		40			39
Treasury stock		(99,748	)		(128,892	)
Additional paid-in capital		627,982			537,061
Retained earnings		336,099			259,045
Accumulated other comprehensive gain (loss)		(9,683	)		222
Total stockholders’ equity		854,690			667,475
Total liabilities and stockholders’ equity	$	1,031,230		$	823,844


SPS COMMERCE, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in thousands, except per share amounts)

	Three Months Ended December 31,					Twelve Months Ended December 31,
		2024			2023		2024		2023
Revenues	$	170,907		$	144,965	$	637,765	$	536,910
Cost of revenues		55,585			49,040		210,714		182,069
Gross profit		115,322			95,925		427,051		354,841
Operating expenses
Sales and marketing		39,220			33,214		148,920		122,936
Research and development		17,142			14,216		62,809		53,654
General and administrative		26,354			20,612		102,929		84,887
Amortization of intangible assets		7,862			4,998		23,510		16,116
Total operating expenses		90,578			73,040		338,168		277,593
Income from operations		24,744			22,885		88,883		77,248
Other income (expense), net		(373	)		3,456		10,593		8,315
Income before income taxes		24,371			26,341		99,476		85,563
Income tax expense		6,812			7,330		22,422		19,739
Net income	$	17,559		$	19,011	$	77,054	$	65,824

Net income per share
Basic	$	0.47		$	0.52	$	2.07	$	1.80
Diluted	$	0.46		$	0.51	$	2.04	$	1.76

Weighted average common shares used to compute net income per share
Basic		37,646			36,831		37,306		36,646
Diluted		38,133			37,640		37,856		37,475


SPS COMMERCE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands)

	Twelve Months Ended December 31,
		2024			2023
Cash flows from operating activities
Net income	$	77,054		$	65,824
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes		(9,786	)		(10,079	)
Depreciation and amortization of property and equipment		18,721			18,631
Amortization of intangible assets		23,510			16,116
Provision for credit losses		7,683			5,707
Stock-based compensation		54,557			45,508
Other, net		577			2,415
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable		(9,653	)		(11,949	)
Deferred costs		(3,120	)		(10,724	)
Other assets and liabilities		(7,313	)		1,834
Accounts payable		796			(3,947	)
Accrued compensation		1,434			7,143
Accrued expenses		4,115			1,302
Deferred revenue		728			6,464
Operating leases		(1,905	)		(1,947	)
Net cash provided by operating activities		157,398			132,298
Cash flows from investing activities
Purchases of property and equipment		(20,046	)		(19,761	)
Purchases of investments		(85,759	)		(133,994	)
Maturities of investments		143,275			131,331
Acquisition of businesses, net		(147,924	)		(70,218	)
Net cash used in investing activities		(110,454	)		(92,642	)
Cash flows from financing activities
Repurchases of common stock		(37,567	)		—
Net proceeds from exercise of options to purchase common stock		4,714			9,856
Net proceeds from employee stock purchase plan activity		9,827			8,114
Payments for contingent consideration		—			(2,000	)
Net cash provided by (used in) financing activities		(23,026	)		15,970
Effect of foreign currency exchange rate changes		(1,982	)		562
Net increase in cash and cash equivalents		21,936			56,188
Cash and cash equivalents at beginning of period		219,081			162,893
Cash and cash equivalents at end of period	$	241,017		$	219,081



SPS COMMERCE, INC. NON-GAAP RECONCILIATIONS (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)

Adjusted EBITDA
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2024			2023			2024			2023
Net income	$	17,559		$	19,011		$	77,054		$	65,824
Income tax expense		6,812			7,330			22,422			19,739
Depreciation and amortization of property and equipment		4,711			4,667			18,721			18,631
Amortization of intangible assets		7,862			4,998			23,510			16,116
Stock-based compensation expense		12,293			9,411			54,557			45,508
Realized (gain) loss from investments held and foreign currency impact on cash and investments		2,521			(1,201	)		(115	)		(1,726	)
Investment income		(2,205	)		(2,287	)		(10,582	)		(7,660	)
Other		86			28			1,064			1,198
Adjusted EBITDA	$	49,639		$	41,957		$	186,631		$	157,630

Adjusted EBITDA Margin
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Revenue	$	170,907		$	144,965		$	637,765		$	536,910

Net income		17,559			19,011			77,054			65,824
Margin		10	%		13	%		12	%		12	%

Adjusted EBITDA		49,639			41,957			186,631			157,630
Adjusted EBITDA Margin		29	%		29	%		29	%		29	%

Non-GAAP Income per Share
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2024			2023			2024			2023
Net income	$	17,559		$	19,011		$	77,054		$	65,824
Stock-based compensation expense		12,293			9,411			54,557			45,508
Amortization of intangible assets		7,862			4,998			23,510			16,116
Realized (gain) loss from investments held and foreign currency impact on cash and investments		2,521			(1,201	)		(115	)		(1,726	)
Other		86			28			1,064			1,198
Income tax effects of adjustments		(6,371	)		(3,906	)		(24,505	)		(19,983	)
Non-GAAP income	$	33,950		$	28,341		$	131,565		$	106,937

Shares used to compute net income and non-GAAP income per share
Basic		37,646			36,831			37,306			36,646
Diluted		38,133			37,640			37,856			37,475

Net income per share, basic	$	0.47		$	0.52		$	2.07		$	1.80
Non-GAAP adjustments to net income per share, basic		0.43			0.25			1.46			1.12
Non-GAAP income per share, basic	$	0.90		$	0.77		$	3.53		$	2.92

Net income per share, diluted	$	0.46		$	0.51		$	2.04		$	1.76
Non-GAAP adjustments to net income per share, diluted		0.43			0.24			1.44			1.09
Non-GAAP income per share, diluted	$	0.89		$	0.75		$	3.48		$	2.85

The annual per share amounts may not cross-sum due to rounding.

Contact:
Investor Relations
The Blueshirt Group
Irmina Blaszczyk & Lisa Laukkanen
SPSC@blueshirtgroup.com
415-217-4962

The MIL Network –

February 11, 2025

MIL-OSI: PennantPark Investment Corporation Announces Financial Results for the Quarter Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (NYSE: PNNT) announced today its financial results for the first quarter ended December 31, 2024.

HIGHLIGHTS
Quarter ended December 31, 2024 (unaudited)
($ in millions, except per share amounts)

Assets and Liabilities:
Investment portfolio ⁽¹⁾	$	1,298.1
Net assets	$	494.3
GAAP net asset value per share	$	7.57
Quarterly increase in GAAP net asset value per share		0.1	%
Adjusted net asset value per share ⁽²⁾	$	7.57
Quarterly increase in adjusted net asset value per share ⁽²⁾		0.1	%

Credit Facility	$	460.0
2026 Notes	$	148.8
2026-2 Notes	$	163.3
Regulatory debt to equity	1.58x
Weighted average yield on debt investments		12.0	%

Operating Results:
Net investment income	$	13.0
Net investment income per share	$	0.20
Core net investment income per share ⁽³⁾	$	0.20
Distributions declared per share	$	0.24

Portfolio Activity:
Purchases of investments*	$	295.7
Sales and repayments of investments*	$	353.7

PSLF Portfolio data:
PSLF investment portfolio	$	1,275.1
Purchases of investments	$	353.8
Sales and repayments of investments	$	109.1

________________________
* excludes U.S. Government Securities

Includes investments in PennantPark Senior Loan Fund, LLC (“PSLF”), an unconsolidated joint venture, totaling $208.2 million, at fair value.
This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of unrealized gain on the Company’s multi-currency, senior secured revolving credit facility with Truist Bank, as amended, the “Credit Facility.” The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company’s financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended December 31, 2024, there were no one-time events, resulting in $0.20 of Core NII..

CONFERENCE CALL AT 12:00 P.M. EST ON FEBRUARY 11, 2025

PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, February 11, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #9452525 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

PORTFOLIO AND INVESTMENT ACTIVITY

“We are pleased to announce another quarter of solid NAV and credit performance,” said Arthur Penn, Chairman and CEO. “Our earnings stream continues to be strong and is driven in part by the excellent returns generated by our PSLF Joint Venture. Additionally, our dividend stream is supported by substantial spillover income.”

As of December 31, 2024, our portfolio totaled $1,298.1 million and consisted of $575.0 million or 44% of first lien secured debt, $124.8 million or 10% of U.S. Government Securities, $50.0 million or 4% of second lien secured debt, $206.1 million or 16% of subordinated debt (including $132.2 million or 10% in PSLF) and $342.2 million or 26% of preferred and common equity (including $76.0 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 92% variable-rate investments and 8% fixed-rate investments. As of December 31, 2024, we had two portfolio companies on non-accrual, representing 4.3% and 1.5% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $13.6 million as of December 31, 2024. Our overall portfolio consisted of 158 companies with an average investment size of $7.4 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.0%.

As of September 30, 2024, our portfolio totaled $1,328.1 million and consisted of $667.9 million or 50% of first lien secured debt, $99.6 million or 8% of U.S. Government Securities, $67.2 million or 5% of second lien secured debt, $181.7 million or 14% of subordinated debt (including $115.9 million or 9% in PSLF) and $311.7 million or 23% of preferred and common equity (including $67.9 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 94% variable-rate investments and 6% fixed-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 4.1% and 2.3% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $11.2 million as of September 30, 2024. Our overall portfolio consisted of 152 companies with an average investment size of $8.1 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.3%.

For the three months ended December 31, 2024, we invested $295.7 million in 12 new and 61 existing portfolio companies with a weighted average yield on debt investments of 10.6% (excluding U.S. Government Securities). For the three months ended December 31, 2024, sales and repayments of investments totaled $353.7 million (excluding U.S. Government Securities).

For the three months ended December 31, 2023, we invested $231.1 million in 12 new and 32 existing portfolio companies with a weighted average yield on debt investments of 11.9%. For the three months ended December 31, 2023, sales and repayments of investments totaled $71.0 million (excluding U.S. Government Securities).

PennantPark Senior Loan Fund, LLC

As of December 31, 2024, PSLF’s portfolio totaled $1,275.1 million, consisted of 112 companies with an average investment size of $11.4 million and had a weighted average yield interest bearing debt investments of 10.7%.

As of September 30, 2024, PSLF’s portfolio totaled $1,031.2 million, consisted of 102 companies with an average investment size of $10.1 million and had a weighted average yield interest bearing debt investments of 11.3%.

For the three months ended December 31, 2024, PSLF invested $353.8 million (including $286.6 million was purchased from the Company) in 15 new and 43 existing portfolio companies at weighted average yield interest bearing debt investments of 10.5%. PSLF’s sales and repayments of investments for the same period totaled $109.1 million.

For the three months ended December 31, 2023, PSLF invested $81.0 million (including $50.8 million were purchased from the Company) in five new and seven existing portfolio companies at weighted average yield on interest bearing debt investments of 12.7%. PSLF’s sales and repayments of investments for the same period totaled $29.1 million.

RESULTS OF OPERATIONS

Set forth below are the results of operations during the three months ended December 31, 2024 and 2023.

Investment Income

For the three months ended December 31, 2024, investment income was $34.2 million, which was attributable to $25.2 million from first lien secured debt, $2.0 million from second lien secured debt, $1.1 million from subordinated debt and $5.9 million from other investments, respectively. For the three months ended December 31, 2023, investment income was $34.3 million, which was attributable to $25.1 million from first lien secured debt, $2.6 million from second lien secured debt, $1.3 million from subordinated debt and $5.3 million from preferred and common equity, respectively. The decrease in investment income for the three months ended December 31, 2024 was primarily due to the changes in our portfolio and investment yields.

Expenses

For the three months ended December 31, 2024, expenses totaled $21.2 million and were comprised of $11.7 million of debt related interest and expenses, $4.3 million of base management fees, $2.8 million of incentive fees, $1.7 million of general and administrative expenses and $0.7 million of provision for excise taxes. For the three months ended December 31, 2023, expenses totaled $18.7 million, and were comprised of; $9.6 million of debt-related interest and expenses, $4.0 million of base management fees, $3.3 million of incentive fees, $1.4 million of general and administrative expenses and $0.4 million of provision for excise taxes. The increase in expenses for the three months ended December 31, 2024 was primarily due an increase in debt related interest and expenses.

Net Investment Income

For the three months ended December 31, 2024 and 2023, net investment income totaled $13.0 million, or $0.20 per share and $15.7 million, or $0.24 per share. The decrease in net investment income for the three months ended December 31, 2024 was primarily due to increase in interest expense.

Net Realized Gains or Losses

For the three months ended December 31, 2024 and 2023, net realized gains (losses) totaled $(2.6) million and $1.8 million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

Unrealized Appreciation or Depreciation on Investments and Debt

For the three months ended December 31, 2024 and 2023, we reported net change in unrealized appreciation (depreciation) on investments of $2.4 million and $(5.0) million, respectively. As of December 31, 2024 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $13.6 million and $11.2 million, respectively. The net change in unrealized depreciation on our investments was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.

For the three months ended December 31, 2024 and 2023, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $3.3 million and $(2.0) million, respectively. As of December 31, 2024 and September 30, 2024, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $4.4 million and $1.1 million, respectively. The net change in unrealized depreciation was primarily due to changes in the capital markets.

Net Change in Net Assets Resulting from Operations

For the three months ended December 31, 2024 and 2023, net increase (decrease) in net assets resulting from operations totaled $16.1 million or $0.25 per share and $10.7 million or $0.16 per share, respectively. The increase in net assets from operations for the three months ended December 31, 2024 was primarily due to a decrease in the net realized and unrealized depreciation in the portfolio primarily driven by changes in market conditions.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are derived primarily from cash flows from operations, including investment sales and repayments, income earned, proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

As of December 31, 2024 and September 30, 2024, we had $464.5 million and $461.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.8% and 7.2%, respectively, exclusive of the fee on undrawn commitments. As of December 31, 2024 and September 30, 2024, we had $10.5 million and $13.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions.

As of December 31, 2024 and September 30, 2024, we had cash and cash equivalents of $55.9 million and $49.9 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allows us to effectively operate our business.

For the three months ended December 31, 2024, our operating activities provided cash of $18.7 million and our financing activities used cash of $12.7 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for distributions paid to stockholders.

For the three months ended December 31, 2023, our operating activities used cash of $155.1 million and our financing activities provided cash of $153.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from borrowings under the Truist Credit Facility.

DISTRIBUTIONS

During the three months ended December 31, 2024, we declared distributions of $0.24 per share, for total distributions of $15.7 million. During the three months ended December 31, 2023, we declared distributions of $0.21 per share, for total distributions of $13.7 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

RECENT DEVELOPMENTS

The multi-currency Truist Credit Facility was upsized to $500.0 million (increased from $475 million in February 2025).

AVAILABLE INFORMATION

The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC and stockholders may find the report on our website at www.pennantpark.com.


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share data)

	December 31, 2024			September 30, 2024
	(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$856,406 and $916,168, respectively)	$	845,829		$	910,323
Non-controlled, affiliated investments (amortized cost—$57,109 and $56,734, respectively)		11,032			33,423
Controlled, affiliated investments (amortized cost—$370,967 and $343,970, respectively)		441,205			384,304
Total investments (amortized cost—$1,284,482 and $1,316,872, respectively)		1,298,066			1,328,050
Cash and cash equivalents (cost—$55,868 and $49,833, respectively)		55,851			49,861
Interest receivable		5,227			5,261
Receivable for investments sold		47,230			—
Distribution receivable		5,359			5,417
Due from affiliates		144			228
Prepaid expenses and other assets		214			269
Total assets		1,412,091			1,389,086
Liabilities
Truist Credit Facility payable, at fair value (cost—$464,456 and $461,456, respectively)		460,033			460,361
2026 Notes payable, net (par— $150,000)		148,796			148,571
2026 Notes-2 payable, net (par— $165,000)		163,293			163,080
Payable for investment purchased		125,050			100,096
Distributions payable		5,224			5,224
Base management fee payable		4,268			4,297
Incentive fee payable		2,756			3,057
Accounts payable and accrued expenses		5,500			4,053
Interest payable on debt		2,850			6,406
Due to affiliates		—			33
Total liabilities		917,770			895,178
Net assets
Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized		65			65
Paid-in capital in excess of par value		743,968			743,968
Accumulated deficit		(249,712	)		(250,125	)
Total net assets	$	494,321		$	493,908
Total liabilities and net assets	$	1,412,091		$	1,389,086
Net asset value per share	$	7.57		$	7.56


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data) (Unaudited)

	Three Months Ended December 31,
	2024			2023
Investment income:
From non-controlled, non-affiliated investments:
Interest	$	18,767		$	21,068
Payment-in-kind		1,421			2
Dividend income		508			692
Other income		582			1,425
From non-controlled, affiliated investments:
Payment-in-kind		—			347
From controlled, affiliated investments:
Interest		7,255			5,481
Payment-in-kind		823			632
Dividend income		4,851			4,689
Total investment income		34,207			34,336
Expenses:
Interest and expenses on debt		11,741			9,557
Base management fee		4,268			4,004
Incentive fee		2,756			3,321
General and administrative expenses		1,250			1,214
Administrative services expenses		500			189
Expenses before provision for taxes		20,515			18,285
Provision for taxes on net investment income		700			393
Net expenses		21,215			18,678
Net investment income		12,992			15,658
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments		(2,560	)		2,581
Non-controlled and controlled, affiliated investments		—			(750	)
Net realized gain (loss) on investments and debt		(2,560	)		1,831
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		(4,777	)		(12,270	)
Non-controlled and controlled, affiliated investments		7,138			7,324
Provision for taxes on unrealized appreciation (depreciation) on investments		(37	)		150
Debt appreciation (depreciation)		3,328			(2,040	)
Net change in unrealized appreciation (depreciation) on investments and debt		5,652			(6,836	)
Net realized and unrealized gain (loss) from investments and debt		3,092			(5,005	)
Net increase (decrease) in net assets resulting from operations	$	16,084		$	10,653
Net increase (decrease) in net assets resulting from operations per common share	$	0.25		$	0.16
Net investment income per common share	$	0.20		$	0.24

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation, or the Company, is a business development company that invests primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing $9.4 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

Contact:	Richard T. Allorto, Jr.
	PennantPark Investment Corporation
	(212) 905-1000
	www.pennantpark.com

The MIL Network –

February 11, 2025

MIL-OSI United Nations: Noting Terrorist Groups’ Resilience, UN Counter-Terrorism Chief Tells Security Council Lasting Global Collaboration Key to Address Conditions Conducive to Lawlessness

Source: United Nations General Assembly and Security Council

Speakers Discuss Risk ISIL/Da’esh, Their Affiliates Pose in Syria, Afghanistan, Across Africa

The resilience of terrorist groups underscores the need for sustained international collaboration and comprehensive, long-term responses that address the conditions conducive to terrorism, the Security Council heard today during a briefing on the threat posed by Islamic State in Iraq and the Levant (ISIL/Da’esh).

Vladimir Voronkov, Under-Secretary-General of the United Nations Office of Counter-Terrorism, discussing the Secretary-General’s twentieth biannual strategic-level report on the topic, highlighted the volatile situation in Syria, and “the risk that stockpiles of advanced weapons could fall into the hands of terrorists”. An estimated 42,500 individuals, some with alleged links to Da’esh, remain in detention camps in the north-east. Member States must “facilitate the safe, voluntary and dignified repatriation of their nationals still stranded in those camps and facilities”, he said.

Providing details on the global terrorism landscape during the past six months, he said that, in Afghanistan, ISIL-Khorasan continued to pose a significant threat noting that its supporters plotted attacks in Europe and were actively seeking to recruit individuals from Central Asian States. In West Africa and the Sahel, Da’esh affiliates and other terrorist groups intensified attacks, including against schools in Burkina Faso, Mali and Niger, while in Somalia, the organization successfully recruited foreign terrorist fighters.

Sub-Saharan Africa has become the epicenter of global terrorism, he said, noting that the United Nations has prioritized capacity-building support to the continent. His office increased its delivery of technical assistance by 16 per cent, relying notably on the work of its Rabat Office. Highlighting the Fusion Cells programme which delivered specialized training to 124 analysts from 21 African Member States, he stressed the need to further strengthen border security to counter movements of terrorists. His office partnered with the Governments of Kuwait and Tajikistan to organize a conference on this.

The Countering Terrorist Travel programme, he said, continued to expand with 63 beneficiary Member States who are increasingly relying on the goTRAVEL software to collect and process passenger data to detect and prevent terrorist movements. Noting that the Pact for the Future renewed the international community’s commitment to a future free from terrorism, he urged Member States to translate these commitments into action, prioritizing inclusive, networked and sustainable responses.

Approach Centered on Prevention, Respect for Human Rights Key to Countering Terrorist Threat

Also briefing the Council was Natalia Gherman, Executive Director of Counter-Terrorism Committee Executive Directorate, who voiced concern over the humanitarian and security crisis in north-eastern Syria, with over 40,000 individuals confined in camps and detention facilities, under conditions marked by overcrowding, inadequate shelter and limited access to clean water and sanitation. Beyond the Middle East, Da’esh remains agile, taking advantage of ongoing conflicts and regions experiencing growing instability, she continued. The group now poses a threat to security and sustainable development across the African continent.

Armed terrorist groups, such as Islamic State West Africa Province, are exploiting fragile conditions to recruit children, commit abductions and attack schools and hospitals. In the Sahel and the Lake Chad Basin, Da’esh’s centralized operations continue to proliferate as regional cooperation declines, she said, adding that the role of the regional financial hubs used by the group and its affiliates has also expanded.

“Addressing these threats requires an approach centered on prevention, grounded in respect for human rights, and with regional cooperation as the linchpin,” she stressed, noting the Committee’s visits to Côte d’Ivoire, Ghana, Malawi, Mauritania and the United Republic of Tanzania. Assessments revealed gaps in border security and the need for stronger regional collaboration to counter the transnational nature of Da’esh’s activities. For its part, the Executive Directorate has recently adopted the non-binding guiding principles on preventing, detecting and disrupting the use of new and emerging financial technologies for terrorist purposes — the so-called “Algeria Guiding Principles”, she said.

Council Members Concerned Over Terrorists’ Adeptness at Expanding Operations, Attractomg New Recruits

In the ensuing discussion, Council members expressed concern that, despite decades of counter-terrorism efforts, the phenomenon has transformed adeptly, taking advantage of new technology and financial innovations. Sierra Leone’s delegate said that ISIL/Da’esh and their affiliates “continue to demonstrate resilience and adapt their modus operandi with extensive propaganda, as well as increased finances, fighters’ expertise and technology”. 14,000 fatalities were recorded on the African continent alone in 2024, he said, noting the impact on women and girls. A security-centered approach alone is insufficient, he stressed.

Along similar lines, Algeria’s delegate said that terrorist groups use the lack of development and marginalization to recruit and expand — therefore, security arrangements and development initiatives are equally necessary to combat this. Highlighting the Sahel, he said that well-equipped armed groups are adopting advancing military strategies as well as using organized crime, narcotic trafficking, kidnapping and new technologies to finance such operations.

France’s speaker noted that Da’esh, Al-Qaida and their affiliates are misappropriating new technology — such as drones — to carry out more targeted and lethal attacks. “These groups thrive on the soil where basic human rights are being violated, where women are marginalized,” she stated, adding that their use of sexual violence as a means of sowing terror has been documented.

“Our work is far from complete,” said Somalia’s representative, spotlighting “patterns of expansion” across regions, with groups establishing networks that transcend national borders. For its part, his Government has successfully conducted military operations with international partners to neutralize foreign Da’esh affiliates and implement joint security initiatives.

The representative of the United States highlighted her Government’s “precision air strikes” against ISIS in Somalia on 1 February. Her country “stands ready to find and eliminate terrorists who threaten the United States and our allies,” she said. She also urged Council members to list more ISIL and Al-Qaida affiliates in the 1267 Sanctions Committee list so that they will be subject to its worldwide assets travel ban and arms embargo. While the Sahel has become “the global epicenter for fatalities from terrorist attacks”, ISIS-Khorasan is increasing its capabilities to conduct attacks and recruit in Afghanistan and Pakistan, she said.

Counter-terrorism Policies Must Oppose Double Standards and Selectivity

Pakistan’s delegate drew attention to the need to address white supremacy and far-right extremism, as well. Counter-terrorism policies have so far singled out only one religion — Islam — but they must address the negative impact of stigmatizing Muslims and fanning the flames of Islamophobia, he said. His country is at the forefront of counter-terrorism efforts, fighting not only Da’esh, but also TTP [Tehrik-e Taliban Pakistan] and Majid Brigade. Further, “the international community has failed to address State terrorism, including the use of State power to suppress legitimate struggles for self-determination or to continue foreign occupation”, he said.

It was the North Atlantic Treaty Organization’s (NATO) invasion into Libya and the invasion of Iraq which spawned ISIL, the Russian Federation’s delegate said. Further, the United Nations’ counter-terrorism officials must “study the facts” on assistance to terrorists provided by Western countries, he said, adding that Ukraine, for instance, has become a logistic hub from which weapons disseminate across the world. NATO troops who hastily left Afghanistan also abandoned vast quantities of weapons which fell into the hands of ISIL and affiliates, he said.

The Council should oppose double standards and selectivity in counter-terrorism efforts, China’s representative, Council President for the month, speaking in his national capacity, underscored. He also voiced concern over the Turkistan Islamic Party in Syria, and called on Damascus to fulfil its counter-terrorism obligations and prevent any terrorist forces from using the Syrian territory to threaten the security of other countries.

Calls to Ensure Terrorist Groups Do Not Take Advantage of Instability in Syria

Several speakers, including the delegates of Denmark and Slovenia, stressed the need to ensure that terrorist groups do not take advantage of the instability in Syria. Greece’s delegate underlined the need for a political road map in that country that includes constitutional reform, free and fair elections and inclusive governance. “This is the only way towards the eradication not only of Da’esh, but terrorism in general,” he added. The United Kingdom’s delegate spotlighted the Global Coalition’s efforts to reduce the risk Da’esh poses as Syria embarks on its historical political transition. However, “we cannot fight terrorism with force alone”, he emphasized, calling for a whole-of-society approach — with the meaningful participation of women — to address the long-term drivers of terrorism.

Terrorists’ Increased Use of Information and Communications Technology Draws Concern

Delegates also considered how to tackle terrorist groups’ increased use of information and communications technology (ICT), with Guyana’s representative noting that gaming and social media platforms bolster resources and recruitment. The Analytical Support and Sanctions Monitoring Team has reported extensively on the increased risk of online radicalization and recruitment targeting youth and minors and the increasing use of cryptocurrencies by Da’esh, she said.

Also noting Da’esh’s use of cryptocurrencies, Panama’s delegate said: “Terrorism thrives on secrecy and underground flows of money.” His country is the only Latin American nation to participate in the Global Coalition against Da’esh and is committed to preventing terrorists from using the Panamanian banking system for their financing.

The Republic of Korea’s speaker stressed that the international community must respond by leveraging artificial-intelligence-driven analytics to improve threat detection, disrupt terrorist narratives and bolster information integrity. Seoul’s new “AI and Preventing and Countering Violent Extremism” project, designed in collaboration with the United Nations Office of Counter-Terrorism, seeks to map out how terrorists exploit AI and build States’ capacity to counter these tactics by incorporating AI solutions, he said.

MIL OSI United Nations News –

February 11, 2025
MIL-OSI Canada: Prime Minister Justin Trudeau speaks with artificial intelligence business leaders

Source: Government of Canada – Prime Minister

Today, Prime Minister Justin Trudeau had meetings with artificial intelligence (AI) business leaders, including the Chief Executive Officer (CEO) of Anthropic, Dario Amodei, the CEO of Advanced Micro Devices, Lisa Su, the founder and Chairman of OVHCloud, Octave Klaba, the co-founder and CEO of Hugging Face, Clément Delangue, and the CEO of Arm, Rene Haas.

During these meetings, Prime Minister Trudeau positioned Canada as an ideal partner for AI innovation. He highlighted Canada’s world-class research institutions, vibrant AI ecosystem, top talent, diverse startups, and strong government support through initiatives like the Pan-Canadian Artificial Intelligence Strategy. He also emphasized Canada’s commitment to developing AI through an ethical and responsible approach.

The Prime Minister noted how Canada is well placed to lead and power AI innovation, thanks to its abundant supply of critical minerals, clean and reliable energy, and growing semiconductor industry. He also emphasized that, as G7 President, Canada would continue to demonstrate leadership in advancing security, prosperity, and partnerships, including through AI adoption, energy, and inclusion.

These meetings were an opportunity for the Prime Minister to hear directly from the world’s leading companies in the AI ecosystem. They also helped deepen commercial relations between Canada and our partners across the United States and the European Union.

Associated Links

MIL OSI Canada News –

February 11, 2025
MIL-OSI New Zealand: Update: Overnight shift of SH1 southbound traffic
Source: New Zealand Transport Agency

10 February 2025 5:38 pm | NZ Transport Agency Waka Kotahi

NZ Transport Agency Waka Kotahi advises the eastward shift of the two southbound lanes on State Highway 1 between the BP motorway service centre and Drury Interchange previously planned for tonight as part of the SH1 Papakura to Drury project has now been delayed.

This shift is now expected to occur later this week on a date to be confirmed.

When implemented, the temporary realignment will see the two southbound lanes shift to the east. The two northbound lanes between the Drury Interchange and the BP motorway service centre will then be shifted westward in the coming weeks. These lane realignments will provide additional workspace in the central median for motorway widening and stormwater improvements.

There will be further lane shifts in both directions across the life of Stage 1B of this project, similar to traffic layouts during Stage 1A of this project.

During motorway closures necessary as part of this project, traffic will be detoured along Great South Road.

For more information on the project and to sign up to updates, please visit the project page:

Papakura ki Pukekura – Papakura to Bombay
Tags
MIL OSI New Zealand News –
February 11, 2025
MIL-OSI New Zealand: SH2 Hewletts Road rail crossing repairs – 24 hour road closure
Source: New Zealand Transport Agency

11 February 2025 9:25 am | NZ Transport Agency Waka Kotahi

Contractors will soon be carrying out essential repairs to the State Highway 2 (SH2) rail crossing near the Hewletts Road/Maunganui Road/Golf Road roundabout.

Due to the nature of the repairs, and to enable them to be completed in shortest time possible with the least impact, there will be a 24-hour full road closure on the short section of SH2 Hewletts Road, between Newton Road roundabout and Golf Road roundabout, in both directions.

The closure is for 24 hours from 6am Saturday 15 February to 6am Sunday 16 February.

While the closure is in place traffic will detour via Newton Street, Hull Road and Maunganui Road.

As this work is weather dependent, these timeframes are approximate and subject to change.

While contractors aim to minimise disruption, people should expect some travel delays due to the nature and location of these works.

There will be some noise and vibration associated with the works.
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MIL OSI New Zealand News –
February 11, 2025
MIL-OSI USA: Shaheen, Hassan Help Reintroduce Bipartisan SHRED Act to Keep Ski Fees Local, Support New Hampshire Recreation Management
US Senate News:
Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) helped reintroduce the Ski Hill Resources for Economic Development (SHRED) Act, led by U.S. Senators Michael Bennet (D-CO) and John Barrasso (R-WY). The bipartisan bill would fuel investment in outdoor recreation in mountain communities by enabling National Forests like the White Mountain National Forest to retain a portion of the annual fees paid by ski areas operating within their boundaries.

“During the winter, New Hampshire’s stunning White Mountains and impressive ski slopes attract Granite State residents and tourists alike – making it a key pillar of our outdoor recreation economy,” said Shaheen. “This bipartisan bill will reinvest ski fees to improve ski areas and support overall recreation in the White Mountain National Forest. I’ll continue supporting commonsense investments in our recreation economy to benefit local communities and preserve our landscapes for generations to come.”

“New Hampshire’s ski resorts are cornerstones of our winter tourism industry and our state’s economy,” said Hassan. “The SHRED Act is a commonsense, bipartisan bill that will help strengthen our local communities by ensuring that ski fees are invested in maintaining and improving the places that make New Hampshire a premier destination for winter sports. This legislation will benefit both our local communities and the millions of visitors who come to experience the Granite State’s natural beauty.”

In exchange for using some of America’s most stunning forestlands, the 124 ski areas operating on Forest Service lands across the country pay fees to the Forest Service that average over $40 million annually. The SHRED Act would establish a framework for local National Forests to retain a portion of ski fees to offset increased recreational use and support local ski permit and program administration. The SHRED Act also provides the Forest Service with flexibility to direct resources where they are needed the most.

Specifically, the SHRED Act would invest in the Granite State by:
- Keeping Ski Fees Local: By establishing a Ski Area Fee Retention Account to retain the fees that ski areas pay to the Forest Service. For National Forests that generate ski fees, 80 percent of those fees are available for authorized uses at the local National Forest. The remaining 20 percent of those fees would be available to assist any National Forests with winter or broad recreation needs.
- Supporting Winter Recreation: In each forest, 75 percent of the retained funds are directly available to support the Forest Service Ski Area Program and permitting needs, process proposals for ski area improvement projects, provide information for visitors and prepare for wildfire. Any excess funds can be directed to other National Forests with winter or broad recreation needs.
- Addressing Broad Recreation Needs: In each forest, 25 percent of the retained funds are available to support a broad set of year-round local recreation management and community needs, including special use permit administration, visitor services, trailhead improvements, facility maintenance, search and rescue activities, avalanche information and education, habitat restoration at recreation sites and affordable workforce housing. This set-aside would dramatically increase some Forest Service unit’s budgets to meet the growing visitation and demand for outdoor recreation.
Shaheen and Hassan have long led efforts in Congress that support and invest in New Hampshire’s tourism and travel industries that fuel local economies across the state. Shaheen led her bipartisan Outdoor Recreation Jobs and Economic Impact Act into law to require the federal government to measure the impact of the outdoor recreation on the economy. In November 2024, Shaheen applauded the release of an annual report showing a $1.2 trillion economic contribution by the outdoor recreation sector in 2023, including adding $3.9 billion to New Hampshire’s economy. In New Hampshire, outdoor recreation accounts for 3.4% of gross domestic product (GDP) and employs 32,000 people, which is a 2.9% increase in jobs.

Shaheen and Hassan led efforts to help secure full funding and permanent authorization for the Land and Water Conservation Fund (LWCF), which has helped protect more than 2.5 million acres of land and supported tens of thousands of state and local outdoor recreation projects throughout the nation. In 2020, the Senators helped lead the Great American Outdoors Act into law to permanently fund the LWCF and provide mandatory funding for deferred maintenance on public lands.
MIL OSI USA News –
February 11, 2025
MIL-OSI USA: Cassidy Announces $17.9 Million for Louisiana in Hurricane Relief, Emergency Preparedness

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) announced Louisiana will receive $17,860,797.42 from the Federal Emergency Management Agency (FEMA) for Hurricanes Laura and Ida relief, new generators, and flood elevation projects.
“Preparing for future storms is always top of mind. The best way to prevent devastation is by putting precautions in place,” said Dr. Cassidy. “This funding will not only restore communities throughout Louisiana but also ensure they are prepared for future storms.”

Grant Awarded
Recipient
Project Description

$7,239,362.23
City of Lake Charles
This grant will provide federal funding for permanent repairs to the Purple Heart Recreation Center and Gymnasium as a direct result of Hurricane Laura.

$1,492,935.30
Livingston Parish
This grant will provide federal funding for replacement of the Lod Stafford Road Bridge as a direct result of Hurricane Ida.

$1,906,341.99
St. John the Baptist Parish
This grant will provide federal funding for management costs as a result of Hurricane Ida.

$1,421,300.00
Winn Parish Emergency Power Generator Systems
This grant will provide federal funding for the purchase, and installation of 15 permanent generators in Winn Parish.

$57,115.00
Winn Parish Emergency Power Generator Systems
This grant will provide federal funding for management costs assisting with solicitation, development, review, and processing of sub-applications.

$1,908,920.50
GOHSEP
This grant will provide federal funding for the purchase and installation of two permanent generators in the city of Monroe.

$3,632,990.40
St. John the Baptist Residential Elevations
This grant will provide federal funding to elevate 21 residential structures.

$201,832.00
St. John the Baptist Residential Elevations
This grant will provide federal funding for management costs including reviewing contractor invoices, preparing and submitting reimbursements, and record keeping.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Cassidy, Hassan Reintroduce Bill to Connect Individuals to The Workforce

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Maggie Hassan (D-NH) reintroduced the Improve and Enhance the Work Opportunity Tax Credit Act to build the U.S. workforce and help connect individuals to good jobs. The bill will strengthen the Work Opportunity Tax Credit (WOTC), which has a proven track record of helping disadvantaged individuals secure employment. Companion legislation was introduced in the U.S. House of Representatives by U.S. Representative Lloyd Smucker (R-PA-11).
“It’s not always easy to rejoin the workforce,” said Dr. Cassidy. “By helping employers connect with prospective employees struggling to find work, we boost the American economy and reduce the reliance on government assistance. It’s a win-win.”
“Ensuring that every American has access to a good-paying job is critical to the success of our country and our local communities,” said Senator Hassan. “This commonsense, bipartisan legislation will help connect more Granite Staters to good-paying jobs, while also lowering costs for businesses that invest in hiring veterans, people with disabilities, and others who may face barriers to employment.”
“The best anti-poverty program is a good job. The Work Opportunity Tax Credit (WOTC) is a program that supports employers and employees as they reenter the workforce. I am committed to helping disadvantaged Americans get back to work by advancing legislation to improve this proven tool. WOTC is a bipartisan solution that every Member of Congress should support,” said Representative Smucker.
The WOTC provides a federal tax credit to employers who invest in American workers who have consistently faced barriers to employment, including eligible veterans, SNAP recipients, individuals with disabilities, and long-term unemployed individuals. Employers incur higher recruitment and training costs to reach WOTC eligible populations and support their successful transition back into employment. WOTC has not been updated since its enactment twenty-seven years ago, and its value has been eroded significantly due to inflation. The National Employment Opportunity Network reports that the WOTC has saved federal governments an estimated $202 billion over ten years.
The Improve and Enhance the Work Opportunity Tax Credit Act would:

Update the WOTC, which has not been changed since its enactment twenty-seven years ago and encourage longer-service employment.
Increase the current credit percentage from 40% to 50% of qualified wages.
Add a second level of credit for employees who work 400 or more hours.
Eliminate the arbitrary age cap at which SNAP recipients are eligible for WOTC. This change will provide an incentive to hire older workers and better align the credit with previously adopted work reforms.

The bill is supported by the Louisiana Retailers Association, Albertsons, American Health Care Association, American Hotel & Lodging Association, American Seniors Housing Association, American Staffing Association, American Trucking Associations, Argentum, Asian American Hotel Owners Association, Associated Builders and Contractors, Associated General Contractors of America, Associated Wholesale Grocers, Inc., Brookshire’s, Brookshire Grocery Company, Coalition of Franchisee Associations, Critical Labor Coalition, Due Process Institute, Dunkin Donuts Independent Franchisee Organization, FMI – The Food Industry Association, Franchise Business Services, Fresh By Brookshire’s, Giant Eagle and GetGo Café + Market, H-E-B. Honest Jobs, ICSC, International Franchise Association, The Worldwide Cleaning Industry Association, The Kroger Co., NAACP, NAPEO, National Association of Convenience Stores, National Association for Home Care and Hospice, National Association of Wholesaler-Distributors, National Beer Wholesalers Association, National Employment Opportunity Network (NEON), National Franchisee Association, National Grocers Association, National Restaurant Association, National Urban League, NATSO, Pete & Gerry’s Organics, LLC, Reasor’s, Retail Industry Leaders Association, Retail Grocers Association MO&KS, Retail Merchants Association, SIGMA: America’s Leading Fuel Marketers, Small Business & Entrepreneurship Council, Society for Human Resource Management, Spring Market, Super 1 Foods, UPS, and Wakefern Food Corp.
“The restaurant industry has hundreds of thousands of jobs that it needs to fill every month, many of which can be filled by individuals who have traditionally faced barriers to employment. Getting these people back to work is valuable to the individual, the restaurant operator and the community. We appreciate Sens. Cassidy and Hassan’s efforts to improve on WOTC as a tool for restaurant operators to hire needed staff and increase their business viability,” said Sean Kennedy, Executive Vice President of Public Affairs, National Restaurant Association.
“The Louisiana Restaurant Association applauds Sen. Cassidy for his leadership in introducing the Improve and Enhance the Work Opportunity Tax Credit (WOTC) Act. Restaurants in Louisiana are not just places to enjoy great food; they are training grounds for skill development and second chances for many individuals facing employment barriers. The WOTC program is essential for fostering opportunities, strengthening our workforce, and contributing to the economic vitality of our communities,” said Stan Harris, President and CEO, Louisiana Restaurant Association.
“America’s workforce is facing a perfect storm. The labor shortage, exacerbated by demographic shifts, aging population, declining participation, mismatch of skills and the lingering effects of the pandemic, has left employers struggling to fill jobs in critical industries. The Critical Labor Coalition strongly supports the Improve and Enhance the Work Opportunity Tax Credit Act, which will modernize WOTC to reflect today’s labor market realities and ensure that businesses—especially those hit hardest by workforce shortages—are incentivized to hire individuals from historically underemployed groups who may otherwise face barriers to entering the workforce,” said Misty Chally, Executive Director, Critical Labor Coalition.
“FMI – The Food Industry Association applauds Senators Bill Cassidy (R-LA) and Maggie Hassan (D-NH) for introducing this legislation to improve the Work Opportunity Tax Credit (WOTC). WOTC is an important workforce-building tool, utilized by our grocery, wholesaler, and product supplier members, to hire individuals facing barriers to employment. FMI is excited to work with Senators Cassidy and Hassan and House companion bill sponsors Representatives Lloyd Smucker (R-PA) and Terri Sewell (D-AL) on strengthening the path for veterans, SNAP participants, justice-involved individuals, and others to obtain meaningful employment in the food industry through enactment of this measure,” said Christine Pollack, FMI Vice President, Government Relations.
“The Work Opportunity Tax Credit has been a vital resource for franchise business owners that provide job opportunities to workers who have faced barriers to employment. IFA applauds Sens. Cassidy and Hassan for taking this important step to help franchised businesses hire workers from underserved communities and provide additional relief, especially since finding labor remains the most significant challenge for local franchises,” said Mike Layman, Chief Advocacy Officer, International Franchise Association.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Grassley-Jordan Statement on Efforts to Eliminate DOJ Weaponization

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Sen. Chuck Grassley (R-Iowa) and Rep. Jim Jordan (R-Ohio), Chairmen of the Senate and House Judiciary Committees, today released a joint statement regarding the Justice Department (DOJ)’s newly-formed “Weaponization Working Group.”

“If you’ve followed our oversight, it shouldn’t come as news to you that political infection has saturated the DOJ and FBI in recent years. Among many instances of political weaponization, we’ve repeatedly raised concerns about Jack Smith’s investigations and their political origins, baseless attacks on Catholics practicing their faith, the FBI’s Foreign Influence Task Force engaging in political influence, rampant whistleblower retaliation and other politically-infected conduct by the DOJ and FBI. It is welcome news that the Justice Department is now working to right the ship and seek accountability for prior improper conduct. This is a common sense and much needed approach. Our oversight work will continue at full speed to ensure that the blindfold is put back on Lady Justice.”

-30-

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Relief Remains Available to Mississippi Businesses Impacted by April Storms:

Source: United States Small Business Administration

ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Mississippi of the March 10 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, straight-line winds, tornadoes, and flooding that occurred April 8-11, 2024.

The disaster declaration covers the counties of Attala, Claiborne, Copiah, Hancock, Harrison, Hinds, Holmes, Humphreys, Jasper, Kemper, Lauderdale, Leake, Leflore, Madison, Neshoba, Newton, Pearl River, Rankin, Scott, Sharkey, Simpson, Smith, Stone, Sunflower, Warren, Washington, and Winston in Mississippi, as well as St. Tammany Parish in Louisiana.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that would have been paid had the disaster not occurred.

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.

For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return economic injury applications is March 10, 2025.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Stephanie Getty: Exploring the Universe with Curiosity and Wonder

Source: NASA

Name: Dr. Stephanie Getty
Title: Director of the Solar System Exploration Division, Sciences and Exploration Directorate and Deputy Principal Investigator of the DAVINCI Mission
Formal Job Classification: Planetary scientist
Organization: Solar System Exploration Division, Sciences and Exploration Directorate (Code 690)

What do you do and what is most interesting about your role here at Goddard? How do you help support Goddard’s mission?
As the Director of the Solar System Exploration Division, I work from a place of management to support our division’s scientists. As the deputy principal investigator of the DAVINCI (Deep Atmosphere Venus Investigation of Noble gases, Chemistry, and Imaging) mission, I work with the principal investigator to lead the team in implementing this mission to study the atmosphere of Venus.
I love that I get to work from a place of advocacy in support of my truly excellent, talented colleagues. I get to think strategically to make the most of opportunities and do my best to overcome difficulties for the best possible future for our teams. It’s also a fun challenge that no two days are ever the same!
Why did you become a planetary scientist?
In school, I had a lot of interests and space was always one of them. I also loved reading, writing, math, biology, and chemistry. Being a planetary scientist touches on all of these.
My dad inspired me become a scientist because he loved his telescope and photography including of celestial bodies. We watched Carl Sagan’s “Cosmos” often.
I grew up in southeastern Florida, near Fort Lauderdale. I have a B.S. and Ph.D. in physics from the University of Florida.
How did you come to Goddard?

I had a post-doctoral fellowship in the physics department at the University of Maryland, and a local connection and a suggestion from my advisor led me to Goddard in 2004.
What is most important to you as director of the Solar System Exploration Division, Sciences and Exploration Directorate?
My goal is to provide a supportive environment for our incredibly talented science community in the Division to thrive, to push discovery forward and improve the understanding of our solar system. It’s a priority to encourage effective and open communication. I really try to value the whole person, recognizing that each of us is three-dimensional, with full personal lives. The people create the culture that allows our scientists to thrive and explore.
What are your goals as deputy principal investigator of the DAVINCI mission?
DAVINCI’s goal is to fill long-standing gaps about Venus, including whether it looked more like Earth in the past. Our energetic team brings together science, engineering, technology, project management, and business acumen to build a multi-element spacecraft that will explore Venus above the clouds, and during an hour-long descent through the atmosphere into the searingly hot and high pressure deep layers of the atmosphere near the surface. We hope to launch in June 2029.
What is your proudest accomplishment at Goddard?
I am pleased and proud to be deputy principal investigator on a major mission proposal that now gets to fly. It is an enormous privilege to be entrusted as part of the leadership team to bring the first probe mission back to Venus in over four decades.
What makes Goddard’s culture effective?
Goddard’s culture is at its best when we collectively appreciate how each member of the organization works towards solving our problems. The scientists appreciate the hard, detailed work that the engineers do to make designs. The engineers and project managers are energized by the fundamental science questions that underlie everything we do. And we have brilliant support staff that keeps our team organized and focused.

What goes through your mind when you think about which fundamental science question to address and how?
A lot of the research I have done, including my mission work, has been inspired by the question of how life originates, how life originated on Earth, and whether there are or have been other environments in the solar system that could have ever supported life. These questions are profound to any human being. My job allows me to work with incredibly talented teams to make scientific progress on these questions.
It is really humbling.
Who inspired you?
My 10th grade English teacher encouraged us to connect with the natural world and to write down our experiences. Exploring the manifestations of nature connects with the way I approach my small piece of exploring the solar system. I really love the writing parts of my job, crafting the narrative around the science we do and why it is important.
As a mentor, what is the most important lesson you give?
A successful career should reflect both your passion and natural abilities. Know yourself. What feels rewarding to you is important. Learn how to be honest with yourself and let yourself be driven by curiosity.
Our modern lives can be very noisy at work and at home. It can be hard to filter through what is and is not important. Leaving space to connect with the things that satisfy your curiosity can be one way to make the most of the interconnectivity and complexity of life.
Curiosity not only connects us to the natural world, but also to each other. Curiosity is a defining characteristic of a good scientist, never losing a sense of wonder.
I’m looking out my window as we talk. When I can, I try to make time to pause to reflect on how beautiful and special our own planet is.
What are your hobbies?
I love hiking with my kids. Walking through the woods puts me in the moment and clears my mind better than anything else. It gives my brain a chance to relax. Nature gives perspective, it reminds me that I am part of something bigger. Walking in the woods gives me a chance to pause, for example, to notice an interesting rock formation, or watch a spider spinning an impressive web, or spot a frog trying to camouflage itself in a pond, and doing this with my children is my favorite pastime.
Where is your favorite place in the world?
Any campsite at dusk with a fire going and eating s’mores with my family.

Conversations With Goddard is a collection of Q&A profiles highlighting the breadth and depth of NASA’s Goddard Space Flight Center’s talented and diverse workforce. The Conversations have been published twice a month on average since May 2011. Read past editions on Goddard’s “Our People” webpage.
By Elizabeth M. JarrellNASA’s Goddard Space Flight Center, Greenbelt, Md.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: World Photo Day: Behind the Scenes with Goddard’s Documentary Photographers

Source: NASA

Ambiguity.
That’s the word that comes to mind when documentary photographers start each day at NASA’s Goddard Space Flight Center in Greenbelt, Maryland.

“You walk in and think one thing is happening,” said OCI’s lead documentary photographer Desiree Stover. “But in an instant things change – maybe goes wrong –- and you need to be ready to capture it.”
From build to testing to launch, one figure is always present in the background capturing the story of each Goddard mission – the documentary photographer.
In honor of #WorldPhotoDay, follow along as two of our documentarians share what it’s like to capture the story of Goddard’s latest mission build PACE.
PACE or Plankton, Aerosol, Cloud, ocean Ecosystem, is set to launch in early 2024. Its goal is to see ocean and atmosphere features in unparalleled detail. By measuring the intensity of the color that reflects from Earth’s ocean surface, PACE will capture fine details about tiny plant-like organisms and algae that live in the ocean, called phytoplankton, that are the basis of the marine food web and generate half of Earth’s oxygen.
Crafting the Story
For Stover and her partner Denny Henry, PACE’s lead mission photographer, the story starts with the smallest details.
“I think one of the first things I photographed was the outside of a circuit port box. It was literally an empty metal box,” said Henry, who started photographing PACE in 2020, right before the pandemic. “It might be small, but it’s part of a system that’s going to do big things.”

A typical day for these photographers usually starts with a morning meeting, assignments and getting ready. By the end of the day, the original plan has likely been changed, multiple times.
“Some days we might shoot eight photos, other days it might be hundreds or more,” Stover said.

Images captured during shoots are used for a variety of things, especially technical components of the mission. This includes documenting builds, spotting mistakes and testing.
Stover got her start at Goddard by photographing NASA’s James Webb Space Telescope before switching to capturing imagery of Goddard’s small instruments, including PACE’s Ocean Color Instrument, or OCI. This advanced sensor will enable continuous measurement of light throughout the ultraviolet to shortwave infrared spectrum to better understand Earth’s ocean and atmosphere.
She says she’s still in awe that her teammates trust her “eye.”
“One of the most fascinating things about working here is that we have a specific job,” she said. “And even though engineers can pick up a camera and take photos, they don’t. They know we’re the experts at it. They trust our eyes to tell and capture the story.”
Henry said one of the most memorable days he’s documented so far was watching the PACE team integrate the SPEXone instrument into the spacecraft.
“All the partners were there as I photographed. It was a big deal,” he said. “I captured every bolt all the way to the mounting. It’s important to get these details. Six months from now someone who wasn’t there might want to see what was done in what order.”
Henry said that capturing images is only part of the job. For every hour of shooting, there’s also an hour spent processing and working with partners to ensure things were documented correctly.
Playing Detective
While telling the story is important, Stover says that part of the job is speaking up, especially when you notice something wrong.
During one assignment documenting vibration testing, Stover noticed that OCI’s Earth shade looked different.
“We took the bagging off and could see tape peeling off the radiator panels, possibly loose wires in certain places,” she said. “When I saw this, I thought back to what it was like when we shot this the first time.”

It’s common for the photographers to shoot things twice to examine how things might change when in testing. When Stover saw the tape, she got to work ensuring her hunch was right.
She sent a series of images to the thermal team lead letting him know what she found. Plans were already underway to change the design.
The unexpected
Stover and Henry agree that documenting missions has come with some interesting experiences.
Both had to undergo fall protection harness training in the event they had to climb around one of Goddard’s cleanrooms, something that happened to Stover during one assignment.
“Once I was up in Building 29’s high bay. Like up at the very top in the crane rafters shooting. I never thought I was afraid of heights until that moment,” she said. “But I focused on the image and what task I was accomplishing and completed the assignment without issue.”
Henry said adjusting to Covid-19 required a lot of flexibility, especially with sudden changes.
“This is not a job you can do from home,” he said. “After a few months, we adapted.”

Henry said that many times mission teams will find that engineering drawings won’t match up with what was actually built. With the pandemic restrictions, PACE heavily relied on his images to note how things changed and why issues occurred.
As PACE heads toward big milestones in the next year, both Stover and Henry are excited to see their work come together, including the day of launch.
They both agreed that photographing the teams involved in each aspect of PACE’s build is especially rewarding as they help create mementos that go along with their mission’s story.

By: Sara BlumbergNASA’s Goddard Space Flight Center, Greenbelt, Md.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Jesse Walsh: Possibility at the Cutting Edge of Flight

Source: NASA

Name: Jesse Walsh
Formal Job Classification: Project Formulation Manager
Organization: Project Formulation and Development Office, Flight Projects Directorate (Code 401.0)
What do you do and what is most interesting about your role here at Goddard? How do you help support Goddard’s mission?
As a formulation manager, I am the project manager in the room as we are designing science space flight missions. We develop proposals to be competed on the agency level against other NASA centers, and outside institutions.
I am also our office’s representative on the Earth science line of business.

What is your background?
In 2000, I graduated from the U.S. Naval Academy with a B.S. in mechanical engineering. In the Navy I went to flight school in Pensacola, Florida, and became a naval flight officer. I was the “Goose,” not “Maverick,” in the P-3 Orion, a four-engine prop plane that primarily hunts for submarines. I was then stationed in Hawaii as part of Patrol Squadron 9, that deployed to the Far East and Middle East. Next, I worked at the Naval Research Lab in Washington, D.C., as a project officer for science experiments on P-3s from Patuxent River Naval Air Station in Patuxent River, Maryland.
I developed migraines that disqualified me from flying. In 2007, I got a master’s in civil engineering project management from the University of Maryland. I then worked in Bethesda, Maryland, constructing buildings around the beltway, as a physics teacher at our local high school, and as a project manager of secure facilities with the Army Corps of Engineers.
In 2016, I became the assistant branch head for facilities planning at Goddard. I later entered the Flight Projects Development Program, a two-year project manager training program, during which time I worked at the Flight Projects Development Office and as the payload manager for Space Infrastructure Dexterous Robot (SPIDER), a payload on OSAM-1. I had a proposal selected for a second step, and I came back to PFDO to work proposals.
Why is this your dream job?
We are on the cutting edge of what will fly. We are designing the missions and figuring out what the world of possible will be in space in five to seven years. Scientists come to the table with ideas and engineers make those ideas reality. I make sure the whole team is working together and that all these ideas and solutions fit within our budget and schedule. We make ideas realities.
How do you translate between scientists and engineers?
It is primarily about understanding incentives. Everyone is thinking differently with different solutions, but we have the same goal. Some scientists have had an idea for years, but the idea still has to be workable. If the resulting instrument or spacecraft fails, technical issues are often the first to be examined. I help the engineers push what they are comfortable making and help the scientists understand the limits of technology.
Please talk about the competing pressures of your job.
We are responsible for taxpayer’s money. If one thing goes wrong, even on a smaller mission, the monetary loss can run into many millions. The missions we build have cost limits. We fit cutting edge science into a cost-limited opportunity.
NASA is extremely thorough. We safeguard taxpayer funds, but also push cutting-edge science.
We are on a seesaw. The engineers are more focused on technical solutions while the scientists are more focused on scientific results. I help everyone negotiate a balance that fits within the cost and schedule. The diversity between and among scientists, engineers, and financial experts is what creates NASA’s innovative solutions.

What are some of your negotiating techniques?
I try to build trust between team members by understanding everyone’s incentives and making sure all team members understand the different incentives. We may have different angles of approach, but we all have the same goal. People are more likely to compromise the means if they know we will end up at the same place.
What is your proudest accomplishment?
I am proudest of our Dorado proposal because it was cutting edge science. We were trying to discover where heavy metals like gold are created in the universe. We were trying to prove that we could do fundamental science on a very lean budget, $35 million.
We did not win the final proposal, but I was extremely proud of our team, a very small, high-functioning team, that made us feel like we could discover the world.
You recently transferred to support the Geospace Dynamics Constellation (GDC) mission. What do you most enjoy about your new role?
I am still learning what I don’t know about GDC. I am finding is fascinating to see how the plans that are made in early stages of formulation change and adapt as they run into unforeseen obstacles during implementation. I am really enjoying being part of a small, high performing team, that is mission focused.

Who is your favorite author?
I married a librarian, and books and stories are fundamental parts of our life. I love Hemingway because he portrays extremely complex, emotional scenarios in very simplistic terms.
Who is your science hero?
My high school physics teacher, Mr. Finkbeiner, who taught me that you understand science in your gut, not your head. Science is not memorizing equations; it is understanding how the world around you works.
What are your hobbies?
I love flyfishing on the Chesapeake’s tidal rivers and also on fresh water for trout. Flyfishing involves actively engaging with nature; reading the water and the tides, figuring out nature’s puzzle and trying to crack the code.
What is your “six-word memoir”? A six-word memoir describes something in just six words.
I can’t wait for what’s next!
By Elizabeth M. JarrellNASA’s Goddard Space Flight Center, Greenbelt, Md.

Conversations With Goddard is a collection of Q&A profiles highlighting the breadth and depth of NASA’s Goddard Space Flight Center’s talented and diverse workforce. The Conversations have been published twice a month on average since May 2011. Read past editions on Goddard’s “Our People” webpage.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Margaret Dominguez Helps NASA Space Telescopes Open Their ‘Eyes’ to the Universe

Source: NASA

Name: Margaret Dominguez
Formal Job Classification: Optical engineer
Organization: Code 551, Optics Branch, Instrument Systems and Technology Division, Engineering Directorate

What do you do and what is most interesting about your role here at Goddard? How do you help support Goddard’s mission?
I build space telescopes. I am currently working on building one of the components for the Wide Field Instrument for the Roman Space Telescope. The component is called “Grism.” A grism is a combination of a grating and a prism.
What is unique about your childhood?
I went to high school in Tecamachalco in Puebla, Mexico, which is inland and south of Mexico City. My father raised pigs, chickens, rabbits, and cows. I am the oldest of four girls and two still live on the farm.
Why did you become a physicist?
I was always curious and had a lot of questions and thought that physics helped me answer some of these questions. I was good at math and loved it. When I told my dad I wanted to study physics, he said that I would be able to answer any question in the universe. He thought it was very cool.
What is your educational background? How an internship help you come to Goddard?
I went to the Universidad de las Americas Puebla college in Puebla and got an undergraduate degree in physics. I was very active in extracurricular activities and helped organize a physics conference. We invited Dr. Johnathan Gardner, a Goddard astronomer, who came to speak at the conference. Afterwards I spoke with him and he asked me if I was interested in doing an internship at NASA. I said I had not considered it and would be interested in applying. I applied that same spring of 2008 and got a summer internship in the Optics Branch, where I am still working today.
My branch head at Goddard was a University of Arizona alumnus. He suggested that I apply to the University of Arizona for their excellent optics program. I did, and the university gave me a full fellowship for a master’s and a Ph.D. in optical sciences.
In 2014, I began working full time at Goddard while completing my Ph.D. I graduated in May 2019.
What makes Goddard special?
Goddard has a university campus feel. It’s a place where you can work and also just hang out and socialize. Goddard has many clubs, a gym, cafeterias, and a health clinic.
People are really nice here. They are often excited and happy about working at Goddard. Most people are willing to put in the extra effort if needed. It makes work stimulating and exciting. Management really cares and the employees feel that too.
What are some of the major projects you have worked on?
Early on, I did a little bit of work on Hubble and later on, NASA’s James Webb Space Telescope. Since 2014, I have exclusively been working on Roman. We are building the grism, a slitless spectrograph, which will measure galaxy redshifts to study dark energy.
Presently we are building different grism prototypes. We work with outside vendors to build these prototypes. When we make a prototype, we test it for months. After, we use the results to build an improved prototype. We just finished making the third prototype. We are going to build a flight instrument of which the grism is a component.
What is it like to work in the clean room?
It’s exciting – it likely means I am working on flight hardware. However, because clean rooms must be kept at about 68 degrees Fahrenheit, it can feel chilly in there!
Who are your mentors? What are the most important lessons they have taught you?
Ray Ohl, the head of the Optics Branch, is a mentor to me. He is always encouraging me to get outside my comfort zone. He presents other opportunities to me so that I can grow and listens to my feedback.
Cathy Marx, one of the Roman optical leads, is also a mentor to me. She created a support network for me and is a sounding board for troubleshooting any kind of work-related issues.
What is your role a member of the Hispanic Advisory Committee (HACE)?
I joined HACE in 2010 while I was an intern. It’s a great opportunity to network with other Hispanics and gives us a platform to celebrate specific events like Hispanic Heritage Month. I really enjoy participating in HACE’s events.
What outreach do you do? Why is doing outreach so important to you?
I do educational outreach to teach people about optics. I mainly collaborate with elementary and middle schools.
I think we need more future engineers and scientists. I want to help recruit them. I specifically focus on recruiting minorities and Hispanics. I can make a special connection with women and Hispanics.
Who is your science hero?
It would probably be Marie Curie. She’s the first woman to win a Nobel Prize, and she is the only woman to win two Nobel Prizes and she had to overcome a lot of challenges to achieve that.
What is your “six-word memoir”? A six-word memoir describes something in just six words.
Disciplined. Organized. Diligent. Passionate. Curious. Family-oriented.
Is there something surprising about your hobbies outside of work that people do not generally know?
I am a certified Jazzercise instructor – I normally teach two to three times a week. I can even teach virtually if need be. It is an hour-long exercise class combining strength training and cardio through choreographed dancing. We also use weights and mats.
I also enjoy going for walks with my husband, James Corsetti, who is also an engineer in the Optics Branch.
By Elizabeth M. JarrellNASA’s Goddard Space Flight Center, Greenbelt, Md.

Conversations With Goddard is a collection of Q&A profiles highlighting the breadth and depth of NASA’s Goddard Space Flight Center’s talented and diverse workforce. The Conversations have been published twice a month on average since May 2011. Read past editions on Goddard’s “Our People” webpage.

MIL OSI USA News –

February 11, 2025

Category: KB

Media Advisory:Hearing on Motion for Reduction of Sentence Pursuant to the Juvenile Restoration Act for Adnan Syed

Speakers Discuss Risk ISIL/Da’esh, Their Affiliates Pose in Syria, Afghanistan, Across Africa

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Media Advisory:
Hearing on Motion for Reduction of Sentence Pursuant to the Juvenile Restoration Act for Adnan Syed